Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 21, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000818677 | ||
Entity Registrant Name | SECURITY FEDERAL CORP | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-16120 | ||
Entity Incorporation, State or Country Code | SC | ||
Entity Tax Identification Number | 57-0858504 | ||
Entity Address, Address Line One | 238 Richland Avenue Northwest | ||
Entity Address, City or Town | Aiken | ||
Entity Address, State or Province | SC | ||
Entity Address, Postal Zip Code | 29801 | ||
City Area Code | 803 | ||
Local Phone Number | 641-3000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 3,229,325 | ||
Entity Public Float | $ 44,257,125 | ||
Auditor Firm ID | 149 | ||
Auditor Name | Elliott Davis, LLC | ||
Auditor Location | Columbia, South Carolina |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Cash and Cash Equivalents | $ 128,284,000 | $ 28,502,000 |
Certificates of Deposit with Other Banks | 2,350,000 | 1,100,000 |
Investment Securities: | ||
Available For Sale ("AFS") | 537,640,000 | 550,148,000 |
Held To Maturity ("HTM") (Fair Value of $158,540 and $161,464 at December 31, 2023 and December 31, 2022, Respectively) | 163,072,000 | 167,438,000 |
Total Investments | 700,712,000 | 717,586,000 |
Loans Receivable, Net: | ||
Held For Sale | 967,000 | 913,000 |
Held For Investment (Net of Allowance of $12,569 and $11,178 at December 31, 2023 and December 31, 2022, Respectively) | 621,562,000 | 549,004,000 |
Total Loans Receivable, Net | 622,529,000 | 549,917,000 |
Accrued Interest Receivable | 5,512,000 | 4,811,000 |
Operating Lease Right-of-Use Assets | 1,402,000 | 1,861,000 |
Land Held for Sale | 938,000 | 1,097,000 |
Premises and Equipment, Net | 28,637,000 | 27,960,000 |
Federal Home Loan Bank ("FHLB") Stock, at Cost | 922,000 | 651,000 |
Other Real Estate Owned ("OREO") | 0 | 120,000 |
Bank Owned Life Insurance ("BOLI") | 27,954,000 | 27,318,000 |
Goodwill | 1,200,000 | 1,200,000 |
Other Assets | 29,231,000 | 19,243,000 |
Total Assets | 1,549,671,000 | 1,381,366,000 |
Liabilities: | ||
Deposit Accounts | 1,194,997,000 | 1,110,085,000 |
Borrowings from Federal Reserve Bank ("FRB") | 119,200,000 | 44,080,000 |
Other Borrowings | 19,180,000 | 27,588,000 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Subordinated Debentures | 26,500,000 | 26,500,000 |
Operating Lease Liabilities | 1,442,000 | 1,904,000 |
Other Liabilities | 10,835,000 | 5,821,000 |
Total Liabilities | 1,377,309,000 | 1,221,133,000 |
Commitments (Note 18) | ||
Shareholders' Equity: | ||
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, $1,000 Par Value; (82,949 Shares Authorized, Issued and Outstanding at December 31, 2023 and December 31, 2022) | 82,949,000 | 82,949,000 |
Common Stock, $0.01 Par Value; 5,000,000 Shares Authorized; 3,456,136 Shares Issued and 3,228,777 Shares Outstanding at December 31, 2023 and 3,453,817 Shares Issued and 3,252,884 Shares Outstanding at December 31, 2022 | 35,000 | 35,000 |
Additional Paid-In Capital ("APIC") | 18,287,000 | 18,230,000 |
Treasury Stock, at Cost (227,359 and 200,933 Shares Outstanding at December 31, 2023 and December 31, 2022, Respectively) | (4,913,000) | (4,331,000) |
Accumulated Other Comprehensive Loss ("AOCL") | (35,050,000) | (40,779,000) |
Retained Earnings | 111,054,000 | 104,129,000 |
Total Shareholders' Equity | 172,362,000 | 160,233,000 |
Total Liabilities and Shareholders' Equity | $ 1,549,671,000 | $ 1,381,366,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
HTM, fair value | $ 158,540 | $ 161,464 |
Held for investment, allowance for credit loss | $ 12,569 | $ 11,178 |
Preferred Stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized (in shares) | 82,949 | 82,949 |
Preferred Stock, Shares Issued (in shares) | 82,949 | 82,949 |
Preferred Stock, Shares Outstanding (in shares) | 82,949 | 82,949 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares, authorized (in shares) | 5,000,000 | 5,000,000 |
Common Stock, Shares, issued (in shares) | 3,456,136 | 3,453,817 |
Common Stock, Shares, outstanding (in shares) | 3,228,777 | 3,252,884 |
Treasury stock, shares (in shares) | 227,359 | 200,933 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Interest Income: | |||
Loans | $ 32,827,000 | $ 25,637,000 | |
Taxable Investment Securities | 28,749,000 | 16,145,000 | |
Tax-exempt Investment Securities | 639,000 | 593,000 | |
Other | 2,762,000 | 203,000 | |
Total Interest Income | 64,977,000 | 42,578,000 | |
Interest Expense: | |||
Deposits | 20,701,000 | 2,911,000 | |
FHLB Advances and Other Borrowings | 3,271,000 | 389,000 | |
Subordinated Debentures | 1,393,000 | 1,548,000 | |
Junior Subordinated Debentures | 364,000 | 180,000 | |
Total Interest Expense | 25,729,000 | 5,028,000 | |
Net Interest Income | 39,248,000 | 37,550,000 | |
Provision for Credit Losses | 246,000 | 0 | |
Net Interest Income after Provision for Credit Losses | 39,002,000 | 37,550,000 | |
Non-Interest Income: | |||
Loss on Sales of Investment Securities, Net | [1] | 0 | (2,000) |
Gain on Sale of Loans | [1] | 626,000 | 1,705,000 |
Commissions From Insurance Agency | [1] | 784,000 | 784,000 |
Trust Income | 1,860,000 | 1,548,000 | |
BOLI Income | [1] | 636,000 | 608,000 |
Grant Income | 437,000 | 171,000 | |
Other | 809,000 | 911,000 | |
Total Non-Interest Income | 9,390,000 | 9,612,000 | |
Non-Interest Expense: | |||
Compensation and Employee Benefits | 20,313,000 | 20,050,000 | |
Occupancy | 3,175,000 | 2,811,000 | |
Advertising | 980,000 | 988,000 | |
Depreciation and Maintenance of Equipment | 2,450,000 | 2,291,000 | |
FDIC Insurance Premiums | 621,000 | 375,000 | |
Write Down of Land Held for Sale | 0 | 433,000 | |
Consulting | 746,000 | 705,000 | |
Debit Card Expenses | 1,434,000 | 1,267,000 | |
Data Processing | 1,305,000 | 758,000 | |
Other | 4,890,000 | 4,547,000 | |
Total Non-Interest Expense | 35,914,000 | 34,225,000 | |
Income Before Income Taxes | 12,478,000 | 12,937,000 | |
Provision For Income Taxes | 2,288,000 | 2,709,000 | |
Net Income | $ 10,190,000 | $ 10,228,000 | |
Net Income Per Common Share (Basic) (in dollars per share) | $ 3.14 | $ 3.14 | |
Cash Dividend Per Share On Common Stock (in dollars per share) | $ 0.52 | $ 0.76 | |
Weighted Average Shares Outstanding (Basic) (in shares) | 3,248,149 | 3,252,884 | |
Deposit Account [Member] | |||
Non-Interest Income: | |||
Fees income | $ 1,220,000 | $ 1,071,000 | |
ATM and Credit Card [Member] | |||
Non-Interest Income: | |||
Fees income | $ 3,018,000 | $ 2,816,000 | |
[1]Not within the scope of ASC 606 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Income | $ 10,190 | $ 10,228 |
Other Comprehensive Income (Loss) | ||
Unrealized Holding Gains (Losses) on AFS Securities, Net of Taxes of $1.6 million and $(14.9) million at December 31, 2023 and 2022, Respectively | 5,720 | (46,003) |
Reclassification Adjustment for Losses Included in Net Income, Net of Taxes of $0 and $(1) thousand at December 31, 2023 and 2022, Respectively | 0 | 2 |
Amortization of Unrealized Gains on AFS Securities Transferred to HTM, Net of Taxes of $2,800 and $2,000 at December 31, 2023 and 2022, Respectively | 9 | 6 |
Other Comprehensive Income (Loss) | 5,729 | (45,995) |
Comprehensive Income (Loss) | $ 15,919 | $ (35,767) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrealized Holding Gains (Losses) on Securities AFS, Tax | $ 1,600 | $ (14,900) |
Reclassification Adjustment for Losses (Gains) Included in Net Income, Tax | 0 | (1) |
Amortization of Unrealized Losses (Gains) on AFS Securities Transferred to HTM, Tax | $ 2,800 | $ 2,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock, Common and Preferred [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock, Common and Preferred [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 0 | 3,454 | 201 | |||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 35 | $ (4,331) | $ 18,230 | $ 5,216 | $ 96,373 | $ 115,523 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 10,228 | 10,228 | |||||||
Other Comprehensive (Income) Loss, Net of Tax | $ 0 | $ 0 | $ 0 | 0 | (45,995) | 0 | (45,995) | |||||||
Preferred Stock Issuance (in shares) | 83 | 0 | 0 | |||||||||||
Preferred Stock Issuance | $ 82,949 | $ 0 | $ 0 | 0 | 0 | 0 | 82,949 | |||||||
Cash Dividends on Common Stock | $ 0 | $ 0 | $ 0 | 0 | 0 | (2,472) | (2,472) | |||||||
Balance (in shares) at Dec. 31, 2022 | 83 | 3,454 | 201 | |||||||||||
Balance at Dec. 31, 2022 | $ 82,949 | $ 35 | $ (4,331) | 18,230 | (40,779) | 104,129 | 160,233 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 10,190 | 10,190 | |||||||
Other Comprehensive (Income) Loss, Net of Tax | 0 | 0 | 0 | 0 | 5,729 | 0 | 5,729 | |||||||
Cash Dividends on Common Stock | $ 0 | $ 0 | $ 0 | 0 | 0 | (1,687) | (1,687) | |||||||
Treasury Stock Purchase (in shares) | 0 | 0 | 26 | |||||||||||
Treasury Stock Purchase | $ 0 | $ 0 | $ (582) | 0 | 0 | 0 | (582) | |||||||
Employee Stock Purchase Plan Issuance (in shares) | 0 | 2 | 0 | |||||||||||
Employee Stock Purchase Plan Issuance | $ 0 | $ 0 | $ 0 | 57 | 0 | 0 | 57 | |||||||
Balance (in shares) at Dec. 31, 2023 | 83 | 3,456 | 227 | |||||||||||
Balance at Dec. 31, 2023 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,578) | $ (1,578) | $ 82,949 | $ 35 | $ (4,913) | $ 18,287 | $ (35,050) | $ 111,054 | $ 172,362 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 10,190,000 | $ 10,228,000 | |
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities: | |||
Depreciation Expense | 2,145,000 | 1,966,000 | |
Discount Accretion and Premium Amortization, Net | 3,919,000 | 6,498,000 | |
Provision for Credit Losses | 246,000 | 0 | |
Earnings on BOLI | [1] | (636,000) | (608,000) |
Origination of Loans Held For Sale | (21,551,000) | (48,485,000) | |
Proceeds From Sale of Loans Held For Sale | 22,123,000 | 53,315,000 | |
Gain on Sales of Loans | [1] | (626,000) | (1,705,000) |
Loss on Sales of Investment Securities | [1] | 0 | 2,000 |
Loss on Disposal of Premises and Equipment | 29,000 | 0 | |
Gain on Sale of OREO | (2,000) | 0 | |
Write-down of OREO | 15,000 | 10,000 | |
Write Down of Land Held for Sale | 0 | 433,000 | |
Loss on Sale of Land Held For Sale | 9,000 | 0 | |
Increase in Accrued Interest Receivable | (701,000) | (1,059,000) | |
Amortization of Operating Lease Right-of-Use ("ROU") Assets | (459,000) | (391,000) | |
Change in Other Assets | (11,621,000) | 949,000 | |
Change in Lease Liabilities and Other Liabilities | 4,857,000 | (63,000) | |
Net Cash Provided By Operating Activities | 8,855,000 | 21,872,000 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of AFS Securities | (46,033,000) | (59,675,000) | |
Proceeds from Payments and Maturities of AFS Securities | 61,841,000 | 102,463,000 | |
Proceeds from Sale of AFS Securities | 0 | 22,375,000 | |
Purchase of HTM Securities | (20,253,000) | (150,633,000) | |
Proceeds from Payments and Maturities of HTM Securities | 24,762,000 | 6,794,000 | |
Investment in Certificates of Deposits with Other Banks | (1,250,000) | 0 | |
Purchase of FHLB Stock | (696,000) | (65,000) | |
Redemption of FHLB Stock | 425,000 | 0 | |
Net Increase in Loans Receivable | (74,687,000) | (53,546,000) | |
Proceeds from Sale of Land Held for Sale | 150,000 | 0 | |
Proceeds from Sale of OREO | 107,000 | 0 | |
Purchase and Improvement of Premises and Equipment | (2,851,000) | (4,688,000) | |
Net Cash Used By Investing Activities | (58,485,000) | (136,975,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Increase (Decrease) in Deposit Accounts | 84,912,000 | (5,878,000) | |
(Repayments) Proceeds from Other Borrowings, Net | (8,408,000) | 803,000 | |
Repurchase of Subordinated Debentures | 0 | (3,500,000) | |
Proceeds from FRB Borrowings | 446,055,000 | 400,880,000 | |
Repayment of FRB Borrowings | (370,935,000) | (356,800,000) | |
Purchases of Treasury Stock | (582,000) | 0 | |
Proceeds from Employee Stock Purchase Plan | 57,000 | 0 | |
Proceeds from Issuance of Preferred Stock | 0 | 82,949,000 | |
Dividends to Common Stock Shareholders | (1,687,000) | (2,472,000) | |
Net Cash Provided By Financing Activities | 149,412,000 | 115,982,000 | |
Net Increase in Cash and Cash Equivalents | 99,782,000 | 879,000 | |
Cash and Cash Equivalents at Beginning of Year | 28,502,000 | 27,623,000 | |
Cash and Cash Equivalents at End of Year | 128,284,000 | 28,502,000 | |
Interest | 23,019,000 | 4,670,000 | |
Income Taxes | 2,091,000 | 2,159,000 | |
Supplemental Schedule of Non Cash Transactions: | |||
Change in Unrealized Gains on AFS Securities, Net of Taxes | $ 5,729,000 | $ (45,995,000) | |
[1]Not within the scope of ASC 606 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1 The following is a description of the more significant accounting and reporting policies used in the preparation and presentation of the accompanying consolidated financial statements. All significant intercompany transactions have been eliminated in consolidation. Basis of Consolidation and Nature of Operations The accompanying consolidated financial statements include the accounts of Security Federal Corporation (the “Company”) and its wholly owned subsidiary, Security Federal Bank (the “Bank”) and the Bank’s wholly owned subsidiaries, Security Federal Investments, Inc. ("SFINV"), Security Federal Insurance, Inc. (“SFINS”), and Security Financial Services Corporation (“SFSC”). SFINV was formed to hold investment securities and allow for better management of the securities portfolio. SFINS is an insurance agency offering auto, business, and home insurance. Effective April 30, 2022, four April 30, 2022, The Company also has a wholly owned subsidiary, Security Federal Statutory Trust (the “Trust”), which issued and sold fixed and floating rate capital securities of the Trust. However, under current accounting guidance, the Trust is not Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, interest-bearing balances in other banks, and federal funds sold. Cash equivalents have original maturities of three Investment Securities Investment securities are classified in one three Management classifies investment securities that are not no Allowance for Credit Losses – Available for Sale Securities Management evaluates all AFS investment securities in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not not may not December 31, 2023, no December 31, 2023 Allowance for Credit Losses – Held to Maturity Securities Management measures expected credit losses on HTM debt securities on a collective basis by major security type. The estimate of expected credit losses is primarily based on the ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The Company then multiplies those loss rates, as adjusted for any modifications to reflect current conditions and reasonable and supportable forecasts as considered necessary, by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Additionally, private label collateralized mortgage obligation ("CMO") securities which are not 3 December 31, 2023. December 31, 2023 Loans Receivable Held for Investment Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans is reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. The accrual of interest is generally discontinued when a loan becomes 90 not not not 30 All accrued interest is reversed against interest income when a loan is placed on nonaccrual status. Interest received on such loans is accounted for using the cost- recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not Allowance for Credit Losses on Loans The allowance for credit losses on loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company has identified the following portfolio segments: Real Estate o Construction 1 4 o Residential Mortgage second 1 4 o Commercial Mortgage may not not Commercial and Agricultura Consumer loans o Home equity first second o Other The Company calculates the allowance for credit losses on loans for each pool of loans using a remaining life loss methodology with a two Additionally, the allowance for credit losses on loans calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may not Loans that do not Management evaluates the carrying value of the loans periodically and the allowance is adjusted accordingly. While management uses the best information available to make evaluations, future adjustments may may Allowance for Credit Losses – Unfunded Commitments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses - unfunded commitments unless the commitments to extend credit are unconditionally cancellable, through a charge to provision for unfunded commitments, which is included in the provision for credit losses in the Company’s consolidated income statements. The allowance for credit losses – unfunded commitments is estimated by loan segment at each balance sheet date using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third Loans Receivable Held for Sale The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not 30 not not Other Real Estate Owned Other real estate owned represents real estate and other assets acquired through foreclosure or repossession and are initially recorded at the estimated fair value less costs to sell. Subsequent improvements are capitalized. Costs of holding real estate, such as property taxes, insurance, general maintenance and interest expense, are expensed as a period cost. Fair values are reviewed regularly and allowances for possible losses are established when the carrying value of the asset owned exceeds the fair value less estimated costs to sell. Fair values are generally determined by reference to an outside appraisal. Premises and Equipment Premises and equipment are carried at cost, net of accumulated depreciation. Depreciation of premises and equipment is amortized on a straight-line method over the estimated useful life of the related asset. Estimated lives are 7 to 40 years for buildings and improvements and generally 3 to 10 years for furniture, fixtures and equipment. Maintenance and repairs are charged to current expense. The cost of major renewals and improvements are capitalized. Land Held for Sale Land held for sale is reported at the lower of the carrying amount and fair value l ess costs to sell. During the year ended December 31, 2022, 2023. Goodwill The Company's goodwill is a result of the excess of the cost over the fair value of net assets resulting from the acquisition of Collier Jennings Financial Corporation in July 2006. may not Income Taxes Income tax expense or benefit is recognized for the net change in the deferred tax liability or asset during the year. That amount together with income taxes currently payable is the total amount of income tax expense or benefit for the year. Deferred taxes are provided for by the differences in financial reporting bases for assets and liabilities compared with their tax bases. Generally, a current tax liability or asset is established for taxes presently payable or refundable and a deferred tax liability or asset is established for future tax items. A valuation allowance, if applicable, is established for deferred tax assets that may not The Company adopted accounting guidance which prescribes a threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosures. There have been no no no 12 Advertising Expense Advertising and p ublic relations costs are generally expensed as incurred. External costs relating to direct mailing are expensed in the period in which the direct mailings are sent. Advertising and public relations costs of $980,000 and $988,000 were included in the Company’s results of operations for the years ended December 31, 2023 2022, Stock-Based Compensation The Company accounts for compensation costs under its stock option plans using the fair value method. This method requires the measurement of the cost of employee services received in exchange for an award of equity instruments based upon the fair value of the award on the grant date. The cost of the award is recognized in the income statement over the vesting period of the award. Net Income Per Common Share Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The dilutive effect of options outstanding under the Company’s stock option plan is reflected in diluted EPS by application of the treasury stock method. There were no December 31, 2023 2022 no Year Ended December 31, 2023 2022 (Dollars in thousands, except EPS) Income Shares EPS Income Shares EPS Basic EPS $ 10,190 3,248,149 $ 3.14 $ 10,228 3,252,884 $ 3.14 Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include: • Determination of the allowance for credit losses and provision for credit losses • Valuation of real estate acquired in conjunction with foreclosures or in satisfaction of loans • Income taxes, including tax provisions and realization of deferred tax assets • Fair value of assets and liabilities Operating Segments Accounting standards require that information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue producing components for which separate financial information is produced internally and which are subject to evaluation by the chief operating decision maker. While the chief operating decision maker monitors the revenue streams of the various products and services, operations are managed, and financial performance is evaluated on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one Reclassifications Certain amounts in prior years’ consolidated financial statements have been reclassified to conform to current period classifications. There were no Recently Issued or Adopted Accounting Standards The following is a summary of recent authoritative pronouncements that could affect accounting, reporting, and disclosure of financial information by the Company: On January 1, 2023, 2016 13 326 326. In addition, CECL made changes to the accounting for AFS debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on AFS debt securities if management does not not not, 326 January 1, 2023 January 1, 2023 January 1, 2023 not 90 In January 2023, 2022 02, 326 2022 02” 326 20. no not In December 2022, 848 December 31, 2022, December 31, 2024, not December 31, 2021, June 2023. not In December 2023, December 15, 2024. not not Other accounting standards that have been issued or proposed by the FASB or other standards-setting authorities are not Risks and Uncertainties In the normal course of its business, the Company encounters two three may |
Note 2 - Investments, Available
Note 2 - Investments, Available for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt Securities, Available for Sale [Text Block] | NOTE 2 AFS securities are recorded at fair market value. There was no allo wance for credit losses for AFS securities as of December 31, 2023 . December 31, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair value Student Loan Pools $ 51,022 $ 72 $ (728 ) $ 50,366 Small Business Administration (“SBA”) Bonds 79,014 416 (2,677 ) 76,753 Tax Exempt Municipal Bonds 21,501 643 (908 ) 21,236 Taxable Municipal Bonds 64,669 — (11,554 ) 53,115 Mortgage-Backed Securities ("MBS") 368,081 31 (31,942 ) 336,170 Total AFS Securities $ 584,287 $ 1,162 $ (47,809 ) $ 537,640 December 31, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair value Student Loan Pools $ 60,855 $ 12 $ (1,709 ) $ 59,158 SBA Bonds 102,293 584 (3,247 ) 99,630 Tax Exempt Municipal Bonds 22,537 405 (1,632 ) 21,310 Taxable Municipal Bonds 65,250 — (14,480 ) 50,770 MBS 353,222 30 (33,972 ) 319,280 Total AFS Securities $ 604,157 $ 1,031 $ (55,040 ) $ 550,148 Student Loan Pools are typically 97% 100% not. ernmental real estate mortgage investment conduits and are not December 31, 2023 the Bank held an amortized cost and fair value of $83.3 million and $76.7 million in private label CMO securities, compared to an amortized cost and fair value of $60.1 million and $53.8 million at December 31, 2022 , respectively. The amortized cost and fair value of AFS securities at December 31, 2023 not (Dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 5 $ 5 Due after one year to five years 7,646 7,664 Due after five to ten years 73,665 69,452 Due after ten years or more 134,890 124,349 MBS 368,081 336,170 Total AFS Securities $ 584,287 $ 537,640 The amortized cost and fair value of AFS securities pledged as collateral for certain deposit accounts, FHLB advances, FRB, and other borrowings were $533.7 million and $490.5 million at December 31, 2023 December 31, 2022 There were no sales of AFS securities during the year ended December 31, 2023 , and therefore, no proceeds from sales, gross gains or gross losses were recorded during 2023. December 31, 2022 . The following tables summarize gross unrealized losses and the related fair value, aggregated by investment category and length of time that individual AFS securities have been in a continuous unrealized loss position at the dates indicated. December 31, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses # Value Losses # Value Losses Student Loan Pools $ 377 $ 1 1 $ 43,872 $ 727 34 $ 44,249 $ 728 SBA Bonds 2,200 5 4 39,151 2,672 63 41,351 2,677 Tax Exempt Municipal Bonds — — — 12,965 908 12 12,965 908 Taxable Municipal Bonds — — — 53,115 11,554 59 53,115 11,554 MBS 36,069 434 30 292,864 31,508 213 328,933 31,942 $ 38,646 $ 440 35 $ 441,967 $ 47,369 381 $ 480,613 $ 47,809 December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses # Value Losses # Value Losses Student Loan Pools $ 24,768 $ 638 16 $ 30,684 $ 1,071 23 $ 55,452 $ 1,709 SBA Bonds 8,404 121 18 45,969 3,126 52 54,373 3,247 Tax Exempt Municipal Bonds 8,051 719 9 4,929 913 4 12,980 1,632 Taxable Municipal Bonds 14,428 3,197 17 36,342 11,283 43 50,770 14,480 MBS 146,016 11,133 145 170,578 22,839 89 316,594 33,972 $ 201,667 $ 15,808 205 $ 288,502 $ 39,232 211 $ 490,169 $ 55,040 At December 31, 2023, 514 SBA Bonds At December 31, 2023, 120 67 not not not not may not December 31, 2023. MBS At December 31, 2023, 81% not. December 31, 2023, not not not not may not December 31, 2023. Also included in MBS are private label collateralized mortgage obligation ("CMO") securities, which are issued by non-governmental real estate mortgage investment conduits and are not December 31, 2023 53 not not not not may not December 31, 2023. Municipal Bonds At December 31, 2023 not not not not may not December 31, 2023. “A2” Accrued interest receivable on AFS securities totaled $2.9 million at December 31, 2023 |
Note 3 - Investments, Held to M
Note 3 - Investments, Held to Maturity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt Securities, Held to Maturity [Text Block] | NOTE 3 HTM securities are recorded at amortized cost. The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of HTM securities at the dates indicated were as follows: December 31, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US Treasury Bonds $ 23,874 $ — $ (278 ) $ 23,596 FHLB Bond 1,000 — — 1,000 Student Loan Pools 16,881 278 — 17,159 SBA Bonds 11,305 493 — 11,798 Taxable Municipal Bonds 962 — (28 ) 934 MBS 109,050 96 (5,093 ) 104,053 Total HTM Securities $ 163,072 $ 867 $ (5,399 ) $ 158,540 December 31, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US Treasury Bonds $ 34,512 $ — $ (682 ) $ 33,830 FHLB Bond 1,000 — (1 ) 999 Student Loan Pools 16,388 88 (59 ) 16,417 SBA Bonds 3,521 162 — 3,683 Taxable Municipal Bonds 952 — (60 ) 892 MBS 111,065 29 (5,451 ) 105,643 Total HTM Securities $ 167,438 $ 279 $ (6,253 ) $ 161,464 At December 31, 2023 , the amortized cost and fair value of HTM securities that were pledged as collateral for certain deposit accounts, FHLB advances and other borrowings were $107.5 million and $103.8 million compared to an amortized cost and fair value of $25.3 million and $24.5 million at December 31, 2022 , respectively. At December 31, 2023 December 31, 2023 not Carrying Value Average Book Yield HTM Securities: Due in one year or less $ 11,978 2.94 % Due after one year through five years 13,858 3.60 % Due after five years through ten years 6,914 6.90 % Due after ten years 21,272 7.07 % MBS 109,050 4.66 % Total HTM Securities $ 163,072 4.85 % The following tables summarize gross unrealized losses and the related fair value, aggregated by investment category and length of time that individual HTM securities have been in a continuous unrealized loss position at the dates indicated. December 31, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses US Treasury Bonds $ — $ — $ 23,596 $ 278 $ 23,596 $ 278 Taxable Municipal Bonds — — 934 28 934 28 MBS 40,732 458 58,731 4,635 99,463 5,093 $ 40,732 $ 458 $ 83,261 $ 4,941 $ 123,993 $ 5,399 December 31, 2022 Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses US Treasury Bonds $ 33,830 $ 682 $ — $ — $ 33,830 $ 682 FHLB Bond 999 1 — — 999 1 Student Loan Pools 6,520 59 — — 6,520 59 Taxable Municipal Bonds 892 60 — — 892 60 MBS 88,351 3,145 9,334 2,306 97,685 5,451 $ 130,592 $ 3,947 $ 9,334 $ 2,306 $ 139,926 $ 6,253 At December 31, 2023 2022 six 12 not The estimate of expected credit losses on HTM securities is primarily based on the ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The Company then multiplies those loss rates, as adjusted for any modifications to reflect current conditions and reasonable and supportable forecasts as considered necessary, by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Additionally, private label CMO securities which are not December 31, 2023 the Bank held an amortized cost and fair value of $14.6 million and $14.3 million in HTM private label CMO securities, compared to an amortized cost and fair value of $16.7 million and $16.2 million at December 31, 2022 , respectively. All MBS issued by government-sponsored corporations are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no As a result of the analysis, the allowance for credit losses for HTM securities was not December 31, 2023 . December 31, 2023. (Dollars in thousands) Amortized Cost Taxable Municipal Bond AA 962 Total Taxable Municipal Bond 962 Private Label MBS AAA 9,259 A 1,663 Not Rated 3,695 Total Private Label 14,617 As of December 31, 2023 , there were no HTM securities that were classified as either nonaccrual or 90 December 31, 2023 and was excluded from the estimate of credit losses. |
Note 4 - Loans Receivable, Net
Note 4 - Loans Receivable, Net | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 4 Loans receivable, net, at the dates indicated are summarized as follows: December 31, 2023 2022 (Dollars in thousands) Balance % of Total Gross Loans Balance % of Total Gross Loans Real Estate Loans: Construction $ 104,508 16.5 % $ 112,794 20.1 % Residential Mortgage 172,883 27.2 % 110,057 19.6 % Commercial 264,802 41.7 % 252,154 44.9 % Commercial and Agricultural Loans 33,286 5.3 % 30,648 5.5 % Consumer Loans: Home Equity Lines of Credit ("HELOC") 34,497 5.4 % 31,737 5.7 % Other Consumer Loans 24,520 3.9 % 23,598 4.2 % Total Loans Held For Investment, Gross 634,496 100.0 % 560,988 100.0 % Less: Allowance For Credit Losses 12,569 11,178 Deferred Loan Fees 365 806 12,934 11,984 Loans Receivable Held For Investment, Net $ 621,562 $ 549,004 Credit Quality Indicators The Bank categorizes loans into risk categories based on relevant information regarding the borrowers' ability to pay off their loan in accordance with its terms. This information includes; but is not Pass Caution not Special Mention not Substandard 90 Doubtful Loss - not The following table presents the Company's recorded investment in loans, excluding loans held for sale, by credit quality indicators, loan segment and year of origination as of December 31, 2023. December 31, 2023 Term Loans by Year of Origination (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Total Real Estate - Construction Pass $ 31,811 $ 21,125 $ 15,431 $ 1,518 $ 617 $ 1,322 $ 5,089 $ 76,913 Caution 4,073 14,381 1,192 3,148 275 333 150 23,552 Special Mention — 29 — — 1,072 457 — 1,558 Substandard 143 310 333 133 1,474 92 — 2,485 Total Real Estate - Construction 36,027 35,845 16,956 4,799 3,438 2,204 5,239 104,508 Current Period Gross Write-Offs — — — — — 1 — 1 Real Estate - Mortgage Pass 28,352 36,426 12,290 14,164 3,991 22,239 9,708 127,170 Caution 15,050 10,397 5,954 1,497 1,546 4,134 149 38,727 Special Mention 2,291 158 430 394 — 190 — 3,463 Substandard 574 — 618 — 48 2,283 — 3,523 Total Real Estate - Mortgage 46,267 46,981 19,292 16,055 5,585 28,846 9,857 172,883 Current Period Gross Write-Offs — — — — — — — — Real Estate - Commercial Pass 12,702 48,077 49,377 16,593 17,806 52,848 2,375 199,778 Caution 16,951 4,880 4,212 5,197 12,831 8,468 20 52,559 Special Mention 213 900 452 408 — 5,485 100 7,558 Substandard — 342 57 — — 4,508 — 4,907 Total Real Estate - Commercial 29,866 54,199 54,098 22,198 30,637 71,309 2,495 264,802 Current Period Gross Write-Offs — — — — — — — — Commercial and Agricultural Pass 4,763 5,991 6,672 643 348 2,128 4,205 24,750 Caution 3,732 1,131 1,715 67 16 207 816 7,684 Special Mention 458 22 100 9 7 90 — 686 Substandard — — — 1 — 62 103 166 Total Commercial and Agricultural 8,953 7,144 8,487 720 371 2,487 5,124 33,286 Current Period Gross Write-Offs — — 16 — — — — 16 Home Equity Lines of Credit Pass — — — — — — 27,192 27,192 Caution — — — — — — 6,290 6,290 Special Mention — — — — — — 401 401 Substandard — — — — — — 614 614 Total Home Equity Lines of Credit — — — — — — 34,497 34,497 Current Period Gross Write-Offs — — — — — — 1 1 Other Consumer Pass 6,543 3,874 1,580 740 190 63 4,922 17,912 Caution 2,316 1,975 911 468 137 51 295 6,153 Special Mention 77 123 — — — — 6 206 Substandard 67 36 73 48 10 6 9 249 Total Other Consumer 9,003 6,008 2,564 1,256 337 120 5,232 24,520 Current Period Gross Write-Offs — 23 17 17 — 11 89 157 Total Loans $ 130,116 $ 150,177 $ 101,397 $ 45,028 $ 40,368 $ 104,966 $ 62,444 $ 634,496 Total Current Period Gross Write-Offs $ - $ 23 $ 33 $ 17 $ - $ 12 $ 90 $ 175 The table below summarizes the balance by credit quality rating and loan segment, excluding loans held for sale, at December 31, 2022. Pass Caution Special Mention Substandard Total Loans Construction Real Estate $ 91,564 $ 18,838 $ 2,014 $ 378 $ 112,794 Residential Real Estate 84,028 22,373 888 2,768 110,057 Commercial Real Estate 196,063 47,821 3,271 4,999 252,154 Commercial and Agricultural 25,384 4,593 371 300 30,648 Consumer HELOC 25,694 5,018 402 623 31,737 Other Consumer 16,515 6,725 179 179 23,598 Total Loans $ 439,248 $ 105,368 $ 7,125 $ 9,247 $ 560,988 Past Due and Non-accrual Loans The following tables present an age analysis of past due balances by category at the dates indicated. December 31, 2023 30-59 Days 60-89 Days 90 Days or Total Loans (Dollars in thousands) Past Due Past Due More Past Due Total Past Due Current Receivable Construction Real Estate $ 971 $ — $ 643 $ 1,614 $ 102,894 $ 104,508 Residential Real Estate 1,103 47 240 1,390 171,493 172,883 Commercial Real Estate 500 519 336 1,355 263,447 264,802 Commercial and Agricultural 81 1 2 84 33,202 33,286 Consumer HELOC 347 64 21 432 34,065 34,497 Other Consumer 273 138 46 457 24,063 24,520 Total $ 3,275 $ 769 $ 1,288 $ 5,332 $ 629,164 $ 634,496 December 31, 2022 30-59 Days 60-89 Days 90 Days or Total Loans (Dollars in thousands) Past Due Past Due More Past Due Total Past Due Current Receivable Construction Real Estate $ — $ — $ 100 $ 100 $ 112,694 $ 112,794 Residential Real Estate 1,557 — 472 2,029 108,028 110,057 Commercial Real Estate 2,671 89 354 3,114 249,040 252,154 Commercial and Agricultural 6 2 55 63 30,585 30,648 Consumer HELOC 199 — 74 273 31,464 31,737 Other Consumer 272 79 17 368 23,230 23,598 Total $ 4,705 $ 170 $ 1,072 $ 5,947 $ 555,041 $ 560,988 At December 31, 2023 2022 not 90 December 31, 2023, 30 59 60 89 90 may The following table shows non-accrual loans by category at the dates indicated. CECL Incurred Loss December 31, 2023 December 31, 2022 Nonaccrual Loans Nonaccrual Loans Total (Dollars in thousands) with No Allowance with an Allowance Nonaccrual Loans Nonaccrual Loans Construction Real Estate $ 868 $ — $ 868 $ 115 Residential Real Estate 1,307 — 1,307 1,545 Commercial Real Estate 4,125 — 4,125 4,282 Commercial and Agricultural 50 — 50 113 Consumer HELOC 413 — 413 188 Other Consumer 62 — 62 29 Total Nonaccrual Loans $ 6,825 $ — $ 6,825 $ 6,272 The Company did not December 31, 2023 December 31, 2023 For the Year Ended (Dollars in thousands) December 31, 2023 Construction Real Estate $ 22 Residential Real Estate 7 Commercial Real Estate 1 Commercial and Agricultural 1 Consumer HELOC — Other Consumer 3 Total Loans $ 34 Allowance for Credit Losses The table below shows the activity in the allowance for credit losses on loans by loan category for the year ended year ended December 31, 2023 For the Year Ended December 31, 2023 Real Estate Commercial and Consumer (Dollars in thousands) Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,323 $ 2,124 $ 4,805 $ 875 $ 599 $ 452 $ 11,178 Adjustment to Allowance for Credit Loss on Adoption of ASU 2016-13 264 462 (341 ) 112 108 179 784 Provision for (Reversal of) Credit Losses (775 ) 911 569 (189 ) (13 ) 98 601 Charge-Offs (1 ) — — (16 ) (1 ) (157 ) (175 ) Recoveries 17 54 19 26 38 27 181 Ending Balance $ 1,828 $ 3,551 $ 5,052 $ 808 $ 731 $ 599 $ 12,569 Prior to the adoption of ASC 326 January 1, 2023, December 31, 2022. For the Year Ended December 31, 2022 Real Estate Commercial and Consumer (Dollars in thousands) Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,401 $ 1,663 $ 4,832 $ 1,242 $ 518 $ 431 $ 11,087 Provision for (Reversal of) Credit Losses (113 ) 415 (160 ) (305 ) 30 133 — Charge-Offs — — — (105 ) — (162 ) (267 ) Recoveries 35 46 133 43 51 50 358 Ending Balance $ 2,323 $ 2,124 $ 4,805 $ 875 $ 599 $ 452 $ 11,178 Allowance for Credit Losses and Collateral Dependent Loans The Company has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: o Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. o Construction real estate loans are typically secured by commercial and residential lots. o Commercial and agricultural business loans are primarily secured by business equipment, furniture and fixtures, inventory and receivables. o Residential real estate loans are typically secured by first second o Home equity lines of credit are generally secured by second o Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no The following table summarizes the amortized cost of collateral dependent loans: (Dollars in thousands) December 31, 2023 Construction Real Estate $ 643 Residential Real Estate 668 Commercial Real Estate 3,567 Commercial and Agricultural — Consumer HELOC 332 Other Consumer — Total $ 5,210 Prior to the adoption of ASU 2016 13, not. The table below summarizes the impaired loan balances evaluated individually and collectively for impairment within the allowance for loan losses and loans receivable balances under the Incurred Loss methodology at December 31, 2022. Allowance For Loan Losses Loans Receivable (Dollars in thousands) Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Construction Real Estate $ — $ 2,323 $ 2,323 $ 115 $ 112,679 $ 112,794 Residential Real Estate — 2,124 2,124 1,089 108,968 110,057 Commercial Real Estate — 4,805 4,805 4,282 247,872 252,154 Commercial and Agricultural — 875 875 31 30,617 30,648 Consumer HELOC — 599 599 49 31,688 31,737 Other Consumer — 452 452 — 23,598 23,598 Total $ — $ 11,178 $ 11,178 $ 5,566 $ 555,422 $ 560,988 The table below presents information related to impaired loans by loan category at December 31, 2022 December 31, 2022 Unpaid Average Interest Recorded Principal Related Recorded Income Impaired Loans (Dollars in thousands) Investment Balance Allowance Investment Recognized Construction Real Estate $ 115 $ 115 $ — $ 117 $ — Residential Real Estate 1,089 1,626 — 1,133 — Commercial Real Estate 4,282 4,282 — 4,382 — Commercial and Agricultural 31 926 — 31 — Consumer HELOC 49 49 — 52 — Other Consumer — — — — — Total $ 5,566 $ 6,998 $ — $ 5,715 $ — Modifications to Borrowers Experiencing Financial Difficulty The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Modifications made to borrowers experiencing financial difficulty typically have their impact already factored into the allowance for credit losses. This is due to the measurement methodologies utilized in estimating the allowance. Consequently, a change to the allowance for credit losses is generally not In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one may may two T he Company had two December 31, 2023 , compared to two December 31, 2022 . The Company did not December 31, 2023 2022 . As of December 31, 2023 2022 , there were no loans modified with borrowers experiencing financial difficulty for which there was a payment default within 12 30 Allowance for Credit Losses - Unfunded Commitments The Company maintains an allowance for credit losses - unfunded commitments for credit exposures such as unfunded balances for existing lines of credit and commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not le (i.e., commitment cannot be canceled at any time). The allowance for credit losses - unfunded commitments is adjusted through the provision for (reversal of) credit losses. The estimate includes consideration of the likelihood that funding will occur, which is based on a historical funding study derived from internal information, and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which are the same loss rates that are used in computing the allowance for credit losses on loans, and are discussed in this footnote. The allowance for credit losses - unfunded commitments at December 31, 2023 is separately classified on the balance sheet within "Other Liabilities." The following table presents the balance and activity in the allowance for credit losses - unfunded loan commitments for the year ended December 31, 2023 Year Ended December 31, 2023 (Dollars in thousands) Allowance for Credit Losses - Unfunded Commitments Beginning Balance $ — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 1,214 Reversal of provision for unfunded commitments (355 ) Ending Balance $ 859 |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment, Net and Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 - PREMISES AND EQUIPMENT, NET AND LEASES Premises and equipment, net, at the dates indicated are summarized as follows: December 31, (Dollars in thousands) 2023 2022 Land $ 6,179 $ 6,179 Buildings and Improvements 32,416 28,592 Furniture and Equipment 11,797 13,848 Construction in Progress 413 3,045 Total Premises and Equipment 50,805 51,664 Less: Accumulated Depreciation (22,168 ) (23,704 ) Total Premises and Equipment, Net $ 28,637 $ 27,960 Construction in progress of $413,000 at December 31, 2023 primarily included building and construction costs associated with renovations to our existing branches. Depreciation expense on premises and equipment was $2.1 million and $2.0 million for the years ended December 31, 2023 2022 , respectively. Loss on disposal of premises and equipment was $29,000 during 2023. The Company has operating leases on six December 31, 2023 , the Company made cash payments in the amount of $524,000 for operating leases. The lease expense recognized during this period was $523,000 and is included in occupancy expense within the Consolidated Statements of Income. The operating lease liability had a net decrease of $462,000 during the year ended December 31, 2023 . At December 31, 2023 , the Company had operating lease ROU assets of $1.4 million and an operating lease liability of $1.4 million recorded on its consolidated balance sheet compared to operating lease ROU assets of $1.9 million and an operating lease liability of $1.9 million at December 31, 2022 . The lease agreements have maturity dates ranging from 2025 2028, five ten December 31, 2023 , the remaining weighted average lease term was 3.16 years and the weighted average discount rate used was 3.2%. The ROU asset and lease liability are recognized at lease commencement by calculating the present value of lease payments over the lease term. The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by any lease incentives. At December 31, 2023 , future undiscounted lease payments for operating leases with initial terms of one Year ended December 31, (Dollars in thousands) 2024 $ 522 2025 475 2026 364 2027 148 2028 10 Thereafter — Total undiscounted lease payments 1,519 Less: effect of discounting 77 Present value of estimated lease payments (lease liability) $ 1,442 |
Note 6 - Goodwill
Note 6 - Goodwill | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | NOTE 6 The goodwill balance of $1.2 million remained unchanged at both December 31, 2023 2022 December 31, 2023 December 31, 2022 December 31, 2023 2022 no no December 31, 2023 2022 |
Note 7 - FHLB Stock
Note 7 - FHLB Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Federal Home Loan Bank Stock [Text Block] | NOTE 7 The Bank, as a member of the FHLB of Atlanta, is required to acquire and hold shares of capital stock in the FHLB of Atlanta in an amount equal to a membership component, which was equal to 0.07% and 0.05% of total December 31, 2023 2022 December 31, 2023 2022 December 31, 2023 2022 No no |
Note 8 - Other Real Estate Owne
Note 8 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | NOTE 8 The Bank had no OREO at December 31, 2023 December 31, 2022 (Dollars in thousands) 2023 2022 Balance, beginning of year $ 120 $ 130 Additions — — Sales (105 ) — Write-downs (15 ) (10 ) Balance, end of year $ - $ 120 There was one December 31, 2023 for gross proceeds of $107,000, which resulted in a related gain on sale of OREO in the amount of $2,000. There were no sales of OREO property during the year ended December 31, 2022 . |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 9 Deposits outstanding at the dates indicated are summarized below by account type as follows: December 31, Deposit Type (Dollars in thousands) 2023 2022 Checking $ 473,936 $ 510,984 Money Market 401,992 348,833 Savings 88,319 108,237 Certificates of Deposit 230,750 142,031 Total Deposits $ 1,194,997 $ 1,110,085 The Bank had $5.0 million in brokered deposits which are included in checking and money market deposits above at December 31, 2023 2022 December 31, 2023 2022 December 31, 2023 2022 Total uninsured deposits (those that met or exceeded the FDIC insurance limit of $250,000 December 31, 2023 2022 $250,000 December 31, 2023 2022 The amounts and scheduled maturities of all certificates of deposit at the dates indicated were as follows: December 31, (Dollars in thousands) 2023 2022 Within 1 Year $ 198,325 $ 97,163 After 1 Year, Within 2 Years 16,568 31,551 After 2 Years, Within 3 Years 9,487 6,465 After 3 Years, Within 4 Years 2,636 3,178 After 4 Years, Within 5 Years 3,734 3,674 Total Certificates of Deposits $ 230,750 $ 142,031 |
Note 10 - FHLB Advances and FRB
Note 10 - FHLB Advances and FRB Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | NOTE 10 FHLB advances are secured by a blanket collateral agreement with the FHLB by pledging the Company’s portfolio of residential first fair value of $53.6 million and $44.1 million at December 31, 2023 and $70.1 December 31, 2022 December 31, 2023 2022 no December 31, 2023 2022 The Com pany had $119.2 million in outstanding borrowings under the FRB Term Funding Program (“BTFP”) with a weighted average borrowing rate of 4.60% at December 31, 2023 com December 31, 2022 first 2023, one one January 24, 2024, March 11, 2024 no ade. one may 90 December 31, 2023 , the Company had pledged as collateral for these borrowings investment securities with an amortized cost and fair value of $381.0 million and $350.6 million, compared to December 31, 2022 During the third 2023, December 31, 2023 , the Company had pledged loan collateral for FRB borrowings with an amortized cost and collateral value of $93.5 million and $65.5 million, respectively. |
Note 11 - Other Borrowings
Note 11 - Other Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Borrowings [Text Block] | NOTE 11 The Bank had $19.2 million and $27.6 million in other borrowings at December 31, 2023 2022 one three December 31, 2023 2022 December 31, 2023 s $29.5 million compared to $42.4 million during the year ended December 31, 2022 . The Bank had pledged as collateral for these repurchase agreements investment securities with amortized costs and fair values of $44.7 million and $42.0 million at December 31, 2023 and $52.3 million and $49.8 million at December 31, 2022 , respectively. |
Note 12 - Junior Subordinated D
Note 12 - Junior Subordinated Debentures | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Junior Subordinated Debentures [Text Block] | NOTE 12 On September 21, 2006, As of a result of the discontinuation of LIBOR, effective June 30, 2023, three three December 31, 2023, December 31, 2022, three The distribution rate payable on the Capital Securities is cumulative and payable quarterly in arrears. The Company has the right, subject to events of default, to defer payments of interest on the Capital Securities for a period not 20 no may December 15, 2036. no December 15, 2036, September 15, 2011. |
Note 13 - Subordinated Debentur
Note 13 - Subordinated Debentures | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 13 In November 2019, 2029 “10 2034 “15 10 10 November 22, 2029, November 22, 2019 November 22, 2024. November 22, 2024 three 15 November 22, 2034, November 22, 2019 November 22, 2029. November 22, 2029 15 three June 1 December 1 June 1, 2020. Both the 10 15 tinued. The Company is currently determining an appropriate benchmark replacement for LIBOR which it expects to be materially consistent with the three The Notes are not may November 22, 2024, 10 November 22, 2029, 15 may 10 15 November 22, 2024 November 22, 2029, The Notes have been structured to qualify as Tier 2 During the year ended December 31, 2022 10 15 December 31, 2023 2022. |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 14 Income tax expense was comprised of the following for the years indicated below: Year Ended December 31, (Dollars in thousands) 2023 2022 Current: Federal $ 2,510 $ 2,321 State 79 444 Total Current Tax Expense 2,589 2,765 Deferred: Federal (287 ) (59 ) State (14 ) 3 Total Deferred Tax Benefit (301 ) (56 ) Total Income Tax Expense $ 2,288 $ 2,709 The Company's income taxes differ from those computed at the statutory federal income tax rate for the years indicated, as follows: Year Ended December 31, (Dollars in thousands) 2023 2022 Tax at Statutory Income Tax Rate $ 2,620 $ 2,717 State Tax 51 353 Tax Exempt Interest (126 ) (253 ) Tax Credits (75 ) — Life Insurance (133 ) (128 ) Valuation Allowance (63 ) (4 ) Other 14 24 Total Income Tax Expense $ 2,288 $ 2,709 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2023 2022 December 31, 2023 2022 December 31, (Dollars in thousands) 2023 2022 Deferred Tax Assets: Deferred Compensation $ 897 $ 838 Provision for Credit Losses 2,722 2,420 Reserve for Unfunded Commitments 186 — Other Real Estate Owned 96 10 Net Fees Deferred for Financial Reporting 58 66 Net Operating Losses 401 464 Unrealized Loss on AFS Securities 11,615 13,230 Tax Credits 268 — Other 34 41 Total Gross Deferred Tax Assets 16,277 17,069 Less: Valuation Allowance (401 ) (464 ) Total Deferred Tax Assets 15,876 16,605 Deferred Tax Liabilities: FHLB Stock Basis Over Tax Basis 72 72 Depreciation 946 812 Prepaid Expenses 202 169 Total Deferred Tax Liability 1,220 1,053 Net Deferred Tax Asset $ 14,656 $ 15,552 The Company measures deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the temporary differences are expected to be recovered or paid. Deferred tax assets represent the future tax benefit of deductible differences and, if it is more likely than not not ce the recorded deferred tax assets to net realizable value. As of December 31, 2023 , management has determined that it is more likely than not December 31, 2023 2022 , respectively. Retained earnings at December 31, 2023 no may December 31, 2023 no 2020 |
Note 15 - Regulatory Matters
Note 15 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 15 The Bank, as a state-chartered, federally insured savings bank, is subject to the capital requirements established by the FDIC. Under the FDIC's capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting and other factors. The Company is a bank holding company registered with the Board of Governors of the Federal Reserve System (the "Federal Reserve"). Bank holding companies are subject to capital adequacy requirements of the Federal Reserve under the Bank Holding Company Act of 1956, $3.0 Based on its capital levels at December 31, 2023 December 31, 2023 The tables below provide the Bank’s regulatory capital requirements and actual results at December 31, 2023 2022 Actual For Capital Adequacy To Be Well Capitalized (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 150,129 18.2 % $ 49,391 6.0 % $ 65,854 8.0 % Total Risk-Based Capital (To Risk Weighted Assets) 160,457 19.5 % 65,854 8.0 % 82,318 10.0 % Common Equity Tier 1 Capital (To Risk Weighted Assets) 150,129 18.2 % 37,043 4.5 % 53,506 6.5 % Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 150,129 9.8 % 61,076 4.0 % 76,345 5.0 % December 31, 2022 Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 141,452 17.8 % $ 47,714 6.0 % $ 63,619 8.0 % Total Risk-Based Capital (To Risk Weighted Assets) 151,408 19.0 % 63,619 8.0 % 79,523 10.0 % Common Equity Tier 1 Capital (To Risk Weighted Assets) 141,452 17.8 % 35,785 4.5 % 51,690 6.5 % Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 141,452 10.4 % 54,372 4.0 % 67,965 5.0 % In addition to the minimum capital requirements, the Bank must maintain a capital conservation buffer, which consists of additional Common Equity Tier 1 2.5% December 31, 2023 |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 16 - EMPLOYEE BENEFIT PLANS The Company participates in a multiple employer defined co ntribution employee benefit plan covering substantially all employees with six December 31, 2023 2022 The Company has an Employee Stock Purchase Plan (“ESPP”). The ESPP allows employees of the Company to purchase stock quarterly through a payroll deduction at a discount calculated as 15% of the market value with a floor equal to the Company’s book value. The ESPP, which was approved by stockholders in April 2018, July 1, 2018. r. There were 2,319 shares of common stock purchased through the ESPP during the year ended December 31, 2023 compared to no employee stock purchases during the year ended December 31, 2022. In 2014, 7.5 2.5 In 2016, The Company also implemented an Incentive Compensation Plan for executive level officers (the "Executive Plan"). Under this plan, incentive awards are based on contributions to performance as measured by critical operating and financial ratios, and other participant specific objectives. The Company must meet the annual predetermined net operating income amount determined by the Board of Directors for any incentive awards to be paid under the Executive Plan. If the Company does not no Participation in the ESPP, the Plan, the Branch Incentive Plan and the Executive Plan is voluntary. During the years ended December 31, 2023 2022 rred expenses of $238,000 and $501,00 0, Certain officers of the Company participate in a supplemental retirement plan. These benefits are not not December 31, 2023 2022 , the Company incurred expenses of $411,000 and $490,000, respectively, for this plan, which are included in Compensation a |
Note 17 - Bank Owned Life Insur
Note 17 - Bank Owned Life Insurance | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Life Insurance, Corporate or Bank Owned [Text Block] | NOTE 17 BOLI provides key person life insurance on certain officers of the Company. The cash value of the life insurance policies is recorded as a separate line item in the accompanying balance sheets at $28.0 million and $27.3 million at December 31, 2023 2022 December 31, 2023 2022 no December 31, 2023 2022 |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 18 In the ordinary course of business, the Bank has various outstanding commitments and contingent liabilities that are not not In conjunction with its lending activities, the Bank enters into various commitments to extend credit. The Bank also issues letters of credit. Loan commitments (unfunded loans and unused lines of credit) and letters of credit are issued to accommodate the financing needs of the Bank's customers. Loan commitments are agreements by the Bank to lend at a future date, so long as there are no Financial instruments where the contract amount represents the Bank's credit risk include commitments under pre-approved but un used lines of credit of $157.9 million and $173.3 million and letters of credit of $3.4 million and $4.5 million at December 31, 2023 2022 , respectively. These loan and letter of credit commitments are subject to the same credit policies and reviews as loans on the balance sheet. Collateral, both the amount and nature, is obtained based upon management's assessment of the credit risk. Since not Included in the loan commitments noted above were unused credi t card loan commitments of $11.3 million and $10.7 million and undisbursed loans in process of $13.3 million and $22.7 mil December 31, 2023 2022 ectively. The Bank also had $2.2 million in outstanding commitments on mortgage loans approved but not December 31, 2023 compared to $970,000 at December 31, 2022 . These commitments, which are funded subject to certain limitations, extend over varying periods of time with the majority being funded within 45 At December 31, 2023 2022 not no |
Note 19 - Related Party Transac
Note 19 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 19 Certain directors, executive officers and companies with which they are affiliated are customers of, and have banking transactions with, the Bank in the ordinary course of business. Loans to directors, executive officers and their affiliates are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable arms-length transactions. A summary of loan transactions with directors, executive officers and their affiliates for the years indicated, is as follows: Years Ended December 31, (Dollars in thousands) 2023 2022 Balance, Beginning of Period $ 683 $ 466 New Loans 370 252 Less Loan Payments (51 ) (35 ) Balance, End of Period $ 1,002 $ 683 Loans to all employees, officers, and directors of the Company constituted approximately 3.44% and 2.10% of the Company’s total shareholders' equity at December 31, 2023 2022 December 31, 2023 2022 The Company leased office space from a related party during the years ended December 31, 2023 2022 December 31, 2023 2022 |
Note 20 - Parent Company Only C
Note 20 - Parent Company Only Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 20 The following is condensed financial information of Security Federal Corporation (Parent Company only). The primary asset is its investment in the Bank subsidiary and the principal source of income for the Company is equity in undistributed earnings from the Bank. Condensed Balance Sheet Data December 31, (In Thousands) 2023 2022 Assets: Cash $ 26,842 $ 28,813 Investments, HTM 50,211 60,819 Investment in Security Federal Statutory Trust 155 155 Investment in Security Federal Bank 116,279 101,871 Accrued Interest Receivable 200 190 Accounts Receivable and Other Assets 11,163 194 Total Assets $ 204,850 $ 192,042 Liabilities and Shareholders’ Equity: Accounts Payable and Other Liabilities $ 833 $ 153 Long-term Debt 31,655 31,655 Shareholders’ Equity 172,362 160,234 Total Liabilities and Shareholders’ Equity $ 204,850 $ 192,042 Condensed Statements of Income Data Years Ended December 31, (In Thousands) 2023 2022 Income: Equity in Earnings of Security Federal Bank $ 9,595 $ 10,668 Investment Securities Interest Income 2,574 1,226 Miscellaneous Income - 16 Total Income 12,169 11,910 Expenses: Interest Expense 1,755 1,732 Other Expenses 65 65 Total Expenses 1,820 1,797 Income Before Income Taxes 10,349 10,113 Income Tax Expense (Benefit) 159 (115 ) Net Income $ 10,190 $ 10,228 Condensed Statements of Cash Flow Data Years Ended December 31, (In Thousands) 2023 2022 Operating Activities: Net Income $ 10,190 $ 10,228 Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities: Equity in Earnings of Security Federal Bank (9,595 ) (10,668 ) Discount Accretion and Premium Amortization, Net (235 ) (125 ) Increase in Accrued Interest Receivable (10 ) (190 ) (Increase) Decrease in Accounts Receivable and Other Assets (10,970 ) 89 Increase in Accounts Payable and Other Liabilities 678 19 Net Cash Used By Operating Activities (9,942 ) (647 ) Investing Activities: Purchase of HTM Securities (2,934 ) (62,512 ) Proceeds from Principal Paydowns and Maturities of HTM Securities 13,777 1,818 Investment in Subsidiary (660 ) (7,000 ) Net Cash Provided (Used) By Investing Activities 10,183 (67,694 ) Financing Activities: Repurchase of Subordinated Debentures — (3,500 ) Proceeds from Issuance of Preferred Stock — 82,949 Proceeds from Employee Stock Plan Purchases 57 — Purchase of Treasury Stock (582 ) — Dividends Paid to Shareholders-Common Stock (1,687 ) (2,472 ) Net Cash (Used) Provided By Financing Activities (2,212 ) 76,977 Net (Decrease) Increase in Cash (1,971 ) 8,636 Cash at Beginning of Period 28,813 20,177 Cash at End of Period $ 26,842 $ 28,813 |
Note 21 - Carrying Amounts and
Note 21 - Carrying Amounts and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 21 - CARRYING AMOUNTS AND FAIR VALUE OF FINANCIAL INSTRUMENTS GAAP requires the Company to disclose fair value of financial instruments measured at amortized cost on the balance sheet and to measure that fair value using an exit price notion, the price that would be received for an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date under current market conditions. Accounting guidance emphasizes that fair value is a market-based measurement, not 1 2 3 The following three may Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 1 Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 2 Level 3 Valuation is generated from model-based techniques that use at least one The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities AFS Investment securities AFS are recorded at fair value on a recurring basis. At December 31, 2023 third 2. Mortgage Loans Held for Sale The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not The Company usually delivers to, and receives funding from, the investor within 30 not not . 2. Land Held for Sale Land held for sale is reported at the lower of the carrying amount or fair value less costs to sell. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral less estimated selling costs. The Company records land held for sale as nonrecurring level 3. Collateral Dependent Loans The Company does not not not no Fair value is estimated using one 24 third may may may Those collateral dependent loans not December 31, 2023 3. Other Real Estate Owned Fair value adjustments to OREO are recorded at the lower of the carrying amount of the loan or the fair value of the collateral less selling costs. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for credit losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Foreclosed assets are recorded as nonrecurring Level 3. The tables below present the balances of assets measured at fair value on a recurring basis at the dates indicated. December 31, 2023 December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Student Loan Pools $ — $ 50,366 $ — $ — $ 59,158 $ — SBA Bonds — 76,753 — — 99,630 — Tax Exempt Municipal Bonds — 21,236 — — 21,310 — Taxable Municipal Bonds — 53,115 — — 50,770 — MBS — 336,170 — — 319,280 — Total $ — $ 537,640 $ — $ — $ 550,148 $ — There were no December 31, 2023 2022 The Company may no December 31, 2023 2022 December 31, 2023 Assets (in thousands): Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 967 $ — $ 967 Land Held For Sale — — 938 938 Collateral Dependent Loans — — 5,210 5,210 Total $ — $ 967 $ 6,148 $ 7,115 December 31, 2022 Assets (in thousands): Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 913 $ — $ 913 Land Held For Sale — — 1,097 1,097 Collateral Dependent Loans — — 5,566 5,566 OREO — — 120 120 Total $ — $ 913 $ 6,783 $ 7,696 For Level 3 Valuation Significant 2023 2022 Level 3 Assets Technique Unobservable Inputs Range Range Land Held for Sale Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs 10 % 10 % Collateral Dependent Loans Appraised Value Discounts to appraised values or cash flows for estimated holding and/or selling costs or age of appraisal 10% - 12% 8% - 13% OREO Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs N/A 30 % For assets and liabilities not Cash and cash equivalents 90 not Certificates of deposits with other banks HTM Securities Loans Receivable, Net no FHLB Stock Deposits FHLB Advances and Borrowings from the FRB Other Borrowed Money Subordinated Debentures may not Junior Subordinated Debentures The following tables summarize the carrying value and estimated fair value of the Company’s financial instruments at the dates indicated, presented in accordance with the applicable accounting guidance. December 31, 2023 Carrying Fair Value (In Thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and Cash Equivalents $ 128,284 $ 128,284 $ 128,284 $ — $ — Certificates of Deposits with Other Banks 2,350 2,350 — 2,350 — Investment Securities 700,712 696,180 — 696,180 — Loans Receivable, Net 621,562 610,410 — — 610,410 FHLB Stock 922 922 922 — — Financial Liabilities: Deposits: Checking, Savings and Money Market Accounts $ 964,247 $ 964,247 $ 964,247 $ — $ — Certificate Accounts 230,750 229,278 — 229,278 — Borrowings from FRB 119,200 118,926 118,926 — — Other Borrowed Money 19,180 19,180 19,180 — — Subordinated Debentures 26,500 23,036 — 23,036 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — December 31, 2022 Carrying Fair Value (In Thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and Cash Equivalents $ 28,502 $ 28,502 $ 28,502 $ — $ — Certificates of Deposits with Other Banks 1,100 1,100 — 1,100 — Investment Securities 717,586 711,612 — 711,612 — Loans Receivable, Net 549,004 528,174 — — 528,174 FHLB Stock 651 651 651 — — Financial Liabilities: Deposits: Checking, Savings and Money Market Accounts $ 968,054 $ 968,054 $ 968,054 $ — $ — Certificate Accounts 142,031 138,382 — 138,382 — Borrowings from FRB 44,080 44,071 44,071 — — Other Borrowed Money 27,588 27,588 27,588 — — Subordinated Debentures 26,500 24,435 — 24,435 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — At December 31, 2023 y had $161.3 million of off-balance sheet financ Fair value estimates are made on a specific date, based on relevant market data and information about the financial instrument. These estimates do not Because no not not In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not may not not |
Note 22 - Non-interest Income
Note 22 - Non-interest Income | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Non-interest Income [Text Block] | NOTE 22 The following table presents non-interest income for the years indicated. All revenue from contracts with customers within the scope of ASU No. 2014 09, 606 Year Ended December 31, 2023 2022 Non-interest income (in thousands): Loss on Sale of Investments, net (1) $ — $ (2 ) Gain on Sale of Loans (1) 626 1,705 Service Fees on Deposit Accounts 1,220 1,071 Commissions From Insurance Agency (1) 784 784 Trust Income 1,860 1,548 BOLI Income (1) 636 608 ATM and Check Card Fee Income 3,018 2,816 Grant Income (1) 437 171 Other (1) 809 911 Total non-interest income $ 9,390 $ 9,612 ( 1 Not 606 Revenue Recognition The following is a discussion of key revenues within the scope of the current revenue guidance. In accordance with Topic 606, 606, five The five 606, Service Fees on Deposit Accounts The Bank earns fees from its deposit customers for account maintenance, transaction-based and overdraft services. Account maintenance fees consist primarily of account fees and analyzed account fees charged on deposit accounts monthly. The performance obligation is satisfied and the fees are recognized monthly as the service period is completed. Transaction-based fees on deposits accounts are charged to deposit customers for specific services provided to the customer, such as non-sufficient funds fees, overdraft fees, and wire fees. The performance obligation is completed as the transaction occurs and the fees are recognized at the time each specific service is provided to the customer. Trust Income Trust income includes monthly advisory fees that are based on assets under management and certain transaction fees that are assessed and earned monthly, concurrently with the investment management services provided to the customer. The Bank does not not ATM and Check Card Fee Income Check card fee income represents fees earned when a debit card issued by the Bank is used. The Bank earns interchange fees from debit cardholder transactions through the Mastercard payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. The performance obligation is satisfied and the fees are earned when the cost of the transaction is charged to the card. Certain expenses directly associated with the debit card are recorded on a net basis with the fee income. Gains/Losses on OREO Sales Gains/losses on the sale of OREO are included in non-interest expense and are generally recognized when the performance obligation is complete. This is typically at delivery of control over the property to the buyer at the time of each real estate closing. |
Note 23 - Preferred Stock
Note 23 - Preferred Stock | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | NOTE 23 On May 24, 2022, 2021, may 19 Pursuant to the Agreement, the Company agreed to issue and sell 82,949 shares of Preferred Stock for an aggregate purchase price of $82.9 million in cash. This ECIP investment is treated as tier 1 first 24 not 2%, tenth two 10. March 15, June 15, September 15, December 15. The Preferred Stock may fifth |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 24 Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not Management has reviewed the events occurring through the date the financial statements were issued and no |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 9B. Other Information (a) None (b) During the quarter ended December 31, 2023, no 16a 1 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation and Nature of Operations The accompanying consolidated financial statements include the accounts of Security Federal Corporation (the “Company”) and its wholly owned subsidiary, Security Federal Bank (the “Bank”) and the Bank’s wholly owned subsidiaries, Security Federal Investments, Inc. ("SFINV"), Security Federal Insurance, Inc. (“SFINS”), and Security Financial Services Corporation (“SFSC”). SFINV was formed to hold investment securities and allow for better management of the securities portfolio. SFINS is an insurance agency offering auto, business, and home insurance. Effective April 30, 2022, four April 30, 2022, The Company also has a wholly owned subsidiary, Security Federal Statutory Trust (the “Trust”), which issued and sold fixed and floating rate capital securities of the Trust. However, under current accounting guidance, the Trust is not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents include cash and due from banks, interest-bearing balances in other banks, and federal funds sold. Cash equivalents have original maturities of three |
Investment, Policy [Policy Text Block] | Investment Securities Investment securities are classified in one three Management classifies investment securities that are not no |
Debt Securities, Available-for-Sale, Allowance for Credit Losses [Policy Text Block] | Allowance for Credit Losses – Available for Sale Securities Management evaluates all AFS investment securities in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not not may not December 31, 2023, no December 31, 2023 |
Debt Securities, Held-to-Maturity, Allowance for Credit Losses [Policy Text Block] | Allowance for Credit Losses – Held to Maturity Securities Management measures expected credit losses on HTM debt securities on a collective basis by major security type. The estimate of expected credit losses is primarily based on the ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The Company then multiplies those loss rates, as adjusted for any modifications to reflect current conditions and reasonable and supportable forecasts as considered necessary, by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Additionally, private label collateralized mortgage obligation ("CMO") securities which are not 3 December 31, 2023. December 31, 2023 |
Financing Receivable, Held-for-Investment [Policy Text Block] | Loans Receivable Held for Investment Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans is reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. The accrual of interest is generally discontinued when a loan becomes 90 not not not 30 All accrued interest is reversed against interest income when a loan is placed on nonaccrual status. Interest received on such loans is accounted for using the cost- recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses on Loans The allowance for credit losses on loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company has identified the following portfolio segments: Real Estate o Construction 1 4 o Residential Mortgage second 1 4 o Commercial Mortgage may not not Commercial and Agricultura Consumer loans o Home equity first second o Other The Company calculates the allowance for credit losses on loans for each pool of loans using a remaining life loss methodology with a two Additionally, the allowance for credit losses on loans calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may not Loans that do not Management evaluates the carrying value of the loans periodically and the allowance is adjusted accordingly. While management uses the best information available to make evaluations, future adjustments may may |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Allowance for Credit Losses – Unfunded Commitments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses - unfunded commitments unless the commitments to extend credit are unconditionally cancellable, through a charge to provision for unfunded commitments, which is included in the provision for credit losses in the Company’s consolidated income statements. The allowance for credit losses – unfunded commitments is estimated by loan segment at each balance sheet date using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third |
Financing Receivable, Held-for-Sale [Policy Text Block] | Loans Receivable Held for Sale The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not 30 not not |
Loans and Leases Receivable, Real Estate and Other Assets Acquired Through Foreclosure, Policy [Policy Text Block] | Other Real Estate Owned Other real estate owned represents real estate and other assets acquired through foreclosure or repossession and are initially recorded at the estimated fair value less costs to sell. Subsequent improvements are capitalized. Costs of holding real estate, such as property taxes, insurance, general maintenance and interest expense, are expensed as a period cost. Fair values are reviewed regularly and allowances for possible losses are established when the carrying value of the asset owned exceeds the fair value less estimated costs to sell. Fair values are generally determined by reference to an outside appraisal. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises and equipment are carried at cost, net of accumulated depreciation. Depreciation of premises and equipment is amortized on a straight-line method over the estimated useful life of the related asset. Estimated lives are 7 to 40 years for buildings and improvements and generally 3 to 10 years for furniture, fixtures and equipment. Maintenance and repairs are charged to current expense. The cost of major renewals and improvements are capitalized. Land Held for Sale Land held for sale is reported at the lower of the carrying amount and fair value l ess costs to sell. During the year ended December 31, 2022, 2023. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The Company's goodwill is a result of the excess of the cost over the fair value of net assets resulting from the acquisition of Collier Jennings Financial Corporation in July 2006. may not |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense or benefit is recognized for the net change in the deferred tax liability or asset during the year. That amount together with income taxes currently payable is the total amount of income tax expense or benefit for the year. Deferred taxes are provided for by the differences in financial reporting bases for assets and liabilities compared with their tax bases. Generally, a current tax liability or asset is established for taxes presently payable or refundable and a deferred tax liability or asset is established for future tax items. A valuation allowance, if applicable, is established for deferred tax assets that may not The Company adopted accounting guidance which prescribes a threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosures. There have been no no no 12 |
Advertising Cost [Policy Text Block] | Advertising Expense Advertising and p ublic relations costs are generally expensed as incurred. External costs relating to direct mailing are expensed in the period in which the direct mailings are sent. Advertising and public relations costs of $980,000 and $988,000 were included in the Company’s results of operations for the years ended December 31, 2023 2022, |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company accounts for compensation costs under its stock option plans using the fair value method. This method requires the measurement of the cost of employee services received in exchange for an award of equity instruments based upon the fair value of the award on the grant date. The cost of the award is recognized in the income statement over the vesting period of the award. |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Common Share Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The dilutive effect of options outstanding under the Company’s stock option plan is reflected in diluted EPS by application of the treasury stock method. There were no December 31, 2023 2022 no Year Ended December 31, 2023 2022 (Dollars in thousands, except EPS) Income Shares EPS Income Shares EPS Basic EPS $ 10,190 3,248,149 $ 3.14 $ 10,228 3,252,884 $ 3.14 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant changes include: • Determination of the allowance for credit losses and provision for credit losses • Valuation of real estate acquired in conjunction with foreclosures or in satisfaction of loans • Income taxes, including tax provisions and realization of deferred tax assets • Fair value of assets and liabilities |
Segment Reporting, Policy [Policy Text Block] | Operating Segments Accounting standards require that information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue producing components for which separate financial information is produced internally and which are subject to evaluation by the chief operating decision maker. While the chief operating decision maker monitors the revenue streams of the various products and services, operations are managed, and financial performance is evaluated on a Company-wide basis. Accordingly, all of the financial service operations are considered by management to be aggregated in one |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain amounts in prior years’ consolidated financial statements have been reclassified to conform to current period classifications. There were no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued or Adopted Accounting Standards The following is a summary of recent authoritative pronouncements that could affect accounting, reporting, and disclosure of financial information by the Company: On January 1, 2023, 2016 13 326 326. In addition, CECL made changes to the accounting for AFS debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on AFS debt securities if management does not not not, 326 January 1, 2023 January 1, 2023 January 1, 2023 not 90 In January 2023, 2022 02, 326 2022 02” 326 20. no not In December 2022, 848 December 31, 2022, December 31, 2024, not December 31, 2021, June 2023. not In December 2023, December 15, 2024. not not Other accounting standards that have been issued or proposed by the FASB or other standards-setting authorities are not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Risks and Uncertainties In the normal course of its business, the Company encounters two three may |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2023 2022 (Dollars in thousands, except EPS) Income Shares EPS Income Shares EPS Basic EPS $ 10,190 3,248,149 $ 3.14 $ 10,228 3,252,884 $ 3.14 |
Note 2 - Investments, Availab_2
Note 2 - Investments, Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | December 31, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair value Student Loan Pools $ 51,022 $ 72 $ (728 ) $ 50,366 Small Business Administration (“SBA”) Bonds 79,014 416 (2,677 ) 76,753 Tax Exempt Municipal Bonds 21,501 643 (908 ) 21,236 Taxable Municipal Bonds 64,669 — (11,554 ) 53,115 Mortgage-Backed Securities ("MBS") 368,081 31 (31,942 ) 336,170 Total AFS Securities $ 584,287 $ 1,162 $ (47,809 ) $ 537,640 December 31, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair value Student Loan Pools $ 60,855 $ 12 $ (1,709 ) $ 59,158 SBA Bonds 102,293 584 (3,247 ) 99,630 Tax Exempt Municipal Bonds 22,537 405 (1,632 ) 21,310 Taxable Municipal Bonds 65,250 — (14,480 ) 50,770 MBS 353,222 30 (33,972 ) 319,280 Total AFS Securities $ 604,157 $ 1,031 $ (55,040 ) $ 550,148 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (Dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 5 $ 5 Due after one year to five years 7,646 7,664 Due after five to ten years 73,665 69,452 Due after ten years or more 134,890 124,349 MBS 368,081 336,170 Total AFS Securities $ 584,287 $ 537,640 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | December 31, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses # Value Losses # Value Losses Student Loan Pools $ 377 $ 1 1 $ 43,872 $ 727 34 $ 44,249 $ 728 SBA Bonds 2,200 5 4 39,151 2,672 63 41,351 2,677 Tax Exempt Municipal Bonds — — — 12,965 908 12 12,965 908 Taxable Municipal Bonds — — — 53,115 11,554 59 53,115 11,554 MBS 36,069 434 30 292,864 31,508 213 328,933 31,942 $ 38,646 $ 440 35 $ 441,967 $ 47,369 381 $ 480,613 $ 47,809 December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses # Value Losses # Value Losses Student Loan Pools $ 24,768 $ 638 16 $ 30,684 $ 1,071 23 $ 55,452 $ 1,709 SBA Bonds 8,404 121 18 45,969 3,126 52 54,373 3,247 Tax Exempt Municipal Bonds 8,051 719 9 4,929 913 4 12,980 1,632 Taxable Municipal Bonds 14,428 3,197 17 36,342 11,283 43 50,770 14,480 MBS 146,016 11,133 145 170,578 22,839 89 316,594 33,972 $ 201,667 $ 15,808 205 $ 288,502 $ 39,232 211 $ 490,169 $ 55,040 |
Note 3 - Investments, Held to_2
Note 3 - Investments, Held to Maturity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Debt Securities, Held-to-Maturity [Table Text Block] | December 31, 2023 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US Treasury Bonds $ 23,874 $ — $ (278 ) $ 23,596 FHLB Bond 1,000 — — 1,000 Student Loan Pools 16,881 278 — 17,159 SBA Bonds 11,305 493 — 11,798 Taxable Municipal Bonds 962 — (28 ) 934 MBS 109,050 96 (5,093 ) 104,053 Total HTM Securities $ 163,072 $ 867 $ (5,399 ) $ 158,540 December 31, 2022 (Dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US Treasury Bonds $ 34,512 $ — $ (682 ) $ 33,830 FHLB Bond 1,000 — (1 ) 999 Student Loan Pools 16,388 88 (59 ) 16,417 SBA Bonds 3,521 162 — 3,683 Taxable Municipal Bonds 952 — (60 ) 892 MBS 111,065 29 (5,451 ) 105,643 Total HTM Securities $ 167,438 $ 279 $ (6,253 ) $ 161,464 |
Held to Maturity Investments, Maturity Dates and Yields [Table Text Block] | Carrying Value Average Book Yield HTM Securities: Due in one year or less $ 11,978 2.94 % Due after one year through five years 13,858 3.60 % Due after five years through ten years 6,914 6.90 % Due after ten years 21,272 7.07 % MBS 109,050 4.66 % Total HTM Securities $ 163,072 4.85 % |
Debt Securities, Held to Maturity, Unrealized Loss Position, Fair Value [Table Text Block] | December 31, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses US Treasury Bonds $ — $ — $ 23,596 $ 278 $ 23,596 $ 278 Taxable Municipal Bonds — — 934 28 934 28 MBS 40,732 458 58,731 4,635 99,463 5,093 $ 40,732 $ 458 $ 83,261 $ 4,941 $ 123,993 $ 5,399 December 31, 2022 Less than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses US Treasury Bonds $ 33,830 $ 682 $ — $ — $ 33,830 $ 682 FHLB Bond 999 1 — — 999 1 Student Loan Pools 6,520 59 — — 6,520 59 Taxable Municipal Bonds 892 60 — — 892 60 MBS 88,351 3,145 9,334 2,306 97,685 5,451 $ 130,592 $ 3,947 $ 9,334 $ 2,306 $ 139,926 $ 6,253 |
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block] | (Dollars in thousands) Amortized Cost Taxable Municipal Bond AA 962 Total Taxable Municipal Bond 962 Private Label MBS AAA 9,259 A 1,663 Not Rated 3,695 Total Private Label 14,617 |
Note 4 - Loans Receivable, Net
Note 4 - Loans Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2023 2022 (Dollars in thousands) Balance % of Total Gross Loans Balance % of Total Gross Loans Real Estate Loans: Construction $ 104,508 16.5 % $ 112,794 20.1 % Residential Mortgage 172,883 27.2 % 110,057 19.6 % Commercial 264,802 41.7 % 252,154 44.9 % Commercial and Agricultural Loans 33,286 5.3 % 30,648 5.5 % Consumer Loans: Home Equity Lines of Credit ("HELOC") 34,497 5.4 % 31,737 5.7 % Other Consumer Loans 24,520 3.9 % 23,598 4.2 % Total Loans Held For Investment, Gross 634,496 100.0 % 560,988 100.0 % Less: Allowance For Credit Losses 12,569 11,178 Deferred Loan Fees 365 806 12,934 11,984 Loans Receivable Held For Investment, Net $ 621,562 $ 549,004 |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2023 Term Loans by Year of Origination (Dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Total Real Estate - Construction Pass $ 31,811 $ 21,125 $ 15,431 $ 1,518 $ 617 $ 1,322 $ 5,089 $ 76,913 Caution 4,073 14,381 1,192 3,148 275 333 150 23,552 Special Mention — 29 — — 1,072 457 — 1,558 Substandard 143 310 333 133 1,474 92 — 2,485 Total Real Estate - Construction 36,027 35,845 16,956 4,799 3,438 2,204 5,239 104,508 Current Period Gross Write-Offs — — — — — 1 — 1 Real Estate - Mortgage Pass 28,352 36,426 12,290 14,164 3,991 22,239 9,708 127,170 Caution 15,050 10,397 5,954 1,497 1,546 4,134 149 38,727 Special Mention 2,291 158 430 394 — 190 — 3,463 Substandard 574 — 618 — 48 2,283 — 3,523 Total Real Estate - Mortgage 46,267 46,981 19,292 16,055 5,585 28,846 9,857 172,883 Current Period Gross Write-Offs — — — — — — — — Real Estate - Commercial Pass 12,702 48,077 49,377 16,593 17,806 52,848 2,375 199,778 Caution 16,951 4,880 4,212 5,197 12,831 8,468 20 52,559 Special Mention 213 900 452 408 — 5,485 100 7,558 Substandard — 342 57 — — 4,508 — 4,907 Total Real Estate - Commercial 29,866 54,199 54,098 22,198 30,637 71,309 2,495 264,802 Current Period Gross Write-Offs — — — — — — — — Commercial and Agricultural Pass 4,763 5,991 6,672 643 348 2,128 4,205 24,750 Caution 3,732 1,131 1,715 67 16 207 816 7,684 Special Mention 458 22 100 9 7 90 — 686 Substandard — — — 1 — 62 103 166 Total Commercial and Agricultural 8,953 7,144 8,487 720 371 2,487 5,124 33,286 Current Period Gross Write-Offs — — 16 — — — — 16 Home Equity Lines of Credit Pass — — — — — — 27,192 27,192 Caution — — — — — — 6,290 6,290 Special Mention — — — — — — 401 401 Substandard — — — — — — 614 614 Total Home Equity Lines of Credit — — — — — — 34,497 34,497 Current Period Gross Write-Offs — — — — — — 1 1 Other Consumer Pass 6,543 3,874 1,580 740 190 63 4,922 17,912 Caution 2,316 1,975 911 468 137 51 295 6,153 Special Mention 77 123 — — — — 6 206 Substandard 67 36 73 48 10 6 9 249 Total Other Consumer 9,003 6,008 2,564 1,256 337 120 5,232 24,520 Current Period Gross Write-Offs — 23 17 17 — 11 89 157 Total Loans $ 130,116 $ 150,177 $ 101,397 $ 45,028 $ 40,368 $ 104,966 $ 62,444 $ 634,496 Total Current Period Gross Write-Offs $ - $ 23 $ 33 $ 17 $ - $ 12 $ 90 $ 175 Pass Caution Special Mention Substandard Total Loans Construction Real Estate $ 91,564 $ 18,838 $ 2,014 $ 378 $ 112,794 Residential Real Estate 84,028 22,373 888 2,768 110,057 Commercial Real Estate 196,063 47,821 3,271 4,999 252,154 Commercial and Agricultural 25,384 4,593 371 300 30,648 Consumer HELOC 25,694 5,018 402 623 31,737 Other Consumer 16,515 6,725 179 179 23,598 Total Loans $ 439,248 $ 105,368 $ 7,125 $ 9,247 $ 560,988 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2023 30-59 Days 60-89 Days 90 Days or Total Loans (Dollars in thousands) Past Due Past Due More Past Due Total Past Due Current Receivable Construction Real Estate $ 971 $ — $ 643 $ 1,614 $ 102,894 $ 104,508 Residential Real Estate 1,103 47 240 1,390 171,493 172,883 Commercial Real Estate 500 519 336 1,355 263,447 264,802 Commercial and Agricultural 81 1 2 84 33,202 33,286 Consumer HELOC 347 64 21 432 34,065 34,497 Other Consumer 273 138 46 457 24,063 24,520 Total $ 3,275 $ 769 $ 1,288 $ 5,332 $ 629,164 $ 634,496 December 31, 2022 30-59 Days 60-89 Days 90 Days or Total Loans (Dollars in thousands) Past Due Past Due More Past Due Total Past Due Current Receivable Construction Real Estate $ — $ — $ 100 $ 100 $ 112,694 $ 112,794 Residential Real Estate 1,557 — 472 2,029 108,028 110,057 Commercial Real Estate 2,671 89 354 3,114 249,040 252,154 Commercial and Agricultural 6 2 55 63 30,585 30,648 Consumer HELOC 199 — 74 273 31,464 31,737 Other Consumer 272 79 17 368 23,230 23,598 Total $ 4,705 $ 170 $ 1,072 $ 5,947 $ 555,041 $ 560,988 |
Financing Receivable, Nonaccrual [Table Text Block] | CECL Incurred Loss December 31, 2023 December 31, 2022 Nonaccrual Loans Nonaccrual Loans Total (Dollars in thousands) with No Allowance with an Allowance Nonaccrual Loans Nonaccrual Loans Construction Real Estate $ 868 $ — $ 868 $ 115 Residential Real Estate 1,307 — 1,307 1,545 Commercial Real Estate 4,125 — 4,125 4,282 Commercial and Agricultural 50 — 50 113 Consumer HELOC 413 — 413 188 Other Consumer 62 — 62 29 Total Nonaccrual Loans $ 6,825 $ — $ 6,825 $ 6,272 |
Financing Receivable, Accrued Interest, Writeoff [Table Text Block] | For the Year Ended (Dollars in thousands) December 31, 2023 Construction Real Estate $ 22 Residential Real Estate 7 Commercial Real Estate 1 Commercial and Agricultural 1 Consumer HELOC — Other Consumer 3 Total Loans $ 34 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | For the Year Ended December 31, 2023 Real Estate Commercial and Consumer (Dollars in thousands) Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,323 $ 2,124 $ 4,805 $ 875 $ 599 $ 452 $ 11,178 Adjustment to Allowance for Credit Loss on Adoption of ASU 2016-13 264 462 (341 ) 112 108 179 784 Provision for (Reversal of) Credit Losses (775 ) 911 569 (189 ) (13 ) 98 601 Charge-Offs (1 ) — — (16 ) (1 ) (157 ) (175 ) Recoveries 17 54 19 26 38 27 181 Ending Balance $ 1,828 $ 3,551 $ 5,052 $ 808 $ 731 $ 599 $ 12,569 For the Year Ended December 31, 2022 Real Estate Commercial and Consumer (Dollars in thousands) Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,401 $ 1,663 $ 4,832 $ 1,242 $ 518 $ 431 $ 11,087 Provision for (Reversal of) Credit Losses (113 ) 415 (160 ) (305 ) 30 133 — Charge-Offs — — — (105 ) — (162 ) (267 ) Recoveries 35 46 133 43 51 50 358 Ending Balance $ 2,323 $ 2,124 $ 4,805 $ 875 $ 599 $ 452 $ 11,178 Allowance For Loan Losses Loans Receivable (Dollars in thousands) Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Construction Real Estate $ — $ 2,323 $ 2,323 $ 115 $ 112,679 $ 112,794 Residential Real Estate — 2,124 2,124 1,089 108,968 110,057 Commercial Real Estate — 4,805 4,805 4,282 247,872 252,154 Commercial and Agricultural — 875 875 31 30,617 30,648 Consumer HELOC — 599 599 49 31,688 31,737 Other Consumer — 452 452 — 23,598 23,598 Total $ — $ 11,178 $ 11,178 $ 5,566 $ 555,422 $ 560,988 Year Ended December 31, 2023 (Dollars in thousands) Allowance for Credit Losses - Unfunded Commitments Beginning Balance $ — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 1,214 Reversal of provision for unfunded commitments (355 ) Ending Balance $ 859 |
Schedule of Amortized Cost Basis of Collateral Dependent Loans [Table Text Block] | (Dollars in thousands) December 31, 2023 Construction Real Estate $ 643 Residential Real Estate 668 Commercial Real Estate 3,567 Commercial and Agricultural — Consumer HELOC 332 Other Consumer — Total $ 5,210 |
Summary of Impaired Financing Receivables [Table Text Block] | December 31, 2022 Unpaid Average Interest Recorded Principal Related Recorded Income Impaired Loans (Dollars in thousands) Investment Balance Allowance Investment Recognized Construction Real Estate $ 115 $ 115 $ — $ 117 $ — Residential Real Estate 1,089 1,626 — 1,133 — Commercial Real Estate 4,282 4,282 — 4,382 — Commercial and Agricultural 31 926 — 31 — Consumer HELOC 49 49 — 52 — Other Consumer — — — — — Total $ 5,566 $ 6,998 $ — $ 5,715 $ — |
Note 5 - Premises and Equipme_2
Note 5 - Premises and Equipment, Net and Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, (Dollars in thousands) 2023 2022 Land $ 6,179 $ 6,179 Buildings and Improvements 32,416 28,592 Furniture and Equipment 11,797 13,848 Construction in Progress 413 3,045 Total Premises and Equipment 50,805 51,664 Less: Accumulated Depreciation (22,168 ) (23,704 ) Total Premises and Equipment, Net $ 28,637 $ 27,960 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year ended December 31, (Dollars in thousands) 2024 $ 522 2025 475 2026 364 2027 148 2028 10 Thereafter — Total undiscounted lease payments 1,519 Less: effect of discounting 77 Present value of estimated lease payments (lease liability) $ 1,442 |
Note 8 - Other Real Estate Ow_2
Note 8 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | (Dollars in thousands) 2023 2022 Balance, beginning of year $ 120 $ 130 Additions — — Sales (105 ) — Write-downs (15 ) (10 ) Balance, end of year $ - $ 120 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, Deposit Type (Dollars in thousands) 2023 2022 Checking $ 473,936 $ 510,984 Money Market 401,992 348,833 Savings 88,319 108,237 Certificates of Deposit 230,750 142,031 Total Deposits $ 1,194,997 $ 1,110,085 |
Time Deposit Maturities [Table Text Block] | December 31, (Dollars in thousands) 2023 2022 Within 1 Year $ 198,325 $ 97,163 After 1 Year, Within 2 Years 16,568 31,551 After 2 Years, Within 3 Years 9,487 6,465 After 3 Years, Within 4 Years 2,636 3,178 After 4 Years, Within 5 Years 3,734 3,674 Total Certificates of Deposits $ 230,750 $ 142,031 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, (Dollars in thousands) 2023 2022 Current: Federal $ 2,510 $ 2,321 State 79 444 Total Current Tax Expense 2,589 2,765 Deferred: Federal (287 ) (59 ) State (14 ) 3 Total Deferred Tax Benefit (301 ) (56 ) Total Income Tax Expense $ 2,288 $ 2,709 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, (Dollars in thousands) 2023 2022 Tax at Statutory Income Tax Rate $ 2,620 $ 2,717 State Tax 51 353 Tax Exempt Interest (126 ) (253 ) Tax Credits (75 ) — Life Insurance (133 ) (128 ) Valuation Allowance (63 ) (4 ) Other 14 24 Total Income Tax Expense $ 2,288 $ 2,709 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, (Dollars in thousands) 2023 2022 Deferred Tax Assets: Deferred Compensation $ 897 $ 838 Provision for Credit Losses 2,722 2,420 Reserve for Unfunded Commitments 186 — Other Real Estate Owned 96 10 Net Fees Deferred for Financial Reporting 58 66 Net Operating Losses 401 464 Unrealized Loss on AFS Securities 11,615 13,230 Tax Credits 268 — Other 34 41 Total Gross Deferred Tax Assets 16,277 17,069 Less: Valuation Allowance (401 ) (464 ) Total Deferred Tax Assets 15,876 16,605 Deferred Tax Liabilities: FHLB Stock Basis Over Tax Basis 72 72 Depreciation 946 812 Prepaid Expenses 202 169 Total Deferred Tax Liability 1,220 1,053 Net Deferred Tax Asset $ 14,656 $ 15,552 |
Note 15 - Regulatory Matters (T
Note 15 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy To Be Well Capitalized (Dollars in Thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 150,129 18.2 % $ 49,391 6.0 % $ 65,854 8.0 % Total Risk-Based Capital (To Risk Weighted Assets) 160,457 19.5 % 65,854 8.0 % 82,318 10.0 % Common Equity Tier 1 Capital (To Risk Weighted Assets) 150,129 18.2 % 37,043 4.5 % 53,506 6.5 % Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 150,129 9.8 % 61,076 4.0 % 76,345 5.0 % December 31, 2022 Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 141,452 17.8 % $ 47,714 6.0 % $ 63,619 8.0 % Total Risk-Based Capital (To Risk Weighted Assets) 151,408 19.0 % 63,619 8.0 % 79,523 10.0 % Common Equity Tier 1 Capital (To Risk Weighted Assets) 141,452 17.8 % 35,785 4.5 % 51,690 6.5 % Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 141,452 10.4 % 54,372 4.0 % 67,965 5.0 % |
Note 19 - Related Party Trans_2
Note 19 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Years Ended December 31, (Dollars in thousands) 2023 2022 Balance, Beginning of Period $ 683 $ 466 New Loans 370 252 Less Loan Payments (51 ) (35 ) Balance, End of Period $ 1,002 $ 683 |
Note 20 - Parent Company Only_2
Note 20 - Parent Company Only Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, (In Thousands) 2023 2022 Assets: Cash $ 26,842 $ 28,813 Investments, HTM 50,211 60,819 Investment in Security Federal Statutory Trust 155 155 Investment in Security Federal Bank 116,279 101,871 Accrued Interest Receivable 200 190 Accounts Receivable and Other Assets 11,163 194 Total Assets $ 204,850 $ 192,042 Liabilities and Shareholders’ Equity: Accounts Payable and Other Liabilities $ 833 $ 153 Long-term Debt 31,655 31,655 Shareholders’ Equity 172,362 160,234 Total Liabilities and Shareholders’ Equity $ 204,850 $ 192,042 |
Condensed Income Statement [Table Text Block] | Years Ended December 31, (In Thousands) 2023 2022 Income: Equity in Earnings of Security Federal Bank $ 9,595 $ 10,668 Investment Securities Interest Income 2,574 1,226 Miscellaneous Income - 16 Total Income 12,169 11,910 Expenses: Interest Expense 1,755 1,732 Other Expenses 65 65 Total Expenses 1,820 1,797 Income Before Income Taxes 10,349 10,113 Income Tax Expense (Benefit) 159 (115 ) Net Income $ 10,190 $ 10,228 |
Condensed Cash Flow Statement [Table Text Block] | Years Ended December 31, (In Thousands) 2023 2022 Operating Activities: Net Income $ 10,190 $ 10,228 Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities: Equity in Earnings of Security Federal Bank (9,595 ) (10,668 ) Discount Accretion and Premium Amortization, Net (235 ) (125 ) Increase in Accrued Interest Receivable (10 ) (190 ) (Increase) Decrease in Accounts Receivable and Other Assets (10,970 ) 89 Increase in Accounts Payable and Other Liabilities 678 19 Net Cash Used By Operating Activities (9,942 ) (647 ) Investing Activities: Purchase of HTM Securities (2,934 ) (62,512 ) Proceeds from Principal Paydowns and Maturities of HTM Securities 13,777 1,818 Investment in Subsidiary (660 ) (7,000 ) Net Cash Provided (Used) By Investing Activities 10,183 (67,694 ) Financing Activities: Repurchase of Subordinated Debentures — (3,500 ) Proceeds from Issuance of Preferred Stock — 82,949 Proceeds from Employee Stock Plan Purchases 57 — Purchase of Treasury Stock (582 ) — Dividends Paid to Shareholders-Common Stock (1,687 ) (2,472 ) Net Cash (Used) Provided By Financing Activities (2,212 ) 76,977 Net (Decrease) Increase in Cash (1,971 ) 8,636 Cash at Beginning of Period 28,813 20,177 Cash at End of Period $ 26,842 $ 28,813 |
Note 21 - Carrying Amounts an_2
Note 21 - Carrying Amounts and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 31, 2023 December 31, 2022 (Dollars in thousands) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Student Loan Pools $ — $ 50,366 $ — $ — $ 59,158 $ — SBA Bonds — 76,753 — — 99,630 — Tax Exempt Municipal Bonds — 21,236 — — 21,310 — Taxable Municipal Bonds — 53,115 — — 50,770 — MBS — 336,170 — — 319,280 — Total $ — $ 537,640 $ — $ — $ 550,148 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | December 31, 2023 Assets (in thousands): Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 967 $ — $ 967 Land Held For Sale — — 938 938 Collateral Dependent Loans — — 5,210 5,210 Total $ — $ 967 $ 6,148 $ 7,115 December 31, 2022 Assets (in thousands): Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 913 $ — $ 913 Land Held For Sale — — 1,097 1,097 Collateral Dependent Loans — — 5,566 5,566 OREO — — 120 120 Total $ — $ 913 $ 6,783 $ 7,696 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Valuation Significant 2023 2022 Level 3 Assets Technique Unobservable Inputs Range Range Land Held for Sale Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs 10 % 10 % Collateral Dependent Loans Appraised Value Discounts to appraised values or cash flows for estimated holding and/or selling costs or age of appraisal 10% - 12% 8% - 13% OREO Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs N/A 30 % |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2023 Carrying Fair Value (In Thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and Cash Equivalents $ 128,284 $ 128,284 $ 128,284 $ — $ — Certificates of Deposits with Other Banks 2,350 2,350 — 2,350 — Investment Securities 700,712 696,180 — 696,180 — Loans Receivable, Net 621,562 610,410 — — 610,410 FHLB Stock 922 922 922 — — Financial Liabilities: Deposits: Checking, Savings and Money Market Accounts $ 964,247 $ 964,247 $ 964,247 $ — $ — Certificate Accounts 230,750 229,278 — 229,278 — Borrowings from FRB 119,200 118,926 118,926 — — Other Borrowed Money 19,180 19,180 19,180 — — Subordinated Debentures 26,500 23,036 — 23,036 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — December 31, 2022 Carrying Fair Value (In Thousands) Amount Total Level 1 Level 2 Level 3 Financial Assets: Cash and Cash Equivalents $ 28,502 $ 28,502 $ 28,502 $ — $ — Certificates of Deposits with Other Banks 1,100 1,100 — 1,100 — Investment Securities 717,586 711,612 — 711,612 — Loans Receivable, Net 549,004 528,174 — — 528,174 FHLB Stock 651 651 651 — — Financial Liabilities: Deposits: Checking, Savings and Money Market Accounts $ 968,054 $ 968,054 $ 968,054 $ — $ — Certificate Accounts 142,031 138,382 — 138,382 — Borrowings from FRB 44,080 44,071 44,071 — — Other Borrowed Money 27,588 27,588 27,588 — — Subordinated Debentures 26,500 24,435 — 24,435 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — |
Note 22 - Non-interest Income (
Note 22 - Non-interest Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Year Ended December 31, 2023 2022 Non-interest income (in thousands): Loss on Sale of Investments, net (1) $ — $ (2 ) Gain on Sale of Loans (1) 626 1,705 Service Fees on Deposit Accounts 1,220 1,071 Commissions From Insurance Agency (1) 784 784 Trust Income 1,860 1,548 BOLI Income (1) 636 608 ATM and Check Card Fee Income 3,018 2,816 Grant Income (1) 437 171 Other (1) 809 911 Total non-interest income $ 9,390 $ 9,612 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2023 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 2,900,000 | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | 0 | |||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 788,000 | |||
Impairment of Long-Lived Assets to be Disposed of | 0 | $ 433,000 | ||
Advertising Expense | $ 980,000 | 988,000 | ||
Number of Reportable Segments | 1 | |||
Financing Receivable, Allowance for Credit Loss | $ 12,569,000 | 11,178,000 | $ 11,087,000 | |
Off-Balance-Sheet, Credit Loss, Liability | 161,300,000 | 1,214,000 | ||
Retained Earnings (Accumulated Deficit) | $ 111,054,000 | 104,129,000 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Loss | $ 784,000 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Loss | $ 784,000 | |||
Off-Balance-Sheet, Credit Loss, Liability | 1,200,000 | |||
Retained Earnings (Accumulated Deficit) | $ 1,600,000 | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | |||
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | |||
Accrued Interest Receivable [Member] | ||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 2,900,000 | |||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 788,000 |
Note 1 - Significant Accounting
Note 1 - Significant Accounting Policies - Reconciliation of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income | $ 10,190 | $ 10,228 |
Weighted Average Shares Outstanding (Basic) (in shares) | 3,248,149 | 3,252,884 |
Net Income Per Common Share (Basic) (in dollars per share) | $ 3.14 | $ 3.14 |
Note 2 - Investments, Availab_3
Note 2 - Investments, Available for Sale (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | |
Debt Securities, Available-for-Sale, Amortized Cost | 584,287,000 | $ 604,157,000 |
Debt Securities, Available-for-Sale | 537,640,000 | 550,148,000 |
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | 22,375,000 |
Debt Securities, Available-for-Sale, Realized Gain | 0 | 159,000 |
Debt Securities, Available-for-Sale, Realized Loss | $ 0 | 161,000 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 416 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 2,900,000 | |
Asset Pledged as Collateral [Member] | Deposit Accounts, FHLB Advances and Other Borrowings [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 533,700,000 | 318,000,000 |
Debt Securities, Available-for-Sale | 490,500,000 | 297,000,000 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 83,300,000 | 60,100,000 |
Debt Securities, Available-for-Sale | 76,700,000 | 53,800,000 |
Small Business Administration Bonds [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost | 79,014,000 | 102,293,000 |
Debt Securities, Available-for-Sale | $ 76,753,000 | 99,630,000 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 67 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 368,081,000 | 353,222,000 |
Debt Securities, Available-for-Sale | $ 336,170,000 | 319,280,000 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 194 | |
Commitments on Mortgage Loans [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 83,300,000 | |
Debt Securities, Available-for-Sale | $ 76,700,000 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 49 | |
Commitments on Mortgage Loans [Member] | Moody's, Aa1 Rating [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 36 | |
Tax Exempt Municipal Bonds [Member] | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 12 | |
Taxable Municipal Bonds [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 64,669,000 | 65,250,000 |
Debt Securities, Available-for-Sale | $ 53,115,000 | $ 50,770,000 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 59 |
Note 2 - Investments, Availab_4
Note 2 - Investments, Available for Sale - Schedule of Available-for-Sale Securities Reconciliation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized cost, AFS | $ 584,287 | $ 604,157 |
Gross unrealized gains, AFS | 1,162 | 1,031 |
Gross unrealized losses, AFS | (47,809) | (55,040) |
Available For Sale ("AFS") | 537,640 | 550,148 |
Collateralized Loan Obligations [Member] | ||
Amortized cost, AFS | 51,022 | 60,855 |
Gross unrealized gains, AFS | 72 | 12 |
Gross unrealized losses, AFS | (728) | (1,709) |
Available For Sale ("AFS") | 50,366 | 59,158 |
Small Business Administration Bonds [Member] | ||
Amortized cost, AFS | 79,014 | 102,293 |
Gross unrealized gains, AFS | 416 | 584 |
Gross unrealized losses, AFS | (2,677) | (3,247) |
Available For Sale ("AFS") | 76,753 | 99,630 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost, AFS | 21,501 | 22,537 |
Gross unrealized gains, AFS | 643 | 405 |
Gross unrealized losses, AFS | (908) | (1,632) |
Available For Sale ("AFS") | 21,236 | 21,310 |
Taxable Municipal Bonds [Member] | ||
Amortized cost, AFS | 64,669 | 65,250 |
Gross unrealized gains, AFS | 0 | 0 |
Gross unrealized losses, AFS | (11,554) | (14,480) |
Available For Sale ("AFS") | 53,115 | 50,770 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized cost, AFS | 368,081 | 353,222 |
Gross unrealized gains, AFS | 31 | 30 |
Gross unrealized losses, AFS | (31,942) | (33,972) |
Available For Sale ("AFS") | $ 336,170 | $ 319,280 |
Note 2 - Investments, Availab_5
Note 2 - Investments, Available for Sale - Available for Sale Securities Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due in one year or less | $ 5 | |
Due in one year or less | 5 | |
Due after one year to five years | 7,646 | |
Due after one year to five years | 7,664 | |
Due after five to ten years | 73,665 | |
Due after five to ten years | 69,452 | |
Due after ten years or more | 134,890 | |
Due after ten years or more | 124,349 | |
Amortized cost, AFS | 584,287 | $ 604,157 |
Debt Securities, Available-for-Sale | 537,640 | 550,148 |
Total AFS Securities | 584,287 | 604,157 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized cost, AFS | 368,081 | 353,222 |
Debt Securities, Available-for-Sale | 336,170 | 319,280 |
Total AFS Securities | $ 368,081 | $ 353,222 |
Note 2 - Investments, Availab_6
Note 2 - Investments, Available for Sale - Schedule of Available for Sale Securities in Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair value, less than 12 months, AFS | $ 38,646 | $ 201,667 |
Accumulated loss, less than 12 months, AFS | $ 440 | $ 15,808 |
Positions, less than 12 months, AFS | 35 | 205 |
Fair value, 12 months or more, AFS | $ 441,967 | $ 288,502 |
Accumulated loss, 12 months or more, AFS | $ 47,369 | $ 39,232 |
Positions, 12 months or more, AFS | 381 | 211 |
Fair value, unrealized loss position, AFS | $ 480,613 | $ 490,169 |
Accumulated loss, total, AFS | 47,809 | 55,040 |
Collateralized Loan Obligations [Member] | ||
Fair value, less than 12 months, AFS | 377 | 24,768 |
Accumulated loss, less than 12 months, AFS | $ 1 | $ 638 |
Positions, less than 12 months, AFS | 1 | 16 |
Fair value, 12 months or more, AFS | $ 43,872 | $ 30,684 |
Accumulated loss, 12 months or more, AFS | $ 727 | $ 1,071 |
Positions, 12 months or more, AFS | 34 | 23 |
Fair value, unrealized loss position, AFS | $ 44,249 | $ 55,452 |
Accumulated loss, total, AFS | 728 | 1,709 |
Small Business Administration Bonds [Member] | ||
Fair value, less than 12 months, AFS | 2,200 | 8,404 |
Accumulated loss, less than 12 months, AFS | $ 5 | $ 121 |
Positions, less than 12 months, AFS | 4 | 18 |
Fair value, 12 months or more, AFS | $ 39,151 | $ 45,969 |
Accumulated loss, 12 months or more, AFS | $ 2,672 | $ 3,126 |
Positions, 12 months or more, AFS | 63 | 52 |
Fair value, unrealized loss position, AFS | $ 41,351 | $ 54,373 |
Accumulated loss, total, AFS | 2,677 | 3,247 |
Tax Exempt Municipal Bonds [Member] | ||
Fair value, less than 12 months, AFS | 0 | 8,051 |
Accumulated loss, less than 12 months, AFS | $ 0 | $ 719 |
Positions, less than 12 months, AFS | 0 | 9 |
Fair value, 12 months or more, AFS | $ 12,965 | $ 4,929 |
Accumulated loss, 12 months or more, AFS | $ 908 | $ 913 |
Positions, 12 months or more, AFS | 12 | 4 |
Fair value, unrealized loss position, AFS | $ 12,965 | $ 12,980 |
Accumulated loss, total, AFS | 908 | 1,632 |
Taxable Municipal Bonds [Member] | ||
Fair value, less than 12 months, AFS | 0 | 14,428 |
Accumulated loss, less than 12 months, AFS | $ 0 | $ 3,197 |
Positions, less than 12 months, AFS | 0 | 17 |
Fair value, 12 months or more, AFS | $ 53,115 | $ 36,342 |
Accumulated loss, 12 months or more, AFS | $ 11,554 | $ 11,283 |
Positions, 12 months or more, AFS | 59 | 43 |
Fair value, unrealized loss position, AFS | $ 53,115 | $ 50,770 |
Accumulated loss, total, AFS | 11,554 | 14,480 |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, less than 12 months, AFS | 36,069 | 146,016 |
Accumulated loss, less than 12 months, AFS | $ 434 | $ 11,133 |
Positions, less than 12 months, AFS | 30 | 145 |
Fair value, 12 months or more, AFS | $ 292,864 | $ 170,578 |
Accumulated loss, 12 months or more, AFS | $ 31,508 | $ 22,839 |
Positions, 12 months or more, AFS | 213 | 89 |
Fair value, unrealized loss position, AFS | $ 328,933 | $ 316,594 |
Accumulated loss, total, AFS | $ 31,942 | $ 33,972 |
Note 3 - Investments, Held to_3
Note 3 - Investments, Held to Maturity (Details Textual) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 163,072,000 | $ 167,438,000 |
Debt Securities, Held-to-Maturity, Fair Value | $ 158,540,000 | $ 161,464,000 |
Debt Securities, Held-to-Maturity, Weighted Average Yield | 4.85% | |
Debt Securities, Held to Maturity, Unrealized Loss Position, Number of Positions | 55 | 54 |
Debt Securities, Held to Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 42 | 6 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | $ 163,072,000 | $ 167,438,000 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | 0 | |
Debt Securities, Held-to-Maturity, 90 Days or More Past Due, Still Accruing | 0 | |
Debt Securities, Held-to-Maturity, Nonaccrual | 0 | |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 788,000 | |
Commitments on Mortgage Loans [Member] | ||
Debt Securities, Held-to-Maturity, Fair Value | 14,300,000 | 16,200,000 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 14,600,000 | 16,700,000 |
Asset Pledged as Collateral [Member] | Deposit Accounts, FHLB Advances and Other Borrowings [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 107,500,000 | 25,300,000 |
Debt Securities, Held-to-Maturity, Fair Value | $ 103,800,000 | $ 24,500,000 |
Note 3 - Investments, Held to_4
Note 3 - Investments, Held to Maturity - Summary of Held to Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized cost, HTM | $ 163,072 | $ 167,438 |
Gross unrealized gains, HTM | 867 | 279 |
Gross unrealized losses, HTM | (5,399) | (6,253) |
HTM, fair value | 158,540 | 161,464 |
US Treasury and Government [Member] | ||
Amortized cost, HTM | 23,874 | 34,512 |
Gross unrealized gains, HTM | 0 | 0 |
Gross unrealized losses, HTM | (278) | (682) |
HTM, fair value | 23,596 | 33,830 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Amortized cost, HTM | 1,000 | 1,000 |
Gross unrealized gains, HTM | 0 | 0 |
Gross unrealized losses, HTM | 0 | (1) |
HTM, fair value | 1,000 | 999 |
Collateralized Loan Obligations [Member] | ||
Amortized cost, HTM | 16,881 | 16,388 |
Gross unrealized gains, HTM | 278 | 88 |
Gross unrealized losses, HTM | 0 | (59) |
HTM, fair value | 17,159 | 16,417 |
Small Business Administration Bonds [Member] | ||
Amortized cost, HTM | 11,305 | 3,521 |
Gross unrealized gains, HTM | 493 | 162 |
Gross unrealized losses, HTM | 0 | 0 |
HTM, fair value | 11,798 | 3,683 |
Taxable Municipal Bonds [Member] | ||
Amortized cost, HTM | 962 | 952 |
Gross unrealized gains, HTM | 0 | 0 |
Gross unrealized losses, HTM | (28) | (60) |
HTM, fair value | 934 | 892 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized cost, HTM | 109,050 | 111,065 |
Gross unrealized gains, HTM | 96 | 29 |
Gross unrealized losses, HTM | (5,093) | (5,451) |
HTM, fair value | $ 104,053 | $ 105,643 |
Note 3 - Investments, Held to_5
Note 3 - Investments, Held to Maturity - Held to Maturity Maturity and Yields (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due in one year or less, carrying value | $ 11,978 | |
Due in one year or less, average book yield | 2.94% | |
Due after one year through five years, carrying value | $ 13,858 | |
Due after one year through five years, average book yield | 3.60% | |
Due after five years through ten years, carrying value | $ 6,914 | |
Due after five years through ten years, average book yield | 6.90% | |
Due after ten years, carrying value | $ 21,272 | |
Due after ten years, average book yield | 7.07% | |
MBS, carrying value | $ 109,050 | |
MBS, average book yield | 4.66% | |
Total HTM Securities | $ 163,072 | $ 167,438 |
Total HTM Securities | 4.85% |
Note 3 - Investments, Held to_6
Note 3 - Investments, Held to Maturity - Summary of HTM Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair value, less than 12 months, HTM | $ 40,732 | $ 130,592 |
Unrealized losses, less then 12 months, HTM | 458 | 3,947 |
Fair value, more than 12 months, HTM | 83,261 | 9,334 |
Unrealized loss, more than 12 months, HTM | 4,941 | 2,306 |
Fair value, unrealized loss position, HTM | 123,993 | 139,926 |
Unrealized loss, unrealized loss position, HTM | 5,399 | 6,253 |
US Treasury and Government [Member] | ||
Fair value, less than 12 months, HTM | 0 | 33,830 |
Unrealized losses, less then 12 months, HTM | 0 | 682 |
Fair value, more than 12 months, HTM | 23,596 | 0 |
Unrealized loss, more than 12 months, HTM | 278 | 0 |
Fair value, unrealized loss position, HTM | 23,596 | 33,830 |
Unrealized loss, unrealized loss position, HTM | 278 | 682 |
Taxable Municipal Bonds [Member] | ||
Fair value, less than 12 months, HTM | 0 | 892 |
Unrealized losses, less then 12 months, HTM | 0 | 60 |
Fair value, more than 12 months, HTM | 934 | 0 |
Unrealized loss, more than 12 months, HTM | 28 | 0 |
Fair value, unrealized loss position, HTM | 934 | 892 |
Unrealized loss, unrealized loss position, HTM | 28 | 60 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Fair value, less than 12 months, HTM | 999 | |
Unrealized losses, less then 12 months, HTM | 1 | |
Fair value, more than 12 months, HTM | 0 | |
Unrealized loss, more than 12 months, HTM | 0 | |
Fair value, unrealized loss position, HTM | 999 | |
Unrealized loss, unrealized loss position, HTM | 1 | |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, less than 12 months, HTM | 40,732 | 88,351 |
Unrealized losses, less then 12 months, HTM | 458 | 3,145 |
Fair value, more than 12 months, HTM | 58,731 | 9,334 |
Unrealized loss, more than 12 months, HTM | 4,635 | 2,306 |
Fair value, unrealized loss position, HTM | 99,463 | 97,685 |
Unrealized loss, unrealized loss position, HTM | $ 5,093 | 5,451 |
Collateralized Loan Obligations [Member] | ||
Fair value, less than 12 months, HTM | 6,520 | |
Unrealized losses, less then 12 months, HTM | 59 | |
Fair value, more than 12 months, HTM | 0 | |
Unrealized loss, more than 12 months, HTM | 0 | |
Fair value, unrealized loss position, HTM | 6,520 | |
Unrealized loss, unrealized loss position, HTM | $ 59 |
Note 3 - Investments, Held To_7
Note 3 - Investments, Held To Maturity - Schedule of Credit Ratings for Held To Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | $ 163,072 | $ 167,438 |
Private Label Taxable Municipal Securities [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 962 | |
Private Label Taxable Municipal Securities [Member] | Moody's, Aa1 Rating [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 962 | |
Private Label Mortgage Backed Securities [Member] | Moody's, Aaa Rating [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 9,259 | |
Private Label Mortgage Backed Securities [Member] | Moody's, A1 Rating [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 1,663 | |
Private Label Mortgage Backed Securities [Member] | Not Rated by Moodys [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 3,695 | |
Private Label Investments [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | $ 14,617 |
Note 4 - Loans Receivable, Ne_2
Note 4 - Loans Receivable, Net (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 |
Financing Receivable, Nonaccrual | $ 6,825,000 | $ 6,272,000 |
Financing Receivable, Number of Loans Modified | 2 | 2 |
Financing Receivable, Modified, Accumulated | $ 342,000 | $ 385,000 |
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual, Review Limit | $ 200,000 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual, Review Limit | 100,000 | |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Nonaccrual | 5,000,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Nonaccrual | 472,000 | |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Nonaccrual | $ 123,000 |
Note 4 - Loans Receivable, Ne_3
Note 4 - Loans Receivable, Net - Schedule of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | $ 634,496 | $ 560,988 | |
Percentage of total gross loans | 100% | 100% | |
Held for investment, allowance for credit loss | $ 12,569 | $ 11,178 | $ 11,087 |
Deferred Loan Fees | 365 | 806 | |
Financing Receivable, Allowance for Credit Loss and Deferred Loan Fees | 12,934 | 11,984 | |
Loans Receivable Held For Investment, Net | 621,562 | 549,004 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Loans | $ 104,508 | $ 112,794 | |
Percentage of total gross loans | 16.50% | 20.10% | |
Held for investment, allowance for credit loss | $ 1,828 | $ 2,323 | 2,401 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Loans | $ 172,883 | $ 110,057 | |
Percentage of total gross loans | 27.20% | 19.60% | |
Held for investment, allowance for credit loss | $ 3,551 | $ 2,124 | 1,663 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Loans | $ 264,802 | $ 252,154 | |
Percentage of total gross loans | 41.70% | 44.90% | |
Held for investment, allowance for credit loss | $ 5,052 | $ 4,805 | 4,832 |
Commercial and Agricultural Loans [Member] | |||
Loans | $ 33,286 | $ 30,648 | |
Percentage of total gross loans | 5.30% | 5.50% | |
Held for investment, allowance for credit loss | $ 808 | $ 875 | 1,242 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Loans | $ 34,497 | $ 31,737 | |
Percentage of total gross loans | 5.40% | 5.70% | |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Loans | $ 24,520 | $ 23,598 | |
Percentage of total gross loans | 3.90% | 4.20% | |
Held for investment, allowance for credit loss | $ 599 | $ 452 | $ 431 |
Note 4 - Loans Receivable, Ne_4
Note 4 - Loans Receivable, Net - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pass | $ 130,116 | |
Pass | 150,177 | |
Pass | 101,397 | |
Pass | 45,028 | |
Pass | 40,368 | |
Pass | 104,966 | |
Pass | 62,444 | |
Pass | 634,496 | $ 560,988 |
Current year, writen off | 0 | |
One year before gross write-offs | 23 | |
Two years before gross write-offs | 33 | |
Three years before gross write-offs | 17 | |
Four years before gross write-offs | 0 | |
Prior gross write-offs | 12 | |
Revolving gross write-offs | 90 | |
Total loans gross write-offs | 175 | 267 |
Loans | 634,496 | 560,988 |
Pass [Member] | ||
Pass | 439,248 | |
Loans | 439,248 | |
Caution [Member] | ||
Pass | 105,368 | |
Loans | 105,368 | |
Special Mention [Member] | ||
Pass | 7,125 | |
Loans | 7,125 | |
Substandard [Member] | ||
Pass | 9,247 | |
Loans | 9,247 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Pass | 36,027 | |
Pass | 35,845 | |
Pass | 16,956 | |
Pass | 4,799 | |
Pass | 3,438 | |
Pass | 2,204 | |
Pass | 5,239 | |
Pass | 104,508 | 112,794 |
Current year, writen off | 0 | |
One year before gross write-offs | 0 | |
Two years before gross write-offs | 0 | |
Three years before gross write-offs | 0 | |
Four years before gross write-offs | 0 | |
Prior gross write-offs | 1 | |
Revolving gross write-offs | 0 | |
Total loans gross write-offs | 1 | 0 |
Loans | 104,508 | 112,794 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Pass | 31,811 | |
Pass | 21,125 | |
Pass | 15,431 | |
Pass | 1,518 | |
Pass | 617 | |
Pass | 1,322 | |
Pass | 5,089 | |
Pass | 76,913 | 91,564 |
Loans | 76,913 | 91,564 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Caution [Member] | ||
Pass | 4,073 | |
Pass | 14,381 | |
Pass | 1,192 | |
Pass | 3,148 | |
Pass | 275 | |
Pass | 333 | |
Pass | 150 | |
Pass | 23,552 | 18,838 |
Loans | 23,552 | 18,838 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Pass | 0 | |
Pass | 29 | |
Pass | 0 | |
Pass | 0 | |
Pass | 1,072 | |
Pass | 457 | |
Pass | 0 | |
Pass | 1,558 | 2,014 |
Loans | 1,558 | 2,014 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Pass | 143 | |
Pass | 310 | |
Pass | 333 | |
Pass | 133 | |
Pass | 1,474 | |
Pass | 92 | |
Pass | 0 | |
Pass | 2,485 | 378 |
Loans | 2,485 | 378 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Pass | 46,267 | |
Pass | 46,981 | |
Pass | 19,292 | |
Pass | 16,055 | |
Pass | 5,585 | |
Pass | 28,846 | |
Pass | 9,857 | |
Pass | 172,883 | 110,057 |
Current year, writen off | 0 | |
One year before gross write-offs | 0 | |
Two years before gross write-offs | 0 | |
Three years before gross write-offs | 0 | |
Four years before gross write-offs | 0 | |
Prior gross write-offs | 0 | |
Revolving gross write-offs | 0 | |
Total loans gross write-offs | 0 | 0 |
Loans | 172,883 | 110,057 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Pass [Member] | ||
Pass | 28,352 | |
Pass | 36,426 | |
Pass | 12,290 | |
Pass | 14,164 | |
Pass | 3,991 | |
Pass | 22,239 | |
Pass | 9,708 | |
Pass | 127,170 | 84,028 |
Loans | 127,170 | 84,028 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Caution [Member] | ||
Pass | 15,050 | |
Pass | 10,397 | |
Pass | 5,954 | |
Pass | 1,497 | |
Pass | 1,546 | |
Pass | 4,134 | |
Pass | 149 | |
Pass | 38,727 | 22,373 |
Loans | 38,727 | 22,373 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Special Mention [Member] | ||
Pass | 2,291 | |
Pass | 158 | |
Pass | 430 | |
Pass | 394 | |
Pass | 0 | |
Pass | 190 | |
Pass | 0 | |
Pass | 3,463 | 888 |
Loans | 3,463 | 888 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Substandard [Member] | ||
Pass | 574 | |
Pass | 0 | |
Pass | 618 | |
Pass | 0 | |
Pass | 48 | |
Pass | 2,283 | |
Pass | 0 | |
Pass | 3,523 | 2,768 |
Loans | 3,523 | 2,768 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Pass | 29,866 | |
Pass | 54,199 | |
Pass | 54,098 | |
Pass | 22,198 | |
Pass | 30,637 | |
Pass | 71,309 | |
Pass | 2,495 | |
Pass | 264,802 | 252,154 |
Current year, writen off | 0 | |
One year before gross write-offs | 0 | |
Two years before gross write-offs | 0 | |
Three years before gross write-offs | 0 | |
Four years before gross write-offs | 0 | |
Prior gross write-offs | 0 | |
Revolving gross write-offs | 0 | |
Total loans gross write-offs | 0 | 0 |
Loans | 264,802 | 252,154 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Pass | 12,702 | |
Pass | 48,077 | |
Pass | 49,377 | |
Pass | 16,593 | |
Pass | 17,806 | |
Pass | 52,848 | |
Pass | 2,375 | |
Pass | 199,778 | 196,063 |
Loans | 199,778 | 196,063 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Caution [Member] | ||
Pass | 16,951 | |
Pass | 4,880 | |
Pass | 4,212 | |
Pass | 5,197 | |
Pass | 12,831 | |
Pass | 8,468 | |
Pass | 20 | |
Pass | 52,559 | 47,821 |
Loans | 52,559 | 47,821 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Pass | 213 | |
Pass | 900 | |
Pass | 452 | |
Pass | 408 | |
Pass | 0 | |
Pass | 5,485 | |
Pass | 100 | |
Pass | 7,558 | 3,271 |
Loans | 7,558 | 3,271 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||
Pass | 0 | |
Pass | 342 | |
Pass | 57 | |
Pass | 0 | |
Pass | 0 | |
Pass | 4,508 | |
Pass | 0 | |
Pass | 4,907 | 4,999 |
Loans | 4,907 | 4,999 |
Commercial and Agricultural Loans [Member] | ||
Pass | 8,953 | |
Pass | 7,144 | |
Pass | 8,487 | |
Pass | 720 | |
Pass | 371 | |
Pass | 2,487 | |
Pass | 5,124 | |
Pass | 33,286 | 30,648 |
Current year, writen off | 0 | |
One year before gross write-offs | 0 | |
Two years before gross write-offs | 16 | |
Three years before gross write-offs | 0 | |
Four years before gross write-offs | 0 | |
Prior gross write-offs | 0 | |
Revolving gross write-offs | 0 | |
Total loans gross write-offs | 16 | 105 |
Loans | 33,286 | 30,648 |
Commercial and Agricultural Loans [Member] | Pass [Member] | ||
Pass | 4,763 | |
Pass | 5,991 | |
Pass | 6,672 | |
Pass | 643 | |
Pass | 348 | |
Pass | 2,128 | |
Pass | 4,205 | |
Pass | 24,750 | 25,384 |
Loans | 24,750 | 25,384 |
Commercial and Agricultural Loans [Member] | Caution [Member] | ||
Pass | 3,732 | |
Pass | 1,131 | |
Pass | 1,715 | |
Pass | 67 | |
Pass | 16 | |
Pass | 207 | |
Pass | 816 | |
Pass | 7,684 | 4,593 |
Loans | 7,684 | 4,593 |
Commercial and Agricultural Loans [Member] | Special Mention [Member] | ||
Pass | 458 | |
Pass | 22 | |
Pass | 100 | |
Pass | 9 | |
Pass | 7 | |
Pass | 90 | |
Pass | 0 | |
Pass | 686 | 371 |
Loans | 686 | 371 |
Commercial and Agricultural Loans [Member] | Substandard [Member] | ||
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 1 | |
Pass | 0 | |
Pass | 62 | |
Pass | 103 | |
Pass | 166 | 300 |
Loans | 166 | 300 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 34,497 | |
Pass | 34,497 | 31,737 |
Current year, writen off | 0 | |
One year before gross write-offs | 0 | |
Two years before gross write-offs | 0 | |
Three years before gross write-offs | 0 | |
Four years before gross write-offs | 0 | |
Prior gross write-offs | 0 | |
Revolving gross write-offs | 1 | |
Total loans gross write-offs | 1 | 0 |
Loans | 34,497 | 31,737 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Pass [Member] | ||
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 27,192 | |
Pass | 27,192 | 25,694 |
Loans | 27,192 | 25,694 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Caution [Member] | ||
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 6,290 | |
Pass | 6,290 | 5,018 |
Loans | 6,290 | 5,018 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Special Mention [Member] | ||
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 401 | |
Pass | 401 | 402 |
Loans | 401 | 402 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Substandard [Member] | ||
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 614 | |
Pass | 614 | 623 |
Loans | 614 | 623 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Pass | 9,003 | |
Pass | 6,008 | |
Pass | 2,564 | |
Pass | 1,256 | |
Pass | 337 | |
Pass | 120 | |
Pass | 5,232 | |
Pass | 24,520 | 23,598 |
Current year, writen off | 0 | |
One year before gross write-offs | 23 | |
Two years before gross write-offs | 17 | |
Three years before gross write-offs | 17 | |
Four years before gross write-offs | 0 | |
Prior gross write-offs | 11 | |
Revolving gross write-offs | 89 | |
Total loans gross write-offs | 157 | 162 |
Loans | 24,520 | 23,598 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Pass [Member] | ||
Pass | 6,543 | |
Pass | 3,874 | |
Pass | 1,580 | |
Pass | 740 | |
Pass | 190 | |
Pass | 63 | |
Pass | 4,922 | |
Pass | 17,912 | 16,515 |
Loans | 17,912 | 16,515 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Caution [Member] | ||
Pass | 2,316 | |
Pass | 1,975 | |
Pass | 911 | |
Pass | 468 | |
Pass | 137 | |
Pass | 51 | |
Pass | 295 | |
Pass | 6,153 | 6,725 |
Loans | 6,153 | 6,725 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Special Mention [Member] | ||
Pass | 77 | |
Pass | 123 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 0 | |
Pass | 6 | |
Pass | 206 | 179 |
Loans | 206 | 179 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Substandard [Member] | ||
Pass | 67 | |
Pass | 36 | |
Pass | 73 | |
Pass | 48 | |
Pass | 10 | |
Pass | 6 | |
Pass | 9 | |
Pass | 249 | 179 |
Loans | $ 249 | $ 179 |
Note 4 - Loans Receivable, Ne_5
Note 4 - Loans Receivable, Net - Aging of Recorded Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans | $ 634,496 | $ 560,988 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 3,275 | 4,705 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 769 | 170 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 1,288 | 1,072 |
Financial Asset, Past Due [Member] | ||
Loans | 5,332 | 5,947 |
Financial Asset, Not Past Due [Member] | ||
Loans | 629,164 | 555,041 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 104,508 | 112,794 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 971 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 643 | 100 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 1,614 | 100 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 102,894 | 112,694 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Loans | 172,883 | 110,057 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 1,103 | 1,557 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 47 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 240 | 472 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, Past Due [Member] | ||
Loans | 1,390 | 2,029 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 171,493 | 108,028 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans | 264,802 | 252,154 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 500 | 2,671 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 519 | 89 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 336 | 354 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loans | 1,355 | 3,114 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 263,447 | 249,040 |
Commercial and Agricultural Loans [Member] | ||
Loans | 33,286 | 30,648 |
Commercial and Agricultural Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 81 | 6 |
Commercial and Agricultural Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 1 | 2 |
Commercial and Agricultural Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 2 | 55 |
Commercial and Agricultural Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 84 | 63 |
Commercial and Agricultural Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 33,202 | 30,585 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Loans | 34,497 | 31,737 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 347 | 199 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 64 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 21 | 74 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member] | ||
Loans | 432 | 273 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 34,065 | 31,464 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans | 24,520 | 23,598 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 273 | 272 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 138 | 79 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 46 | 17 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 457 | 368 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 24,063 | $ 23,230 |
Note 4 - Loans Receivable, Ne_6
Note 4 - Loans Receivable, Net - Loans in Nonaccrual Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Nonaccrual with no allowance | $ 6,825 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 6,825 | $ 6,272 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Nonaccrual with no allowance | 868 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 868 | 115 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Nonaccrual with no allowance | 1,307 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 1,307 | 1,545 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Nonaccrual with no allowance | 4,125 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 4,125 | 4,282 |
Commercial and Agricultural Loans [Member] | ||
Nonaccrual with no allowance | 50 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 50 | 113 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Nonaccrual with no allowance | 413 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 413 | 188 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Nonaccrual with no allowance | 62 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | $ 62 | $ 29 |
Note 4 - Loans Receivable, Ne_7
Note 4 - Loans Receivable, Net - Accrued Interest Writeoff (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Accrued Interest, Writeoff | $ 34 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |
Accrued Interest, Writeoff | 22 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | |
Accrued Interest, Writeoff | 7 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |
Accrued Interest, Writeoff | 1 |
Commercial and Agricultural Loans [Member] | |
Accrued Interest, Writeoff | 1 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |
Accrued Interest, Writeoff | 0 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | |
Accrued Interest, Writeoff | $ 3 |
Note 4 - Loans Receivable, Ne_8
Note 4 - Loans Receivable, Net - Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 11,178 | $ 11,087 |
Provision for (Reversal of) Credit Losses | 601 | 0 |
Charge-Offs | (175) | (267) |
Recoveries | 181 | 358 |
Balance | 12,569 | 11,178 |
Individually evaluated for impairment | 0 | |
Collectively evaluated for impairment | 11,178 | |
Held for investment, allowance for credit loss | 12,569 | 11,178 |
Individually evaluated for impairment | 5,566 | |
Collectively evaluated for impairment | 555,422 | |
Loans | 634,496 | 560,988 |
Beginning Balance | 1,214 | |
Ending Balance | 161,300 | 1,214 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | 784 | |
Balance | 784 | |
Held for investment, allowance for credit loss | 784 | |
Unfunded Loan Commitment [Member] | ||
Reversal of provision for unfunded commitments | (355) | |
Ending Balance | 859 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Balance | 2,323 | 2,401 |
Provision for (Reversal of) Credit Losses | (775) | (113) |
Charge-Offs | (1) | 0 |
Recoveries | 17 | 35 |
Balance | 1,828 | 2,323 |
Individually evaluated for impairment | 0 | |
Collectively evaluated for impairment | 2,323 | |
Held for investment, allowance for credit loss | 1,828 | 2,323 |
Individually evaluated for impairment | 115 | |
Collectively evaluated for impairment | 112,679 | |
Loans | 104,508 | 112,794 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | 264 | |
Balance | 264 | |
Held for investment, allowance for credit loss | 264 | |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Balance | 2,124 | 1,663 |
Provision for (Reversal of) Credit Losses | 911 | 415 |
Charge-Offs | 0 | 0 |
Recoveries | 54 | 46 |
Balance | 3,551 | 2,124 |
Individually evaluated for impairment | 0 | |
Collectively evaluated for impairment | 2,124 | |
Held for investment, allowance for credit loss | 3,551 | 2,124 |
Individually evaluated for impairment | 1,089 | |
Collectively evaluated for impairment | 108,968 | |
Loans | 172,883 | 110,057 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | 462 | |
Balance | 462 | |
Held for investment, allowance for credit loss | 462 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Balance | 4,805 | 4,832 |
Provision for (Reversal of) Credit Losses | 569 | (160) |
Charge-Offs | 0 | 0 |
Recoveries | 19 | 133 |
Balance | 5,052 | 4,805 |
Individually evaluated for impairment | 0 | |
Collectively evaluated for impairment | 4,805 | |
Held for investment, allowance for credit loss | 5,052 | 4,805 |
Individually evaluated for impairment | 4,282 | |
Collectively evaluated for impairment | 247,872 | |
Loans | 264,802 | 252,154 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | (341) | |
Balance | (341) | |
Held for investment, allowance for credit loss | (341) | |
Commercial and Agricultural Loans [Member] | ||
Balance | 875 | 1,242 |
Provision for (Reversal of) Credit Losses | (189) | (305) |
Charge-Offs | (16) | (105) |
Recoveries | 26 | 43 |
Balance | 808 | 875 |
Individually evaluated for impairment | 0 | |
Collectively evaluated for impairment | 875 | |
Held for investment, allowance for credit loss | 808 | 875 |
Individually evaluated for impairment | 31 | |
Collectively evaluated for impairment | 30,617 | |
Loans | 33,286 | 30,648 |
Commercial and Agricultural Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | 112 | |
Balance | 112 | |
Held for investment, allowance for credit loss | 112 | |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Balance | 599 | 518 |
Provision for (Reversal of) Credit Losses | (13) | 30 |
Charge-Offs | (1) | 0 |
Recoveries | 38 | 51 |
Balance | 731 | 599 |
Individually evaluated for impairment | 0 | |
Collectively evaluated for impairment | 599 | |
Held for investment, allowance for credit loss | 731 | 599 |
Individually evaluated for impairment | 49 | |
Collectively evaluated for impairment | 31,688 | |
Loans | 34,497 | 31,737 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | 108 | |
Balance | 108 | |
Held for investment, allowance for credit loss | 108 | |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Balance | 452 | 431 |
Provision for (Reversal of) Credit Losses | 98 | 133 |
Charge-Offs | (157) | (162) |
Recoveries | 27 | 50 |
Balance | 599 | 452 |
Individually evaluated for impairment | 0 | |
Collectively evaluated for impairment | 452 | |
Held for investment, allowance for credit loss | 599 | 452 |
Individually evaluated for impairment | 0 | |
Collectively evaluated for impairment | 23,598 | |
Loans | 24,520 | 23,598 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance | $ 179 | |
Balance | 179 | |
Held for investment, allowance for credit loss | $ 179 |
Note 4 - Loans Receivable, Ne_9
Note 4 - Loans Receivable, Net - Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans | $ 634,496 | $ 560,988 |
Collateral Pledged [Member] | ||
Loans | 5,210 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 104,508 | 112,794 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Collateral Pledged [Member] | ||
Loans | 643 | |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Loans | 172,883 | 110,057 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Collateral Pledged [Member] | ||
Loans | 668 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans | 264,802 | 252,154 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Collateral Pledged [Member] | ||
Loans | 3,567 | |
Commercial and Agricultural Loans [Member] | ||
Loans | 33,286 | 30,648 |
Commercial and Agricultural Loans [Member] | Collateral Pledged [Member] | ||
Loans | 0 | |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Loans | 34,497 | 31,737 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Collateral Pledged [Member] | ||
Loans | 332 | |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans | 24,520 | $ 23,598 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Collateral Pledged [Member] | ||
Loans | $ 0 |
Note 4 - Loans Receivable, N_10
Note 4 - Loans Receivable, Net - Impaired Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Recorded Investment | $ 5,566 |
Unpaid Principal Balance | 6,998 |
Related Allowance | 0 |
Average Recorded Investment | 5,715 |
Interest Income Recognized | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |
Recorded Investment | 115 |
Unpaid Principal Balance | 115 |
Related Allowance | 0 |
Average Recorded Investment | 117 |
Interest Income Recognized | 0 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | |
Recorded Investment | 1,089 |
Unpaid Principal Balance | 1,626 |
Related Allowance | 0 |
Average Recorded Investment | 1,133 |
Interest Income Recognized | 0 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |
Recorded Investment | 4,282 |
Unpaid Principal Balance | 4,282 |
Related Allowance | 0 |
Average Recorded Investment | 4,382 |
Interest Income Recognized | 0 |
Commercial and Agricultural Loans [Member] | |
Recorded Investment | 31 |
Unpaid Principal Balance | 926 |
Related Allowance | 0 |
Average Recorded Investment | 31 |
Interest Income Recognized | 0 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |
Recorded Investment | 49 |
Unpaid Principal Balance | 49 |
Related Allowance | 0 |
Average Recorded Investment | 52 |
Interest Income Recognized | 0 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | |
Recorded Investment | 0 |
Unpaid Principal Balance | 0 |
Related Allowance | 0 |
Average Recorded Investment | 0 |
Interest Income Recognized | $ 0 |
Note 5 - Premises and Equipme_3
Note 5 - Premises and Equipment, Net and Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Construction in Progress, Gross | $ 413,000 | |
Depreciation | 2,145,000 | $ 1,966,000 |
Gain (Loss) on Disposition of Assets | (29,000) | |
Operating Lease, Payments | 524,000 | |
Lease, Cost | 523,000 | |
Increase (Decrease) in Operating Lease Liability | 462,000 | |
Operating Lease, Right-of-Use Asset | 1,402,000 | 1,861,000 |
Operating Lease, Liability | $ 1,442,000 | $ 1,904,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 1 month 28 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.20% |
Note 5 - Premises and Equipme_4
Note 5 - Premises and Equipment, Net and Leases - Schedule of Premises and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total Premises and Equipment | $ 50,805 | $ 51,664 |
Less: Accumulated Depreciation | (22,168) | (23,704) |
Total Premises and Equipment, Net | 28,637 | 27,960 |
Land [Member] | ||
Total Premises and Equipment | 6,179 | 6,179 |
Building and Building Improvements [Member] | ||
Total Premises and Equipment | 32,416 | 28,592 |
Furniture and Fixtures [Member] | ||
Total Premises and Equipment | 11,797 | 13,848 |
Construction in Progress [Member] | ||
Total Premises and Equipment | $ 413 | $ 3,045 |
Note 5 - Premises and Equipme_5
Note 5 - Premises and Equipment, Net and Leases - Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 522 | |
2025 | 475 | |
2026 | 364 | |
2027 | 148 | |
2028 | 10 | |
Thereafter | 0 | |
Total undiscounted lease payments | 1,519 | |
Less: effect of discounting | 77 | |
Present value of estimated lease payments (lease liability) | $ 1,442 | $ 1,904 |
Note 6 - Goodwill (Details Text
Note 6 - Goodwill (Details Textual) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill | $ 1.2 | $ 1.2 |
Note 7 - FHLB Stock (Details Te
Note 7 - FHLB Stock (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank Stock | $ 922,000 | $ 651,000 |
Federal Home Loan Bank of Atlanta [Member] | ||
Federal Home Loan Bank Stock, Membership Component, Percent of Total Assets | 0.07% | 0.05% |
Federal Home Loan Bank Stock, Transaction Component, Percentage of Outstanding Advances | 4.75% | 4.25% |
Federal Home Loan Bank Stock | $ 922,000 | $ 651,000 |
Note 8 - Other Real Estate Ow_3
Note 8 - Other Real Estate Owned (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Real Estate | $ 0 | $ 120,000 | $ 130,000 |
Proceeds from Sale of Other Real Estate | 107,000 | 0 | |
Gains (Losses) on Sales of Other Real Estate | $ 2,000 | $ 0 |
Note 8 - Other Real Estate Ow_4
Note 8 - Other Real Estate Owned - Schedule of Other Real Estate (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 120,000 | $ 130,000 |
Additions | 0 | 0 |
Sales | (105,000) | 0 |
Write-downs | (15,000) | (10,000) |
Balance | $ 0 | $ 120,000 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Noninterest-Bearing Domestic Deposit, Brokered | $ 5,000,000 | $ 5,000,000 |
Interest-Bearing Domestic Deposit, Brokered | $ 6,500,000 | $ 6,000,000 |
Weighted Average Rate, Interest-Bearing Domestic Deposits, Point in Time | 4.54% | 0.30% |
Deposit Liabilities Reclassified as Loans Receivable | $ 57,000 | $ 98,000 |
Cash, FDIC Insured Amount | 327,700,000 | 350,100,000 |
Time Deposits, at or Above FDIC Insurance Limit | $ 50,200,000 | $ 30,300,000 |
Note 9 - Deposits - Deposits Ou
Note 9 - Deposits - Deposits Outstanding (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Checking | $ 473,936 | $ 510,984 |
Money Market | 401,992 | 348,833 |
Savings | 88,319 | 108,237 |
Certificates of Deposit | 230,750 | 142,031 |
Total Deposits | $ 1,194,997 | $ 1,110,085 |
Note 9 - Deposits - Scheduled M
Note 9 - Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Within 1 Year | $ 198,325 | $ 97,163 |
After 1 Year, Within 2 Years | 16,568 | 31,551 |
After 2 Years, Within 3 Years | 9,487 | 6,465 |
After 3 Years, Within 4 Years | 2,636 | 3,178 |
After 4 Years, Within 5 Years | 3,734 | 3,674 |
Total Certificates of Deposits | $ 230,750 | $ 142,031 |
Note 10 - FHLB Advances and F_2
Note 10 - FHLB Advances and FRB Borrowings (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 424.4 | $ 388.3 |
Discount Window Borrowing [Member] | Federal Home Loan Bank of Atlanta [Member] | ||
Debt Instrument, Collateral Amount | 381 | 72.6 |
Derivative Liability, Fair Value of Collateral | 350.6 | 69.2 |
Debt Instrument, Face Amount | $ 119.2 | $ 44.1 |
Long-Term Debt, Weighted Average Interest Rate, over Time | 4.60% | 4.50% |
Federal Reserve Bank Term Funding Program [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |
Borrower-In-Custody Program [Member] | Federal Home Loan Bank of Atlanta [Member] | ||
Debt Instrument, Collateral Amount | $ 93.5 | |
Derivative Liability, Fair Value of Collateral | 65.5 | |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument, Collateral Amount | 53.6 | $ 70.1 |
Derivative Liability, Fair Value of Collateral | $ 44.1 | $ 61.1 |
Note 11 - Other Borrowings (Det
Note 11 - Other Borrowings (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Borrowings | $ 19,180 | $ 27,588 |
Short Term Repurchase Agreements [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.49% | 0.75% |
Debt Instrument, Face Amount | $ 29,500 | $ 42,400 |
Debt Instrument, Collateral Amount | 44,700 | 52,300 |
Derivative Liability, Fair Value of Collateral | $ 42,000 | $ 49,800 |
Note 12 - Junior Subordinated_2
Note 12 - Junior Subordinated Debentures (Details Textual) - Junior Subordinated Debentures [Member] $ in Millions | 12 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 21, 2006 USD ($) | |
Debt Instrument, Face Amount | $ 5.2 | |||
Debt Instrument, Basis Spread Adjustment | 0.26161 | |||
Debt Instrument, Interest Rate, Effective Percentage | 7.35% | 6.47% | ||
Three Month London Interbank Offered Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | 1.70% | 1.70% |
Note 13 - Subordinated Debent_2
Note 13 - Subordinated Debentures (Details Textual) - Subordinated Debt [Member] - USD ($) $ in Millions | 1 Months Ended | |
Nov. 30, 2019 | Dec. 31, 2022 | |
Ten Year Notes Due 2029 [Member] | ||
Debt Instrument, Face Amount | $ 17.5 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
Debt Instrument, Repurchase Amount | $ 1 | |
Long-Term Debt, Gross | 16.5 | |
Ten Year Notes Due 2029 [Member] | Three Month London Interbank Offered Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.69% | |
Fifteen Year Notes Due 2034 [Member] | ||
Debt Instrument, Face Amount | $ 12.5 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |
Debt Instrument, Repurchase Amount | 2.5 | |
Long-Term Debt, Gross | $ 10 | |
Fifteen Year Notes Due 2034 [Member] | Three Month London Interbank Offered Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.57% |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (63,000) | $ (4,000) |
Operating Loss Carryforwards | 10,200,000 | $ 11,700,000 |
Bad Debt Reserve, Tax Purpose of Qualified Lender | $ 2,100,000 |
Note 14 - Income Taxes - Schedu
Note 14 - Income Taxes - Schedule of Components Of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal Current Tax Expense | $ 2,510 | $ 2,321 |
State Current Tax Expense | 79 | 444 |
Total Current Tax Expense | 2,589 | 2,765 |
Federal Deferred Tax Expense | (287) | (59) |
State Deferred Tax Expense | (14) | 3 |
Total Deferred Tax Benefit | (301) | (56) |
Total Income Tax Expense | $ 2,288 | $ 2,709 |
Note 14 - Income Taxes - Income
Note 14 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Tax at Statutory Income Tax Rate | $ 2,620,000 | $ 2,717,000 |
State Tax | 51,000 | 353,000 |
Tax Exempt Interest | (126,000) | (253,000) |
Tax Credits | (75,000) | 0 |
Life Insurance | (133,000) | (128,000) |
Valuation Allowance | (63,000) | (4,000) |
Other | 14,000 | 24,000 |
Total Income Tax Expense | $ 2,288,000 | $ 2,709,000 |
Note 14 - Income Taxes - Sche_2
Note 14 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Compensation | $ 897 | $ 838 |
Provision for Credit Losses | 2,722 | 2,420 |
Reserve for Unfunded Commitments | 186 | 0 |
Other Real Estate Owned | 96 | 10 |
Net Fees Deferred for Financial Reporting | 58 | 66 |
Net Operating Losses | 401 | 464 |
Unrealized Loss on AFS Securities | 11,615 | 13,230 |
Tax Credits | 268 | 0 |
Other | 34 | 41 |
Total Gross Deferred Tax Assets | 16,277 | 17,069 |
Less: Valuation Allowance | (401) | (464) |
Total Deferred Tax Assets | 15,876 | 16,605 |
FHLB Stock Basis Over Tax Basis | 72 | 72 |
Depreciation | 946 | 812 |
Prepaid Expenses | 202 | 169 |
Total Deferred Tax Liability | 1,220 | 1,053 |
Net Deferred Tax Asset | $ 14,656 | $ 15,552 |
Note 15 - Regulatory Matters (D
Note 15 - Regulatory Matters (Details Textual) | Dec. 31, 2023 |
Banking Regulation, Capital Conservation Buffer, Common Equity Tier 1 Risk-Based Capital, Actual | 0.115 |
Note 15 - Regulatory Matters -
Note 15 - Regulatory Matters - Schedule of Regulatory Capital Requirements (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) | $ 150,129 | $ 141,452 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets), Actual Ratio | 0.182 | 0.178 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets), Capital Adequacy | $ 49,391 | $ 47,714 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) Capital Adequacy Ratio | 0.06 | 0.06 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets), Well Capitalized | $ 65,854 | $ 63,619 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) Well Capitalized Ratio | 0.08 | 0.08 |
Total Risk-Based Capital (To Risk Weighted Assets) | $ 160,457 | $ 151,408 |
Total Risk-Based Capital (To Risk Weighted Assets) Actual Ratio | 0.195 | 0.19 |
Total Risk-Based Capital (To Risk Weighted Assets), Capital Adequacy | $ 65,854 | $ 63,619 |
Total Risk-Based Capital (To Risk Weighted Assets) Capital Adequacy Ratio | 0.08 | 0.08 |
Total Risk-Based Capital (To Risk Weighted Assets), Well Capitalized | $ 82,318 | $ 79,523 |
Total Risk-Based Capital (To Risk Weighted Assets) Well Capitalized Ratio | 0.10 | 0.10 |
Common Equity Tier 1 Capital (To Risk Weighted Assets) | $ 150,129 | $ 141,452 |
Common Equity Tier 1 Capital (To Risk Weighted Assets) Actual Ratio | 0.182 | 0.178 |
Common Equity Tier 1 Capital (To Risk Weighted Assets), Capital Adequacy | $ 37,043 | $ 35,785 |
Common Equity Tier 1 Capital (To Risk Weighted Assets) Capital Adequacy Ratio | 0.045 | 0.045 |
Common Equity Tier 1 Capital (To Risk Weighted Assets), Well Capitalized | $ 53,506 | $ 51,690 |
Common Equity Tier 1 Capital (To Risk Weighted Assets) Well Capitalized Ratio | 0.065 | 0.065 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) | $ 150,129 | $ 141,452 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) Actual Ratio | 0.098 | 0.104 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets), Capital Adequacy | $ 61,076 | $ 54,372 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) Capital Adequacy Ratio | 0.04 | 0.04 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets), Well Capitalized | $ 76,345 | $ 67,965 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) Well Capitalized Ratio | 0.05 | 0.05 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 368,000 | $ 357,000 |
Accrued Bonuses | 238,000 | 501,000 |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 411,000 | $ 490,000 |
Employee Stock Purchase Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Discount from Market Price, Purchase Date | 15% | |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription | $ 25,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Employee Subscription Rate | 5% | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 2,319 | 0 |
Note 17 - Bank Owned Life Ins_2
Note 17 - Bank Owned Life Insurance (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Life Insurance, Corporate or Bank Owned, Amount | $ 28,000,000 | $ 27,300,000 |
Life Insurance, Corporate or Bank Owned, Change in Value | $ 636,000 | $ 608,000 |
Note 18 - Commitments and Con_2
Note 18 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans and Leases Receivable, Commitments to Purchase or Sell | $ 967,000 | $ 913,000 |
Unused lines of Credit [Member] | ||
Unused Commitments to Extend Credit | 157,900,000 | 173,300,000 |
Commitments for Letters of Credit [Member] | ||
Unused Commitments to Extend Credit | 3,400,000 | 4,500,000 |
Unused Credit Card Loan Commitments [Member] | ||
Unused Commitments to Extend Credit | 11,300,000 | 10,700,000 |
Commitments to Extend Credit [Member] | ||
Unused Commitments to Extend Credit | 13,300,000 | 22,700,000 |
Commitments on Mortgage Loans [Member] | ||
Unused Commitments to Extend Credit | $ 2,200,000 | $ 970,000 |
Note 19 - Related Party Trans_3
Note 19 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Rent Expense From Leased Office Space [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 110,000 | $ 96,500 |
Employees, Officers, and Directors [Member] | Equity Ownership From Loans [Member] | ||
Percentage of Equity Represented by Related Party | 3.44% | 2.10% |
Executive Officers and Directors [Member] | ||
Related Party Deposit Liabilities | $ 21,000,000 | $ 19,600,000 |
Note 19 - Related Party Trans_4
Note 19 - Related Party Transactions - Schedule of Loan Transactions With Related Parties (Details) - Employees, Officers, and Directors [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, Beginning of Period | $ 683 | $ 466 |
New Loans | 370 | 252 |
Less Loan Payments | (51) | (35) |
Balance, End of Period | $ 1,002 | $ 683 |
Note 20 - Parent Company Only_3
Note 20 - Parent Company Only Condensed Financial Statements - Consolidated Balance Sheet Data (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 163,072 | $ 167,438 | |
Accrued Interest Receivable | 5,512 | 4,811 | |
Total Assets | 1,549,671 | 1,381,366 | |
Shareholders’ Equity | 172,362 | 160,233 | $ 115,523 |
Total Liabilities and Shareholders' Equity | 1,549,671 | 1,381,366 | |
Parent Company [Member] | |||
Cash | 26,842 | 28,813 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 50,211 | 60,819 | |
Accrued Interest Receivable | 200 | 190 | |
Accounts Receivable and Other Assets | 11,163 | 194 | |
Total Assets | 204,850 | 192,042 | |
Accounts Payable and Other Liabilities | 833 | 153 | |
Long-term Debt | 31,655 | 31,655 | |
Shareholders’ Equity | 172,362 | 160,234 | |
Total Liabilities and Shareholders' Equity | 204,850 | 192,042 | |
Parent Company [Member] | Security Federal Statutory Trust [Member] | |||
Consolidated investment | 155 | 155 | |
Parent Company [Member] | Security Federal Bank [Member] | |||
Consolidated investment | $ 116,279 | $ 101,871 |
Note 20 - Parent Company Only_4
Note 20 - Parent Company Only Condensed Financial Statements - Condensed Statements of Income Data (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investment Securities Interest Income | $ 64,977 | $ 42,578 |
Miscellaneous Income | 9,390 | 9,612 |
Interest Expense | 25,729 | 5,028 |
Provision For Income Taxes | 2,288 | 2,709 |
Net Income | 10,190 | 10,228 |
Parent Company [Member] | ||
Equity in Earnings of Security Federal Bank | 9,595 | 10,668 |
Investment Securities Interest Income | 2,574 | 1,226 |
Miscellaneous Income | 0 | 16 |
Total Income | 12,169 | 11,910 |
Interest Expense | 1,755 | 1,732 |
Other Expenses | 65 | 65 |
Total Expenses | 1,820 | 1,797 |
Income Before Income Taxes | 10,349 | 10,113 |
Provision For Income Taxes | 159 | (115) |
Net Income | $ 10,190 | $ 10,228 |
Note 20 - Parent Company Only_5
Note 20 - Parent Company Only Condensed Financial Statements - Condensed Statements of Cash Flow Data (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Income | $ 10,190 | $ 10,228 |
Discount Accretion and Premium Amortization, Net | 3,919 | 6,498 |
Increase in Accrued Interest Receivable | (701) | (1,059) |
Net Cash Provided By Operating Activities | 8,855 | 21,872 |
Purchase of HTM Securities | (20,253) | (150,633) |
Proceeds from Payments and Maturities of HTM Securities | 24,762 | 6,794 |
Net Cash Used By Investing Activities | (58,485) | (136,975) |
Proceeds from Issuance of Preferred Stock | 0 | 82,949 |
Proceeds from Employee Stock Purchase Plan | 57 | 0 |
Purchases of Treasury Stock | (582) | 0 |
Dividends to Common Stock Shareholders | (1,687) | (2,472) |
Net Cash Provided By Financing Activities | 149,412 | 115,982 |
Net Increase in Cash and Cash Equivalents | 99,782 | 879 |
Cash and Cash Equivalents at Beginning of Year | 28,502 | 27,623 |
Cash and Cash Equivalents at End of Year | 128,284 | 28,502 |
Parent Company [Member] | ||
Net Income | 10,190 | 10,228 |
Equity in Earnings of Security Federal Bank | (9,595) | (10,668) |
Discount Accretion and Premium Amortization, Net | (235) | (125) |
Increase in Accrued Interest Receivable | (10) | (190) |
(Increase) Decrease in Accounts Receivable and Other Assets | (10,970) | 89 |
Increase in Accounts Payable and Other Liabilities | 678 | 19 |
Net Cash Provided By Operating Activities | (9,942) | (647) |
Purchase of HTM Securities | (2,934) | (62,512) |
Proceeds from Payments and Maturities of HTM Securities | 13,777 | 1,818 |
Investment in Subsidiary | (660) | (7,000) |
Net Cash Used By Investing Activities | 10,183 | (67,694) |
Repurchase of Subordinated Debentures | 0 | (3,500) |
Proceeds from Issuance of Preferred Stock | 0 | 82,949 |
Proceeds from Employee Stock Purchase Plan | 57 | 0 |
Purchases of Treasury Stock | (582) | 0 |
Dividends to Common Stock Shareholders | (1,687) | (2,472) |
Net Cash Provided By Financing Activities | (2,212) | 76,977 |
Net Increase in Cash and Cash Equivalents | (1,971) | 8,636 |
Cash and Cash Equivalents at Beginning of Year | 28,813 | 20,177 |
Cash and Cash Equivalents at End of Year | $ 26,842 | $ 28,813 |
Note 21 - Carrying Amounts an_3
Note 21 - Carrying Amounts and Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Off-Balance-Sheet, Credit Loss, Liability | $ 161,300 | $ 1,214 |
Note 21 - Carrying Amounts an_4
Note 21 - Carrying Amounts and Fair Value of Financial Instruments - Fair Value Measurements, Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available For Sale ("AFS") | $ 537,640 | $ 550,148 |
Taxable Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 53,115 | 50,770 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available For Sale ("AFS") | 336,170 | 319,280 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Student Loan Pools [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | SBA Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Tax Exempt Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Taxable Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available For Sale ("AFS") | 537,640 | 550,148 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Student Loan Pools [Member] | ||
Available For Sale ("AFS") | 50,366 | 59,158 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA Bonds [Member] | ||
Available For Sale ("AFS") | 76,753 | 99,630 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Tax Exempt Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 21,236 | 21,310 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Taxable Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 53,115 | 50,770 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Available For Sale ("AFS") | 336,170 | 319,280 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Student Loan Pools [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | SBA Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Tax Exempt Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Taxable Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Available For Sale ("AFS") | $ 0 | $ 0 |
Note 21 - Carrying Amounts an_5
Note 21 - Carrying Amounts and Fair Value of Financial Instruments - Fair Value Measurements Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 7,115 | $ 7,696 |
Mortgage Loans Held For Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 967 | 913 |
Land Held for Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 938 | 1,097 |
Collateral Dependent Loans [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,210 | 5,566 |
Other Real Estate Owned [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 120 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage Loans Held For Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Land Held for Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateral Dependent Loans [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 967 | 913 |
Fair Value, Inputs, Level 2 [Member] | Mortgage Loans Held For Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 967 | 913 |
Fair Value, Inputs, Level 2 [Member] | Land Held for Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Collateral Dependent Loans [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6,148 | 6,783 |
Fair Value, Inputs, Level 3 [Member] | Mortgage Loans Held For Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Land Held for Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 938 | 1,097 |
Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 5,210 | 5,566 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 120 |
Note 21 - Fair Value of Financi
Note 21 - Fair Value of Financial Instruments - Level 3 Assets Measured at Fair Value (Details) - Measurement Input, Appraised Value [Member] | Dec. 31, 2023 | Dec. 31, 2022 |
OREO | 0.30 | |
Minimum [Member] | ||
Loans Held for Sale | 0.08 | |
Maximum [Member] | ||
Loans Held for Sale | 0.13 | |
Land Held for Sale [Member] | ||
Loans Held for Sale | 0.10 | |
Collateral Dependent Loans [Member] | Minimum [Member] | ||
Loans Held for Sale | 0.10 | |
Collateral Dependent Loans [Member] | Maximum [Member] | ||
Loans Held for Sale | 0.12 |
Note 21 - Carrying Amounts an_6
Note 21 - Carrying Amounts and Fair Value of Financial Instruments - Schedule of Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available For Sale ("AFS") | $ 537,640 | $ 550,148 |
Reported Value Measurement [Member] | ||
Cash and Cash Equivalents | 128,284 | 28,502 |
Certificates of Deposits with Other Banks | 2,350 | 1,100 |
Available For Sale ("AFS") | 700,712 | 717,586 |
Loans Receivable, Net | 621,562 | 549,004 |
FHLB Stock | 922 | 651 |
Checking, Savings and Money Market Accounts | 964,247 | 968,054 |
Certificate Accounts | 230,750 | 142,031 |
Borrowings from FRB | 119,200 | 44,080 |
Other Borrowed Money | 19,180 | 27,588 |
Subordinated Debentures | 26,500 | 26,500 |
Junior Subordinated Debentures | 5,155 | 5,155 |
Estimate of Fair Value Measurement [Member] | ||
Cash and Cash Equivalents | 128,284 | 28,502 |
Certificates of Deposits with Other Banks | 2,350 | 1,100 |
Available For Sale ("AFS") | 696,180 | 711,612 |
Loans Receivable, Net | 610,410 | 528,174 |
FHLB Stock | 922 | 651 |
Checking, Savings and Money Market Accounts | 964,247 | 968,054 |
Certificate Accounts | 229,278 | 138,382 |
Borrowings from FRB | 118,926 | 44,071 |
Other Borrowed Money | 19,180 | 27,588 |
Subordinated Debentures | 23,036 | 24,435 |
Junior Subordinated Debentures | 5,155 | 5,155 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents | 128,284 | 28,502 |
Certificates of Deposits with Other Banks | 0 | 0 |
Available For Sale ("AFS") | 0 | 0 |
Loans Receivable, Net | 0 | 0 |
FHLB Stock | 922 | 651 |
Checking, Savings and Money Market Accounts | 964,247 | 968,054 |
Certificate Accounts | 0 | 0 |
Borrowings from FRB | 118,926 | 44,071 |
Other Borrowed Money | 19,180 | 27,588 |
Subordinated Debentures | 0 | 0 |
Junior Subordinated Debentures | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposits with Other Banks | 2,350 | 1,100 |
Available For Sale ("AFS") | 696,180 | 711,612 |
Loans Receivable, Net | 0 | 0 |
FHLB Stock | 0 | 0 |
Checking, Savings and Money Market Accounts | 0 | |
Certificate Accounts | 229,278 | 138,382 |
Borrowings from FRB | 0 | 0 |
Other Borrowed Money | 0 | 0 |
Subordinated Debentures | 23,036 | 24,435 |
Junior Subordinated Debentures | 5,155 | 5,155 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposits with Other Banks | 0 | 0 |
Available For Sale ("AFS") | 0 | 0 |
Loans Receivable, Net | 610,410 | 528,174 |
FHLB Stock | 0 | 0 |
Checking, Savings and Money Market Accounts | 0 | |
Certificate Accounts | 0 | 0 |
Borrowings from FRB | 0 | 0 |
Other Borrowed Money | 0 | 0 |
Subordinated Debentures | 0 | 0 |
Junior Subordinated Debentures | $ 0 | $ 0 |
Note 22 - Non-interest Income -
Note 22 - Non-interest Income - Non-interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Loss on Sales of Investment Securities, Net | [1] | $ 0 | $ (2) |
Gain on Sale of Loans | [1] | 626 | 1,705 |
Commissions From Insurance Agency | [1] | 784 | 784 |
Trust Income | 1,860 | 1,548 | |
BOLI Income | [1] | 636 | 608 |
Grant Income | 437 | 171 | |
Other (1) | [1] | 809 | 911 |
Total Non-Interest Income | 9,390 | 9,612 | |
Deposit Account [Member] | |||
Fees income | 1,220 | 1,071 | |
ATM and Credit Card [Member] | |||
Fees income | $ 3,018 | $ 2,816 | |
[1]Not within the scope of ASC 606 |
Note 23 - Preferred Stock (Deta
Note 23 - Preferred Stock (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
May 24, 2022 | Dec. 31, 2022 | |
Stock Issued During Period, Value, New Issues | $ 82,949 | |
Dividends, Preferred Stock, Cash | $ 0 | |
Preferred Stock [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | 82,949 | 83,000 |
Stock Issued During Period, Value, New Issues | $ 82,900 | $ 82,949 |