Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 10, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(g) Security | Common Stock, par value $0.01 per share | |
Entity Common Stock, Shares Outstanding | 3,225,443 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS: | ||
Cash and Cash Equivalents | $ 92,775 | $ 128,284 |
Certificates of Deposit with Other Banks | 2,350 | 2,350 |
Investments: | ||
Available For Sale ("AFS") | 532,469 | 537,640 |
Held To Maturity ("HTM") Net of Allowance for Credit Losses of $0 (Fair Value of $154,938 and $158,540 at March 31, 2024 and December 31, 2023, Respectively) | 159,085 | 163,072 |
Total Investments | 691,554 | 700,712 |
Loans Receivable, Net: | ||
Held For Sale | 104 | 967 |
Held For Investment (Net of Allowance for Credit Losses of $12,842 and $12,569 at March 31, 2024 and December 31, 2023, Respectively) | 645,903 | 621,562 |
Total Loans Receivable, Net | 646,007 | 622,529 |
Accrued Interest Receivable | 6,028 | 5,512 |
Operating Lease Right-of-Use ("ROU") Assets | 1,285 | 1,402 |
Land Held for Sale | 938 | 938 |
Premises and Equipment, Net | 29,713 | 28,637 |
Federal Home Loan Bank ("FHLB") Stock, at Cost | 1,041 | 922 |
Bank Owned Life Insurance ("BOLI") | 28,126 | 27,954 |
Goodwill | 1,200 | 1,200 |
Other Assets | 17,197 | 29,231 |
Total Assets | 1,518,214 | 1,549,671 |
LIABILITIES: | ||
Deposit Accounts | 1,205,879 | 1,194,997 |
Borrowings from Federal Reserve Bank ("FRB") | 74,200 | 119,200 |
Other Borrowings | 19,528 | 19,180 |
Junior Subordinated Debentures | 5,155 | 5,155 |
Subordinated Debentures | 26,500 | 26,500 |
Operating Lease Liabilities | 1,323 | 1,442 |
Other Liabilities | 11,060 | 10,835 |
Total Liabilities | 1,343,645 | 1,377,309 |
SHAREHOLDERS’ EQUITY: | ||
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, $1,000 Par Value; 82,949 Shares Authorized, Issued and Outstanding at March 31, 2024 and December 31, 2023 | 82,949 | 82,949 |
Common Stock, $0.01 Par Value; 5,000,000 Shares Authorized; 3,456,714 Shares Issued and 3,225,125 Shares Outstanding at March 31, 2024 and 3,456,136 Shares Issued and 3,228,777 Shares Outstanding at December 31, 2023, Respectively | 35 | 35 |
Additional Paid-In Capital ("APIC") | 18,301 | 18,287 |
Treasury Stock, at Cost; 231,589 and 227,359 Shares Outstanding at March 31, 2024 and December 31, 2023, Respectively | (5,012) | (4,913) |
Accumulated Other Comprehensive Loss ("AOCL") | (34,059) | (35,050) |
Retained Earnings | 112,355 | 111,054 |
Total Shareholders' Equity | 174,569 | 172,362 |
Total Liabilities and Shareholders' Equity | $ 1,518,214 | $ 1,549,671 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
HTM, allowance for credit losses | $ 0 | $ 0 |
HTM, fair value | 154,938 | 158,540 |
Held for investment, allowance for credit loss | $ 12,842 | $ 12,569 |
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) | 3,456,714 | 3,456,136 |
Common Stock, Shares, outstanding (in shares) | 3,225,125 | 3,228,777 |
Treasury stock, shares (in shares) | 231,589 | 227,359 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Interest Income: | |||
Loans | $ 9,560 | $ 7,410 | |
Taxable Investment Securities | 7,500 | 6,610 | |
Tax-exempt Investment Securities | 149 | 164 | |
Other | 1,510 | 34 | |
Total Interest Income | 18,719 | 14,218 | |
Interest Expense: | |||
Deposits | 6,884 | 2,915 | |
FHLB Advances and Other Borrowed Money | 1,410 | 628 | |
Subordinated Debentures | 348 | 348 | |
Junior Subordinated Debentures | 95 | 84 | |
Total Interest Expense | 8,737 | 3,975 | |
Net Interest Income | 9,982 | 10,243 | |
Provision for Credit Losses | 335 | 0 | |
Net Interest Income After Provision for Credit Losses | 9,647 | 10,243 | |
Non-Interest Income: | |||
Gain on Sale of Loans | [1] | 131 | 194 |
Commissions From Insurance Agency | [1] | 183 | 163 |
Trust Income | 522 | 382 | |
BOLI Income | [1] | 173 | 150 |
Other | 171 | 240 | |
Total Non-Interest Income | 2,321 | 2,201 | |
Non-Interest Expense: | |||
Compensation and Employee Benefits | 5,542 | 5,241 | |
Occupancy | 813 | 807 | |
Advertising | 275 | 245 | |
Depreciation and Maintenance of Equipment | 475 | 598 | |
FDIC Insurance Premiums | 163 | 90 | |
Consulting | 172 | 213 | |
Debit Card Expenses | 339 | 337 | |
Data Processing | 339 | 316 | |
Other | 1,517 | 1,184 | |
Total Non-Interest Expense | 9,635 | 9,031 | |
Income Before Income Taxes | 2,333 | 3,413 | |
Provision for Income Taxes | 580 | 739 | |
Net Income | $ 1,753 | $ 2,674 | |
Net Income Per Common Share (Basic) (in dollars per share) | $ 0.54 | $ 0.82 | |
Cash Dividend Per Share on Common Stock (in dollars per share) | $ 0.14 | $ 0.13 | |
Weighted Average Shares Outstanding (Basic) (in shares) | 3,228,666 | 3,253,112 | |
Deposit Account [Member] | |||
Non-Interest Income: | |||
Fees income | $ 319 | $ 270 | |
ATM and Credit Card [Member] | |||
Non-Interest Income: | |||
Fees income | $ 822 | $ 802 | |
[1]Not within the scope of ASC 606 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Income | $ 1,753 | $ 2,674 |
Other Comprehensive Income: | ||
Unrealized Holding Gains on AFS Investments, Net of Tax Expense of $335 thousand and $1.8 million at March 31, 2024 and 2023, Respectively | 990 | 5,575 |
Amortization of Unrealized Gains on AFS Investments Transferred to HTM, Net of Tax Expense of $505 and $882 during the quarters ended March 31, 2024 and 2023, Respectively | 1 | 3 |
Other Comprehensive Income, Net of Tax | 991 | 5,578 |
Comprehensive Income | $ 2,744 | $ 8,252 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Unrealized Holding Gains (Losses) on Securities AFS, Tax | $ 335 | $ 1,800 |
Amortization of Unrealized Losses (Gains) on AFS Securities Transferred to HTM, Tax | $ 505 | $ 882 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ 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, 2022 | 82,949 | 3,453,817 | 200,933 | |||||||||||
Balance at December 31, 2022 (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,578) | $ (1,578) | |||||||
Balance at December 31, 2022 at Dec. 31, 2022 | $ 82,949 | $ 35 | $ (4,331) | $ 18,230 | $ (40,779) | $ 104,129 | $ 160,233 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 2,674 | 2,674 | |||||||
Other Comprehensive (Income) Loss, Net of Tax | $ 0 | $ 0 | $ 0 | 0 | 5,578 | 0 | 5,578 | |||||||
Employee Stock Purchase Plan (in shares) | 0 | 326 | 0 | |||||||||||
Employee Stock Purchase Plan | $ 0 | $ 0 | $ 0 | 8 | 0 | 0 | 8 | |||||||
Cash Dividends on Common Stock | $ 0 | $ 0 | $ 0 | 0 | 0 | (423) | (423) | |||||||
Balance (in shares) at Mar. 31, 2023 | 82,949 | 3,454,143 | 200,933 | |||||||||||
Balance at March 31, 2023 at Mar. 31, 2023 | $ 82,949 | $ 35 | $ (4,331) | 18,238 | (35,201) | 104,802 | 166,492 | |||||||
Balance (in shares) at Dec. 31, 2023 | 82,949 | 3,456,136 | 227,359 | |||||||||||
Balance at December 31, 2022 at Dec. 31, 2023 | $ 82,949 | $ 35 | $ (4,913) | 18,287 | (35,050) | 111,054 | 172,362 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 1,753 | 1,753 | |||||||
Other Comprehensive (Income) Loss, Net of Tax | $ 0 | $ 0 | $ 0 | 0 | 991 | 0 | 991 | |||||||
Employee Stock Purchase Plan (in shares) | 0 | 578 | 0 | |||||||||||
Employee Stock Purchase Plan | $ 0 | $ 0 | $ 0 | 14 | 0 | 0 | 14 | |||||||
Cash Dividends on Common Stock | $ 0 | $ 0 | $ 0 | 0 | 0 | (452) | (452) | |||||||
Treasury Stock Repurchases (in shares) | 0 | 0 | 4,230 | |||||||||||
Treasury Stock Repurchases | $ 0 | $ 0 | $ (99) | 0 | 0 | 0 | (99) | |||||||
Balance (in shares) at Mar. 31, 2024 | 82,949 | 3,456,714 | 231,589 | |||||||||||
Balance at March 31, 2023 at Mar. 31, 2024 | $ 82,949 | $ 35 | $ (5,012) | $ 18,301 | $ (34,059) | $ 112,355 | $ 174,569 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 1,753 | $ 2,674 | |
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities: | |||
Depreciation Expense | 509 | 518 | |
Discount Accretion and Premium Amortization, net | 945 | 1,160 | |
Provision for Credit Losses | 335 | 0 | |
Earnings on BOLI | [1] | (173) | (150) |
Gain on Sales of Loans | [1] | (131) | (194) |
Amortization of Operating Lease ROU Assets | 117 | 113 | |
Proceeds From Sale of Loans Held For Sale | 5,013 | 6,737 | |
Origination of Loans Held For Sale | (4,020) | (5,870) | |
Increase in Accrued Interest Receivable | (516) | (549) | |
Change in Other Assets | 11,702 | (830) | |
Change in Lease Liabilities and Other Liabilities | 72 | 2,355 | |
Net Cash Provided By Operating Activities | 15,606 | 5,964 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of AFS Securities | (9,328) | (3,487) | |
Proceeds from Paydowns and Maturities of AFS Securities | 14,903 | 18,739 | |
Purchase of HTM Securities | 0 | (15,587) | |
Proceeds from Paydowns and Maturities of HTM Securities | 3,962 | 2,895 | |
Purchase of FHLB Stock | (119) | (8) | |
Net Increase in Loans Receivable | (24,641) | (26,764) | |
Purchase and Improvement of Premises and Equipment | (1,585) | (1,233) | |
Net Cash Used By Investing Activities | (16,808) | (25,445) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Increase (Decrease) in Deposit Accounts | 10,882 | (1,412) | |
Increase in Other Borrowings, Net | 348 | 230 | |
Proceeds from FRB Borrowings | 65,000 | 324,005 | |
Repayment of FRB Borrowings | (110,000) | (306,710) | |
Purchases of Treasury Stock | (99) | 0 | |
Proceeds from Employee Stock Purchase Plan | 14 | 8 | |
Dividends to Common Stock Shareholders | (452) | (423) | |
Net Cash (Used) Provided By Financing Activities | (34,307) | 15,698 | |
Net Decrease in Cash and Cash Equivalents | (35,509) | (3,783) | |
Cash and Cash Equivalents at Beginning of Period | 128,284 | 28,502 | |
Cash and Cash Equivalents at End of Period | 92,775 | 24,719 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash Paid for Interest | 9,796 | 3,644 | |
Non-Cash Transactions: | |||
Other Comprehensive (Income) Loss, Net of Tax | $ 991 | $ 5,578 | |
[1]Not within the scope of ASC 606 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1 The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10 not 10 December 31, 2023 2023 10 three March 31, 2024 not may December 31, 2024 |
Note 2 - Principles of Consolid
Note 2 - Principles of Consolidation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 2 The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Security Federal Bank (the “Bank”) and the Bank’s wholly owned subsidiaries, Security Federal Investments, Inc. ("SFINV") and Security Federal Insurance, Inc. (“SFINS”). 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. All significant intercompany transactions and balances have been eliminated in consolidation. The Company 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 |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 The Company has adopted various accounting policies, which govern the application of accounting principles generally accepted in the United States in the preparation of our financial statements. Our significant accounting policies are described in the footnotes to the audited consolidated financial statements at December 31, 2023 2023 10 no December 31, 2023 Recent Accounting Pronouncements The following is a summary of recent authoritative pronouncements that could affect accounting, reporting, and disclosure of financial information by the Company: In December 2022, 848 December 31, 2022, December 31, 2024, not December 31, 2021, not June 2023. not Other accounting standards that have been issued or proposed by the FASB or other standards-setting authorities are not |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4 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 computed similar to 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 stock options outstanding at March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Dollars and shares in thousands Income Shares EPS Income Shares EPS Basic EPS $ 1,753 3,229 $ 0.54 $ 2,674 3,253 $ 0.82 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 5 Certain officers and directors of the Company participate in incentive and non-qualified stock option plans. Options are granted at exercise prices not March 31, 2024 2023 no three March 31, 2024 2023 |
Note 6 - Investments, Available
Note 6 - Investments, Available for Sale ("AFS") | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt Securities, Available for Sale [Text Block] | NOTE 6 AFS securities are recorded at fair market value. There was no allowance for credit losses for AFS securities as of March 31, 2024 December 31, 2023 March 31, 2024 Dollars in thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Student Loan Pools $ 48,005 $ 104 $ (406 ) $ 47,703 Small Business Administration (“SBA”) Bonds 73,124 385 (2,709 ) 70,800 Tax Exempt Municipal Bonds 20,519 509 (993 ) 20,035 Taxable Municipal Bonds 64,649 — (11,897 ) 52,752 Mortgage-Backed Securities ("MBS") 371,494 123 (30,438 ) 341,179 Total AFS Securities $ 577,791 $ 1,121 $ (46,443 ) $ 532,469 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 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 MBS 368,081 31 (31,942 ) 336,170 Total AFS Securities $ 584,287 $ 1,162 $ (47,809 ) $ 537,640 Student Loan Pools are typically 97% 100% not. The amortized cost and fair value of AFS securities at March 31, 2024 , are shown below by contractual maturity. Expected maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without call or prepayment penalties. Since MBS are not Dollars in thousands March 31, 2024 AFS Securities: Amortized Cost Fair Value One Year or Less $ 38 $ 37 After One – Five Years 10,334 10,348 After Five – Ten Years 67,860 63,062 More Than Ten Years 128,065 117,843 MBS 371,494 341,179 Total AFS Securities $ 577,791 $ 532,469 The amortized cost and fair value of AFS securities pledged as collateral for certain deposit accounts, FHLB advances, FRB, and other borrowings were $521.1 million and $479.2 million at March 31, 2024 December 31, 2023 There were no sales of AFS securities during the three March 31, 2024 2023 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. March 31, 2024 Less than 12 Months 12 Months or More Total Dollars in thousands Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Student Loan Pools $ 348 $ — 1 $ 38,658 $ (406 ) 32 $ 39,006 $ (406 ) SBA Bonds 2,208 (6 ) 5 36,193 (2,703 ) 57 38,401 (2,709 ) Tax Exempt Municipal Bonds 549 (1 ) 1 12,827 (992 ) 12 13,376 (993 ) Taxable Municipal Bonds — — — 52,752 (11,897 ) 59 52,752 (11,897 ) MBS 30,103 (176 ) 26 287,017 (30,262 ) 215 317,120 (30,438 ) $ 33,208 $ (183 ) 33 $ 427,447 $ (46,260 ) 375 $ 460,655 $ (46,443 ) December 31, 2023 Less than 12 Months 12 Months or More Total Dollars in thousands Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized 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 ) At March 31, 2024 our AFS investment portfolio consisted of 510 individual AFS securities, of which were in an unrealized loss position. At December 31, 2023 , individual AFS securities were in an unrealized loss position. The Company reviews its investment securities portfolio at least quarterly and more frequently when economic conditions warrant, assessing whether an allowance for credit loss is deemed necessary. Management’s evaluation of those securities as of March 31, 2024 is discussed below. SBA Bonds March 31, 2024 , there were 114 not not not not may not March 31, 2024 . MBS March 31, 2024 , approximately 76% not. March 31, 2024 , there were 191 of these securities in an unrealized loss position. These unrealized losses are believed to be caused by the current interest rate environment. The contractual cash flows of those investments are guaranteed by an agency of the U.S. Government. Because the decline in market value is attributable to the current interest rate environment and not not not not may not March 31, 2024 . Also included in AFS MBS are private label collateralized mortgage obligation ("CMO") securities, which are issued by non-governmental real estate mortgage investment conduits and are not March 31, 2024 , we held 55 million and million, respectively. At that date, 50 of these securities had unrealized losses. Of the 50 securities in a loss position, 31 were rated AA or higher by Moody’s, Bloomberg, and/or S&P. In addition, each of the individual securities have credit enhancements further reducing potential realized losses. The unrealized losses on these securities are believed to be caused by the current interest rate environment. Because the decline in market value is attributable to the current interest rate environment and not not not not may not March 31, 2024 . Municipal Bonds March 31, 2024 there were 13 tax exempt municipal securities and 59 taxable municipal securities that had unrealized losses. The Company believes the unrealized losses on these investments were caused by the interest rate environment and do not not not not may not March 31, 2024 . Each of the municipal securities held was rated “A2” Accrued interest receivable on AFS securities totaled million at March 31, 2024 and was excluded from the estimate of credit losses. |
Note 7 - Investments, Held to M
Note 7 - Investments, Held to Maturity ("HTM") | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Investments in Debt Securities, Held to Maturity [Text Block] | NOTE 7 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: March 31, 2024 Dollars in thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US Treasury Bonds $ 23,904 $ — $ (249 ) $ 23,655 FHLB Bond 1,000 — (2 ) 998 Student Loan Pools 15,995 392 — 16,387 SBA Bonds 10,282 378 — 10,660 Taxable Municipal Bonds 965 — (32 ) 933 MBS 106,939 385 (5,019 ) 102,305 Total HTM Securities $ 159,085 $ 1,155 $ (5,302 ) $ 154,938 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 At March 31, 2024 st and fair value of HTM securities that were pledged as collateral for certain deposit accounts, FHLB advances and FRB and other borrowings were million and million, compared to an amortized cost and fair value of million and million at December 31, 2023 respectively. At March 31, 2024 , HTM securities had a combined book value of $159.1 million and an average book yield of 4.81%, which was March 31, 2024 not Dollars in thousands Carrying Value Average Book Yield HTM Securities: Due in one year or less $ 11,991 2.94 % Due after one year through five years 14,957 3.78 % Due after five years through ten years 5,268 7.11 % Due after ten years 19,930 7.10 % MBS 106,939 4.62 % Total HTM Securities $ 159,085 4.81 % The following tables show gross unrealized losses, fair value, and length of time that individual HTM investment securities have been in a continuous unrealized loss position at the dates indicated. March 31, 2024 Less than 12 Months 12 Months or More Total Dollars in thousands Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses US Treasury Bonds $ — $ — $ 23,655 $ (249 ) $ 23,655 $ (249 ) FHLB Bond 998 (2 ) — — 998 (2 ) Taxable Municipal Bonds — — 933 (32 ) 933 (32 ) MBS 3,023 (44 ) 56,505 (4,975 ) 59,528 (5,019 ) $ 4,021 $ (46 ) $ 81,093 $ (5,256 ) $ 85,114 $ (5,302 ) December 31, 2023 Less than 12 Months 12 Months or More Total Dollars in thousands Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized 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 ) At March 31, 2024 and December 31, 2023 , and individual HTM securities were in a loss position, including and securities that were in a loss position for greater than 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 At March 31, 2024 , the Company held an amortized cost and fair value of $14.1 million and $13.8 million in HTM private label CMO securities, compared to an amortized cost and fair value of $14.6 million and $14.3 million at December 31, 2023, no As a result of the analysis, the allowance for credit losses for HTM securities was not March 31, 2024 . The following table summarizes the amortized cost and credit ratings of our HTM securities that were considered to have greater than zero March 31, 2024 . Dollars in thousands Amortized Cost Taxable Municipal Bond AA $ 965 Total Taxable Municipal Bond $ 965 Private Label MBS AAA $ 7,260 A 1,566 Not Rated 3,634 Total Private Label MBS $ 12,460 As of March 31, 2024 90 March 31, 2024 |
Note 8 - Loans Receivable, Net
Note 8 - Loans Receivable, Net | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 8 Loans receivable, net, consisted of the following as of the dates indicated below: Dollars in thousands March 31, 2024 December 31, 2023 Real Estate Loans: Construction $ 114,769 $ 104,508 Residential Mortgage 187,146 172,883 Commercial 267,585 264,802 Commercial and Agricultural Loans 28,919 33,286 Consumer Loans: Home Equity Lines of Credit ("HELOC") 36,201 34,497 Other Consumer 24,512 24,520 Total Loans Held for Investment, Gross 659,132 634,496 Less: Allowance for Credit Losses 12,842 12,569 Deferred Loan Fees 387 365 13,229 12,934 Total Loans Receivable, Net $ 645,903 $ 621,562 Credit Quality Indicators The Company 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 tables present the Company's recorded investment in loans by credit quality indicators by year of origination as of March 31, 2024 December 31, 2023 . March 31, 2024 Term Loans by Year of Origination Dollars in thousands 2024 2023 2022 2021 2020 Prior Revolving Total Real Estate - Construction Pass $ 13,423 $ 36,314 $ 17,113 $ 15,269 $ 1,476 $ 1,946 $ 5,413 $ 90,954 Caution 1,644 4,053 12,753 571 38 662 316 20,037 Special Mention 36 — 28 — — 1,555 — 1,619 Substandard — 143 — 331 129 1,552 4 2,159 Total Real Estate - Construction 15,103 40,510 29,894 16,171 1,643 5,715 5,733 114,769 Current Period Gross Write-Offs — — — — — — — — Real Estate - Residential Pass 4,783 29,442 40,601 11,319 14,015 25,737 9,651 135,548 Caution 1,861 15,588 10,808 6,277 4,547 5,473 144 44,698 Special Mention 217 2,283 157 426 388 227 — 3,698 Substandard — 572 — 615 — 2,015 — 3,202 Total Real Estate - Residential 6,861 47,885 51,566 18,637 18,950 33,452 9,795 187,146 Current Period Gross Write-Offs — — — — — — — — Real Estate - Commercial Pass 847 18,720 47,539 51,776 16,349 68,756 4,119 208,106 Caution 352 12,173 4,161 4,587 5,139 20,741 168 47,321 Special Mention — 211 895 448 406 5,415 — 7,375 Substandard — — 339 55 — 4,389 — 4,783 Total Real Estate - Commercial 1,199 31,104 52,934 56,866 21,894 99,301 4,287 267,585 Current Period Gross Write-Offs — — — — — — — — Commercial and Agricultural Pass 1,190 4,471 4,510 2,759 590 1,946 4,616 20,082 Caution 422 3,606 1,285 1,656 29 190 718 7,906 Special Mention — 445 14 23 2 90 100 674 Substandard — 11 — 81 — 59 106 257 Total Commercial and Agricultural 1,612 8,533 5,809 4,519 621 2,285 5,540 28,919 Current Period Gross Write-Offs — — — — — — 21 21 Home Equity Lines of Credit Pass — — — — — — 29,581 29,581 Caution — — — — — — 5,695 5,695 Special Mention — — — — — — 351 351 Substandard — — — — — — 574 574 Total Home Equity Lines of Credit — — — — — — 36,201 36,201 Current Period Gross Write-Offs — — — — — — — — Other Consumer Pass 2,107 5,158 3,459 1,339 611 179 5,115 17,968 Caution 572 2,135 1,753 791 395 166 269 6,081 Special Mention 29 72 116 — — — 5 222 Substandard — 74 32 79 37 8 11 241 Total Other Consumer 2,708 7,439 5,360 2,209 1,043 353 5,400 24,512 Current Period Gross Write-Offs — 6 — 4 6 4 21 41 Total Loans $ 27,483 $ 135,471 $ 145,563 $ 98,402 $ 44,151 $ 141,106 $ 66,956 $ 659,132 Total Current Period Gross Write-Offs $ - $ 6 $ - $ 4 $ 6 $ 4 $ 42 $ 62 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 - Residential 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 - Residential 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 Past Due and Nonaccrual Loans The tables below present an age analysis of past due balances by loan category at the dates indicated. March 31, 2024 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 $ 551 $ — $ 631 $ 1,182 $ 113,587 $ 114,769 Residential Real Estate 1,381 137 61 1,579 185,567 187,146 Commercial Real Estate 262 14 607 883 266,702 267,585 Commercial and Agricultural 369 59 2 430 28,489 28,919 Consumer HELOC 147 97 21 265 35,936 36,201 Other Consumer 162 74 84 320 24,192 24,512 Total $ 2,872 $ 381 $ 1,406 $ 4,659 $ 654,473 $ 659,132 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 At March 31, 2024 December 31, 2023 not 90 may The following table shows nonaccrual loans by category at the dates indicated. March 31, 2024 December 31, 2023 Nonaccrual Loans Nonaccrual Loans Total Nonaccrual Loans Nonaccrual Loans Total Dollars in thousands with No Allowance with an Allowance Nonaccrual Loans with No Allowance with an Allowance Nonaccrual Loans Construction Real Estate $ 836 $ — $ 836 $ 868 $ — $ 868 Residential Real Estate 1,213 — 1,213 1,307 — 1,307 Commercial Real Estate 3,989 — 3,989 4,125 — 4,125 Commercial and Agricultural 73 — 73 50 — 50 Consumer HELOC 402 — 402 413 — 413 Other Consumer 122 — 122 62 — 62 Total Nonaccrual Loans $ 6,635 $ — $ 6,635 $ 6,825 $ — $ 6,825 The Company did not three March 31, 2024 2023. The following table represents the accrued interest receivables written off by reversing interest income during the three March 31, 2024 2023: For the Three Months Ended March 31, Dollars in thousands 2024 2023 Construction Real Estate $ — $ 3 Residential Real Estate 4 1 Commercial Real Estate 5 — Commercial and Agricultural — 1 Consumer HELOC — — Other Consumer 2 — Total $ 11 $ 5 Allowance for Credit Losses The following tables show the activity in the allowance for credit losses on loans by category for the three March 31, 2024 2023: Three Months Ended March 31, 2024 Real Estate Commercial and Consumer Dollars in thousands Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 1,828 $ 3,551 $ 5,052 $ 808 $ 731 $ 599 $ 12,569 Provision for (Reversal of) Credit Losses 162 302 (120 ) (88 ) 30 14 300 Charge-Offs — — — (21 ) — (41 ) (62 ) Recoveries — 1 — — — 34 35 Ending Balance $ 1,990 $ 3,854 $ 4,932 $ 699 $ 761 $ 606 $ 12,842 Three Months Ended March 31, 2023 Real Estate Commercial and Consumer Dollars in thousands Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,323 $ 2,125 $ 4,804 $ 874 $ 599 $ 452 $ 11,177 Adjustment to Allowance for Credit Loss on Adoption of ASU 2016-13 264 462 (340 ) 112 108 179 785 (Reversal of) Provision for Loan Losses (245 ) 477 (205 ) 155 (57 ) 40 165 Charge-Offs — — — (16 ) — (35 ) (51 ) Recoveries 4 8 5 5 22 6 50 Ending Balance $ 2,346 $ 3,072 $ 4,264 $ 1,130 $ 672 $ 642 $ 12,126 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: • 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. • Construction real estate loans are typically secured by commercial and residential lots. • Commercial and agricultural business loans are primarily secured by business equipment, furniture and fixtures, inventory and receivables. • Residential real estate loans are typically secured by first second • Home equity lines of credit are generally secured by second • 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 at the dates indicated: Dollars in thousands March 31, 2024 December 31, 2023 Construction Real Estate $ 631 $ 643 Residential Real Estate 416 668 Commercial Real Estate 3,746 3,567 Commercial and Agricultural — — Consumer HELOC 322 332 Total Loans $ 5,115 $ 5,210 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. Loan modifications made for borrowers experiencing financial difficulty typically have their impact already factored into the allowance for credit losses. This is due to the measurement methodologies used 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 The Company had two modified loans with a combined balance of at March 31, 2024 , compared to two modified loans with a combined balance of at December 31, 2023 . The Company did not three March 31, 2024 or 2023 . As of March 31, 2024 2023 , 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 March 31, 2024 December 31, 2023 The following tables present the balance and activity in the allowance for credit losses - unfunded loan commitments for the three March 31, 2024 2023. For the Three Months Ended March 31, Allowance for Credit Losses - Unfunded Commitments (Dollars in thousands) 2024 2023 Beginning Balance $ 859 $ — Adjustment for adoption of ASU 2016-13 - 1,214 Provision (reversal of provision) for unfunded commitments 35 (165 ) Ending Balance $ 894 $ 1,049 |
Note 9 - Deposits
Note 9 - Deposits | 3 Months Ended |
Mar. 31, 2024 | |
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: Deposit Account Type (Dollars in thousands) March 31, 2024 December 31, 2023 Checking $ 448,422 $ 473,936 Money Market 428,751 401,992 Savings 88,130 88,319 Certificates of Deposit 240,576 230,750 Total $ 1,205,879 $ 1,194,997 The Company had $5.2 million a nd $5.0 million in at March 31, 2024 and December 31, 2023 , respectively, March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Certificates of deposits that met or exceeded the FDIC insurance limit of $250,000 March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 The amounts and scheduled maturities of certificates of deposit at the dates indicated were as follows: Dollars in thousands March 31, 2024 December 31, 2023 Within 1 Year $ 200,101 $ 198,325 After 1 Year, Within 2 Years 25,743 16,568 After 2 Years, Within 3 Years 7,812 9,487 After 3 Years, Within 4 Years 2,284 2,636 After 4 Years, Within 5 Years 4,636 3,734 Total Certificates of Deposit $ 240,576 $ 230,750 |
Note 10 - Borrowings
Note 10 - Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | NOTE 10 The Company had $74.2 million in outstanding borrowings under the e of 4.88% at March 31, 2024 compared to $119.2 million in outstanding borrowings under the BTFP rate of 4.60% at December 31, 2023 . first 2023, one one OIS one January 24, 2024, March 11, 2024, no Depository institutions may 90 March 31, 2024 , the Company had pledged as collateral for these borrowings investment securities with an amortized cost and fair value of $369.7 million and $340.2 million, compared to an amortized cost and fair value of $381.0 million and $350.6 million at December 31, 2023 , respectively. During the third 2023, March 31, 2024 , the Company had pledged loan collateral for FRB borrowings with an amortized cost and collateral value of $91.6 million and $67.1 million at March 31, 2024 , and $93.5 million and $65.5 million at December 31, 2023 , respectively. The Company had no borrowings outstanding under the BIC program at March 31, 2024. The Company had million and million in other borrowings at March 31, 2024 and December 31, 2023 , respectively. These borrowings consist of short-term repurchase agreements with certain commercial demand deposit customers for sweep accounts. The repurchase agreements typically mature within one three March 31, 2024 and December 31, 2023 . Collateral pledged by the Company for these repurchase agreements consisted of investments with a combined amortized cost and fair value of $43.2 million and $40.7 million at March 31, 2024 , and $53.6 million and $44.1 million at December 31, 2023 , respectively. There were no outstanding FHLB advances at March 31, 2024 and December 31, 2023 . FHLB advances are secured by a blanket collateral agreement with the FHLB by pledging the ’s portfolio of residential first 's pledged collateral for FHLB advances had an amortized cost and fair value of $52.6 million and $43.7 million at March 31, 2024 , and $53.6 million and $44.1 million at December 31, 2023 , respectively. |
Note 11 - Subordinated Debentur
Note 11 - Subordinated Debentures | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 11 Junior Subordinated Debentures In September 2006, June 30, 2023, three three March 31, 2024 December 31, 2023 three The distribution rate payable on the Capital Securities is cumulative and payable quarterly in arrears. The Capital Securities mature or are mandatorily redeemable upon maturity on December 15, 2036, September 15, 2011. Subordinated Debentures In November 2019, 2029 “10 2034 “15 10 The 10 November 22, 2029, November 22, 2019 November 22, 2024. 10 November 22, 2024 10 three The 15 November 22, 2034, November 22, 2019 November 22, 2029. 15 November 22, 2029 15 three As a result of the discontinuation of LIBOR effective June 30, 2023, three The Notes are payable semi-annually in arrears on June 1 December 1 June 1, 2020. 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 |
Note 12 - Regulatory Matters
Note 12 - Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 12 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 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 March 31, 2024 March 31, 2024 The tables below provide the Bank’s regulatory capital requirements and actual results at the dates indicated. Actual For Capital Adequacy To Be "Well-Capitalized" Amount Ratio Amount Ratio Amount Ratio March 31, 2024 (Dollars in thousands) Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 151,693 18.0 % $ 50,523 6.0 % $ 67,364 8.0 % Total Risk-Based Capital (To Risk Weighted Assets) 162,258 19.3 % 67,364 8.0 % 84,205 10.0 % Common Equity Tier 1 Capital (To Risk Weighted Assets) 151,693 18.0 % 37,892 4.5 % 54,734 6.5 % Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 151,693 9.9 % 61,213 4.0 % 76,517 5.0 % 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 % 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% onuses. At March 31, 2024 , the Bank’s conservation buffer was . |
Note 13 - Fair Value of Financi
Note 13 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 13 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 three may Level 1 Quoted Market Price in Active Markets Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access. Level 1 Level 2 Significant Other Observable Inputs 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 Significant Unobservable Inputs 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. AFS Investment Securities AFS securities are r March 31, 2024 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 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 second may Those collateral dependent loans not March 31, 2024 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 table below presents the balances of assets measured at fair value on a recurring basis at the dates indicated. March 31, 2024 December 31, 2023 Dollars in thousands Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Student Loan Pools $ — $ 47,703 $ — $ — $ 50,366 $ — SBA Bonds — 70,800 — — 76,753 — Tax Exempt Municipal Bonds — 20,035 — — 21,236 — Taxable Municipal Bonds — 52,752 — — 53,115 — MBS — 341,179 — — 336,170 — Total $ — $ 532,469 $ — $ — $ 537,640 $ — There were no March 31, 2024 December 31, 2023 The Company may March 31, 2024 Assets (Dollars in thousands): Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 104 $ — $ 104 Collateral Dependent Loans — — 5,115 5,115 Land Held for Sale — — 938 938 Total $ — $ 104 $ 6,053 $ 6,157 December 31, 2023 Assets (Dollars in thousands): Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 967 $ — $ 967 Collateral Dependent Loans — — 5,210 5,210 Land Held for Sale — — 938 938 Total $ — $ 967 $ 6,148 $ 7,115 There were no March 31, 2024 December 31, 2023 For Level 3 Range of Inputs Level 3 Assets Valuation Technique Significant Unobservable Inputs March 31, 2024 December 31, 2023 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 for estimated holding and/or selling costs or age of appraisal 10% - 12% 10% - 12% For assets and liabilities not Cash and Cash Equivalents 90 not Certificates of Deposit with Other Banks HTM Securities Loans Receivable, Net no FHLB Stock Deposits FHLB Advances and Borrowings from the FRB no March 31, 2024 December 31, 2023 Other Borrowed Money Subordinated Debentures may not Junior Subordinated Debentures The following tables provide a summary of 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. March 31, 2024 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Financial Assets: (Dollars in thousands) Cash and Cash Equivalents $ 92,775 $ 92,775 $ 92,775 $ — $ — Certificates of Deposits with Other Banks 2,350 2,350 — 2,350 — AFS Securities 532,469 532,469 — 532,469 — HTM Securities 159,085 154,938 — 154,938 — Loans Receivable, Net 645,903 630,093 — — 630,093 FHLB Stock 1,041 1,041 1,041 — — Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 965,303 $ 965,303 $ 965,303 $ — $ — Certificates of Deposits 240,576 238,946 — 238,946 — Borrowings from FRB 74,200 73,874 73,874 — — Other Borrowed Money 19,528 19,528 19,528 — — Subordinated Debentures 26,500 23,432 — 23,432 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — December 31, 2023 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Financial Assets: (Dollars in thousands) Cash and Cash Equivalents $ 128,284 $ 128,284 $ 128,284 $ — $ — Certificates of Deposits with Other Banks 2,350 2,350 — 2,350 — AFS Securities 537,640 537,640 — 537,640 — HTM Securities 163,072 158,540 — 158,540 — Loans Receivable, Net 621,562 610,410 — — 610,410 FHLB Stock 922 922 922 — — Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 964,247 $ 964,247 $ 964,247 $ — $ — Certificates of Deposits 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 — At March 31, 2024 million in off-balanc 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 14 - Non-interest Income
Note 14 - Non-interest Income | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Non-interest Income [Text Block] | NOTE 14 Revenue Recognition - 2014 09, 606 606, five The Company only applies the five 606, Service Fees on Deposit Accounts - ATM and Check Card Fee Income - Trust Income - not not 606, no Gains/Losses on OREO Sales - The following table presents the Company's non-interest income for the periods indicated. All the Company’s revenue from contracts with customers within the scope of ASC 606 Three Months Ended March 31, Dollars in thousands 2024 2023 Non-interest income: Gain on Sale of Loans (1) $ 131 $ 194 Service Fees on Deposit Accounts 319 270 Commissions From Insurance Agency (1) 183 163 Trust Income 522 382 BOLI Income (1) 173 150 ATM and Check Card Fee Income 822 802 Other (1) 171 240 Total non-interest income $ 2,321 $ 2,201 ( 1 Not 606 |
Note 15 - Leases
Note 15 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 15 The Company has operating leases on six three March 31, 2024 , the Company made cash payments in the amount of for operating leases. The lease expense recognized during this period was and was recorded in occupancy expense within the Consolidated Statements of Income. The lease liability had a net decrease of . At March 31, 2024 , the had ROU assets of million and a lease liability of million recorded on its consolidated balance sheet compared to ROU assets of million and a lease liability of million at December 31, 2023 . The lease agreements have maturity dates ranging from 2024 2028, five ten March 31, 2024 , the remaining weighted average lease term was years and the weighted average discount rate used was . At March 31, 2024 Dollars in thousands Remainder of 2024 $ 392 2025 475 2026 363 2027 148 2028 10 Total undiscounted lease payments 1,388 Less: effect of discounting (65 ) Present value of estimated lease payments (lease liability) $ 1,323 |
Note 16 - Preferred Stock
Note 16 - Preferred Stock | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | NOTE 16 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 2 10. March 15, June 15, September 15, December 15. The Preferred Stock may fifth |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 17 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 estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not no |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5 Other Information (a) Nothing to report. (b) Nothing to report. (c) Trading Plans. During the three March 31, 2024, no 16a 1 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The following is a summary of recent authoritative pronouncements that could affect accounting, reporting, and disclosure of financial information by the Company: In December 2022, 848 December 31, 2022, December 31, 2024, not December 31, 2021, not June 2023. not Other accounting standards that have been issued or proposed by the FASB or other standards-setting authorities are not |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Dollars and shares in thousands Income Shares EPS Income Shares EPS Basic EPS $ 1,753 3,229 $ 0.54 $ 2,674 3,253 $ 0.82 |
Note 6 - Investments, Availab_2
Note 6 - Investments, Available for Sale ("AFS") (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | March 31, 2024 Dollars in thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Student Loan Pools $ 48,005 $ 104 $ (406 ) $ 47,703 Small Business Administration (“SBA”) Bonds 73,124 385 (2,709 ) 70,800 Tax Exempt Municipal Bonds 20,519 509 (993 ) 20,035 Taxable Municipal Bonds 64,649 — (11,897 ) 52,752 Mortgage-Backed Securities ("MBS") 371,494 123 (30,438 ) 341,179 Total AFS Securities $ 577,791 $ 1,121 $ (46,443 ) $ 532,469 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 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 MBS 368,081 31 (31,942 ) 336,170 Total AFS Securities $ 584,287 $ 1,162 $ (47,809 ) $ 537,640 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Dollars in thousands March 31, 2024 AFS Securities: Amortized Cost Fair Value One Year or Less $ 38 $ 37 After One – Five Years 10,334 10,348 After Five – Ten Years 67,860 63,062 More Than Ten Years 128,065 117,843 MBS 371,494 341,179 Total AFS Securities $ 577,791 $ 532,469 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | March 31, 2024 Less than 12 Months 12 Months or More Total Dollars in thousands Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized Losses Student Loan Pools $ 348 $ — 1 $ 38,658 $ (406 ) 32 $ 39,006 $ (406 ) SBA Bonds 2,208 (6 ) 5 36,193 (2,703 ) 57 38,401 (2,709 ) Tax Exempt Municipal Bonds 549 (1 ) 1 12,827 (992 ) 12 13,376 (993 ) Taxable Municipal Bonds — — — 52,752 (11,897 ) 59 52,752 (11,897 ) MBS 30,103 (176 ) 26 287,017 (30,262 ) 215 317,120 (30,438 ) $ 33,208 $ (183 ) 33 $ 427,447 $ (46,260 ) 375 $ 460,655 $ (46,443 ) December 31, 2023 Less than 12 Months 12 Months or More Total Dollars in thousands Fair Value Unrealized Losses # Fair Value Unrealized Losses # Fair Value Unrealized 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 ) |
Note 7 - Investments, Held to_2
Note 7 - Investments, Held to Maturity ("HTM") (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Debt Securities, Held-to-Maturity [Table Text Block] | March 31, 2024 Dollars in thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value US Treasury Bonds $ 23,904 $ — $ (249 ) $ 23,655 FHLB Bond 1,000 — (2 ) 998 Student Loan Pools 15,995 392 — 16,387 SBA Bonds 10,282 378 — 10,660 Taxable Municipal Bonds 965 — (32 ) 933 MBS 106,939 385 (5,019 ) 102,305 Total HTM Securities $ 159,085 $ 1,155 $ (5,302 ) $ 154,938 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 |
Held to Maturity Investments, Maturity Dates and Yields [Table Text Block] | Dollars in thousands Carrying Value Average Book Yield HTM Securities: Due in one year or less $ 11,991 2.94 % Due after one year through five years 14,957 3.78 % Due after five years through ten years 5,268 7.11 % Due after ten years 19,930 7.10 % MBS 106,939 4.62 % Total HTM Securities $ 159,085 4.81 % |
Debt Securities, Held to Maturity, Unrealized Loss Position, Fair Value [Table Text Block] | March 31, 2024 Less than 12 Months 12 Months or More Total Dollars in thousands Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses US Treasury Bonds $ — $ — $ 23,655 $ (249 ) $ 23,655 $ (249 ) FHLB Bond 998 (2 ) — — 998 (2 ) Taxable Municipal Bonds — — 933 (32 ) 933 (32 ) MBS 3,023 (44 ) 56,505 (4,975 ) 59,528 (5,019 ) $ 4,021 $ (46 ) $ 81,093 $ (5,256 ) $ 85,114 $ (5,302 ) December 31, 2023 Less than 12 Months 12 Months or More Total Dollars in thousands Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized 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 ) |
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block] | Dollars in thousands Amortized Cost Taxable Municipal Bond AA $ 965 Total Taxable Municipal Bond $ 965 Private Label MBS AAA $ 7,260 A 1,566 Not Rated 3,634 Total Private Label MBS $ 12,460 |
Note 8 - Loans Receivable, Net
Note 8 - Loans Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Dollars in thousands March 31, 2024 December 31, 2023 Real Estate Loans: Construction $ 114,769 $ 104,508 Residential Mortgage 187,146 172,883 Commercial 267,585 264,802 Commercial and Agricultural Loans 28,919 33,286 Consumer Loans: Home Equity Lines of Credit ("HELOC") 36,201 34,497 Other Consumer 24,512 24,520 Total Loans Held for Investment, Gross 659,132 634,496 Less: Allowance for Credit Losses 12,842 12,569 Deferred Loan Fees 387 365 13,229 12,934 Total Loans Receivable, Net $ 645,903 $ 621,562 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2024 Term Loans by Year of Origination Dollars in thousands 2024 2023 2022 2021 2020 Prior Revolving Total Real Estate - Construction Pass $ 13,423 $ 36,314 $ 17,113 $ 15,269 $ 1,476 $ 1,946 $ 5,413 $ 90,954 Caution 1,644 4,053 12,753 571 38 662 316 20,037 Special Mention 36 — 28 — — 1,555 — 1,619 Substandard — 143 — 331 129 1,552 4 2,159 Total Real Estate - Construction 15,103 40,510 29,894 16,171 1,643 5,715 5,733 114,769 Current Period Gross Write-Offs — — — — — — — — Real Estate - Residential Pass 4,783 29,442 40,601 11,319 14,015 25,737 9,651 135,548 Caution 1,861 15,588 10,808 6,277 4,547 5,473 144 44,698 Special Mention 217 2,283 157 426 388 227 — 3,698 Substandard — 572 — 615 — 2,015 — 3,202 Total Real Estate - Residential 6,861 47,885 51,566 18,637 18,950 33,452 9,795 187,146 Current Period Gross Write-Offs — — — — — — — — Real Estate - Commercial Pass 847 18,720 47,539 51,776 16,349 68,756 4,119 208,106 Caution 352 12,173 4,161 4,587 5,139 20,741 168 47,321 Special Mention — 211 895 448 406 5,415 — 7,375 Substandard — — 339 55 — 4,389 — 4,783 Total Real Estate - Commercial 1,199 31,104 52,934 56,866 21,894 99,301 4,287 267,585 Current Period Gross Write-Offs — — — — — — — — Commercial and Agricultural Pass 1,190 4,471 4,510 2,759 590 1,946 4,616 20,082 Caution 422 3,606 1,285 1,656 29 190 718 7,906 Special Mention — 445 14 23 2 90 100 674 Substandard — 11 — 81 — 59 106 257 Total Commercial and Agricultural 1,612 8,533 5,809 4,519 621 2,285 5,540 28,919 Current Period Gross Write-Offs — — — — — — 21 21 Home Equity Lines of Credit Pass — — — — — — 29,581 29,581 Caution — — — — — — 5,695 5,695 Special Mention — — — — — — 351 351 Substandard — — — — — — 574 574 Total Home Equity Lines of Credit — — — — — — 36,201 36,201 Current Period Gross Write-Offs — — — — — — — — Other Consumer Pass 2,107 5,158 3,459 1,339 611 179 5,115 17,968 Caution 572 2,135 1,753 791 395 166 269 6,081 Special Mention 29 72 116 — — — 5 222 Substandard — 74 32 79 37 8 11 241 Total Other Consumer 2,708 7,439 5,360 2,209 1,043 353 5,400 24,512 Current Period Gross Write-Offs — 6 — 4 6 4 21 41 Total Loans $ 27,483 $ 135,471 $ 145,563 $ 98,402 $ 44,151 $ 141,106 $ 66,956 $ 659,132 Total Current Period Gross Write-Offs $ - $ 6 $ - $ 4 $ 6 $ 4 $ 42 $ 62 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 - Residential 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 - Residential 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 |
Financing Receivable, Past Due [Table Text Block] | March 31, 2024 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 $ 551 $ — $ 631 $ 1,182 $ 113,587 $ 114,769 Residential Real Estate 1,381 137 61 1,579 185,567 187,146 Commercial Real Estate 262 14 607 883 266,702 267,585 Commercial and Agricultural 369 59 2 430 28,489 28,919 Consumer HELOC 147 97 21 265 35,936 36,201 Other Consumer 162 74 84 320 24,192 24,512 Total $ 2,872 $ 381 $ 1,406 $ 4,659 $ 654,473 $ 659,132 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 |
Financing Receivable, Nonaccrual [Table Text Block] | March 31, 2024 December 31, 2023 Nonaccrual Loans Nonaccrual Loans Total Nonaccrual Loans Nonaccrual Loans Total Dollars in thousands with No Allowance with an Allowance Nonaccrual Loans with No Allowance with an Allowance Nonaccrual Loans Construction Real Estate $ 836 $ — $ 836 $ 868 $ — $ 868 Residential Real Estate 1,213 — 1,213 1,307 — 1,307 Commercial Real Estate 3,989 — 3,989 4,125 — 4,125 Commercial and Agricultural 73 — 73 50 — 50 Consumer HELOC 402 — 402 413 — 413 Other Consumer 122 — 122 62 — 62 Total Nonaccrual Loans $ 6,635 $ — $ 6,635 $ 6,825 $ — $ 6,825 |
Financing Receivable, Accrued Interest, Writeoff [Table Text Block] | For the Three Months Ended March 31, Dollars in thousands 2024 2023 Construction Real Estate $ — $ 3 Residential Real Estate 4 1 Commercial Real Estate 5 — Commercial and Agricultural — 1 Consumer HELOC — — Other Consumer 2 — Total $ 11 $ 5 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended March 31, 2024 Real Estate Commercial and Consumer Dollars in thousands Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 1,828 $ 3,551 $ 5,052 $ 808 $ 731 $ 599 $ 12,569 Provision for (Reversal of) Credit Losses 162 302 (120 ) (88 ) 30 14 300 Charge-Offs — — — (21 ) — (41 ) (62 ) Recoveries — 1 — — — 34 35 Ending Balance $ 1,990 $ 3,854 $ 4,932 $ 699 $ 761 $ 606 $ 12,842 Three Months Ended March 31, 2023 Real Estate Commercial and Consumer Dollars in thousands Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,323 $ 2,125 $ 4,804 $ 874 $ 599 $ 452 $ 11,177 Adjustment to Allowance for Credit Loss on Adoption of ASU 2016-13 264 462 (340 ) 112 108 179 785 (Reversal of) Provision for Loan Losses (245 ) 477 (205 ) 155 (57 ) 40 165 Charge-Offs — — — (16 ) — (35 ) (51 ) Recoveries 4 8 5 5 22 6 50 Ending Balance $ 2,346 $ 3,072 $ 4,264 $ 1,130 $ 672 $ 642 $ 12,126 For the Three Months Ended March 31, Allowance for Credit Losses - Unfunded Commitments (Dollars in thousands) 2024 2023 Beginning Balance $ 859 $ — Adjustment for adoption of ASU 2016-13 - 1,214 Provision (reversal of provision) for unfunded commitments 35 (165 ) Ending Balance $ 894 $ 1,049 |
Schedule of Amortized Cost Basis of Collateral Dependent Loans [Table Text Block] | Dollars in thousands March 31, 2024 December 31, 2023 Construction Real Estate $ 631 $ 643 Residential Real Estate 416 668 Commercial Real Estate 3,746 3,567 Commercial and Agricultural — — Consumer HELOC 322 332 Total Loans $ 5,115 $ 5,210 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | Deposit Account Type (Dollars in thousands) March 31, 2024 December 31, 2023 Checking $ 448,422 $ 473,936 Money Market 428,751 401,992 Savings 88,130 88,319 Certificates of Deposit 240,576 230,750 Total $ 1,205,879 $ 1,194,997 |
Time Deposit Maturities [Table Text Block] | Dollars in thousands March 31, 2024 December 31, 2023 Within 1 Year $ 200,101 $ 198,325 After 1 Year, Within 2 Years 25,743 16,568 After 2 Years, Within 3 Years 7,812 9,487 After 3 Years, Within 4 Years 2,284 2,636 After 4 Years, Within 5 Years 4,636 3,734 Total Certificates of Deposit $ 240,576 $ 230,750 |
Note 12 - Regulatory Matters (T
Note 12 - Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy To Be "Well-Capitalized" Amount Ratio Amount Ratio Amount Ratio March 31, 2024 (Dollars in thousands) Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 151,693 18.0 % $ 50,523 6.0 % $ 67,364 8.0 % Total Risk-Based Capital (To Risk Weighted Assets) 162,258 19.3 % 67,364 8.0 % 84,205 10.0 % Common Equity Tier 1 Capital (To Risk Weighted Assets) 151,693 18.0 % 37,892 4.5 % 54,734 6.5 % Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 151,693 9.9 % 61,213 4.0 % 76,517 5.0 % 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 % |
Note 13 - Fair Value of Finan_2
Note 13 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2024 December 31, 2023 Dollars in thousands Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Student Loan Pools $ — $ 47,703 $ — $ — $ 50,366 $ — SBA Bonds — 70,800 — — 76,753 — Tax Exempt Municipal Bonds — 20,035 — — 21,236 — Taxable Municipal Bonds — 52,752 — — 53,115 — MBS — 341,179 — — 336,170 — Total $ — $ 532,469 $ — $ — $ 537,640 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | March 31, 2024 Assets (Dollars in thousands): Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 104 $ — $ 104 Collateral Dependent Loans — — 5,115 5,115 Land Held for Sale — — 938 938 Total $ — $ 104 $ 6,053 $ 6,157 December 31, 2023 Assets (Dollars in thousands): Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 967 $ — $ 967 Collateral Dependent Loans — — 5,210 5,210 Land Held for Sale — — 938 938 Total $ — $ 967 $ 6,148 $ 7,115 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Range of Inputs Level 3 Assets Valuation Technique Significant Unobservable Inputs March 31, 2024 December 31, 2023 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 for estimated holding and/or selling costs or age of appraisal 10% - 12% 10% - 12% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2024 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Financial Assets: (Dollars in thousands) Cash and Cash Equivalents $ 92,775 $ 92,775 $ 92,775 $ — $ — Certificates of Deposits with Other Banks 2,350 2,350 — 2,350 — AFS Securities 532,469 532,469 — 532,469 — HTM Securities 159,085 154,938 — 154,938 — Loans Receivable, Net 645,903 630,093 — — 630,093 FHLB Stock 1,041 1,041 1,041 — — Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 965,303 $ 965,303 $ 965,303 $ — $ — Certificates of Deposits 240,576 238,946 — 238,946 — Borrowings from FRB 74,200 73,874 73,874 — — Other Borrowed Money 19,528 19,528 19,528 — — Subordinated Debentures 26,500 23,432 — 23,432 — Junior Subordinated Debentures 5,155 5,155 — 5,155 — December 31, 2023 Carrying Fair Value Amount Total Level 1 Level 2 Level 3 Financial Assets: (Dollars in thousands) Cash and Cash Equivalents $ 128,284 $ 128,284 $ 128,284 $ — $ — Certificates of Deposits with Other Banks 2,350 2,350 — 2,350 — AFS Securities 537,640 537,640 — 537,640 — HTM Securities 163,072 158,540 — 158,540 — Loans Receivable, Net 621,562 610,410 — — 610,410 FHLB Stock 922 922 922 — — Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 964,247 $ 964,247 $ 964,247 $ — $ — Certificates of Deposits 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 — |
Note 14 - Non-interest Income (
Note 14 - Non-interest Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Three Months Ended March 31, Dollars in thousands 2024 2023 Non-interest income: Gain on Sale of Loans (1) $ 131 $ 194 Service Fees on Deposit Accounts 319 270 Commissions From Insurance Agency (1) 183 163 Trust Income 522 382 BOLI Income (1) 173 150 ATM and Check Card Fee Income 822 802 Other (1) 171 240 Total non-interest income $ 2,321 $ 2,201 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Dollars in thousands Remainder of 2024 $ 392 2025 475 2026 363 2027 148 2028 10 Total undiscounted lease payments 1,388 Less: effect of discounting (65 ) Present value of estimated lease payments (lease liability) $ 1,323 |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 0 | 0 |
Share-Based Payment Arrangement, Option [Member] | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 0 | 0 |
Note 4 - Earnings Per Share - S
Note 4 - Earnings Per Share - Summary of Basic EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic EPS, income | $ 1,753 | $ 2,674 |
Weighted Average Shares Outstanding (Basic) (in shares) | 3,228,666 | 3,253,112 |
Net Income Per Common Share (Basic) (in dollars per share) | $ 0.54 | $ 0.82 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Details Textual) - shares | Mar. 31, 2024 | Mar. 31, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 0 | 0 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 50,000 | 50,000 |
Note 6 - Investments, Availab_3
Note 6 - Investments, Available for Sale ("AFS") (Details Textual) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale, Amortized Cost | 577,791 | 584,287 | |
Debt Securities, Available-for-Sale | 532,469 | $ 537,640 | |
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | $ 0 | |
Debt Securities, Available-for-Sale, Gain (Loss) | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 408 | 416 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 2,800 | ||
Small Business Administration Bonds [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 73,124 | $ 79,014 | |
Debt Securities, Available-for-Sale | $ 70,800 | 76,753 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 62 | ||
Collateralized Mortgage-Backed Securities [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | $ 371,494 | 368,081 | |
Debt Securities, Available-for-Sale | $ 341,179 | 336,170 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 191 | ||
Commitments on Mortgage Loans [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | $ 87,300 | ||
Debt Securities, Available-for-Sale | $ 81,300 | ||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 50 | ||
Commitments on Mortgage Loans [Member] | Moody's, Aa1 Rating [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 31 | ||
Tax Exempt Municipal Bonds [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 13 | ||
Taxable Municipal Bonds [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | $ 64,649 | 64,669 | |
Debt Securities, Available-for-Sale | $ 52,752 | 53,115 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 59 | ||
Asset Pledged as Collateral [Member] | Deposit Accounts, FHLB Advances and Other Borrowings [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | $ 521,100 | 533,700 | |
Debt Securities, Available-for-Sale | $ 479,200 | $ 490,500 |
Note 6 - Investments, Availab_4
Note 6 - Investments, Available for Sale ("AFS") - Schedule of Available-for-Sale Securities Reconciliation (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost, AFS | $ 577,791 | $ 584,287 |
Gross unrealized gains, AFS | 1,121 | 1,162 |
Gross unrealized losses, AFS | (46,443) | (47,809) |
Available For Sale ("AFS") | 532,469 | 537,640 |
Collateralized Loan Obligations [Member] | ||
Amortized Cost, AFS | 48,005 | 51,022 |
Gross unrealized gains, AFS | 104 | 72 |
Gross unrealized losses, AFS | (406) | (728) |
Available For Sale ("AFS") | 47,703 | 50,366 |
Small Business Administration Bonds [Member] | ||
Amortized Cost, AFS | 73,124 | 79,014 |
Gross unrealized gains, AFS | 385 | 416 |
Gross unrealized losses, AFS | (2,709) | (2,677) |
Available For Sale ("AFS") | 70,800 | 76,753 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost, AFS | 20,519 | 21,501 |
Gross unrealized gains, AFS | 509 | 643 |
Gross unrealized losses, AFS | (993) | (908) |
Available For Sale ("AFS") | 20,035 | 21,236 |
Taxable Municipal Bonds [Member] | ||
Amortized Cost, AFS | 64,649 | 64,669 |
Gross unrealized gains, AFS | 0 | 0 |
Gross unrealized losses, AFS | (11,897) | (11,554) |
Available For Sale ("AFS") | 52,752 | 53,115 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized Cost, AFS | 371,494 | 368,081 |
Gross unrealized gains, AFS | 123 | 31 |
Gross unrealized losses, AFS | (30,438) | (31,942) |
Available For Sale ("AFS") | $ 341,179 | $ 336,170 |
Note 6 - Investments, Availab_5
Note 6 - Investments, Available for Sale ("AFS") - Available for Sale Securities Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
One Year or Less, amortized cost, AFS | $ 38 | |
One Year or Less, fair value, AFS | 37 | |
After One – Five Years, amortized cost, AFS | 10,334 | |
After One – Five Years, fair value, AFS | 10,348 | |
After Five – Ten Years, amortized cost, AFS | 67,860 | |
After Five – Ten Years, fair value, AFS | 63,062 | |
More Than Ten Years, amortized cost, AFS | 128,065 | |
More Than Ten Years, fair value, AFS | 117,843 | |
Amortized Cost, AFS | 577,791 | $ 584,287 |
Available For Sale ("AFS") | 532,469 | 537,640 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized Cost, AFS | 371,494 | 368,081 |
Available For Sale ("AFS") | $ 341,179 | $ 336,170 |
Note 6 - Investments, Availab_6
Note 6 - Investments, Available for Sale ("AFS") - Schedule of Available for Sale Securities in Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair value, less than 12 months, AFS | $ 33,208 | $ 38,646 |
Accumulated loss, less than 12 months, AFS | $ (183) | $ (440) |
Positions, less than 12 months, AFS | 33 | 35 |
Fair value, 12 months or more, AFS | $ 427,447 | $ 441,967 |
Accumulated loss, 12 months or more, AFS | $ (46,260) | $ (47,369) |
Positions, 12 months or more, AFS | 375 | 381 |
Fair value, unrealized loss position, AFS | $ 460,655 | $ 480,613 |
Accumulated loss, total, AFS | (46,443) | (47,809) |
Accumulated loss, less than 12 months, AFS | $ 183 | $ 440 |
Positions, less than 12 months, AFS | (33) | (35) |
Collateralized Loan Obligations [Member] | ||
Fair value, less than 12 months, AFS | $ 348 | $ 377 |
Accumulated loss, less than 12 months, AFS | $ 0 | $ (1) |
Positions, less than 12 months, AFS | 1 | 1 |
Fair value, 12 months or more, AFS | $ 38,658 | $ 43,872 |
Accumulated loss, 12 months or more, AFS | $ (406) | $ (727) |
Positions, 12 months or more, AFS | 32 | 34 |
Fair value, unrealized loss position, AFS | $ 39,006 | $ 44,249 |
Accumulated loss, total, AFS | (406) | (728) |
Accumulated loss, less than 12 months, AFS | $ 0 | $ 1 |
Positions, less than 12 months, AFS | (1) | (1) |
Small Business Administration Bonds [Member] | ||
Fair value, less than 12 months, AFS | $ 2,208 | $ 2,200 |
Accumulated loss, less than 12 months, AFS | $ (6) | $ (5) |
Positions, less than 12 months, AFS | 5 | 4 |
Fair value, 12 months or more, AFS | $ 36,193 | $ 39,151 |
Accumulated loss, 12 months or more, AFS | $ (2,703) | $ (2,672) |
Positions, 12 months or more, AFS | 57 | 63 |
Fair value, unrealized loss position, AFS | $ 38,401 | $ 41,351 |
Accumulated loss, total, AFS | (2,709) | (2,677) |
Accumulated loss, less than 12 months, AFS | $ 6 | $ 5 |
Positions, less than 12 months, AFS | (5) | (4) |
Tax Exempt Municipal Bonds [Member] | ||
Fair value, less than 12 months, AFS | $ 549 | $ 0 |
Accumulated loss, less than 12 months, AFS | $ (1) | $ 0 |
Positions, less than 12 months, AFS | 1 | 0 |
Fair value, 12 months or more, AFS | $ 12,827 | $ 12,965 |
Accumulated loss, 12 months or more, AFS | $ (992) | $ (908) |
Positions, 12 months or more, AFS | 12 | 12 |
Fair value, unrealized loss position, AFS | $ 13,376 | $ 12,965 |
Accumulated loss, total, AFS | (993) | (908) |
Accumulated loss, less than 12 months, AFS | $ 1 | $ 0 |
Positions, less than 12 months, AFS | (1) | 0 |
Taxable Municipal Bonds [Member] | ||
Fair value, less than 12 months, AFS | $ 0 | $ 0 |
Accumulated loss, less than 12 months, AFS | $ 0 | $ 0 |
Positions, less than 12 months, AFS | 0 | 0 |
Fair value, 12 months or more, AFS | $ 52,752 | $ 53,115 |
Accumulated loss, 12 months or more, AFS | $ (11,897) | $ (11,554) |
Positions, 12 months or more, AFS | 59 | 59 |
Fair value, unrealized loss position, AFS | $ 52,752 | $ 53,115 |
Accumulated loss, total, AFS | (11,897) | (11,554) |
Accumulated loss, less than 12 months, AFS | $ 0 | $ 0 |
Positions, less than 12 months, AFS | 0 | 0 |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, less than 12 months, AFS | $ 30,103 | $ 36,069 |
Accumulated loss, less than 12 months, AFS | $ (176) | $ (434) |
Positions, less than 12 months, AFS | 26 | 30 |
Fair value, 12 months or more, AFS | $ 287,017 | $ 292,864 |
Accumulated loss, 12 months or more, AFS | $ (30,262) | $ (31,508) |
Positions, 12 months or more, AFS | 215 | 213 |
Fair value, unrealized loss position, AFS | $ 317,120 | $ 328,933 |
Accumulated loss, total, AFS | (30,438) | (31,942) |
Accumulated loss, less than 12 months, AFS | $ 176 | $ 434 |
Positions, less than 12 months, AFS | (26) | (30) |
Note 7 - Investments, Held to_3
Note 7 - Investments, Held to Maturity ("HTM") (Details Textual) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 159,085,000 | $ 163,072,000 |
Debt Securities, Held-to-Maturity, Fair Value | $ 154,938,000 | $ 158,540,000 |
Debt Securities, Held-to-Maturity, Weighted Average Yield | 4.81% | |
Debt Securities, Held to Maturity, Unrealized Loss Position, Number of Positions | 49 | 55 |
Debt Securities, Held to Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 43 | 42 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | $ 159,085,000 | $ 163,072,000 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | 0 | 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 | 883,000 | |
Commitments on Mortgage Loans [Member] | ||
Debt Securities, Held-to-Maturity, Fair Value | 13,800,000 | 14,300,000 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 14,100,000 | 14,600,000 |
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 | 104,000,000 | 107,500,000 |
Debt Securities, Held-to-Maturity, Fair Value | $ 100,300,000 | $ 103,800,000 |
Note 7 - Investments, Held to_4
Note 7 - Investments, Held to Maturity ("HTM") - Summary of Held to Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized cost, HTM | $ 159,085 | $ 163,072 |
Gross unrealized gains, HTM | 1,155 | 867 |
Gross unrealized losses, HTM | (5,302) | (5,399) |
HTM, fair value | 154,938 | 158,540 |
US Treasury and Government [Member] | ||
Amortized cost, HTM | 23,904 | 23,874 |
Gross unrealized gains, HTM | 0 | 0 |
Gross unrealized losses, HTM | (249) | (278) |
HTM, fair value | 23,655 | 23,596 |
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 | (2) | 0 |
HTM, fair value | 998 | 1,000 |
Collateralized Loan Obligations [Member] | ||
Amortized cost, HTM | 15,995 | 16,881 |
Gross unrealized gains, HTM | 392 | 278 |
Gross unrealized losses, HTM | 0 | 0 |
HTM, fair value | 16,387 | 17,159 |
Small Business Administration Bonds [Member] | ||
Amortized cost, HTM | 10,282 | 11,305 |
Gross unrealized gains, HTM | 378 | 493 |
Gross unrealized losses, HTM | 0 | 0 |
HTM, fair value | 10,660 | 11,798 |
Taxable Municipal Bonds [Member] | ||
Amortized cost, HTM | 965 | 962 |
Gross unrealized gains, HTM | 0 | 0 |
Gross unrealized losses, HTM | (32) | (28) |
HTM, fair value | 933 | 934 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized cost, HTM | 106,939 | 109,050 |
Gross unrealized gains, HTM | 385 | 96 |
Gross unrealized losses, HTM | (5,019) | (5,093) |
HTM, fair value | $ 102,305 | $ 104,053 |
Note 7 - Investments, Held to_5
Note 7 - Investments, Held to Maturity ("HTM") - Held to Maturity Maturity and Yields (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Due in one year or less, carrying value | $ 11,991 | |
Due in one year or less, average book yield | 2.94% | |
Due after one year through five years, carrying value | $ 14,957 | |
Due after one year through five years, average book yield | 3.78% | |
Due after five years through ten years, carrying value | $ 5,268 | |
Due after five years through ten years, average book yield | 7.11% | |
Due after ten years, carrying value | $ 19,930 | |
Due after ten years, average book yield | 7.10% | |
MBS, carrying value | $ 106,939 | |
MBS, average book yield | 4.62% | |
Total HTM Securities | $ 159,085 | $ 163,072 |
Total HTM Securities | 4.81% |
Note 7 - Investments, Held to_6
Note 7 - Investments, Held to Maturity ("HTM") - Summary of HTM Securities in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair value, less than 12 months, HTM | $ 4,021 | $ 40,732 |
Unrealized losses, less then 12 months, HTM | (46) | (458) |
Fair value, more than 12 months, HTM | 81,093 | 83,261 |
Unrealized loss, more than 12 months, HTM | (5,256) | (4,941) |
Fair value, unrealized loss position, HTM | 85,114 | 123,993 |
Unrealized loss, unrealized loss position, HTM | (5,302) | (5,399) |
US Treasury and Government [Member] | ||
Fair value, less than 12 months, HTM | 0 | 0 |
Unrealized losses, less then 12 months, HTM | 0 | 0 |
Fair value, more than 12 months, HTM | 23,655 | 23,596 |
Unrealized loss, more than 12 months, HTM | (249) | (278) |
Fair value, unrealized loss position, HTM | 23,655 | 23,596 |
Unrealized loss, unrealized loss position, HTM | (249) | (278) |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Fair value, less than 12 months, HTM | 998 | |
Unrealized losses, less then 12 months, HTM | (2) | |
Fair value, more than 12 months, HTM | 0 | |
Unrealized loss, more than 12 months, HTM | 0 | |
Fair value, unrealized loss position, HTM | 998 | |
Unrealized loss, unrealized loss position, HTM | (2) | |
Taxable Municipal Bonds [Member] | ||
Fair value, less than 12 months, HTM | 0 | 0 |
Unrealized losses, less then 12 months, HTM | 0 | 0 |
Fair value, more than 12 months, HTM | 933 | 934 |
Unrealized loss, more than 12 months, HTM | (32) | (28) |
Fair value, unrealized loss position, HTM | 933 | 934 |
Unrealized loss, unrealized loss position, HTM | (32) | (28) |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, less than 12 months, HTM | 3,023 | 40,732 |
Unrealized losses, less then 12 months, HTM | (44) | (458) |
Fair value, more than 12 months, HTM | 56,505 | 58,731 |
Unrealized loss, more than 12 months, HTM | (4,975) | (4,635) |
Fair value, unrealized loss position, HTM | 59,528 | 99,463 |
Unrealized loss, unrealized loss position, HTM | $ (5,019) | $ (5,093) |
Note 7 - Investments, Held to_7
Note 7 - Investments, Held to Maturity ("HTM") - Schedule of Credit Ratings for Held To Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | $ 159,085 | $ 163,072 |
Private Label Taxable Municipal Securities [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 965 | |
Private Label Taxable Municipal Securities [Member] | Moody's, Aa1 Rating [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 965 | |
Private Label Mortgage Backed Securities [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 12,460 | |
Private Label Mortgage Backed Securities [Member] | Moody's, Aaa Rating [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 7,260 | |
Private Label Mortgage Backed Securities [Member] | Moody's, A1 Rating [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 1,566 | |
Private Label Mortgage Backed Securities [Member] | Not Rated by Moodys [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | $ 3,634 |
Note 8 - Loans Receivable, Ne_2
Note 8 - Loans Receivable, Net (Details Textual) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 | |
Financing Receivable, Number of Loans Modified | 2 | 2 | |
Financing Receivable, Modified, Accumulated | $ 334,000 | $ 342,000 | |
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Off-Balance-Sheet, Credit Loss, Liability | $ 162,900,000 | ||
Other Liabilities [Member] | |||
Off-Balance-Sheet, Credit Loss, Liability | $ 894,000 | $ 859,000 |
Note 8 - Loans Receivable, Ne_3
Note 8 - Loans Receivable, Net - Schedule of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans | $ 659,132 | $ 634,496 | ||
Held for investment, allowance for credit loss | 12,842 | 12,569 | $ 12,126 | $ 11,177 |
Deferred Loan Fees | 387 | 365 | ||
Financing Receivable, Allowance for Credit Loss and Deferred Loan Fees | 13,229 | 12,934 | ||
Total Loans Receivable, Net | 645,903 | 621,562 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||
Loans | 114,769 | 104,508 | ||
Held for investment, allowance for credit loss | 1,990 | 1,828 | 2,346 | 2,323 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||||
Loans | 187,146 | 172,883 | ||
Held for investment, allowance for credit loss | 3,854 | 3,551 | 3,072 | 2,125 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||
Loans | 267,585 | 264,802 | ||
Held for investment, allowance for credit loss | 4,932 | 5,052 | 4,264 | 4,804 |
Commercial and Agricultural Loans [Member] | ||||
Loans | 28,919 | 33,286 | ||
Held for investment, allowance for credit loss | 699 | 808 | 1,130 | 874 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||||
Loans | 36,201 | 34,497 | ||
Held for investment, allowance for credit loss | 761 | 731 | 672 | 599 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||||
Loans | 24,512 | 24,520 | ||
Held for investment, allowance for credit loss | $ 606 | $ 599 | $ 642 | $ 452 |
Note 8 - Loans Receivable, Ne_4
Note 8 - Loans Receivable, Net - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Current year | $ 27,483 | $ 130,116 | |
One year before | 135,471 | 150,177 | |
Two years before | 145,563 | 101,397 | |
Pass | 98,402 | 45,028 | |
Pass | 44,151 | 40,368 | |
Pass | 141,106 | 104,966 | |
Pass | 66,956 | 62,444 | |
Pass | 659,132 | 634,496 | |
Current year, writen off | 0 | 0 | |
One year before gross write-offs | 6 | 23 | |
Two years before gross write-offs | 0 | 33 | |
Three years before gross write-offs | 4 | 17 | |
Four years before gross write-offs | 6 | 0 | |
Prior gross write-offs | 4 | 12 | |
Revolving gross write-offs | 42 | 90 | |
Total loans gross write-offs | 62 | $ 51 | 175 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Current year | 15,103 | 36,027 | |
One year before | 40,510 | 35,845 | |
Two years before | 29,894 | 16,956 | |
Pass | 16,171 | 4,799 | |
Pass | 1,643 | 3,438 | |
Pass | 5,715 | 2,204 | |
Pass | 5,733 | 5,239 | |
Pass | 114,769 | 104,508 | |
Current year, writen off | 0 | 0 | |
One year before gross write-offs | 0 | 0 | |
Two years before gross write-offs | 0 | 0 | |
Three years before gross write-offs | 0 | 0 | |
Four years before gross write-offs | 0 | 0 | |
Prior gross write-offs | 0 | 1 | |
Revolving gross write-offs | 0 | 0 | |
Total loans gross write-offs | 0 | 0 | 1 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||
Current year | 13,423 | 31,811 | |
One year before | 36,314 | 21,125 | |
Two years before | 17,113 | 15,431 | |
Pass | 15,269 | 1,518 | |
Pass | 1,476 | 617 | |
Pass | 1,946 | 1,322 | |
Pass | 5,413 | 5,089 | |
Pass | 90,954 | 76,913 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Caution [Member] | |||
Current year | 1,644 | 4,073 | |
One year before | 4,053 | 14,381 | |
Two years before | 12,753 | 1,192 | |
Pass | 571 | 3,148 | |
Pass | 38 | 275 | |
Pass | 662 | 333 | |
Pass | 316 | 150 | |
Pass | 20,037 | 23,552 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | |||
Current year | 36 | 0 | |
One year before | 0 | 29 | |
Two years before | 28 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 1,072 | |
Pass | 1,555 | 457 | |
Pass | 0 | 0 | |
Pass | 1,619 | 1,558 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||
Current year | 0 | 143 | |
One year before | 143 | 310 | |
Two years before | 0 | 333 | |
Pass | 331 | 133 | |
Pass | 129 | 1,474 | |
Pass | 1,552 | 92 | |
Pass | 4 | 0 | |
Pass | 2,159 | 2,485 | |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Current year | 6,861 | 46,267 | |
One year before | 47,885 | 46,981 | |
Two years before | 51,566 | 19,292 | |
Pass | 18,637 | 16,055 | |
Pass | 18,950 | 5,585 | |
Pass | 33,452 | 28,846 | |
Pass | 9,795 | 9,857 | |
Pass | 187,146 | 172,883 | |
Current year, writen off | 0 | 0 | |
One year before gross write-offs | 0 | 0 | |
Two years before gross write-offs | 0 | 0 | |
Three years before gross write-offs | 0 | 0 | |
Four years before gross write-offs | 0 | 0 | |
Prior gross write-offs | 0 | 0 | |
Revolving gross write-offs | 0 | 0 | |
Total loans gross write-offs | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Pass [Member] | |||
Current year | 4,783 | 28,352 | |
One year before | 29,442 | 36,426 | |
Two years before | 40,601 | 12,290 | |
Pass | 11,319 | 14,164 | |
Pass | 14,015 | 3,991 | |
Pass | 25,737 | 22,239 | |
Pass | 9,651 | 9,708 | |
Pass | 135,548 | 127,170 | |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Caution [Member] | |||
Current year | 1,861 | 15,050 | |
One year before | 15,588 | 10,397 | |
Two years before | 10,808 | 5,954 | |
Pass | 6,277 | 1,497 | |
Pass | 4,547 | 1,546 | |
Pass | 5,473 | 4,134 | |
Pass | 144 | 149 | |
Pass | 44,698 | 38,727 | |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Special Mention [Member] | |||
Current year | 217 | 2,291 | |
One year before | 2,283 | 158 | |
Two years before | 157 | 430 | |
Pass | 426 | 394 | |
Pass | 388 | 0 | |
Pass | 227 | 190 | |
Pass | 0 | 0 | |
Pass | 3,698 | 3,463 | |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Substandard [Member] | |||
Current year | 0 | 574 | |
One year before | 572 | 0 | |
Two years before | 0 | 618 | |
Pass | 615 | 0 | |
Pass | 0 | 48 | |
Pass | 2,015 | 2,283 | |
Pass | 0 | 0 | |
Pass | 3,202 | 3,523 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Current year | 1,199 | 29,866 | |
One year before | 31,104 | 54,199 | |
Two years before | 52,934 | 54,098 | |
Pass | 56,866 | 22,198 | |
Pass | 21,894 | 30,637 | |
Pass | 99,301 | 71,309 | |
Pass | 4,287 | 2,495 | |
Pass | 267,585 | 264,802 | |
Current year, writen off | 0 | 0 | |
One year before gross write-offs | 0 | 0 | |
Two years before gross write-offs | 0 | 0 | |
Three years before gross write-offs | 0 | 0 | |
Four years before gross write-offs | 0 | 0 | |
Prior gross write-offs | 0 | 0 | |
Revolving gross write-offs | 0 | 0 | |
Total loans gross write-offs | 0 | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | |||
Current year | 847 | 12,702 | |
One year before | 18,720 | 48,077 | |
Two years before | 47,539 | 49,377 | |
Pass | 51,776 | 16,593 | |
Pass | 16,349 | 17,806 | |
Pass | 68,756 | 52,848 | |
Pass | 4,119 | 2,375 | |
Pass | 208,106 | 199,778 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Caution [Member] | |||
Current year | 352 | 16,951 | |
One year before | 12,173 | 4,880 | |
Two years before | 4,161 | 4,212 | |
Pass | 4,587 | 5,197 | |
Pass | 5,139 | 12,831 | |
Pass | 20,741 | 8,468 | |
Pass | 168 | 20 | |
Pass | 47,321 | 52,559 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||
Current year | 0 | 213 | |
One year before | 211 | 900 | |
Two years before | 895 | 452 | |
Pass | 448 | 408 | |
Pass | 406 | 0 | |
Pass | 5,415 | 5,485 | |
Pass | 0 | 100 | |
Pass | 7,375 | 7,558 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||
Current year | 0 | 0 | |
One year before | 0 | 342 | |
Two years before | 339 | 57 | |
Pass | 55 | 0 | |
Pass | 0 | 0 | |
Pass | 4,389 | 4,508 | |
Pass | 0 | 0 | |
Pass | 4,783 | 4,907 | |
Commercial and Agricultural Loans [Member] | |||
Current year | 1,612 | 8,953 | |
One year before | 8,533 | 7,144 | |
Two years before | 5,809 | 8,487 | |
Pass | 4,519 | 720 | |
Pass | 621 | 371 | |
Pass | 2,285 | 2,487 | |
Pass | 5,540 | 5,124 | |
Pass | 28,919 | 33,286 | |
Current year, writen off | 0 | 0 | |
One year before gross write-offs | 0 | 0 | |
Two years before gross write-offs | 0 | 16 | |
Three years before gross write-offs | 0 | 0 | |
Four years before gross write-offs | 0 | 0 | |
Prior gross write-offs | 0 | 0 | |
Revolving gross write-offs | 21 | 0 | |
Total loans gross write-offs | 21 | 16 | 16 |
Commercial and Agricultural Loans [Member] | Pass [Member] | |||
Current year | 1,190 | 4,763 | |
One year before | 4,471 | 5,991 | |
Two years before | 4,510 | 6,672 | |
Pass | 2,759 | 643 | |
Pass | 590 | 348 | |
Pass | 1,946 | 2,128 | |
Pass | 4,616 | 4,205 | |
Pass | 20,082 | 24,750 | |
Commercial and Agricultural Loans [Member] | Caution [Member] | |||
Current year | 422 | 3,732 | |
One year before | 3,606 | 1,131 | |
Two years before | 1,285 | 1,715 | |
Pass | 1,656 | 67 | |
Pass | 29 | 16 | |
Pass | 190 | 207 | |
Pass | 718 | 816 | |
Pass | 7,906 | 7,684 | |
Commercial and Agricultural Loans [Member] | Special Mention [Member] | |||
Current year | 0 | 458 | |
One year before | 445 | 22 | |
Two years before | 14 | 100 | |
Pass | 23 | 9 | |
Pass | 2 | 7 | |
Pass | 90 | 90 | |
Pass | 100 | 0 | |
Pass | 674 | 686 | |
Commercial and Agricultural Loans [Member] | Substandard [Member] | |||
Current year | 0 | 0 | |
One year before | 11 | 0 | |
Two years before | 0 | 0 | |
Pass | 81 | 1 | |
Pass | 0 | 0 | |
Pass | 59 | 62 | |
Pass | 106 | 103 | |
Pass | 257 | 166 | |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||
Current year | 0 | 0 | |
One year before | 0 | 0 | |
Two years before | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 36,201 | 34,497 | |
Pass | 36,201 | 34,497 | |
Current year, writen off | 0 | 0 | |
One year before gross write-offs | 0 | 0 | |
Two years before gross write-offs | 0 | 0 | |
Three years before gross write-offs | 0 | 0 | |
Four years before gross write-offs | 0 | 0 | |
Prior gross write-offs | 0 | 0 | |
Revolving gross write-offs | 0 | 1 | |
Total loans gross write-offs | 0 | 0 | 1 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Pass [Member] | |||
Current year | 0 | 0 | |
One year before | 0 | 0 | |
Two years before | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 29,581 | 27,192 | |
Pass | 29,581 | 27,192 | |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Caution [Member] | |||
Current year | 0 | 0 | |
One year before | 0 | 0 | |
Two years before | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 5,695 | 6,290 | |
Pass | 5,695 | 6,290 | |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Special Mention [Member] | |||
Current year | 0 | 0 | |
One year before | 0 | 0 | |
Two years before | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 351 | 401 | |
Pass | 351 | 401 | |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Substandard [Member] | |||
Current year | 0 | 0 | |
One year before | 0 | 0 | |
Two years before | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 574 | 614 | |
Pass | 574 | 614 | |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Current year | 2,708 | 9,003 | |
One year before | 7,439 | 6,008 | |
Two years before | 5,360 | 2,564 | |
Pass | 2,209 | 1,256 | |
Pass | 1,043 | 337 | |
Pass | 353 | 120 | |
Pass | 5,400 | 5,232 | |
Pass | 24,512 | 24,520 | |
Current year, writen off | 0 | 0 | |
One year before gross write-offs | 6 | 23 | |
Two years before gross write-offs | 0 | 17 | |
Three years before gross write-offs | 4 | 17 | |
Four years before gross write-offs | 6 | 0 | |
Prior gross write-offs | 4 | 11 | |
Revolving gross write-offs | 21 | 89 | |
Total loans gross write-offs | 41 | $ 35 | 157 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Pass [Member] | |||
Current year | 2,107 | 6,543 | |
One year before | 5,158 | 3,874 | |
Two years before | 3,459 | 1,580 | |
Pass | 1,339 | 740 | |
Pass | 611 | 190 | |
Pass | 179 | 63 | |
Pass | 5,115 | 4,922 | |
Pass | 17,968 | 17,912 | |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Caution [Member] | |||
Current year | 572 | 2,316 | |
One year before | 2,135 | 1,975 | |
Two years before | 1,753 | 911 | |
Pass | 791 | 468 | |
Pass | 395 | 137 | |
Pass | 166 | 51 | |
Pass | 269 | 295 | |
Pass | 6,081 | 6,153 | |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Special Mention [Member] | |||
Current year | 29 | 77 | |
One year before | 72 | 123 | |
Two years before | 116 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 0 | 0 | |
Pass | 5 | 6 | |
Pass | 222 | 206 | |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Substandard [Member] | |||
Current year | 0 | 67 | |
One year before | 74 | 36 | |
Two years before | 32 | 73 | |
Pass | 79 | 48 | |
Pass | 37 | 10 | |
Pass | 8 | 6 | |
Pass | 11 | 9 | |
Pass | $ 241 | $ 249 |
Note 8 - Loans Receivable, Ne_5
Note 8 - Loans Receivable, Net - Aging of Recorded Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans | $ 659,132 | $ 634,496 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 2,872 | 3,275 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 381 | 769 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 1,406 | 1,288 |
Financial Asset, Past Due [Member] | ||
Loans | 4,659 | 5,332 |
Financial Asset, Not Past Due [Member] | ||
Loans | 654,473 | 629,164 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 114,769 | 104,508 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 551 | 971 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 631 | 643 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 1,182 | 1,614 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 113,587 | 102,894 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Loans | 187,146 | 172,883 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 1,381 | 1,103 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 137 | 47 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 61 | 240 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, Past Due [Member] | ||
Loans | 1,579 | 1,390 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 185,567 | 171,493 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans | 267,585 | 264,802 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 262 | 500 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 14 | 519 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 607 | 336 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loans | 883 | 1,355 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 266,702 | 263,447 |
Commercial and Agricultural Loans [Member] | ||
Loans | 28,919 | 33,286 |
Commercial and Agricultural Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 369 | 81 |
Commercial and Agricultural Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 59 | 1 |
Commercial and Agricultural Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 2 | 2 |
Commercial and Agricultural Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 430 | 84 |
Commercial and Agricultural Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 28,489 | 33,202 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Loans | 36,201 | 34,497 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 147 | 347 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 97 | 64 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 21 | 21 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member] | ||
Loans | 265 | 432 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 35,936 | 34,065 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans | 24,512 | 24,520 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 162 | 273 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 74 | 138 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 84 | 46 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 320 | 457 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 24,192 | $ 24,063 |
Note 8 - Loans Receivable, Ne_6
Note 8 - Loans Receivable, Net - Loans in Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Nonaccrual with no allowance | $ 6,635 | $ 6,825 |
Nonaccrual with an allowance | 0 | 0 |
Nonaccrual | 6,635 | 6,825 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Nonaccrual with no allowance | 836 | 868 |
Nonaccrual with an allowance | 0 | 0 |
Nonaccrual | 836 | 868 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Nonaccrual with no allowance | 1,213 | 1,307 |
Nonaccrual with an allowance | 0 | 0 |
Nonaccrual | 1,213 | 1,307 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Nonaccrual with no allowance | 3,989 | 4,125 |
Nonaccrual with an allowance | 0 | 0 |
Nonaccrual | 3,989 | 4,125 |
Commercial and Agricultural Loans [Member] | ||
Nonaccrual with no allowance | 73 | 50 |
Nonaccrual with an allowance | 0 | 0 |
Nonaccrual | 73 | 50 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Nonaccrual with no allowance | 402 | 413 |
Nonaccrual with an allowance | 0 | 0 |
Nonaccrual | 402 | 413 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Nonaccrual with no allowance | 122 | 62 |
Nonaccrual with an allowance | 0 | 0 |
Nonaccrual | $ 122 | $ 62 |
Note 8 - Loans Receivable, Ne_7
Note 8 - Loans Receivable, Net - Accrued Interest Writeoff (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accrued Interest, Writeoff | $ 11 | $ 5 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Accrued Interest, Writeoff | 0 | 3 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Accrued Interest, Writeoff | 4 | 1 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Accrued Interest, Writeoff | 5 | 0 |
Commercial and Agricultural Loans [Member] | ||
Accrued Interest, Writeoff | 0 | 1 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Accrued Interest, Writeoff | 0 | 0 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Accrued Interest, Writeoff | $ 2 | $ 0 |
Note 8 - Loans Receivable, Ne_8
Note 8 - Loans Receivable, Net - Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Balance | $ 12,569 | $ 11,177 | $ 11,177 |
Provision for Credit Losses | 335 | 0 | |
Charge-Offs | (62) | (51) | (175) |
Recoveries | 35 | 50 | |
Balance | 12,842 | 12,126 | 12,569 |
(Reversal of) Provision for Loan Losses | 165 | ||
Ending Balance | 162,900 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 785 | 785 | |
Unfunded Loan Commitment [Member] | |||
Balance | 859 | 0 | 0 |
Provision (reversal of provision) for unfunded commitments | 35 | (165) | |
Ending Balance | 894 | 1,049 | 859 |
Unfunded Loan Commitment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Balance | 0 | 1,214 | 1,214 |
Ending Balance | 0 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Balance | 1,828 | 2,323 | 2,323 |
Provision for Credit Losses | 162 | ||
Charge-Offs | 0 | 0 | (1) |
Recoveries | 0 | 4 | |
Balance | 1,990 | 2,346 | 1,828 |
(Reversal of) Provision for Loan Losses | (245) | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 264 | 264 | |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Balance | 3,551 | 2,125 | 2,125 |
Provision for Credit Losses | 302 | ||
Charge-Offs | 0 | 0 | 0 |
Recoveries | 1 | 8 | |
Balance | 3,854 | 3,072 | 3,551 |
(Reversal of) Provision for Loan Losses | 477 | ||
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 462 | 462 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Balance | 5,052 | 4,804 | 4,804 |
Provision for Credit Losses | (120) | ||
Charge-Offs | 0 | 0 | 0 |
Recoveries | 0 | 5 | |
Balance | 4,932 | 4,264 | 5,052 |
(Reversal of) Provision for Loan Losses | (205) | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | (340) | (340) | |
Commercial and Agricultural Loans [Member] | |||
Balance | 808 | 874 | 874 |
Provision for Credit Losses | (88) | ||
Charge-Offs | (21) | (16) | (16) |
Recoveries | 0 | 5 | |
Balance | 699 | 1,130 | 808 |
(Reversal of) Provision for Loan Losses | 155 | ||
Commercial and Agricultural Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 112 | 112 | |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||
Balance | 731 | 599 | 599 |
Provision for Credit Losses | 30 | ||
Charge-Offs | 0 | 0 | (1) |
Recoveries | 0 | 22 | |
Balance | 761 | 672 | 731 |
(Reversal of) Provision for Loan Losses | (57) | ||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 108 | 108 | |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Balance | 599 | 452 | 452 |
Provision for Credit Losses | 14 | ||
Charge-Offs | (41) | (35) | (157) |
Recoveries | 34 | 6 | |
Balance | $ 606 | 642 | 599 |
(Reversal of) Provision for Loan Losses | 40 | ||
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | $ 179 | $ 179 |
Note 8 - Loans Receivable, Ne_9
Note 8 - Loans Receivable, Net - Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans | $ 659,132 | $ 634,496 |
Collateral Pledged [Member] | ||
Loans | 5,115 | 5,210 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 114,769 | 104,508 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Collateral Pledged [Member] | ||
Loans | 631 | 643 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Loans | 187,146 | 172,883 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Collateral Pledged [Member] | ||
Loans | 416 | 668 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans | 267,585 | 264,802 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Collateral Pledged [Member] | ||
Loans | 3,746 | 3,567 |
Commercial and Agricultural Loans [Member] | ||
Loans | 28,919 | 33,286 |
Commercial and Agricultural Loans [Member] | Collateral Pledged [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Loans | 36,201 | 34,497 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Collateral Pledged [Member] | ||
Loans | $ 322 | $ 332 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Noninterest-Bearing Domestic Deposit, Brokered | $ 5,200,000 | $ 5,000,000 |
Interest-Bearing Domestic Deposit, Brokered | 6,500,000 | |
Deposit Liabilities Reclassified as Loans Receivable | 246,000 | 57,000 |
Cash, Uninsured Amount | 58,500,000 | 50,200,000 |
Cash, FDIC Insured Amount | $ 332,600,000 | $ 327,700,000 |
Note 9 - Deposits - Deposits Ou
Note 9 - Deposits - Deposits Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Checking | $ 448,422 | $ 473,936 |
Money Market | 428,751 | 401,992 |
Savings | 88,130 | 88,319 |
Certificates of Deposit | 240,576 | 230,750 |
Total | $ 1,205,879 | $ 1,194,997 |
Note 9 - Deposits - Scheduled M
Note 9 - Deposits - Scheduled Maturities of Certificates of Deposit (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Within 1 Year | $ 200,101 | $ 198,325 |
After 1 Year, Within 2 Years | 25,743 | 16,568 |
After 2 Years, Within 3 Years | 7,812 | 9,487 |
After 3 Years, Within 4 Years | 2,284 | 2,636 |
After 4 Years, Within 5 Years | 4,636 | 3,734 |
Total Certificates of Deposit | $ 240,576 | $ 230,750 |
Note 10 - Borrowings (Details T
Note 10 - Borrowings (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Other Borrowings | $ 19,528 | $ 19,180 |
Federal Home Loan Bank, Advance | $ 0 | 0 |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument, Collateral Amount | $ 52,600 | 53,600 |
Derivative Liability, Fair Value of Collateral | 43,700 | 44,100 |
Discount Window Borrowing [Member] | Federal Home Loan Bank of Atlanta [Member] | ||
Debt Instrument, Face Amount | $ 74,200 | $ 119,200 |
Long-Term Debt, Weighted Average Interest Rate, over Time | 4.88% | 4.60% |
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |
Debt Instrument, Collateral Amount | $ 369,700 | $ 381,000 |
Derivative Liability, Fair Value of Collateral | 340,200 | 350,600 |
Borrower-In-Custody Program [Member] | Federal Home Loan Bank of Atlanta [Member] | ||
Debt Instrument, Face Amount | 0 | |
Debt Instrument, Collateral Amount | 91,600 | 93,500 |
Derivative Liability, Fair Value of Collateral | 67,100 | 65,500 |
Short Term Repurchase Agreements [Member] | ||
Debt Instrument, Collateral Amount | 43,200 | 53,600 |
Derivative Liability, Fair Value of Collateral | $ 40,700 | $ 44,100 |
Debt Instrument, Interest Rate, Stated Percentage | 1.49% | 1.49% |
Note 11 - Subordinated Debent_2
Note 11 - Subordinated Debentures (Details Textual) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Nov. 30, 2019 USD ($) | Sep. 30, 2006 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 USD ($) | |
Junior Subordinated Debentures [Member] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 7.29% | 7.35% | |||
Junior Subordinated Debentures [Member] | LIBOR [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | 1.70% | |||
Junior Subordinated Debentures [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | ||||
Debt Instrument, Basis Spread Adjustment | 0.26161 | ||||
Ten Year Notes Due 2029 [Member] | Subordinated Debt [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] | LIBOR [Member] | Subordinated Debt [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.69% | ||||
Fifteen Year Notes Due 2034 [Member] | Subordinated Debt [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] | LIBOR [Member] | Subordinated Debt [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.57% |
Note 12 - Regulatory Matters (D
Note 12 - Regulatory Matters (Details Textual) | Mar. 31, 2024 |
Banking Regulation, Capital Conservation Buffer, Common Equity Tier 1 Risk-Based Capital, Actual | 0.113 |
Note 12 - Regulatory Matters -
Note 12 - Regulatory Matters - Schedule of Regulatory Capital Requirements (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) | $ 151,693 | $ 150,129 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets), Actual Ratio | 0.18 | 0.182 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets), Capital Adequacy | $ 50,523 | $ 49,391 |
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 | $ 67,364 | $ 65,854 |
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) | $ 162,258 | $ 160,457 |
Total Risk-Based Capital (To Risk Weighted Assets) Actual Ratio | 0.193 | 0.195 |
Total Risk-Based Capital (To Risk Weighted Assets), Capital Adequacy | $ 67,364 | $ 65,854 |
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 | $ 84,205 | $ 82,318 |
Total Risk-Based Capital (To Risk Weighted Assets) Well Capitalized Ratio | 0.10 | 0.10 |
Common Equity Tier 1 Capital (To Risk Weighted Assets) | $ 151,693 | $ 150,129 |
Common Equity Tier 1 Capital (To Risk Weighted Assets) Actual Ratio | 0.18 | 0.182 |
Common Equity Tier 1 Capital (To Risk Weighted Assets), Capital Adequacy | $ 37,892 | $ 37,043 |
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 | $ 54,734 | $ 53,506 |
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) | $ 151,693 | $ 150,129 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) Actual Ratio | 0.099 | 0.098 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets), Capital Adequacy | $ 61,213 | $ 61,076 |
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 | $ 76,517 | $ 76,345 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) Well Capitalized Ratio | 0.05 | 0.05 |
Note 13 - Fair Value of Finan_3
Note 13 - Fair Value of Financial Instruments (Details Textual) $ in Millions | Mar. 31, 2024 USD ($) |
Off-Balance-Sheet, Credit Loss, Liability | $ 162.9 |
Note 13 - Fair Value of Finan_4
Note 13 - Fair Value of Financial Instruments - Fair Value Measurements, Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available For Sale ("AFS") | $ 532,469 | $ 537,640 |
Taxable Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 52,752 | 53,115 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available For Sale ("AFS") | 341,179 | 336,170 |
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") | 532,469 | 537,640 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Student Loan Pools [Member] | ||
Available For Sale ("AFS") | 47,703 | 50,366 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA Bonds [Member] | ||
Available For Sale ("AFS") | 70,800 | 76,753 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Tax Exempt Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 20,035 | 21,236 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Taxable Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 52,752 | 53,115 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Available For Sale ("AFS") | 341,179 | 336,170 |
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 13 - Fair Value of Finan_5
Note 13 - Fair Value of Financial Instruments - Fair Value Measurements Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 6,157 | $ 7,115 |
Mortgage Loans Held For Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 104 | 967 |
Collateral Dependent Loans [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,115 | 5,210 |
Land Held for Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 938 | 938 |
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] | Collateral Dependent Loans [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 2 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 104 | 967 |
Fair Value, Inputs, Level 2 [Member] | Mortgage Loans Held For Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 104 | 967 |
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] | Land Held for Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6,053 | 6,148 |
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] | Collateral Dependent Loans [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,115 | 5,210 |
Fair Value, Inputs, Level 3 [Member] | Land Held for Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 938 | $ 938 |
Note 13 - Fair Value of Finan_6
Note 13 - Fair Value of Financial Instruments - Level 3 Assets Measured at Fair Value (Details) - Measurement Input, Appraised Value [Member] | Mar. 31, 2024 | Dec. 31, 2023 |
Land Held for Sale [Member] | ||
Loans Held for Sale | 0.10 | 0.10 |
Collateral Dependent Loans [Member] | Minimum [Member] | ||
Loans Held for Sale | 0.10 | 0.10 |
Collateral Dependent Loans [Member] | Maximum [Member] | ||
Loans Held for Sale | 0.12 | 0.12 |
Note 13 - Fair Value of Finan_7
Note 13 - Fair Value of Financial Instruments - Schedule of Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available For Sale ("AFS") | $ 532,469 | $ 537,640 |
Reported Value Measurement [Member] | ||
Cash and Cash Equivalents | 92,775 | 128,284 |
Certificates of Deposits with Other Banks | 2,350 | 2,350 |
Available For Sale ("AFS") | 532,469 | 537,640 |
HTM Securities | 159,085 | 163,072 |
Loans Receivable, Net | 645,903 | 621,562 |
FHLB Stock | 1,041 | 922 |
Checking, Savings & Money Market Accounts | 965,303 | 964,247 |
Certificates of Deposits | 240,576 | 230,750 |
Borrowings from FRB | 74,200 | 119,200 |
Other Borrowed Money | 19,528 | 19,180 |
Subordinated Debentures | 26,500 | 26,500 |
Junior Subordinated Debentures | 5,155 | 5,155 |
Certificates of Deposits | 240,576 | 230,750 |
Estimate of Fair Value Measurement [Member] | ||
Cash and Cash Equivalents | 92,775 | 128,284 |
Certificates of Deposits with Other Banks | 2,350 | 2,350 |
Available For Sale ("AFS") | 532,469 | 537,640 |
HTM Securities | 154,938 | 158,540 |
Loans Receivable, Net | 630,093 | 610,410 |
FHLB Stock | 1,041 | 922 |
Checking, Savings & Money Market Accounts | 965,303 | 964,247 |
Certificates of Deposits | 238,946 | 229,278 |
Borrowings from FRB | 73,874 | 118,926 |
Other Borrowed Money | 19,528 | 19,180 |
Subordinated Debentures | 23,432 | 23,036 |
Junior Subordinated Debentures | 5,155 | 5,155 |
Certificates of Deposits | 238,946 | 229,278 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents | 92,775 | 128,284 |
Certificates of Deposits with Other Banks | 0 | 0 |
Available For Sale ("AFS") | 0 | 0 |
HTM Securities | 0 | 0 |
Loans Receivable, Net | 0 | 0 |
FHLB Stock | 1,041 | 922 |
Checking, Savings & Money Market Accounts | 965,303 | 964,247 |
Certificates of Deposits | 0 | 0 |
Borrowings from FRB | 73,874 | 118,926 |
Other Borrowed Money | 19,528 | 19,180 |
Subordinated Debentures | 0 | 0 |
Junior Subordinated Debentures | 0 | 0 |
Certificates of Deposits | 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 | 2,350 |
Available For Sale ("AFS") | 532,469 | 537,640 |
HTM Securities | 154,938 | 158,540 |
Loans Receivable, Net | 0 | 0 |
FHLB Stock | 0 | 0 |
Checking, Savings & Money Market Accounts | 0 | 0 |
Certificates of Deposits | 238,946 | 229,278 |
Borrowings from FRB | 0 | 0 |
Other Borrowed Money | 0 | 0 |
Subordinated Debentures | 23,432 | 23,036 |
Junior Subordinated Debentures | 5,155 | 5,155 |
Certificates of Deposits | 238,946 | 229,278 |
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 |
HTM Securities | 0 | 0 |
Loans Receivable, Net | 630,093 | 610,410 |
FHLB Stock | 0 | 0 |
Checking, Savings & Money Market Accounts | 0 | 0 |
Certificates of Deposits | 0 | 0 |
Borrowings from FRB | 0 | 0 |
Other Borrowed Money | 0 | 0 |
Subordinated Debentures | 0 | 0 |
Junior Subordinated Debentures | 0 | 0 |
Certificates of Deposits | $ 0 | $ 0 |
Note 14 - Non-interest Income -
Note 14 - Non-interest Income - Non-interest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Gain on Sale of Loans | [1] | $ 131 | $ 194 |
Commissions From Insurance Agency | [1] | 183 | 163 |
Trust Income | 522 | 382 | |
BOLI Income | [1] | 173 | 150 |
Other (1) | [1] | 171 | 240 |
Total Non-Interest Income | 2,321 | 2,201 | |
Deposit Account [Member] | |||
Fees income | 319 | 270 | |
ATM and Credit Card [Member] | |||
Fees income | $ 822 | $ 802 | |
[1]Not within the scope of ASC 606 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Operating Lease, Payments | $ 130,000 | |
Lease, Cost | 128,000 | |
Increase (Decrease) in Operating Lease Liability | 119,000 | |
Operating Lease, Right-of-Use Asset | 1,285,000 | $ 1,402,000 |
Operating Lease, Liability | $ 1,323,000 | $ 1,442,000 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 2 years 11 months 8 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.20% |
Note 15 - Leases - Operating Le
Note 15 - Leases - Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Remainder of 2024 | $ 392 | |
2025 | 475 | |
2026 | 363 | |
2027 | 148 | |
2028 | 10 | |
Total undiscounted lease payments | 1,388 | |
Less: effect of discounting | (65) | |
Present value of estimated lease payments (lease liability) | $ 1,323 | $ 1,442 |
Note 16 - Preferred Stock (Deta
Note 16 - Preferred Stock (Details Textual) $ in Thousands | May 24, 2022 USD ($) shares |
Dividends, Preferred Stock, Cash | $ 0 |
Preferred Stock [Member] | |
Stock Issued During Period, Shares, New Issues (in shares) | shares | 82,949 |
Stock Issued During Period, Value, New Issues | $ 82,900 |