Document And Entity Information
Document And Entity Information - USD ($) | Dec. 31, 2021 | Mar. 15, 2022 | Jun. 30, 2021 |
Document Information [Line Items] | |||
Entity Registrant Name | Middlefield Banc Corp. | ||
Document, Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document, Annual Report | true | ||
Document, Period End Date | Dec. 31, 2021 | ||
Document, Transition Report | false | ||
Entity, File Number | 001-36613 | ||
Entity, Incorporation, State or Country Code | OH | ||
Entity, Tax Identification Number | 34-1585111 | ||
Entity, Address, Address Line One | 15985 East High Street | ||
Entity, Address, City or Town | Middlefield | ||
Entity, Address, State or Province | OH | ||
Entity, Address, Postal Zip Code | 44062-0035 | ||
City Area Code | 440 | ||
Local Phone Number | 632-1666 | ||
Trading Symbol | MBCN | ||
Title of 12(b) Security | Common Stock, Without Par Value | ||
Security Exchange Name | NASDAQ | ||
Entity, Well-known Seasoned Issuer | No | ||
Entity, Voluntary Filers | No | ||
Entity, Current Reporting Status | Yes | ||
Entity, Interactive Data, Current | Yes | ||
Entity, Filer Category | Non-accelerated Filer | ||
Entity, Small Business | true | ||
Entity, Emerging Growth Company | false | ||
Entity, Shell Company | false | ||
Entity, Public Float | $ 139,700,000 | ||
Entity, Common Stock Shares, Outstanding | 5,879,972 | ||
Documents Incorporated By Reference Text Block | Portions of the registrant’s definitive proxy statements for the 2022 Annual Meeting of Shareholders are incorporated by reference in Part III of this report. Portions of the Annual Report to Shareholders for the year ended December 31, 2021 are incorporated by reference into Part I and Part II of this report. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000836147 | ||
Auditor Name | S. R. Snodgrass, P.C. | ||
Auditor Location | Cranberry Township, Pennsylvania | ||
Auditor Firm ID | 74 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 97,172,000 | $ 92,874,000 |
Federal funds sold | 22,322,000 | 19,543,000 |
Cash and cash equivalents | 119,494,000 | 112,417,000 |
Equity securities, at fair value | 818,000 | 609,000 |
Investment securities available for sale, at fair value | 170,199,000 | 114,360,000 |
Loans held for sale | 1,051,000 | 878,000 |
Loans: | ||
Loans | 981,691,000 | 1,104,085,000 |
Less: allowance for loan and lease losses | 14,342,000 | 13,459,000 |
Net loans | 967,349,000 | 1,090,626,000 |
Premises and equipment, net | 17,272,000 | 18,333,000 |
Goodwill | 15,071,000 | 15,071,000 |
Core deposit intangibles | 1,403,000 | 1,724,000 |
Bank-owned life insurance | 17,060,000 | 16,938,000 |
Other real estate owned | 6,992,000 | 7,387,000 |
Accrued interest receivable and other assets | 14,297,000 | 13,636,000 |
TOTAL ASSETS | 1,331,006,000 | 1,391,979,000 |
LIABILITIES | ||
Noninterest-bearing demand | 334,171,000 | 291,347,000 |
Interest-bearing demand | 196,308,000 | 195,722,000 |
Money market | 177,281,000 | 198,493,000 |
Savings | 260,125,000 | 243,888,000 |
Time | 198,725,000 | 295,750,000 |
Total deposits | 1,166,610,000 | 1,225,200,000 |
Other borrowings | 12,901,000 | 17,038,000 |
Accrued interest payable and other liabilities | 6,160,000 | 5,931,000 |
TOTAL LIABILITIES | 1,185,671,000 | 1,248,169,000 |
STOCKHOLDERS' EQUITY | ||
Common stock, no par value; 10,000,000 shares authorized, 7,330,548 and 7,308,685 shares issued; 5,888,737 and 6,379,323 shares outstanding | 87,131,000 | 86,886,000 |
Retained earnings | 83,971,000 | 69,578,000 |
Accumulated other comprehensive income | 3,462,000 | 4,284,000 |
Treasury stock, at cost; 1,441,811 and 929,362 shares | (29,229,000) | (16,938,000) |
TOTAL STOCKHOLDERS' EQUITY | 145,335,000 | 143,810,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,331,006,000 | 1,391,979,000 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||
Loans: | ||
Loans | 111,470,000 | 103,121,000 |
Less: allowance for loan and lease losses | 1,836,000 | 1,342,000 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Loans: | ||
Loans | 283,618,000 | 309,424,000 |
Less: allowance for loan and lease losses | 7,431,000 | 6,817,000 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Loans: | ||
Loans | 31,189,000 | 39,562,000 |
Less: allowance for loan and lease losses | 454,000 | 461,000 |
Residential Portfolio Segment [Member] | ||
Loans: | ||
Loans | 240,089,000 | 233,995,000 |
Less: allowance for loan and lease losses | 1,740,000 | 1,683,000 |
Commercial And Industrial [Member] | ||
Loans: | ||
Loans | 148,812,000 | 232,044,000 |
Less: allowance for loan and lease losses | 882,000 | 1,353,000 |
Home Equity Lines of Credit [Member] | ||
Loans: | ||
Loans | 104,355,000 | 112,543,000 |
Less: allowance for loan and lease losses | 1,452,000 | 1,405,000 |
Construction and Other [Member] | ||
Loans: | ||
Loans | 54,148,000 | 63,573,000 |
Less: allowance for loan and lease losses | 533,000 | 378,000 |
Consumer Portfolio Segment [Member] | ||
Loans: | ||
Loans | 8,010,000 | 9,823,000 |
Less: allowance for loan and lease losses | $ 14,000 | $ 20,000 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 7,330,548 | 7,308,685 |
Common stock, shares outstanding (in shares) | 5,888,737 | 6,379,323 |
Treasury stock, shares (in shares) | 1,441,811 | 929,362 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
INTEREST AND DIVIDEND INCOME | |||
Interest and fees on loans | $ 47,896,000 | $ 49,003,000 | |
Interest-earning deposits in other institutions | 90,000 | 118,000 | |
Federal funds sold | 3,000 | 22,000 | |
Investment securities: | |||
Taxable interest | 1,679,000 | 909,000 | |
Tax-exempt interest | 2,565,000 | 2,472,000 | |
Dividends on stock | 102,000 | 114,000 | |
Total interest and dividend income | 52,335,000 | 52,638,000 | |
INTEREST EXPENSE | |||
Deposits | 3,913,000 | 8,962,000 | |
Short-term borrowings | 0 | 79,000 | |
Other borrowings | 152,000 | 209,000 | |
Total interest expense | 4,065,000 | 9,250,000 | |
NET INTEREST INCOME | 48,270,000 | 43,388,000 | |
Provision for loan losses | 700,000 | 9,840,000 | |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 47,570,000 | 33,548,000 | |
NONINTEREST INCOME | |||
Gains (losses) on equity securities | [1] | 209,000 | (101,000) |
Earnings on bank-owned life insurance | [1] | 546,000 | 427,000 |
Gain on sale of loans | [1] | 1,240,000 | 1,487,000 |
Revenue from investment services | [2] | 727,000 | 526,000 |
Total noninterest income | 7,206,000 | 5,990,000 | |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 17,151,000 | 15,835,000 | |
Occupancy expense | 2,178,000 | 2,158,000 | |
Equipment expense | 1,361,000 | 1,308,000 | |
Data processing costs | 2,880,000 | 2,650,000 | |
Ohio state franchise tax | 1,144,000 | 1,082,000 | |
Federal deposit insurance expense | 494,000 | 423,000 | |
Professional fees | 1,313,000 | 1,359,000 | |
Net gain (loss) on other real estate owned | 11,000 | (172,000) | |
Advertising expense | 885,000 | 698,000 | |
Software amortization expense | 361,000 | 351,000 | |
Core deposit intangible amortization | 321,000 | 332,000 | |
Other expense | 3,979,000 | 3,764,000 | |
Total noninterest expense | 32,078,000 | 29,788,000 | |
Income before income taxes | 22,698,000 | 9,750,000 | |
Income taxes | 4,065,000 | 1,401,000 | |
NET INCOME | $ 18,633,000 | $ 8,349,000 | |
EARNINGS PER SHARE | |||
Basic (in dollars per share) | $ 3.01 | $ 1.31 | |
Diluted (in dollars per share) | $ 3 | $ 1.30 | |
Deposit Account [Member] | |||
NONINTEREST INCOME | |||
Noninterest income revenue | $ 3,425,000 | $ 2,539,000 | |
Financial Service, Other [Member] | |||
NONINTEREST INCOME | |||
Noninterest income revenue | $ 1,059,000 | $ 1,112,000 | |
[1] | Not within scope of ASC 606 | ||
[2] | From services offered by the Company through it's servicing partnership with LPL Financial |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 18,633 | $ 8,349 |
Other comprehensive income (loss): | ||
Net unrealized holding gain on available- for-sale investment securities | (1,041) | 3,091 |
Tax effect | 219 | (649) |
Reclassification adjustment for investment securities gains included in net income | 0 | 0 |
Tax effect | 0 | 0 |
Total other comprehensive income (loss) | (822) | 2,442 |
Comprehensive income | $ 17,811 | $ 10,791 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 7,294,792 | ||||
Balance at Dec. 31, 2019 | $ 86,617 | $ 65,063 | $ 1,842 | $ (15,747) | $ 137,775 |
Net income | 8,349 | 8,349 | |||
Other comprehensive income | 2,442 | $ 2,442 | |||
Stock options exercised (in shares) | 1,350 | 2,350 | |||
Stock options exercised | $ 12 | $ 12 | |||
Stock-based compensation, net (in shares) | 12,543 | ||||
Stock-based compensation, net | $ 257 | 257 | |||
Treasury shares acquired | (1,191) | (1,191) | |||
Cash dividends | (3,834) | $ (3,834) | |||
Balance (in shares) at Dec. 31, 2020 | 7,308,685 | 6,379,323 | |||
Balance at Dec. 31, 2020 | $ 86,886 | 69,578 | 4,284 | (16,938) | $ 143,810 |
Net income | 18,633 | 18,633 | |||
Other comprehensive income | (822) | $ (822) | |||
Stock options exercised (in shares) | 10,650 | 12,150 | |||
Stock options exercised | $ 94 | $ 94 | |||
Stock-based compensation, net (in shares) | 11,213 | ||||
Stock-based compensation, net | $ 151 | 151 | |||
Treasury shares acquired | (12,291) | (12,291) | |||
Cash dividends | (4,240) | $ (4,240) | |||
Balance (in shares) at Dec. 31, 2021 | 7,330,548 | 5,888,737 | |||
Balance at Dec. 31, 2021 | $ 87,131 | $ 83,971 | $ 3,462 | $ (29,229) | $ 145,335 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retained Earnings [Member] | ||
Cash dividends per share (in dollars per share) | $ 0.6 | |
Treasury acquired, shares (in shares) | 512,449 | 58,200 |
Cash dividends per share (in dollars per share) | $ 0.69 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
OPERATING ACTIVITIES | |||
Net income | $ 18,633,000 | $ 8,349,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 700,000 | 9,840,000 | |
(Gain) loss on equity securities | [1] | (209,000) | 101,000 |
Depreciation and amortization of premises and equipment, net | 1,420,000 | 1,342,000 | |
Software amortization expense | 361,000 | 351,000 | |
Financing lease amortization expense | 313,000 | 286,000 | |
Gain on sale of premises and equipment | 0 | (27,000) | |
Amortization of premium and discount on investment securities, net | 506,000 | 365,000 | |
Accretion of deferred loan fees, net | (4,780,000) | (2,790,000) | |
Amortization of core deposit intangibles | 321,000 | 332,000 | |
Stock-based compensation (income) expense, net | 478,000 | 144,000 | |
Origination of loans held for sale | (34,081,000) | (42,487,000) | |
Proceeds from sale of loans | 35,148,000 | 44,316,000 | |
Gain on sale of loans | (1,240,000) | (1,487,000) | |
Earnings on bank-owned life insurance | [1] | (546,000) | (427,000) |
Deferred income tax | (401,000) | (1,348,000) | |
Gain on other real estate owned | (43,000) | (253,000) | |
Increase in accrued interest receivable | 1,078,000 | (1,739,000) | |
Decrease in accrued interest payable | (343,000) | (337,000) | |
Other, net | (1,893,000) | 551,000 | |
Net cash provided by operating activities | 15,422,000 | 15,082,000 | |
INVESTING ACTIVITIES | |||
Proceeds from repayments and maturities | 11,521,000 | 18,170,000 | |
Purchases | (68,907,000) | (24,071,000) | |
Decrease (increase) in loans, net | 127,294,000 | (127,874,000) | |
Proceeds from the sale of other real estate owned | 501,000 | 709,000 | |
Net purchase of premises and equipment | (605,000) | (1,077,000) | |
Proceeds from the disposal of premises and equipment | 0 | 27,000 | |
Purchase of restricted stock | 0 | (1,600,000) | |
Redemption of restricted stock | 658,000 | 391,000 | |
Proceeds from bank-owned life insurance | 424,000 | 0 | |
Net cash (used in) provided by investing activities | 70,886,000 | (135,325,000) | |
FINANCING ACTIVITIES | |||
Net (decrease) increase in deposits | (58,590,000) | 204,357,000 | |
Decrease in short-term borrowings, net | 0 | (5,075,000) | |
Proceeds from other borrowings | 0 | 3,952,000 | |
Repayment of other borrowings | (4,204,000) | (674,000) | |
Stock options exercised | 94,000 | 12,000 | |
Repurchase of treasury shares | (12,291,000) | (1,191,000) | |
Cash dividends | (4,240,000) | (3,834,000) | |
Net cash (used in) provided by financing activities | (79,231,000) | 197,547,000 | |
Increase (decrease) in cash and cash equivalents | 7,077,000 | 77,304,000 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 112,417,000 | 35,113,000 | |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 119,494,000 | 112,417,000 | |
SUPPLEMENTAL INFORMATION | |||
Interest on deposits and borrowings | 4,408,000 | 9,587,000 | |
Income taxes | 5,526,000 | 2,177,000 | |
Transfers from loans to other real estate owned | 63,000 | 7,688,000 | |
Finance lease assets added to premises and equipment | (67,000) | (1,010,000) | |
Finance lease liabilities added to borrowed funds | $ 67,000 | $ 1,010,000 | |
[1] | Not within scope of ASC 606 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting and reporting policies applied in the presentation of the accompanying financial statements follows: Nature of Operations and Basis of Presentation Middlefield Banc Corp. (the “Company”) is an Ohio corporation organized to become the holding company of The Middlefield Banking Company (“MBC”). MBC is a state-chartered bank located in Ohio, whose consolidated financial statements also include the accounts of MBC’s subsidiary, Middlefield Investments, Inc. (“MI”), established March 13, 2019. October 23, 2009, The consolidated financial statements of the Company include its wholly-owned subsidiaries, MBC and EMORECO, Inc. Significant intercompany items have been eliminated in preparing the consolidated financial statements. The financial statements have been prepared according to U.S. Generally Accepted Accounting Principles. In preparing the financial statements, management must make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ from those estimates. Investment and Equity Securities Investment securities are classified at the time of purchase, based on management’s intention and ability, as securities held to maturity or securities available for sale. Debt securities acquired with the intent and ability to hold to maturity are stated at cost, adjusted for amortization of premium and accretion of discount, computed using a level yield method, and recognized as interest income adjustments. Certain other debt securities have been classified as available for sale to serve principally as a source of liquidity. Unrealized holding gains and losses for available-for-sale securities are reported as a separate component of stockholders’ equity, net of tax, until realized. Realized security gains and losses are computed using the specific identification method. Interest and dividends on investment securities are recognized as income when earned. For 2021 2020, Securities are evaluated quarterly and more frequently when economic or market conditions warrant such an evaluation to determine whether a decline in their value is other-than-temporary. For debt securities, management considers whether the present value of cash flows expected to be collected is less than the security’s amortized cost basis (the difference defined as the credit loss), the magnitude and duration of the decline, the reasons underlying the decline and the Bank’s intent to sell the security or whether it is more likely than not not not not one not Restricted Stock Common stock of the Federal Home Loan Bank (“FHLB”) represents ownership in an institution that is wholly owned by other financial institutions. This equity security is accounted for at cost and classified with other assets. The FHLB of Cincinnati has reported profits for 2021 2020, not December 31, 2021, 2020. Mortgage Banking Activities The Bank sells mortgage loans on a servicing retained basis. Servicing rights are initially recorded at fair value, with the income statement effect recorded in gains on sales of loans. The Bank measures servicing assets using the amortization method. Loan servicing rights are amortized in proportion to and throughout estimated net future servicing revenue. The expected period of the estimated net servicing income is partly based on the expected prepayment of the underlying mortgages. The unamortized balance of mortgage servicing rights is included in accrued interest and other assets on the Consolidated Balance Sheet. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of outstanding principal and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. Late fees and ancillary fees related to loan servicing are not December 31, 2021, 2020, Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff generally are reported at their outstanding unpaid principal balances net of the allowance for loan and lease losses. Interest income is recognized, when earned, on the accrual method. The accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions, the borrower’s financial condition is such that the collection of interest is doubtful. Interest received on nonaccrual loans is recorded as income or applied against principal according to management’s judgment as to the collectability of such principal. Loan origination fees and certain direct loan origination costs are deferred and the net amount amortized as an adjustment of the related loan’s yield. These amounts are amortized over the contractual life of the associated loans. Allowance for Loan and Lease Losses The allowance for loan and lease losses represents the amount that management estimates is adequate to provide for probable loan losses inherent in the loan portfolio. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan and lease losses is established through a provision for loan losses charged to operations. The provision is based on management’s periodic evaluation of the adequacy of the allowance for loan and lease losses, which encompasses the overall risk characteristics of the various portfolio segments, experience with losses, the impact of economic conditions on borrowers, and other relevant factors. The estimates used in determining the adequacy of the allowance for loan and lease losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to a significant change in the near term. A loan is considered impaired when it is probable the borrower will not 89 not not first Mortgage loans secured by one four Loans Acquired Loans acquired, including loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, are initially recorded at fair value (as determined by the present value of expected future cash flows) with no not For purchased loans acquired that are not Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost net of accumulated depreciation. Depreciation is computed on the straight-line method over the assets' estimated useful lives, which range from three Leases The Company has operating and financing leases for several branch locations and office space. Generally, the underlying lease agreements do not may e.g. e.g. may one Most leases include one As most of our leases do not Goodwill The Company accounts for goodwill using either a qualitative assessment or a two Intangible Assets Intangible assets include core deposit intangibles, which measure the value of consumer demand and savings deposits acquired in business combinations accounted for as purchases. The core deposit intangibles are being amortized to their estimated residual values over their expected useful lives, commonly ten Bank-Owned Life Insurance ( “ BOLI ” ) The Company owns insurance on the lives of a specific group of key employees. The policies were purchased to help offset the increase in the costs of various fringe benefit plans, including healthcare. The cash surrender value of these policies is included as an asset on the Consolidated Balance Sheet, and any increases in the cash surrender value are recorded as noninterest income on the Consolidated Statement of Income. In the event of the death of an insured individual under these policies, the Company would receive a death benefit, which would be recorded as tax-free noninterest income. Other Real Estate Owned ( “ OREO ” ) Real estate properties acquired through foreclosure are initially recorded at fair value at the foreclosure date, establishing a new cost basis. After foreclosure, management periodically performs valuations, and the real estate is carried at the lower of cost or fair value less estimated cost to sell. Revenue and expenses from operations of the properties, gains or losses on sales, and additions to the valuation allowance are included in operating results. The Company is required to disclose the carrying amount of residential real estate loans in the process of foreclosure. At December 31, 2021 2020, Income Taxes The Company and its subsidiaries file a consolidated federal income tax return. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Treasury Stock When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. The reserve for the Company’s treasury shares comprises the cost of the Company’s shares held by the Company. As of December 31, 2021, twelve December 31, 2021, December 31, 2020. Earnings Per Share The Company provides a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated utilizing net income as reported in the numerator and average shares outstanding in the denominator. The computation of diluted earnings per share differs in that the dilutive effects of any stock options, warrants, and convertible securities are adjusted in the denominator. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of issuance of the financial statements. Stock-Based Compensation The Company accounts for stock compensation based on the grant date fair value of all share-based payment awards expected to vest, including employee share options to be recognized as employee compensation expense over the requisite service period. Compensation cost is recognized for restricted stock issued to employees based on the fair value of these awards at the grant date. The market price of the Company’s common shares at the grant date is used to estimate the fair value of restricted stock and stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period, and is recorded in "Salaries and employee benefits" expense. (See Note 14 Cash Flow Information The Company has defined cash and cash equivalents as those amounts included in the Consolidated Balance Sheet captions as “Cash and due from banks” and “Federal funds sold” with original maturities of less than 90 Advertising Costs Advertising costs are expensed as incurred. Reclassification of Comparative Amounts Certain comparative amounts for prior years have been reclassified to conform to current-year presentations. Such reclassifications did not Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments first December 15, 2022, one first one CECL Adoption 326, not In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment 2 2, not December 15, 2022, not In November 2019, 2019 11, Codification Improvements to Topic 326, Credit Losses 326, not 2016 13 November 26, 2019, 2019 11 2016 13. 2016 13, 2019 11 December 15, 2019, not In January 2020, 2020 04, Reference Rate Reform (Topic 848 March 2020 not not one December 31, 2022. In August 2021, 2021 06, Presentation of Financial Statements (Topic 205 Depository and Lending (Topic 942 Investment Companies (Topic 946 No. 33 10786, No. 33 10835, No. 33 10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses No. 33 10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants not $60,000 not not five not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. REVENUE RECOGNITION Per ASC Topic 606, not 606. The main types of noninterest income within the scope of the standard are as follows: Service charges on deposit accounts Gains (losses) on sale of other real estate owned ( “ OREO ” ) not Revenue from investment services The following table depicts the disaggregation of revenue derived from contracts with customers to describe the nature, amount, timing, and uncertainty of revenue and cash flows for the years ended December 31, Noninterest Income 2021 2020 (Dollar amounts in thousands) Service charges on deposit accounts: Overdraft fees $ 727 $ 665 ATM banking fees 1,377 1,061 Service charges and other fees 1,321 813 Gain (loss) on equity securities (a) 209 (101 ) Earnings on bank-owned life insurance (a) 546 427 Gain on sale of loans (a) 1,240 1,487 Revenue from investment services (b) 727 526 Other income 1,059 1,112 Total noninterest income $ 7,206 $ 5,990 Gain on other real estate owned $ (43 ) $ (253 ) (a) Not 606 (b) From services offered by the Company through it's servicing partnership with LPL Financial |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. EARNINGS PER SHARE The Company provides a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated by dividing net income by the average shares outstanding. Diluted earnings per share adds the dilutive effects of stock options and restricted stock to average shares outstanding. The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the year ended December 31: 2021 2020 Weighted-average common shares issued 7,325,449 7,302,845 Average treasury stock shares (1,138,783 ) (917,495 ) Weighted-average common shares and common stock equivalents used to calculate basic earnings per share 6,186,666 6,385,350 Additional common stock equivalents (stock options and restricted stock) used to calculate diluted earnings per share 24,410 19,174 Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share 6,211,076 6,404,524 There were no options to purchase shares of common stock outstanding on December 31, 2021. Options to purchase 12,150 shares of common stock at $8.78 per share were outstanding during the year ended December 31, 2020. |
Note 4 - Investment and Equity
Note 4 - Investment and Equity Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. INVESTMENT AND EQUITY SECURITIES The amortized cost, gross gains and losses and fair values of securities available for sale are as follows: December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair (Dollar amounts in thousands) Cost Gains Losses Value Subordinated debt $ 32,300 $ 356 $ (119 ) $ 32,537 Obligations of states and political subdivisions: Taxable 500 2 - 502 Tax-exempt 122,877 4,307 (341 ) 126,843 Mortgage-backed securities in government-sponsored entities 10,140 257 (80 ) 10,317 Total $ 165,817 $ 4,922 $ (540 ) $ 170,199 December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (Dollar amounts in thousands) Cost Gains Losses Value Subordinated debt $ 21,050 $ 254 $ (7 ) $ 21,297 Obligations of states and political subdivisions: Taxable 500 2 - 502 Tax-exempt 73,157 4,643 - 77,800 Mortgage-backed securities in government-sponsored entities 14,230 536 (5 ) 14,761 Total $ 108,937 $ 5,435 $ (12 ) $ 114,360 Equity securities totaled $818,000 and $609,000 on December 31, 2021, 2020, December 31, 2021, 2020, The amortized cost and fair value of debt securities on December 31, 2021, may Amortized Fair (Dollar amounts in thousands) Cost Value Due in one year or less $ - $ - Due after one year through five years 1,715 1,726 Due after five years through ten years 40,962 41,427 Due after ten years 123,140 127,046 Total $ 165,817 $ 170,199 Investment securities with an approximate carrying value of $77.1 million and $71.1 million on December 31, 2021, 2020, There were no securities sold during the year ended December 31, 2021, 2020. The following tables show the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. December 31, 2021 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollar amounts in thousands) Value Losses Value Losses Value Losses Subordinated debt $ 9,150 $ (100 ) $ 731 $ (19 ) $ 9,881 $ (119 ) Obligations of states and political subdivisions Tax-exempt 24,273 (341 ) - - 24,273 (341 ) Mortgage-backed securities in government-sponsored entities $ - $ - $ 1,980 $ (80 ) $ 1,980 $ (80 ) Total $ 33,423 $ (441 ) $ 2,711 $ (99 ) $ 36,134 $ (540 ) December 31, 2020 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollar amounts in thousands) Value Losses Value Losses Value Losses Subordinated debt $ 4,243 $ (7 ) $ - $ - $ 4,243 $ (7 ) Mortgage-backed securities in government-sponsored entities 2,748 (5 ) - - 2,748 (5 ) Total $ 6,991 $ (12 ) $ - $ - $ 6,991 $ (12 ) Every quarter, the Company assesses whether there have been any events or economic circumstances indicating that a security with an unrealized loss has suffered other-than-temporary impairment (“OTTI”). A debt security is considered impaired if the fair value is less than its amortized cost basis at the reporting date. The accounting literature requires the Company to assess whether the unrealized loss is other-than-temporary. For equity securities where the fair value has been significantly below cost for one not The Company has asserted that on December 31, 2021, 2020, not not may not not Debt securities issued by U.S. government agencies, U.S. government-sponsored enterprises, and state and political subdivisions accounted for 80.9% of the total available-for-sale portfolio as of December 31, 2021. No ● The length of time and the extent to which the fair value has been less than the amortized cost basis. ● Changes in the near-term prospects of the underlying collateral of a security such as changes in default rates, loss severity given default and significant changes in prepayment assumptions. ● The level of cash flows generated from the underlying collateral supporting the principal and interest payments of the debt securities. ● Any adverse change to the credit conditions and liquidity of the issuer, taking into consideration the latest information available about the overall financial condition of the issuer, credit ratings, recent legislation, and government actions affecting the issuer’s industry and actions taken by the issuer to deal with the present economic climate. |
Note 5 - Loans and Related Allo
Note 5 - Loans and Related Allowance for Loan and Lease Losses | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. LOANS AND RELATED ALLOWANCE FOR LOAN AND LEASE LOSSES The Company’s primary business activity is with loan customers located within its local Northeastern Ohio trade area, eastern Geauga County, and contiguous counties to the north, east, and south. The Company also serves the central Ohio market with offices in Dublin, Sunbury, Powell, Plain City, and Westerville, Ohio. The Northeastern Ohio trade area includes Cuyahoga and Summit County, locations in Beachwood, Twinsburg, and Solon, Ohio. Commercial, residential, and consumer loans are granted. Although the Company has a diversified loan portfolio on December 31, 2021, 2020, The following tables summarize the primary segments of the loan portfolio and the allowance for loan and lease losses (in thousands): December 31, 2021 Ending Loan Balance by Impairment Evaluation Individually Collectively Total Loans Loans: Commercial real estate: Owner occupied $ 731 $ 110,739 $ 111,470 Non-owner occupied 5,297 278,321 283,618 Multifamily - 31,189 31,189 Residential real estate 1,104 238,985 240,089 Commercial and industrial 587 148,225 148,812 Home equity lines of credit 250 104,105 104,355 Construction and other - 54,148 54,148 Consumer installment - 8,010 8,010 Total $ 7,969 $ 973,722 $ 981,691 December 31, 2020 Ending Loan Balance by Impairment Evaluation Individually Collectively Total Loans Loans: Commercial real estate: Owner occupied $ 1,565 $ 101,556 $ 103,121 Non-owner occupied 4,123 305,301 309,424 Multifamily - 39,562 39,562 Residential real estate 1,319 232,676 233,995 Commercial and industrial 834 231,210 232,044 Home equity lines of credit 246 112,297 112,543 Construction and other - 63,573 63,573 Consumer installment - 9,823 9,823 Total $ 8,087 $ 1,095,998 $ 1,104,085 The commercial and industrial loan portfolio as of December 31, 2021, December 31, 2020, The amounts above include net deferred loan origination fees of $3.6 million and $4.4 million on December 31, 2021, December 31, 2020, December 31, 2021, December 31, 2020, December 31, 2021 Ending Allowance Balance by Impairment Evaluation Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Allocation Loans: Commercial real estate: Owner occupied $ 10 $ 1,826 $ 1,836 Non-owner occupied 655 6,776 7,431 Multifamily - 454 454 Residential real estate 17 1,723 1,740 Commercial and industrial 42 840 882 Home equity lines of credit 16 1,436 1,452 Construction and other - 533 533 Consumer installment - 14 14 Total $ 740 $ 13,602 $ 14,342 December 31, 2020 Ending Allowance Balance by Impairment Evaluation Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Allocation Loans: Commercial real estate: Owner occupied $ 10 $ 1,332 $ 1,342 Non-owner occupied 371 6,446 6,817 Multifamily - 461 461 Residential real estate 20 1,663 1,683 Commercial and industrial 48 1,305 1,353 Home equity lines of credit 41 1,364 1,405 Construction and other - 378 378 Consumer installment - 20 20 Total $ 490 $ 12,969 $ 13,459 The Company’s loan portfolio is segmented to a level that allows management to monitor risk and performance. The portfolio is segmented into Commercial Real Estate (“CRE”) which is further segmented into Owner Occupied (“CRE OO”), Non-owner Occupied (“CRE NOO”), and Multifamily, Residential Real Estate (“RRE”), Commercial and Industrial (“C&I”), Home Equity Lines of Credit (“HELOC”), Construction and Other (“Construction”), and Consumer Installment Loans. Although PPP loans are included with C&I loans, the nature of PPP loans differs considerably from the rest of the category. The U.S. government fully guarantees loans funded through the PPP program. This guarantee exists at the loans' inception and throughout the loans' lives and was not Management evaluates individual loans in all commercial segments for possible impairment based on guidelines established by the Board of Directors. Loans are considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in evaluating impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall concerning the principal and interest owed. The Company does not Once the determination has been made that a loan is impaired, the decision of whether a specific allocation of the allowance is necessary is measured by comparing the recorded investment in the loan to the fair value of the loan using one three not The following tables present impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not December 31, 2021 Impaired Loans Unpaid Recorded Principal Related Investment Balance Allowance With no related allowance recorded: Commercial real estate: Non-owner occupied $ 1,547 $ 1,802 - Residential real estate 820 874 - Commercial and industrial 370 538 - Home equity lines of credit 7 7 - Total $ 2,744 $ 3,221 $ - With an allowance recorded: Commercial real estate: Owner occupied $ 731 $ 731 $ 10 Non-owner occupied 3,750 4,277 655 Residential real estate 284 284 17 Commercial and industrial 217 230 42 Home equity lines of credit 243 243 16 Total $ 5,225 $ 5,765 $ 740 Total: Commercial real estate: Owner occupied $ 731 $ 731 $ 10 Non-owner occupied 5,297 6,079 655 Residential real estate 1,104 1,158 17 Commercial and industrial 587 768 42 Home equity lines of credit 250 250 16 Total $ 7,969 $ 8,986 $ 740 December 31, 2020 Impaired Loans Unpaid Recorded Principal Related Investment Balance Allowance With no related allowance recorded: Commercial real estate: Owner occupied $ 1,118 $ 1,142 $ - Non-owner occupied 801 801 - Residential real estate 941 1,013 - Commercial and industrial 561 1,056 - Home equity lines of credit 80 92 - Consumer installment - - - Total $ 3,501 $ 4,104 $ - With an allowance recorded: Commercial real estate: Owner occupied $ 447 $ 447 $ 10 Non-owner occupied 3,322 3,596 371 Residential real estate 378 378 20 Commercial and industrial 273 276 48 Home equity lines of credit 166 166 41 Total $ 4,586 $ 4,863 $ 490 Total: Commercial real estate: Owner occupied $ 1,565 $ 1,589 $ 10 Non-owner occupied 4,123 4,397 371 Residential real estate 1,319 1,391 20 Commercial and industrial 834 1,332 48 Home equity lines of credit 246 258 41 Consumer installment - - - Total $ 8,087 $ 8,967 $ 490 The tables above include troubled debt restructurings totaling $2.6 million and $2.9 million as of December 31, 2021, 2020, December 31, 2021, December 31, 2020, The following table presents the average balance and interest income by class, recognized on impaired loans (in thousands): As of December 31, 2021 As of December 31, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate: Owner occupied $ 1,334 $ 53 $ 2,851 $ 72 Non-owner occupied 5,023 262 8,815 184 Residential real estate 1,208 56 1,247 52 Commercial and industrial 763 62 1,076 42 Home equity lines of credit 245 12 308 8 Total $ 8,573 $ 445 $ 14,297 $ 358 Troubled Debt Restructuring (“TDR”) describes loans on which the bank has granted concessions for reasons related to the customer’s financial difficulties. Such concessions may one ● reduction in the interest rate to below-market rates ● extension of repayment requirements beyond standard terms ● reduction of the principal amount owed ● reduction of accrued interest due ● acceptance of other assets in full or partial payment of a debt In each case, the concession is made due to deterioration in the borrower’s financial condition, and the new terms are less stringent than those required on a new loan with similar risk. Additionally, on April 7, 2020, 19 not 19, 30 19 not December 31, 2021, 19 December 31, 2020, The following tables summarize troubled debt restructurings that did not December 31, 2021 Number of Contracts Pre-Modification Post-Modification Term Outstanding Recorded Outstanding Recorded Troubled Debt Restructurings Modification Other Total Investment Investment Commercial real estate: Non-owner occupied 1 - 1 $ 730 $ 730 Residential real estate 1 - 1 96 96 $ 826 $ 826 December 31, 2020 Number of Contracts Pre-Modification Post-Modification Term Outstanding Recorded Outstanding Recorded Troubled Debt Restructurings Modification Other Total Investment Investment Commercial and industrial 2 - 2 $ 25 $ 24 Residential real estate 1 - 1 114 114 $ 139 $ 138 There were no subsequent defaults of troubled debt restructurings for the years ended December 31, 2021, 2020. Management uses a nine first five not not not To help ensure that risk ratings are accurate and reflect borrowers' present and future capacity to repay a loan as agreed, the Company has a structured loan-rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as bankruptcy, repossession, or death, occurs to raise awareness of a possible credit event. The Company’s Commercial Loan Officers are responsible for the timely and accurate risk rating of the loans in their portfolios at origination and on an ongoing basis. The Credit Department performs an annual review of all commercial relationships with loan balances of $750,000 or greater. Confirmation of the appropriate risk grade is included in the ongoing review. The Company engages an external consultant to conduct loan reviews on a semiannual basis. Detailed reviews, including resolutions plans, are performed on loans classified as Substandard every quarter. Loans in the Special Mention and Substandard categories that are collectively evaluated for impairment are given separate consideration in determining the allowance. The following tables present the classes of the loan portfolio summarized by the aggregate Pass rating and the criticized categories of Special Mention, Substandard, and Doubtful within the internal risk rating system (in thousands): Special Total December 31, 2021 Pass Mention Substandard Doubtful Loans Commercial real estate: Owner occupied $ 104,217 $ 2,400 $ 4,853 $ - $ 111,470 Non-owner occupied 230,672 3,038 49,908 - 283,618 Multifamily 31,189 - - - 31,189 Residential real estate 237,132 - 2,957 - 240,089 Commercial and industrial 143,911 2,748 2,153 - 148,812 Home equity lines of credit 103,296 - 1,059 - 104,355 Construction and other 53,807 341 - - 54,148 Consumer installment 8,005 - 5 - 8,010 Total $ 912,229 $ 8,527 $ 60,935 $ - $ 981,691 Special Total December 31, 2020 Pass Mention Substandard Doubtful Loans Commercial real estate: Owner occupied $ 93,939 $ 7,084 $ 2,098 $ - $ 103,121 Non-owner occupied 258,974 983 49,467 - 309,424 Multifamily 39,562 - - - 39,562 Residential real estate 230,944 265 2,786 - 233,995 Commercial and industrial 227,765 1,800 2,479 - 232,044 Home equity lines of credit 111,208 - 1,335 - 112,543 Construction and other 58,082 - 5,491 - 63,573 Consumer installment 9,816 - 7 - 9,823 Total $ 1,030,290 $ 10,132 $ 63,663 $ - $ 1,104,085 Management further monitors the loan portfolio's performance and credit quality by analyzing the portfolio's age as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories of loans and nonaccrual loans (in thousands): 30-59 Days 60-89 Days 90 Days+ Total Total December 31, 2021 Current Past Due Past Due Past Due Past Due Loans Commercial real estate: Owner occupied $ 111,257 $ 81 $ 132 $ - $ 213 $ 111,470 Non-owner occupied 282,365 880 - 373 1,253 283,618 Multifamily 31,189 - - - - 31,189 Residential real estate 238,483 1,187 - 419 1,606 240,089 Commercial and industrial 148,437 112 - 263 375 148,812 Home equity lines of credit 104,316 - 39 - 39 104,355 Construction and other 54,148 - - - - 54,148 Consumer installment 7,799 16 19 176 211 8,010 Total $ 977,994 $ 2,276 $ 190 $ 1,231 $ 3,697 $ 981,691 30-59 Days 60-89 Days 90 Days+ Total Total December 31, 2020 Current Past Due Past Due Past Due Past Due Loans Commercial real estate: Owner occupied $ 102,587 $ 418 $ - $ 116 $ 534 $ 103,121 Non-owner occupied 305,613 1,844 1,373 594 3,811 309,424 Multifamily 39,562 - - - - 39,562 Residential real estate 230,996 2,364 95 540 2,999 233,995 Commercial and industrial 231,534 260 219 31 510 232,044 Home equity lines of credit 112,325 120 - 98 218 112,543 Construction and other 63,529 44 - - 44 63,573 Consumer installment 9,424 71 108 220 399 9,823 Total $ 1,095,570 $ 5,121 $ 1,795 $ 1,599 $ 8,515 $ 1,104,085 The following tables present the recorded investment in nonaccrual loans and loans past due over 89 90+ Days Past December 31, 2021 Nonaccrual Due and Accruing Commercial real estate: Owner occupied $ 81 $ - Non-owner occupied 2,442 - Residential real estate 1,577 - Commercial and industrial 456 - Home equity lines of credit 121 - Consumer installment 182 - Total $ 4,859 $ - 90+ Days Past December 31, 2020 Nonaccrual Due and Accruing Commercial real estate: Owner occupied $ 458 $ - Non-owner occupied 3,758 - Residential real estate 2,487 - Commercial and industrial 509 - Home equity lines of credit 422 - Consumer installment 224 - Total $ 7,858 $ - There were no loans past due 90 December 31, 2021 2020. An allowance for loan and lease losses (“ALLL”) is maintained to absorb losses from the loan portfolio. The ALLL is based on management’s continuing evaluation of the loan portfolio's risk characteristics and credit quality, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience, and the amount of nonperforming loans. The Company’s methodology for determining the ALLL is based on the requirements of ASC Section 310 10 35 450 20 two Loans that are collectively evaluated for impairment are analyzed, with general allowances being made as appropriate. For general allowances, historical loss trends are used to estimate losses in the current portfolio. Other qualitative factors modify these historical loss amounts. The classes described above, which are based on the purpose code assigned to each loan, provide the starting point for the ALLL analysis. Management tracks the historical net charge-off activity at the purpose code level. Then, a historical charge-off factor is calculated utilizing the last twelve Management has identified several additional qualitative factors to supplement the historical charge-off factor. These factors likely cause estimated credit losses associated with the existing loan pools to differ from historical loss experience. The additional factors that are evaluated quarterly and updated using information obtained from internal, regulatory, and governmental sources are: ● national and local economic trends and conditions; ● levels of and trends in delinquency rates and nonaccrual loans; ● trends in volumes and terms of loans; ● effects of changes in lending policies; ● experience, ability, and depth of lending staff; ● value of underlying collateral; ● and concentrations of credit from a loan type, industry, and/or geographic standpoint. Management reviews the loan portfolio every quarter using a defined, consistently applied process to make appropriate and timely adjustments to the ALLL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALLL. The following tables summarize the ALLL within the primary segments of the loan portfolio and the activity within those segments (in thousands): Allowance for Loan and Lease Losses Balance Balance December 31, 2020 Charge-offs Recoveries Provision December 31, 2021 Loans: Commercial real estate: Owner occupied $ 1,342 $ - $ 45 $ 449 $ 1,836 Non-owner occupied 6,817 (313 ) 138 789 7,431 Multifamily 461 - - (7 ) 454 Residential real estate 1,683 (27 ) 27 57 1,740 Commercial and industrial 1,353 (1 ) 194 (664 ) 882 Home equity lines of credit 1,405 56 (9 ) 1,452 Construction and other 378 - 46 109 533 Consumer installment 20 (124 ) 142 (24 ) 14 Total $ 13,459 $ (465 ) $ 648 $ 700 $ 14,342 Allowance for Loan and Lease Losses Balance Balance December 31, 2019 Charge-offs Recoveries Provision December 31, 2020 Loans: Commercial real estate: Owner occupied $ 801 $ (50 ) $ 17 $ 574 $ 1,342 Non-owner occupied 3,382 (3,022 ) 74 6,383 6,817 Multifamily 340 - - 121 461 Residential real estate 726 (62 ) 42 977 1,683 Commercial and industrial 456 (245 ) 294 848 1,353 Home equity lines of credit 932 (55 ) 84 444 1,405 Construction and other 103 - 157 118 378 Consumer installment 28 (405 ) 22 375 20 Total $ 6,768 $ (3,839 ) $ 690 $ 9,840 $ 13,459 The provision fluctuations during the year ended December 31, 2021, ● non-owner occupied commercial real estate loans are due to exposure to the substandard rate credits related to the hospitality industry. ● commercial and industrial loans are due to a decrease in outstanding balances as PPP loans receive forgiveness. ● owner-occupied are due to an increase in substandard rated credits. The provision fluctuations during the year ended December 31, 2020, ● commercial real estate loans are due to large charge-offs from two ● commercial and industrial loans are due to several small charge-offs that total $245,000, along with an allocation for the PPP loans of $464,000, along with additional provisions for unexpected losses resulting from the current economic environment. ● residential real estate loans are due to several small charge-offs totaling $62,000 and additional provisions for unforeseen losses resulting from the current economic environment. consumer installment loans are due to charge-offs in the student loan portfolio totaling $383,000. |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. PREMISES AND EQUIPMENT Major classifications of premises and equipment at December 31: (Dollar amounts in thousands) 2021 2020 Land and land improvements $ 2,963 $ 2,963 Building and leasehold improvements 16,531 16,239 Furniture, fixtures, and equipment 9,596 9,395 Financing right-of-use assets 4,491 4,737 Total premises and equipment 33,581 33,334 Less accumulated depreciation and amortization 16,309 15,001 Total premises and equipment, net $ 17,272 $ 18,333 Depreciation expense charged to operations was $1.4 million in 2021 2020. |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. GOODWILL AND INTANGIBLE ASSETS Goodwill totaled $15.1 million for both years ended December 31, 2021, 2020. December 31, 2021, 2020, December 31, 2021, 2020. 2021 2020, Core deposit intangible assets are amortized to their estimated residual values over their expected useful lives, commonly ten December 31, 2021, Remaining 2022 $ 309 2023 296 2024 281 2025 264 2026 253 Thereafter - Total $ 1,403 Activity for mortgage servicing rights (“MSR”s) follows: (Dollar amounts in thousands) 2021 2020 Beginning of year $ 476 $ 390 Additions 257 276 Amortized to expense (191 ) (190 ) End of year $ 542 $ 476 |
Note 8 - Accrued Interest Recei
Note 8 - Accrued Interest Receivable and Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 8. ACCRUED INTEREST RECEIVABLE AND OTHER ASSETS The components of accrued interest receivable and other assets at the years ended December 31: (Dollar amounts in thousands) 2021 2020 Restricted stock $ 4,399 $ 5,057 Accrued interest receivable on investment securities 1,312 854 Accrued interest receivable on loans 2,820 4,356 Deferred tax asset, net 1,693 1,073 Operating right-of-use assets 872 742 Other 3,201 1,554 Total $ 14,297 $ 13,636 |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 9. DEPOSITS Time deposits that meet or exceed the FDIC Insurance limit of $250,000 December 31, 2021, 2020 Scheduled maturities of all time deposits as of December 31, 2021, (Dollar amounts in thousands) 2022 $ 144,016 2023 25,496 2024 16,640 2025 6,533 2026 6,040 Total $ 198,725 Scheduled maturities of time deposits that meet or exceed the FDIC Insurance limit of $250,000 December 31, 2021, (Dollar amounts in thousands) Amount Percent of Total Within three months $ 7,506 22.46 % Beyond three but within six months 4,778 14.30 % Beyond six but within twelve months 10,463 31.31 % Beyond one year 10,672 31.94 % Total $ 33,419 100.00 % Deposits of related parties amounted to $29.2 million as of December 31, 2021. |
Note 10 - Short-term Borrowings
Note 10 - Short-term Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 10. SHORT-TERM BORROWINGS For the year ended December 31, (Dollar amounts in thousands) 2021 2020 Balance at year-end - - Average balance outstanding 85 22,637 Maximum month-end balance - 62,329 Weighted-average rate at year-end N/A N/A Weighted-average rate during the year 0.40 % 0.35 % Average balances outstanding during the year represent daily average balances, and average interest rates represent interest expense divided by the related average balance. The Company maintains a $6.0 million line of credit at an adjustable rate, currently 3.50%, a $10.0 million line of credit at an adjustable rate, currently at 3.33%, and a $4.0 million line of credit at an adjustable rate, currently 3.50%. On December 31, 2021, 2020, December 31, 2021, 2020, |
Note 11 - Other Borrowings
Note 11 - Other Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Borrowings [Text Block] | 11. OTHER BORROWINGS Other borrowings consist of advances from the FHLB and subordinated debt as follows: Weighted- Stated interest (Dollar amounts in thousands) Maturity range average rate range Description from to interest rate from to 2021 2020 Finance lease liabilities 10/30/34 06/01/40 2.63 % 1.89 % 3.51 % $ 4,653 $ 4,839 PPPLF (a) 01/28/21 01/28/21 0.00 % 0.35 % 0.35 % - 3,951 Junior subordinated debt 12/21/37 12/21/37 1.84 % 1.80 % 1.80 % 8,248 8,248 Total $ 12,901 $ 17,038 (a) 2021. December 31, 2020. The scheduled maturities of other borrowings are as follows: (Dollar amounts in thousands) Weighted- Year Ending December 31, Amount Average Rate 2022 $ 265 2.63 % 2023 272 2.63 % 2024 279 2.63 % 2025 286 2.63 % 2026 298 2.63 % Beyond 2025 11,501 1.97 % Total $ 12,901 1.62 % Under the terms of a blanket agreement, FHLB borrowings are secured by certain qualifying assets of the Company, which consist principally of first December 31, 2021. The Company formed a special purpose entity (“Entity”) to issue $8.0 million of floating rate, obligated mandatorily redeemable securities, and $248,000 in common securities as part of a pooled offering. The rate adjusts quarterly, equal to LIBOR plus 1.67%. The Entity may December 2006 December 2037, As of December 31, 2021, 15 In April 2020, one six 0.35%. No September 30, 2020. 2021, December 31, 2021. |
Note 12 - Accrued Interest Paya
Note 12 - Accrued Interest Payable and Other Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 12. ACCRUED INTEREST PAYABLE AND OTHER LIABILITIES The components of accrued interest payable and other liabilities are as follows at December 31: 2021 2020 (Dollar amounts in thousands) Accrued interest payable $ 237 $ 580 Accrued directors' benefits 2,247 1,587 Accrued salary and benefits expense 1,631 1,410 Operating lease liabilities 878 746 Other 1,167 1,608 Total $ 6,160 $ 5,931 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. INCOME TAXES The provision for federal income taxes for the years ended December 31 (Dollar amounts in thousands) 2021 2020 Current payable $ 4,466 $ 2,749 Deferred (401 ) (1,348 ) Total provision $ 4,065 $ 1,401 The tax effects of deductible and taxable temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows at December 31: (Dollar amounts in thousands) 2021 2020 Deferred tax assets: Allowance for loan and lease losses $ 3,012 $ 2,826 Supplemental retirement plan 608 482 Investment security basis adjustment 18 18 Nonaccrual interest income 350 355 Accrued compensation 293 244 Lease liability 1,161 1,173 Gross deferred tax assets 5,442 5,098 Deferred tax liabilities: Premises and equipment 632 709 Net unrealized gain on AFS securities 920 1,139 Net unrealized gain on equity securities 85 41 FHLB stock dividends 139 139 Intangibles 450 414 Mortgage servicing rights 114 100 Deferred origination fees, net 34 50 Acquisition fair value adjustments 249 278 Right of use assets 1,126 1,151 Other - 4 Gross deferred tax liabilities 3,749 4,025 Net deferred tax assets $ 1,693 $ 1,073 No valuation allowance was established on December 31, 2021, 2020, The reconciliation between the federal statutory rate and the Company’s effective consolidated income tax rate for the years ended December 31, (Dollar amounts in thousands) 2021 2020 % of % of Pretax Pretax Amount Income Amount Income Provision at statutory rate $ 4,766 21.0 % $ 2,047 21.0 % Tax-exempt income (703 ) (3.1 )% (669 ) (6.9 )% Other 2 - % 23 0.3 % Actual tax expense and effective rate $ 4,065 17.9 % $ 1,401 14.4 % ASC 740 10 not not 50 not first no not first no At December 31, 2021 2020, 740 10 not 12 The Company and the Bank are subject to U.S. federal income tax as well as an income tax in the states of Ohio and Florida, and the Bank is subject to a capital-based franchise tax in the state of Ohio. The Company and the Bank are no 2018. |
Note 14 - Employee Benefits
Note 14 - Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 14. EMPLOYEE BENEFITS Employee Retirement Plan The Bank maintains section 401 21 December 31, 2021, 2020. six second three 2021 2020 Executive Deferred Compensation Plans The Company maintains executive deferred compensation plans to provide post-retirement payments to members of senior management. The plan agreements are noncontributory, defined contribution arrangements that provide supplemental retirement income benefits to several officers, with contributions made solely by the Bank. Accrued executive deferred compensation amounted to $1.9 million and $1.7 million as of December 31, 2021, 2020, 2021 2020, Stock Option and Restricted Stock Plan In 2007, 2007 “2007 twenty thousand 2007 ten 2007 not In 2017, 2017 “2017 2017 May 10, 2017. 2017 ten not 2017 December 31, 2021. The following table presents share data related to the outstanding options: Shares Weighted- average Exercise Price Per Share Outstanding, January 1, 2021 12,150 $ 8.78 Exercised (12,150 ) 8.78 Outstanding, December 31, 2021 - $ - Exercisable, December 31, 2021 - $ - The total intrinsic value of outstanding in-the-money exercisable stock options was $166,759 on December 31, 2020. For the years ended December 31, 2021, 2020, December 31, 2021, 2020, During 2021 2020, 2021 2020, third three 2020 2021. The existence of a market condition, TSR, dictates that these awards be marked to market quarterly using a Monte Carlo simulation. They are recorded through the vesting period as a liability since a portion is payable in cash. The liability for these accrued officer benefits was $979,000 and $581,000 for the years ended December 31, 2021, December 31, 2020, The Company recognized restricted stock forfeitures in the period they occur. The following table presents the activity during 2021 Units Weighted- average Grant Date Fair Value Per Unit Nonvested at January 1, 2021 66,362 $ 23.52 Granted 29,193 22.50 Vested (18,622 ) 24.02 Nonvested at December 31, 2021 76,933 $ 23.01 Expected to vest at December 31, 2021 60,368 $ 22.56 As of December 31, 2021, 2017 December 31, 2021, 2020 |
Note 15 - Commitments
Note 15 - Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lease Disclosure [Text Block] | 15. COMMITMENTS In the ordinary course of business, various outstanding commitments and certain contingent liabilities are not December 31: (Dollar amounts in thousands) 2021 2020 Commitments to extend credit $ 280,379 $ 255,429 Standby letters of credit 586 581 Total $ 280,965 $ 256,010 These instruments involve, to varying degrees, elements of credit and interest rate risk over the amount recognized in the Consolidated Balance Sheet. The Company’s exposure to credit loss, in the event of nonperformance by the other parties to the financial instruments, is represented by the contractual amounts as disclosed. The Company minimizes its exposure to credit loss under these commitments by subjecting them to credit approval and review procedures and collateral requirements as deemed necessary. Commitments generally have fixed expiration dates within one Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third one Leasing Commitments The Company leases six of its branch locations and one loan production office. As of December 31, 2021, December 31, 2021, December 31, 2021, In December 2021, not 12 not December 31, 2021. Lease costs incurred are as follows for the years ended December 31: 2021 2020 Lease Costs: Finance lease cost: Amortization of right-of-use asset $ 313 $ 286 Interest Expense 130 131 Other 63 27 Operating lease cost 225 213 Total lease cost $ 731 $ 657 The following table displays the weighted-average term and discount rates for both operating and finance leases outstanding as of December 31, 2021: Operating Finance Weighted-average term (years) 5.9 14.6 Weighted-average discount rate 1.8 % 2.6 % The following table displays the undiscounted cash flows due related to operating and finance leases as of December 31, 2021, December 31, 2021 Operating Finance Undiscounted cash flows due within: 2022 $ 169 $ 385 2023 169 385 2024 169 385 2025 169 385 2026 134 389 2027 and thereafter 122 3,726 Total undiscounted cash flows 932 5,655 Impact of present value discount (54 ) (1,002 ) Amount reported on balance sheet $ 878 $ 4,653 |
Note 16 - Regulatory Restrictio
Note 16 - Regulatory Restrictions | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Banking and Thrift Disclosure [Text Block] | 16. REGULATORY RESTRICTIONS The Company is subject to the regulatory requirements of the Federal Reserve System as a bank holding company. The bank is subject to regulations of the Federal Deposit Insurance Corporation (“FDIC”) and the State of Ohio, Division of Financial Institutions. Cash Requirements The Federal Reserve Bank of Cleveland requires the Company to maintain certain average reserve balances. The reserves requirement was reduced to zero as of December 31, 2020, 2021 Loans Federal law prevents the Company from borrowing from the Bank unless specific obligations secure the loans. Further, such a secured loan is limited to 10% of the Bank’s common stock and capital surplus. Dividends MBC is subject to dividend restrictions that generally limit the amount of dividends that an Ohio state-chartered bank can pay. Under the Ohio Banking Code, cash dividends may not two 2021 2022 |
Note 17 - Regulatory Capital
Note 17 - Regulatory Capital | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 17. REGULATORY CAPITAL The Bank and Company are subject to regulatory capital requirements administered by banking agencies. Capital adequacy guidelines and prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weightings, and other factors, and the regulators can lower classifications in some instances. As a result, failure to meet various capital requirements can initiate regulatory action that could directly affect the financial statements. As of December 31, 2021, The prompt corrective action regulations provide five not may The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 The following tables present actual and required capital ratios as of December 31, 2021, 2020 As of December 31, 2021 Tier 1 Common Total Risk Leverage Risk Based Equity Tier 1 Based The Middlefield Banking Company 9.80 % 12.72 % 12.72 % 13.97 % Middlefield Banc Corp. 10.02 % 12.96 % 12.18 % 14.21 % Adequately capitalized ratio 4.00 % 6.00 % 4.50 % 8.00 % Adequately capitalized ratio plus fully phased-in capital conservation buffer 4.00 % 8.50 % 7.00 % 10.50 % Well-capitalized ratio (Bank only) 5.00 % 8.00 % 6.50 % 10.00 % As of December 31, 2020 Tier 1 Common Total Risk Leverage Risk Based Equity Tier 1 Based The Middlefield Banking Company 9.45 % 11.47 % 11.47 % 12.68 % Middlefield Banc Corp. 10.22 % 11.68 % 10.96 % 12.88 % Adequately capitalized ratio 4.00 % 6.00 % 4.50 % 8.00 % Adequately capitalized ratio plus fully phased-in capital conservation buffer 4.00 % 8.50 % 7.00 % 10.50 % Well-capitalized ratio (Bank only) 5.00 % 8.00 % 6.50 % 10.00 % |
Note 18 - Fair Value Disclosure
Note 18 - Fair Value Disclosure Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 18. FAIR VALUE DISCLOSURE MEASUREMENTS The following disclosures show the hierarchal disclosure framework associated with the level of pricing observations utilized in measuring assets and liabilities at fair value. The three Level I: Quoted prices are available in active markets for identical assets or liabilities as of the reported date. Level II: Pricing inputs are other than the quoted prices in active markets, which are either directly or indirectly observable as of the reported date. The nature of these assets and liabilities includes items for which quoted prices are available but traded less frequently and items that are fair-valued using other financial instruments, the parameters of which can be directly observed. Level III: Assets and liabilities that have little to no not two This hierarchy requires the use of observable market data when available. The following tables present the assets measured on a recurring basis on the Consolidated Balance Sheet at their fair value by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. December 31, 2021 (Dollar amounts in thousands) Level I Level II Level III Total Assets measured on a recurring basis: Subordinated debt $ - $ 20,337 $ 12,200 $ 32,537 Obligations of states and political subdivisions - 127,345 - 127,345 Mortgage-backed securities in government- sponsored entities - 10,317 - 10,317 Total debt securities - 157,999 12,200 170,199 Equity securities in financial institutions 818 - - 818 Total $ 818 $ 157,999 $ 12,200 $ 171,017 December 31, 2020 (Dollar amounts in thousands) Level I Level II Level III Total Assets measured on a recurring basis: Subordinated debt $ - $ 14,047 $ 7,250 $ 21,297 Obligations of states and political subdivisions - 78,302 - 78,302 Mortgage-backed securities in government-sponsored entities - 14,761 - 14,761 Total debt securities - 114,360 - 114,360 Equity securities in financial institutions 609 - - 609 Total $ 609 $ 114,360 $ - $ 114,969 Investment Securities Available for Sale While the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not not may Equity Securities no not The following table presents the fair value reconciliation of Level 3 Subordinated debt Balance as of January 1, 2021 $ 7,250 Purchases, sales, settlements Purchases 4,000 Sales - Settlements - Transfers into Level 3 (1) 1,700 Transfers out of Level 3 (2) (750 ) Balance as of December 31, 2021 $ 12,200 ( 1 2021, ( 2 2021, The following tables present the assets measured on a non-recurring basis on the Consolidated Balance Sheet at their fair value by level within the fair value hierarchy. Collateral-dependent impaired loans are carried at fair value if they have been charged down to fair value or if a specific valuation allowance has been established. A new cost basis is established when a property is initially recorded in OREO. OREO properties are carried at fair value if a devaluation has been taken to the property’s value after the initial measurement. No December 31, 2021. December 31, 2021 Level I Level II Level III Total (Dollar amounts in thousands) Assets measured on a non-recurring basis: Impaired loans $ - $ - $ 4,162 $ 4,162 December 31, 2020 Level I Level II Level III Total (Dollar amounts in thousands) Assets measured on a non-recurring basis: Impaired loans $ - $ - $ 4,111 $ 4,111 Other real estate owned - - 6,992 6,992 Impaired Loans third may not not December 31, 2021, 2020, Other Real Estate Owned (OREO) no not not may The following tables present additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company uses Level III inputs to determine fair value: Quantitative Information about Level III Fair Value Measurements (Dollar amounts in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) December 31, 2021 Impaired loans $ 4,162 Appraisal of collateral (1) Appraisal adjustments (2) 25.0% to 72.2% (36.6%) Quantitative Information about Level III Fair Value Measurements (Dollar amounts in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) December 31, 2020 Impaired loans $ 4,111 Appraisal of collateral (1) Appraisal adjustments (2) 17.6% to 48.5% (22.7%) Other real estate owned $ 6,992 Appraisal of collateral (1) Appraisal adjustments (2) 19.9% ( 1 Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level III inputs, which are not ( 2 Appraisals may The estimated fair value of the Company’s financial instruments not December 31, 2021 Carrying Total Value Level I Level II Level III Fair Value (in thousands) Financial assets: Loans held for sale 1,051 - 1,051 - 1,051 Net loans 967,349 - - 961,645 961,645 Financial liabilities: Deposits $ 1,166,610 $ 967,885 $ - $ 199,503 $ 1,167,388 Other borrowings 12,901 - - 12,901 12,901 December 31, 2020 Carrying Total Value Level I Level II Level III Fair Value (in thousands) Financial assets: Loans held for sale 878 - 878 - 878 Net loans 1,090,626 - - 1,089,573 1,089,573 Financial liabilities: Deposits $ 1,225,200 $ 929,450 $ - $ 299,651 $ 1,229,101 Other borrowings 17,038 - - 15,250 15,250 Included within other borrowings is an $8.3 million note payable, which matures in December 2037. In addition to the financial instruments included in the above tables, cash and equivalents, bank-owned life insurance, Federal Home Loan Bank stock, accrued interest receivable, and accrued interest payable, are carried at cost, which approximates the fair value of the instruments. |
Note 19 - Accumulated Other Com
Note 19 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 19. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table presents the changes in accumulated other comprehensive income (loss) by component net of tax: Unrealized gains/(losses) on available-for-sale (Dollars in thousands) securities (a) Balance as of December 31, 2019 $ 1,842 Other comprehensive income 2,442 Balance at December 31, 2020 $ 4,284 Balance as of December 31, 2020 $ 4,284 Other comprehensive income (loss) (822 ) Balance at December 31, 2021 $ 3,462 (a) All amounts are net of tax. Amounts in parentheses indicate debits to accumulated other comprehensive income. No unrealized gains or losses on available-for-sale securities were reclassified out of accumulated other comprehensive income for the years ended December 31, 2021, 2020. |
Note 20 - Parent Company
Note 20 - Parent Company | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 20. PARENT COMPANY Following are condensed financial statements for the Company. CONDENSED BALANCE SHEET (Dollar amounts in thousands) December 31, 2021 2020 ASSETS Cash and due from banks $ 805 $ 1,222 Equity securities, at fair value 818 609 Investment in nonbank subsidiary 1 1 Investment in subsidiary bank 150,588 149,272 Other assets 2,381 1,561 TOTAL ASSETS $ 154,593 $ 152,665 LIABILITIES Trust preferred debt $ 8,248 $ 8,248 Other liabilities 1,010 607 TOTAL LIABILITIES 9,258 8,855 STOCKHOLDERS' EQUITY 145,335 143,810 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 154,593 $ 152,665 CONDENSED STATEMENT OF COMPREHENSIVE INCOME Year Ended December 31, (Dollar amounts in thousands) 2021 2020 INCOME Dividends from subsidiary bank $ 18,600 $ 4,700 Dividends from nonbank subsidiary - 1,399 Gain (loss) on equity securities 209 (101 ) Other 5 7 Total income 18,814 6,005 EXPENSES Interest expense 151 192 Salaries and employee benefits 842 465 Ohio state franchise tax 1,144 1,082 Other 742 796 Total expenses 2,879 2,535 Income before income tax benefit 15,935 3,470 Income tax benefit (560 ) (552 ) Income before equity in undistributed net income of subsidiaries 16,495 4,022 Equity in undistributed net income of subsidiaries 2,138 4,327 NET INCOME $ 18,633 $ 8,349 Comprehensive income $ 17,811 $ 10,791 CONDENSED STATEMENT OF CASH FLOWS Year Ended December 31, (Dollar amounts in thousands) 2021 2020 OPERATING ACTIVITIES Net income $ 18,633 $ 8,349 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of Subsidiaries (2,138 ) (4,327 ) Stock-based compensation 398 144 (Gain) loss on equity securities (209 ) 101 Other, net (664 ) (609 ) Net cash provided by operating activities 16,020 3,658 FINANCING ACTIVITIES Stock options exercised 94 12 Repurchase of treasury shares (12,291 ) (1,191 ) Cash dividends (4,240 ) (3,834 ) Net cash used in financing activities (16,437 ) (5,013 ) Decrease in cash (417 ) (1,355 ) CASH AT BEGINNING OF YEAR 1,222 2,577 CASH AT END OF YEAR $ 805 $ 1,222 |
Note 21 - Selected Quarterly Fi
Note 21 - Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 21. SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Dollar amounts in thousands) Three Months Ended March 31, June 30, September 30, December 31, 2021 2021 2021 2021 Total interest and dividend income $ 13,142 $ 12,936 $ 13,447 $ 12,810 Total interest expense 1,244 1,049 952 820 Net interest income 11,898 11,887 12,495 11,990 Provision for loan losses 700 200 - (200 ) Net interest income after provision for loan losses 11,198 11,687 12,495 12,190 Total noninterest income 2,218 1,632 1,821 1,535 Total noninterest expense 8,353 7,926 7,938 7,861 Income before income taxes 5,063 5,393 6,378 5,864 Income taxes 896 968 1,174 1,027 Net income $ 4,167 $ 4,425 $ 5,204 $ 4,837 Per share data: Net income Basic $ 0.65 $ 0.70 $ 0.85 $ 0.81 Diluted 0.65 0.70 0.85 0.81 Average shares outstanding: Basic 6,364,132 6,297,071 6,136,648 5,951,838 Diluted 6,378,493 6,312,230 6,157,181 5,975,333 (Dollar amounts in thousands) Three Months Ended March 31, June 30, September 30, December 31, 2020 2020 2020 2020 Total interest and dividend income $ 13,009 $ 13,155 $ 13,507 $ 12,967 Total interest expense 2,976 2,430 2,148 1,696 Net interest income 10,033 10,725 11,359 11,271 Provision for loan losses 2,740 1,000 4,000 2,100 Net interest income after provision for loan losses 7,293 9,725 7,359 9,171 Total noninterest income 1,074 1,495 1,811 1,610 Total noninterest expense 7,252 7,689 7,022 7,825 Income before income taxes 1,115 3,531 2,148 2,956 Income taxes 74 565 295 467 Net income $ 1,041 $ 2,966 $ 1,853 $ 2,489 Per share data: Net income Basic $ 0.16 $ 0.47 $ 0.29 $ 0.39 Diluted 0.16 0.46 0.29 0.39 Average shares outstanding: Basic 6,417,109 6,369,467 6,376,291 6,378,706 Diluted 6,429,443 6,388,118 6,385,765 6,397,681 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Nature of Operations and Basis of Presentation Middlefield Banc Corp. (the “Company”) is an Ohio corporation organized to become the holding company of The Middlefield Banking Company (“MBC”). MBC is a state-chartered bank located in Ohio, whose consolidated financial statements also include the accounts of MBC’s subsidiary, Middlefield Investments, Inc. (“MI”), established March 13, 2019. October 23, 2009, The consolidated financial statements of the Company include its wholly-owned subsidiaries, MBC and EMORECO, Inc. Significant intercompany items have been eliminated in preparing the consolidated financial statements. The financial statements have been prepared according to U.S. Generally Accepted Accounting Principles. In preparing the financial statements, management must make estimates and assumptions that affect the reported amounts of assets and liabilities as of the balance sheet date and revenues and expenses for the period. Actual results could differ from those estimates. |
Marketable Securities, Policy [Policy Text Block] | Investment and Equity Securities Investment securities are classified at the time of purchase, based on management’s intention and ability, as securities held to maturity or securities available for sale. Debt securities acquired with the intent and ability to hold to maturity are stated at cost, adjusted for amortization of premium and accretion of discount, computed using a level yield method, and recognized as interest income adjustments. Certain other debt securities have been classified as available for sale to serve principally as a source of liquidity. Unrealized holding gains and losses for available-for-sale securities are reported as a separate component of stockholders’ equity, net of tax, until realized. Realized security gains and losses are computed using the specific identification method. Interest and dividends on investment securities are recognized as income when earned. For 2021 2020, Securities are evaluated quarterly and more frequently when economic or market conditions warrant such an evaluation to determine whether a decline in their value is other-than-temporary. For debt securities, management considers whether the present value of cash flows expected to be collected is less than the security’s amortized cost basis (the difference defined as the credit loss), the magnitude and duration of the decline, the reasons underlying the decline and the Bank’s intent to sell the security or whether it is more likely than not not not not one not |
Stockholders' Equity, Policy [Policy Text Block] | Restricted Stock Common stock of the Federal Home Loan Bank (“FHLB”) represents ownership in an institution that is wholly owned by other financial institutions. This equity security is accounted for at cost and classified with other assets. The FHLB of Cincinnati has reported profits for 2021 2020, not December 31, 2021, 2020. |
Mortgage Banking Activity [Policy Text Block] | Mortgage Banking Activities The Bank sells mortgage loans on a servicing retained basis. Servicing rights are initially recorded at fair value, with the income statement effect recorded in gains on sales of loans. The Bank measures servicing assets using the amortization method. Loan servicing rights are amortized in proportion to and throughout estimated net future servicing revenue. The expected period of the estimated net servicing income is partly based on the expected prepayment of the underlying mortgages. The unamortized balance of mortgage servicing rights is included in accrued interest and other assets on the Consolidated Balance Sheet. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of outstanding principal and are recorded as income when earned. The amortization of mortgage servicing rights is netted against loan servicing fee income. Late fees and ancillary fees related to loan servicing are not December 31, 2021, 2020, |
Financing Receivable [Policy Text Block] | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff generally are reported at their outstanding unpaid principal balances net of the allowance for loan and lease losses. Interest income is recognized, when earned, on the accrual method. The accrual of interest is discontinued on a loan when management believes, after considering economic and business conditions, the borrower’s financial condition is such that the collection of interest is doubtful. Interest received on nonaccrual loans is recorded as income or applied against principal according to management’s judgment as to the collectability of such principal. Loan origination fees and certain direct loan origination costs are deferred and the net amount amortized as an adjustment of the related loan’s yield. These amounts are amortized over the contractual life of the associated loans. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan and Lease Losses The allowance for loan and lease losses represents the amount that management estimates is adequate to provide for probable loan losses inherent in the loan portfolio. The allowance method is used in providing for loan losses. Accordingly, all loan losses are charged to the allowance, and all recoveries are credited to it. The allowance for loan and lease losses is established through a provision for loan losses charged to operations. The provision is based on management’s periodic evaluation of the adequacy of the allowance for loan and lease losses, which encompasses the overall risk characteristics of the various portfolio segments, experience with losses, the impact of economic conditions on borrowers, and other relevant factors. The estimates used in determining the adequacy of the allowance for loan and lease losses, including the amounts and timing of future cash flows expected on impaired loans, are particularly susceptible to a significant change in the near term. A loan is considered impaired when it is probable the borrower will not 89 not not first Mortgage loans secured by one four |
Certain Loans and Debt Securities Acquired in Transfer, Recognizing Interest Income on Impaired Loans, Policy [Policy Text Block] | Loans Acquired Loans acquired, including loans that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payments receivable, are initially recorded at fair value (as determined by the present value of expected future cash flows) with no not For purchased loans acquired that are not |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost net of accumulated depreciation. Depreciation is computed on the straight-line method over the assets' estimated useful lives, which range from three |
Lessee, Leases [Policy Text Block] | Leases The Company has operating and financing leases for several branch locations and office space. Generally, the underlying lease agreements do not may e.g. e.g. may one Most leases include one As most of our leases do not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill The Company accounts for goodwill using either a qualitative assessment or a two |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets include core deposit intangibles, which measure the value of consumer demand and savings deposits acquired in business combinations accounted for as purchases. The core deposit intangibles are being amortized to their estimated residual values over their expected useful lives, commonly ten |
Life Insurance Corporate or Bank Owned [Policy Text Block] | Bank-Owned Life Insurance ( “ BOLI ” ) The Company owns insurance on the lives of a specific group of key employees. The policies were purchased to help offset the increase in the costs of various fringe benefit plans, including healthcare. The cash surrender value of these policies is included as an asset on the Consolidated Balance Sheet, and any increases in the cash surrender value are recorded as noninterest income on the Consolidated Statement of Income. In the event of the death of an insured individual under these policies, the Company would receive a death benefit, which would be recorded as tax-free noninterest income. |
Real Estate, Policy [Policy Text Block] | Other Real Estate Owned ( “ OREO ” ) Real estate properties acquired through foreclosure are initially recorded at fair value at the foreclosure date, establishing a new cost basis. After foreclosure, management periodically performs valuations, and the real estate is carried at the lower of cost or fair value less estimated cost to sell. Revenue and expenses from operations of the properties, gains or losses on sales, and additions to the valuation allowance are included in operating results. The Company is required to disclose the carrying amount of residential real estate loans in the process of foreclosure. At December 31, 2021 2020, |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company and its subsidiaries file a consolidated federal income tax return. Deferred tax assets and liabilities are reflected at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. |
Treasury Stock [Policy Text Block] | Treasury Stock When shares recognized as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. The reserve for the Company’s treasury shares comprises the cost of the Company’s shares held by the Company. As of December 31, 2021, twelve December 31, 2021, December 31, 2020. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share The Company provides a dual presentation of basic and diluted earnings per share. Basic earnings per share is calculated utilizing net income as reported in the numerator and average shares outstanding in the denominator. The computation of diluted earnings per share differs in that the dilutive effects of any stock options, warrants, and convertible securities are adjusted in the denominator. Earnings and dividends per share are restated for all stock splits and stock dividends through the date of issuance of the financial statements. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company accounts for stock compensation based on the grant date fair value of all share-based payment awards expected to vest, including employee share options to be recognized as employee compensation expense over the requisite service period. Compensation cost is recognized for restricted stock issued to employees based on the fair value of these awards at the grant date. The market price of the Company’s common shares at the grant date is used to estimate the fair value of restricted stock and stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period, and is recorded in "Salaries and employee benefits" expense. (See Note 14 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Flow Information The Company has defined cash and cash equivalents as those amounts included in the Consolidated Balance Sheet captions as “Cash and due from banks” and “Federal funds sold” with original maturities of less than 90 |
Advertising Cost [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification of Comparative Amounts Certain comparative amounts for prior years have been reclassified to conform to current-year presentations. Such reclassifications did not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements In June 2016, 2016 13, Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments first December 15, 2022, one first one CECL Adoption 326, not In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment 2 2, not December 15, 2022, not In November 2019, 2019 11, Codification Improvements to Topic 326, Credit Losses 326, not 2016 13 November 26, 2019, 2019 11 2016 13. 2016 13, 2019 11 December 15, 2019, not In January 2020, 2020 04, Reference Rate Reform (Topic 848 March 2020 not not one December 31, 2022. In August 2021, 2021 06, Presentation of Financial Statements (Topic 205 Depository and Lending (Topic 942 Investment Companies (Topic 946 No. 33 10786, No. 33 10835, No. 33 10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses No. 33 10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants not $60,000 not not five not |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Noninterest Income 2021 2020 (Dollar amounts in thousands) Service charges on deposit accounts: Overdraft fees $ 727 $ 665 ATM banking fees 1,377 1,061 Service charges and other fees 1,321 813 Gain (loss) on equity securities (a) 209 (101 ) Earnings on bank-owned life insurance (a) 546 427 Gain on sale of loans (a) 1,240 1,487 Revenue from investment services (b) 727 526 Other income 1,059 1,112 Total noninterest income $ 7,206 $ 5,990 Gain on other real estate owned $ (43 ) $ (253 ) |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | 2021 2020 Weighted-average common shares issued 7,325,449 7,302,845 Average treasury stock shares (1,138,783 ) (917,495 ) Weighted-average common shares and common stock equivalents used to calculate basic earnings per share 6,186,666 6,385,350 Additional common stock equivalents (stock options and restricted stock) used to calculate diluted earnings per share 24,410 19,174 Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share 6,211,076 6,404,524 |
Note 4 - Investment and Equit_2
Note 4 - Investment and Equity Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair (Dollar amounts in thousands) Cost Gains Losses Value Subordinated debt $ 32,300 $ 356 $ (119 ) $ 32,537 Obligations of states and political subdivisions: Taxable 500 2 - 502 Tax-exempt 122,877 4,307 (341 ) 126,843 Mortgage-backed securities in government-sponsored entities 10,140 257 (80 ) 10,317 Total $ 165,817 $ 4,922 $ (540 ) $ 170,199 December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (Dollar amounts in thousands) Cost Gains Losses Value Subordinated debt $ 21,050 $ 254 $ (7 ) $ 21,297 Obligations of states and political subdivisions: Taxable 500 2 - 502 Tax-exempt 73,157 4,643 - 77,800 Mortgage-backed securities in government-sponsored entities 14,230 536 (5 ) 14,761 Total $ 108,937 $ 5,435 $ (12 ) $ 114,360 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Fair (Dollar amounts in thousands) Cost Value Due in one year or less $ - $ - Due after one year through five years 1,715 1,726 Due after five years through ten years 40,962 41,427 Due after ten years 123,140 127,046 Total $ 165,817 $ 170,199 |
Schedule of Unrealized Loss on Investments [Table Text Block] | December 31, 2021 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollar amounts in thousands) Value Losses Value Losses Value Losses Subordinated debt $ 9,150 $ (100 ) $ 731 $ (19 ) $ 9,881 $ (119 ) Obligations of states and political subdivisions Tax-exempt 24,273 (341 ) - - 24,273 (341 ) Mortgage-backed securities in government-sponsored entities $ - $ - $ 1,980 $ (80 ) $ 1,980 $ (80 ) Total $ 33,423 $ (441 ) $ 2,711 $ (99 ) $ 36,134 $ (540 ) December 31, 2020 Less than Twelve Months Twelve Months or Greater Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (Dollar amounts in thousands) Value Losses Value Losses Value Losses Subordinated debt $ 4,243 $ (7 ) $ - $ - $ 4,243 $ (7 ) Mortgage-backed securities in government-sponsored entities 2,748 (5 ) - - 2,748 (5 ) Total $ 6,991 $ (12 ) $ - $ - $ 6,991 $ (12 ) |
Note 5 - Loans and Related Al_2
Note 5 - Loans and Related Allowance for Loan and Lease Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule Of Financing Receivable By Segment [Table Text Block] | December 31, 2021 Ending Loan Balance by Impairment Evaluation Individually Collectively Total Loans Loans: Commercial real estate: Owner occupied $ 731 $ 110,739 $ 111,470 Non-owner occupied 5,297 278,321 283,618 Multifamily - 31,189 31,189 Residential real estate 1,104 238,985 240,089 Commercial and industrial 587 148,225 148,812 Home equity lines of credit 250 104,105 104,355 Construction and other - 54,148 54,148 Consumer installment - 8,010 8,010 Total $ 7,969 $ 973,722 $ 981,691 December 31, 2020 Ending Loan Balance by Impairment Evaluation Individually Collectively Total Loans Loans: Commercial real estate: Owner occupied $ 1,565 $ 101,556 $ 103,121 Non-owner occupied 4,123 305,301 309,424 Multifamily - 39,562 39,562 Residential real estate 1,319 232,676 233,995 Commercial and industrial 834 231,210 232,044 Home equity lines of credit 246 112,297 112,543 Construction and other - 63,573 63,573 Consumer installment - 9,823 9,823 Total $ 8,087 $ 1,095,998 $ 1,104,085 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | December 31, 2021 Ending Allowance Balance by Impairment Evaluation Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Allocation Loans: Commercial real estate: Owner occupied $ 10 $ 1,826 $ 1,836 Non-owner occupied 655 6,776 7,431 Multifamily - 454 454 Residential real estate 17 1,723 1,740 Commercial and industrial 42 840 882 Home equity lines of credit 16 1,436 1,452 Construction and other - 533 533 Consumer installment - 14 14 Total $ 740 $ 13,602 $ 14,342 December 31, 2020 Ending Allowance Balance by Impairment Evaluation Individually Evaluated for Impairment Collectively Evaluated for Impairment Total Allocation Loans: Commercial real estate: Owner occupied $ 10 $ 1,332 $ 1,342 Non-owner occupied 371 6,446 6,817 Multifamily - 461 461 Residential real estate 20 1,663 1,683 Commercial and industrial 48 1,305 1,353 Home equity lines of credit 41 1,364 1,405 Construction and other - 378 378 Consumer installment - 20 20 Total $ 490 $ 12,969 $ 13,459 Allowance for Loan and Lease Losses Balance Balance December 31, 2020 Charge-offs Recoveries Provision December 31, 2021 Loans: Commercial real estate: Owner occupied $ 1,342 $ - $ 45 $ 449 $ 1,836 Non-owner occupied 6,817 (313 ) 138 789 7,431 Multifamily 461 - - (7 ) 454 Residential real estate 1,683 (27 ) 27 57 1,740 Commercial and industrial 1,353 (1 ) 194 (664 ) 882 Home equity lines of credit 1,405 56 (9 ) 1,452 Construction and other 378 - 46 109 533 Consumer installment 20 (124 ) 142 (24 ) 14 Total $ 13,459 $ (465 ) $ 648 $ 700 $ 14,342 Allowance for Loan and Lease Losses Balance Balance December 31, 2019 Charge-offs Recoveries Provision December 31, 2020 Loans: Commercial real estate: Owner occupied $ 801 $ (50 ) $ 17 $ 574 $ 1,342 Non-owner occupied 3,382 (3,022 ) 74 6,383 6,817 Multifamily 340 - - 121 461 Residential real estate 726 (62 ) 42 977 1,683 Commercial and industrial 456 (245 ) 294 848 1,353 Home equity lines of credit 932 (55 ) 84 444 1,405 Construction and other 103 - 157 118 378 Consumer installment 28 (405 ) 22 375 20 Total $ 6,768 $ (3,839 ) $ 690 $ 9,840 $ 13,459 |
Impaired Financing Receivables [Table Text Block] | December 31, 2021 Impaired Loans Unpaid Recorded Principal Related Investment Balance Allowance With no related allowance recorded: Commercial real estate: Non-owner occupied $ 1,547 $ 1,802 - Residential real estate 820 874 - Commercial and industrial 370 538 - Home equity lines of credit 7 7 - Total $ 2,744 $ 3,221 $ - With an allowance recorded: Commercial real estate: Owner occupied $ 731 $ 731 $ 10 Non-owner occupied 3,750 4,277 655 Residential real estate 284 284 17 Commercial and industrial 217 230 42 Home equity lines of credit 243 243 16 Total $ 5,225 $ 5,765 $ 740 Total: Commercial real estate: Owner occupied $ 731 $ 731 $ 10 Non-owner occupied 5,297 6,079 655 Residential real estate 1,104 1,158 17 Commercial and industrial 587 768 42 Home equity lines of credit 250 250 16 Total $ 7,969 $ 8,986 $ 740 December 31, 2020 Impaired Loans Unpaid Recorded Principal Related Investment Balance Allowance With no related allowance recorded: Commercial real estate: Owner occupied $ 1,118 $ 1,142 $ - Non-owner occupied 801 801 - Residential real estate 941 1,013 - Commercial and industrial 561 1,056 - Home equity lines of credit 80 92 - Consumer installment - - - Total $ 3,501 $ 4,104 $ - With an allowance recorded: Commercial real estate: Owner occupied $ 447 $ 447 $ 10 Non-owner occupied 3,322 3,596 371 Residential real estate 378 378 20 Commercial and industrial 273 276 48 Home equity lines of credit 166 166 41 Total $ 4,586 $ 4,863 $ 490 Total: Commercial real estate: Owner occupied $ 1,565 $ 1,589 $ 10 Non-owner occupied 4,123 4,397 371 Residential real estate 1,319 1,391 20 Commercial and industrial 834 1,332 48 Home equity lines of credit 246 258 41 Consumer installment - - - Total $ 8,087 $ 8,967 $ 490 |
Schedule of Additional Information Related to Impaired Loans [Table Text Block] | As of December 31, 2021 As of December 31, 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial real estate: Owner occupied $ 1,334 $ 53 $ 2,851 $ 72 Non-owner occupied 5,023 262 8,815 184 Residential real estate 1,208 56 1,247 52 Commercial and industrial 763 62 1,076 42 Home equity lines of credit 245 12 308 8 Total $ 8,573 $ 445 $ 14,297 $ 358 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | December 31, 2021 Number of Contracts Pre-Modification Post-Modification Term Outstanding Recorded Outstanding Recorded Troubled Debt Restructurings Modification Other Total Investment Investment Commercial real estate: Non-owner occupied 1 - 1 $ 730 $ 730 Residential real estate 1 - 1 96 96 $ 826 $ 826 December 31, 2020 Number of Contracts Pre-Modification Post-Modification Term Outstanding Recorded Outstanding Recorded Troubled Debt Restructurings Modification Other Total Investment Investment Commercial and industrial 2 - 2 $ 25 $ 24 Residential real estate 1 - 1 114 114 $ 139 $ 138 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Special Total December 31, 2021 Pass Mention Substandard Doubtful Loans Commercial real estate: Owner occupied $ 104,217 $ 2,400 $ 4,853 $ - $ 111,470 Non-owner occupied 230,672 3,038 49,908 - 283,618 Multifamily 31,189 - - - 31,189 Residential real estate 237,132 - 2,957 - 240,089 Commercial and industrial 143,911 2,748 2,153 - 148,812 Home equity lines of credit 103,296 - 1,059 - 104,355 Construction and other 53,807 341 - - 54,148 Consumer installment 8,005 - 5 - 8,010 Total $ 912,229 $ 8,527 $ 60,935 $ - $ 981,691 Special Total December 31, 2020 Pass Mention Substandard Doubtful Loans Commercial real estate: Owner occupied $ 93,939 $ 7,084 $ 2,098 $ - $ 103,121 Non-owner occupied 258,974 983 49,467 - 309,424 Multifamily 39,562 - - - 39,562 Residential real estate 230,944 265 2,786 - 233,995 Commercial and industrial 227,765 1,800 2,479 - 232,044 Home equity lines of credit 111,208 - 1,335 - 112,543 Construction and other 58,082 - 5,491 - 63,573 Consumer installment 9,816 - 7 - 9,823 Total $ 1,030,290 $ 10,132 $ 63,663 $ - $ 1,104,085 |
Financing Receivable, Past Due [Table Text Block] | 30-59 Days 60-89 Days 90 Days+ Total Total December 31, 2021 Current Past Due Past Due Past Due Past Due Loans Commercial real estate: Owner occupied $ 111,257 $ 81 $ 132 $ - $ 213 $ 111,470 Non-owner occupied 282,365 880 - 373 1,253 283,618 Multifamily 31,189 - - - - 31,189 Residential real estate 238,483 1,187 - 419 1,606 240,089 Commercial and industrial 148,437 112 - 263 375 148,812 Home equity lines of credit 104,316 - 39 - 39 104,355 Construction and other 54,148 - - - - 54,148 Consumer installment 7,799 16 19 176 211 8,010 Total $ 977,994 $ 2,276 $ 190 $ 1,231 $ 3,697 $ 981,691 30-59 Days 60-89 Days 90 Days+ Total Total December 31, 2020 Current Past Due Past Due Past Due Past Due Loans Commercial real estate: Owner occupied $ 102,587 $ 418 $ - $ 116 $ 534 $ 103,121 Non-owner occupied 305,613 1,844 1,373 594 3,811 309,424 Multifamily 39,562 - - - - 39,562 Residential real estate 230,996 2,364 95 540 2,999 233,995 Commercial and industrial 231,534 260 219 31 510 232,044 Home equity lines of credit 112,325 120 - 98 218 112,543 Construction and other 63,529 44 - - 44 63,573 Consumer installment 9,424 71 108 220 399 9,823 Total $ 1,095,570 $ 5,121 $ 1,795 $ 1,599 $ 8,515 $ 1,104,085 |
Financing Receivable, Nonaccrual [Table Text Block] | 90+ Days Past December 31, 2021 Nonaccrual Due and Accruing Commercial real estate: Owner occupied $ 81 $ - Non-owner occupied 2,442 - Residential real estate 1,577 - Commercial and industrial 456 - Home equity lines of credit 121 - Consumer installment 182 - Total $ 4,859 $ - 90+ Days Past December 31, 2020 Nonaccrual Due and Accruing Commercial real estate: Owner occupied $ 458 $ - Non-owner occupied 3,758 - Residential real estate 2,487 - Commercial and industrial 509 - Home equity lines of credit 422 - Consumer installment 224 - Total $ 7,858 $ - |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (Dollar amounts in thousands) 2021 2020 Land and land improvements $ 2,963 $ 2,963 Building and leasehold improvements 16,531 16,239 Furniture, fixtures, and equipment 9,596 9,395 Financing right-of-use assets 4,491 4,737 Total premises and equipment 33,581 33,334 Less accumulated depreciation and amortization 16,309 15,001 Total premises and equipment, net $ 17,272 $ 18,333 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remaining 2022 $ 309 2023 296 2024 281 2025 264 2026 253 Thereafter - Total $ 1,403 |
Servicing Asset at Amortized Cost [Table Text Block] | (Dollar amounts in thousands) 2021 2020 Beginning of year $ 476 $ 390 Additions 257 276 Amortized to expense (191 ) (190 ) End of year $ 542 $ 476 |
Note 8 - Accrued Interest Rec_2
Note 8 - Accrued Interest Receivable and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | (Dollar amounts in thousands) 2021 2020 Restricted stock $ 4,399 $ 5,057 Accrued interest receivable on investment securities 1,312 854 Accrued interest receivable on loans 2,820 4,356 Deferred tax asset, net 1,693 1,073 Operating right-of-use assets 872 742 Other 3,201 1,554 Total $ 14,297 $ 13,636 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | (Dollar amounts in thousands) 2022 $ 144,016 2023 25,496 2024 16,640 2025 6,533 2026 6,040 Total $ 198,725 |
Time Deposit Maturities, $250,000 or More [Table Text Block] | (Dollar amounts in thousands) Amount Percent of Total Within three months $ 7,506 22.46 % Beyond three but within six months 4,778 14.30 % Beyond six but within twelve months 10,463 31.31 % Beyond one year 10,672 31.94 % Total $ 33,419 100.00 % |
Note 10 - Short-term Borrowin_2
Note 10 - Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | (Dollar amounts in thousands) 2021 2020 Balance at year-end - - Average balance outstanding 85 22,637 Maximum month-end balance - 62,329 Weighted-average rate at year-end N/A N/A Weighted-average rate during the year 0.40 % 0.35 % |
Note 11 - Other Borrowings (Tab
Note 11 - Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Weighted- Stated interest (Dollar amounts in thousands) Maturity range average rate range Description from to interest rate from to 2021 2020 Finance lease liabilities 10/30/34 06/01/40 2.63 % 1.89 % 3.51 % $ 4,653 $ 4,839 PPPLF (a) 01/28/21 01/28/21 0.00 % 0.35 % 0.35 % - 3,951 Junior subordinated debt 12/21/37 12/21/37 1.84 % 1.80 % 1.80 % 8,248 8,248 Total $ 12,901 $ 17,038 |
Schedule of Maturities of Long-term Debt [Table Text Block] | (Dollar amounts in thousands) Weighted- Year Ending December 31, Amount Average Rate 2022 $ 265 2.63 % 2023 272 2.63 % 2024 279 2.63 % 2025 286 2.63 % 2026 298 2.63 % Beyond 2025 11,501 1.97 % Total $ 12,901 1.62 % |
Note 12 - Accrued Interest Pa_2
Note 12 - Accrued Interest Payable and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Other Liabilities [Table Text Block] | 2021 2020 (Dollar amounts in thousands) Accrued interest payable $ 237 $ 580 Accrued directors' benefits 2,247 1,587 Accrued salary and benefits expense 1,631 1,410 Operating lease liabilities 878 746 Other 1,167 1,608 Total $ 6,160 $ 5,931 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (Dollar amounts in thousands) 2021 2020 Current payable $ 4,466 $ 2,749 Deferred (401 ) (1,348 ) Total provision $ 4,065 $ 1,401 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (Dollar amounts in thousands) 2021 2020 Deferred tax assets: Allowance for loan and lease losses $ 3,012 $ 2,826 Supplemental retirement plan 608 482 Investment security basis adjustment 18 18 Nonaccrual interest income 350 355 Accrued compensation 293 244 Lease liability 1,161 1,173 Gross deferred tax assets 5,442 5,098 Deferred tax liabilities: Premises and equipment 632 709 Net unrealized gain on AFS securities 920 1,139 Net unrealized gain on equity securities 85 41 FHLB stock dividends 139 139 Intangibles 450 414 Mortgage servicing rights 114 100 Deferred origination fees, net 34 50 Acquisition fair value adjustments 249 278 Right of use assets 1,126 1,151 Other - 4 Gross deferred tax liabilities 3,749 4,025 Net deferred tax assets $ 1,693 $ 1,073 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (Dollar amounts in thousands) 2021 2020 % of % of Pretax Pretax Amount Income Amount Income Provision at statutory rate $ 4,766 21.0 % $ 2,047 21.0 % Tax-exempt income (703 ) (3.1 )% (669 ) (6.9 )% Other 2 - % 23 0.3 % Actual tax expense and effective rate $ 4,065 17.9 % $ 1,401 14.4 % |
Note 14 - Employee Benefits (Ta
Note 14 - Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted- average Exercise Price Per Share Outstanding, January 1, 2021 12,150 $ 8.78 Exercised (12,150 ) 8.78 Outstanding, December 31, 2021 - $ - Exercisable, December 31, 2021 - $ - |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Units Weighted- average Grant Date Fair Value Per Unit Nonvested at January 1, 2021 66,362 $ 23.52 Granted 29,193 22.50 Vested (18,622 ) 24.02 Nonvested at December 31, 2021 76,933 $ 23.01 Expected to vest at December 31, 2021 60,368 $ 22.56 |
Note 15 - Commitments (Tables)
Note 15 - Commitments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Other Commitments [Table Text Block] | (Dollar amounts in thousands) 2021 2020 Commitments to extend credit $ 280,379 $ 255,429 Standby letters of credit 586 581 Total $ 280,965 $ 256,010 |
Lease, Cost [Table Text Block] | 2021 2020 Lease Costs: Finance lease cost: Amortization of right-of-use asset $ 313 $ 286 Interest Expense 130 131 Other 63 27 Operating lease cost 225 213 Total lease cost $ 731 $ 657 |
Lease, Term and Discount Rate [Table Text Block] | Operating Finance Weighted-average term (years) 5.9 14.6 Weighted-average discount rate 1.8 % 2.6 % |
Operating and Finance Lease, Liability, Maturity [Table Text Block] | Operating Finance Undiscounted cash flows due within: 2022 $ 169 $ 385 2023 169 385 2024 169 385 2025 169 385 2026 134 389 2027 and thereafter 122 3,726 Total undiscounted cash flows 932 5,655 Impact of present value discount (54 ) (1,002 ) Amount reported on balance sheet $ 878 $ 4,653 |
Note 17 - Regulatory Capital (T
Note 17 - Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | As of December 31, 2021 Tier 1 Common Total Risk Leverage Risk Based Equity Tier 1 Based The Middlefield Banking Company 9.80 % 12.72 % 12.72 % 13.97 % Middlefield Banc Corp. 10.02 % 12.96 % 12.18 % 14.21 % Adequately capitalized ratio 4.00 % 6.00 % 4.50 % 8.00 % Adequately capitalized ratio plus fully phased-in capital conservation buffer 4.00 % 8.50 % 7.00 % 10.50 % Well-capitalized ratio (Bank only) 5.00 % 8.00 % 6.50 % 10.00 % As of December 31, 2020 Tier 1 Common Total Risk Leverage Risk Based Equity Tier 1 Based The Middlefield Banking Company 9.45 % 11.47 % 11.47 % 12.68 % Middlefield Banc Corp. 10.22 % 11.68 % 10.96 % 12.88 % Adequately capitalized ratio 4.00 % 6.00 % 4.50 % 8.00 % Adequately capitalized ratio plus fully phased-in capital conservation buffer 4.00 % 8.50 % 7.00 % 10.50 % Well-capitalized ratio (Bank only) 5.00 % 8.00 % 6.50 % 10.00 % |
Note 18 - Fair Value Disclosu_2
Note 18 - Fair Value Disclosure Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 31, 2021 (Dollar amounts in thousands) Level I Level II Level III Total Assets measured on a recurring basis: Subordinated debt $ - $ 20,337 $ 12,200 $ 32,537 Obligations of states and political subdivisions - 127,345 - 127,345 Mortgage-backed securities in government- sponsored entities - 10,317 - 10,317 Total debt securities - 157,999 12,200 170,199 Equity securities in financial institutions 818 - - 818 Total $ 818 $ 157,999 $ 12,200 $ 171,017 December 31, 2020 (Dollar amounts in thousands) Level I Level II Level III Total Assets measured on a recurring basis: Subordinated debt $ - $ 14,047 $ 7,250 $ 21,297 Obligations of states and political subdivisions - 78,302 - 78,302 Mortgage-backed securities in government-sponsored entities - 14,761 - 14,761 Total debt securities - 114,360 - 114,360 Equity securities in financial institutions 609 - - 609 Total $ 609 $ 114,360 $ - $ 114,969 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Subordinated debt Balance as of January 1, 2021 $ 7,250 Purchases, sales, settlements Purchases 4,000 Sales - Settlements - Transfers into Level 3 (1) 1,700 Transfers out of Level 3 (2) (750 ) Balance as of December 31, 2021 $ 12,200 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | December 31, 2021 Level I Level II Level III Total (Dollar amounts in thousands) Assets measured on a non-recurring basis: Impaired loans $ - $ - $ 4,162 $ 4,162 December 31, 2020 Level I Level II Level III Total (Dollar amounts in thousands) Assets measured on a non-recurring basis: Impaired loans $ - $ - $ 4,111 $ 4,111 Other real estate owned - - 6,992 6,992 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative Information about Level III Fair Value Measurements (Dollar amounts in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) December 31, 2021 Impaired loans $ 4,162 Appraisal of collateral (1) Appraisal adjustments (2) 25.0% to 72.2% (36.6%) Quantitative Information about Level III Fair Value Measurements (Dollar amounts in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range (Weighted Average) December 31, 2020 Impaired loans $ 4,111 Appraisal of collateral (1) Appraisal adjustments (2) 17.6% to 48.5% (22.7%) Other real estate owned $ 6,992 Appraisal of collateral (1) Appraisal adjustments (2) 19.9% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2021 Carrying Total Value Level I Level II Level III Fair Value (in thousands) Financial assets: Loans held for sale 1,051 - 1,051 - 1,051 Net loans 967,349 - - 961,645 961,645 Financial liabilities: Deposits $ 1,166,610 $ 967,885 $ - $ 199,503 $ 1,167,388 Other borrowings 12,901 - - 12,901 12,901 December 31, 2020 Carrying Total Value Level I Level II Level III Fair Value (in thousands) Financial assets: Loans held for sale 878 - 878 - 878 Net loans 1,090,626 - - 1,089,573 1,089,573 Financial liabilities: Deposits $ 1,225,200 $ 929,450 $ - $ 299,651 $ 1,229,101 Other borrowings 17,038 - - 15,250 15,250 |
Note 19 - Accumulated Other C_2
Note 19 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized gains/(losses) on available-for-sale (Dollars in thousands) securities (a) Balance as of December 31, 2019 $ 1,842 Other comprehensive income 2,442 Balance at December 31, 2020 $ 4,284 Balance as of December 31, 2020 $ 4,284 Other comprehensive income (loss) (822 ) Balance at December 31, 2021 $ 3,462 |
Note 20 - Parent Company (Table
Note 20 - Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (Dollar amounts in thousands) December 31, 2021 2020 ASSETS Cash and due from banks $ 805 $ 1,222 Equity securities, at fair value 818 609 Investment in nonbank subsidiary 1 1 Investment in subsidiary bank 150,588 149,272 Other assets 2,381 1,561 TOTAL ASSETS $ 154,593 $ 152,665 LIABILITIES Trust preferred debt $ 8,248 $ 8,248 Other liabilities 1,010 607 TOTAL LIABILITIES 9,258 8,855 STOCKHOLDERS' EQUITY 145,335 143,810 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 154,593 $ 152,665 |
Condensed Income Statement [Table Text Block] | Year Ended December 31, (Dollar amounts in thousands) 2021 2020 INCOME Dividends from subsidiary bank $ 18,600 $ 4,700 Dividends from nonbank subsidiary - 1,399 Gain (loss) on equity securities 209 (101 ) Other 5 7 Total income 18,814 6,005 EXPENSES Interest expense 151 192 Salaries and employee benefits 842 465 Ohio state franchise tax 1,144 1,082 Other 742 796 Total expenses 2,879 2,535 Income before income tax benefit 15,935 3,470 Income tax benefit (560 ) (552 ) Income before equity in undistributed net income of subsidiaries 16,495 4,022 Equity in undistributed net income of subsidiaries 2,138 4,327 NET INCOME $ 18,633 $ 8,349 Comprehensive income $ 17,811 $ 10,791 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, (Dollar amounts in thousands) 2021 2020 OPERATING ACTIVITIES Net income $ 18,633 $ 8,349 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of Subsidiaries (2,138 ) (4,327 ) Stock-based compensation 398 144 (Gain) loss on equity securities (209 ) 101 Other, net (664 ) (609 ) Net cash provided by operating activities 16,020 3,658 FINANCING ACTIVITIES Stock options exercised 94 12 Repurchase of treasury shares (12,291 ) (1,191 ) Cash dividends (4,240 ) (3,834 ) Net cash used in financing activities (16,437 ) (5,013 ) Decrease in cash (417 ) (1,355 ) CASH AT BEGINNING OF YEAR 1,222 2,577 CASH AT END OF YEAR $ 805 $ 1,222 |
Note 21 - Selected Quarterly _2
Note 21 - Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | (Dollar amounts in thousands) Three Months Ended March 31, June 30, September 30, December 31, 2021 2021 2021 2021 Total interest and dividend income $ 13,142 $ 12,936 $ 13,447 $ 12,810 Total interest expense 1,244 1,049 952 820 Net interest income 11,898 11,887 12,495 11,990 Provision for loan losses 700 200 - (200 ) Net interest income after provision for loan losses 11,198 11,687 12,495 12,190 Total noninterest income 2,218 1,632 1,821 1,535 Total noninterest expense 8,353 7,926 7,938 7,861 Income before income taxes 5,063 5,393 6,378 5,864 Income taxes 896 968 1,174 1,027 Net income $ 4,167 $ 4,425 $ 5,204 $ 4,837 Per share data: Net income Basic $ 0.65 $ 0.70 $ 0.85 $ 0.81 Diluted 0.65 0.70 0.85 0.81 Average shares outstanding: Basic 6,364,132 6,297,071 6,136,648 5,951,838 Diluted 6,378,493 6,312,230 6,157,181 5,975,333 (Dollar amounts in thousands) Three Months Ended March 31, June 30, September 30, December 31, 2020 2020 2020 2020 Total interest and dividend income $ 13,009 $ 13,155 $ 13,507 $ 12,967 Total interest expense 2,976 2,430 2,148 1,696 Net interest income 10,033 10,725 11,359 11,271 Provision for loan losses 2,740 1,000 4,000 2,100 Net interest income after provision for loan losses 7,293 9,725 7,359 9,171 Total noninterest income 1,074 1,495 1,811 1,610 Total noninterest expense 7,252 7,689 7,022 7,825 Income before income taxes 1,115 3,531 2,148 2,956 Income taxes 74 565 295 467 Net income $ 1,041 $ 2,966 $ 1,853 $ 2,489 Per share data: Net income Basic $ 0.16 $ 0.47 $ 0.29 $ 0.39 Diluted 0.16 0.46 0.29 0.39 Average shares outstanding: Basic 6,417,109 6,369,467 6,376,291 6,378,706 Diluted 6,429,443 6,388,118 6,385,765 6,397,681 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | |
Number of Branches | 16 | |
Servicing Asset at Fair Value, Amount, Ending Balance | $ 105,900,000 | $ 92,300,000 |
Goodwill, Impairment Loss | 0 | 0 |
Mortgage Loans in Process of Foreclosure, Amount | $ 1,000,000 | $ 734,000 |
Treasury Stock, Shares, Ending Balance (in shares) | shares | 1,441,811 | 929,362 |
Treasury Stock, Shares, Acquired (in shares) | shares | 512,449 | 58,200 |
Core Deposits [Member] | ||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment, Useful Life (Year) | 40 years |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Interest Income and Noninterest Income, Percent | 90.90% |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Gain on equity securities | [1] | $ 209,000 | $ (101,000) | ||||||||
Earnings on bank-owned life insurance | [1] | 546,000 | 427,000 | ||||||||
Gain on sale of loans | [1] | 1,240,000 | 1,487,000 | ||||||||
Revenue from investment services | [2] | 727,000 | 526,000 | ||||||||
Other income | 1,059,000 | 1,112,000 | |||||||||
Total noninterest income | $ 1,535,000 | $ 1,821,000 | $ 1,632,000 | $ 2,218,000 | $ 1,610,000 | $ 1,811,000 | $ 1,495,000 | $ 1,074,000 | 7,206,000 | 5,990,000 | |
Gain on other real estate owned | (43,000) | (253,000) | |||||||||
Overdraft Fees [Member] | |||||||||||
Noninterest income revenue | 727,000 | 665,000 | |||||||||
ATM Banking Fees [Member] | |||||||||||
Noninterest income revenue | 1,377,000 | 1,061,000 | |||||||||
Service Charge and Other Fees [Member] | |||||||||||
Noninterest income revenue | $ 1,321,000 | $ 813,000 | |||||||||
[1] | Not within scope of ASC 606 | ||||||||||
[2] | From services offered by the Company through it's servicing partnership with LPL Financial |
Note 3 - Earnings Per Share (De
Note 3 - Earnings Per Share (Details Textual) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 0 | 12,150 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 0 | $ 8.78 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 76,933 | 67,634 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 53,438 | 67,295 |
Note 3 - Earnings Per Share - S
Note 3 - Earnings Per Share - Shares Used in Calculation of Earnings Per Share (Details) - shares | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted-average common shares issued (in shares) | 7,325,449 | 7,302,845 | ||||||||
Average treasury stock shares (in shares) | (1,138,783) | (917,495) | ||||||||
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share (in shares) | 5,951,838 | 6,136,648 | 6,297,071 | 6,364,132 | 6,378,706 | 6,376,291 | 6,369,467 | 6,417,109 | 6,186,666 | 6,385,350 |
Additional common stock equivalents (stock options and restricted stock) used to calculate diluted earnings per share (in shares) | 24,410 | 19,174 | ||||||||
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share (in shares) | 5,975,333 | 6,157,181 | 6,312,230 | 6,378,493 | 6,397,681 | 6,385,765 | 6,388,118 | 6,429,443 | 6,211,076 | 6,404,524 |
Note 4 - Investment and Equit_3
Note 4 - Investment and Equity Securities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Equity Securities, FV-NI, Current | $ 818,000 | $ 609,000 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | [1] | 209,000 | (101,000) |
Equity Securities, FV-NI, Realized Gain (Loss), Total | 0 | 0 | |
Security Owned and Pledged as Collateral, Fair Value, Total | 77,100,000 | 71,100,000 | |
Proceeds from Sale of Investment Securities | $ 0 | 0 | |
Available-for-sale Securities, Percentage of Portfolio | 80.90% | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | $ 0 | |
[1] | Not within scope of ASC 606 |
Note 4 - Investment and Equit_4
Note 4 - Investment and Equity Securities - Amortized Cost and Fair Values of Securities Available for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized cost | $ 165,817 | $ 108,937 |
Gross unrealized gains | 4,922 | 5,435 |
Gross unrealized losses | (540) | (12) |
Investment securities available for sale, at fair value | 170,199 | 114,360 |
Subordinated Debt Securities [Member] | ||
Amortized cost | 32,300 | 21,050 |
Gross unrealized gains | 356 | 254 |
Gross unrealized losses | (119) | (7) |
Investment securities available for sale, at fair value | 32,537 | 21,297 |
Taxable Municipal Bonds [Member] | ||
Amortized cost | 500 | 500 |
Gross unrealized gains | 2 | 2 |
Gross unrealized losses | 0 | 0 |
Investment securities available for sale, at fair value | 502 | 502 |
Nontaxable Municipal Bonds [Member] | ||
Amortized cost | 122,877 | 73,157 |
Gross unrealized gains | 4,307 | 4,643 |
Gross unrealized losses | (341) | 0 |
Investment securities available for sale, at fair value | 126,843 | 77,800 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Amortized cost | 10,140 | 14,230 |
Gross unrealized gains | 257 | 536 |
Gross unrealized losses | (80) | (5) |
Investment securities available for sale, at fair value | $ 10,317 | $ 14,761 |
Note 4 - Investment and Equit_5
Note 4 - Investment and Equity Securities - Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Due in one year or less, amortized costs | $ 0 | |
Due in one year or less, fair value | 0 | |
Due after one year through five years, amortized costs | 1,715 | |
Due after one year through five years, fair value | 1,726 | |
Due after five years through ten years, amortized costs | 40,962 | |
Due after five years through ten years, fair value | 41,427 | |
Due after ten years, amortized costs | 123,140 | |
Due after ten years, fair value | 127,046 | |
Amortized costs | 165,817 | $ 108,937 |
Fair Value | $ 170,199 | $ 114,360 |
Note 4 - Investment and Equit_6
Note 4 - Investment and Equity Securities - Gross Unrealized Losses and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Less than Twelve Months, Fair Value | $ 33,423 | $ 6,991 |
Less than Twelve Months, Gross Unrealized Losses | (441) | (12) |
Twelve Months or Greater, Fair Value | 2,711 | 0 |
Twelve Months or Greater, Gross Unrealized Losses | (99) | 0 |
Total, Fair Value | 36,134 | 6,991 |
Total, Gross Unrealized Losses | (540) | (12) |
Subordinated Debt Securities [Member] | ||
Less than Twelve Months, Fair Value | 9,150 | 4,243 |
Less than Twelve Months, Gross Unrealized Losses | (100) | (7) |
Twelve Months or Greater, Fair Value | 731 | 0 |
Twelve Months or Greater, Gross Unrealized Losses | (19) | 0 |
Total, Fair Value | 9,881 | 4,243 |
Total, Gross Unrealized Losses | (119) | (7) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Less than Twelve Months, Fair Value | 0 | 2,748 |
Less than Twelve Months, Gross Unrealized Losses | 0 | (5) |
Twelve Months or Greater, Fair Value | 1,980 | 0 |
Twelve Months or Greater, Gross Unrealized Losses | (80) | 0 |
Total, Fair Value | 1,980 | 2,748 |
Total, Gross Unrealized Losses | (80) | $ (5) |
Nontaxable Municipal Bonds [Member] | ||
Less than Twelve Months, Fair Value | 24,273 | |
Less than Twelve Months, Gross Unrealized Losses | (341) | |
Twelve Months or Greater, Fair Value | 0 | |
Twelve Months or Greater, Gross Unrealized Losses | 0 | |
Total, Fair Value | 24,273 | |
Total, Gross Unrealized Losses | $ (341) |
Note 5 - Loans and Related Al_3
Note 5 - Loans and Related Allowance for Loan and Lease Losses (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Loans and Leases Receivable, Net of Deferred Income, Total | $ 981,691,000 | $ 1,104,085,000 | $ 981,691,000 | $ 1,104,085,000 | ||||||
Loans and Leases Receivable, Deferred Income, Total | 3,600,000 | 4,400,000 | 3,600,000 | 4,400,000 | ||||||
Financing Receivable, Troubled Debt Restructuring | $ 2,600,000 | $ 2,900,000 | 2,600,000 | 2,900,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 150,000 | $ 45,000 | ||||||||
Financing Receivable, Number of Payment Modifications | 0 | 11 | 0 | 11 | ||||||
Financing Receivable, Loans Modified, Outstanding Amount | $ 24,500,000 | $ 24,500,000 | ||||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | ||||||||
Number of Days Past Due (Day) | 90 days | |||||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | 0 | $ 0 | $ 0 | ||||||
Allowance for Loan and Lease Losses, Write-offs | 465,000 | 3,839,000 | ||||||||
Provision for Loan and Lease Losses, Total | (200,000) | $ 0 | $ 200,000 | $ 700,000 | 2,100,000 | $ 4,000,000 | $ 1,000,000 | $ 2,740,000 | 700,000 | 9,840,000 |
Threshold For Loans Evaluated For Impairment [Member] | ||||||||||
Loans and Leases Receivable, before Fees, Gross | 750,000 | 750,000 | ||||||||
Commercial And Industrial [Member] | ||||||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 148,812,000 | 232,044,000 | 148,812,000 | 232,044,000 | ||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | 0 | 0 | ||||||
Allowance for Loan and Lease Losses, Write-offs | 1,000 | 245,000 | ||||||||
Provision for Loan and Lease Losses, Total | (664,000) | 848,000 | ||||||||
Commercial And Industrial [Member] | Provision Fluctuation [Member] | ||||||||||
Allowance for Loan and Lease Losses, Write-offs | 245,000 | |||||||||
Commercial Real Estate Portfolio Segment [Member] | Provision Fluctuation [Member] | ||||||||||
Allowance for Loan and Lease Losses, Write-offs | 3,000,000 | |||||||||
Residential Portfolio Segment [Member] | ||||||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 240,089,000 | 233,995,000 | 240,089,000 | 233,995,000 | ||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | 0 | 0 | ||||||
Allowance for Loan and Lease Losses, Write-offs | 27,000 | 62,000 | ||||||||
Provision for Loan and Lease Losses, Total | 57,000 | 977,000 | ||||||||
Residential Portfolio Segment [Member] | Provision Fluctuation [Member] | ||||||||||
Allowance for Loan and Lease Losses, Write-offs | 62,000 | |||||||||
Consumer Portfolio Segment [Member] | ||||||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 8,010,000 | 9,823,000 | 8,010,000 | 9,823,000 | ||||||
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 | 0 | 0 | ||||||
Allowance for Loan and Lease Losses, Write-offs | 124,000 | 405,000 | ||||||||
Provision for Loan and Lease Losses, Total | (24,000) | 375,000 | ||||||||
Consumer Portfolio Segment [Member] | Provision Fluctuation [Member] | ||||||||||
Allowance for Loan and Lease Losses, Write-offs | 383,000 | |||||||||
Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | ||||||||||
Loans and Leases Receivable, Deferred Income, Total | 1,300,000 | 2,700,000 | 1,300,000 | 2,700,000 | ||||||
Small Business Administration (SBA), CARES Act, Paycheck Protection Program [Member] | Commercial And Industrial [Member] | ||||||||||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 34,100,000 | $ 116,100,000 | $ 34,100,000 | $ 116,100,000 | ||||||
Financing Receivable, Allowance for Credit Losses, Percentage of Portfolio | 0.40% | 0.40% | 0.40% | 0.40% | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 137,000 | $ 464,000 | $ 137,000 | $ 464,000 | ||||||
Provision for Loan and Lease Losses, Total | $ 464,000 |
Note 5 - Loans and Related Al_4
Note 5 - Loans and Related Allowance for Loan and Lease Losses - Primary Segments of the Loan Portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Individually evaluated for impairment | $ 7,969 | $ 8,087 |
Collectively evaluated for impairment | 973,722 | 1,095,998 |
Loans and Leases Receivable, Net of Deferred Income, Total | 981,691 | 1,104,085 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||
Individually evaluated for impairment | 731 | 1,565 |
Collectively evaluated for impairment | 110,739 | 101,556 |
Loans and Leases Receivable, Net of Deferred Income, Total | 111,470 | 103,121 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Individually evaluated for impairment | 5,297 | 4,123 |
Collectively evaluated for impairment | 278,321 | 305,301 |
Loans and Leases Receivable, Net of Deferred Income, Total | 283,618 | 309,424 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 31,189 | 39,562 |
Loans and Leases Receivable, Net of Deferred Income, Total | 31,189 | 39,562 |
Residential Portfolio Segment [Member] | ||
Individually evaluated for impairment | 1,104 | 1,319 |
Collectively evaluated for impairment | 238,985 | 232,676 |
Loans and Leases Receivable, Net of Deferred Income, Total | 240,089 | 233,995 |
Commercial And Industrial [Member] | ||
Individually evaluated for impairment | 587 | 834 |
Collectively evaluated for impairment | 148,225 | 231,210 |
Loans and Leases Receivable, Net of Deferred Income, Total | 148,812 | 232,044 |
Home Equity Lines of Credit [Member] | ||
Individually evaluated for impairment | 250 | 246 |
Collectively evaluated for impairment | 104,105 | 112,297 |
Loans and Leases Receivable, Net of Deferred Income, Total | 104,355 | 112,543 |
Construction and Other [Member] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 54,148 | 63,573 |
Loans and Leases Receivable, Net of Deferred Income, Total | 54,148 | 63,573 |
Consumer Portfolio Segment [Member] | ||
Individually evaluated for impairment | 0 | 0 |
Collectively evaluated for impairment | 8,010 | 9,823 |
Loans and Leases Receivable, Net of Deferred Income, Total | $ 8,010 | $ 9,823 |
Note 5 - Loans and Related Al_5
Note 5 - Loans and Related Allowance for Loan and Lease Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Individually evaluated for impairment | $ 740 | $ 490 | $ 740 | $ 490 | ||||||
Collectively evaluated for impairment | 13,602 | 12,969 | 13,602 | 12,969 | ||||||
Less: allowance for loan and lease losses | 14,342 | 13,459 | 14,342 | 13,459 | ||||||
Beginning balance | $ 13,459 | $ 6,768 | 13,459 | 6,768 | ||||||
Charge-offs | (465) | (3,839) | ||||||||
Recoveries | 648 | 690 | ||||||||
Provision | (200) | $ 0 | $ 200 | 700 | 2,100 | $ 4,000 | $ 1,000 | 2,740 | 700 | 9,840 |
Ending balance | 14,342 | 13,459 | 14,342 | 13,459 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||||||||||
Individually evaluated for impairment | 10 | 10 | 10 | 10 | ||||||
Collectively evaluated for impairment | 1,826 | 1,332 | 1,826 | 1,332 | ||||||
Less: allowance for loan and lease losses | 1,836 | 1,342 | 1,836 | 1,342 | ||||||
Beginning balance | 1,342 | 801 | 1,342 | 801 | ||||||
Charge-offs | 0 | (50) | ||||||||
Recoveries | 45 | 17 | ||||||||
Provision | 449 | 574 | ||||||||
Ending balance | 1,836 | 1,342 | 1,836 | 1,342 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||||||||||
Individually evaluated for impairment | 655 | 371 | 655 | 371 | ||||||
Collectively evaluated for impairment | 6,776 | 6,446 | 6,776 | 6,446 | ||||||
Less: allowance for loan and lease losses | 7,431 | 6,817 | 7,431 | 6,817 | ||||||
Beginning balance | 6,817 | 3,382 | 6,817 | 3,382 | ||||||
Charge-offs | (313) | (3,022) | ||||||||
Recoveries | 138 | 74 | ||||||||
Provision | 789 | 6,383 | ||||||||
Ending balance | 7,431 | 6,817 | 7,431 | 6,817 | ||||||
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 454 | 461 | 454 | 461 | ||||||
Less: allowance for loan and lease losses | 454 | 461 | 454 | 461 | ||||||
Beginning balance | 461 | 340 | 461 | 340 | ||||||
Charge-offs | 0 | 0 | ||||||||
Recoveries | 0 | 0 | ||||||||
Provision | (7) | 121 | ||||||||
Ending balance | 454 | 461 | 454 | 461 | ||||||
Residential Portfolio Segment [Member] | ||||||||||
Individually evaluated for impairment | 17 | 20 | 17 | 20 | ||||||
Collectively evaluated for impairment | 1,723 | 1,663 | 1,723 | 1,663 | ||||||
Less: allowance for loan and lease losses | 1,740 | 1,683 | 1,740 | 1,683 | ||||||
Beginning balance | 1,683 | 726 | 1,683 | 726 | ||||||
Charge-offs | (27) | (62) | ||||||||
Recoveries | 27 | 42 | ||||||||
Provision | 57 | 977 | ||||||||
Ending balance | 1,740 | 1,683 | 1,740 | 1,683 | ||||||
Commercial And Industrial [Member] | ||||||||||
Individually evaluated for impairment | 42 | 48 | 42 | 48 | ||||||
Collectively evaluated for impairment | 840 | 1,305 | 840 | 1,305 | ||||||
Less: allowance for loan and lease losses | 882 | 1,353 | 882 | 1,353 | ||||||
Beginning balance | 1,353 | 456 | 1,353 | 456 | ||||||
Charge-offs | (1) | (245) | ||||||||
Recoveries | 194 | 294 | ||||||||
Provision | (664) | 848 | ||||||||
Ending balance | 882 | 1,353 | 882 | 1,353 | ||||||
Home Equity Lines of Credit [Member] | ||||||||||
Individually evaluated for impairment | 16 | 41 | 16 | 41 | ||||||
Collectively evaluated for impairment | 1,436 | 1,364 | 1,436 | 1,364 | ||||||
Less: allowance for loan and lease losses | 1,452 | 1,405 | 1,452 | 1,405 | ||||||
Beginning balance | 1,405 | 932 | 1,405 | 932 | ||||||
Charge-offs | (55) | |||||||||
Recoveries | 56 | 84 | ||||||||
Provision | (9) | 444 | ||||||||
Ending balance | 1,452 | 1,405 | 1,452 | 1,405 | ||||||
Construction and Other [Member] | ||||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 533 | 378 | 533 | 378 | ||||||
Less: allowance for loan and lease losses | 533 | 378 | 533 | 378 | ||||||
Beginning balance | 378 | 103 | 378 | 103 | ||||||
Charge-offs | 0 | 0 | ||||||||
Recoveries | 46 | 157 | ||||||||
Provision | 109 | 118 | ||||||||
Ending balance | 533 | 378 | 533 | 378 | ||||||
Consumer Portfolio Segment [Member] | ||||||||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | ||||||
Collectively evaluated for impairment | 14 | 20 | 14 | 20 | ||||||
Less: allowance for loan and lease losses | 14 | 20 | 14 | 20 | ||||||
Beginning balance | $ 20 | $ 28 | 20 | 28 | ||||||
Charge-offs | (124) | (405) | ||||||||
Recoveries | 142 | 22 | ||||||||
Provision | (24) | 375 | ||||||||
Ending balance | $ 14 | $ 20 | $ 14 | $ 20 |
Note 5 - Loans and Related Al_6
Note 5 - Loans and Related Allowance for Loan and Lease Losses - Impaired Loans by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Recorded investment, with no related allowance | $ 2,744 | $ 3,501 |
Unpaid principal balance, with no related allowance | 3,221 | 4,104 |
Recorded investment, with related allowance | 5,225 | 4,586 |
Unpaid principal balance, with related allowance | 5,765 | 4,863 |
Related allowance | 740 | 490 |
Recorded investment | 7,969 | 8,087 |
Unpaid principal balance | 8,986 | 8,967 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Recorded investment, with no related allowance | 1,547 | 801 |
Unpaid principal balance, with no related allowance | 1,802 | 801 |
Recorded investment, with related allowance | 3,750 | 3,322 |
Unpaid principal balance, with related allowance | 4,277 | 3,596 |
Related allowance | 655 | 371 |
Recorded investment | 5,297 | 4,123 |
Unpaid principal balance | 6,079 | 4,397 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||
Recorded investment, with no related allowance | 1,118 | |
Unpaid principal balance, with no related allowance | 1,142 | |
Recorded investment, with related allowance | 731 | 447 |
Unpaid principal balance, with related allowance | 731 | 447 |
Related allowance | 10 | 10 |
Recorded investment | 731 | 1,565 |
Unpaid principal balance | 731 | 1,589 |
Residential Portfolio Segment [Member] | ||
Recorded investment, with no related allowance | 820 | 941 |
Unpaid principal balance, with no related allowance | 874 | 1,013 |
Recorded investment, with related allowance | 284 | 378 |
Unpaid principal balance, with related allowance | 284 | 378 |
Related allowance | 17 | 20 |
Recorded investment | 1,104 | 1,319 |
Unpaid principal balance | 1,158 | 1,391 |
Commercial And Industrial [Member] | ||
Recorded investment, with no related allowance | 370 | 561 |
Unpaid principal balance, with no related allowance | 538 | 1,056 |
Recorded investment, with related allowance | 217 | 273 |
Unpaid principal balance, with related allowance | 230 | 276 |
Related allowance | 42 | 48 |
Recorded investment | 587 | 834 |
Unpaid principal balance | 768 | 1,332 |
Home Equity Lines of Credit [Member] | ||
Recorded investment, with no related allowance | 7 | 80 |
Unpaid principal balance, with no related allowance | 7 | 92 |
Recorded investment, with related allowance | 243 | 166 |
Unpaid principal balance, with related allowance | 243 | 166 |
Related allowance | 16 | 41 |
Recorded investment | 250 | 246 |
Unpaid principal balance | $ 250 | 258 |
Consumer Portfolio Segment [Member] | ||
Recorded investment, with no related allowance | 0 | |
Unpaid principal balance, with no related allowance | 0 | |
Related allowance | 0 | |
Unpaid principal balance | $ 0 |
Note 5 - Loans and Related Al_7
Note 5 - Loans and Related Allowance for Loan and Lease Losses - Additional Information on Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Average recorded investment | $ 8,573 | $ 14,297 |
Interest income recognized | 445 | 358 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||
Average recorded investment | 1,334 | 2,851 |
Interest income recognized | 53 | 72 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Average recorded investment | 5,023 | 8,815 |
Interest income recognized | 262 | 184 |
Residential Portfolio Segment [Member] | ||
Average recorded investment | 1,208 | 1,247 |
Interest income recognized | 56 | 52 |
Commercial And Industrial [Member] | ||
Average recorded investment | 763 | 1,076 |
Interest income recognized | 62 | 42 |
Home Equity Lines of Credit [Member] | ||
Average recorded investment | 245 | 308 |
Interest income recognized | $ 12 | $ 8 |
Note 5 - Loans and Related Al_8
Note 5 - Loans and Related Allowance for Loan and Lease Losses - Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of contracts | ||
Pre-modification outstanding recorded investment | $ 826 | $ 139 |
Post-modification outstanding recorded investment | $ 826 | $ 138 |
Commercial And Industrial [Member] | ||
Number of contracts | 2 | |
Pre-modification outstanding recorded investment | $ 25 | |
Post-modification outstanding recorded investment | $ 24 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Number of contracts | 1 | |
Pre-modification outstanding recorded investment | $ 730 | |
Post-modification outstanding recorded investment | $ 730 | |
Residential Portfolio Segment [Member] | ||
Number of contracts | 1 | 1 |
Pre-modification outstanding recorded investment | $ 96 | $ 114 |
Post-modification outstanding recorded investment | $ 96 | $ 114 |
Extended Maturity [Member] | ||
Number of contracts | ||
Extended Maturity [Member] | Commercial And Industrial [Member] | ||
Number of contracts | 2 | |
Extended Maturity [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Number of contracts | 1 | |
Extended Maturity [Member] | Residential Portfolio Segment [Member] | ||
Number of contracts | 1 | 1 |
Other Restructurings [Member] | ||
Number of contracts | ||
Other Restructurings [Member] | Commercial And Industrial [Member] | ||
Number of contracts | 0 | |
Other Restructurings [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Number of contracts | 0 | |
Other Restructurings [Member] | Residential Portfolio Segment [Member] | ||
Number of contracts | 0 | 0 |
Note 5 - Loans and Related Al_9
Note 5 - Loans and Related Allowance for Loan and Lease Losses - Classes of the Loan Portfolio Summarized by Credit Quality (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans | $ 981,691 | $ 1,104,085 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||
Loans | 111,470 | 103,121 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Loans | 283,618 | 309,424 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Loans | 31,189 | 39,562 |
Residential Portfolio Segment [Member] | ||
Loans | 240,089 | 233,995 |
Commercial And Industrial [Member] | ||
Loans | 148,812 | 232,044 |
Home Equity Lines of Credit [Member] | ||
Loans | 104,355 | 112,543 |
Construction and Other [Member] | ||
Loans | 54,148 | 63,573 |
Consumer Portfolio Segment [Member] | ||
Loans | 8,010 | 9,823 |
Pass [Member] | ||
Loans | 912,229 | 1,030,290 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||
Loans | 104,217 | 93,939 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Loans | 230,672 | 258,974 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Loans | 31,189 | 39,562 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Loans | 237,132 | 230,944 |
Pass [Member] | Commercial And Industrial [Member] | ||
Loans | 143,911 | 227,765 |
Pass [Member] | Home Equity Lines of Credit [Member] | ||
Loans | 103,296 | 111,208 |
Pass [Member] | Construction and Other [Member] | ||
Loans | 53,807 | 58,082 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 8,005 | 9,816 |
Special Mention [Member] | ||
Loans | 8,527 | 10,132 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||
Loans | 2,400 | 7,084 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Loans | 3,038 | 983 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Loans | 0 | 0 |
Special Mention [Member] | Residential Portfolio Segment [Member] | ||
Loans | 0 | 265 |
Special Mention [Member] | Commercial And Industrial [Member] | ||
Loans | 2,748 | 1,800 |
Special Mention [Member] | Home Equity Lines of Credit [Member] | ||
Loans | 0 | 0 |
Special Mention [Member] | Construction and Other [Member] | ||
Loans | 341 | 0 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Substandard [Member] | ||
Loans | 60,935 | 63,663 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||
Loans | 4,853 | 2,098 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Loans | 49,908 | 49,467 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Loans | 0 | 0 |
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Loans | 2,957 | 2,786 |
Substandard [Member] | Commercial And Industrial [Member] | ||
Loans | 2,153 | 2,479 |
Substandard [Member] | Home Equity Lines of Credit [Member] | ||
Loans | 1,059 | 1,335 |
Substandard [Member] | Construction and Other [Member] | ||
Loans | 0 | 5,491 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 5 | 7 |
Doubtful [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Residential Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Commercial And Industrial [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Home Equity Lines of Credit [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Construction and Other [Member] | ||
Loans | 0 | 0 |
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Loans | $ 0 | $ 0 |
Note 5 - Loans and Related A_10
Note 5 - Loans and Related Allowance for Loan and Lease Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable, Net of Deferred Income, Total | $ 981,691 | $ 1,104,085 |
Financial Asset, Not Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 977,994 | 1,095,570 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 2,276 | 5,121 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 190 | 1,795 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,231 | 1,599 |
Financial Asset, Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 3,697 | 8,515 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 111,470 | 103,121 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 111,257 | 102,587 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 81 | 418 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 132 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 116 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 213 | 534 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 283,618 | 309,424 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 282,365 | 305,613 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 880 | 1,844 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 1,373 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 373 | 594 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,253 | 3,811 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 31,189 | 39,562 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 31,189 | 39,562 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 240,089 | 233,995 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 238,483 | 230,996 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,187 | 2,364 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 95 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 419 | 540 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 1,606 | 2,999 |
Commercial And Industrial [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 148,812 | 232,044 |
Commercial And Industrial [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 148,437 | 231,534 |
Commercial And Industrial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 112 | 260 |
Commercial And Industrial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 219 |
Commercial And Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 263 | 31 |
Commercial And Industrial [Member] | Financial Asset, Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 375 | 510 |
Home Equity Lines of Credit [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 104,355 | 112,543 |
Home Equity Lines of Credit [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 104,316 | 112,325 |
Home Equity Lines of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 120 |
Home Equity Lines of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 39 | 0 |
Home Equity Lines of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 98 |
Home Equity Lines of Credit [Member] | Financial Asset, Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 39 | 218 |
Construction and Other [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 54,148 | 63,573 |
Construction and Other [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 54,148 | 63,529 |
Construction and Other [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 44 |
Construction and Other [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 |
Construction and Other [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 |
Construction and Other [Member] | Financial Asset, Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 44 |
Consumer Portfolio Segment [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 8,010 | 9,823 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 7,799 | 9,424 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 16 | 71 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 19 | 108 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | 176 | 220 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 211 | $ 399 |
Note 5 - Loans and Related A_11
Note 5 - Loans and Related Allowance for Loan and Lease Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans, current balance | $ 4,859 | $ 7,858 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Loan [Member] | ||
Loans, current balance | 81 | 458 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner occupied Loan [Member] | ||
Loans, current balance | 2,442 | 3,758 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Loans, current balance | 1,577 | 2,487 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Commercial And Industrial [Member] | ||
Loans, current balance | 456 | 509 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Home Equity Lines of Credit [Member] | ||
Loans, current balance | 121 | 422 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans, current balance | 182 | 224 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation, Total | $ 1.4 | $ 1.3 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment - Major Classifications of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Land and land improvements | $ 2,963 | $ 2,963 |
Building and leasehold improvements | 16,531 | 16,239 |
Furniture, fixtures, and equipment | 9,596 | 9,395 |
Financing right-of-use assets | 4,491 | 4,737 |
Total premises and equipment | 33,581 | 33,334 |
Less accumulated depreciation and amortization | 16,309 | 15,001 |
Total premises and equipment, net | $ 17,272 | $ 18,333 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill, Ending Balance | $ 15,071,000 | $ 15,071,000 |
Finite-Lived Core Deposits, Gross | 1,400,000 | 1,700,000 |
Amortization of Intangible Assets, Total | 321,000 | 332,000 |
Core Deposits [Member] | ||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 1,700,000 | $ 1,400,000 |
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Estimated Aggregate Future Amortization Expense for Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Remaining 2022 | $ 309 | |
2023 | 296 | |
2024 | 281 | |
2025 | 264 | |
2026 | 253 | |
Total | 1,403 | $ 1,724 |
Core Deposits [Member] | ||
Thereafter | $ 0 |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Activity for Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Beginning of year | $ 476 | $ 390 |
Additions | 257 | 276 |
Amortized to expense | (191) | (190) |
End of year | $ 542 | $ 476 |
Note 8 - Accrued Interest Rec_3
Note 8 - Accrued Interest Receivable and Other Assets - Components of Accrued Interest Receivable and Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Restricted stock | $ 4,399 | $ 5,057 |
Deferred tax asset, net | 1,693 | 1,073 |
Operating right-of-use assets | 872 | 742 |
Other | 3,201 | 1,554 |
Total | 14,297 | 13,636 |
Investment Securities [Member] | ||
Accrued interest | 1,312 | 854 |
Loans [Member] | ||
Accrued interest | $ 2,820 | $ 4,356 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits, at or Above FDIC Insurance Limit | $ 33,419 | $ 74,900 |
Related Party Deposit Liabilities | $ 29,200 |
Note 9 - Deposits - Scheduled M
Note 9 - Deposits - Scheduled Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022 | $ 144,016 | |
2023 | 25,496 | |
2024 | 16,640 | |
2025 | 6,533 | |
2026 | 6,040 | |
Total | $ 198,725 | $ 295,750 |
Note 9 - Deposits - Scheduled_2
Note 9 - Deposits - Scheduled Maturities of Time Deposits that Meet or Exceed FDIC Insurance Limit (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Within three months, amount | $ 7,506 | |
Within three months, percent | 22.46% | |
Beyond three but within six months, amount | $ 4,778 | |
Beyond three but within six months, percent | 14.30% | |
Beyond six but within twelve months, amount | $ 10,463 | |
Beyond six but within twelve months, percent | 31.31% | |
Beyond one year, amount | $ 10,672 | |
Beyond one year, percent | 31.94% | |
Total, amount | $ 33,419 | $ 74,900 |
Total, percent | 100.00% |
Note 10 - Short-term Borrowin_3
Note 10 - Short-term Borrowings (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Long-term Line of Credit, Total | $ 0 | $ 0 |
Federal Home Loan Bank Advances, Additional Borrowing Capacity | 417,400 | $ 401,700 |
Line of Credit 1 [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000 | |
Line of Credit Facility, Interest Rate During Period | 3.50% | |
Line of Credit 2 [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |
Line of Credit Facility, Interest Rate During Period | 3.33% | |
Line of Credit 3 [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000 | |
Line of Credit Facility, Interest Rate During Period | 3.50% |
Note 10 - Short-term Borrowin_4
Note 10 - Short-term Borrowings - Outstanding Balances and Related Information of Short-term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at year-end | $ 0 | $ 0 |
Average balance outstanding | 85 | 22,637 |
Maximum month-end balance | $ 0 | $ 62,329 |
Weighted-average rate during the year | 0.40% | 0.35% |
Note 11 - Other Borrowings (Det
Note 11 - Other Borrowings (Details Textual) - USD ($) | 1 Months Ended | ||
Dec. 31, 2006 | Dec. 31, 2021 | Dec. 31, 2020 | |
Advances from Federal Home Loan Banks, Total | $ 417,400,000 | ||
Stock Issued During Period, Value, New Issues | $ 248,000 | ||
Finance Lease, Liability, Total | 4,653,000 | ||
Short-term Debt, Total | 0 | $ 0 | |
PPPLF Advances Under the CARES Act [Member] | Federal Reserve Bank Advances [Member] | |||
Short-term Debt, Total | 0 | ||
Other Borrowings [Member] | |||
Notes Payable, Total | 8,300,000 | ||
Finance Lease, Liability, Total | $ 4,700,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.67% | ||
Mandatorily Redeemable Securities [Member] | Special Purpose Entity [Member] | |||
Securities Sold under Agreements to Repurchase, Total | $ 8,000,000 |
Note 11 - Other Borrowings - Ot
Note 11 - Other Borrowings - Other Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Other borrowings | $ 12,901 | $ 17,038 | |
PPPLF Advances Under the CARES Act [Member] | |||
Maturity range, minimum | [1] | Jan. 28, 2021 | |
Maturity range, maximum | [1] | Jan. 28, 2021 | |
Weighted-average interest rate | [1] | 0.00% | |
Other borrowings | [1] | $ 0 | 3,951 |
Minimum [Member] | |||
Stated interest rate | |||
Minimum [Member] | PPPLF Advances Under the CARES Act [Member] | |||
Stated interest rate | [1] | 0.35% | |
Maximum [Member] | |||
Stated interest rate | |||
Maximum [Member] | PPPLF Advances Under the CARES Act [Member] | |||
Stated interest rate | [1] | 0.35% | |
Finance Lease Liabilities [Member] | |||
Maturity range, minimum | Oct. 30, 2034 | ||
Maturity range, maximum | Jun. 1, 2040 | ||
Weighted-average interest rate | 2.63% | ||
Other borrowings | $ 4,653 | 4,839 | |
Finance Lease Liabilities [Member] | Minimum [Member] | |||
Stated interest rate | 1.89% | ||
Finance Lease Liabilities [Member] | Maximum [Member] | |||
Stated interest rate | 3.51% | ||
Junior Subordinated Debt [Member] | |||
Maturity range, minimum | Dec. 21, 2037 | ||
Maturity range, maximum | Dec. 21, 2037 | ||
Weighted-average interest rate | 1.84% | ||
Other borrowings | $ 8,248 | $ 8,248 | |
Junior Subordinated Debt [Member] | Minimum [Member] | |||
Stated interest rate | 1.80% | ||
Junior Subordinated Debt [Member] | Maximum [Member] | |||
Stated interest rate | 1.80% | ||
[1] | PPPLF (Paycheck Protection Program Liquidity Facility) borrowings were used to fund PPP loans. This was paid off in 2021. Maturity range and interest rates are as of December 31, 2020. |
Note 11 - Other Borrowings - Ma
Note 11 - Other Borrowings - Maturities of Other Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022, amount | $ 265 | |
2022, weighted-average rate | 2.63% | |
2023, amount | $ 272 | |
2023, weighted-average rate | 2.63% | |
2024, amount | $ 279 | |
2024, weighted-average rate | 2.63% | |
2025, amount | $ 286 | |
2025, weighted-average rate | 2.63% | |
2026, amount | $ 298 | |
2026, weighted-average rate | 2.63% | |
Beyond 2025, amount | $ 11,501 | |
Beyond 2025, weighted-average rate | 1.97% | |
Total, amount | $ 12,901 | $ 17,038 |
Total, weighted-average rate | 1.62% |
Note 12 - Accrued Interest Pa_3
Note 12 - Accrued Interest Payable and Other Liabilities - Components of Accrued Interest Payable and Other Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued interest payable | $ 237,000 | $ 580,000 |
Accrued directors' benefits | 2,247,000 | 1,587,000 |
Accrued salary and benefits expense | 1,631,000 | 1,410,000 |
Other | 1,167,000 | 1,608,000 |
Total | 6,160,000 | 5,931,000 |
Accrued Interest Payable and Other Liabilities [Member] | ||
Operating lease liabilities | $ 878,000 | $ 746,000 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Open Tax Year | 2018 2019 2020 2021 |
Note 13 - Income Taxes - The Pr
Note 13 - Income Taxes - The Provision (Benefit) for Federal Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current payable | $ 4,466 | $ 2,749 | ||||||||
Deferred income tax | (401) | (1,348) | ||||||||
Total provision | $ 1,027 | $ 1,174 | $ 968 | $ 896 | $ 467 | $ 295 | $ 565 | $ 74 | $ 4,065 | $ 1,401 |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for loan and lease losses | $ 3,012 | $ 2,826 |
Supplemental retirement plan | 608 | 482 |
Investment security basis adjustment | 18 | 18 |
Nonaccrual interest income | 350 | 355 |
Accrued compensation | 293 | 244 |
Lease liability | 1,161 | 1,173 |
Gross deferred tax assets | 5,442 | 5,098 |
Deferred tax liabilities: | ||
Premises and equipment | 632 | 709 |
Net unrealized gain on AFS securities | 920 | 1,139 |
Net unrealized gain on equity securities | 85 | 41 |
FHLB stock dividends | 139 | 139 |
Intangibles | 450 | 414 |
Mortgage servicing rights | 114 | 100 |
Deferred origination fees, net | 34 | 50 |
Acquisition fair value adjustments | 249 | 278 |
Right of use assets | 1,126 | 1,151 |
Other | 0 | 4 |
Gross deferred tax liabilities | 3,749 | 4,025 |
Net deferred tax assets | $ 1,693 | $ 1,073 |
Note 13 - Income Taxes - Tax Ra
Note 13 - Income Taxes - Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Provision at statutory rate, amount | $ 4,766 | $ 2,047 | ||||||||
Provision at statutory rate, percent | 21.00% | 21.00% | ||||||||
Tax-exempt income, amount | $ (703) | $ (669) | ||||||||
Tax-exempt income, percent | (3.10%) | (6.90%) | ||||||||
Other, amount | $ 2 | $ 23 | ||||||||
Other, percent | 0.00% | 0.30% | ||||||||
Total provision | $ 1,027 | $ 1,174 | $ 968 | $ 896 | $ 467 | $ 295 | $ 565 | $ 74 | $ 4,065 | $ 1,401 |
Actual tax expense and effective rate, percent | 17.90% | 14.40% |
Note 14 - Employee Benefits (De
Note 14 - Employee Benefits (Details Textual) - USD ($) | May 10, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2007 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 166,759 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 12,150 | 2,350 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Average Total Shareholder Annual Return, Percentage | 10.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Capped Total Shareholder Annual Return, Percentage | 125.00% | |||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | $ 979,000 | $ 581,000 | ||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Average Total Shareholder Annual Return, Percentage | 0.00% | |||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Average Total Shareholder Annual Return, Percentage | 10.00% | |||
Share-based Payment Arrangement, Option [Member] | ||||
Payments For Stock Options Exercised | $ 21,000 | $ 18,000 | ||
Restricted Stock [Member] | ||||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture, Total (in shares) | 29,193 | 23,648 | ||
Share-based Payment Arrangement, Expense | $ 478,000 | $ 271,000 | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 557,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 8 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 447,000 | 208,000 | ||
Retirement Plan [Member] | ||||
Defined Contribution Plan Employer Voluntary Matching Bank Contribution | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 6.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 6 years | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 347,000 | 350,000 | ||
Retirement Plan [Member] | Middlefield Banking Company [Member] | ||||
Defined Contribution Plan Annual Vesting Percentage | 20.00% | |||
Retirement Plan [Member] | Liberty Bank, N.A. [Member] | ||||
Deferred Compensation Arrangement with Individual, Requisite Service Period (Year) | 3 years | |||
Executive Deferred Compensation Plan [Member] | Middlefield Banking Company [Member] | ||||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 1,900,000 | 1,700,000 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 264,000 | $ 240,000 | ||
Stock Option and Restricted Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 320,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 10 years | |||
Shares, Outstanding, Ending Balance (in shares) | 0 | |||
The 2017 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 448,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 386,188 |
Note 14 - Employee Benefits - S
Note 14 - Employee Benefits - Stock Option Activity (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Outstanding (in shares) | shares | 12,150 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 8.78 |
Exercised (in shares) | shares | (12,150) |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | $ 8.78 |
Outstanding (in shares) | shares | 0 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercisable (in shares) | shares | 0 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Note 14 - Employee Benefits - A
Note 14 - Employee Benefits - Activity Related to Restricted Stock Units Awarded (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Nonvested (in shares) | shares | 66,362 |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 23.52 |
Granted (in shares) | shares | 29,193 |
Granted, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 22.50 |
Vested (in shares) | shares | (18,622) |
Vested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 24.02 |
Nonvested (in shares) | shares | 76,933 |
Nonvested, weighted average grant date fair value per share (in dollars per share) | $ / shares | $ 23.01 |
Expected to vest at December 31, 2021 (in shares) | shares | 60,368 |
Expected to vest at December 31, 2021 (in dollars per share) | $ / shares | $ 22.56 |
Note 15 - Commitments (Details
Note 15 - Commitments (Details Textual) | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Branch Locations by Utilized Leases | 6 | |
Number of Production Offices by Utilized Leases | 1 | |
Lease, Right-of-Use Asset, Net | $ 5,400,000 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | 4,491,000 | $ 4,737,000 |
Operating Lease, Right-of-Use Asset | 872,000 | 742,000 |
Finance Lease, Liability, Total | 4,653,000 | |
Premises and Equipment, Net [Member] | ||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | 4,500,000 | |
Accrued Interest Receivable and Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | 872,000 | |
Other Borrowings [Member] | ||
Finance Lease, Liability, Total | 4,700,000 | |
Accrued Interest Payable and Other Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 878,000 | $ 746,000 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 19 years |
Note 15 - Commitments - Outstan
Note 15 - Commitments - Outstanding Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments | $ 280,965 | $ 256,010 |
Commitments to Extend Credit [Member] | ||
Commitments | 280,379 | 255,429 |
Financial Standby Letter of Credit [Member] | ||
Commitments | $ 586 | $ 581 |
Note 15 - Commitments - Leases
Note 15 - Commitments - Leases Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finance lease cost, Amortization of right-of-use asset | $ 313 | $ 286 |
Finance lease cost, Interest Expense | 130 | 131 |
Finance lease cost, Other | 63 | 27 |
Operating lease cost | 225 | 213 |
Total lease cost | $ 731 | $ 657 |
Note 15 - Commitments - Weighte
Note 15 - Commitments - Weighted Average Remaining Lease Term and Discount Rate Information (Details) | Dec. 31, 2021 |
Weighted-average term (years), Operating Lease (Year) | 5 years 10 months 24 days |
Weighted-average term (years), Fiance Lease (Year) | 14 years 7 months 6 days |
Weighted-average discount rate), Operating Lease | 1.80% |
Weighted-average discount rate, Fiance Lease | 2.60% |
Note 15 - Commitments - Maturit
Note 15 - Commitments - Maturities of Lease Liabilities (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
2022, operating | $ 169,000 | |
2022, finance | 385,000 | |
2023, operating | 169,000 | |
2023, finance | 385,000 | |
2024, operating | 169,000 | |
2024, finance | 385,000 | |
2025, operating | 169,000 | |
2025, finance | 385,000 | |
2026, operating | 134,000 | |
2026, finance | 389,000 | |
2026 and thereafter, operating | 122,000 | |
2026 and thereafter, finance | 3,726,000 | |
Total undiscounted cash flows, operating | 932,000 | |
Total undiscounted cash flows, finance | 5,655,000 | |
Impact of present value discount, operating | (54,000) | |
Impact of present value discount, finance | (1,002,000) | |
Finance Lease, Liability, Total | 4,653,000 | |
Accrued Interest Payable and Other Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 878,000 | $ 746,000 |
Note 16 - Regulatory Restrict_2
Note 16 - Regulatory Restrictions (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Reserves Required by Federal Reserve Bank | $ 0 | $ 0 |
Percent of Common Stock | 10.00% | |
Amount Available for Payment of Dividends | $ 7,900 |
Note 17 - Regulatory Capital -
Note 17 - Regulatory Capital - Capital Ratios (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Leverage capital, adequately capitalized, ratio | 0.0400 | 0.0400 |
Tier 1 risk based capital, adequately capitalized, ratio | 0.0600 | 0.0600 |
Common equity tier 1 capital, adequately capitalized, ratio | 4.50% | 4.50% |
Total risk based capital, adequately capitalized, ratio | 0.0800 | 0.0800 |
Leverage capital, adequately capitalized plus capital conservation buffer, ratio | 4.00% | 4.00% |
Tier 1 risk based capital, adequately capitalized plus capital conservation buffer, ratio | 8.50% | 8.50% |
Common equity tier 1 capital, adequately capitalized plus capital conservation buffer, ratio | 7.00% | 7.00% |
Total risk based capital, adequately capitalized plus capital conservation buffer, ratio | 10.50% | 10.50% |
Middlefield Banking Company [Member] | ||
Leverage capital, actual, ratio | 0.0980 | 0.0945 |
Tier 1 risk based capital, actual, ratio | 0.1272 | 0.1147 |
Common equity tier 1 capital, actual, ratio | 12.72% | 11.47% |
Total risk based capital, actual, ratio | 0.1397 | 0.1268 |
Leverage capital, well-capitalized, ratio (bank only) | 0.0500 | 0.0500 |
Tier 1 risk based capital, well-capitalized, ratio (bank only) | 0.0800 | 0.0800 |
Common equity tier 1 capital, well-capitalized, ratio (bank only) | 6.50% | 6.50% |
Total risk based capital, well-capitalized, ratio (bank only) | 0.1000 | 0.1000 |
Middlefield Banc Corp [Member] | ||
Leverage capital, actual, ratio | 0.1002 | 0.1022 |
Tier 1 risk based capital, actual, ratio | 0.1296 | 0.1168 |
Common equity tier 1 capital, actual, ratio | 12.18% | 10.96% |
Total risk based capital, actual, ratio | 0.1421 | 0.1288 |
Note 18 - Fair Value Disclosu_3
Note 18 - Fair Value Disclosure Measurements (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2006 | Dec. 31, 2021 | Dec. 31, 2020 | |
Estimated Selling Costs of Impaired Loans | $ 901,000 | $ 838,000 | |
Mandatorily Redeemable Securities | $ 8,000,000 | ||
London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.67% | ||
Notes Payable, Other Payables [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.67% | ||
Other Borrowings [Member] | |||
Notes Payable, Total | $ 8,300,000 |
Note 18 - Fair Value Disclosu_4
Note 18 - Fair Value Disclosure Measurements - Assets Measured on a Recurring Basis (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Total debt securities | $ 170,199,000 | $ 114,360,000 |
Equity securities in financial institutions | 818,000 | 609,000 |
Investment securities available for sale, at fair value | 170,199,000 | 114,360,000 |
Subordinated Debt Securities [Member] | ||
Total debt securities | 32,537,000 | 21,297,000 |
Investment securities available for sale, at fair value | 32,537,000 | 21,297,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Total debt securities | 10,317,000 | 14,761,000 |
Investment securities available for sale, at fair value | 10,317,000 | 14,761,000 |
Fair Value, Recurring [Member] | ||
Total debt securities | 170,199,000 | 114,360,000 |
Equity securities in financial institutions | 818,000 | 609,000 |
Total | 171,017,000 | 114,969,000 |
Investment securities available for sale, at fair value | 170,199,000 | 114,360,000 |
Fair Value, Recurring [Member] | Subordinated Debt Securities [Member] | ||
Total debt securities | 32,537,000 | 21,297,000 |
Investment securities available for sale, at fair value | 32,537,000 | 21,297,000 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total debt securities | 127,345,000 | 78,302,000 |
Investment securities available for sale, at fair value | 127,345,000 | 78,302,000 |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Total debt securities | 10,317,000 | 14,761,000 |
Investment securities available for sale, at fair value | 10,317,000 | 14,761,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total debt securities | 0 | 0 |
Equity securities in financial institutions | 818,000 | 609,000 |
Total | 818,000 | 609,000 |
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Subordinated Debt Securities [Member] | ||
Total debt securities | 0 | 0 |
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total debt securities | 0 | 0 |
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Total debt securities | 0 | 0 |
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total debt securities | 157,999,000 | 114,360,000 |
Equity securities in financial institutions | 0 | 0 |
Total | 157,999,000 | 114,360,000 |
Investment securities available for sale, at fair value | 157,999,000 | 114,360,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debt Securities [Member] | ||
Total debt securities | 20,337,000 | 14,047,000 |
Investment securities available for sale, at fair value | 20,337,000 | 14,047,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total debt securities | 127,345,000 | 78,302,000 |
Investment securities available for sale, at fair value | 127,345,000 | 78,302,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Total debt securities | 10,317,000 | 14,761,000 |
Investment securities available for sale, at fair value | 10,317,000 | 14,761,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total debt securities | 12,200,000 | 0 |
Equity securities in financial institutions | 0 | 0 |
Total | 12,200,000 | 0 |
Investment securities available for sale, at fair value | 12,200,000 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Subordinated Debt Securities [Member] | ||
Total debt securities | 12,200,000 | 7,250,000 |
Investment securities available for sale, at fair value | 12,200,000 | 7,250,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Total debt securities | 0 | 0 |
Investment securities available for sale, at fair value | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Total debt securities | 0 | 0 |
Investment securities available for sale, at fair value | $ 0 | $ 0 |
Note 18 - Fair Value Disclosu_5
Note 18 - Fair Value Disclosure Measurements - Fair Value Reconciliation of Level 3 Assets (Details) - Subordinated Debt Obligations [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Balance as of January 1, 2021 | $ 7,250 |
Purchases | 4,000 |
Sales | 0 |
Settlements | 0 |
Transfers into Level 3 (1) | 1,700 |
Transfers out of Level 3 (2) | (750) |
Balance as of December 31, 2021 | $ 12,200 |
Note 18 - Fair Value Disclosu_6
Note 18 - Fair Value Disclosure Measurements - Assets Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Impaired loans | $ 7,969 | $ 8,087 |
Fair Value, Nonrecurring [Member] | ||
Impaired loans | 4,162 | 4,111 |
Other real estate owned, fair value estimate | 6,992 | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Nonrecurring [Member] | ||
Impaired loans | 0 | 0 |
Other real estate owned, fair value estimate | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Nonrecurring [Member] | ||
Impaired loans | 0 | 0 |
Other real estate owned, fair value estimate | 0 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | ||
Impaired loans | $ 4,162 | 4,111 |
Other real estate owned, fair value estimate | $ 6,992 |
Note 18 - Fair Value Disclosu_7
Note 18 - Fair Value Disclosure Measurements - Additional Quantitative Information About Assets Measured at Fair Value on Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Other real estate owned, fair value estimate | $ 6,992 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Other real estate owned, fair value estimate | 6,992 | ||
Fair Value, Inputs, Level 3 [Member] | Appraisal of Collateral [Member] | |||
Impaired loans, fair value estimate | [1] | $ 4,162 | 4,111 |
Other real estate owned, fair value estimate | [1] | $ 6,992 | |
Fair Value, Inputs, Level 3 [Member] | Appraisal of Collateral [Member] | Measurement Input, Appraised Value [Member] | |||
Other real estate owned | [2] | 0.199 | |
Fair Value, Inputs, Level 3 [Member] | Appraisal of Collateral [Member] | Minimum [Member] | Measurement Input, Appraised Value [Member] | |||
Impaired loans | [2] | 0.250 | 0.176 |
Fair Value, Inputs, Level 3 [Member] | Appraisal of Collateral [Member] | Maximum [Member] | Measurement Input, Appraised Value [Member] | |||
Impaired loans | [2] | 0.722 | 0.485 |
Fair Value, Inputs, Level 3 [Member] | Appraisal of Collateral [Member] | Weighted Average [Member] | Measurement Input, Appraised Value [Member] | |||
Impaired loans | [2] | (0.366) | 0.227 |
[1] | Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level III inputs that are not identifiable, less any associated allowance. | ||
[2] | Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Note 18 - Fair Value Disclosu_8
Note 18 - Fair Value Disclosure Measurements - Estimated Fair Value of the Company's Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Reported Value Measurement [Member] | ||
Financial assets: | ||
Loans held for sale | $ 1,051 | $ 878 |
Net loans | 967,349 | 1,090,626 |
Financial liabilities: | ||
Deposits | 1,166,610 | 1,225,200 |
Other borrowings | 12,901 | 17,038 |
Estimate of Fair Value Measurement [Member] | ||
Financial assets: | ||
Loans held for sale | 1,051 | 878 |
Net loans | 961,645 | 1,089,573 |
Financial liabilities: | ||
Deposits | 1,167,388 | 1,229,101 |
Other borrowings | 12,901 | 15,250 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Financial assets: | ||
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Financial liabilities: | ||
Deposits | 967,885 | 929,450 |
Other borrowings | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Financial assets: | ||
Loans held for sale | 1,051 | 878 |
Net loans | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Other borrowings | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Financial assets: | ||
Loans held for sale | 0 | 0 |
Net loans | 961,645 | 1,089,573 |
Financial liabilities: | ||
Deposits | 199,503 | 299,651 |
Other borrowings | $ 12,901 | $ 15,250 |
Note 19 - Accumulated Other C_3
Note 19 - Accumulated Other Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax, Total | $ 0 | $ 0 |
Note 19 - Accumulated Other C_4
Note 19 - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Balance | $ 143,810 | $ 137,775 | |
Other comprehensive income (loss) | (822) | 2,442 | |
Balance | 145,335 | 143,810 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Balance | [1] | 4,284 | 1,842 |
Other comprehensive income (loss) | (822) | 2,442 | |
Balance | [1] | $ 3,462 | $ 4,284 |
[1] | All amounts are net of tax. Amounts in parentheses indicate debits to AOCI. |
Note 20 - Parent Company - Cond
Note 20 - Parent Company - Condensed Balance Sheet (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and due from banks | $ 97,172,000 | $ 92,874,000 | |
Equity Securities, FV-NI, Current | 818,000 | 609,000 | |
Other assets | 14,297,000 | 13,636,000 | |
TOTAL ASSETS | 1,331,006,000 | 1,391,979,000 | |
Trust preferred debt | 8,248,000 | 8,248,000 | |
TOTAL LIABILITIES | 1,185,671,000 | 1,248,169,000 | |
STOCKHOLDERS' EQUITY | 145,335,000 | 143,810,000 | $ 137,775,000 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,331,006,000 | 1,391,979,000 | |
Parent Company [Member] | |||
Cash and due from banks | 805,000 | 1,222,000 | |
Equity Securities, FV-NI, Current | 818,000 | 609,000 | |
Other assets | 2,381,000 | 1,561,000 | |
TOTAL ASSETS | 154,593,000 | 152,665,000 | |
Other liabilities | 1,010,000 | 607,000 | |
TOTAL LIABILITIES | 9,258,000 | 8,855,000 | |
STOCKHOLDERS' EQUITY | 145,335,000 | 143,810,000 | |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 154,593,000 | 152,665,000 | |
Parent Company [Member] | Non Bank Subsidiary [Member] | |||
Equity method investments | 1,000 | 1,000 | |
Parent Company [Member] | Subsidiary Banks [Member] | |||
Equity method investments | $ 150,588,000 | $ 149,272,000 |
Note 20 - Parent Company - Co_2
Note 20 - Parent Company - Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total income | $ 12,810 | $ 13,447 | $ 12,936 | $ 13,142 | $ 12,967 | $ 13,507 | $ 13,155 | $ 13,009 | $ 52,335 | $ 52,638 |
Interest expense | 820 | 952 | 1,049 | 1,244 | 1,696 | 2,148 | 2,430 | 2,976 | 4,065 | 9,250 |
Salaries and employee benefits | 17,151 | 15,835 | ||||||||
Ohio state franchise tax | 1,144 | 1,082 | ||||||||
Income before income tax benefit | 5,864 | 6,378 | 5,393 | 5,063 | 2,956 | 2,148 | 3,531 | 1,115 | ||
Income tax benefit | 1,027 | 1,174 | 968 | 896 | 467 | 295 | 565 | 74 | 4,065 | 1,401 |
NET INCOME | $ 4,837 | $ 5,204 | $ 4,425 | $ 4,167 | $ 2,489 | $ 1,853 | $ 2,966 | $ 1,041 | 18,633 | 8,349 |
Comprehensive income | 17,811 | 10,791 | ||||||||
Parent Company [Member] | ||||||||||
Gain (loss) on equity securities | 209 | (101) | ||||||||
Other | 5 | 7 | ||||||||
Total income | 18,814 | 6,005 | ||||||||
Interest expense | 151 | 192 | ||||||||
Salaries and employee benefits | 842 | 465 | ||||||||
Ohio state franchise tax | 1,144 | 1,082 | ||||||||
Other | 742 | 796 | ||||||||
Total expenses | 2,879 | 2,535 | ||||||||
Income before income tax benefit | 15,935 | 3,470 | ||||||||
Income tax benefit | (560) | (552) | ||||||||
Income before equity in undistributed net income of subsidiaries | 16,495 | 4,022 | ||||||||
Equity in undistributed net income of subsidiaries | 2,138 | 4,327 | ||||||||
NET INCOME | 18,633 | 8,349 | ||||||||
Comprehensive income | 17,811 | 10,791 | ||||||||
Parent Company [Member] | Subsidiary Banks [Member] | ||||||||||
Dividends from subsidiary | 18,600 | 4,700 | ||||||||
Parent Company [Member] | Non Bank Subsidiary [Member] | ||||||||||
Dividends from subsidiary | $ 0 | $ 1,399 |
Note 20 - Parent Company - Co_3
Note 20 - Parent Company - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
NET INCOME | $ 4,837 | $ 5,204 | $ 4,425 | $ 4,167 | $ 2,489 | $ 1,853 | $ 2,966 | $ 1,041 | $ 18,633 | $ 8,349 |
Other, net | (1,893) | 551 | ||||||||
Net cash provided by operating activities | 15,422 | 15,082 | ||||||||
Stock options exercised | 94 | 12 | ||||||||
Repurchase of treasury shares | (12,291) | (1,191) | ||||||||
Cash dividends | 4,240 | 3,834 | ||||||||
Net cash used in financing activities | (79,231) | 197,547 | ||||||||
Decrease in cash | 7,077 | 77,304 | ||||||||
Parent Company [Member] | ||||||||||
NET INCOME | 18,633 | 8,349 | ||||||||
Equity in undistributed net income of Subsidiaries | (2,138) | (4,327) | ||||||||
Stock-based compensation | 398 | 144 | ||||||||
(Gain) loss on equity securities | (209) | 101 | ||||||||
Other, net | (664) | (609) | ||||||||
Net cash provided by operating activities | 16,020 | 3,658 | ||||||||
Stock options exercised | 94 | 12 | ||||||||
Repurchase of treasury shares | (12,291) | (1,191) | ||||||||
Cash dividends | (4,240) | (3,834) | ||||||||
Net cash used in financing activities | (16,437) | (5,013) | ||||||||
Decrease in cash | (417) | (1,355) | ||||||||
CASH AT BEGINNING OF YEAR | $ 1,222 | $ 2,577 | 1,222 | 2,577 | ||||||
CASH AT END OF YEAR | $ 805 | $ 1,222 | $ 805 | $ 1,222 |
Note 21 - Selected Quarterly _3
Note 21 - Selected Quarterly Financial Data (Unaudited) - Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total income | $ 12,810 | $ 13,447 | $ 12,936 | $ 13,142 | $ 12,967 | $ 13,507 | $ 13,155 | $ 13,009 | $ 52,335 | $ 52,638 |
Interest expense | 820 | 952 | 1,049 | 1,244 | 1,696 | 2,148 | 2,430 | 2,976 | 4,065 | 9,250 |
Net interest income | 11,990 | 12,495 | 11,887 | 11,898 | 11,271 | 11,359 | 10,725 | 10,033 | 48,270 | 43,388 |
Provision for Loan and Lease Losses, Total | (200) | 0 | 200 | 700 | 2,100 | 4,000 | 1,000 | 2,740 | 700 | 9,840 |
Net interest income after provision for loan losses | 12,190 | 12,495 | 11,687 | 11,198 | 9,171 | 7,359 | 9,725 | 7,293 | 47,570 | 33,548 |
Total noninterest income | 1,535 | 1,821 | 1,632 | 2,218 | 1,610 | 1,811 | 1,495 | 1,074 | 7,206 | 5,990 |
Total noninterest expense | 7,861 | 7,938 | 7,926 | 8,353 | 7,825 | 7,022 | 7,689 | 7,252 | 32,078 | 29,788 |
Income before income tax benefit | 5,864 | 6,378 | 5,393 | 5,063 | 2,956 | 2,148 | 3,531 | 1,115 | ||
Income tax benefit | 1,027 | 1,174 | 968 | 896 | 467 | 295 | 565 | 74 | 4,065 | 1,401 |
NET INCOME | $ 4,837 | $ 5,204 | $ 4,425 | $ 4,167 | $ 2,489 | $ 1,853 | $ 2,966 | $ 1,041 | $ 18,633 | $ 8,349 |
Net income, basic (in dollars per share) | $ 0.81 | $ 0.85 | $ 0.70 | $ 0.65 | $ 0.39 | $ 0.29 | $ 0.47 | $ 0.16 | $ 3.01 | $ 1.31 |
Net income, diluted (in dollars per share) | $ 0.81 | $ 0.85 | $ 0.70 | $ 0.65 | $ 0.39 | $ 0.29 | $ 0.46 | $ 0.16 | $ 3 | $ 1.30 |
Weighted-average common shares and common stock equivalents used to calculate basic earnings per share (in shares) | 5,951,838 | 6,136,648 | 6,297,071 | 6,364,132 | 6,378,706 | 6,376,291 | 6,369,467 | 6,417,109 | 6,186,666 | 6,385,350 |
Weighted-average common shares and common stock equivalents used to calculate diluted earnings per share (in shares) | 5,975,333 | 6,157,181 | 6,312,230 | 6,378,493 | 6,397,681 | 6,385,765 | 6,388,118 | 6,429,443 | 6,211,076 | 6,404,524 |