Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 01, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000859070 | ||
Entity Registrant Name | FIRST COMMUNITY BANKSHARES INC /VA/ | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-19297 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 55-0694814 | ||
Entity Address, Address Line One | P.O. Box 989 | ||
Entity Address, City or Town | Bluefield | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24605-0989 | ||
City Area Code | 276 | ||
Local Phone Number | 326-9000 | ||
Title of 12(b) Security | Common Stock, $1.00 par value | ||
Trading Symbol | FCBC | ||
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 | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 424,990,000 | ||
Entity Common Stock, Shares Outstanding | 18,470,596 | ||
Auditor Name | Crowe LLP | ||
Auditor Location | Washington, D.C. | ||
Auditor Firm ID | 173 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Cash and due from banks | $ 77,563 | $ 63,044 | [1] |
Federal funds sold | 37,312 | 105,636 | [1] |
Interest-bearing deposits in banks | 1,545 | 2,166 | [1] |
Total cash and cash equivalents | 116,420 | 170,846 | [1] |
Debt securities available for sale, at fair value | 280,961 | 300,349 | |
Loans held for investment, net of unearned income | 2,572,298 | 2,400,197 | [1] |
Allowance for credit losses | (36,189) | (30,556) | [1] |
Loans held for investment, net | 2,536,109 | 2,369,641 | [1] |
Premises and equipment, net | 50,680 | 47,340 | [1] |
Other real estate owned | 192 | 703 | [1] |
Interest receivable | 10,881 | 9,279 | [1] |
Goodwill | 143,946 | 129,565 | [1] |
Other intangible assets | 15,145 | 4,176 | [1] |
Other assets | 114,211 | 103,673 | [1] |
Total assets | 3,268,545 | 3,135,572 | [1] |
Liabilities | |||
Noninterest-bearing deposits | 931,920 | 872,168 | |
Interest-bearing deposits | 1,790,405 | 1,806,647 | |
Total deposits | 2,722,325 | 2,678,815 | [1] |
Securities sold under agreements to repurchase | 1,119 | 1,874 | [1] |
Interest, taxes, and other liabilities | 41,807 | 32,898 | [1] |
Total liabilities | 2,765,251 | 2,713,587 | [1] |
Stockholders' equity | |||
Preferred stock, undesignated par value; 1,000,000 shares authorized; Series A Noncumulative Convertible Preferred Stock, $0.01 par value; 25,000 shares authorized; none outstanding | 0 | 0 | [1] |
Common stock, $1 par value; 50,000,000 shares authorized; 27,522,547 issued and 18,502,396 outstanding at December 31, 2023; 24,477,471 shares issued and 16,225,399 shares outstanding at December 31, 2022 | 18,502 | 16,225 | |
Additional paid-in capital | 175,841 | 128,508 | [1] |
Retained earnings | 319,902 | 292,971 | [1] |
Accumulated other comprehensive loss | (10,951) | (15,719) | [1] |
Total stockholders' equity | 503,294 | 421,985 | [1] |
Total liabilities and stockholders' equity | $ 3,268,545 | $ 3,135,572 | [1] |
[1]Derived from audited financial statements |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 | |
Common stock, par value (in dollars per share) | $ 1 | $ 1 | |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 | |
Common stock, issued (in shares) | 27,522,547 | 24,477,471 | |
Common stock, outstanding (in shares) | 18,502,396 | 16,225,399 | |
Undesignated Par Value [Member] | |||
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 | [1] |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 | [1] |
Designated Par Value [Member] | |||
Preferred stock, authorized (in shares) | 25,000 | 25,000 | [1] |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | [1] |
Preferred stock, outstanding (in shares) | 0 | 0 | [1] |
[1]Derived from audited financial statements |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | |||
Interest and fees on loans | $ 126,727 | $ 104,570 | $ 102,832 |
Interest on securities -- taxable | 7,345 | 5,271 | 700 |
Interest on securities -- tax-exempt | 611 | 715 | 1,037 |
Interest on deposits in banks | 2,482 | 3,763 | 741 |
Total interest income | 137,165 | 114,319 | 105,310 |
Interest expense: | |||
Interest on deposits | 9,341 | 1,654 | 2,835 |
Interest on short-term borrowings | 140 | 2 | 1 |
Total interest expense | 9,481 | 1,656 | 2,836 |
Net interest income | 127,684 | 112,663 | 102,474 |
Provision for (recovery of) credit losses | 7,985 | 6,572 | (8,471) |
Net interest income after provision for loan losses | 119,699 | 106,091 | 110,945 |
Noninterest income: | |||
Net loss on sale of securities | (21) | 0 | 0 |
Net FDIC indemnification asset amortization | 0 | 0 | (1,226) |
Gain on divestitures | 0 | 1,658 | 0 |
Other operating income | 5,651 | 5,148 | 5,806 |
Total noninterest income | 37,452 | 37,182 | 34,301 |
Noninterest expense: | |||
Salaries and employee benefits | 49,887 | 47,183 | 44,239 |
Occupancy expense | 4,967 | 4,818 | 4,913 |
Furniture and equipment expense | 5,878 | 6,001 | 5,627 |
Service fees | 8,908 | 7,606 | 6,324 |
Advertising and public relations | 3,300 | 2,409 | 2,076 |
Professional fees | 1,567 | 1,303 | 1,524 |
Amortization of intangibles | 1,731 | 1,446 | 1,446 |
FDIC premiums and assessments | 1,511 | 1,126 | 832 |
Merger expense | 2,393 | 596 | 0 |
Divestiture expense | 0 | 153 | 0 |
Litigation expense | 3,000 | 0 | 0 |
Other operating expense | 12,035 | 10,475 | 11,737 |
Total noninterest expense | 95,177 | 83,116 | 78,718 |
Income before income taxes | 61,974 | 60,157 | 66,528 |
Income tax expense | 13,954 | 13,495 | 15,360 |
Net income | $ 48,020 | $ 46,662 | $ 51,168 |
Earnings per common share | |||
Basic (in dollars per share) | $ 2.67 | $ 2.82 | $ 2.95 |
Diluted (in dollars per share) | 2.72 | 2.82 | 2.94 |
Common dividends declared, per share (in dollars per share) | $ 1.16 | $ 1.12 | $ 1.04 |
Weighted average shares outstanding | |||
Basic (in shares) | 17,996,373 | 16,519,848 | 17,335,615 |
Diluted (in shares) | 18,027,151 | 16,562,257 | 17,402,936 |
Fiduciary and Trust [Member] | |||
Noninterest income: | |||
Noninterest income | $ 4,179 | $ 3,855 | $ 3,853 |
Deposit Account [Member] | |||
Noninterest income: | |||
Noninterest income | 13,996 | 14,213 | 13,446 |
Financial Service, Other [Member] | |||
Noninterest income: | |||
Noninterest income | $ 13,647 | $ 12,308 | $ 12,422 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 48,020 | $ 46,662 | $ 51,168 |
Other comprehensive income, before tax | |||
Net unrealized gains (losses) on securities | 5,669 | (19,793) | (1,381) |
Reclassification adjustment for net loss recognized in net income | 21 | 0 | 0 |
Net unrealized gains on available-for-sale debt securities | 5,690 | (19,793) | (1,381) |
Employee benefit plans: | |||
Net actuarial gain | 306 | 1,718 | 1,472 |
Reclassification adjustment for amortization of prior service cost and net actuarial loss recognized in net income | 38 | 135 | 386 |
Net unrealized gains on employee benefit plans | 344 | 1,853 | 1,858 |
Other comprehensive income (loss), before tax | 6,034 | (17,940) | 477 |
Income tax (expense) benefit | (1,266) | 3,767 | (100) |
Other comprehensive (loss) income, net | 4,768 | (14,173) | 377 |
Total comprehensive income | $ 52,788 | $ 32,489 | $ 51,545 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock Outstanding [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance (in shares) at Dec. 31, 2020 | 0 | 17,722,507 | |||||||||||
Balance at Dec. 31, 2020 | $ 0 | $ 0 | $ 0 | $ (5,870) | $ 0 | $ (5,870) | $ 0 | $ 17,723 | $ 173,345 | $ 237,585 | $ (1,923) | $ 426,730 | |
Net income | 0 | 0 | 0 | 51,168 | 0 | 51,168 | |||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 377 | 377 | |||||||
Common dividends declared | $ 0 | $ 0 | 0 | (18,059) | 0 | (18,059) | |||||||
Equity-based compensation expense (in shares) | 0 | 48,388 | |||||||||||
Equity-based compensation expense | $ 0 | $ 48 | 1,233 | 0 | 0 | 1,281 | |||||||
Common stock options exercised (in shares) | 0 | 39,995 | |||||||||||
Common stock options exercised | $ 0 | $ 40 | 498 | 0 | 0 | 538 | |||||||
Issuance of stock to 401(k) plan (in shares) | 0 | 16,716 | |||||||||||
Issuance of stock to 401(k) plan | $ 0 | $ 16 | 476 | 0 | 0 | 492 | |||||||
Repurchase of common shares (in shares) | 0 | (949,386) | |||||||||||
Repurchase of common shares | $ 0 | $ (949) | (27,933) | 0 | 0 | (28,882) | |||||||
Balance (in shares) at Dec. 31, 2021 | 0 | 16,878,220 | |||||||||||
Balance at Dec. 31, 2021 | $ 0 | $ 16,878 | 147,619 | 264,824 | (1,546) | 427,775 | |||||||
Net income | 0 | 0 | 0 | 46,662 | 0 | 46,662 | |||||||
Other comprehensive income | 0 | 0 | 0 | 0 | (14,173) | (14,173) | |||||||
Common dividends declared | $ 0 | $ 0 | 0 | (18,515) | 0 | (18,515) | |||||||
Equity-based compensation expense (in shares) | 0 | 25,137 | |||||||||||
Equity-based compensation expense | $ 0 | $ 25 | 693 | 0 | 0 | $ 718 | |||||||
Common stock options exercised (in shares) | 0 | 7,575 | 7,575 | ||||||||||
Common stock options exercised | $ 0 | $ 8 | 164 | 0 | 0 | $ 172 | |||||||
Issuance of stock to 401(k) plan (in shares) | 0 | 20,584 | |||||||||||
Issuance of stock to 401(k) plan | $ 0 | $ 20 | 637 | 0 | 0 | 657 | |||||||
Repurchase of common shares (in shares) | 0 | (706,117) | |||||||||||
Repurchase of common shares | $ 0 | $ (706) | (20,605) | 0 | 0 | (21,311) | |||||||
Balance (in shares) at Dec. 31, 2022 | 0 | 16,225,399 | |||||||||||
Balance at Dec. 31, 2022 | $ 0 | $ 16,225 | 128,508 | 292,971 | (15,719) | 421,985 | [1] | ||||||
Net income | 0 | 0 | 0 | 48,020 | 0 | 48,020 | |||||||
Other comprehensive income | 0 | 0 | 0 | 0 | 4,768 | 4,768 | |||||||
Common dividends declared | $ 0 | $ 0 | 0 | (21,089) | 0 | (21,089) | |||||||
Equity-based compensation expense (in shares) | 0 | 24,312 | |||||||||||
Equity-based compensation expense | $ 0 | $ 25 | 572 | 0 | 0 | $ 597 | |||||||
Common stock options exercised (in shares) | 0 | 4,288 | 4,288 | ||||||||||
Common stock options exercised | $ 0 | $ 4 | 87 | 0 | 0 | $ 91 | |||||||
Issuance of stock to 401(k) plan (in shares) | 0 | 19,690 | |||||||||||
Issuance of stock to 401(k) plan | $ 0 | $ 20 | 586 | 0 | 0 | 606 | |||||||
Repurchase of common shares (in shares) | 0 | (768,079) | |||||||||||
Repurchase of common shares | $ 0 | $ (769) | (22,269) | 0 | 0 | (23,038) | |||||||
Issuance of common stock pursuant to acquisition (in shares) | 0 | 2,996,786 | |||||||||||
Issuance of common stock pursuant to acquisition | $ 0 | $ 2,997 | 68,357 | 0 | 0 | 71,354 | |||||||
Balance (in shares) at Dec. 31, 2023 | 0 | 18,502,396 | |||||||||||
Balance at Dec. 31, 2023 | $ 0 | $ 18,502 | $ 175,841 | $ 319,902 | $ (10,951) | $ 503,294 | |||||||
[1]Derived from audited financial statements |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common dividends declared, per share (in dollars per share) | $ 1.16 | $ 1.12 | $ 1.04 |
Repurchase of common shares, per share (in dollars per share) | $ 29.99 | $ 30.18 | $ 30.42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | |||
Net income | $ 48,020 | $ 46,662 | $ 51,168 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Provision for (recovery of) credit losses | 7,985 | 6,572 | (8,471) |
Depreciation and amortization of premises and equipment | 3,954 | 4,154 | 4,471 |
(Accretion)/amortization of discounts/premiums on investments, net | (2,471) | (261) | 454 |
Amortization of intangible assets | 1,731 | 1,446 | 1,446 |
Accretion on acquired loans | (2,743) | (2,618) | (4,656) |
Gain on divestiture | 0 | (1,658) | 0 |
Equity-based compensation expense | 597 | 718 | 1,281 |
Issuance of common stock to 401(k) plan | 606 | 657 | 492 |
(Gain) loss on sale of premises and equipment, net | (189) | (772) | 499 |
Provision expense and loss on sale of other real estate owned | 84 | 453 | 231 |
Loss on sale of securities | 21 | 0 | 0 |
Decrease in other operating activities | 4,233 | 3,671 | 1,300 |
Net cash provided by operating activities | 61,828 | 59,024 | 48,215 |
Investing activities | |||
Proceeds from sale of available for sale securities | 38,979 | 0 | 370 |
Proceeds from maturities, prepayments, and calls of securities available for sale | 83,586 | 25,748 | 27,256 |
Payments to acquire securities available for sale | (74,103) | (269,337) | (22,394) |
Proceeds from repayments (originations of) loans, net | 64,538 | (236,620) | 27,467 |
Proceeds from bank owned life insurance | 0 | 1,763 | 0 |
(Payments for) redemption of FHLB stock, net | (877) | (240) | 1,012 |
Net cash provided by (used in) acquisitions and divestitures | 176,684 | (59,039) | 0 |
Proceeds from sale of premises and equipment | 1,827 | 1,542 | 2,616 |
Payments to acquire premises and equipment | (2,770) | (1,160) | (3,038) |
Proceeds from sale of other real estate owned | 798 | 564 | 2,061 |
Net cash provided by (used in) investing activities | 288,662 | (536,779) | 35,350 |
Financing activities | |||
(Decrease) increase in noninterest-bearing deposits, net | (98,637) | 47,769 | 69,988 |
(Decrease) increase in interest-bearing deposits, net | (261,488) | (37,291) | 113,156 |
(Payments for) proceeds from in securities sold under agreements to repurchase, net | (755) | 0 | 572 |
Repayments of FHLB and other borrowings, net | 0 | 338 | 0 |
Proceeds from stock options exercised | 91 | 172 | 538 |
Payments for repurchase of common stock | (23,038) | (21,311) | (28,882) |
Payments of common stock dividends | (21,089) | (18,515) | (18,059) |
Net cash (used in) provided by financing activities | (404,916) | (28,838) | 137,313 |
Net (decrease) increase in cash and cash equivalents | (54,426) | (506,593) | 220,878 |
Cash and cash equivalents at beginning of period | 170,846 | 677,439 | 456,561 |
Cash and cash equivalents at end of period | 116,420 | 170,846 | 677,439 |
Supplemental disclosure -- cash flow information | |||
Cash paid for interest | 9,084 | 2,114 | 3,141 |
Cash paid for income taxes | 11,783 | 7,590 | 14,399 |
Supplemental transactions -- non-cash items | |||
Transfer of loans to other real estate | 391 | 705 | 1,283 |
Loans originated to finance other real estate | 20 | 0 | 59 |
Change in accumulated other comprehensive income/(loss) | 4,768 | (14,173) | 377 |
Acquisitions: | |||
Fair value of assets acquired | 466,247 | 0 | 0 |
Fair value of liabilities assumed | 409,258 | 0 | 0 |
Net assets acquired | 71,370 | 0 | 0 |
Common stock issued in acquisition | $ 71,354 | $ 0 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1. Basis of Presentation and Significant Accounting Policies Basis of Presentation First Community Bankshares, Inc. (the “Company”) is a financial holding company incorporated under the laws of the Commonwealth of Virginia. The Company’s principal executive office is located in Bluefield, Virginia. The Company provides banking products and services to individual and commercial customers through its wholly owned subsidiary First Community Bank (the “Bank”), a Virginia-chartered banking institution founded in 1874. Principles of Consolidation The Company’s accounting and reporting policies conform with U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries and eliminate all intercompany balances and transactions. The Company operates in one The Company maintains investments in variable interest entities (“VIEs”). VIEs are legal entities in which equity investors do not not not not Reclassification Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no Use of Estimates To prepare financial statements in conformity with accounting principles generally accepted in the United States of America management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Summary of Significant Accounting Policies Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able to transact, and willing to transact. The fair value hierarchy ranks the inputs used in measuring fair value as follows: ● Level 1 ● Level 2 1 ● Level 3 no The Company uses fair value measurements to record adjustments to certain financial assets and liabilities on a recurring basis. The Company may may not Cash and Cash Equivalent s Cash and cash equivalents include cash and due from banks, federal funds sold, and interest-bearing balances on deposit with the Federal Home Loan Bank ("FHLB"), the Federal Reserve Bank of Richmond ("FRB"), and correspondent banks that are available for immediate withdrawal. Investment Securities Management classifies debt securities as held-to-maturity or available-for-sale based on the intent and ability to hold the securities to maturity. Debt securities that the Company has the intent and ability to hold to maturity are classified as held-to-maturity securities and carried at amortized cost. Debt securities not may first Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Credit losses are calculated individually, rather than collectively, using a discounted cash flow method, whereby Management compares the present value of expected cash flows with the amortized cost basis of the security. The credit loss component would be recognized through the provision for credit losses and the creation of an allowance for credit losses. Consideration is given to ( 1 2 3 4 not 5 6 7 third 8 third The Company excludes the accrued interest receivable from the amortized cost basis in measuring expected credit losses on the investment securities. Nor does the Company record an allowance for credit losses on accrued interest receivable. As of December 31, 2023 December 31, 2022 Other Investments As a condition of membership in the FHLB and the Federal Reserve, the Company is required to hold a minimum level of stock in the FHLB of Atlanta and the FRB of Richmond. These securities are carried at cost and periodically reviewed for impairment. The total investment in FHLB and FRB stock, which is included in other assets, was $13.04 million December 31, 2023 December 31, 2022 The Company owns certain long-term equity investments without readily determinable fair values, including certain tax credit limited partnerships and various limited liability companies that manage real estate investments, facilitate tax credits, and provide title insurance and other related financial services. These investments are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. The total carrying value in these investments, which is included other assets, totaled $3.70 million as of December 31, 2023 December 31, 2022 Business Combinations The Company accounts for business combinations using the acquisition method of accounting as outlined in using Topic 805 one Loans Held for Investment Loans classified as held for investment are originated with the intent to hold indefinitely, until maturity, or until pay-off. Loans held for investment are carried at the principal amount outstanding, net of unearned income and any necessary write-downs to reduce individual loans to net realizable value. Interest income on performing loans is recognized as interest income at the contractual rate of interest. Loan origination fees, including loan commitment and underwriting fees, are reduced by direct costs associated with loan processing, including salaries, legal review, and appraisal fees. Net deferred loan fees are deferred and amortized over the life of the related loan or commitment period. Purchased Performing Loans . may P urchased C redit Deteriorated (“PCD”) Loans Individually Evaluated Loans and Nonperforming Assets no not not 90 Loans are considered past due when either principal or interest payments become contractually delinquent by 30 90 may not not may six Seriously delinquent loans are evaluated for loss mitigation options. Closed-end retail loans are generally charged off against the allowance for credit losses when the loans become 120 180 90 120 Effective January 1, 2023, 2022 02, 326 Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, a change to the allowance for credit losses is generally not may Other real estate owned (“OREO”) acquired through foreclosure, or other settlement, is carried at the lower of cost or fair value less estimated selling costs. The fair value is generally based on current third Allowance for Credit Losses (ACL) The Company reviews our allowance for credit losses quarterly to determine if it is sufficient to absorb expected credit losses in the portfolio. This determination requires management to make significant estimates and assumptions. While the Company uses its best judgment and available information, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates, and the view of regulatory authorities towards loan classifications. These uncertainties may The ACL is an estimate of losses that will result from the inability of borrowers to make required loan payments. The Company established the incremental increase in the ACL at the adoption through retained earnings and subsequent adjustments will be made through a provision for credit losses charged to earnings. Loans charged off are recorded against the ACL and subsequent recoveries increase the ACL when they are recognized. A systematic methodology is used to determine ACL for loans held for investment and certain off-balance sheet credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. The Company considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. The Company’s estimate of its ACL involves a high degree of judgement and reflects management’s best estimate within the range of expected credit losses. The Company recognizes in net income the amount needed to adjust the ACL for management’s current estimate of expected credit losses. The Company’s ACL is calculated using collectively evaluated and individually evaluated loans. The Company collectively evaluates loans that share similar risk characteristics. In general, loans are segmented by loan purpose. The Company collectively evaluates loans within the following consumer and commercial segments: Loans secured by 1 4 Risk characteristics of residential real estate loans which include loans secured by Single family properties, HELOC, and Owner occupied construction loans are dependent upon individual borrowers who are affected by changes in general economic conditions, real estate valuations, and the demand for housing. Commercial and Industrial, Multi-family residential, Non-farm/non-residential, Agricultural, and Loans secured by Farmland are similar in that they are generally dependent upon the borrower's internal cash flow from operations to service the debt and changes in general economic conditions. Commercial construction, Development, and other land loans, Consumer, and Other consumer loans (open pool) are similar in that they are dependent on changes in general economic conditions. For collectively evaluated loans, the Company uses a combination of discounted cash flow and open pool to estimate expected credit losses. During 2022, third not one The Company considers forward-looking information in estimated expected credit losses. The Company subscribes to a third one eight may Included in its systematic methodology to determine its ACL for loans held for investment and certain off-balance sheet credit exposures, The Company considers the need to qualitatively adjust expected credit losses for information not 1 2 3 4 5 6 7 8 9 When a loan no not When loans are acquired they are identified as either purchased credit deteriorated ("PCD") or non-PCD. PCD loans represent assets that are acquired with evidence of more than insignificant credit quality deterioration since the origination of the loans as of the acquisition date. The ACL for PCD assets is recognized within the business combination accounting with no Non-PCD loans acquired are generally estimated at fair value using a discounted cash flow approach with assumptions of discount rate, remaining life, prepayments, probability of default, and loss given default. The actual cash flows on these loans could differ materially from the fair value estimates. The amount we record as the fair values for the loans is generally less than the contractual unpaid principal balance due from the borrowers, with the difference being referred to as the "discount" on the acquired loans. Discounts on acquired non-PCD loans are accreted to interest income over their estimated remaining lives, which may As previously noted, effective January 1, 2023, 2022 02, 326 Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, a change to the allowance for credit losses is generally not may The Company has a variety of assets that have a component that qualifies as an off-balance sheet exposure. These primarily include undrawn portions of revolving lines of credit and standby letters of credit. The expected losses associated with these exposures within the unfunded portion of the loans will be recorded as a liability on the balance sheet with an offsetting income statement expense. The Company has determined that a majority of the Company’s off-balance-sheet credit exposures are not December 31, 2023 December 31, 2022 2023, 6, 8 Premises and Equipment Premises, equipment, and leases are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets. Useful lives range from 5 to 10 years for furniture, fixtures, and equipment; 3 to 5 years for computer software, hardware, and data handling equipment; and 7 to 40 years for buildings and building improvements. Land improvements are amortized over a period of 20 years and leasehold improvements are amortized over the lesser of the term of the respective leases plus the first Intangible Assets Intangible assets consist of goodwill, core deposit intangible assets, and other identifiable intangible assets that result from business combinations. Goodwill represents the excess of the purchase price over the fair value of net assets acquired that is allocated to the appropriate reporting unit when acquired. Core deposit intangible assets represent the future earnings potential of acquired deposit relationships that are amortized over their estimated remaining useful lives. Other identifiable intangible assets primarily represent the rights arising from contractual arrangements that are amortized using the straight-line method. An interim analysis of Goodwill is performed quarterly, and goodwill is tested for impairment annually, on October 31st, may one not not no no Management has concluded that there was no 2023 2022 Bank Owned Life Insurance T Other Comprehensive Income Other comprehensive income includes unrealized gains and losses on securities available-for-sale and changes in the funded status of the nonqualified domestic, noncontributory defined benefit plans which are recognized as separate components of equity. Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonable estimated. For additional information, see Note 19, 8 Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions and recognized as short-term borrowings in the Company’s consolidated balance sheets. Securities, generally U.S. government and federal agency securities, pledged as collateral under these arrangements can be sold or repledged only if replaced by the secured party. The fair value of the collateral provided to a third Derivative Instruments The Company primarily uses derivative instruments to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. Derivative instruments represent contracts between parties that usually require little or no one may may may If certain conditions are met, a derivative may not Equity-Based Compensation The cost of employee services received in exchange for equity instruments, including stock options and restricted stock awards, is generally measured at fair value on the grant date. The Black-Scholes-Merton valuation model is used to estimate the fair value of stock options at the grant date while the fair value of restricted stock awards is based on the market price of the Company’s common stock on the grant date. The Black-Scholes-Merton model incorporates the following assumptions: the expected volatility is based on the weekly historical volatility of the Company’s common stock price over the expected term of the option; the expected term is generally calculated using the shortcut method; the risk-free interest rate is based on the U.S. Department of the Treasury’s (“Treasury”) yield curve on the grant date with a term comparable to the grant; and the dividend yield is based on the Company’s dividend yield using the most recent dividend rate paid per share and trading price of the Company’s common stock. Compensation cost is recognized over the required service period, generally defined as the vesting period for stock option awards and as the restriction period for restricted stock awards. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Revenue Recognition Wealth management third third third Service charges on deposits and other service charges and fees Service charges on deposits and other service charges and fees represent general service fees for account maintenance and activity and transaction-based fees that consist of transaction-based revenue, time-based revenue (service period), item-based revenue, or some other individual attribute-based revenue. Revenue is recognized when the performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed. Payment for such performance obligations is generally received at the time the performance obligations are satisfied. Other service charges and fees include interchange income from debit and credit card transaction fees. Advertising Expenses Advertising costs are generally expensed as incurred. The Company may Income Taxes Income tax expense is comprised of the current and deferred tax consequences of events and transactions already recognized. The Company includes interest and penalties related to income tax liabilities in income tax expense. The effective tax rate, income tax expense as a percent of pre-tax income, may Per Share Results Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of potential common stock that could be issued by the Company. Under the treasury stock method of accounting, potential common stock may Recent Accounting Standard s Standards Adopted In June 2016, 2016 13, 326 January 1, 2021. January 1, 2021. not 2016 13 January 1, 2021 As Reported Pre- Impact of Under ASU 2016-13 ASU 2016-13 ASU 2016-13 Adoption Adoption Assets: Non-covered loans held for investment Allowance for credit losses on debt securities Investment securities - available for sale $ 83,358 $ 83,358 $ - A Loans Non-acquired loans and acquired performing loans 2,146,972 2,146,972 - Acquired purchased deteriorated loans 45,535 39,660 5,875 B Allowance for credit losses on loans (39,289 ) (26,182 ) (13,107 ) C Deferred tax asset 19,306 17,493 1,813 D Accrued interest receivable - loans 9,109 9,052 57 B Liabilities Allowance for credit losses on off-balance sheet credit exposures 575 66 509 E Equity: Retained earnings 231,714 237,585 (5,870 ) F A. Per our analysis no B. Accrued interest receivable from acquired credit impaired loans of $57 thousand was reclassed to other assets and was offset by the reclass of the grossed up credit discount on acquired credit impaired loans of $57 thousand that was moved to the ACL for the purchased credit deteriorated loans. C. Calculated adjustment to the ACL related to the adoption of ASU 2016 13. D. Effect of deferred tax assets related to the adjustment to the ACL form the adoption of ASU 2016 13 E. Adjustment to the reserve for unfunded commitments related to the adoption of ASU 2016 13. F. Net adjustment to retained earnings related to the adoption of ASU 2016 13. In March 2022, 2022 02, 326 January 1, 2023. 2016 13, January 1, 2023. no The Company does not |
Note 2 - Acquisitions and Dives
Note 2 - Acquisitions and Divestitures | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 2 . Acquisitions and Divestitures On September 16, 2022, no two On November 18, 2022, April 21, 2023. The Surrey transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair value on the acquisition date. Fair values are preliminary and subject to refinement for up to a year after the closing date of the acquisition. The Company incurred a total of $2.99 million in merger expenses related to the Surrey transaction, $596 thousand was recorded in the last quarter of 2022 first nine 2023. Goodwill arising from business combinations represents the excess of the purchase price over the sum of the estimated fair values of the tangible and identifiable intangible assets acquired less the fair value of the liabilities assumed. The Surrey acquisition resulted in the Company recognizing $14.38 million in goodwill. The primary identifiable intangible asset we typically record in connection with a whole bank or bank branch acquisition is the value of the core deposit intangibles which represents the estimated value of the long-term deposit relationships acquired in the transaction. Determining the amount of identifiable intangible assets and their average lives involves multiple assumptions and estimates and is typically determined by performing a discounted cash flow analysis, which involves a combination of any or all of the following assumptions: customer attrition/runoff, alternative funding costs, deposit servicing costs, and discount rates. The core deposit intangibles are amortized over the estimated useful lives of the deposit accounts based on a method that we believe reasonably approximates the anticipated benefit stream from this intangible. Core deposit intangibles for the Surrey transaction totaled $12.70 million. When loans are acquired they are identified as either purchased credit deteriorated PCD or non-PCD. PCD loans represent assets that are acquired with evidence of more than insignificant credit quality deterioration since the origination of the loans as of the acquisition date. The ACL for PCD assets is recognized within business combination accounting with no may not As recorded by Fair Value As recorded by (Amounts in thousands, except share data) Surrey Adjustments the Company Assets Cash and cash equivalents $ 176,700 $ — $ 176,700 Securities available for sale 22,027 (1,093 ) ( a ) 20,934 Loans held for investment, net of allowance and mark 251,944 (12,864 ) ( b ) 239,080 Premises and equipment 5,501 774 ( c ) 6,275 Other assets 10,787 (229 ) ( d ), ( e ) 10,558 Intangible assets — 12,700 ( f ) 12,700 Total assets $ 466,959 $ (712 ) $ 466,247 LIABILITIES Deposits: Noninterest-bearing $ 158,389 $ — $ 158,389 Interest-bearing 246,460 (1,214 ) ( g ) 245,246 Total deposits 404,849 (1,214 ) 403,635 Long term debt — — — Other liabilities 6,004 (381 ) ( h ) 5,623 Total liabilities 410,853 (1,595 ) 409,258 Net identifiable assets acquired over (under) liabilities assumed 56,106 883 56,989 Goodwill — 14,381 14,381 Net assets acquired over liabilities assumed $ 56,106 $ 15,264 $ 71,370 Consideration: First Community Bankshares, Inc. common 2,996,786 Purchase price per share of the Company's common stock $ 23.81 Fair Value of Company common stock issued 71,354 Cash paid for fractional shares 16 Fair Value of total consideration transferred $ 71,370 Explanation of fair value adjustments; (a) Adjustment reflects the fair value adjustment based on the Company's evaluation of the acquired investment portfolio. (b) Adjustment reflects the fair value adjustments of $(15.80) million based on the Company's evaluation of the acquired loan portfolio and excludes the allowance for credit losses and deferred loan fees of $2.94 million as recorded by Surrey. (c) Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment. (d) Adjustment reflects the fair value adjustment based on the Company's evaluation of stocks with other banks of $47 thousand. (e) Adjustment to record the deferred tax asset related to the fair value adjustments $(177) thousand. (f) Adjustment to record the core deposit intangible on the acquired deposit accounts. (g) Adjustment reflects the fair value adjustment based on the Company's evaluation of the time deposit portfolio. (h) Adjustment to reclass deferred tax asset $(99) thousand, goodwill $(282) thousand, federal income tax payable $(389) thousand, and state income tax payable $8 thousand. Comparative and Pro Forma Financial Information for Acquisitions The following table presents supplemental pro forma information as if the acquisition had occurred at the beginning of 2022. not No December 31, 2022 ProForma ProForma Year Ended Year Ended (Dollars in thousands) December 31, 2023 December 31, 2022 Total revenues (net interest income plus noninterest income) $ 165,136 $ 170,206 Net adjusted income available to the common shareholder $ 50,282 $ 55,415 |
Note 3 - Debt Securities
Note 3 - Debt Securities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | N ote 3 . Debt Securities The following tables present the amortized cost and fair value of available-for-sale debt securities, including gross unrealized gains and losses, as of the dates indicated: December 31, 2023 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 5,750 $ — $ (1 ) $ 5,749 U.S. Treasury securities 146,653 16 (843 ) 145,826 Municipal securities 19,528 11 (162 ) 19,377 Corporate Notes 28,566 — (1,485 ) 27,081 Mortgage-backed Agency securities 94,548 2 (11,622 ) 82,928 Total $ 295,045 $ 29 $ (14,113 ) $ 280,961 December 31, 2022 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 1,500 $ — $ (15 ) $ 1,485 U.S. Treasury securities 161,617 — (4,353 ) 157,264 Municipal securities 23,480 21 (192 ) 23,309 Mortgage-backed Agency securities 37,046 — (2,189 ) 34,857 Total 96,480 3 (13,049 ) 83,434 $ 320,123 $ 24 $ (19,798 ) $ 300,349 The following table presents the amortized cost and fair value of available-for-sale debt securities, by contractual maturity, as of December 31, 2023 may (Amounts in thousands) U.S. Agency Securities U.S. Treasury Securities Municipal Securities Corporate Notes Total Amortized cost maturity: One year or less $ 5,750 $ 146,653 $ 5,118 $ — $ 157,521 After one year through five years — — 14,410 28,566 42,976 After five years through ten years — — — — — After ten years — — — — — Amortized cost $ 5,750 $ 146,653 $ 19,528 $ 28,566 200,497 Mortgage-backed securities 94,548 Total amortized cost $ 295,045 Fair value maturity: One year or less $ 5,749 $ 145,826 $ 5,116 $ — $ 156,691 After one year through five years — — 14,261 27,081 41,342 After five years through ten years — — — — — After ten years — — — — — Fair value $ 5,749 $ 145,826 $ 19,377 $ 27,081 198,033 Mortgage-backed securities 82,928 Total fair value $ 280,961 The following tables present the fair values and unrealized losses for available-for-sale debt securities in a continuous unrealized loss position for less than 12 12 December 31, 2023 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ 5,749 $ (1 ) $ — $ — $ 5,749 $ (1 ) U.S. Treasury securities 11,417 (14 ) 129,108 (829 ) 140,525 (843 ) Municipal securities 4,742 (20 ) 5,484 (142 ) 10,226 (162 ) Corporate Notes — — 27,081 (1,485 ) 27,081 (1,485 ) Mortgage-backed Agency securities 3,421 (10 ) 78,319 (11,612 ) 81,740 (11,622 ) Total $ 25,329 $ (45 ) $ 239,992 $ (14,068 ) $ 265,321 $ (14,113 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ 1,485 $ (15 ) $ — $ — $ 1,485 $ (15 ) U.S. Treasury securities 157,264 (4,353 ) — — 157,264 (4,353 ) Municipal securities 12,347 (192 ) — — 12,347 (192 ) Corporate Notes 32,368 (2,172 ) 2,489 (17 ) 34,857 (2,189 ) Mortgage-backed Agency securities 64,993 (8,824 ) 18,305 (4,225 ) 83,298 (13,049 ) Total $ 268,457 $ (15,556 ) $ 20,794 $ (4,242 ) $ 289,251 $ (19,798 ) There were 112 individual debt securities in an unrealized loss position as of December 31, 2023 December 31, 2022 Approximately $38.98 million in securities available for sale have been sold in 2023 December 31, 2023 2022. December 31, 2023 December 31, 2022 In determining whether or not not not not U. S. Agency securities The Company has one December 31, 2023 no December 31, 2023 U.S. Treasury securities U.S. Treasury securities are backed by the full faith and credit of the United States government. At December 31, 2023 no December 31, 2023 Municipal securities Municipal securities are securities issued by various municipalities in the United States. At December 31, 2023 no no December 31, 2023 Corporate Notes Corporate notes are debt obligations issued by public or private corporations. As of December 31, 2023 no no December 31, 2023 Mortgage-backed Agency securities Mortgage-backed Agency securities within the Company's portfolio are issued by Ginnie Mae, Fannie Mae, and Freddie Mac. As of December 31, 2023 no December 31, 2023 |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 . Loans The Company groups loans into three December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 19, In accordance with the adoption of ASU 2016 13, December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 The following table presents loans, net of unearned income by loan class, as of the dates indicated: December 31, 2023 2022 (Amounts in thousands) Amount Percent Amount Percent Commercial loans Construction, development, and other land $ 105,945 4.12 % $ 117,174 4.88 % Commercial and industrial 211,850 8.24 % 150,428 6.27 % Multi-family residential 188,382 7.32 % 148,026 6.17 % Single family non-owner occupied 224,895 8.74 % 206,121 8.59 % Non-farm, non-residential 894,550 34.78 % 787,703 32.82 % Agricultural 21,669 0.84 % 12,032 0.50 % Farmland 14,202 0.55 % 11,779 0.49 % Total commercial loans 1,661,493 64.59 % 1,433,263 59.72 % Consumer real estate loans Home equity lines 87,626 3.41 % 75,642 3.15 % Single family owner occupied 696,140 27.06 % 734,540 30.61 % Owner occupied construction 8,445 0.33 % 10,366 0.43 % Total consumer real estate loans 792,211 30.80 % 820,548 34.19 % Consumer and other loans Consumer loans 117,091 4.55 % 144,582 6.02 % Other 1,503 0.06 % 1,804 0.07 % Total consumer and other loans 118,594 4.61 % 146,386 6.09 % Total loans held for investment, net of unearned income $ 2,572,298 100.00 % $ 2,400,197 100.00 % |
Note 5 - Credit Quality
Note 5 - Credit Quality | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 5. Credit Quality The Company uses a risk grading matrix to assign a risk grade to each loan in its portfolio. Loan risk ratings may ● Pass -- This grade is assigned to loans with acceptable credit quality and risk. The Company further segments this grade based on borrower characteristics that include capital strength, earnings stability, liquidity, leverage, and industry conditions. ● Special Mention -- This grade is assigned to loans that require an above average degree of supervision and attention. These loans have the characteristics of an asset with acceptable credit quality and risk; however, adverse economic or financial conditions exist that create potential weaknesses deserving of management’s close attention. If potential weaknesses are not may ● Substandard -- This grade is assigned to loans that have well defined weaknesses that may ● Doubtful -- This grade is assigned to loans that have the weaknesses inherent in substandard loans; however, the weaknesses are so severe that collection or liquidation in full is unlikely based on current facts, conditions, and values. Due to certain specific pending factors, the amount of loss cannot yet be determined. ● Loss -- This grade is assigned to loans that will be charged off or charged down when payments, including the timing and value of payments, are uncertain. This risk grade does not no not may The following tables present the recorded investment of the loan portfolio, by loan class and credit quality, as of the dates indicated. December 31, 2023 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Commercial loans Construction, development, and other land $ 103,573 $ 1,955 $ 417 $ — $ — $ 105,945 Commercial and industrial 207,034 2,097 2,719 — — 211,850 Multi-family residential 184,565 3,522 295 — — 188,382 Single family non-owner occupied 215,375 2,016 7,504 — — 224,895 Non-farm, non-residential 866,711 15,240 12,599 — — 894,550 Agricultural 15,944 3,878 1,847 — — 21,669 Farmland 12,480 484 1,238 — — 14,202 Consumer real estate loans Home equity lines 83,769 546 3,311 — — 87,626 Single family owner occupied 669,878 2,360 23,902 — — 696,140 Owner occupied construction 8,445 — — — — 8,445 Consumer and other loans Consumer loans 114,725 4 2,362 — — 117,091 Other 1,503 — — — — 1,503 Total loans $ 2,484,002 $ 32,102 $ 56,194 $ — $ — $ 2,572,298 December 31, 2022 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Commercial loans Construction, development, and other land $ 115,972 $ 853 $ 349 $ — $ — $ 117,174 Commercial and industrial 147,543 920 1,965 — — 150,428 Multi-family residential 143,859 3,946 221 — — 148,026 Single family non-owner occupied 195,775 2,303 8,043 — — 206,121 Non-farm, non-residential 761,154 14,903 11,646 — — 787,703 Agricultural 11,722 47 263 — — 12,032 Farmland 9,868 573 1,338 — — 11,779 Consumer real estate loans Home equity lines 72,927 288 2,427 — — 75,642 Single family owner occupied 706,952 1,958 25,630 — — 734,540 Owner occupied construction 10,204 — 162 — — 10,366 Consumer and other loans Consumer loans 141,551 11 3,020 — — 144,582 Other 1,804 — — — — 1,804 Total loans $ 2,319,331 $ 25,802 $ 55,064 $ - $ - $ 2,400,197 The following tables present the amortized cost basis of the loan portfolio, by year of origination, loan class, and credit quality, as of the dates indicated: (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Construction, development and other land Pass $ 12,379 $ 54,752 $ 23,328 $ 4,121 $ 2,700 $ 3,874 $ 2,419 $ 103,573 Special Mention 1,737 - - 139 - 79 - 1,955 Substandard - - - - 175 242 - 417 Doubtful - - - - - - - - Loss - - - - - - - - Total construction, development, and other land $ 14,116 $ 54,752 $ 23,328 $ 4,260 $ 2,875 $ 4,195 $ 2,419 $ 105,945 Current period gross write-offs $ - $ - $ - $ - $ 13 $ - $ - $ 13 Commercial and industrial Pass $ 53,619 $ 64,380 $ 19,477 $ 11,538 $ 5,717 $ 11,775 $ 40,528 $ 207,034 Special Mention - 229 11 - 349 1,408 100 2,097 Substandard 51 744 276 86 926 636 - 2,719 Doubtful - - - - - - - - Loss - - - - - - - - Total commercial and industrial $ 53,670 $ 65,353 $ 19,764 $ 11,624 $ 6,992 $ 13,819 $ 40,628 $ 211,850 Current period gross write-offs $ 66 $ 168 $ 201 $ 51 $ 32 $ 66 $ - $ 584 Multi-family residential Pass $ 6,753 $ 67,484 $ 36,621 $ 30,021 $ 3,280 $ 36,982 $ 3,424 $ 184,565 Special Mention - - - - - 3,522 - 3,522 Substandard - - - - - 295 - 295 Doubtful - - - - - - - - Loss - - - - - - - - Total multi-family residential $ 6,753 $ 67,484 $ 36,621 $ 30,021 $ 3,280 $ 40,799 $ 3,424 $ 188,382 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Non-farm, non-residential Pass $ 83,420 $ 234,607 $ 151,433 $ 114,974 $ 53,466 $ 217,034 $ 11,777 $ 866,711 Special Mention 65 583 2,590 819 - 11,132 51 15,240 Substandard 1,175 238 1,968 690 3,175 5,143 210 12,599 Doubtful - - - - - - - - Loss - - - - - - - - Total non-farm, non-residential $ 84,660 $ 235,428 $ 155,991 $ 116,483 $ 56,641 $ 233,309 $ 12,038 $ 894,550 Current period gross write-offs $ - $ 8 $ - $ - $ - $ 2 $ - $ 10 Agricultural Pass $ 5,004 $ 4,215 $ 2,352 $ 625 $ 674 $ 2,094 $ 980 $ 15,944 Special Mention 28 276 184 8 90 3,292 - 3,878 Substandard 157 166 50 28 1,188 258 - 1,847 Doubtful - - - - - - - - Loss - - - - - - - - Total agricultural $ 5,189 $ 4,657 $ 2,586 $ 661 $ 1,952 $ 5,644 $ 980 $ 21,669 Current period gross write-offs $ - $ 59 $ - $ 9 $ 14 $ 8 $ - $ 90 Farmland Pass $ 1,380 $ 1,237 $ 1,557 $ 912 $ 745 $ 5,766 $ 883 $ 12,480 Special Mention - - 103 - - 381 - 484 Substandard - - - - - 1,238 - 1,238 Doubtful - - - - - - - - Loss - - - - - - - - Total farmland $ 1,380 $ 1,237 $ 1,660 $ 912 $ 745 $ 7,385 $ 883 $ 14,202 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Home equity lines Pass $ 9 $ 962 $ 86 $ 73 $ 68 $ 3,800 $ 78,771 $ 83,769 Special Mention - - - - - 45 501 546 Substandard - 12 - 27 102 1,853 1,317 3,311 Doubtful - - - - - - - - Loss - - - - - - - - Total home equity lines $ 9 $ 974 $ 86 $ 100 $ 170 $ 5,698 $ 80,589 $ 87,626 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ 227 $ 227 Single family Mortgage Pass $ 50,826 $ 164,974 $ 221,352 $ 191,156 $ 44,974 $ 211,540 $ 431 $ 885,253 Special Mention - - 465 98 108 3,705 - 4,376 Substandard 236 555 1,464 1,381 1,515 26,255 - 31,406 Doubtful - - - - - - - - Loss - - - - - - - - Total single family owner and non-owner occupied $ 51,062 $ 165,529 $ 223,281 $ 192,635 $ 46,597 $ 241,500 $ 431 $ 921,035 Current period gross write-offs $ - $ - $ 47 $ - $ - $ 194 $ - $ 241 Owner occupied construction Pass $ 3,620 $ 4,232 $ 240 $ - $ 21 $ 332 $ - $ 8,445 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Loss - - - - - - - - Total owner occupied construction $ 3,620 $ 4,232 $ 240 $ - $ 21 $ 332 $ - $ 8,445 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer loans Pass $ 31,243 $ 43,675 $ 20,672 $ 7,710 $ 3,214 $ 1,026 $ 8,688 $ 116,228 Special Mention - - 3 - - - 1 4 Substandard 338 820 590 198 157 212 47 2,362 Doubtful - - - - - - - - Loss - - - - - - - - Total consumer loans $ 31,581 $ 44,495 $ 21,265 $ 7,908 $ 3,371 $ 1,238 $ 8,736 $ 118,594 Current period gross write-offs $ 1,238 $ 3,594 $ 1,852 $ 518 $ 196 $ 77 $ 185 $ 7,660 (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Total Loans Pass $ 248,253 $ 640,518 $ 477,118 $ 361,130 $ 114,859 $ 494,223 $ 147,901 $ 2,484,002 Special Mention 1,830 1,088 3,356 1,064 547 23,564 653 32,102 Substandard 1,957 2,535 4,348 2,410 7,238 36,132 1,574 56,194 Doubtful - - - - - - - - Loss - - - - - - - - Total loans $ 252,040 $ 644,141 $ 484,822 $ 364,604 $ 122,644 $ 553,919 $ 150,128 $ 2,572,298 Current period gross write-offs $ 1,304 $ 3,829 $ 2,100 $ 578 $ 255 $ 347 $ 412 $ 8,825 (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Construction, development and other land Pass $ 58,770 $ 39,995 $ 4,602 $ 3,050 $ 2,485 $ 5,608 $ 1,462 $ 115,972 Special Mention - 225 - - 94 534 - 853 Substandard - - 267 71 11 - - 349 Doubtful - - - - - - - - Loss - - - - - - - - Total construction, development, and other land $ 58,770 $ 40,220 $ 4,869 $ 3,121 $ 2,590 $ 6,142 $ 1,462 $ 117,174 Commercial and industrial Pass $ 69,678 $ 23,746 $ 12,047 $ 7,729 $ 9,121 $ 8,890 $ 16,332 $ 147,543 Special Mention 227 20 21 367 185 1 99 920 Substandard 130 112 114 620 192 797 - 1,965 Doubtful - - - - - - - - Loss - - - - - - - - Total commercial and industrial $ 70,035 $ 23,878 $ 12,182 $ 8,716 $ 9,498 $ 9,688 $ 16,431 $ 150,428 Multi-family residential Pass $ 45,261 $ 20,881 $ 31,087 $ 3,733 $ 1,328 $ 41,063 $ 506 $ 143,859 Special Mention - - - - - 3,946 - 3,946 Substandard - - - - - 221 - 221 Doubtful - - - - - - - - Loss - - - - - - - - Total multi-family residential $ 45,261 $ 20,881 $ 31,087 $ 3,733 $ 1,328 $ 45,230 $ 506 $ 148,026 Non-farm, non-residential Pass $ 218,595 $ 145,675 $ 114,840 $ 52,575 $ 35,564 $ 185,448 $ 8,457 $ 761,154 Special Mention - 1,927 852 1,193 2,708 8,076 147 14,903 Substandard - 1,267 675 2,509 1,531 5,664 - 11,646 Doubtful - - - - - - - - Loss - - - - - - - - Total non-farm, non-residential $ 218,595 $ 148,869 $ 116,367 $ 56,277 $ 39,803 $ 199,188 $ 8,604 $ 787,703 Agricultural Pass $ 6,244 $ 3,225 $ 1,003 $ 376 $ 154 $ 214 $ 506 $ 11,722 Special Mention - 33 14 - - - - 47 Substandard 124 37 1 66 24 11 - 263 Doubtful - - - - - - - - Loss - - - - - - - - Total agricultural $ 6,368 $ 3,295 $ 1,018 $ 442 $ 178 $ 225 $ 506 $ 12,032 Farmland Pass $ 646 $ 713 $ 796 $ 77 $ 869 $ 6,150 $ 617 $ 9,868 Special Mention - 109 - - 222 242 - 573 Substandard - - 12 - 253 1,073 - 1,338 Doubtful - - - - - - - - Loss - - - - - - - - Total farmland $ 646 $ 822 $ 808 $ 77 $ 1,344 $ 7,465 $ 617 $ 11,779 (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Home equity lines Pass $ 1,960 $ 198 $ 241 $ - $ 24 $ 7,429 $ 63,075 $ 72,927 Special Mention - - - - - 117 171 288 Substandard - - 27 35 114 1,253 998 2,427 Doubtful - - - - - - - - Loss - - - - - - - - Total home equity lines $ 1,960 $ 198 $ 268 $ 35 $ 138 $ 8,799 $ 64,244 $ 75,642 Single family Mortgage Pass $ 157,890 $ 237,363 $ 207,480 $ 48,795 $ 36,678 $ 214,148 $ 373 $ 902,727 Special Mention - 376 90 363 262 3,170 - 4,261 Substandard 461 1,196 740 1,217 1,991 28,068 - 33,673 Doubtful - - - - - - - - Loss - - - - - - - - Total single family owner and non-owner occupied $ 158,351 $ 238,935 $ 208,310 $ 50,375 $ 38,931 $ 245,386 $ 373 $ 940,661 Owner occupied construction Pass $ 6,357 $ 3,344 $ - $ 23 $ 11 $ 469 $ - $ 10,204 Special Mention - - - - - - - - Substandard - - 162 - - - - 162 Doubtful - - - - - - - - Loss - - - - - - - - Total owner occupied construction $ 6,357 $ 3,344 $ 162 $ 23 $ 11 $ 469 $ - $ 10,366 Consumer loans Pass $ 69,579 $ 37,603 $ 16,033 $ 7,640 $ 2,528 $ 2,040 $ 7,932 $ 143,355 Special Mention - 5 - 6 - - - 11 Substandard 881 1,002 466 416 36 159 60 3,020 Doubtful - - - - - - - - Loss - - - - - - - - Total consumer loans $ 70,460 $ 38,610 $ 16,499 $ 8,062 $ 2,564 $ 2,199 $ 7,992 $ 146,386 (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Total Loans Pass $ 634,980 $ 512,743 $ 388,129 $ 123,998 $ 88,762 $ 471,459 $ 99,260 $ 2,319,331 Special Mention 227 2,695 977 1,929 3,471 16,086 417 25,802 Substandard 1,596 3,614 2,464 4,934 4,152 37,246 1,058 55,064 Doubtful - - - - - - - - Loss - - - - - - - - Total loans $ 636,803 $ 519,052 $ 391,570 $ 130,861 $ 96,385 $ 524,791 $ 100,735 $ 2,400,197 The Company generally places a loan on nonaccrual status when it is 90 December 31, 2023 December 31, 2022 (Amounts in thousands) No Allowance With an Allowance Total No Allowance With an Allowance Total Commercial loans Construction, development, and other land $ 172 $ — $ 172 $ 31 $ — $ 31 Commercial and industrial 1,438 — 1,438 438 — 438 Multi-family residential 183 — 183 220 — 220 Single family non-owner occupied 832 — 832 984 — 984 Non-farm, non-residential 1,271 1,173 2,444 1,771 — 1,771 Agricultural 1,558 — 1,558 9 — 9 Farmland 123 — 123 133 — 133 Consumer real estate loans Home equity lines 1,335 — 1,335 400 — 400 Single family owner occupied 9,365 — 9,365 8,228 589 8,817 Owner occupied construction — — — — — — Consumer and other loans Consumer loans 1,906 — 1,906 2,405 — 2,405 Total nonaccrual loans $ 18,183 $ 1,173 $ 19,356 $ 14,619 $ 589 $ 15,208 In both 2023 2022 The following tables presents the aging of past due loans, by loan class, as of the date indicated. Nonaccrual loans 30 December 31, 2023 Amortized Cost of 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total >90 Days Accruing (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans No Allowance Commercial loans Construction, development, and other land $ 38 $ 6 $ 23 $ 67 $ 105,878 $ 105,945 $ — Commercial and industrial 1,232 766 390 2,388 209,462 211,850 — Multi-family residential 115 68 — 183 188,199 188,382 — Single family non-owner occupied 777 455 232 1,464 223,431 224,895 — Non-farm, non-residential 617 229 382 1,228 893,322 894,550 — Agricultural 22 56 217 295 21,374 21,669 — Farmland 15 — — 15 14,187 14,202 — Consumer real estate loans Home equity lines 639 343 534 1,516 86,110 87,626 — Single family owner occupied 6,108 2,831 3,519 12,458 683,682 696,140 — Owner occupied construction — — — — 8,445 8,445 — Consumer and other loans Consumer loans 4,390 1,440 1,087 6,917 110,174 117,091 — Other — — — — 1,503 1,503 — Total loans $ 13,953 $ 6,194 $ 6,384 $ 26,531 $ 2,545,767 $ 2,572,298 $ — December 31, 2022 Amortized Cost of 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total >90 Days Accruing (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans No Allowance Commercial loans Construction, development, and other land $ 393 $ 8 $ 23 $ 424 $ 116,750 $ 117,174 $ — Commercial and industrial 756 129 217 1,102 149,326 150,428 — Multi-family residential — — 83 83 147,943 148,026 — Single family non-owner occupied 990 122 299 1,411 204,710 206,121 — Non-farm, non-residential 646 52 548 1,246 786,457 787,703 — Agricultural 36 135 9 180 11,852 12,032 — Farmland — — 133 133 11,646 11,779 — Consumer real estate loans Home equity lines 519 115 262 896 74,746 75,642 — Single family owner occupied 5,951 2,322 3,166 11,439 723,101 734,540 — Owner occupied construction — — — — 10,366 10,366 — Consumer and other loans Consumer loans 4,282 1,960 1,459 7,701 136,881 144,582 — Other — — — — 1,804 1,804 — Total loans $ 13,573 $ 4,843 $ 6,199 $ 24,615 $ 2,375,582 $ 2,400,197 $ — ASC 326 may December 31, 2023 December 31, 2022 (Amounts in thousands) Balance Collateral Coverage Coverage Ratio Balance Collateral Coverage Coverage Ratio Commercial Real Estate Other $ 1,173 $ 825 70.33 % $ - $ - - Consumer owner occupied - - 589 574 97.45 % Total collateral dependent loans $ 1,173 $ 825 70.33 % $ 589 $ 574 97.45 % The Company may January 1, 2023, 2022 02, 326 2015 13, Payment Delays Amortized Cost Basis % of Total Class of December 31, 2023 Financing Receivable Financial Effect (Amounts in thousands) Non farm, non residential property $ 662 0.07 % Deferred six months of interest to loan maturity. Single family owner occupied 548 0.08 % Deferred $66 thousand in principal to loan maturity Single family non owner occupied 89 0.04 % Deferred 6 months of interest to Loan Maturity. Commercial & industrial 171 0.08 % Deferred $8 thousand in Principal to Loan Maturity. Total $ 1,470 Term Extensions Amortized Cost Basis % of Total Class of December 31, 2023 Financing Receivable Financial Effect (Amounts in thousands) Consumer $ 6 0.01 % Extended term from 60 to 84 months Total $ 6 Principal Forgiveness Amortized Cost Basis % of Total Class of December 31, 2023 Financing Receivable Financial Effect (Amounts in thousands) Single family owner occupied $ 5 0.00 % Reduced amortized cost basis by $13 thousand Total $ 5 Term Extension and Rate Reduction Amortized Cost Basis % of Total Class of December 31, 2023 Financing Receivable Financial Effect (Amounts in thousands) Single family owner occupied $ 565 0.08 % Reduced interest income and extended time to recover principal. Total $ 565 Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. As of December 31, 2023 The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last twelve December 31, 2023 Payment Status (Amortized Cost Basis) Current 30-89 Days Past Due 90+ Days Past Due (Amounts in thousands) Non farm, non residential property $ 662 $ - $ - Single family owner occupied 864 254 - Single family non owner occupied 89 Commercial & industrial 171 Consumer 6 - - Total $ 1,792 $ 254 $ - The Company did not 2022 02 January 1, 2023, not 2022 02, 326 December 31, 2022 (Amounts in thousands) Nonaccrual(1) Accruing Total Commercial loans Commercial and industrial $ — $ 374 $ 374 Single family non-owner occupied 142 838 980 Non-farm, non-residential — 747 747 Consumer real estate loans Home equity lines — 55 55 Single family owner occupied 1,182 5,073 6,255 Owner occupied construction — — — Consumer and other loans Consumer loans — 25 25 Total TDRs $ 1,324 $ 7,112 $ 8,436 Allowance for credit losses related to TDRs $ — ( 1 Nonaccrual TDRs are included in total nonaccrual loans disclosed in the nonaccrual table above. The following table presents interest income recognized on TDRs for the periods indicated: Year Ended December 31, 2022 2021 (Amounts in thousands) Interest income recognized $ 383 $ 422 The following table presents loans modified as TDRs, by type of concession made and loan class, that were restructured during the periods indicated. Year Ended December 31, 2022 (Amounts in thousands) Total Contracts Pre-modification Recorded Investment Post modification Recorded Investment(1) Below market interest rate Single family owner occupied 1 $ 31 $ 32 Below market interest rate and extended payment term Single family non-owner occupied — — — Single family owner occupied — — — Total below market interest rate and extended payment term — — — Principal deferral Single family non-owner occupied — — — Single family owner occupied 5 494 481 Total principal deferral 5 494 481 Total 6 $ 525 $ 513 ( 1 Represents the loan balance immediately following modification There were no payment defaults for loans restructured within the previous 12 December 31, 2022. The following table provides information about OREO, which consists of properties acquired through foreclosure, as of the dates indicated: December 31, 2023 December 31, 2022 (Amounts in thousands) Total OREO $ 192 $ 703 OREO secured by residential real estate $ 192 $ 407 Residential real estate loans in the foreclosure process(1) $ 1,895 $ 1,474 ( 1 The recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction |
Note 6 - Allowance for Credit L
Note 6 - Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 6 . Allowance for Credit Losses The following tables present the changes in the allowance for credit losses, by loan segment, during the periods indicated. Year Ended December 31, 2023 (Amounts in thousands) Commercial Consumer Real Estate Consumer and Other Total Allowance Total allowance Balance at beginning of year: Allowance for credit losses - loans $ 17,213 $ 8,931 $ 4,412 $ 30,556 Allowance for credit losses - loan commitments 1,018 156 22 1,196 Total allowance for credit losses beginning of year 18,231 9,087 4,434 31,752 Purchased credit deteriorated -Surrey acquisition 1,452 529 30 2,011 Provision for credit losses: Provision for (recovery of) credit losses - loans 2,217 125 6,093 8,435 Provision for (recovery of) credit losses - loan commitments (421 ) (35 ) 6 (450 ) Total provision for credit losses - loans and loan commitments 1,796 90 6,099 7,985 Charge-offs (753 ) (412 ) (7,660 ) (8,825 ) Recoveries 1,721 520 1,771 4,012 Net (charge-offs) recoveries 968 108 (5,889 ) (4,813 ) Allowance for credit losses - loans 21,850 9,693 4,646 36,189 Allowance for credit losses - loan commitments 597 121 28 746 Ending balance $ 22,447 $ 9,814 $ 4,674 $ 36,935 Year Ended December 31, 2022 (Amounts in thousands) Commercial Consumer Real Estate Consumer and Other Total Allowance Total allowance Balance at beginning of year: Allowance for credit losses - loans $ 14,775 $ 9,972 $ 3,111 $ 27,858 Allowance for credit losses - loan commitments 576 88 14 678 Total allowance for credit losses beginning of year 15,351 10,060 3,125 28,536 Provision for credit losses: Provision for (recovery of) credit losses - loans 431 (1,121 ) 7,262 6,572 Provision for (recovery of) credit losses - loan commitments 442 68 8 518 Total provision for credit losses - loans and loan commitments 873 (1,053 ) 7,270 7,090 Charge-offs (633 ) (427 ) (6,743 ) (7,803 ) Recoveries 2,640 507 782 3,929 Net (charge-offs) recoveries 2,007 80 (5,961 ) (3,874 ) Allowance for credit losses - loans 17,213 8,931 4,412 30,556 Allowance for credit losses - loan commitments 1,018 156 22 1,196 Ending balance $ 18,231 $ 9,087 $ 4,434 $ 31,752 |
Note 7 - Premises, Equipment, a
Note 7 - Premises, Equipment, and Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7 . Premises , Equipment , and Leases Premises and Equipment The following table presents the components of premises and equipment as of the dates indicated: December 31, 2023 2022 (Amounts in thousands) Land $ 19,497 $ 19,460 Buildings and leasehold improvements 51,557 47,009 Equipment 42,810 40,552 Total premises and equipment 113,864 107,021 Accumulated depreciation and amortization (63,184 ) (59,681 ) Total premises and equipment, net $ 50,680 $ 47,340 There were no impairment charges related to certain long-term investments in land and buildings in 2023 2022 2021 2023 2022 2021 Leases Operating leases are recorded as a right of use (“ROU”) asset and operating lease liability. The ROU asset is recorded in other assets, while the lease liability is recorded in other liabilities on the condensed balance sheet beginning January 1, 2019, 2016 02, 2016 02. The Company’s current operating leases relate to two one July 2029. December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 December 31, 2022 December 31, 2023 December 31, 2022 Future minimum lease payments as of the dates indicated are as follows: Year Amount (Amounts in thousands) 2024 $ 151 2025 109 2026 101 2027 101 2028 and thereafter 160 Total lease payments 622 Less: Interest (2 ) Present value of lease liabilities $ 620 Lease expense which is included in occupancy expense on the Consolidated Statement of Income was $171 thousand in 2023 2022 2021 no December 31, 2023 |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8 . Goodwill and Other Intangible Assets Goodwill The Company has one October 31, 2023 not No As of December 31, 2023 2022 2021 (Amounts in thousands) Balance January 1, 2021 $ 129,565 Acquisitions — Balance December 31, 2021 $ 129,565 Balance January 1, 2022 $ 129,565 Acquisitions — Balance December 31, 2022 $ 129,565 Balance January 1, 2023 $ 129,565 Acquisitions 14,381 Balance December 31, 2023 $ 143,946 Other Intangible Assets As of December 31, 2023 December 31, 2023 2022 2021 (Amounts in thousands) Core deposit intangibles $ 12,674 $ 12,674 $ 12,674 Acquisitions 12,700 — — Accumulated amortization (10,229 ) (8,498 ) (7,052 ) Total other intangible assets, net $ 15,145 $ 4,176 $ 5,622 Amortization expense for other intangible assets was $1.73 million in 2023 2022 2021 The following schedule presents the estimated amortization expense for intangible assets, by year, as of December 31, 2023 (Amounts in thousands) 2024 $ 2,126 2025 1,917 2026 1,719 2027 1,719 2028 1,719 2029 and thereafter 5,945 Total estimated amortization expense $ 15,145 |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 9 . Deposits The following table presents the components of deposits as of the dates indicated: December 31, 2023 2022 (Amounts in thousands) Noninterest-bearing demand deposits $ 931,920 $ 872,168 Interest-bearing deposits Interest-bearing demand deposits 693,979 679,609 Money market accounts 307,487 264,734 Savings deposits 535,566 578,974 Certificates of deposit 166,417 180,008 Individual retirement accounts 86,956 103,322 Total interest-bearing deposits 1,790,405 1,806,647 Total deposits $ 2,722,325 $ 2,678,815 The following schedule presents the contractual maturities of time deposits, defined as certificates of deposits and individual retirement accounts, by year, as of December 31, 2023 (Amounts in thousands) 2024 $ 130,213 2025 65,618 2026 21,231 2027 15,617 2028 16,983 2029 and thereafter 3,711 Total contractual maturities $ 253,373 Time deposits of $250 December 31, 2023 December 31, 2022 $250 December 31, 2023 (Amounts in thousands) Three months or less $ 4,069 Over three through six months 874 Over six through twelve months 2,643 Over twelve months 11,006 Total contractual maturities $ 18,592 |
Note 10 - Borrowings
Note 10 - Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 10 . Borrowings The following table presents the components of borrowings as of the dates indicated: December 31, 2023 2022 (Amounts in thousands) Balance Weighted Average Rate Balance Weighted Average Rate Retail repurchase agreements $ 1,119 0.06 % $ 1,874 0.07 % Repurchase agreements are secured by certain securities that remain under the Company’s control during the terms of the agreements. The counterparties may may December 31, 2023 Overnight and Continuous Up to 30 Days 30 - 90 Days Greater than 90 Days Total (Amounts in thousands) Municipal securities $ 63 $ - $ - $ - $ 63 Mortgage-backed Agency securities 1,056 — — — 1,056 Total $ 1,119 $ — $ — $ — $ 1,119 As of December 31, 2023 |
Note 11 - Derivative Instrument
Note 11 - Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 11 . Derivative Instruments and Hedging Activities Generally, derivative instruments help the Company manage exposure to market risk and meet customer financing needs. Market risk represents the possibility that fluctuations in external factors such as interest rates, market-driven loan rates, prices, or other economic factors will adversely affect economic value or net interest income. The Company has used interest rate swap contracts to modify its exposure to interest rate risk caused by changes in benchmark interest rates in relation to certain designated fixed rate loans. These instruments are used to convert these fixed rate loans to an effective floating rate. If the Secured Overnight Financing Rate ("SOFR") plus a spread falls below the loan’s stated fixed rate for a given period, the Company will owe the floating rate payer the notional amount times the difference between the floating rate and the stated fixed rate. If SOFR is above the stated rate for a given period, the Company will receive payments based on the notional amount times the difference between the floating rate and the stated fixed rate. Certain of the Company's interest rate swaps qualify as fair value hedging instruments. Therefore, fair value changes in the derivative and hedged item attributable to the hedged risk are recognized in earnings in the same period. The fair value hedges were effective as of December 31, 2023 Through July 2022, not July 26, 2022, The following table presents the notional, or contractual, amounts and fair values of derivative instruments as of the dates indicated: December 31, 2023 2022 (Amounts in thousands) Notional or Contractual Amount Derivative Assets Derivative Liabilities Notional or Contractual Amount Derivative Assets Derivative Liabilities Derivatives designated as hedges Interest rate swaps $ 3,557 $ 136 $ — $ 3,983 $ 199 $ — Derivatives not designated as hedges Interest rate swaps - - - - - - Total derivatives $ 3,557 $ 136 $ — $ 3,983 $ 199 $ — The following table presents the interest component of derivative and hedging activity, if applicable, on the consolidated statements of income for the periods indicated: Year Ended December 31, (Amounts in thousands) 2023 2022 2021 Income Statement Location Derivatives designated as hedges Interest rate swaps $ (102 ) $ 35 $ 111 Interest and fees on loans Derivatives not designated as hedges Interest rate swaps - 90 217 Interest and fees on loans Total derivative expense $ (102 ) $ 125 $ 328 |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | Note 12 . Employee Benefit Plans Defined Benefit Plans The Company maintains two three 2021; two December 31, 2023 2022 (Amounts in thousands) Beginning balance $ 9,488 $ 11,458 Effect of curtailment — — Service cost — — Interest cost 451 332 Actuarial gain (306 ) (1,718 ) Benefits paid (583 ) (584 ) Ending balance $ 9,050 $ 9,488 The following table presents the components of net periodic pension cost, the effect on the consolidated statements of income, and the assumed discount rate for the periods indicated: Year Ended December 31, 2023 2022 2021 Income Statement Location (Amounts in thousands) Service cost $ — $ — $ 352 Salaries and employee benefits Interest cost 451 332 315 Other expense Effect of curtailment — — 289 Salaries and employee benefits Amortization of prior service cost — — 124 Other expense Amortization of losses 38 135 264 Other expense Net periodic cost $ 489 $ 467 $ 1,344 Assumed discount rate 4.79 % 4.96 % 2.88 % The following schedule presents the projected benefit payments to be paid under the Benefit Plans, by year, as of December 31, 2023 (Amounts in thousands) 2024 $ 745 2025 743 2026 822 2027 789 2028 751 2029 through 2033 3,479 Deferred Compensation Plan The Company maintains deferred compensation agreements with certain current and former officers that provide benefit payments, over various periods, commencing at retirement or death. There were no accrued benefits, which are based on the present values of expected payments and estimated life expectancies, as of December 31, 2023 2022 2023 2022 2021 The Company maintains a deferred compensation plan, referred to as the WRAP, and is a voluntary, non-tax qualified deferred compensation plan available to certain employees, including executive officers. Under the plan, participants may may December 31, 2023 and 2022 was $8.28 and $5.14 million, respectively. Employee Welfare Plan The Company provides various medical, dental, vision, life, accidental death and dismemberment, and long-term disability insurance benefits to all full-time employees who elect coverage under this program. A third third December 31, 2023 2023 2022 2021 Employee Stock Ownership and Savings Plan The Company maintains the Employee Stock Ownership and Savings Plan (“KSOP”) that consists of a 401 first 401 2023 2022 2021 shares of the Company’s common stock as of December 31, 2023 , 309,019 shares as of December 31, 2022 , and 320,164 shares as of December 31, 2021 . Equity-Based Compensation Plans The Company maintains equity-based compensation plans to promote the long-term success of the Company by encouraging officers, employees, directors, and other individuals performing services for Company to focus on critical long-range objectives. The Company’s most current equity-based compensation plans include the 2022 “2022 one may not 5% 2022 The following table presents the pre-tax compensation expense and excess tax benefit recognized in earnings for all equity-based compensation plans for the periods indicated: Year Ended December 31, 2023 2022 2021 (Amounts in thousands) Pre-tax compensation expense $ 597 $ 718 $ 1,282 Excess tax (benefit) expense — — (633 ) Stock Options The following table presents stock option activity and related information for the year ended December 31, 2023 (Amounts in thousands, except share and per share data) Option Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, January 1, 2023 197,303 $ 29.61 Granted — — Exercised (4,288 ) 21.25 Canceled/Expired (6,751 ) 31.73 Outstanding, December 31, 2023 186,264 $ 29.72 6.37 $ 1,375 Exercisable, December 31, 2023 144,441 $ 28.77 6.13 $ 1,203 There were no options granted in 2023 2023 2022 2023 2022 December 31, 2023 Restricted Stock and Stock Unit Awards The following table presents restricted stock activity and related information for the year ended December 31, 2023 Shares/Units Weighted Average Grant-Date Fair Value Nonvested, January 1, 2023 73,605 $ 30.87 Granted 69,964 26.33 Vested (31,782 ) 24.04 Canceled (2,794 ) 29.41 Nonvested, December 31, 2023 108,993 $ 29.98 As of December 31, 2023 |
Note 13 - Other Operating Incom
Note 13 - Other Operating Income and Expense | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 13 . Other Operating Income and Expense The following table presents the components of other operating income and expense for the periods indicated: Year Ended December 31, (Amounts in thousands) 2023 2022 2021 Other operating income Bank owned life insurance $ 829 $ 961 $ 1,183 Net FDIC indemnification asset amortization - - (1,226 ) Other(1) 4,822 4,187 4,623 Total other operating income $ 5,651 $ 5,148 $ 4,580 Other operating expense OREO expense and net loss 129 557 330 Telephone and data communications 1,326 1,658 1,720 Office supplies 586 494 553 Other(1) 9,994 7,766 9,134 Total other operating expense $ 12,035 $ 10,475 $ 11,737 ( 1 Components of other operating income or expense that do not |
Note 14 - Income Taxes
Note 14 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 14 . Income Taxes Income tax expense is comprised of current and deferred, federal and state income taxes on the Company’s pre-tax earnings. The following table presents the components of the income tax provision for the periods indicated: Year Ended December 31, (Amounts in thousands) 2023 2022 2021 Current tax expense: Federal $ 11,055 $ 9,883 $ 8,546 State 1,553 1,648 1,563 Total current tax expense 12,608 11,531 10,109 Deferred tax expense: Federal 1,166 1,800 4,677 State 180 164 574 Total deferred tax expense 1,346 1,964 5,251 Total income tax expense $ 13,954 $ 13,495 $ 15,360 The Company’s effective tax rate, income tax as a percent of pre-tax income, may Year Ended December 31, 2023 2022 2021 Amount Percent Amount Percent Amount Percent (Amounts in thousands) Federal income tax at the statutory rate $ 13,014 21.00 % $ 12,633 21.00 % $ 13,971 21.00 % State income tax, net of federal benefit 1,368 2.21 % 1,432 2.38 % 2,076 3.12 % 14,382 23.21 % 14,065 23.38 % 16,047 24.12 % Increase (decrease) resulting from: Tax-exempt interest income (348 ) (0.56 )% (347 ) (0.58 )% (340 ) (0.51 )% Excess tax benefits (25 ) (0.04 )% (24 ) (0.04 )% (133 ) (0.20 )% Bank owned life insurance (167 ) (0.27 )% (68 ) (0.11 )% (225 ) (0.34 )% Other items, net 112 0.17 % (131 ) (0.22 )% 11 0.02 % Income tax at the effective tax rate $ 13,954 22.51 % $ 13,495 22.43 % $ 15,360 23.09 % Deferred taxes derived from continuing operations reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for tax purposes. The following table presents the significant components of the net deferred tax asset as of the dates indicated: December 31, (Amounts in thousands) 2023 2022 Deferred tax assets Allowance for credit losses $ 8,523 $ 7,283 Unrealized losses on available-for-sale securities 2,958 4,153 Unrealized asset losses 420 503 Purchase accounting — 148 FDIC assisted transactions 346 588 Deferred loan fees 4,674 2,074 Deferred compensation assets 6,316 5,035 Federal net operating loss carryforward 266 1,223 Lease liability 146 160 Accrued litigation 824 — Other 831 707 Total deferred tax assets 25,304 21,874 Deferred tax liabilities Fixed assets (939 ) (755 ) Intangible assets (4,303 ) (857 ) Odd days interest deferral (4,134 ) (4,010 ) Purchase accounting (81 ) — Right of use asset (140 ) (155 ) Other (869 ) (197 ) Total deferred tax liabilities (10,466 ) (5,974 ) Net deferred tax asset $ 14,838 $ 15,900 The Company had no unrecognized tax benefits or accrued interest or penalties as of December 31, 2023 2022 December 31, 2023 2022 not no 2020. At December 31, 2023, 20 no 2036, 2023, The Company has analyzed the tax positions taken, or expected to be taken in its tax returns, and concluded it has no liability related to uncertain tax positions. |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 15 . Accumulated Other Comprehensive Income The following table presents the changes in AOCI, net of tax and by component, during the periods indicated: Unrealized Gains (Losses) on Available for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Balance January 1, 2021 $ 1,106 $ (3,029 ) $ (1,923 ) Other comprehensive (loss) income before reclassifications (1,091 ) 1,160 69 Reclassified from AOCI — 308 308 Other comprehensive (loss) income, net (1,091 ) 1,468 377 Balance December 31, 2021 $ 15 $ (1,561 ) $ (1,546 ) Balance January 1, 2022 $ 15 $ (1,561 ) $ (1,546 ) Other comprehensive (loss) income before reclassifications (15,636 ) 1,357 (14,279 ) Reclassified from AOCI — 106 106 Other comprehensive (loss) income, net (15,636 ) 1,463 (14,173 ) Balance December 31, 2022 $ (15,621 ) $ (98 ) $ (15,719 ) Balance January 1, 2023 $ (15,621 ) $ (98 ) $ (15,719 ) Other comprehensive income before reclassifications 4,479 242 4,721 Reclassified from AOCI 16 31 47 Other comprehensive income, net 4,495 273 4,768 Balance December 31, 2023 $ (11,126 ) $ 175 $ (10,951 ) The following table presents reclassifications out of AOCI, by component, during the periods indicated: Year Ended December 31, Income Statement (Amounts in thousands) 2023 2022 2021 Line Item Affected Available-for-sale securities Loss recognized $ 21 $ — $ — Net loss on sale of securities Reclassified out of AOCI, before tax 21 — — Income before income taxes Income tax benefit (5 ) — — Income tax expense Reclassified out of AOCI, net of tax 16 — — Net income Employee benefit plans Amortization of prior service cost — — 124 Other operating expense Amortization of net actuarial loss 38 135 264 Other operating expense Reclassified out of AOCI, before tax 38 135 388 Income before income taxes Income tax expense (7 ) (29 ) (80 ) Income tax expense Reclassified out of AOCI, net of tax 31 106 308 Net income Total reclassified out of AOCI, net of tax $ 47 $ 106 $ 308 Net income |
Note 16 - Fair Value
Note 16 - Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 16 . Fair Value Financial Instruments Measured at Fair Value The following discussion describes the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments under the valuation hierarchy. Assets and Liabilities Reported at Fair Value on a Recurring Basis Available-for-Sale Debt Securities 1 not 2 may 2 3 Fair value models may not not 3 third 3 third Equity Securities. 1 not 2. Loans Held for Investment third Deferred Compensation Assets and Liabilities 1 Derivative Assets and Liabilities 2 The following tables summarize financial assets and liabilities recorded at fair value on a recurring basis, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: December 31, 2023 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 5,749 $ — $ 5,749 $ — U.S. Treasury securities 145,826 — 145,826 — Municipal securities 19,377 — 19,377 — Corporate Notes 27,081 — 27,081 — Mortgage-backed Agency securities 82,928 — 82,928 — Total available-for-sale debt securities 280,961 — 280,961 — Equity securities 55 — 55 — Fair value loans 3,421 — — 3,421 Derivative assets 136 — 136 — Deferred compensation assets 6,729 6,729 — — Deferred compensation liabilities 8,282 8,282 — — December 31, 2022 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 1,485 $ — $ 1,485 $ — U.S. Treasury securities 157,264 $ — 157,264 $ — Municipal securities 23,309 — 23,309 — Corporate Notes 34,857 — 34,857 — Mortgage-backed Agency securities 83,434 — 83,434 — Total available-for-sale debt securities 300,349 — 300,349 — Equity securities 55 — 55 — Fair value loans 3,784 — — 3,784 Derivative assets 199 — 199 — Deferred compensation assets 5,142 5,142 — — Deferred compensation liabilities 5,142 5,142 — — Changes in Level 3 The following table presents the changes in Level 3 Assets (Amounts in thousands) Balance January 1, 2022 $ 13,106 Change due to termination of interest rate swaps not qualifying as fair value hedges (8,489 ) Changes in fair value (428 ) Changes due to principal reduction (405 ) Balance December 31, 2022 $ 3,784 Balance January 1, 2023 $ 3,784 Changes in fair value 63 Changes due to principal reduction (426 ) Balance December 31, 2023 $ 3,421 No 3 December 31, 2023 2022 Assets Measured at Fair Value on a Nonrecurring Basis Impaired Loans. 2016 13, 3 The Company maintains an active and robust problem credit identification system. The review includes obtaining third two four third thirty forty-five third not OREO 3 The following tables present assets measured at fair value on a nonrecurring basis, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: December 31, 2023 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Collateral dependent assets with specific reserves $ 825 $ — $ — $ 825 OREO 192 — — 192 December 31, 2022 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Collateral dependent assets with specific reserves $ 574 $ — $ — $ 574 OREO 703 — — 703 Quantitative Information about Level 3 The following table provides quantitative information for assets measured at fair value on a nonrecurring basis using Level 3 Discount Range Valuation Unobservable (Weighted Average) Technique Input December 31, 2023 Collateral dependent assets with specific reserves Discounted appraisals(1) Appraisal adjustments(2) 42% 42 % OREO Discounted appraisals(1) Appraisal adjustments(2) 20% to 100% 10 % ( 1 Fair value is generally based on appraisals of the underlying collateral. ( 2 Appraisals may Discount Range Valuation Unobservable (Weighted Average) Technique Input December 31, 2022 Collateral dependent assets with specific reserves Discounted appraisals(1) Appraisal adjustments(2) 3% to 3% 3 % OREO Discounted appraisals(1) Appraisal adjustments(2) 20% to 100% 69 % ( 1 Fair value is generally based on appraisals of the underlying collateral. ( 2 Appraisals may The following tables present the carrying amounts and fair values of financial instruments, by the level of valuation inputs in the fair value hierarchy, as of the dates indicated: December 31, 2023 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 116,420 $ 116,420 $ 116,420 $ — $ — Debt securities available for sale 280,961 280,961 — 280,961 — Equity securities 55 55 — 55 — Loans held for investment, net of allowance 2,536,109 2,350,071 — — 2,350,071 Interest receivable 10,881 10,881 — 1,246 9,635 Deferred compensation assets 6,729 6,729 6,729 — — Derivative assets 136 136 — 136 — Liabilities Time deposits 253,373 247,141 — 247,141 — Securities sold under agreements to repurchase 1,119 1,119 — 1,119 — Interest payable 556 556 — 556 — Deferred compensation liabilities 8,282 8,282 8,282 — — December 31, 2022 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 170,846 $ 170,846 $ 170,846 $ — $ — Debt securities available for sale 300,349 300,349 — 300,349 — Equity securities 55 55 — 55 — Loans held for investment, net of allowance 2,369,641 2,215,243 — — 2,215,243 Interest receivable 9,279 9,279 — 1,343 7,936 Deferred compensation assets 5,142 5,142 5,142 — — Derivative assets 199 199 199 Liabilities Time deposits 283,330 281,744 — 281,744 — Securities sold under agreements to repurchase 1,874 1,874 — 1,874 — Interest payable 159 159 — 159 — Deferred compensation liabilities 5,142 5,142 5,142 — — |
Note 17 - Earnings Per Share
Note 17 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 17 . Earnings per Share The following table presents the calculation of basic and diluted earnings per common share for the periods indicated: Year Ended December 31, 2023 2022 2021 (Amounts in thousands, except share and per share data) Net income $ 48,020 $ 46,662 $ 51,168 Adjustment to Net Income for Fair Value Changes to Restricted Stock Units (tax-effected) 1,100 - - Adjusted Net Income for diluted earnings per share $ 49,120 $ 46,662 $ 51,168 Weighted average common shares outstanding, basic 17,996,373 16,519,848 17,335,615 Dilutive effect of potential common shares Stock options 15,856 18,784 30,854 Restricted stock and units 14,922 23,625 36,467 Total dilutive effect of potential common shares 30,778 42,409 67,321 Weighted average common shares outstanding, diluted 18,027,151 16,562,257 17,402,936 Basic earnings per common share $ 2.67 $ 2.82 $ 2.95 Diluted earnings per common share 2.72 2.82 2.94 Potential antidilutive common shares Stock options 129,324 131,198 103,520 Restricted stock and units 32,706 — 630 Total potential antidilutive shares 162,030 131,198 104,150 |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 18 . Related Party Transactions Loans to principal officers, directors, and their affiliates were as follows: Year Ended December 31, 2023 2022 (Amounts in thousands) Beginning balance $ 30,981 $ 33,740 New loans and advances 5,215 7,768 Loan repayments (6,217 ) (15,979 ) Reclassifications(1) (15 ) 5,452 Ending balance $ 29,964 $ 30,981 ( 1 Changes related to the composition of the Company's directors, executive officers, and related insiders Deposits from related parties totaled $15.19 million as of December 31, 2023 December 31, 2022 2023 2022 2021 2023 2022 2021 2023 2022 2021 |
Note 19 - Litigation, Commitmen
Note 19 - Litigation, Commitments, and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 19 . Litigation, Commitments , and Contingencies Litigation The Company and its subsidiaries are currently involved in various legal proceedings in the normal course of business. On at least a quarterly basis, the Company assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter-by-matter basis, an accrual for loss is established for those matters which the Company believes it is probable that a loss may may not no On June 24, 2022, two one No Management currently estimates the range of reasonably possible loss with respect to this litigation matter is $1.50 to $3.50 million. As of December 31, 2023, no We are currently a defendant in other legal actions and asserted claims in the normal course of business. Although we are unable to assess the ultimate outcome of each matter with certainty, we believe that the resolution of these actions should not Commitments and Contingencies The Company is a party to financial instruments with off balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit, and financial guarantees. These instruments involve, to varying degrees, elements of credit and interest rate risk beyond the amount recognized in the consolidated balance sheets. The contractual amounts of these instruments reflect the extent of involvement the Company has in particular classes of financial instruments. If the other party to a financial instrument does not Commitments to extend credit are agreements to lend to a customer as long as there is no may not may Standby letters of credit and financial guarantees are conditional commitments issued by the Company to guarantee the performance of a customer to a third The following table presents the off-balance sheet financial instruments as of the dates indicated: December 31, 2023 2022 (Amounts in thousands) Commitments to extend credit $ 277,462 $ 278,926 Standby letters of credit and financial guarantees(1) 129,220 119,681 Total off-balance sheet risk 406,682 398,607 ( 1 Includes FHLB letters of credit |
Note 20 - Regulatory Requiremen
Note 20 - Regulatory Requirements and Restrictions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 20 . Regulatory Requirements and Restrictions The Company and the Bank are subject to various regulatory capital requirements administered by state and federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under the capital adequacy guidelines and the regulatory framework for prompt corrective action, which applies only to the Bank, the Bank must meet specific capital guidelines that involve quantitative measures of the entity’s balance sheet assets and off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. In addition, the Company and the Bank are subject to various regulatory restrictions related to the payment of dividends, including requirements to maintain capital at or above regulatory minimums. The current risk-based capital requirements, based on the international capital standards known as Basel III, requires the Company and the Bank to maintain minimum amounts and ratios of Common Equity Tier 1 1 1 1 January 1, 2019). The following tables present actual and required capital ratios, under Basel III capital rules, as of the dates indicated: December 31, 2023 Actual Minimum Basel III Requirement Minimum Basel III Requirement - with CCB Well Capitalized Requirement(1) (Amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio The Company Common equity Tier 1 ratio $ 355,157 14.69 % $ 108,761 4.50 % $ 169,184 7.00 % N/A N/A Tier 1 risk-based capital ratio 355,157 14.69 % 145,015 6.00 % 205,438 8.50 % N/A N/A Total risk-based capital ratio 385,369 15.94 % 193,353 8.00 % 253,776 10.50 % N/A N/A Tier 1 Leverage ratio 355,157 11.52 % 123,278 4.00 % N/A N/A N/A N/A The Bank Common equity Tier 1 ratio $ 312,593 12.97 % $ 108,461 4.50 % $ 168,718 7.00 % $ 156,667 6.50 % Tier 1 risk-based capital ratio 312,593 12.97 % 144,615 6.00 % 204,872 8.50 % 192,820 8.00 % Total risk-based capital ratio 342,805 14.22 % 192,820 8.00 % 253,077 10.50 % 241,026 10.00 % Tier 1 Leverage ratio 312,593 10.07 % 124,181 4.00 % N/A N/A 155,226 5.00 % ( 1 Based on prompt corrective action provisions December 31, 2022 Actual Minimum Basel III Requirement Minimum Basel III Requirement - with CCB Well Capitalized Requirement(1) (Amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio The Company Common equity Tier 1 ratio $ 303,963 13.37 % $ 102,332 4.50 % $ 159,183 7.00 % N/A N/A Tier 1 risk-based capital ratio 303,963 13.37 % 136,443 6.00 % 193,294 8.50 % N/A N/A Total risk-based capital ratio 332,430 14.62 % 181,924 8.00 % 238,775 10.50 % N/A N/A Tier 1 Leverage ratio 303,963 10.17 % 119,499 4.00 % N/A N/A N/A N/A The Bank Common equity Tier 1 ratio $ 264,185 11.69 % $ 101,712 4.50 % $ 158,218 7.00 % $ 146,917 6.50 % Tier 1 risk-based capital ratio 264,185 11.69 % 135,616 6.00 % 192,122 8.50 % 180,821 8.00 % Total risk-based capital ratio 292,481 12.94 % 180,821 8.00 % 237,327 10.50 % 226,026 10.00 % Tier 1 Leverage ratio 264,185 8.79 % 120,248 4.00 % N/A N/A 150,310 5.00 % ( 1 Based on prompt corrective action provisions |
Note 21 - Parent Company Financ
Note 21 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 21 . Parent Company Financial Information The following tables present condensed financial information for the parent company, First Community Bankshares, Inc., as of and for the dates indicated: CONDENSED BALANCE SHEETS December 31, (Amounts in thousands) 2023 2022 Assets Cash and due from banks $ 14,681 $ 16,988 Securities available for sale 22,468 17,313 Investment in subsidiaries 460,731 382,286 Other assets 6,227 5,910 Total assets $ 504,107 $ 422,497 Liabilities Other liabilities $ 813 $ 512 Total liabilities 813 512 Stockholders' equity Common stock 18,502 16,225 Additional paid-in capital 175,841 128,508 Retained earnings 319,902 292,971 Accumulated other comprehensive loss (10,951 ) (15,719 ) Total stockholders' equity 503,294 421,985 Total liabilities and stockholders' equity $ 504,107 $ 422,497 CONDENSED STATEMENTS OF INCOME Year Ended December 31, 2023 2022 2021 (Amounts in thousands) Cash dividends received from subsidiary bank $ 45,700 $ 56,250 $ 53,200 Other income 1,397 222 8 Other operating expense 1,524 1,052 1,086 Income before income taxes and equity in undistributed net income of subsidiaries 45,573 55,420 52,122 Income tax benefit (41 ) (224 ) (351 ) Income before equity in undistributed net income of subsidiaries 45,614 55,644 52,473 Equity in (dividends in excess) of undistributed net income of subsidiaries 2,406 (8,982 ) (1,305 ) Net income $ 48,020 $ 46,662 $ 51,168 CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, (Amounts in thousands) 2023 2022 2021 Operating activities Net income $ 48,020 $ 46,662 $ 51,168 Adjustments to reconcile net income to net cash provided by operating activities Net change in other operating activities (3,275 ) 8,442 253 Net cash provided by operating activities 44,745 55,104 51,421 Investing activities Purchase of investment securities (69,469 ) (19,372 ) — Proceeds from maturities, calls, sales of investment securities 65,250 11,807 (9,919 ) Dividends in excess of undistributed net income of subsidiaries — — 1,305 Net cash (used) provided by investing activities (4,219 ) (7,565 ) (8,614 ) Financing activities Proceeds from issuance of common stock 91 172 — Payments for repurchase of common stock (23,038 ) (21,311 ) (28,882 ) Payments of common dividends (21,089 ) (18,515 ) (18,059 ) Net change in other financing activities 1,203 1,375 1,773 Net cash (used) provided by financing activities (42,833 ) (38,279 ) (45,168 ) Cash and cash equivalents increase (decrease) (2,307 ) 9,260 (2,361 ) Cash and cash equivalents at carrying value at beginning of period 16,988 7,728 10,089 Cash and cash equivalents at carrying value at end of period $ 14,681 $ 16,988 $ 7,728 |
Note 22 - Quarterly Financial D
Note 22 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note 22 . Quarterly Financial Data (Unaudited) The following tables present selected financial data for the periods indicated: Year Ended December 31, 2023 First Second Third Fourth Quarter Quarter Quarter Quarter (Amounts in thousands, except share and per share data) Interest income $ 30,189 $ 34,869 $ 36,105 $ 36,002 Interest expense 777 2,007 2,758 3,939 Net interest income 29,412 32,862 33,347 32,063 Provision for credit losses 1,742 4,105 1,109 1,029 Net interest income after provision 27,670 28,757 32,238 31,034 Noninterest income, excluding net loss on sale of securities 8,583 8,785 9,622 10,462 Noninterest expense 20,813 24,671 22,913 26,780 Income before income taxes 15,440 12,871 18,947 14,716 Income tax expense 3,658 3,057 4,307 2,932 Net income $ 11,782 $ 9,814 $ 14,640 $ 11,784 Adjustment to Net Income for Fair Value Changes to Restricted Stock Units (tax-effected) $ 20 $ 335 $ 215 $ 530 Adjusted Net Income for diluted earnings per share $ 11,802 $ 10,149 $ 14,855 $ 12,314 Basic earnings per common share $ 0.73 $ 0.53 $ 0.78 $ 0.64 Diluted earnings per common share 0.72 0.55 0.79 0.66 Dividends per common share 0.29 0.29 0.29 0.29 Weighted average basic shares outstanding 16,228,297 18,407,078 18,786,032 18,530,114 Weighted average diluted shares outstanding 16,289,489 18,431,598 18,831,836 18,575,226 Year Ended December 31, 2022 First Second Third Fourth Quarter Quarter Quarter Quarter (Amounts in thousands, except share and per share data) Interest income $ 25,639 $ 27,970 $ 29,722 $ 30,988 Interest expense 486 423 380 367 Net interest income 25,153 27,547 29,342 30,621 Recovery of credit losses 1,961 510 685 3,416 Net interest income after provision 23,192 27,037 28,657 27,205 Noninterest income, excluding net loss on sale of securities 9,194 8,854 9,950 9,184 Noninterest expense 19,986 21,255 21,145 20,730 Income before income taxes 12,400 14,636 17,462 15,659 Income tax expense 2,885 3,423 4,111 3,076 Net income $ 9,515 $ 11,213 $ 13,351 $ 12,583 Basic earnings per common share $ 0.57 $ 0.67 $ 0.82 $ 0.78 Diluted earnings per common share 0.56 0.67 0.81 0.77 Dividends per common share 0.27 0.27 0.29 0.29 Weighted average basic shares outstanding 16,817,284 16,662,817 16,378,022 16,229,289 Weighted average diluted shares outstanding 16,864,515 16,682,615 16,413,202 16,281,922 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | tem 9 B. Other Information . During the three December 31, 2023, none 16a 1 1934, 10b5 1 10b5 1 408 1933 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation First Community Bankshares, Inc. (the “Company”) is a financial holding company incorporated under the laws of the Commonwealth of Virginia. The Company’s principal executive office is located in Bluefield, Virginia. The Company provides banking products and services to individual and commercial customers through its wholly owned subsidiary First Community Bank (the “Bank”), a Virginia-chartered banking institution founded in 1874. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company’s accounting and reporting policies conform with U.S. generally accepted accounting principles (“GAAP”) and prevailing practices in the banking industry. The consolidated financial statements include all accounts of the Company and its wholly owned subsidiaries and eliminate all intercompany balances and transactions. The Company operates in one The Company maintains investments in variable interest entities (“VIEs”). VIEs are legal entities in which equity investors do not not not not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification Certain amounts reported in prior years have been reclassified to conform to the current year’s presentation. These reclassifications had no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates To prepare financial statements in conformity with accounting principles generally accepted in the United States of America management makes estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants. Market participants are buyers and sellers in the principal market that are independent, knowledgeable, able to transact, and willing to transact. The fair value hierarchy ranks the inputs used in measuring fair value as follows: ● Level 1 ● Level 2 1 ● Level 3 no The Company uses fair value measurements to record adjustments to certain financial assets and liabilities on a recurring basis. The Company may may not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalent s Cash and cash equivalents include cash and due from banks, federal funds sold, and interest-bearing balances on deposit with the Federal Home Loan Bank ("FHLB"), the Federal Reserve Bank of Richmond ("FRB"), and correspondent banks that are available for immediate withdrawal. |
Marketable Securities, Policy [Policy Text Block] | Investment Securities Management classifies debt securities as held-to-maturity or available-for-sale based on the intent and ability to hold the securities to maturity. Debt securities that the Company has the intent and ability to hold to maturity are classified as held-to-maturity securities and carried at amortized cost. Debt securities not may first Management evaluates securities for impairment where there has been a decline in fair value below the amortized cost basis of a security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Credit losses are calculated individually, rather than collectively, using a discounted cash flow method, whereby Management compares the present value of expected cash flows with the amortized cost basis of the security. The credit loss component would be recognized through the provision for credit losses and the creation of an allowance for credit losses. Consideration is given to ( 1 2 3 4 not 5 6 7 third 8 third The Company excludes the accrued interest receivable from the amortized cost basis in measuring expected credit losses on the investment securities. Nor does the Company record an allowance for credit losses on accrued interest receivable. As of December 31, 2023 December 31, 2022 |
Other Investments [Policy Text Block] | Other Investments As a condition of membership in the FHLB and the Federal Reserve, the Company is required to hold a minimum level of stock in the FHLB of Atlanta and the FRB of Richmond. These securities are carried at cost and periodically reviewed for impairment. The total investment in FHLB and FRB stock, which is included in other assets, was $13.04 million December 31, 2023 December 31, 2022 The Company owns certain long-term equity investments without readily determinable fair values, including certain tax credit limited partnerships and various limited liability companies that manage real estate investments, facilitate tax credits, and provide title insurance and other related financial services. These investments are accounted for at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment. The total carrying value in these investments, which is included other assets, totaled $3.70 million as of December 31, 2023 December 31, 2022 |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company accounts for business combinations using the acquisition method of accounting as outlined in using Topic 805 one |
Financing Receivable, Held-for-Investment [Policy Text Block] | Loans Held for Investment Loans classified as held for investment are originated with the intent to hold indefinitely, until maturity, or until pay-off. Loans held for investment are carried at the principal amount outstanding, net of unearned income and any necessary write-downs to reduce individual loans to net realizable value. Interest income on performing loans is recognized as interest income at the contractual rate of interest. Loan origination fees, including loan commitment and underwriting fees, are reduced by direct costs associated with loan processing, including salaries, legal review, and appraisal fees. Net deferred loan fees are deferred and amortized over the life of the related loan or commitment period. Purchased Performing Loans . may P urchased C redit Deteriorated (“PCD”) Loans Individually Evaluated Loans and Nonperforming Assets no not not 90 Loans are considered past due when either principal or interest payments become contractually delinquent by 30 90 may not not may six Seriously delinquent loans are evaluated for loss mitigation options. Closed-end retail loans are generally charged off against the allowance for credit losses when the loans become 120 180 90 120 Effective January 1, 2023, 2022 02, 326 Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, a change to the allowance for credit losses is generally not may Other real estate owned (“OREO”) acquired through foreclosure, or other settlement, is carried at the lower of cost or fair value less estimated selling costs. The fair value is generally based on current third |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses (ACL) The Company reviews our allowance for credit losses quarterly to determine if it is sufficient to absorb expected credit losses in the portfolio. This determination requires management to make significant estimates and assumptions. While the Company uses its best judgment and available information, the ultimate adequacy of the allowance is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates, and the view of regulatory authorities towards loan classifications. These uncertainties may The ACL is an estimate of losses that will result from the inability of borrowers to make required loan payments. The Company established the incremental increase in the ACL at the adoption through retained earnings and subsequent adjustments will be made through a provision for credit losses charged to earnings. Loans charged off are recorded against the ACL and subsequent recoveries increase the ACL when they are recognized. A systematic methodology is used to determine ACL for loans held for investment and certain off-balance sheet credit exposures. The ACL is a valuation account that is deducted from the amortized cost basis to present the net amount expected to be collected on the loan portfolio. The Company considers the effects of past events, current conditions, and reasonable and supportable forecasts on the collectability of the loan portfolio. The Company’s estimate of its ACL involves a high degree of judgement and reflects management’s best estimate within the range of expected credit losses. The Company recognizes in net income the amount needed to adjust the ACL for management’s current estimate of expected credit losses. The Company’s ACL is calculated using collectively evaluated and individually evaluated loans. The Company collectively evaluates loans that share similar risk characteristics. In general, loans are segmented by loan purpose. The Company collectively evaluates loans within the following consumer and commercial segments: Loans secured by 1 4 Risk characteristics of residential real estate loans which include loans secured by Single family properties, HELOC, and Owner occupied construction loans are dependent upon individual borrowers who are affected by changes in general economic conditions, real estate valuations, and the demand for housing. Commercial and Industrial, Multi-family residential, Non-farm/non-residential, Agricultural, and Loans secured by Farmland are similar in that they are generally dependent upon the borrower's internal cash flow from operations to service the debt and changes in general economic conditions. Commercial construction, Development, and other land loans, Consumer, and Other consumer loans (open pool) are similar in that they are dependent on changes in general economic conditions. For collectively evaluated loans, the Company uses a combination of discounted cash flow and open pool to estimate expected credit losses. During 2022, third not one The Company considers forward-looking information in estimated expected credit losses. The Company subscribes to a third one eight may Included in its systematic methodology to determine its ACL for loans held for investment and certain off-balance sheet credit exposures, The Company considers the need to qualitatively adjust expected credit losses for information not 1 2 3 4 5 6 7 8 9 When a loan no not When loans are acquired they are identified as either purchased credit deteriorated ("PCD") or non-PCD. PCD loans represent assets that are acquired with evidence of more than insignificant credit quality deterioration since the origination of the loans as of the acquisition date. The ACL for PCD assets is recognized within the business combination accounting with no Non-PCD loans acquired are generally estimated at fair value using a discounted cash flow approach with assumptions of discount rate, remaining life, prepayments, probability of default, and loss given default. The actual cash flows on these loans could differ materially from the fair value estimates. The amount we record as the fair values for the loans is generally less than the contractual unpaid principal balance due from the borrowers, with the difference being referred to as the "discount" on the acquired loans. Discounts on acquired non-PCD loans are accreted to interest income over their estimated remaining lives, which may As previously noted, effective January 1, 2023, 2022 02, 326 Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses, a change to the allowance for credit losses is generally not may The Company has a variety of assets that have a component that qualifies as an off-balance sheet exposure. These primarily include undrawn portions of revolving lines of credit and standby letters of credit. The expected losses associated with these exposures within the unfunded portion of the loans will be recorded as a liability on the balance sheet with an offsetting income statement expense. The Company has determined that a majority of the Company’s off-balance-sheet credit exposures are not December 31, 2023 December 31, 2022 2023, 6, 8 |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Premises, equipment, and leases are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the respective assets. Useful lives range from 5 to 10 years for furniture, fixtures, and equipment; 3 to 5 years for computer software, hardware, and data handling equipment; and 7 to 40 years for buildings and building improvements. Land improvements are amortized over a period of 20 years and leasehold improvements are amortized over the lesser of the term of the respective leases plus the first |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets consist of goodwill, core deposit intangible assets, and other identifiable intangible assets that result from business combinations. Goodwill represents the excess of the purchase price over the fair value of net assets acquired that is allocated to the appropriate reporting unit when acquired. Core deposit intangible assets represent the future earnings potential of acquired deposit relationships that are amortized over their estimated remaining useful lives. Other identifiable intangible assets primarily represent the rights arising from contractual arrangements that are amortized using the straight-line method. An interim analysis of Goodwill is performed quarterly, and goodwill is tested for impairment annually, on October 31st, may one not not no no Management has concluded that there was no 2023 2022 |
Bank Owned Life Insurance, Policy [Policy Text Block] | Bank Owned Life Insurance T |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income Other comprehensive income includes unrealized gains and losses on securities available-for-sale and changes in the funded status of the nonqualified domestic, noncontributory defined benefit plans which are recognized as separate components of equity. |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonable estimated. For additional information, see Note 19, 8 |
Repurchase Agreements, Collateral, Policy [Policy Text Block] | Securities Sold Under Agreements to Repurchase Securities sold under agreements to repurchase are generally accounted for as collateralized financing transactions and recognized as short-term borrowings in the Company’s consolidated balance sheets. Securities, generally U.S. government and federal agency securities, pledged as collateral under these arrangements can be sold or repledged only if replaced by the secured party. The fair value of the collateral provided to a third |
Derivatives, Policy [Policy Text Block] | Derivative Instruments The Company primarily uses derivative instruments to protect against the risk of adverse price or interest rate movements on the value of certain assets and liabilities and on future cash flows. Derivative instruments represent contracts between parties that usually require little or no one may may may If certain conditions are met, a derivative may not |
Share-Based Payment Arrangement [Policy Text Block] | Equity-Based Compensation The cost of employee services received in exchange for equity instruments, including stock options and restricted stock awards, is generally measured at fair value on the grant date. The Black-Scholes-Merton valuation model is used to estimate the fair value of stock options at the grant date while the fair value of restricted stock awards is based on the market price of the Company’s common stock on the grant date. The Black-Scholes-Merton model incorporates the following assumptions: the expected volatility is based on the weekly historical volatility of the Company’s common stock price over the expected term of the option; the expected term is generally calculated using the shortcut method; the risk-free interest rate is based on the U.S. Department of the Treasury’s (“Treasury”) yield curve on the grant date with a term comparable to the grant; and the dividend yield is based on the Company’s dividend yield using the most recent dividend rate paid per share and trading price of the Company’s common stock. Compensation cost is recognized over the required service period, generally defined as the vesting period for stock option awards and as the restriction period for restricted stock awards. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Wealth management third third third Service charges on deposits and other service charges and fees Service charges on deposits and other service charges and fees represent general service fees for account maintenance and activity and transaction-based fees that consist of transaction-based revenue, time-based revenue (service period), item-based revenue, or some other individual attribute-based revenue. Revenue is recognized when the performance obligation is completed, which is generally monthly for account maintenance services or when a transaction has been completed. Payment for such performance obligations is generally received at the time the performance obligations are satisfied. Other service charges and fees include interchange income from debit and credit card transaction fees. |
Advertising Cost [Policy Text Block] | Advertising Expenses Advertising costs are generally expensed as incurred. The Company may |
Income Tax, Policy [Policy Text Block] | Income Taxes Income tax expense is comprised of the current and deferred tax consequences of events and transactions already recognized. The Company includes interest and penalties related to income tax liabilities in income tax expense. The effective tax rate, income tax expense as a percent of pre-tax income, may |
Earnings Per Share, Policy [Policy Text Block] | Per Share Results Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the dilutive effect of potential common stock that could be issued by the Company. Under the treasury stock method of accounting, potential common stock may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standard s Standards Adopted In June 2016, 2016 13, 326 January 1, 2021. January 1, 2021. not 2016 13 January 1, 2021 As Reported Pre- Impact of Under ASU 2016-13 ASU 2016-13 ASU 2016-13 Adoption Adoption Assets: Non-covered loans held for investment Allowance for credit losses on debt securities Investment securities - available for sale $ 83,358 $ 83,358 $ - A Loans Non-acquired loans and acquired performing loans 2,146,972 2,146,972 - Acquired purchased deteriorated loans 45,535 39,660 5,875 B Allowance for credit losses on loans (39,289 ) (26,182 ) (13,107 ) C Deferred tax asset 19,306 17,493 1,813 D Accrued interest receivable - loans 9,109 9,052 57 B Liabilities Allowance for credit losses on off-balance sheet credit exposures 575 66 509 E Equity: Retained earnings 231,714 237,585 (5,870 ) F A. Per our analysis no B. Accrued interest receivable from acquired credit impaired loans of $57 thousand was reclassed to other assets and was offset by the reclass of the grossed up credit discount on acquired credit impaired loans of $57 thousand that was moved to the ACL for the purchased credit deteriorated loans. C. Calculated adjustment to the ACL related to the adoption of ASU 2016 13. D. Effect of deferred tax assets related to the adjustment to the ACL form the adoption of ASU 2016 13 E. Adjustment to the reserve for unfunded commitments related to the adoption of ASU 2016 13. F. Net adjustment to retained earnings related to the adoption of ASU 2016 13. In March 2022, 2022 02, 326 January 1, 2023. 2016 13, January 1, 2023. no The Company does not |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Standards Update 2016-13 [Member] | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | January 1, 2021 As Reported Pre- Impact of Under ASU 2016-13 ASU 2016-13 ASU 2016-13 Adoption Adoption Assets: Non-covered loans held for investment Allowance for credit losses on debt securities Investment securities - available for sale $ 83,358 $ 83,358 $ - A Loans Non-acquired loans and acquired performing loans 2,146,972 2,146,972 - Acquired purchased deteriorated loans 45,535 39,660 5,875 B Allowance for credit losses on loans (39,289 ) (26,182 ) (13,107 ) C Deferred tax asset 19,306 17,493 1,813 D Accrued interest receivable - loans 9,109 9,052 57 B Liabilities Allowance for credit losses on off-balance sheet credit exposures 575 66 509 E Equity: Retained earnings 231,714 237,585 (5,870 ) F |
Note 2 - Acquisitions and Div_2
Note 2 - Acquisitions and Divestitures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | As recorded by Fair Value As recorded by (Amounts in thousands, except share data) Surrey Adjustments the Company Assets Cash and cash equivalents $ 176,700 $ — $ 176,700 Securities available for sale 22,027 (1,093 ) ( a ) 20,934 Loans held for investment, net of allowance and mark 251,944 (12,864 ) ( b ) 239,080 Premises and equipment 5,501 774 ( c ) 6,275 Other assets 10,787 (229 ) ( d ), ( e ) 10,558 Intangible assets — 12,700 ( f ) 12,700 Total assets $ 466,959 $ (712 ) $ 466,247 LIABILITIES Deposits: Noninterest-bearing $ 158,389 $ — $ 158,389 Interest-bearing 246,460 (1,214 ) ( g ) 245,246 Total deposits 404,849 (1,214 ) 403,635 Long term debt — — — Other liabilities 6,004 (381 ) ( h ) 5,623 Total liabilities 410,853 (1,595 ) 409,258 Net identifiable assets acquired over (under) liabilities assumed 56,106 883 56,989 Goodwill — 14,381 14,381 Net assets acquired over liabilities assumed $ 56,106 $ 15,264 $ 71,370 Consideration: First Community Bankshares, Inc. common 2,996,786 Purchase price per share of the Company's common stock $ 23.81 Fair Value of Company common stock issued 71,354 Cash paid for fractional shares 16 Fair Value of total consideration transferred $ 71,370 |
Business Acquisition, Pro Forma Information [Table Text Block] | ProForma ProForma Year Ended Year Ended (Dollars in thousands) December 31, 2023 December 31, 2022 Total revenues (net interest income plus noninterest income) $ 165,136 $ 170,206 Net adjusted income available to the common shareholder $ 50,282 $ 55,415 |
Note 3 - Debt Securities (Table
Note 3 - Debt Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | December 31, 2023 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 5,750 $ — $ (1 ) $ 5,749 U.S. Treasury securities 146,653 16 (843 ) 145,826 Municipal securities 19,528 11 (162 ) 19,377 Corporate Notes 28,566 — (1,485 ) 27,081 Mortgage-backed Agency securities 94,548 2 (11,622 ) 82,928 Total $ 295,045 $ 29 $ (14,113 ) $ 280,961 December 31, 2022 Amortized Unrealized Unrealized Fair Cost Gains Losses Value (Amounts in thousands) U.S. Agency securities $ 1,500 $ — $ (15 ) $ 1,485 U.S. Treasury securities 161,617 — (4,353 ) 157,264 Municipal securities 23,480 21 (192 ) 23,309 Mortgage-backed Agency securities 37,046 — (2,189 ) 34,857 Total 96,480 3 (13,049 ) 83,434 $ 320,123 $ 24 $ (19,798 ) $ 300,349 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (Amounts in thousands) U.S. Agency Securities U.S. Treasury Securities Municipal Securities Corporate Notes Total Amortized cost maturity: One year or less $ 5,750 $ 146,653 $ 5,118 $ — $ 157,521 After one year through five years — — 14,410 28,566 42,976 After five years through ten years — — — — — After ten years — — — — — Amortized cost $ 5,750 $ 146,653 $ 19,528 $ 28,566 200,497 Mortgage-backed securities 94,548 Total amortized cost $ 295,045 Fair value maturity: One year or less $ 5,749 $ 145,826 $ 5,116 $ — $ 156,691 After one year through five years — — 14,261 27,081 41,342 After five years through ten years — — — — — After ten years — — — — — Fair value $ 5,749 $ 145,826 $ 19,377 $ 27,081 198,033 Mortgage-backed securities 82,928 Total fair value $ 280,961 |
Gain (Loss) on Securities [Table Text Block] | December 31, 2023 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ 5,749 $ (1 ) $ — $ — $ 5,749 $ (1 ) U.S. Treasury securities 11,417 (14 ) 129,108 (829 ) 140,525 (843 ) Municipal securities 4,742 (20 ) 5,484 (142 ) 10,226 (162 ) Corporate Notes — — 27,081 (1,485 ) 27,081 (1,485 ) Mortgage-backed Agency securities 3,421 (10 ) 78,319 (11,612 ) 81,740 (11,622 ) Total $ 25,329 $ (45 ) $ 239,992 $ (14,068 ) $ 265,321 $ (14,113 ) December 31, 2022 Less than 12 Months 12 Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (Amounts in thousands) U.S. Agency securities $ 1,485 $ (15 ) $ — $ — $ 1,485 $ (15 ) U.S. Treasury securities 157,264 (4,353 ) — — 157,264 (4,353 ) Municipal securities 12,347 (192 ) — — 12,347 (192 ) Corporate Notes 32,368 (2,172 ) 2,489 (17 ) 34,857 (2,189 ) Mortgage-backed Agency securities 64,993 (8,824 ) 18,305 (4,225 ) 83,298 (13,049 ) Total $ 268,457 $ (15,556 ) $ 20,794 $ (4,242 ) $ 289,251 $ (19,798 ) |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2023 2022 (Amounts in thousands) Amount Percent Amount Percent Commercial loans Construction, development, and other land $ 105,945 4.12 % $ 117,174 4.88 % Commercial and industrial 211,850 8.24 % 150,428 6.27 % Multi-family residential 188,382 7.32 % 148,026 6.17 % Single family non-owner occupied 224,895 8.74 % 206,121 8.59 % Non-farm, non-residential 894,550 34.78 % 787,703 32.82 % Agricultural 21,669 0.84 % 12,032 0.50 % Farmland 14,202 0.55 % 11,779 0.49 % Total commercial loans 1,661,493 64.59 % 1,433,263 59.72 % Consumer real estate loans Home equity lines 87,626 3.41 % 75,642 3.15 % Single family owner occupied 696,140 27.06 % 734,540 30.61 % Owner occupied construction 8,445 0.33 % 10,366 0.43 % Total consumer real estate loans 792,211 30.80 % 820,548 34.19 % Consumer and other loans Consumer loans 117,091 4.55 % 144,582 6.02 % Other 1,503 0.06 % 1,804 0.07 % Total consumer and other loans 118,594 4.61 % 146,386 6.09 % Total loans held for investment, net of unearned income $ 2,572,298 100.00 % $ 2,400,197 100.00 % |
Note 5 - Credit Quality (Tables
Note 5 - Credit Quality (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2023 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Commercial loans Construction, development, and other land $ 103,573 $ 1,955 $ 417 $ — $ — $ 105,945 Commercial and industrial 207,034 2,097 2,719 — — 211,850 Multi-family residential 184,565 3,522 295 — — 188,382 Single family non-owner occupied 215,375 2,016 7,504 — — 224,895 Non-farm, non-residential 866,711 15,240 12,599 — — 894,550 Agricultural 15,944 3,878 1,847 — — 21,669 Farmland 12,480 484 1,238 — — 14,202 Consumer real estate loans Home equity lines 83,769 546 3,311 — — 87,626 Single family owner occupied 669,878 2,360 23,902 — — 696,140 Owner occupied construction 8,445 — — — — 8,445 Consumer and other loans Consumer loans 114,725 4 2,362 — — 117,091 Other 1,503 — — — — 1,503 Total loans $ 2,484,002 $ 32,102 $ 56,194 $ — $ — $ 2,572,298 December 31, 2022 Special (Amounts in thousands) Pass Mention Substandard Doubtful Loss Total Commercial loans Construction, development, and other land $ 115,972 $ 853 $ 349 $ — $ — $ 117,174 Commercial and industrial 147,543 920 1,965 — — 150,428 Multi-family residential 143,859 3,946 221 — — 148,026 Single family non-owner occupied 195,775 2,303 8,043 — — 206,121 Non-farm, non-residential 761,154 14,903 11,646 — — 787,703 Agricultural 11,722 47 263 — — 12,032 Farmland 9,868 573 1,338 — — 11,779 Consumer real estate loans Home equity lines 72,927 288 2,427 — — 75,642 Single family owner occupied 706,952 1,958 25,630 — — 734,540 Owner occupied construction 10,204 — 162 — — 10,366 Consumer and other loans Consumer loans 141,551 11 3,020 — — 144,582 Other 1,804 — — — — 1,804 Total loans $ 2,319,331 $ 25,802 $ 55,064 $ - $ - $ 2,400,197 (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Construction, development and other land Pass $ 12,379 $ 54,752 $ 23,328 $ 4,121 $ 2,700 $ 3,874 $ 2,419 $ 103,573 Special Mention 1,737 - - 139 - 79 - 1,955 Substandard - - - - 175 242 - 417 Doubtful - - - - - - - - Loss - - - - - - - - Total construction, development, and other land $ 14,116 $ 54,752 $ 23,328 $ 4,260 $ 2,875 $ 4,195 $ 2,419 $ 105,945 Current period gross write-offs $ - $ - $ - $ - $ 13 $ - $ - $ 13 Commercial and industrial Pass $ 53,619 $ 64,380 $ 19,477 $ 11,538 $ 5,717 $ 11,775 $ 40,528 $ 207,034 Special Mention - 229 11 - 349 1,408 100 2,097 Substandard 51 744 276 86 926 636 - 2,719 Doubtful - - - - - - - - Loss - - - - - - - - Total commercial and industrial $ 53,670 $ 65,353 $ 19,764 $ 11,624 $ 6,992 $ 13,819 $ 40,628 $ 211,850 Current period gross write-offs $ 66 $ 168 $ 201 $ 51 $ 32 $ 66 $ - $ 584 Multi-family residential Pass $ 6,753 $ 67,484 $ 36,621 $ 30,021 $ 3,280 $ 36,982 $ 3,424 $ 184,565 Special Mention - - - - - 3,522 - 3,522 Substandard - - - - - 295 - 295 Doubtful - - - - - - - - Loss - - - - - - - - Total multi-family residential $ 6,753 $ 67,484 $ 36,621 $ 30,021 $ 3,280 $ 40,799 $ 3,424 $ 188,382 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Non-farm, non-residential Pass $ 83,420 $ 234,607 $ 151,433 $ 114,974 $ 53,466 $ 217,034 $ 11,777 $ 866,711 Special Mention 65 583 2,590 819 - 11,132 51 15,240 Substandard 1,175 238 1,968 690 3,175 5,143 210 12,599 Doubtful - - - - - - - - Loss - - - - - - - - Total non-farm, non-residential $ 84,660 $ 235,428 $ 155,991 $ 116,483 $ 56,641 $ 233,309 $ 12,038 $ 894,550 Current period gross write-offs $ - $ 8 $ - $ - $ - $ 2 $ - $ 10 Agricultural Pass $ 5,004 $ 4,215 $ 2,352 $ 625 $ 674 $ 2,094 $ 980 $ 15,944 Special Mention 28 276 184 8 90 3,292 - 3,878 Substandard 157 166 50 28 1,188 258 - 1,847 Doubtful - - - - - - - - Loss - - - - - - - - Total agricultural $ 5,189 $ 4,657 $ 2,586 $ 661 $ 1,952 $ 5,644 $ 980 $ 21,669 Current period gross write-offs $ - $ 59 $ - $ 9 $ 14 $ 8 $ - $ 90 Farmland Pass $ 1,380 $ 1,237 $ 1,557 $ 912 $ 745 $ 5,766 $ 883 $ 12,480 Special Mention - - 103 - - 381 - 484 Substandard - - - - - 1,238 - 1,238 Doubtful - - - - - - - - Loss - - - - - - - - Total farmland $ 1,380 $ 1,237 $ 1,660 $ 912 $ 745 $ 7,385 $ 883 $ 14,202 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Home equity lines Pass $ 9 $ 962 $ 86 $ 73 $ 68 $ 3,800 $ 78,771 $ 83,769 Special Mention - - - - - 45 501 546 Substandard - 12 - 27 102 1,853 1,317 3,311 Doubtful - - - - - - - - Loss - - - - - - - - Total home equity lines $ 9 $ 974 $ 86 $ 100 $ 170 $ 5,698 $ 80,589 $ 87,626 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ 227 $ 227 Single family Mortgage Pass $ 50,826 $ 164,974 $ 221,352 $ 191,156 $ 44,974 $ 211,540 $ 431 $ 885,253 Special Mention - - 465 98 108 3,705 - 4,376 Substandard 236 555 1,464 1,381 1,515 26,255 - 31,406 Doubtful - - - - - - - - Loss - - - - - - - - Total single family owner and non-owner occupied $ 51,062 $ 165,529 $ 223,281 $ 192,635 $ 46,597 $ 241,500 $ 431 $ 921,035 Current period gross write-offs $ - $ - $ 47 $ - $ - $ 194 $ - $ 241 Owner occupied construction Pass $ 3,620 $ 4,232 $ 240 $ - $ 21 $ 332 $ - $ 8,445 Special Mention - - - - - - - - Substandard - - - - - - - - Doubtful - - - - - - - - Loss - - - - - - - - Total owner occupied construction $ 3,620 $ 4,232 $ 240 $ - $ 21 $ 332 $ - $ 8,445 Current period gross write-offs $ - $ - $ - $ - $ - $ - $ - $ - Consumer loans Pass $ 31,243 $ 43,675 $ 20,672 $ 7,710 $ 3,214 $ 1,026 $ 8,688 $ 116,228 Special Mention - - 3 - - - 1 4 Substandard 338 820 590 198 157 212 47 2,362 Doubtful - - - - - - - - Loss - - - - - - - - Total consumer loans $ 31,581 $ 44,495 $ 21,265 $ 7,908 $ 3,371 $ 1,238 $ 8,736 $ 118,594 Current period gross write-offs $ 1,238 $ 3,594 $ 1,852 $ 518 $ 196 $ 77 $ 185 $ 7,660 (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Total Loans Pass $ 248,253 $ 640,518 $ 477,118 $ 361,130 $ 114,859 $ 494,223 $ 147,901 $ 2,484,002 Special Mention 1,830 1,088 3,356 1,064 547 23,564 653 32,102 Substandard 1,957 2,535 4,348 2,410 7,238 36,132 1,574 56,194 Doubtful - - - - - - - - Loss - - - - - - - - Total loans $ 252,040 $ 644,141 $ 484,822 $ 364,604 $ 122,644 $ 553,919 $ 150,128 $ 2,572,298 Current period gross write-offs $ 1,304 $ 3,829 $ 2,100 $ 578 $ 255 $ 347 $ 412 $ 8,825 (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Construction, development and other land Pass $ 58,770 $ 39,995 $ 4,602 $ 3,050 $ 2,485 $ 5,608 $ 1,462 $ 115,972 Special Mention - 225 - - 94 534 - 853 Substandard - - 267 71 11 - - 349 Doubtful - - - - - - - - Loss - - - - - - - - Total construction, development, and other land $ 58,770 $ 40,220 $ 4,869 $ 3,121 $ 2,590 $ 6,142 $ 1,462 $ 117,174 Commercial and industrial Pass $ 69,678 $ 23,746 $ 12,047 $ 7,729 $ 9,121 $ 8,890 $ 16,332 $ 147,543 Special Mention 227 20 21 367 185 1 99 920 Substandard 130 112 114 620 192 797 - 1,965 Doubtful - - - - - - - - Loss - - - - - - - - Total commercial and industrial $ 70,035 $ 23,878 $ 12,182 $ 8,716 $ 9,498 $ 9,688 $ 16,431 $ 150,428 Multi-family residential Pass $ 45,261 $ 20,881 $ 31,087 $ 3,733 $ 1,328 $ 41,063 $ 506 $ 143,859 Special Mention - - - - - 3,946 - 3,946 Substandard - - - - - 221 - 221 Doubtful - - - - - - - - Loss - - - - - - - - Total multi-family residential $ 45,261 $ 20,881 $ 31,087 $ 3,733 $ 1,328 $ 45,230 $ 506 $ 148,026 Non-farm, non-residential Pass $ 218,595 $ 145,675 $ 114,840 $ 52,575 $ 35,564 $ 185,448 $ 8,457 $ 761,154 Special Mention - 1,927 852 1,193 2,708 8,076 147 14,903 Substandard - 1,267 675 2,509 1,531 5,664 - 11,646 Doubtful - - - - - - - - Loss - - - - - - - - Total non-farm, non-residential $ 218,595 $ 148,869 $ 116,367 $ 56,277 $ 39,803 $ 199,188 $ 8,604 $ 787,703 Agricultural Pass $ 6,244 $ 3,225 $ 1,003 $ 376 $ 154 $ 214 $ 506 $ 11,722 Special Mention - 33 14 - - - - 47 Substandard 124 37 1 66 24 11 - 263 Doubtful - - - - - - - - Loss - - - - - - - - Total agricultural $ 6,368 $ 3,295 $ 1,018 $ 442 $ 178 $ 225 $ 506 $ 12,032 Farmland Pass $ 646 $ 713 $ 796 $ 77 $ 869 $ 6,150 $ 617 $ 9,868 Special Mention - 109 - - 222 242 - 573 Substandard - - 12 - 253 1,073 - 1,338 Doubtful - - - - - - - - Loss - - - - - - - - Total farmland $ 646 $ 822 $ 808 $ 77 $ 1,344 $ 7,465 $ 617 $ 11,779 (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Home equity lines Pass $ 1,960 $ 198 $ 241 $ - $ 24 $ 7,429 $ 63,075 $ 72,927 Special Mention - - - - - 117 171 288 Substandard - - 27 35 114 1,253 998 2,427 Doubtful - - - - - - - - Loss - - - - - - - - Total home equity lines $ 1,960 $ 198 $ 268 $ 35 $ 138 $ 8,799 $ 64,244 $ 75,642 Single family Mortgage Pass $ 157,890 $ 237,363 $ 207,480 $ 48,795 $ 36,678 $ 214,148 $ 373 $ 902,727 Special Mention - 376 90 363 262 3,170 - 4,261 Substandard 461 1,196 740 1,217 1,991 28,068 - 33,673 Doubtful - - - - - - - - Loss - - - - - - - - Total single family owner and non-owner occupied $ 158,351 $ 238,935 $ 208,310 $ 50,375 $ 38,931 $ 245,386 $ 373 $ 940,661 Owner occupied construction Pass $ 6,357 $ 3,344 $ - $ 23 $ 11 $ 469 $ - $ 10,204 Special Mention - - - - - - - - Substandard - - 162 - - - - 162 Doubtful - - - - - - - - Loss - - - - - - - - Total owner occupied construction $ 6,357 $ 3,344 $ 162 $ 23 $ 11 $ 469 $ - $ 10,366 Consumer loans Pass $ 69,579 $ 37,603 $ 16,033 $ 7,640 $ 2,528 $ 2,040 $ 7,932 $ 143,355 Special Mention - 5 - 6 - - - 11 Substandard 881 1,002 466 416 36 159 60 3,020 Doubtful - - - - - - - - Loss - - - - - - - - Total consumer loans $ 70,460 $ 38,610 $ 16,499 $ 8,062 $ 2,564 $ 2,199 $ 7,992 $ 146,386 (Amounts in thousands) Term Loans Amortized Cost Basis by Origination Year Balance at December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Total Total Loans Pass $ 634,980 $ 512,743 $ 388,129 $ 123,998 $ 88,762 $ 471,459 $ 99,260 $ 2,319,331 Special Mention 227 2,695 977 1,929 3,471 16,086 417 25,802 Substandard 1,596 3,614 2,464 4,934 4,152 37,246 1,058 55,064 Doubtful - - - - - - - - Loss - - - - - - - - Total loans $ 636,803 $ 519,052 $ 391,570 $ 130,861 $ 96,385 $ 524,791 $ 100,735 $ 2,400,197 |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2023 December 31, 2022 (Amounts in thousands) No Allowance With an Allowance Total No Allowance With an Allowance Total Commercial loans Construction, development, and other land $ 172 $ — $ 172 $ 31 $ — $ 31 Commercial and industrial 1,438 — 1,438 438 — 438 Multi-family residential 183 — 183 220 — 220 Single family non-owner occupied 832 — 832 984 — 984 Non-farm, non-residential 1,271 1,173 2,444 1,771 — 1,771 Agricultural 1,558 — 1,558 9 — 9 Farmland 123 — 123 133 — 133 Consumer real estate loans Home equity lines 1,335 — 1,335 400 — 400 Single family owner occupied 9,365 — 9,365 8,228 589 8,817 Owner occupied construction — — — — — — Consumer and other loans Consumer loans 1,906 — 1,906 2,405 — 2,405 Total nonaccrual loans $ 18,183 $ 1,173 $ 19,356 $ 14,619 $ 589 $ 15,208 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2023 Amortized Cost of 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total >90 Days Accruing (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans No Allowance Commercial loans Construction, development, and other land $ 38 $ 6 $ 23 $ 67 $ 105,878 $ 105,945 $ — Commercial and industrial 1,232 766 390 2,388 209,462 211,850 — Multi-family residential 115 68 — 183 188,199 188,382 — Single family non-owner occupied 777 455 232 1,464 223,431 224,895 — Non-farm, non-residential 617 229 382 1,228 893,322 894,550 — Agricultural 22 56 217 295 21,374 21,669 — Farmland 15 — — 15 14,187 14,202 — Consumer real estate loans Home equity lines 639 343 534 1,516 86,110 87,626 — Single family owner occupied 6,108 2,831 3,519 12,458 683,682 696,140 — Owner occupied construction — — — — 8,445 8,445 — Consumer and other loans Consumer loans 4,390 1,440 1,087 6,917 110,174 117,091 — Other — — — — 1,503 1,503 — Total loans $ 13,953 $ 6,194 $ 6,384 $ 26,531 $ 2,545,767 $ 2,572,298 $ — December 31, 2022 Amortized Cost of 30 - 59 Days 60 - 89 Days 90+ Days Total Current Total >90 Days Accruing (Amounts in thousands) Past Due Past Due Past Due Past Due Loans Loans No Allowance Commercial loans Construction, development, and other land $ 393 $ 8 $ 23 $ 424 $ 116,750 $ 117,174 $ — Commercial and industrial 756 129 217 1,102 149,326 150,428 — Multi-family residential — — 83 83 147,943 148,026 — Single family non-owner occupied 990 122 299 1,411 204,710 206,121 — Non-farm, non-residential 646 52 548 1,246 786,457 787,703 — Agricultural 36 135 9 180 11,852 12,032 — Farmland — — 133 133 11,646 11,779 — Consumer real estate loans Home equity lines 519 115 262 896 74,746 75,642 — Single family owner occupied 5,951 2,322 3,166 11,439 723,101 734,540 — Owner occupied construction — — — — 10,366 10,366 — Consumer and other loans Consumer loans 4,282 1,960 1,459 7,701 136,881 144,582 — Other — — — — 1,804 1,804 — Total loans $ 13,573 $ 4,843 $ 6,199 $ 24,615 $ 2,375,582 $ 2,400,197 $ — |
Collateral Dependent Loans [Table Text Block] | December 31, 2023 December 31, 2022 (Amounts in thousands) Balance Collateral Coverage Coverage Ratio Balance Collateral Coverage Coverage Ratio Commercial Real Estate Other $ 1,173 $ 825 70.33 % $ - $ - - Consumer owner occupied - - 589 574 97.45 % Total collateral dependent loans $ 1,173 $ 825 70.33 % $ 589 $ 574 97.45 % |
Financing Receivable, Modified [Table Text Block] | Payment Delays Amortized Cost Basis % of Total Class of December 31, 2023 Financing Receivable Financial Effect (Amounts in thousands) Non farm, non residential property $ 662 0.07 % Deferred six months of interest to loan maturity. Single family owner occupied 548 0.08 % Deferred $66 thousand in principal to loan maturity Single family non owner occupied 89 0.04 % Deferred 6 months of interest to Loan Maturity. Commercial & industrial 171 0.08 % Deferred $8 thousand in Principal to Loan Maturity. Total $ 1,470 Term Extensions Amortized Cost Basis % of Total Class of December 31, 2023 Financing Receivable Financial Effect (Amounts in thousands) Consumer $ 6 0.01 % Extended term from 60 to 84 months Total $ 6 Principal Forgiveness Amortized Cost Basis % of Total Class of December 31, 2023 Financing Receivable Financial Effect (Amounts in thousands) Single family owner occupied $ 5 0.00 % Reduced amortized cost basis by $13 thousand Total $ 5 Term Extension and Rate Reduction Amortized Cost Basis % of Total Class of December 31, 2023 Financing Receivable Financial Effect (Amounts in thousands) Single family owner occupied $ 565 0.08 % Reduced interest income and extended time to recover principal. Total $ 565 December 31, 2023 Payment Status (Amortized Cost Basis) Current 30-89 Days Past Due 90+ Days Past Due (Amounts in thousands) Non farm, non residential property $ 662 $ - $ - Single family owner occupied 864 254 - Single family non owner occupied 89 Commercial & industrial 171 Consumer 6 - - Total $ 1,792 $ 254 $ - Year Ended December 31, 2022 (Amounts in thousands) Total Contracts Pre-modification Recorded Investment Post modification Recorded Investment(1) Below market interest rate Single family owner occupied 1 $ 31 $ 32 Below market interest rate and extended payment term Single family non-owner occupied — — — Single family owner occupied — — — Total below market interest rate and extended payment term — — — Principal deferral Single family non-owner occupied — — — Single family owner occupied 5 494 481 Total principal deferral 5 494 481 Total 6 $ 525 $ 513 |
Trouble Debt Restructuring Accrual Status [Table Text Block] | December 31, 2022 (Amounts in thousands) Nonaccrual(1) Accruing Total Commercial loans Commercial and industrial $ — $ 374 $ 374 Single family non-owner occupied 142 838 980 Non-farm, non-residential — 747 747 Consumer real estate loans Home equity lines — 55 55 Single family owner occupied 1,182 5,073 6,255 Owner occupied construction — — — Consumer and other loans Consumer loans — 25 25 Total TDRs $ 1,324 $ 7,112 $ 8,436 Allowance for credit losses related to TDRs $ — |
Interest Income Related to Troubled Debt Restructurings [Table Text Block] | Year Ended December 31, 2022 2021 (Amounts in thousands) Interest income recognized $ 383 $ 422 |
Other Real Estate Owned [Table Text Block] | December 31, 2023 December 31, 2022 (Amounts in thousands) Total OREO $ 192 $ 703 OREO secured by residential real estate $ 192 $ 407 Residential real estate loans in the foreclosure process(1) $ 1,895 $ 1,474 |
Note 6 - Allowance for Credit_2
Note 6 - Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended December 31, 2023 (Amounts in thousands) Commercial Consumer Real Estate Consumer and Other Total Allowance Total allowance Balance at beginning of year: Allowance for credit losses - loans $ 17,213 $ 8,931 $ 4,412 $ 30,556 Allowance for credit losses - loan commitments 1,018 156 22 1,196 Total allowance for credit losses beginning of year 18,231 9,087 4,434 31,752 Purchased credit deteriorated -Surrey acquisition 1,452 529 30 2,011 Provision for credit losses: Provision for (recovery of) credit losses - loans 2,217 125 6,093 8,435 Provision for (recovery of) credit losses - loan commitments (421 ) (35 ) 6 (450 ) Total provision for credit losses - loans and loan commitments 1,796 90 6,099 7,985 Charge-offs (753 ) (412 ) (7,660 ) (8,825 ) Recoveries 1,721 520 1,771 4,012 Net (charge-offs) recoveries 968 108 (5,889 ) (4,813 ) Allowance for credit losses - loans 21,850 9,693 4,646 36,189 Allowance for credit losses - loan commitments 597 121 28 746 Ending balance $ 22,447 $ 9,814 $ 4,674 $ 36,935 Year Ended December 31, 2022 (Amounts in thousands) Commercial Consumer Real Estate Consumer and Other Total Allowance Total allowance Balance at beginning of year: Allowance for credit losses - loans $ 14,775 $ 9,972 $ 3,111 $ 27,858 Allowance for credit losses - loan commitments 576 88 14 678 Total allowance for credit losses beginning of year 15,351 10,060 3,125 28,536 Provision for credit losses: Provision for (recovery of) credit losses - loans 431 (1,121 ) 7,262 6,572 Provision for (recovery of) credit losses - loan commitments 442 68 8 518 Total provision for credit losses - loans and loan commitments 873 (1,053 ) 7,270 7,090 Charge-offs (633 ) (427 ) (6,743 ) (7,803 ) Recoveries 2,640 507 782 3,929 Net (charge-offs) recoveries 2,007 80 (5,961 ) (3,874 ) Allowance for credit losses - loans 17,213 8,931 4,412 30,556 Allowance for credit losses - loan commitments 1,018 156 22 1,196 Ending balance $ 18,231 $ 9,087 $ 4,434 $ 31,752 |
Note 7 - Premises, Equipment,_2
Note 7 - Premises, Equipment, and Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 (Amounts in thousands) Land $ 19,497 $ 19,460 Buildings and leasehold improvements 51,557 47,009 Equipment 42,810 40,552 Total premises and equipment 113,864 107,021 Accumulated depreciation and amortization (63,184 ) (59,681 ) Total premises and equipment, net $ 50,680 $ 47,340 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year Amount (Amounts in thousands) 2024 $ 151 2025 109 2026 101 2027 101 2028 and thereafter 160 Total lease payments 622 Less: Interest (2 ) Present value of lease liabilities $ 620 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (Amounts in thousands) Balance January 1, 2021 $ 129,565 Acquisitions — Balance December 31, 2021 $ 129,565 Balance January 1, 2022 $ 129,565 Acquisitions — Balance December 31, 2022 $ 129,565 Balance January 1, 2023 $ 129,565 Acquisitions 14,381 Balance December 31, 2023 $ 143,946 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2023 2022 2021 (Amounts in thousands) Core deposit intangibles $ 12,674 $ 12,674 $ 12,674 Acquisitions 12,700 — — Accumulated amortization (10,229 ) (8,498 ) (7,052 ) Total other intangible assets, net $ 15,145 $ 4,176 $ 5,622 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Amounts in thousands) 2024 $ 2,126 2025 1,917 2026 1,719 2027 1,719 2028 1,719 2029 and thereafter 5,945 Total estimated amortization expense $ 15,145 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, 2023 2022 (Amounts in thousands) Noninterest-bearing demand deposits $ 931,920 $ 872,168 Interest-bearing deposits Interest-bearing demand deposits 693,979 679,609 Money market accounts 307,487 264,734 Savings deposits 535,566 578,974 Certificates of deposit 166,417 180,008 Individual retirement accounts 86,956 103,322 Total interest-bearing deposits 1,790,405 1,806,647 Total deposits $ 2,722,325 $ 2,678,815 |
Time Deposit Maturities [Table Text Block] | (Amounts in thousands) 2024 $ 130,213 2025 65,618 2026 21,231 2027 15,617 2028 16,983 2029 and thereafter 3,711 Total contractual maturities $ 253,373 |
Scheduled Maturities of Certificates of Deposits, Greater than 250,000 [Table Text Block] | (Amounts in thousands) Three months or less $ 4,069 Over three through six months 874 Over six through twelve months 2,643 Over twelve months 11,006 Total contractual maturities $ 18,592 |
Note 10 - Borrowings (Tables)
Note 10 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2023 2022 (Amounts in thousands) Balance Weighted Average Rate Balance Weighted Average Rate Retail repurchase agreements $ 1,119 0.06 % $ 1,874 0.07 % |
Schedule of Underlying Assets of Repurchase Agreements when Amount of Repurchase Agreements Exceeds 10 Percent of Assets [Table Text Block] | Overnight and Continuous Up to 30 Days 30 - 90 Days Greater than 90 Days Total (Amounts in thousands) Municipal securities $ 63 $ - $ - $ - $ 63 Mortgage-backed Agency securities 1,056 — — — 1,056 Total $ 1,119 $ — $ — $ — $ 1,119 |
Note 11 - Derivative Instrume_2
Note 11 - Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | December 31, 2023 2022 (Amounts in thousands) Notional or Contractual Amount Derivative Assets Derivative Liabilities Notional or Contractual Amount Derivative Assets Derivative Liabilities Derivatives designated as hedges Interest rate swaps $ 3,557 $ 136 $ — $ 3,983 $ 199 $ — Derivatives not designated as hedges Interest rate swaps - - - - - - Total derivatives $ 3,557 $ 136 $ — $ 3,983 $ 199 $ — |
Derivative Instruments, Gain (Loss) [Table Text Block] | Year Ended December 31, (Amounts in thousands) 2023 2022 2021 Income Statement Location Derivatives designated as hedges Interest rate swaps $ (102 ) $ 35 $ 111 Interest and fees on loans Derivatives not designated as hedges Interest rate swaps - 90 217 Interest and fees on loans Total derivative expense $ (102 ) $ 125 $ 328 |
Note 12 - Employee Benefit Pl_2
Note 12 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Net Funded Status [Table Text Block] | December 31, 2023 2022 (Amounts in thousands) Beginning balance $ 9,488 $ 11,458 Effect of curtailment — — Service cost — — Interest cost 451 332 Actuarial gain (306 ) (1,718 ) Benefits paid (583 ) (584 ) Ending balance $ 9,050 $ 9,488 |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended December 31, 2023 2022 2021 Income Statement Location (Amounts in thousands) Service cost $ — $ — $ 352 Salaries and employee benefits Interest cost 451 332 315 Other expense Effect of curtailment — — 289 Salaries and employee benefits Amortization of prior service cost — — 124 Other expense Amortization of losses 38 135 264 Other expense Net periodic cost $ 489 $ 467 $ 1,344 Assumed discount rate 4.79 % 4.96 % 2.88 % |
Schedule of Expected Benefit Payments [Table Text Block] | (Amounts in thousands) 2024 $ 745 2025 743 2026 822 2027 789 2028 751 2029 through 2033 3,479 |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Amounts in thousands) Pre-tax compensation expense $ 597 $ 718 $ 1,282 Excess tax (benefit) expense — — (633 ) |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | (Amounts in thousands, except share and per share data) Option Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, January 1, 2023 197,303 $ 29.61 Granted — — Exercised (4,288 ) 21.25 Canceled/Expired (6,751 ) 31.73 Outstanding, December 31, 2023 186,264 $ 29.72 6.37 $ 1,375 Exercisable, December 31, 2023 144,441 $ 28.77 6.13 $ 1,203 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Shares/Units Weighted Average Grant-Date Fair Value Nonvested, January 1, 2023 73,605 $ 30.87 Granted 69,964 26.33 Vested (31,782 ) 24.04 Canceled (2,794 ) 29.41 Nonvested, December 31, 2023 108,993 $ 29.98 |
Note 13 - Other Operating Inc_2
Note 13 - Other Operating Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | Year Ended December 31, (Amounts in thousands) 2023 2022 2021 Other operating income Bank owned life insurance $ 829 $ 961 $ 1,183 Net FDIC indemnification asset amortization - - (1,226 ) Other(1) 4,822 4,187 4,623 Total other operating income $ 5,651 $ 5,148 $ 4,580 Other operating expense OREO expense and net loss 129 557 330 Telephone and data communications 1,326 1,658 1,720 Office supplies 586 494 553 Other(1) 9,994 7,766 9,134 Total other operating expense $ 12,035 $ 10,475 $ 11,737 |
Note 14 - Income Taxes (Tables)
Note 14 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, (Amounts in thousands) 2023 2022 2021 Current tax expense: Federal $ 11,055 $ 9,883 $ 8,546 State 1,553 1,648 1,563 Total current tax expense 12,608 11,531 10,109 Deferred tax expense: Federal 1,166 1,800 4,677 State 180 164 574 Total deferred tax expense 1,346 1,964 5,251 Total income tax expense $ 13,954 $ 13,495 $ 15,360 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 2021 Amount Percent Amount Percent Amount Percent (Amounts in thousands) Federal income tax at the statutory rate $ 13,014 21.00 % $ 12,633 21.00 % $ 13,971 21.00 % State income tax, net of federal benefit 1,368 2.21 % 1,432 2.38 % 2,076 3.12 % 14,382 23.21 % 14,065 23.38 % 16,047 24.12 % Increase (decrease) resulting from: Tax-exempt interest income (348 ) (0.56 )% (347 ) (0.58 )% (340 ) (0.51 )% Excess tax benefits (25 ) (0.04 )% (24 ) (0.04 )% (133 ) (0.20 )% Bank owned life insurance (167 ) (0.27 )% (68 ) (0.11 )% (225 ) (0.34 )% Other items, net 112 0.17 % (131 ) (0.22 )% 11 0.02 % Income tax at the effective tax rate $ 13,954 22.51 % $ 13,495 22.43 % $ 15,360 23.09 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, (Amounts in thousands) 2023 2022 Deferred tax assets Allowance for credit losses $ 8,523 $ 7,283 Unrealized losses on available-for-sale securities 2,958 4,153 Unrealized asset losses 420 503 Purchase accounting — 148 FDIC assisted transactions 346 588 Deferred loan fees 4,674 2,074 Deferred compensation assets 6,316 5,035 Federal net operating loss carryforward 266 1,223 Lease liability 146 160 Accrued litigation 824 — Other 831 707 Total deferred tax assets 25,304 21,874 Deferred tax liabilities Fixed assets (939 ) (755 ) Intangible assets (4,303 ) (857 ) Odd days interest deferral (4,134 ) (4,010 ) Purchase accounting (81 ) — Right of use asset (140 ) (155 ) Other (869 ) (197 ) Total deferred tax liabilities (10,466 ) (5,974 ) Net deferred tax asset $ 14,838 $ 15,900 |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Gains (Losses) on Available for-Sale Securities Employee Benefit Plans Total (Amounts in thousands) Balance January 1, 2021 $ 1,106 $ (3,029 ) $ (1,923 ) Other comprehensive (loss) income before reclassifications (1,091 ) 1,160 69 Reclassified from AOCI — 308 308 Other comprehensive (loss) income, net (1,091 ) 1,468 377 Balance December 31, 2021 $ 15 $ (1,561 ) $ (1,546 ) Balance January 1, 2022 $ 15 $ (1,561 ) $ (1,546 ) Other comprehensive (loss) income before reclassifications (15,636 ) 1,357 (14,279 ) Reclassified from AOCI — 106 106 Other comprehensive (loss) income, net (15,636 ) 1,463 (14,173 ) Balance December 31, 2022 $ (15,621 ) $ (98 ) $ (15,719 ) Balance January 1, 2023 $ (15,621 ) $ (98 ) $ (15,719 ) Other comprehensive income before reclassifications 4,479 242 4,721 Reclassified from AOCI 16 31 47 Other comprehensive income, net 4,495 273 4,768 Balance December 31, 2023 $ (11,126 ) $ 175 $ (10,951 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Year Ended December 31, Income Statement (Amounts in thousands) 2023 2022 2021 Line Item Affected Available-for-sale securities Loss recognized $ 21 $ — $ — Net loss on sale of securities Reclassified out of AOCI, before tax 21 — — Income before income taxes Income tax benefit (5 ) — — Income tax expense Reclassified out of AOCI, net of tax 16 — — Net income Employee benefit plans Amortization of prior service cost — — 124 Other operating expense Amortization of net actuarial loss 38 135 264 Other operating expense Reclassified out of AOCI, before tax 38 135 388 Income before income taxes Income tax expense (7 ) (29 ) (80 ) Income tax expense Reclassified out of AOCI, net of tax 31 106 308 Net income Total reclassified out of AOCI, net of tax $ 47 $ 106 $ 308 Net income |
Note 16 - Fair Value (Tables)
Note 16 - Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | December 31, 2023 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 5,749 $ — $ 5,749 $ — U.S. Treasury securities 145,826 — 145,826 — Municipal securities 19,377 — 19,377 — Corporate Notes 27,081 — 27,081 — Mortgage-backed Agency securities 82,928 — 82,928 — Total available-for-sale debt securities 280,961 — 280,961 — Equity securities 55 — 55 — Fair value loans 3,421 — — 3,421 Derivative assets 136 — 136 — Deferred compensation assets 6,729 6,729 — — Deferred compensation liabilities 8,282 8,282 — — December 31, 2022 Total Fair Value Measurements Using (Amounts in thousands) Fair Value Level 1 Level 2 Level 3 Available-for-sale debt securities U.S. Agency securities $ 1,485 $ — $ 1,485 $ — U.S. Treasury securities 157,264 $ — 157,264 $ — Municipal securities 23,309 — 23,309 — Corporate Notes 34,857 — 34,857 — Mortgage-backed Agency securities 83,434 — 83,434 — Total available-for-sale debt securities 300,349 — 300,349 — Equity securities 55 — 55 — Fair value loans 3,784 — — 3,784 Derivative assets 199 — 199 — Deferred compensation assets 5,142 5,142 — — Deferred compensation liabilities 5,142 5,142 — — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Assets (Amounts in thousands) Balance January 1, 2022 $ 13,106 Change due to termination of interest rate swaps not qualifying as fair value hedges (8,489 ) Changes in fair value (428 ) Changes due to principal reduction (405 ) Balance December 31, 2022 $ 3,784 Balance January 1, 2023 $ 3,784 Changes in fair value 63 Changes due to principal reduction (426 ) Balance December 31, 2023 $ 3,421 |
Fair Value Measurements, Nonrecurring [Table Text Block] | December 31, 2023 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Collateral dependent assets with specific reserves $ 825 $ — $ — $ 825 OREO 192 — — 192 December 31, 2022 Total Fair Value Measurements Using Fair Value Level 1 Level 2 Level 3 (Amounts in thousands) Collateral dependent assets with specific reserves $ 574 $ — $ — $ 574 OREO 703 — — 703 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Discount Range Valuation Unobservable (Weighted Average) Technique Input December 31, 2023 Collateral dependent assets with specific reserves Discounted appraisals(1) Appraisal adjustments(2) 42% 42 % OREO Discounted appraisals(1) Appraisal adjustments(2) 20% to 100% 10 % Discount Range Valuation Unobservable (Weighted Average) Technique Input December 31, 2022 Collateral dependent assets with specific reserves Discounted appraisals(1) Appraisal adjustments(2) 3% to 3% 3 % OREO Discounted appraisals(1) Appraisal adjustments(2) 20% to 100% 69 % |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2023 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 116,420 $ 116,420 $ 116,420 $ — $ — Debt securities available for sale 280,961 280,961 — 280,961 — Equity securities 55 55 — 55 — Loans held for investment, net of allowance 2,536,109 2,350,071 — — 2,350,071 Interest receivable 10,881 10,881 — 1,246 9,635 Deferred compensation assets 6,729 6,729 6,729 — — Derivative assets 136 136 — 136 — Liabilities Time deposits 253,373 247,141 — 247,141 — Securities sold under agreements to repurchase 1,119 1,119 — 1,119 — Interest payable 556 556 — 556 — Deferred compensation liabilities 8,282 8,282 8,282 — — December 31, 2022 Carrying Fair Value Measurements Using (Amounts in thousands) Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 170,846 $ 170,846 $ 170,846 $ — $ — Debt securities available for sale 300,349 300,349 — 300,349 — Equity securities 55 55 — 55 — Loans held for investment, net of allowance 2,369,641 2,215,243 — — 2,215,243 Interest receivable 9,279 9,279 — 1,343 7,936 Deferred compensation assets 5,142 5,142 5,142 — — Derivative assets 199 199 199 Liabilities Time deposits 283,330 281,744 — 281,744 — Securities sold under agreements to repurchase 1,874 1,874 — 1,874 — Interest payable 159 159 — 159 — Deferred compensation liabilities 5,142 5,142 5,142 — — |
Note 17 - Earnings Per Share (T
Note 17 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2023 2022 2021 (Amounts in thousands, except share and per share data) Net income $ 48,020 $ 46,662 $ 51,168 Adjustment to Net Income for Fair Value Changes to Restricted Stock Units (tax-effected) 1,100 - - Adjusted Net Income for diluted earnings per share $ 49,120 $ 46,662 $ 51,168 Weighted average common shares outstanding, basic 17,996,373 16,519,848 17,335,615 Dilutive effect of potential common shares Stock options 15,856 18,784 30,854 Restricted stock and units 14,922 23,625 36,467 Total dilutive effect of potential common shares 30,778 42,409 67,321 Weighted average common shares outstanding, diluted 18,027,151 16,562,257 17,402,936 Basic earnings per common share $ 2.67 $ 2.82 $ 2.95 Diluted earnings per common share 2.72 2.82 2.94 Potential antidilutive common shares Stock options 129,324 131,198 103,520 Restricted stock and units 32,706 — 630 Total potential antidilutive shares 162,030 131,198 104,150 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Year Ended December 31, 2023 2022 (Amounts in thousands) Beginning balance $ 30,981 $ 33,740 New loans and advances 5,215 7,768 Loan repayments (6,217 ) (15,979 ) Reclassifications(1) (15 ) 5,452 Ending balance $ 29,964 $ 30,981 |
Note 19 - Litigation, Commitm_2
Note 19 - Litigation, Commitments, and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | December 31, 2023 2022 (Amounts in thousands) Commitments to extend credit $ 277,462 $ 278,926 Standby letters of credit and financial guarantees(1) 129,220 119,681 Total off-balance sheet risk 406,682 398,607 |
Note 20 - Regulatory Requirem_2
Note 20 - Regulatory Requirements and Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | December 31, 2023 Actual Minimum Basel III Requirement Minimum Basel III Requirement - with CCB Well Capitalized Requirement(1) (Amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio The Company Common equity Tier 1 ratio $ 355,157 14.69 % $ 108,761 4.50 % $ 169,184 7.00 % N/A N/A Tier 1 risk-based capital ratio 355,157 14.69 % 145,015 6.00 % 205,438 8.50 % N/A N/A Total risk-based capital ratio 385,369 15.94 % 193,353 8.00 % 253,776 10.50 % N/A N/A Tier 1 Leverage ratio 355,157 11.52 % 123,278 4.00 % N/A N/A N/A N/A The Bank Common equity Tier 1 ratio $ 312,593 12.97 % $ 108,461 4.50 % $ 168,718 7.00 % $ 156,667 6.50 % Tier 1 risk-based capital ratio 312,593 12.97 % 144,615 6.00 % 204,872 8.50 % 192,820 8.00 % Total risk-based capital ratio 342,805 14.22 % 192,820 8.00 % 253,077 10.50 % 241,026 10.00 % Tier 1 Leverage ratio 312,593 10.07 % 124,181 4.00 % N/A N/A 155,226 5.00 % December 31, 2022 Actual Minimum Basel III Requirement Minimum Basel III Requirement - with CCB Well Capitalized Requirement(1) (Amounts in thousands) Amount Ratio Amount Ratio Amount Ratio Amount Ratio The Company Common equity Tier 1 ratio $ 303,963 13.37 % $ 102,332 4.50 % $ 159,183 7.00 % N/A N/A Tier 1 risk-based capital ratio 303,963 13.37 % 136,443 6.00 % 193,294 8.50 % N/A N/A Total risk-based capital ratio 332,430 14.62 % 181,924 8.00 % 238,775 10.50 % N/A N/A Tier 1 Leverage ratio 303,963 10.17 % 119,499 4.00 % N/A N/A N/A N/A The Bank Common equity Tier 1 ratio $ 264,185 11.69 % $ 101,712 4.50 % $ 158,218 7.00 % $ 146,917 6.50 % Tier 1 risk-based capital ratio 264,185 11.69 % 135,616 6.00 % 192,122 8.50 % 180,821 8.00 % Total risk-based capital ratio 292,481 12.94 % 180,821 8.00 % 237,327 10.50 % 226,026 10.00 % Tier 1 Leverage ratio 264,185 8.79 % 120,248 4.00 % N/A N/A 150,310 5.00 % |
Note 21 - Parent Company Fina_2
Note 21 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | CONDENSED BALANCE SHEETS December 31, (Amounts in thousands) 2023 2022 Assets Cash and due from banks $ 14,681 $ 16,988 Securities available for sale 22,468 17,313 Investment in subsidiaries 460,731 382,286 Other assets 6,227 5,910 Total assets $ 504,107 $ 422,497 Liabilities Other liabilities $ 813 $ 512 Total liabilities 813 512 Stockholders' equity Common stock 18,502 16,225 Additional paid-in capital 175,841 128,508 Retained earnings 319,902 292,971 Accumulated other comprehensive loss (10,951 ) (15,719 ) Total stockholders' equity 503,294 421,985 Total liabilities and stockholders' equity $ 504,107 $ 422,497 |
Condensed Income Statement [Table Text Block] | CONDENSED STATEMENTS OF INCOME Year Ended December 31, 2023 2022 2021 (Amounts in thousands) Cash dividends received from subsidiary bank $ 45,700 $ 56,250 $ 53,200 Other income 1,397 222 8 Other operating expense 1,524 1,052 1,086 Income before income taxes and equity in undistributed net income of subsidiaries 45,573 55,420 52,122 Income tax benefit (41 ) (224 ) (351 ) Income before equity in undistributed net income of subsidiaries 45,614 55,644 52,473 Equity in (dividends in excess) of undistributed net income of subsidiaries 2,406 (8,982 ) (1,305 ) Net income $ 48,020 $ 46,662 $ 51,168 |
Condensed Cash Flow Statement [Table Text Block] | CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, (Amounts in thousands) 2023 2022 2021 Operating activities Net income $ 48,020 $ 46,662 $ 51,168 Adjustments to reconcile net income to net cash provided by operating activities Net change in other operating activities (3,275 ) 8,442 253 Net cash provided by operating activities 44,745 55,104 51,421 Investing activities Purchase of investment securities (69,469 ) (19,372 ) — Proceeds from maturities, calls, sales of investment securities 65,250 11,807 (9,919 ) Dividends in excess of undistributed net income of subsidiaries — — 1,305 Net cash (used) provided by investing activities (4,219 ) (7,565 ) (8,614 ) Financing activities Proceeds from issuance of common stock 91 172 — Payments for repurchase of common stock (23,038 ) (21,311 ) (28,882 ) Payments of common dividends (21,089 ) (18,515 ) (18,059 ) Net change in other financing activities 1,203 1,375 1,773 Net cash (used) provided by financing activities (42,833 ) (38,279 ) (45,168 ) Cash and cash equivalents increase (decrease) (2,307 ) 9,260 (2,361 ) Cash and cash equivalents at carrying value at beginning of period 16,988 7,728 10,089 Cash and cash equivalents at carrying value at end of period $ 14,681 $ 16,988 $ 7,728 |
Note 22 - Quarterly Financial_2
Note 22 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2023 First Second Third Fourth Quarter Quarter Quarter Quarter (Amounts in thousands, except share and per share data) Interest income $ 30,189 $ 34,869 $ 36,105 $ 36,002 Interest expense 777 2,007 2,758 3,939 Net interest income 29,412 32,862 33,347 32,063 Provision for credit losses 1,742 4,105 1,109 1,029 Net interest income after provision 27,670 28,757 32,238 31,034 Noninterest income, excluding net loss on sale of securities 8,583 8,785 9,622 10,462 Noninterest expense 20,813 24,671 22,913 26,780 Income before income taxes 15,440 12,871 18,947 14,716 Income tax expense 3,658 3,057 4,307 2,932 Net income $ 11,782 $ 9,814 $ 14,640 $ 11,784 Adjustment to Net Income for Fair Value Changes to Restricted Stock Units (tax-effected) $ 20 $ 335 $ 215 $ 530 Adjusted Net Income for diluted earnings per share $ 11,802 $ 10,149 $ 14,855 $ 12,314 Basic earnings per common share $ 0.73 $ 0.53 $ 0.78 $ 0.64 Diluted earnings per common share 0.72 0.55 0.79 0.66 Dividends per common share 0.29 0.29 0.29 0.29 Weighted average basic shares outstanding 16,228,297 18,407,078 18,786,032 18,530,114 Weighted average diluted shares outstanding 16,289,489 18,431,598 18,831,836 18,575,226 Year Ended December 31, 2022 First Second Third Fourth Quarter Quarter Quarter Quarter (Amounts in thousands, except share and per share data) Interest income $ 25,639 $ 27,970 $ 29,722 $ 30,988 Interest expense 486 423 380 367 Net interest income 25,153 27,547 29,342 30,621 Recovery of credit losses 1,961 510 685 3,416 Net interest income after provision 23,192 27,037 28,657 27,205 Noninterest income, excluding net loss on sale of securities 9,194 8,854 9,950 9,184 Noninterest expense 19,986 21,255 21,145 20,730 Income before income taxes 12,400 14,636 17,462 15,659 Income tax expense 2,885 3,423 4,111 3,076 Net income $ 9,515 $ 11,213 $ 13,351 $ 12,583 Basic earnings per common share $ 0.57 $ 0.67 $ 0.82 $ 0.78 Diluted earnings per common share 0.56 0.67 0.81 0.77 Dividends per common share 0.27 0.27 0.29 0.29 Weighted average basic shares outstanding 16,817,284 16,662,817 16,378,022 16,229,289 Weighted average diluted shares outstanding 16,864,515 16,682,615 16,413,202 16,281,922 |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation and Significant Accounting Policies (Details Textual) | 12 Months Ended | ||||||
Jan. 01, 2021 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||||
Number of Operating Segments | 1 | ||||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 1,250,000 | $ 1,340,000 | |||||
Minimum Principal Balance of Loans for Quarterly Rating Review | 500,000 | ||||||
Off-Balance-Sheet, Credit Loss, Liability | $ 66,000 | [1] | $ 746,000 | 1,196,000 | $ 678,000 | ||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | ||||||
Number of Reportable Segments | 1 | ||||||
Goodwill, Impairment Loss | $ 0 | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 26,182,000 | [2] | 36,189,000 | 30,556,000 | [3] | $ 27,858,000 | |
Deferred Tax Assets, Net of Valuation Allowance, Total | 17,493,000 | [4] | 25,304,000 | 21,874,000 | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 237,585,000 | [5] | 319,902,000 | 292,971,000 | [3] | ||
Other Assets, Total | $ 114,211,000 | $ 103,673,000 | [3] | ||||
Effective Income Tax Rate Reconciliation, Percent, Total | 22.51% | 22.43% | 23.09% | ||||
Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 5,880,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 23.37% | ||||||
Accounting Standards Update 2016-13 [Member] | |||||||
Other Assets, Total | $ 57,000 | ||||||
Accounting Standards Update 2016-13 [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 57,000 | ||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Off-Balance-Sheet, Credit Loss, Liability | [1] | 509,000 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | [2] | 13,107,000 | |||||
Deferred Tax Assets, Net of Valuation Allowance, Total | [4] | 1,813,000 | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | [5] | $ (5,870,000) | |||||
Furniture and Fixtures [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||
Furniture and Fixtures [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 10 years | ||||||
Equipment, Computer Hardware and Software [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||
Equipment, Computer Hardware and Software [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||
Building and Building Improvements [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||||||
Building and Building Improvements [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 40 years | ||||||
Land and Land Improvements [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | ||||||
Other Assets [Member] | |||||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 3,700,000 | $ 3,780,000 | |||||
Other Liabilities [Member] | |||||||
Off-Balance-Sheet, Credit Loss, Liability | 746,000 | 1,200,000 | |||||
Investment in Federal Home Loan Bank (FHLB) and Federal Reserve Bank (FRB) Stock [Member] | Other Assets [Member] | |||||||
Investment Owned, Cost | $ 13,040,000 | $ 10,020,000 | |||||
[1]Adjustment to the reserve for unfunded commitments related to the adoption of ASU 2016-13.[2]Calculated adjustment to the ACL related to the adoption of ASU 2016-13. Includes additional reserve related to purchased deteriorated loans of $5.88 million.[3]Derived from audited financial statements[4]Effect of deferred tax assets related to the adjustment to the ACL form the adoption of ASU 2016-13 using a 23.37% tax rate.[5]Net adjustment to retained earnings related to the adoption of ASU 2016-13. |
Note 1 - Basis of Presentatio_4
Note 1 - Basis of Presentation and Significant Accounting Policies - Impact of ASU 2016-13 (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | |||
Securities available for sale, fair value | $ 280,961 | $ 300,349 | $ 83,358 | [1] | |||
Loans | 2,572,298 | 2,400,197 | |||||
Allowance for credit losses on loans | (36,189) | (30,556) | [2] | $ (27,858) | (26,182) | [3] | |
Deferred Tax Assets, Net of Valuation Allowance, Total | 25,304 | 21,874 | 17,493 | [4] | |||
Accrued interest receivable - loans | 10,881 | 9,279 | [2] | 9,052 | [5] | ||
Allowance for credit losses on off-balance sheet credit exposures | 746 | 1,196 | $ 678 | 66 | [6] | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 319,902 | $ 292,971 | [2] | 237,585 | [7] | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | 2,146,972 | ||||||
Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | [5] | 39,660 | |||||
Allowance for credit losses on loans | (5,880) | ||||||
Accounting Standards Update 2016-13 [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Allowance for credit losses on loans | (57) | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
Securities available for sale, fair value | [1] | 83,358 | |||||
Allowance for credit losses on loans | [3] | (39,289) | |||||
Deferred Tax Assets, Net of Valuation Allowance, Total | [4] | 19,306 | |||||
Accrued interest receivable - loans | [5] | 9,109 | |||||
Allowance for credit losses on off-balance sheet credit exposures | [6] | 575 | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | [7] | 231,714 | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | 2,146,972 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | [5] | 45,535 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Securities available for sale, fair value | [1] | 0 | |||||
Allowance for credit losses on loans | [3] | (13,107) | |||||
Deferred Tax Assets, Net of Valuation Allowance, Total | [4] | 1,813 | |||||
Accrued interest receivable - loans | [5] | 57 | |||||
Allowance for credit losses on off-balance sheet credit exposures | [6] | 509 | |||||
Retained Earnings (Accumulated Deficit), Ending Balance | [7] | (5,870) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | 0 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||
Loans | [5] | $ 5,875 | |||||
[1]Per our analysis no ACL was necessary for investment securities available for sale.[2]Derived from audited financial statements[3]Calculated adjustment to the ACL related to the adoption of ASU 2016-13. Includes additional reserve related to purchased deteriorated loans of $5.88 million.[4]Effect of deferred tax assets related to the adjustment to the ACL form the adoption of ASU 2016-13 using a 23.37% tax rate.[5]Accrued interest receivable from acquired credit impaired loans of $57 thousand was reclassed to other assets and was offset by the reclass of the grossed up credit discount on acquired credit impaired loans of $57 thousand that was moved to the ACL for the purchased credit deteriorated loans.[6]Adjustment to the reserve for unfunded commitments related to the adoption of ASU 2016-13.[7]Net adjustment to retained earnings related to the adoption of ASU 2016-13. |
Note 2 - Acquisitions and Div_3
Note 2 - Acquisitions and Divestitures (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Apr. 21, 2023 USD ($) | Sep. 16, 2022 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Nov. 18, 2022 | Dec. 31, 2020 USD ($) | ||||
Deposits, Total | $ 2,722,325 | $ 2,678,815 | [1] | $ 2,722,325 | $ 2,678,815 | [1] | |||||||||||||
Interest-Bearing Domestic Deposit, Demand | 693,979 | 679,609 | 693,979 | 679,609 | |||||||||||||||
Interest-Bearing Domestic Deposit, Savings | 535,566 | 578,974 | 535,566 | 578,974 | |||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 1,658 | $ 0 | ||||||||||||||||
Business Combination, Acquisition Related Costs | 2,393 | 596 | 0 | ||||||||||||||||
Goodwill | 143,946 | 129,565 | [1] | 143,946 | 129,565 | [1] | 129,565 | $ 129,565 | |||||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | $ 1,029 | $ 1,109 | $ 4,105 | $ 1,742 | 3,416 | $ 685 | $ 510 | $ 1,961 | 7,985 | $ 6,572 | $ (8,471) | ||||||||
Surrey [Member] | |||||||||||||||||||
Deposits, Total | $ 403,635 | ||||||||||||||||||
Business Combination, Stock Conversion Ratio | 0.7159 | ||||||||||||||||||
Business Combination, Consideration Transferred | 71,370 | ||||||||||||||||||
Business Combination, Acquisition Related Costs | 2,990 | $ 596 | $ 2,390 | ||||||||||||||||
Goodwill | 14,381 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | [2] | 12,700 | |||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans | 111,220 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contractual Cash Flows | 2,010 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Non Purchased Loans | 143,550 | ||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Loans Acqured | (15,800) | ||||||||||||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Investment Securities | 47 | ||||||||||||||||||
Surrey [Member] | Reclassification, Other [Member] | |||||||||||||||||||
Goodwill | 282 | ||||||||||||||||||
Federal Income Payable | 389 | ||||||||||||||||||
State Income Tax Payable | 8 | ||||||||||||||||||
Surrey [Member] | Recorded By Surrey [Member] | |||||||||||||||||||
Deposits, Total | 404,849 | ||||||||||||||||||
Goodwill | 0 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | [2] | 0 | |||||||||||||||||
Deferred Loan Fees | 2,940 | ||||||||||||||||||
Surrey [Member] | Fair Value Adjustments [Member] | |||||||||||||||||||
Deposits, Total | (1,214) | ||||||||||||||||||
Goodwill | 14,381 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | [2] | 12,700 | |||||||||||||||||
Deferred Tax Assets, Gross | 177 | ||||||||||||||||||
Surrey [Member] | Scenario, Adjustment [Member] | Reclassification, Other [Member] | |||||||||||||||||||
Deferred Tax Assets, Gross | 99 | ||||||||||||||||||
Surrey [Member] | Pro Forma [Member] | Reclassification, Other [Member] | |||||||||||||||||||
Financing Receivable, Credit Loss, Expense (Reversal) | $ 1,270 | ||||||||||||||||||
Surrey [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans | 101,420 | ||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Non Purchased Loans | $ 137,550 | ||||||||||||||||||
Disposal Group, Not Discontinued Operations [Member] | Emporia, Virginia Branch [Member] | Benchmark Community Bank [Member] | |||||||||||||||||||
Disposal Group, Proceeds From Real Estate and Property | $ 1,500 | ||||||||||||||||||
Deposits, Total | 61,050 | ||||||||||||||||||
Noninterest-Bearing Domestic Deposit, Demand | 18,380 | ||||||||||||||||||
Interest-Bearing Domestic Deposit, Demand | 28,460 | ||||||||||||||||||
Interest-Bearing Domestic Deposit, Savings | 11,520 | ||||||||||||||||||
Interest-Bearing Domestic Deposit, Time Deposits, Total | 2,690 | ||||||||||||||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 1,660 | ||||||||||||||||||
[1]Derived from audited financial statements[2]Adjustment to record the core deposit intangible on the acquired deposit accounts. |
Note 2 - Acquisitions and Div_4
Note 2 - Acquisitions and Divestitures - Surrey Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Apr. 21, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Noninterest-bearing deposits | $ 931,920 | $ 872,168 | |||||
Interest-bearing deposits | 1,790,405 | 1,806,647 | |||||
Total deposits | 2,722,325 | 2,678,815 | [1] | ||||
Goodwill | 143,946 | 129,565 | [1] | $ 129,565 | $ 129,565 | ||
Common stock issued in acquisition | $ 71,354 | $ 0 | $ 0 | ||||
Surrey [Member] | |||||||
Cash and cash equivalents | $ 176,700 | ||||||
Securities available for sale | [2] | 20,934 | |||||
Loans held for investment, net of allowance and mark | [3] | 239,080 | |||||
Premises and equipment | [4] | 6,275 | |||||
Other assets | [5],[6] | 10,558 | |||||
Intangible assets | [7] | 12,700 | |||||
Total assets | 466,247 | ||||||
Noninterest-bearing deposits | 158,389 | ||||||
Interest-bearing deposits | [8] | 245,246 | |||||
Total deposits | 403,635 | ||||||
Long term debt | 0 | ||||||
Other liabilities | [9] | 5,623 | |||||
Total liabilities | 409,258 | ||||||
Net identifiable assets acquired over (under) liabilities assumed | 56,989 | ||||||
Goodwill | 14,381 | ||||||
Net assets acquired over liabilities assumed | $ 71,370 | ||||||
First Community Bankshares, Inc. common (in shares) | 2,996,786 | ||||||
Purchase price per share of the Company's common stock (in dollars per share) | $ 23.81 | ||||||
Common stock issued in acquisition | $ 71,354 | ||||||
Cash paid for fractional shares | 16 | ||||||
Fair Value of total consideration transferred | 71,370 | ||||||
Surrey [Member] | Recorded By Surrey [Member] | |||||||
Cash and cash equivalents | 176,700 | ||||||
Securities available for sale | [2] | 22,027 | |||||
Loans held for investment, net of allowance and mark | [3] | 251,944 | |||||
Premises and equipment | [4] | 5,501 | |||||
Other assets | [5],[6] | 10,787 | |||||
Intangible assets | [7] | 0 | |||||
Total assets | 466,959 | ||||||
Noninterest-bearing deposits | 158,389 | ||||||
Interest-bearing deposits | [8] | 246,460 | |||||
Total deposits | 404,849 | ||||||
Long term debt | 0 | ||||||
Other liabilities | [9] | 6,004 | |||||
Total liabilities | 410,853 | ||||||
Net identifiable assets acquired over (under) liabilities assumed | 56,106 | ||||||
Goodwill | 0 | ||||||
Net assets acquired over liabilities assumed | 56,106 | ||||||
Surrey [Member] | Fair Value Adjustments [Member] | |||||||
Cash and cash equivalents | 0 | ||||||
Securities available for sale | [2] | (1,093) | |||||
Loans held for investment, net of allowance and mark | [3] | (12,864) | |||||
Premises and equipment | [4] | 774 | |||||
Other assets | [5],[6] | (229) | |||||
Intangible assets | [7] | 12,700 | |||||
Total assets | (712) | ||||||
Noninterest-bearing deposits | 0 | ||||||
Interest-bearing deposits | [8] | (1,214) | |||||
Total deposits | (1,214) | ||||||
Long term debt | 0 | ||||||
Other liabilities | [9] | (381) | |||||
Total liabilities | (1,595) | ||||||
Net identifiable assets acquired over (under) liabilities assumed | 883 | ||||||
Goodwill | 14,381 | ||||||
Net assets acquired over liabilities assumed | $ 15,264 | ||||||
[1]Derived from audited financial statements[2]Adjustment reflects the fair value adjustment based on the Company's evaluation of the acquired investment portfolio.[3]Adjustment reflects the fair value adjustments of $(15.80) million based on the Company's evaluation of the acquired loan portfolio and excludes the allowance for credit losses and deferred loans fees of $2.94 million as recorded by Surrey.[4]Adjustment reflects the fair value adjustments based on the Company's evaluation of the acquired premises and equipment.[5]Adjustment reflects the fair value adjustment based on the Company's evaluation of stocks with other banks of $47 thousand.[6]Adjustment to record the deferred tax asset related to the fair value adjustments $(177) thousand.[7]Adjustment to record the core deposit intangible on the acquired deposit accounts.[8]Adjustment reflects the fair value adjustment based on the Company's evaluation of the time deposit portfolio.[9]Adjustment to reclass deferred tax asset $(99) thousand, goodwill $(282) thousand, federal income tax payable $(389) thousand, and state income tax payable $8 thousand. |
Note 2 - Acquisitions and Div_5
Note 2 - Acquisitions and Divestitures - Pro Forma Information (Details) - Surrey [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total revenues (net interest income plus noninterest income) | $ 165,136 | $ 170,206 |
Net adjusted income available to the common shareholder | $ 50,282 | $ 55,415 |
Note 3 - Debt Securities (Detai
Note 3 - Debt Securities (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 112 | 113 | |
Percentage of Combined Depreciation of Combined Reported Value of Aggregate Securities Portfolio | 5.02% | 6.59% | |
Proceeds from Sale of Debt Securities, Available-for-Sale | $ 38,979 | $ 0 | $ 370 |
Debt Securities, Available-for-Sale, Realized Gain | 30 | ||
Debt Securities, Available-for-Sale, Realized Loss | 51 | ||
Debt Securities, Available-for-Sale, Amortized Cost | 295,045 | 320,123 | |
US Government Agencies Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 5,750 | 1,500 | |
US Treasury Securities [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 146,653 | 161,617 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 19,528 | 23,480 | |
Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 28,566 | 37,046 | |
Mortgage-backed Agency Securities [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 94,548 | 96,480 | |
Asset Pledged as Collateral [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | $ 145,090 | $ 22,430 |
Note 3 - Debt Securities - Secu
Note 3 - Debt Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | [1] |
Securities available for sale, amortized cost | $ 295,045 | $ 320,123 | ||
Securities available for sale, unrealized gains | 29 | 24 | ||
Securities available for sale, unrealized losses | (14,113) | (19,798) | ||
Securities available for sale, fair value | 280,961 | 300,349 | $ 83,358 | |
US Government Agencies Debt Securities [Member] | ||||
Securities available for sale, amortized cost | 5,750 | 1,500 | ||
Securities available for sale, unrealized gains | 0 | 0 | ||
Securities available for sale, unrealized losses | (1) | (15) | ||
Securities available for sale, fair value | 5,749 | 1,485 | ||
US Treasury Securities [Member] | ||||
Securities available for sale, amortized cost | 146,653 | 161,617 | ||
Securities available for sale, unrealized gains | 16 | 0 | ||
Securities available for sale, unrealized losses | (843) | (4,353) | ||
Securities available for sale, fair value | 145,826 | 157,264 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Securities available for sale, amortized cost | 19,528 | 23,480 | ||
Securities available for sale, unrealized gains | 11 | 21 | ||
Securities available for sale, unrealized losses | (162) | (192) | ||
Securities available for sale, fair value | 19,377 | 23,309 | ||
Corporate Debt Securities [Member] | ||||
Securities available for sale, amortized cost | 28,566 | 37,046 | ||
Securities available for sale, unrealized gains | 0 | 0 | ||
Securities available for sale, unrealized losses | (1,485) | (2,189) | ||
Securities available for sale, fair value | 27,081 | 34,857 | ||
Mortgage-backed Agency Securities [Member] | ||||
Securities available for sale, amortized cost | 94,548 | 96,480 | ||
Securities available for sale, unrealized gains | 2 | 3 | ||
Securities available for sale, unrealized losses | (11,622) | (13,049) | ||
Securities available for sale, fair value | $ 82,928 | $ 83,434 | ||
[1]Per our analysis no ACL was necessary for investment securities available for sale. |
Note 3 - Debt Securities - Se_2
Note 3 - Debt Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | [1] |
Securities available for sale, due within one year, amortized cost | $ 157,521 | |||
Securities available for sale, due after one year but within five years, amortized cost | 42,976 | |||
Securities available for sale, due after five years but within ten years, amortized cost | 0 | |||
Securities available for sale, due after ten years, amortized cost | 0 | |||
Securities available for sale, single maturity date, amortized cost | 200,497 | |||
Securities available for sale, no single maturity date, amortized cost | 94,548 | |||
Securities available for sale, amortized cost | 295,045 | $ 320,123 | ||
Securities available for sale, due within one year, fair value | 156,691 | |||
Securities available for sale, due after one year but within five years, fair value | 41,342 | |||
Securities available for sale, due after five years but within ten years, fair value | 0 | |||
Securities available for sale, due after ten years, fair value | 0 | |||
Securities available for sale, single maturity date, fair value | 198,033 | |||
Securities available for sale, no single maturity date, fair value | 82,928 | |||
Securities available for sale | 280,961 | 300,349 | $ 83,358 | |
US Government Agencies Debt Securities [Member] | ||||
Securities available for sale, due within one year, amortized cost | 5,750 | |||
Securities available for sale, due after one year but within five years, amortized cost | 0 | |||
Securities available for sale, due after five years but within ten years, amortized cost | 0 | |||
Securities available for sale, due after ten years, amortized cost | 0 | |||
Securities available for sale, single maturity date, amortized cost | 5,750 | |||
Securities available for sale, amortized cost | 5,750 | 1,500 | ||
Securities available for sale, due within one year, fair value | 5,749 | |||
Securities available for sale, due after one year but within five years, fair value | 0 | |||
Securities available for sale, due after five years but within ten years, fair value | 0 | |||
Securities available for sale, due after ten years, fair value | 0 | |||
Securities available for sale, single maturity date, fair value | 5,749 | |||
Securities available for sale | 5,749 | 1,485 | ||
US Treasury Securities [Member] | ||||
Securities available for sale, due within one year, amortized cost | 146,653 | |||
Securities available for sale, due after one year but within five years, amortized cost | 0 | |||
Securities available for sale, due after five years but within ten years, amortized cost | 0 | |||
Securities available for sale, due after ten years, amortized cost | 0 | |||
Securities available for sale, single maturity date, amortized cost | 146,653 | |||
Securities available for sale, amortized cost | 146,653 | 161,617 | ||
Securities available for sale, due within one year, fair value | 145,826 | |||
Securities available for sale, due after one year but within five years, fair value | 0 | |||
Securities available for sale, due after five years but within ten years, fair value | 0 | |||
Securities available for sale, due after ten years, fair value | 0 | |||
Securities available for sale, single maturity date, fair value | 145,826 | |||
Securities available for sale | 145,826 | 157,264 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Securities available for sale, due within one year, amortized cost | 5,118 | |||
Securities available for sale, due after one year but within five years, amortized cost | 14,410 | |||
Securities available for sale, due after five years but within ten years, amortized cost | 0 | |||
Securities available for sale, due after ten years, amortized cost | 0 | |||
Securities available for sale, single maturity date, amortized cost | 19,528 | |||
Securities available for sale, amortized cost | 19,528 | 23,480 | ||
Securities available for sale, due within one year, fair value | 5,116 | |||
Securities available for sale, due after one year but within five years, fair value | 14,261 | |||
Securities available for sale, due after five years but within ten years, fair value | 0 | |||
Securities available for sale, due after ten years, fair value | 0 | |||
Securities available for sale, single maturity date, fair value | 19,377 | |||
Securities available for sale | 19,377 | 23,309 | ||
Corporate Debt Securities [Member] | ||||
Securities available for sale, due within one year, amortized cost | 0 | |||
Securities available for sale, due after one year but within five years, amortized cost | 28,566 | |||
Securities available for sale, due after five years but within ten years, amortized cost | 0 | |||
Securities available for sale, due after ten years, amortized cost | 0 | |||
Securities available for sale, single maturity date, amortized cost | 28,566 | |||
Securities available for sale, amortized cost | 28,566 | 37,046 | ||
Securities available for sale, due within one year, fair value | 0 | |||
Securities available for sale, due after one year but within five years, fair value | 27,081 | |||
Securities available for sale, due after five years but within ten years, fair value | 0 | |||
Securities available for sale, due after ten years, fair value | 0 | |||
Securities available for sale, single maturity date, fair value | 27,081 | |||
Securities available for sale | $ 27,081 | $ 34,857 | ||
[1]Per our analysis no ACL was necessary for investment securities available for sale. |
Note 3 - Debt Securities - Avai
Note 3 - Debt Securities - Available For Sale Securities in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available for sale, less than 12 months, fair value | $ 25,329 | $ 268,457 |
Securities available for sale, less than 12 months, unrealized losses | (45) | (15,556) |
Securities available for sale, 12 months or longer, fair value | 239,992 | 20,794 |
Securities available for sale, 12 months or longer, unrealized losses | (14,068) | (4,242) |
Securities available for sale, total fair value | 265,321 | 289,251 |
Securities available for sale, total unrealized losses | (14,113) | (19,798) |
US Government Agencies Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 5,749 | 1,485 |
Securities available for sale, less than 12 months, unrealized losses | (1) | (15) |
Securities available for sale, 12 months or longer, fair value | 0 | 0 |
Securities available for sale, 12 months or longer, unrealized losses | 0 | 0 |
Securities available for sale, total fair value | 5,749 | 1,485 |
Securities available for sale, total unrealized losses | (1) | (15) |
US Treasury Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 11,417 | 157,264 |
Securities available for sale, less than 12 months, unrealized losses | (14) | (4,353) |
Securities available for sale, 12 months or longer, fair value | 129,108 | 0 |
Securities available for sale, 12 months or longer, unrealized losses | (829) | 0 |
Securities available for sale, total fair value | 140,525 | 157,264 |
Securities available for sale, total unrealized losses | (843) | (4,353) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 4,742 | 12,347 |
Securities available for sale, less than 12 months, unrealized losses | (20) | (192) |
Securities available for sale, 12 months or longer, fair value | 5,484 | 0 |
Securities available for sale, 12 months or longer, unrealized losses | (142) | 0 |
Securities available for sale, total fair value | 10,226 | 12,347 |
Securities available for sale, total unrealized losses | (162) | (192) |
Corporate Debt Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 0 | 32,368 |
Securities available for sale, less than 12 months, unrealized losses | 0 | (2,172) |
Securities available for sale, 12 months or longer, fair value | 27,081 | 2,489 |
Securities available for sale, 12 months or longer, unrealized losses | (1,485) | (17) |
Securities available for sale, total fair value | 27,081 | 34,857 |
Securities available for sale, total unrealized losses | (1,485) | (2,189) |
Mortgage-backed Agency Securities [Member] | ||
Securities available for sale, less than 12 months, fair value | 3,421 | 64,993 |
Securities available for sale, less than 12 months, unrealized losses | (10) | (8,824) |
Securities available for sale, 12 months or longer, fair value | 78,319 | 18,305 |
Securities available for sale, 12 months or longer, unrealized losses | (11,612) | (4,225) |
Securities available for sale, total fair value | 81,740 | 83,298 |
Securities available for sale, total unrealized losses | $ (11,622) | $ (13,049) |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Bank Overdrafts | $ 1,500 | $ 1,800 |
Financing Receivable, Unamortized Loan Cost (Fee) | 7,710 | 8,810 |
Financing Receivable, Unamortized Purchase Premium (Discount) | (15,290) | (3,800) |
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 9,640 | $ 7,940 |
Note 4 - Loans - Loans by Class
Note 4 - Loans - Loans by Class (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-covered loans | $ 2,572,298 | $ 2,400,197 |
Non-covered loans, percent | 100% | 100% |
Commercial Portfolio Segment [Member] | ||
Non-covered loans | $ 1,661,493 | $ 1,433,263 |
Non-covered loans, percent | 64.59% | 59.72% |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | $ 105,945 | $ 117,174 |
Non-covered loans, percent | 4.12% | 4.88% |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | $ 211,850 | $ 150,428 |
Non-covered loans, percent | 8.24% | 6.27% |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered loans | $ 188,382 | $ 148,026 |
Non-covered loans, percent | 7.32% | 6.17% |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | $ 224,895 | $ 206,121 |
Non-covered loans, percent | 8.74% | 8.59% |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | $ 894,550 | $ 787,703 |
Non-covered loans, percent | 34.78% | 32.82% |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered loans | $ 21,669 | $ 12,032 |
Non-covered loans, percent | 0.84% | 0.50% |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered loans | $ 14,202 | $ 11,779 |
Non-covered loans, percent | 0.55% | 0.49% |
Consumer Real Estate Portfolio Segment [Member] | ||
Non-covered loans | $ 792,211 | $ 820,548 |
Non-covered loans, percent | 30.80% | 34.19% |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered loans | $ 87,626 | $ 75,642 |
Non-covered loans, percent | 3.41% | 3.15% |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | $ 696,140 | $ 734,540 |
Non-covered loans, percent | 27.06% | 30.61% |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | $ 8,445 | $ 10,366 |
Non-covered loans, percent | 0.33% | 0.43% |
Consumer and Other Portfolio Segment [Member] | ||
Non-covered loans | $ 118,594 | $ 146,386 |
Non-covered loans, percent | 4.61% | 6.09% |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered loans | $ 117,091 | $ 144,582 |
Non-covered loans, percent | 4.55% | 6.02% |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Non-covered loans | $ 1,503 | $ 1,804 |
Non-covered loans, percent | 0.06% | 0.07% |
Note 5 - Credit Quality (Detail
Note 5 - Credit Quality (Details Textual) Pure in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2023 | |
Financing Receivable, Modified, Number of Loans Uncollectible | 0 | |
Financing Receivable, Modified, Subsequent Default | $ 0 |
Note 5 - Credit Quality - Loans
Note 5 - Credit Quality - Loans by Credit Quality (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Non-covered loans | $ 2,572,298 | $ 2,400,197 |
Originated in current year | 252,040 | 636,803 |
Originated in one year prior | 644,141 | 519,052 |
Originated in two years prior | 484,822 | 391,570 |
Originated in three years prior | 364,604 | 130,861 |
Originated in four years prior | 122,644 | 96,385 |
Prior | 553,919 | 524,791 |
Revolving | 150,128 | 100,735 |
Total loan | 2,400,197 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 1,304 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 3,829 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 2,100 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 578 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 255 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 347 | |
Financing Receivable, Revolving, Writeoff | 412 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 8,825 | 7,803 |
Total loans held for investment, net of unearned income | 2,572,298 | |
Pass [Member] | ||
Non-covered loans | 2,484,002 | 2,319,331 |
Originated in current year | 248,253 | 634,980 |
Originated in one year prior | 640,518 | 512,743 |
Originated in two years prior | 477,118 | 388,129 |
Originated in three years prior | 361,130 | 123,998 |
Originated in four years prior | 114,859 | 88,762 |
Prior | 494,223 | 471,459 |
Revolving | 147,901 | 99,260 |
Total loan | 2,319,331 | |
Total loans held for investment, net of unearned income | 2,484,002 | |
Special Mention [Member] | ||
Non-covered loans | 32,102 | 25,802 |
Originated in current year | 1,830 | 227 |
Originated in one year prior | 1,088 | 2,695 |
Originated in two years prior | 3,356 | 977 |
Originated in three years prior | 1,064 | 1,929 |
Originated in four years prior | 547 | 3,471 |
Prior | 23,564 | 16,086 |
Revolving | 653 | 417 |
Total loan | 25,802 | |
Total loans held for investment, net of unearned income | 32,102 | |
Substandard [Member] | ||
Non-covered loans | 56,194 | 55,064 |
Originated in current year | 1,957 | 1,596 |
Originated in one year prior | 2,535 | 3,614 |
Originated in two years prior | 4,348 | 2,464 |
Originated in three years prior | 2,410 | 4,934 |
Originated in four years prior | 7,238 | 4,152 |
Prior | 36,132 | 37,246 |
Revolving | 1,574 | 1,058 |
Total loan | 55,064 | |
Total loans held for investment, net of unearned income | 56,194 | |
Doubtful [Member] | ||
Non-covered loans | 0 | 0 |
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | |
Total loans held for investment, net of unearned income | 0 | |
Unlikely to be Collected Financing Receivable [Member] | ||
Non-covered loans | 0 | 0 |
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | |
Total loans held for investment, net of unearned income | 0 | |
Commercial Portfolio Segment [Member] | ||
Non-covered loans | 1,661,493 | 1,433,263 |
Financing Receivable, Allowance for Credit Loss, Writeoff | 753 | 633 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 105,945 | 117,174 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 211,850 | 150,428 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 188,382 | 148,026 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 224,895 | 206,121 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 894,550 | 787,703 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered loans | 21,669 | 12,032 |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered loans | 14,202 | 11,779 |
Commercial Portfolio Segment [Member] | Pass [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 103,573 | 115,972 |
Commercial Portfolio Segment [Member] | Pass [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 207,034 | 147,543 |
Commercial Portfolio Segment [Member] | Pass [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 184,565 | 143,859 |
Commercial Portfolio Segment [Member] | Pass [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 215,375 | 195,775 |
Commercial Portfolio Segment [Member] | Pass [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 866,711 | 761,154 |
Commercial Portfolio Segment [Member] | Pass [Member] | Agricultural [Member] | ||
Non-covered loans | 15,944 | 11,722 |
Commercial Portfolio Segment [Member] | Pass [Member] | Farmland [Member] | ||
Non-covered loans | 12,480 | 9,868 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 1,955 | 853 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 2,097 | 920 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 3,522 | 3,946 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 2,016 | 2,303 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 15,240 | 14,903 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Agricultural [Member] | ||
Non-covered loans | 3,878 | 47 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Farmland [Member] | ||
Non-covered loans | 484 | 573 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 417 | 349 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 2,719 | 1,965 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 295 | 221 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 7,504 | 8,043 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 12,599 | 11,646 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Agricultural [Member] | ||
Non-covered loans | 1,847 | 263 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Farmland [Member] | ||
Non-covered loans | 1,238 | 1,338 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Agricultural [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Farmland [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Agricultural [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Farmland [Member] | ||
Non-covered loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered loans | 105,945 | 117,174 |
Originated in current year | 14,116 | 58,770 |
Originated in one year prior | 54,752 | 40,220 |
Originated in two years prior | 23,328 | 4,869 |
Originated in three years prior | 4,260 | 3,121 |
Originated in four years prior | 2,875 | 2,590 |
Prior | 4,195 | 6,142 |
Revolving | 2,419 | 1,462 |
Total loan | 105,945 | 117,174 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 13 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 13 | |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Pass [Member] | ||
Originated in current year | 12,379 | 58,770 |
Originated in one year prior | 54,752 | 39,995 |
Originated in two years prior | 23,328 | 4,602 |
Originated in three years prior | 4,121 | 3,050 |
Originated in four years prior | 2,700 | 2,485 |
Prior | 3,874 | 5,608 |
Revolving | 2,419 | 1,462 |
Total loan | 103,573 | 115,972 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Special Mention [Member] | ||
Originated in current year | 1,737 | 0 |
Originated in one year prior | 0 | 225 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 139 | 0 |
Originated in four years prior | 0 | 94 |
Prior | 79 | 534 |
Revolving | 0 | 0 |
Total loan | 1,955 | 853 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Substandard [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 267 |
Originated in three years prior | 0 | 71 |
Originated in four years prior | 175 | 11 |
Prior | 242 | 0 |
Revolving | 0 | 0 |
Total loan | 417 | 349 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Doubtful [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered loans | 211,850 | 150,428 |
Originated in current year | 53,670 | 70,035 |
Originated in one year prior | 65,353 | 23,878 |
Originated in two years prior | 19,764 | 12,182 |
Originated in three years prior | 11,624 | 8,716 |
Originated in four years prior | 6,992 | 9,498 |
Prior | 13,819 | 9,688 |
Revolving | 40,628 | 16,431 |
Total loan | 211,850 | 150,428 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 66 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 168 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 201 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 51 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 32 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 66 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 584 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | ||
Originated in current year | 53,619 | 69,678 |
Originated in one year prior | 64,380 | 23,746 |
Originated in two years prior | 19,477 | 12,047 |
Originated in three years prior | 11,538 | 7,729 |
Originated in four years prior | 5,717 | 9,121 |
Prior | 11,775 | 8,890 |
Revolving | 40,528 | 16,332 |
Total loan | 207,034 | 147,543 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Pass [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Originated in current year | 45,261 | |
Originated in one year prior | 20,881 | |
Originated in two years prior | 31,087 | |
Originated in three years prior | 3,733 | |
Originated in four years prior | 1,328 | |
Prior | 41,063 | |
Revolving | 506 | |
Total loan | 143,859 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | ||
Originated in current year | 0 | 227 |
Originated in one year prior | 229 | 20 |
Originated in two years prior | 11 | 21 |
Originated in three years prior | 0 | 367 |
Originated in four years prior | 349 | 185 |
Prior | 1,408 | 1 |
Revolving | 100 | 99 |
Total loan | 2,097 | 920 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Special Mention [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Originated in current year | 0 | |
Originated in one year prior | 0 | |
Originated in two years prior | 0 | |
Originated in three years prior | 0 | |
Originated in four years prior | 0 | |
Prior | 3,946 | |
Revolving | 0 | |
Total loan | 3,946 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Substandard [Member] | ||
Originated in current year | 51 | 130 |
Originated in one year prior | 744 | 112 |
Originated in two years prior | 276 | 114 |
Originated in three years prior | 86 | 620 |
Originated in four years prior | 926 | 192 |
Prior | 636 | 797 |
Revolving | 0 | 0 |
Total loan | 2,719 | 1,965 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Substandard [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Originated in current year | 0 | |
Originated in one year prior | 0 | |
Originated in two years prior | 0 | |
Originated in three years prior | 0 | |
Originated in four years prior | 0 | |
Prior | 221 | |
Revolving | 0 | |
Total loan | 221 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Doubtful [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Doubtful [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Originated in current year | 0 | |
Originated in one year prior | 0 | |
Originated in two years prior | 0 | |
Originated in three years prior | 0 | |
Originated in four years prior | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total loan | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Unlikely to be Collected Financing Receivable [Member] | SBA CARES Act Paycheck Protection Program [Member] | ||
Originated in current year | 0 | |
Originated in one year prior | 0 | |
Originated in two years prior | 0 | |
Originated in three years prior | 0 | |
Originated in four years prior | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total loan | 0 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered loans | 188,382 | 148,026 |
Originated in current year | 6,753 | 45,261 |
Originated in one year prior | 67,484 | 20,881 |
Originated in two years prior | 36,621 | 31,087 |
Originated in three years prior | 30,021 | 3,733 |
Originated in four years prior | 3,280 | 1,328 |
Prior | 40,799 | 45,230 |
Revolving | 3,424 | 506 |
Total loan | 188,382 | 148,026 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Pass [Member] | ||
Originated in current year | 6,753 | 218,595 |
Originated in one year prior | 67,484 | 145,675 |
Originated in two years prior | 36,621 | 114,840 |
Originated in three years prior | 30,021 | 52,575 |
Originated in four years prior | 3,280 | 35,564 |
Prior | 36,982 | 185,448 |
Revolving | 3,424 | 8,457 |
Total loan | 184,565 | 761,154 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Special Mention [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 1,927 |
Originated in two years prior | 0 | 852 |
Originated in three years prior | 0 | 1,193 |
Originated in four years prior | 0 | 2,708 |
Prior | 3,522 | 8,076 |
Revolving | 0 | 147 |
Total loan | 3,522 | 14,903 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Substandard [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 1,267 |
Originated in two years prior | 0 | 675 |
Originated in three years prior | 0 | 2,509 |
Originated in four years prior | 0 | 1,531 |
Prior | 295 | 5,664 |
Revolving | 0 | 0 |
Total loan | 295 | 11,646 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Doubtful [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | 0 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | 0 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered loans | 894,550 | 787,703 |
Originated in current year | 84,660 | 218,595 |
Originated in one year prior | 235,428 | 148,869 |
Originated in two years prior | 155,991 | 116,367 |
Originated in three years prior | 116,483 | 56,277 |
Originated in four years prior | 56,641 | 39,803 |
Prior | 233,309 | 199,188 |
Revolving | 12,038 | 8,604 |
Total loan | 894,550 | 787,703 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 8 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 2 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 10 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Pass [Member] | ||
Originated in current year | 83,420 | 6,244 |
Originated in one year prior | 234,607 | 3,225 |
Originated in two years prior | 151,433 | 1,003 |
Originated in three years prior | 114,974 | 376 |
Originated in four years prior | 53,466 | 154 |
Prior | 217,034 | 214 |
Revolving | 11,777 | 506 |
Total loan | 866,711 | 11,722 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Special Mention [Member] | ||
Originated in current year | 65 | 0 |
Originated in one year prior | 583 | 33 |
Originated in two years prior | 2,590 | 14 |
Originated in three years prior | 819 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 11,132 | 0 |
Revolving | 51 | 0 |
Total loan | 15,240 | 47 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Substandard [Member] | ||
Originated in current year | 1,175 | 124 |
Originated in one year prior | 238 | 37 |
Originated in two years prior | 1,968 | 1 |
Originated in three years prior | 690 | 66 |
Originated in four years prior | 3,175 | 24 |
Prior | 5,143 | 11 |
Revolving | 210 | 0 |
Total loan | 12,599 | 263 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Doubtful [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | 0 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | 0 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered loans | 21,669 | 12,032 |
Originated in current year | 5,189 | 6,368 |
Originated in one year prior | 4,657 | 3,295 |
Originated in two years prior | 2,586 | 1,018 |
Originated in three years prior | 661 | 442 |
Originated in four years prior | 1,952 | 178 |
Prior | 5,644 | 225 |
Revolving | 980 | 506 |
Total loan | 21,669 | 12,032 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 59 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 9 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 14 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 8 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 90 | |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Pass [Member] | ||
Originated in current year | 5,004 | 646 |
Originated in one year prior | 4,215 | 713 |
Originated in two years prior | 2,352 | 796 |
Originated in three years prior | 625 | 77 |
Originated in four years prior | 674 | 869 |
Prior | 2,094 | 6,150 |
Revolving | 980 | 617 |
Total loan | 15,944 | 9,868 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Special Mention [Member] | ||
Originated in current year | 28 | 0 |
Originated in one year prior | 276 | 109 |
Originated in two years prior | 184 | 0 |
Originated in three years prior | 8 | 0 |
Originated in four years prior | 90 | 222 |
Prior | 3,292 | 242 |
Revolving | 0 | 0 |
Total loan | 3,878 | 573 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Substandard [Member] | ||
Originated in current year | 157 | 0 |
Originated in one year prior | 166 | 0 |
Originated in two years prior | 50 | 12 |
Originated in three years prior | 28 | 0 |
Originated in four years prior | 1,188 | 253 |
Prior | 258 | 1,073 |
Revolving | 0 | 0 |
Total loan | 1,847 | 1,338 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Doubtful [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | 0 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | 0 |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered loans | 14,202 | 11,779 |
Originated in current year | 1,380 | 646 |
Originated in one year prior | 1,237 | 822 |
Originated in two years prior | 1,660 | 808 |
Originated in three years prior | 912 | 77 |
Originated in four years prior | 745 | 1,344 |
Prior | 7,385 | 7,465 |
Revolving | 883 | 617 |
Total loan | 14,202 | 11,779 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | Pass [Member] | ||
Originated in current year | 1,380 | |
Originated in one year prior | 1,237 | |
Originated in two years prior | 1,557 | |
Originated in three years prior | 912 | |
Originated in four years prior | 745 | |
Prior | 5,766 | |
Revolving | 883 | |
Total loan | 12,480 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | Special Mention [Member] | ||
Originated in current year | 0 | |
Originated in one year prior | 0 | |
Originated in two years prior | 103 | |
Originated in three years prior | 0 | |
Originated in four years prior | 0 | |
Prior | 381 | |
Revolving | 0 | |
Total loan | 484 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | Substandard [Member] | ||
Originated in current year | 0 | |
Originated in one year prior | 0 | |
Originated in two years prior | 0 | |
Originated in three years prior | 0 | |
Originated in four years prior | 0 | |
Prior | 1,238 | |
Revolving | 0 | |
Total loan | 1,238 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | Doubtful [Member] | ||
Originated in current year | 0 | |
Originated in one year prior | 0 | |
Originated in two years prior | 0 | |
Originated in three years prior | 0 | |
Originated in four years prior | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total loan | 0 | |
Commercial Portfolio Segment [Member] | Farmland [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Originated in current year | 0 | |
Originated in one year prior | 0 | |
Originated in two years prior | 0 | |
Originated in three years prior | 0 | |
Originated in four years prior | 0 | |
Prior | 0 | |
Revolving | 0 | |
Total loan | 0 | |
Consumer Real Estate Portfolio Segment [Member] | ||
Non-covered loans | 792,211 | 820,548 |
Financing Receivable, Allowance for Credit Loss, Writeoff | 412 | 427 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 87,626 | 75,642 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 696,140 | 734,540 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 8,445 | 10,366 |
Consumer Real Estate Portfolio Segment [Member] | Pass [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 83,769 | 72,927 |
Consumer Real Estate Portfolio Segment [Member] | Pass [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 669,878 | 706,952 |
Consumer Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 8,445 | 10,204 |
Consumer Real Estate Portfolio Segment [Member] | Special Mention [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 546 | 288 |
Consumer Real Estate Portfolio Segment [Member] | Special Mention [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 2,360 | 1,958 |
Consumer Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Substandard [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 3,311 | 2,427 |
Consumer Real Estate Portfolio Segment [Member] | Substandard [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 23,902 | 25,630 |
Consumer Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 0 | 162 |
Consumer Real Estate Portfolio Segment [Member] | Doubtful [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Doubtful [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Doubtful [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered loans | 87,626 | 75,642 |
Originated in current year | 9 | 1,960 |
Originated in one year prior | 974 | 198 |
Originated in two years prior | 86 | 268 |
Originated in three years prior | 100 | 35 |
Originated in four years prior | 170 | 138 |
Prior | 5,698 | 8,799 |
Revolving | 80,589 | 64,244 |
Total loan | 75,642 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Revolving, Writeoff | 227 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 227 | |
Total loans held for investment, net of unearned income | 87,626 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Pass [Member] | ||
Originated in current year | 9 | 1,960 |
Originated in one year prior | 962 | 198 |
Originated in two years prior | 86 | 241 |
Originated in three years prior | 73 | 0 |
Originated in four years prior | 68 | 24 |
Prior | 3,800 | 7,429 |
Revolving | 78,771 | 63,075 |
Total loan | 72,927 | |
Total loans held for investment, net of unearned income | 83,769 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Special Mention [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 45 | 117 |
Revolving | 501 | 171 |
Total loan | 288 | |
Total loans held for investment, net of unearned income | 546 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Substandard [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 12 | 0 |
Originated in two years prior | 0 | 27 |
Originated in three years prior | 27 | 35 |
Originated in four years prior | 102 | 114 |
Prior | 1,853 | 1,253 |
Revolving | 1,317 | 998 |
Total loan | 2,427 | |
Total loans held for investment, net of unearned income | 3,311 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Doubtful [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | |
Total loans held for investment, net of unearned income | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | |
Total loans held for investment, net of unearned income | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered loans | 696,140 | 734,540 |
Originated in current year | 51,062 | 158,351 |
Originated in one year prior | 165,529 | 238,935 |
Originated in two years prior | 223,281 | 208,310 |
Originated in three years prior | 192,635 | 50,375 |
Originated in four years prior | 46,597 | 38,931 |
Prior | 241,500 | 245,386 |
Revolving | 431 | 373 |
Total loan | 940,661 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 47 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 194 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 241 | |
Total loans held for investment, net of unearned income | 921,035 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Pass [Member] | ||
Originated in current year | 50,826 | 157,890 |
Originated in one year prior | 164,974 | 237,363 |
Originated in two years prior | 221,352 | 207,480 |
Originated in three years prior | 191,156 | 48,795 |
Originated in four years prior | 44,974 | 36,678 |
Prior | 211,540 | 214,148 |
Revolving | 431 | 373 |
Total loan | 902,727 | |
Total loans held for investment, net of unearned income | 885,253 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Special Mention [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 376 |
Originated in two years prior | 465 | 90 |
Originated in three years prior | 98 | 363 |
Originated in four years prior | 108 | 262 |
Prior | 3,705 | 3,170 |
Revolving | 0 | 0 |
Total loan | 4,261 | |
Total loans held for investment, net of unearned income | 4,376 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Substandard [Member] | ||
Originated in current year | 236 | 461 |
Originated in one year prior | 555 | 1,196 |
Originated in two years prior | 1,464 | 740 |
Originated in three years prior | 1,381 | 1,217 |
Originated in four years prior | 1,515 | 1,991 |
Prior | 26,255 | 28,068 |
Revolving | 0 | 0 |
Total loan | 33,673 | |
Total loans held for investment, net of unearned income | 31,406 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Doubtful [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | |
Total loans held for investment, net of unearned income | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | |
Total loans held for investment, net of unearned income | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered loans | 8,445 | 10,366 |
Originated in current year | 3,620 | 6,357 |
Originated in one year prior | 4,232 | 3,344 |
Originated in two years prior | 240 | 162 |
Originated in three years prior | 0 | 23 |
Originated in four years prior | 21 | 11 |
Prior | 332 | 469 |
Revolving | 0 | 0 |
Total loan | 10,366 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | |
Total loans held for investment, net of unearned income | 8,445 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Pass [Member] | ||
Originated in current year | 3,620 | 6,357 |
Originated in one year prior | 4,232 | 3,344 |
Originated in two years prior | 240 | 0 |
Originated in three years prior | 0 | 23 |
Originated in four years prior | 21 | 11 |
Prior | 332 | 469 |
Revolving | 0 | 0 |
Total loan | 10,204 | |
Total loans held for investment, net of unearned income | 8,445 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Special Mention [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | |
Total loans held for investment, net of unearned income | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Substandard [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 162 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 162 | |
Total loans held for investment, net of unearned income | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Doubtful [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | |
Total loans held for investment, net of unearned income | 0 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | |
Total loans held for investment, net of unearned income | 0 | |
Consumer and Other Portfolio Segment [Member] | ||
Non-covered loans | 118,594 | 146,386 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 1,238 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 3,594 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 1,852 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 518 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 196 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 77 | |
Financing Receivable, Revolving, Writeoff | 185 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 7,660 | 6,743 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered loans | 117,091 | 144,582 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Non-covered loans | 1,503 | 1,804 |
Consumer and Other Portfolio Segment [Member] | Pass [Member] | Consumer Loans [Member] | ||
Non-covered loans | 114,725 | 141,551 |
Consumer and Other Portfolio Segment [Member] | Pass [Member] | Other Loan [Member] | ||
Non-covered loans | 1,503 | 1,804 |
Consumer and Other Portfolio Segment [Member] | Special Mention [Member] | Consumer Loans [Member] | ||
Non-covered loans | 4 | 11 |
Consumer and Other Portfolio Segment [Member] | Special Mention [Member] | Other Loan [Member] | ||
Non-covered loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Substandard [Member] | Consumer Loans [Member] | ||
Non-covered loans | 2,362 | 3,020 |
Consumer and Other Portfolio Segment [Member] | Substandard [Member] | Other Loan [Member] | ||
Non-covered loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Doubtful [Member] | Consumer Loans [Member] | ||
Non-covered loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Doubtful [Member] | Other Loan [Member] | ||
Non-covered loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Consumer Loans [Member] | ||
Non-covered loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Unlikely to be Collected Financing Receivable [Member] | Other Loan [Member] | ||
Non-covered loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered loans | 117,091 | 144,582 |
Originated in current year | 31,581 | 70,460 |
Originated in one year prior | 44,495 | 38,610 |
Originated in two years prior | 21,265 | 16,499 |
Originated in three years prior | 7,908 | 8,062 |
Originated in four years prior | 3,371 | 2,564 |
Prior | 1,238 | 2,199 |
Revolving | 8,736 | 7,992 |
Total loan | 146,386 | |
Total loans held for investment, net of unearned income | 118,594 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Pass [Member] | ||
Originated in current year | 31,243 | 69,579 |
Originated in one year prior | 43,675 | 37,603 |
Originated in two years prior | 20,672 | 16,033 |
Originated in three years prior | 7,710 | 7,640 |
Originated in four years prior | 3,214 | 2,528 |
Prior | 1,026 | 2,040 |
Revolving | 8,688 | 7,932 |
Total loan | 143,355 | |
Total loans held for investment, net of unearned income | 116,228 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Special Mention [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 5 |
Originated in two years prior | 3 | 0 |
Originated in three years prior | 0 | 6 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 1 | 0 |
Total loan | 11 | |
Total loans held for investment, net of unearned income | 4 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Substandard [Member] | ||
Originated in current year | 338 | 881 |
Originated in one year prior | 820 | 1,002 |
Originated in two years prior | 590 | 466 |
Originated in three years prior | 198 | 416 |
Originated in four years prior | 157 | 36 |
Prior | 212 | 159 |
Revolving | 47 | 60 |
Total loan | 3,020 | |
Total loans held for investment, net of unearned income | 2,362 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Doubtful [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | 0 | |
Total loans held for investment, net of unearned income | 0 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | ||
Originated in current year | 0 | 0 |
Originated in one year prior | 0 | 0 |
Originated in two years prior | 0 | 0 |
Originated in three years prior | 0 | 0 |
Originated in four years prior | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Total loan | $ 0 | |
Total loans held for investment, net of unearned income | $ 0 |
Note 5 - Credit Quality - Nonac
Note 5 - Credit Quality - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Total nonaccrual loans | $ 19,356 | $ 15,208 |
Loans With No Allowance [Member] | ||
Total nonaccrual loans | 18,183 | 14,619 |
Loans With an Allowance [Member] | ||
Total nonaccrual loans | 1,173 | 589 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Total nonaccrual loans | 172 | 31 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Loans With No Allowance [Member] | ||
Total nonaccrual loans | 172 | 31 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Loans With an Allowance [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Total nonaccrual loans | 1,438 | 438 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Loans With No Allowance [Member] | ||
Total nonaccrual loans | 1,438 | 438 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Loans With an Allowance [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Total nonaccrual loans | 183 | 220 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Loans With No Allowance [Member] | ||
Total nonaccrual loans | 183 | 220 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Loans With an Allowance [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Total nonaccrual loans | 832 | 984 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Loans With No Allowance [Member] | ||
Total nonaccrual loans | 832 | 984 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Loans With an Allowance [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Total nonaccrual loans | 2,444 | 1,771 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Loans With No Allowance [Member] | ||
Total nonaccrual loans | 1,271 | 1,771 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Loans With an Allowance [Member] | ||
Total nonaccrual loans | 1,173 | 0 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Total nonaccrual loans | 1,558 | 9 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Loans With No Allowance [Member] | ||
Total nonaccrual loans | 1,558 | 9 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Loans With an Allowance [Member] | ||
Total nonaccrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Total nonaccrual loans | 123 | 133 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Loans With No Allowance [Member] | ||
Total nonaccrual loans | 123 | 133 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Loans With an Allowance [Member] | ||
Total nonaccrual loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Total nonaccrual loans | 1,335 | 400 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Loans With No Allowance [Member] | ||
Total nonaccrual loans | 1,335 | 400 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Loans With an Allowance [Member] | ||
Total nonaccrual loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Total nonaccrual loans | 9,365 | 8,817 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Loans With No Allowance [Member] | ||
Total nonaccrual loans | 9,365 | 8,228 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Loans With an Allowance [Member] | ||
Total nonaccrual loans | 0 | 589 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Total nonaccrual loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Loans With No Allowance [Member] | ||
Total nonaccrual loans | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Loans With an Allowance [Member] | ||
Total nonaccrual loans | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Total nonaccrual loans | 1,906 | 2,405 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Loans With No Allowance [Member] | ||
Total nonaccrual loans | 1,906 | 2,405 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Loans With an Allowance [Member] | ||
Total nonaccrual loans | $ 0 | $ 0 |
Note 5 - Credit Quality - Aging
Note 5 - Credit Quality - Aging of Past Due Loans by Loan Class (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-covered | $ 2,572,298 | $ 2,400,197 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | |
Amortized Cost of > 90 Days Accruing No Allowance, Total | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Non-covered | 13,953 | 13,573 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Non-covered | 6,194 | 4,843 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Non-covered | 6,384 | 6,199 |
Financial Asset, Past Due [Member] | ||
Non-covered | 26,531 | 24,615 |
Financial Asset, Not Past Due [Member] | ||
Non-covered | 2,545,767 | 2,375,582 |
Commercial Portfolio Segment [Member] | ||
Non-covered | 1,661,493 | 1,433,263 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | ||
Non-covered | 105,945 | 117,174 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 38 | 393 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 6 | 8 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 23 | 23 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 67 | 424 |
Commercial Portfolio Segment [Member] | Construction, Development and Other Land [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 105,878 | 116,750 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Non-covered | 211,850 | 150,428 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 1,232 | 756 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 766 | 129 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 390 | 217 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 2,388 | 1,102 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 209,462 | 149,326 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | ||
Non-covered | 188,382 | 148,026 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 115 | 0 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 68 | 0 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 0 | 83 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 183 | 83 |
Commercial Portfolio Segment [Member] | Multi-family Residential [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 188,199 | 147,943 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Non-covered | 224,895 | 206,121 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 777 | 990 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 455 | 122 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 232 | 299 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 1,464 | 1,411 |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 223,431 | 204,710 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Non-covered | 894,550 | 787,703 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 617 | 646 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 229 | 52 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 382 | 548 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 1,228 | 1,246 |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 893,322 | 786,457 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | ||
Non-covered | 21,669 | 12,032 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 22 | 36 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 56 | 135 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 217 | 9 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 295 | 180 |
Commercial Portfolio Segment [Member] | Agricultural [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 21,374 | 11,852 |
Commercial Portfolio Segment [Member] | Farmland [Member] | ||
Non-covered | 14,202 | 11,779 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 15 | 0 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 0 | 0 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 0 | 133 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 15 | 133 |
Commercial Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 14,187 | 11,646 |
Consumer Real Estate Portfolio Segment [Member] | ||
Non-covered | 792,211 | 820,548 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Non-covered | 87,626 | 75,642 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 639 | 519 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 343 | 115 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 534 | 262 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 1,516 | 896 |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 86,110 | 74,746 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Non-covered | 696,140 | 734,540 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 6,108 | 5,951 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 2,831 | 2,322 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 3,519 | 3,166 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 12,458 | 11,439 |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 683,682 | 723,101 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Non-covered | 8,445 | 10,366 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 0 | 0 |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 8,445 | 10,366 |
Consumer and Other Portfolio Segment [Member] | ||
Non-covered | 118,594 | 146,386 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Non-covered | 117,091 | 144,582 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 4,390 | 4,282 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 1,440 | 1,960 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 1,087 | 1,459 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 6,917 | 7,701 |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 110,174 | 136,881 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | ||
Non-covered | 1,503 | 1,804 |
Amortized Cost of > 90 Days Accruing No Allowance, Non-covered | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Financial Asset, Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | 0 | 0 |
Consumer and Other Portfolio Segment [Member] | Other Loan [Member] | Financial Asset, Not Past Due [Member] | Non-covered Loans [Member] | ||
Non-covered | $ 1,503 | $ 1,804 |
Note 5 - Credit Quality - Colla
Note 5 - Credit Quality - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Collateral dependent loans | $ 1,173 | $ 589 |
Collateral coverage | $ 825 | $ 574 |
Collateral coverage percentage | 70.33% | 97.45% |
Commercial Real Estate, Other [Member] | ||
Collateral dependent loans | $ 1,173 | $ 0 |
Collateral coverage | $ 825 | $ 0 |
Collateral coverage percentage | 70.33% | 0% |
Consumer, Other [Member] | ||
Collateral dependent loans | $ 0 | $ 589 |
Collateral coverage | $ 0 | $ 574 |
Collateral coverage percentage | 97.45% |
Note 5 - Credit Quality - Loa_2
Note 5 - Credit Quality - Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
TDRs | $ 8,436 | ||
Loans modified | [1] | $ 513 | |
Total contracts | 6 | ||
Pre-modification recorded investment | $ 525 | ||
Financial Asset, Not Past Due [Member] | |||
Loans modified | $ 1,792 | ||
Financial Asset, 30 to 89 Days Past Due [Member] | |||
Loans modified | 254 | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans modified | 0 | ||
Non-farm, Non-residential [Member] | Financial Asset, Not Past Due [Member] | |||
Loans modified | 662 | ||
Non-farm, Non-residential [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Loans modified | 0 | ||
Non-farm, Non-residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans modified | 0 | ||
Single Family Owner Occupied [Member] | Financial Asset, Not Past Due [Member] | |||
Loans modified | 864 | ||
Single Family Owner Occupied [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Loans modified | 254 | ||
Single Family Owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans modified | 0 | ||
Single Family Non-owner Occupied [Member] | Financial Asset, Not Past Due [Member] | |||
Loans modified | 89 | ||
Single Family Non-owner Occupied [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Loans modified | |||
Single Family Non-owner Occupied [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans modified | |||
Commercial and Industrial [Member] | Financial Asset, Not Past Due [Member] | |||
Loans modified | 171 | ||
Commercial and Industrial [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Loans modified | |||
Commercial and Industrial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans modified | |||
Consumer Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans modified | 6 | ||
Consumer Loans [Member] | Financial Asset, 30 to 89 Days Past Due [Member] | |||
Loans modified | 0 | ||
Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans modified | 0 | ||
Below Market Interest Rate [Member] | Single Family Owner Occupied [Member] | |||
Loans modified | [1] | $ 32 | |
Total contracts | 1 | ||
Pre-modification recorded investment | $ 31 | ||
Below Market Interest Rate and Extended Payment Term [Member] | |||
Loans modified | [1] | $ 0 | |
Total contracts | 0 | ||
Pre-modification recorded investment | $ 0 | ||
Below Market Interest Rate and Extended Payment Term [Member] | Single Family Owner Occupied [Member] | |||
Loans modified | [1] | $ 0 | |
Total contracts | 0 | ||
Pre-modification recorded investment | $ 0 | ||
Below Market Interest Rate and Extended Payment Term [Member] | Single Family Non-owner Occupied [Member] | |||
Loans modified | [1] | $ 0 | |
Total contracts | 0 | ||
Pre-modification recorded investment | $ 0 | ||
Payment Deferral [Member] | |||
TDRs | 1,470 | ||
Loans modified | [1] | $ 481 | |
Total contracts | 5 | ||
Pre-modification recorded investment | $ 494 | ||
Payment Deferral [Member] | Non-farm, Non-residential [Member] | |||
TDRs | $ 662 | ||
Percentage of total financing receivable | 0.07% | ||
Payment Deferral [Member] | Single Family Owner Occupied [Member] | |||
TDRs | $ 548 | ||
Percentage of total financing receivable | 0.08% | ||
Payment Deferral [Member] | Single Family Non-owner Occupied [Member] | |||
TDRs | $ 89 | ||
Percentage of total financing receivable | 0.04% | ||
Payment Deferral [Member] | Commercial and Industrial [Member] | |||
TDRs | $ 171 | ||
Percentage of total financing receivable | 0.08% | ||
Payment Deferral [Member] | Single Family Owner Occupied [Member] | |||
Loans modified | $ 481 | ||
Total contracts | 5 | ||
Pre-modification recorded investment | $ 494 | ||
Payment Deferral [Member] | Single Family Non-owner Occupied [Member] | |||
Loans modified | [1] | $ 0 | |
Total contracts | 0 | ||
Pre-modification recorded investment | $ 0 | ||
Extended Maturity [Member] | |||
TDRs | $ 6 | ||
Extended Maturity [Member] | Consumer Loans [Member] | |||
TDRs | $ 6 | ||
Percentage of total financing receivable | 0.01% | ||
Extended Maturity [Member] | Consumer Loans [Member] | Minimum [Member] | |||
Extended term (Month) | 60 months | ||
Extended Maturity [Member] | Consumer Loans [Member] | Maximum [Member] | |||
Extended term (Month) | 84 months | ||
Principal Forgiveness [Member] | |||
TDRs | $ 5 | ||
Principal Forgiveness [Member] | Single Family Owner Occupied [Member] | |||
TDRs | $ 5 | ||
Percentage of total financing receivable | 0% | ||
Term Extension and Rate Reduction [Member] | |||
TDRs | $ 565 | ||
Term Extension and Rate Reduction [Member] | Single Family Owner Occupied [Member] | |||
TDRs | $ 565 | ||
Percentage of total financing receivable | 0.08% | ||
[1]Represents the loan balance immediately following modification |
Note 5 - Credit Quality - Loa_3
Note 5 - Credit Quality - Loans Modified as Troubled Debt Restructurings by Loan Class and Accrual Status (Details) $ in Thousands | Dec. 31, 2022 USD ($) | |
Nonaccrual | $ 1,324 | [1] |
Accrual | 7,112 | |
TDRs | 8,436 | |
Allowance for credit losses related to TDRs | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Nonaccrual | 0 | [1] |
Accrual | 374 | |
TDRs | 374 | |
Commercial Portfolio Segment [Member] | Single Family Non-owner Occupied [Member] | ||
Nonaccrual | 142 | [1] |
Accrual | 838 | |
TDRs | 980 | |
Commercial Portfolio Segment [Member] | Non-farm, Non-residential [Member] | ||
Nonaccrual | 0 | [1] |
Accrual | 747 | |
TDRs | 747 | |
Consumer Real Estate Portfolio Segment [Member] | Home Equity Lines [Member] | ||
Nonaccrual | 0 | [1] |
Accrual | 55 | |
TDRs | 55 | |
Consumer Real Estate Portfolio Segment [Member] | Single Family Owner Occupied [Member] | ||
Nonaccrual | 1,182 | [1] |
Accrual | 5,073 | |
TDRs | 6,255 | |
Consumer Real Estate Portfolio Segment [Member] | Owner Occupied Construction [Member] | ||
Nonaccrual | 0 | [1] |
Accrual | 0 | |
TDRs | 0 | |
Consumer and Other Portfolio Segment [Member] | Consumer Loans [Member] | ||
Nonaccrual | 0 | [1] |
Accrual | 25 | |
TDRs | $ 25 | |
[1]Nonaccrual TDRs are included in total nonaccrual loans disclosed in the nonaccrual table above. |
Note 5 - Credit Quality - Balan
Note 5 - Credit Quality - Balance and Interest Income Related to Impaired Loan Pools (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Troubled Debt Restructurings [Member] | Purchased Credit Impaired Loans [Member] | ||
Interest income recognized | $ 383 | $ 422 |
Note 5 - Credit Quality - Other
Note 5 - Credit Quality - Other Real Estate Owned (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Total OREO | $ 192 | $ 703 | |
OREO secured by residential real estate | 192 | 407 | |
Residential real estate loans in the foreclosure process(1) | [1] | $ 1,895 | $ 1,474 |
[1]The recorded investment in consumer mortgage loans collateralized by residential real estate that are in the process of foreclosure according to local requirements of the applicable jurisdiction |
Note 6 - Allowance for Credit_3
Note 6 - Allowance for Credit Losses - Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | ||||
Balance, Loans | $ 30,556 | [1] | $ 27,858 | |||
Balance, Allowance for credit losses - loan commitments | 1,196 | 678 | ||||
Total allowance for credit losses beginning of year | 31,752 | 28,536 | ||||
Purchased credit deteriorated -Surrey acquisition | 36,189 | 30,556 | [1] | $ 26,182 | [2] | |
Provision for (recovery of) credit losses - loans | 8,435 | 6,572 | ||||
Provision for (recovery of) credit losses - loan commitments | (450) | 518 | ||||
Total provision for credit losses - loans and loan commitments | 7,985 | 7,090 | ||||
Charge-offs | (8,825) | (7,803) | ||||
Recoveries | 4,012 | 3,929 | ||||
Net (charge-offs) recoveries | (4,813) | (3,874) | ||||
Balance, Allowance for credit losses - loans | 36,189 | 30,556 | [1] | |||
Balance, Allowance for credit losses - loan commitments | 746 | 1,196 | ||||
Ending balance | 36,935 | 31,752 | ||||
Provision for (recovery of) credit losses - loan commitments | (450) | 518 | ||||
Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Purchased credit deteriorated -Surrey acquisition | $ 5,880 | |||||
Financial Asset Acquired with Credit Deterioration [Member] | Surrey [Member] | ||||||
Purchased credit deteriorated -Surrey acquisition | 2,011 | |||||
Balance, Allowance for credit losses - loans | 2,011 | |||||
Commercial Portfolio Segment [Member] | ||||||
Balance, Loans | 17,213 | 14,775 | ||||
Balance, Allowance for credit losses - loan commitments | 1,018 | 576 | ||||
Total allowance for credit losses beginning of year | 18,231 | 15,351 | ||||
Purchased credit deteriorated -Surrey acquisition | 21,850 | 17,213 | ||||
Provision for (recovery of) credit losses - loans | 2,217 | 431 | ||||
Provision for (recovery of) credit losses - loan commitments | (421) | 442 | ||||
Total provision for credit losses - loans and loan commitments | 1,796 | 873 | ||||
Charge-offs | (753) | (633) | ||||
Recoveries | 1,721 | 2,640 | ||||
Net (charge-offs) recoveries | 968 | 2,007 | ||||
Balance, Allowance for credit losses - loans | 21,850 | 17,213 | ||||
Balance, Allowance for credit losses - loan commitments | 597 | 1,018 | ||||
Ending balance | 22,447 | 18,231 | ||||
Provision for (recovery of) credit losses - loan commitments | (421) | 442 | ||||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Surrey [Member] | ||||||
Purchased credit deteriorated -Surrey acquisition | 1,452 | |||||
Balance, Allowance for credit losses - loans | 1,452 | |||||
Consumer Real Estate Portfolio Segment [Member] | ||||||
Balance, Loans | 8,931 | 9,972 | ||||
Balance, Allowance for credit losses - loan commitments | 156 | 88 | ||||
Total allowance for credit losses beginning of year | 9,087 | 10,060 | ||||
Purchased credit deteriorated -Surrey acquisition | 9,693 | 8,931 | ||||
Provision for (recovery of) credit losses - loans | 125 | (1,121) | ||||
Provision for (recovery of) credit losses - loan commitments | (35) | 68 | ||||
Total provision for credit losses - loans and loan commitments | 90 | (1,053) | ||||
Charge-offs | (412) | (427) | ||||
Recoveries | 520 | 507 | ||||
Net (charge-offs) recoveries | 108 | 80 | ||||
Balance, Allowance for credit losses - loans | 9,693 | 8,931 | ||||
Balance, Allowance for credit losses - loan commitments | 121 | 156 | ||||
Ending balance | 9,814 | 9,087 | ||||
Provision for (recovery of) credit losses - loan commitments | (35) | 68 | ||||
Consumer Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Surrey [Member] | ||||||
Purchased credit deteriorated -Surrey acquisition | 529 | |||||
Balance, Allowance for credit losses - loans | 529 | |||||
Consumer and Other Portfolio Segment [Member] | ||||||
Balance, Loans | 4,412 | 3,111 | ||||
Balance, Allowance for credit losses - loan commitments | 22 | 14 | ||||
Total allowance for credit losses beginning of year | 4,434 | 3,125 | ||||
Purchased credit deteriorated -Surrey acquisition | 4,646 | 4,412 | ||||
Provision for (recovery of) credit losses - loans | 6,093 | 7,262 | ||||
Provision for (recovery of) credit losses - loan commitments | 6 | 8 | ||||
Total provision for credit losses - loans and loan commitments | 6,099 | 7,270 | ||||
Charge-offs | (7,660) | (6,743) | ||||
Recoveries | 1,771 | 782 | ||||
Net (charge-offs) recoveries | (5,889) | (5,961) | ||||
Balance, Allowance for credit losses - loans | 4,646 | 4,412 | ||||
Balance, Allowance for credit losses - loan commitments | 28 | 22 | ||||
Ending balance | 4,674 | 4,434 | ||||
Provision for (recovery of) credit losses - loan commitments | 6 | $ 8 | ||||
Consumer and Other Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | Surrey [Member] | ||||||
Purchased credit deteriorated -Surrey acquisition | 30 | |||||
Balance, Allowance for credit losses - loans | $ 30 | |||||
[1]Derived from audited financial statements[2]Calculated adjustment to the ACL related to the adoption of ASU 2016-13. Includes additional reserve related to purchased deteriorated loans of $5.88 million. |
Note 7 - Premises, Equipment,_3
Note 7 - Premises, Equipment, and Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Impairment of Long-Lived Assets to be Disposed of | $ 0 | $ 0 | $ 781 |
Depreciation, Depletion and Amortization | $ 3,950 | $ 4,150 | 4,470 |
Operating Lease, Weighted Average Discount Rate, Percent | 3.24% | 3.28% | |
Operating Lease, Expense | $ 171 | $ 175 | $ 182 |
Minimum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | 2 years | |
Maximum [Member] | |||
Lessee, Operating Lease, Remaining Lease Term (Year) | 5 years 6 months | 6 years 6 months | |
Other Assets [Member] | |||
Operating Lease, Right-of-Use Asset | $ 594 | $ 648 | |
Other Liabilities [Member] | |||
Operating Lease, Liability | $ 620 | $ 670 |
Note 7 - Premises, Equipment,_4
Note 7 - Premises, Equipment, and Leases - Components of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Land | $ 19,497 | $ 19,460 | |
Buildings and leasehold improvements | 51,557 | 47,009 | |
Equipment | 42,810 | 40,552 | |
Total premises and equipment | 113,864 | 107,021 | |
Accumulated depreciation and amortization | (63,184) | (59,681) | |
Total premises and equipment, net | $ 50,680 | $ 47,340 | [1] |
[1]Derived from audited financial statements |
Note 7 - Premises, Equipment,_5
Note 7 - Premises, Equipment, and Leases - Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 151 | |
2025 | 109 | |
2026 | 101 | |
2027 | 101 | |
2028 and thereafter | 160 | |
Total lease payments | 622 | |
Less: Interest | (2) | |
Other Liabilities [Member] | ||
Operating Lease, Liability | $ 620 | $ 670 |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Apr. 21, 2023 USD ($) | Dec. 31, 2020 USD ($) | ||
Number of Reportable Segments | 1 | |||||
Goodwill | $ 143,946 | $ 129,565 | [1] | $ 129,565 | $ 129,565 | |
Goodwill, Acquired During Period | 14,381 | 0 | 0 | |||
Finite-Lived Intangible Assets, Net | 15,145 | |||||
Amortization of Intangible Assets | $ 1,731 | $ 1,446 | $ 1,446 | |||
Core Deposits [Member] | ||||||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 8 years 5 months 1 day | |||||
Core Deposits [Member] | Minimum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year 6 months | |||||
Core Deposits [Member] | Maximum [Member] | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 9 years | |||||
Surrey [Member] | ||||||
Goodwill | $ 14,381 | |||||
Goodwill, Acquired During Period | $ 14,380 | |||||
Surrey [Member] | Core Deposits [Member] | ||||||
Finite-Lived Intangible Assets, Net | $ 12,700 | |||||
[1]Derived from audited financial statements |
Note 8 - Goodwill and Other I_4
Note 8 - Goodwill and Other Intangible Assets - Summary of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Balance | $ 129,565 | [1] | $ 129,565 | $ 129,565 | |
Goodwill, Acquired During Period | 14,381 | 0 | 0 | ||
Balance | $ 143,946 | $ 129,565 | [1] | $ 129,565 | |
[1]Derived from audited financial statements |
Note 8 - Goodwill and Other I_5
Note 8 - Goodwill and Other Intangible Assets - Components of Other Intangible Assets, by Reporting Unit (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Acquisitions | $ 12,700 | $ 0 | $ 0 | |
Accumulated amortization | (10,229) | |||
Other intangible assets | 15,145 | 4,176 | [1] | |
Community Banking [Member] | ||||
Accumulated amortization | (8,498) | (7,052) | ||
Other intangible assets | 4,176 | 5,622 | ||
Core Deposits [Member] | ||||
Finite-lived intangible assets, gross | $ 12,674 | |||
Core Deposits [Member] | Community Banking [Member] | ||||
Finite-lived intangible assets, gross | $ 12,674 | $ 12,674 | ||
[1]Derived from audited financial statements |
Note 8 - Goodwill and Other I_6
Note 8 - Goodwill and Other Intangible Assets - Estimated Amortization Expense for Intangible Assets, by Year (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 2,126 |
2025 | 1,917 |
2026 | 1,719 |
2027 | 1,719 |
2028 | 1,719 |
2029 and thereafter | 5,945 |
Total estimated amortization expense | $ 15,145 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits, at or Above FDIC Insurance Limit | $ 18,592 | $ 15,210 |
Note 9 - Deposits - Components
Note 9 - Deposits - Components of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Noninterest-bearing demand deposits | $ 931,920 | $ 872,168 | |
Interest-bearing demand deposits | 693,979 | 679,609 | |
Money market accounts | 307,487 | 264,734 | |
Savings deposits | 535,566 | 578,974 | |
Certificates of deposit | 166,417 | 180,008 | |
Individual retirement accounts | 86,956 | 103,322 | |
Total interest-bearing deposits | 1,790,405 | 1,806,647 | |
Total deposits | $ 2,722,325 | $ 2,678,815 | [1] |
[1]Derived from audited financial statements |
Note 9 - Deposits - Scheduled M
Note 9 - Deposits - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 130,213 |
2025 | 65,618 |
2026 | 21,231 |
2027 | 15,617 |
2028 | 16,983 |
2029 and thereafter | 3,711 |
Total contractual maturities | $ 253,373 |
Note 9 - Deposits - Scheduled_2
Note 9 - Deposits - Scheduled Maturities of Certificates of Deposit of $250 Thousand or More (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Three months or less | $ 4,069 | |
Over three through six months | 874 | |
Over six through twelve months | 2,643 | |
Over twelve months | 11,006 | |
Total contractual maturities | $ 18,592 | $ 15,210 |
Note 10 - Borrowings (Details T
Note 10 - Borrowings (Details Textual) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 342,810 |
Deposit Liabilities, Collateral Issued, Financial Instruments | 126,370 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 469,180 |
Note 10 - Borrowings - Componen
Note 10 - Borrowings - Components of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Securities sold under agreements to repurchase | $ 1,119 | $ 1,874 | [1] |
Retail Repurchase Agreements [Member] | |||
Securities sold under agreements to repurchase | $ 1,119 | $ 1,874 | |
Retail repurchase agreements | 0.06% | 0.07% | |
[1]Derived from audited financial statements |
Note 10 - Borrowings - Contract
Note 10 - Borrowings - Contractual Maturities of Repurchase Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | [1] |
Repurchase agreements | $ 1,119 | $ 1,874 | |
Maturity Overnight and Continuous [Member] | |||
Repurchase agreements | 1,119 | ||
Maturity Less than 30 Days [Member] | |||
Repurchase agreements | 0 | ||
Maturity 30 to 90 Days [Member] | |||
Repurchase agreements | 0 | ||
Maturity Greater than 90 Days [Member] | |||
Repurchase agreements | 0 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Repurchase agreements | 63 | ||
US States and Political Subdivisions Debt Securities [Member] | Maturity Overnight and Continuous [Member] | |||
Repurchase agreements | 63 | ||
US States and Political Subdivisions Debt Securities [Member] | Maturity Less than 30 Days [Member] | |||
Repurchase agreements | 0 | ||
US States and Political Subdivisions Debt Securities [Member] | Maturity 30 to 90 Days [Member] | |||
Repurchase agreements | 0 | ||
US States and Political Subdivisions Debt Securities [Member] | Maturity Greater than 90 Days [Member] | |||
Repurchase agreements | 0 | ||
Mortgage-backed Agency Securities [Member] | |||
Repurchase agreements | 1,056 | ||
Mortgage-backed Agency Securities [Member] | Maturity Overnight and Continuous [Member] | |||
Repurchase agreements | 1,056 | ||
Mortgage-backed Agency Securities [Member] | Maturity Less than 30 Days [Member] | |||
Repurchase agreements | 0 | ||
Mortgage-backed Agency Securities [Member] | Maturity 30 to 90 Days [Member] | |||
Repurchase agreements | 0 | ||
Mortgage-backed Agency Securities [Member] | Maturity Greater than 90 Days [Member] | |||
Repurchase agreements | $ 0 | ||
[1]Derived from audited financial statements |
Note 11 - Derivative Instrume_3
Note 11 - Derivative Instruments and Hedging Activities (Details Textual) $ in Thousands | Jul. 26, 2022 USD ($) |
Interest Rate Swap [Member] | |
Derivative, Gain (Loss) on Derivative, Net, Total | $ (72) |
Note 11 - Derivative Instrume_4
Note 11 - Derivative Instruments and Hedging Activities - Notional or Contractual Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Notional or contractual amount | $ 3,557 | $ 3,983 |
Derivative assets | 136 | 199 |
Derivative liabilities | 0 | 0 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||
Notional or contractual amount | 3,557 | 3,983 |
Derivative assets | 136 | 199 |
Derivative liabilities | 0 | 0 |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional or contractual amount | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Note 11 - Derivative Instrume_5
Note 11 - Derivative Instruments and Hedging Activities - Effect of Derivative and Hedging Activity, on Consolidated Statements of Income (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Jul. 26, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative expense | $ (72) | |||
Interest and Fees on Loans [Member] | ||||
Derivative expense | $ (102) | $ 125 | $ 328 | |
Designated as Hedging Instrument [Member] | Interest and Fees on Loans [Member] | ||||
Derivative expense | (102) | 35 | 111 | |
Not Designated as Hedging Instrument [Member] | Interest and Fees on Loans [Member] | ||||
Derivative expense | $ 0 | $ 90 | $ 217 |
Note 12 - Employee Benefit Pl_3
Note 12 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 0 | $ 0 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | 0 | 0 | $ 0 |
Deferred Compensation Plan Assets | 8,280 | 5,140 | |
Stop-loss Insurance Liability for Individual Claims | 200 | ||
Stop-loss Insurance Liability for Aggregate Claims | 5,880 | ||
Other Postretirement Benefits Cost (Reversal of Cost) | $ 4,160 | $ 4,040 | $ 3,980 |
Common Stock, Shares Held in Employee Trust, Shares (in shares) | 282,072 | 309,019 | 320,164 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 4,288 | 7,575 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 58 | $ 83 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 80 | ||
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 months | ||
Restricted Stock [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 10 months 28 days | ||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2,470 | ||
The 2022 Equity-based Compensation Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,000,000 | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 35% | ||
Defined Benefit Plan, Employee Contribution, Age | 62 | ||
Directors' Plan [Member] | |||
Defined Benefit Plan, Employee Contribution, Age | 70 | ||
Defined Contribution Plan, Maximum Employee Contribution as Percentage of Base Salary | 100% | ||
401 (k) Savings Plan [Member] | |||
Defined Benefit Plan, Employer Matching Contributions | $ 1,760 | $ 1,820 | $ 1,710 |
Note 12 - Employee Benefit Pl_4
Note 12 - Employee Benefit Plans - Schedule of Changes in Aggregate Actuarial Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Beginning balance | $ 9,488 | $ 11,458 | |
Effect of curtailment | 0 | 0 | |
Service cost | 0 | 0 | $ 352 |
Interest cost | 451 | 332 | 315 |
Actuarial gain | (306) | (1,718) | |
Benefits paid | (583) | (584) | |
Ending balance | $ 9,050 | $ 9,488 | $ 11,458 |
Note 12 - Employee Benefit Pl_5
Note 12 - Employee Benefit Plans - Components of Net Periodic Pension Cost and Assumed Discount Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Service cost | $ 0 | $ 0 | $ 352 |
Interest cost | 451 | 332 | 315 |
Effect of curtailment | 0 | 0 | 289 |
Amortization of prior service cost | 0 | 0 | 124 |
Amortization of losses | 38 | 135 | 264 |
Net periodic cost | $ 489 | $ 467 | $ 1,344 |
Assumed discount rate | 4.79% | 4.96% | 2.88% |
Note 12 - Employee Benefit Pl_6
Note 12 - Employee Benefit Plans - Projected Benefit Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2025 | $ 743 |
2026 | 822 |
2027 | 789 |
2028 | 751 |
Supplemental Employee Retirement Plan [Member] | |
2024 | 745 |
2029 through 2033 | $ 3,479 |
Note 12 - Employee Benefit Pl_7
Note 12 - Employee Benefit Plans - Pre-tax Compensation Expense and Excess Tax Benefit Recognized in Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pre-tax compensation expense | $ 597 | $ 718 | $ 1,282 |
Excess tax (benefit) expense | $ 0 | $ 0 | $ (633) |
Note 12 - Employee Benefit Pl_8
Note 12 - Employee Benefit Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Options outstanding at beginning of period (in shares) | 197,303 | |
Options outstanding at beginning of period (in dollars per share) | $ 29.61 | |
Granted (in shares) | 0 | |
Granted (in dollars per share) | $ 0 | |
Exercised (in shares) | (4,288) | (7,575) |
Exercised (in dollars per share) | $ 21.25 | |
Canceled/Expired (in shares) | (6,751) | |
Canceled/Expired (in dollars per share) | $ 31.73 | |
Options outstanding at end of period (in shares) | 186,264 | 197,303 |
Options outstanding at end of period (in dollars per share) | $ 29.72 | $ 29.61 |
Options outstanding at end of period (Year) | 6 years 4 months 13 days | |
Options outstanding at end of period | $ 1,375 | |
Options exercisable at end of period (in shares) | 144,441 | |
Options exercisable at end of period (in dollars per share) | $ 28.77 | |
Options exercisable at end of period (Year) | 6 years 1 month 17 days | |
Options exercisable at end of period | $ 1,203 |
Note 12 - Employee Benefit Pl_9
Note 12 - Employee Benefit Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Nonvested shares at beginning of period (in shares) | shares | 73,605 |
Nonvested shares at beginning of period (in dollars per share) | $ / shares | $ 30.87 |
Granted (in shares) | shares | 69,964 |
Granted (in dollars per share) | $ / shares | $ 26.33 |
Vested (in shares) | shares | (31,782) |
Vested (in dollars per share) | $ / shares | $ 24.04 |
Canceled (in shares) | shares | (2,794) |
Canceled (in dollars per share) | $ / shares | $ 29.41 |
Nonvested shares at end of period (in shares) | shares | 108,993 |
Nonvested shares at end of period (in dollars per share) | $ / shares | $ 29.98 |
Note 13 - Other Operating Inc_3
Note 13 - Other Operating Income and Expense (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Percentage of Operating Income | 1% |
Note 13 - Other Operating Inc_4
Note 13 - Other Operating Income and Expense - Components of Other Operating Income and Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Bank owned life insurance | $ 829 | $ 961 | $ 1,183 | |
Net FDIC indemnification asset amortization | 0 | 0 | (1,226) | |
Other(1) | [1] | 4,822 | 4,187 | 4,623 |
Total other operating income | 5,651 | 5,148 | 4,580 | |
OREO expense and net loss | 129 | 557 | 330 | |
Telephone and data communications | 1,326 | 1,658 | 1,720 | |
Office supplies | 586 | 494 | 553 | |
Other(1) | [1] | 9,994 | 7,766 | 9,134 |
Total other operating expense | $ 12,035 | $ 10,475 | $ 11,737 | |
[1]Components of other operating income or expense that do not exceed 1% of total income |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 0 | $ 0 |
Deferred Tax Assets, Valuation Allowance | 0 | $ 0 |
Unrecognized Tax Benefits | 0 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards | 1,270 | |
Operating Loss Carryforwards Subject to Expiration | 796 | |
Operating Loss Carryforwards Not Subject to Expiration | 470 | |
Operating Loss Carryforwards Acquired During Period | $ 1,460 |
Note 14 - Income Taxes - Compon
Note 14 - Income Taxes - Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal | $ 11,055 | $ 9,883 | $ 8,546 | ||||||||
State | 1,553 | 1,648 | 1,563 | ||||||||
Total current tax expense | 12,608 | 11,531 | 10,109 | ||||||||
Federal | 1,166 | 1,800 | 4,677 | ||||||||
State | 180 | 164 | 574 | ||||||||
Total deferred tax expense | 1,346 | 1,964 | 5,251 | ||||||||
Total income tax expense | $ 2,932 | $ 4,307 | $ 3,057 | $ 3,658 | $ 3,076 | $ 4,111 | $ 3,423 | $ 2,885 | $ 13,954 | $ 13,495 | $ 15,360 |
Note 14 - Income Taxes - Reconc
Note 14 - Income Taxes - Reconciliation of Statutory Federal Tax Rate and Effective Tax Rate From Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal income tax at the statutory rate, amount | $ 13,014 | $ 12,633 | $ 13,971 | ||||||||
Federal income tax at the statutory rate | 21% | 21% | 21% | ||||||||
State income tax, net of federal benefit, amount | $ 1,368 | $ 1,432 | $ 2,076 | ||||||||
State income tax, net of federal benefit | 2.21% | 2.38% | 3.12% | ||||||||
Total effective income tax rate reconciliation, amount | $ 14,382 | $ 14,065 | $ 16,047 | ||||||||
Total effective income tax rate reconciliation | 23.21% | 23.38% | 24.12% | ||||||||
Tax-exempt interest income, amount | $ (348) | $ (347) | $ (340) | ||||||||
Tax-exempt interest income | (0.56%) | (0.58%) | (0.51%) | ||||||||
Excess tax benefits | $ (25) | $ (24) | $ (133) | ||||||||
Excess tax benefits | (0.04%) | (0.04%) | (0.20%) | ||||||||
Bank owned life insurance, amount | $ (167) | $ (68) | $ (225) | ||||||||
Bank owned life insurance | (0.27%) | (0.11%) | (0.34%) | ||||||||
Other items, net, amount | $ 112 | $ (131) | $ 11 | ||||||||
Other items, net | 0.17% | (0.22%) | 0.02% | ||||||||
Total income tax expense | $ 2,932 | $ 4,307 | $ 3,057 | $ 3,658 | $ 3,076 | $ 4,111 | $ 3,423 | $ 2,885 | $ 13,954 | $ 13,495 | $ 15,360 |
Income tax at the effective tax rate | 22.51% | 22.43% | 23.09% |
Note 14 - Income Taxes - Signif
Note 14 - Income Taxes - Significant Components of Net Deferred Tax Asset (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | [1] |
Allowance for credit losses | $ 8,523 | $ 7,283 | ||
Unrealized losses on available-for-sale securities | 2,958 | 4,153 | ||
Unrealized asset losses | 420 | 503 | ||
Purchase accounting | 0 | 148 | ||
FDIC assisted transactions | 346 | 588 | ||
Deferred loan fees | 4,674 | 2,074 | ||
Deferred compensation assets | 6,316 | 5,035 | ||
Federal net operating loss carryforward | 266 | 1,223 | ||
Lease liability | 146 | 160 | ||
Accrued litigation | 824 | 0 | ||
Other | 831 | 707 | ||
Total deferred tax assets | 25,304 | 21,874 | $ 17,493 | |
Fixed assets | (939) | (755) | ||
Intangible assets | (4,303) | (857) | ||
Odd days interest deferral | (4,134) | (4,010) | ||
Purchase accounting | (81) | 0 | ||
Right of use asset | (140) | (155) | ||
Other | (869) | (197) | ||
Total deferred tax liabilities | (10,466) | (5,974) | ||
Net deferred tax asset | $ 14,838 | $ 15,900 | ||
[1]Effect of deferred tax assets related to the adjustment to the ACL form the adoption of ASU 2016-13 using a 23.37% tax rate. |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Income - Components of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Balance | $ 421,985 | [1] | $ 427,775 | $ 426,730 | |
Other comprehensive (loss) income, net | 4,768 | (14,173) | 377 | ||
Balance | 503,294 | 421,985 | [1] | 427,775 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||||
Balance | (15,621) | 15 | 1,106 | ||
Other comprehensive (loss) income before reclassifications | 4,479 | (15,636) | (1,091) | ||
Reclassified from AOCI | 16 | 0 | 0 | ||
Other comprehensive (loss) income, net | 4,495 | (15,636) | (1,091) | ||
Balance | (11,126) | (15,621) | 15 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Balance | (98) | (1,561) | (3,029) | ||
Other comprehensive (loss) income before reclassifications | 242 | 1,357 | 1,160 | ||
Reclassified from AOCI | 31 | 106 | 308 | ||
Other comprehensive (loss) income, net | 273 | 1,463 | 1,468 | ||
Balance | 175 | (98) | (1,561) | ||
AOCI Attributable to Parent [Member] | |||||
Balance | (15,719) | (1,546) | (1,923) | ||
Other comprehensive (loss) income before reclassifications | 4,721 | (14,279) | 69 | ||
Reclassified from AOCI | 47 | 106 | 308 | ||
Other comprehensive (loss) income, net | 4,768 | (14,173) | 377 | ||
Balance | $ (10,951) | $ (15,719) | $ (1,546) | ||
[1]Derived from audited financial statements |
Note 15 - Accumulated Other C_4
Note 15 - Accumulated Other Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loss recognized | $ 21 | $ 0 | $ 0 | ||||||||
Income before income taxes | $ 14,716 | $ 18,947 | $ 12,871 | $ 15,440 | $ 15,659 | $ 17,462 | $ 14,636 | $ 12,400 | 61,974 | 60,157 | 66,528 |
Income tax benefit | 2,932 | 4,307 | 3,057 | 3,658 | 3,076 | 4,111 | 3,423 | 2,885 | 13,954 | 13,495 | 15,360 |
Net income | $ 11,784 | $ 14,640 | $ 9,814 | $ 11,782 | $ 12,583 | $ 13,351 | $ 11,213 | $ 9,515 | 48,020 | 46,662 | 51,168 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Income tax benefit | (5) | 0 | 0 | ||||||||
Net income | 47 | 106 | 308 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||||||||||
Income before income taxes | 21 | 0 | 0 | ||||||||
Income tax benefit | (7) | (29) | (80) | ||||||||
Net income | 16 | 0 | 0 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | |||||||||||
Other operating expense | 0 | 0 | 124 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | |||||||||||
Other operating expense | 38 | 135 | 264 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||||||||
Income before income taxes | 38 | 135 | 388 | ||||||||
Net income | $ 31 | $ 106 | $ 308 |
Note 16 - Fair Value - Assets a
Note 16 - Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | [1] |
Securities available for sale | $ 280,961 | $ 300,349 | $ 83,358 | |
Derivative assets | 136 | 199 | ||
Fair Value, Recurring [Member] | ||||
Securities available for sale | 280,961 | 300,349 | ||
Equity securities | 55 | 55 | ||
Fair value loans | 3,421 | 3,784 | ||
Derivative assets | 136 | 199 | ||
Deferred compensation assets | 6,729 | 5,142 | ||
Deferred compensation liabilities | 8,282 | 5,142 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available for sale | 0 | 0 | ||
Equity securities | 0 | 0 | ||
Fair value loans | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Deferred compensation assets | 6,729 | 5,142 | ||
Deferred compensation liabilities | 8,282 | 5,142 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available for sale | 280,961 | 300,349 | ||
Equity securities | 55 | 55 | ||
Fair value loans | 0 | 0 | ||
Derivative assets | 136 | 199 | ||
Deferred compensation assets | 0 | 0 | ||
Deferred compensation liabilities | 0 | 0 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available for sale | 0 | 0 | ||
Equity securities | 0 | 0 | ||
Fair value loans | 3,421 | 3,784 | ||
Derivative assets | 0 | 0 | ||
Deferred compensation assets | 0 | 0 | ||
Deferred compensation liabilities | 0 | 0 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||||
Securities available for sale | 5,749 | 1,485 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available for sale | 5,749 | 1,485 | ||
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||||
Securities available for sale | 145,826 | 157,264 | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available for sale | 145,826 | 157,264 | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||
Securities available for sale | 19,377 | 23,309 | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available for sale | 19,377 | 23,309 | ||
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||||
Securities available for sale | 27,081 | 34,857 | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available for sale | 27,081 | 34,857 | ||
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | ||||
Securities available for sale | 82,928 | 83,434 | ||
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available for sale | 0 | 0 | ||
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available for sale | 82,928 | 83,434 | ||
Fair Value, Recurring [Member] | Mortgage-backed Agency Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available for sale | $ 0 | $ 0 | ||
[1]Per our analysis no ACL was necessary for investment securities available for sale. |
Note 16 - Fair Value - Changes
Note 16 - Fair Value - Changes in Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 3,784 | $ 13,106 |
Change due to termination of interest rate swaps not qualifying as fair value hedges | (8,489) | |
Changes in fair value | 63 | (428) |
Changes due to principal reduction | (426) | (405) |
Balance | $ 3,421 | $ 3,784 |
Note 16 - Fair Value - Assets M
Note 16 - Fair Value - Assets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - Non-covered Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Collateral Dependent Assets With Specific Reserves [Member] | ||
Total Fair Value | $ 825 | $ 574 |
Collateral Dependent Assets With Specific Reserves [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
Collateral Dependent Assets With Specific Reserves [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
Collateral Dependent Assets With Specific Reserves [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 825 | 574 |
OREO [Member] | ||
Total Fair Value | 192 | 703 |
OREO [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 0 | 0 |
OREO [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total Fair Value | 0 | 0 |
OREO [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | $ 192 | $ 703 |
Note 16 - Fair Value - Quantita
Note 16 - Fair Value - Quantitative Information for Assets Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - Measurement Input, Discount Rate [Member] - Valuation, Market Approach [Member] | Dec. 31, 2023 | Dec. 31, 2022 | |
Minimum [Member] | |||
Collateral dependent assets with specific reserves | [1],[2] | 0.03 | |
OREO | [1],[2] | 0.20 | 0.20 |
Maximum [Member] | |||
Collateral dependent assets with specific reserves | [1],[2] | 0.03 | |
OREO | [1],[2] | 1 | 1 |
Weighted Average [Member] | |||
Collateral dependent assets with specific reserves | [1],[2] | 0.42 | 0.03 |
OREO | [1],[2] | 0.10 | 0.69 |
[1]Appraisals may be adjusted by management for customized discounting criteria, estimated sales costs, and proprietary qualitative adjustments.[2]Fair value is generally based on appraisals of the underlying collateral. |
Note 16 - Fair Value - Financia
Note 16 - Fair Value - Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2021 | ||
Debt securities available for sale, at fair value | $ 280,961 | $ 300,349 | $ 83,358 | [1] | |
Interest receivable | 10,881 | 9,279 | [2] | $ 9,052 | [3] |
Derivative assets | 136 | 199 | |||
Reported Value Measurement [Member] | |||||
Cash and cash equivalents | 116,420 | 170,846 | |||
Debt securities available for sale, at fair value | 280,961 | 300,349 | |||
Equity securities | 55 | 55 | |||
Loans held for investment, net of allowance | 2,536,109 | 2,369,641 | |||
Interest receivable | 10,881 | 9,279 | |||
Deferred compensation assets | 6,729 | 5,142 | |||
Derivative assets | 136 | 199 | |||
Deposits fair value | 253,373 | 283,330 | |||
Securities sold under agreements to repurchase | 1,119 | 1,874 | |||
Interest payable | 556 | 159 | |||
Deferred compensation liabilities | 8,282 | 5,142 | |||
Estimate of Fair Value Measurement [Member] | |||||
Cash and cash equivalents | 116,420 | 170,846 | |||
Debt securities available for sale, at fair value | 280,961 | 300,349 | |||
Equity securities | 55 | 55 | |||
Loans held for investment, net of allowance | 2,350,071 | 2,215,243 | |||
Interest receivable | 10,881 | 9,279 | |||
Deferred compensation assets | 6,729 | 5,142 | |||
Derivative assets | 136 | 199 | |||
Deposits fair value | 247,141 | 281,744 | |||
Securities sold under agreements to repurchase | 1,119 | 1,874 | |||
Interest payable | 556 | 159 | |||
Deferred compensation liabilities | 8,282 | 5,142 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Cash and cash equivalents | 116,420 | 170,846 | |||
Debt securities available for sale, at fair value | 0 | 0 | |||
Equity securities | 0 | 0 | |||
Loans held for investment, net of allowance | 0 | 0 | |||
Interest receivable | 0 | 0 | |||
Deferred compensation assets | 6,729 | 5,142 | |||
Derivative assets | 0 | ||||
Deposits fair value | 0 | 0 | |||
Securities sold under agreements to repurchase | 0 | 0 | |||
Interest payable | 0 | 0 | |||
Deferred compensation liabilities | 8,282 | 5,142 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Cash and cash equivalents | 0 | 0 | |||
Debt securities available for sale, at fair value | 280,961 | 300,349 | |||
Equity securities | 55 | 55 | |||
Loans held for investment, net of allowance | 0 | 0 | |||
Interest receivable | 1,246 | 1,343 | |||
Deferred compensation assets | 0 | 0 | |||
Derivative assets | 136 | 199 | |||
Deposits fair value | 247,141 | 281,744 | |||
Securities sold under agreements to repurchase | 1,119 | 1,874 | |||
Interest payable | 556 | 159 | |||
Deferred compensation liabilities | 0 | 0 | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||||
Cash and cash equivalents | 0 | 0 | |||
Debt securities available for sale, at fair value | 0 | 0 | |||
Equity securities | 0 | 0 | |||
Loans held for investment, net of allowance | 2,350,071 | 2,215,243 | |||
Interest receivable | 9,635 | 7,936 | |||
Deferred compensation assets | 0 | 0 | |||
Derivative assets | 0 | ||||
Deposits fair value | 0 | 0 | |||
Securities sold under agreements to repurchase | 0 | 0 | |||
Interest payable | 0 | 0 | |||
Deferred compensation liabilities | $ 0 | $ 0 | |||
[1]Per our analysis no ACL was necessary for investment securities available for sale.[2]Derived from audited financial statements[3]Accrued interest receivable from acquired credit impaired loans of $57 thousand was reclassed to other assets and was offset by the reclass of the grossed up credit discount on acquired credit impaired loans of $57 thousand that was moved to the ACL for the purchased credit deteriorated loans. |
Note 17 - Earnings Per Share -
Note 17 - Earnings Per Share - Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 11,784 | $ 14,640 | $ 9,814 | $ 11,782 | $ 12,583 | $ 13,351 | $ 11,213 | $ 9,515 | $ 48,020 | $ 46,662 | $ 51,168 |
Adjustment to Net Income for Fair Value Changes to Restricted Stock Units (tax-effected) | 530 | 215 | 335 | 20 | 1,100 | 0 | 0 | ||||
Adjusted Net Income for diluted earnings per share | $ 12,314 | $ 14,855 | $ 10,149 | $ 11,802 | $ 49,120 | $ 46,662 | $ 51,168 | ||||
Weighted average common shares outstanding, basic (in shares) | 18,530,114 | 18,786,032 | 18,407,078 | 16,228,297 | 16,229,289 | 16,378,022 | 16,662,817 | 16,817,284 | 17,996,373 | 16,519,848 | 17,335,615 |
Dilutive effect of potential common shares (in shares) | 14,922 | 23,625 | 36,467 | ||||||||
Total dilutive effect of potential common shares (in shares) | 30,778 | 42,409 | 67,321 | ||||||||
Weighted average common shares outstanding, diluted (in shares) | 18,575,226 | 18,831,836 | 18,431,598 | 16,289,489 | 16,281,922 | 16,413,202 | 16,682,615 | 16,864,515 | 18,027,151 | 16,562,257 | 17,402,936 |
Basic earnings per common share (in dollars per share) | $ 0.64 | $ 0.78 | $ 0.53 | $ 0.73 | $ 0.78 | $ 0.82 | $ 0.67 | $ 0.57 | $ 2.67 | $ 2.82 | $ 2.95 |
Diluted earnings per common share (in dollars per share) | $ 0.66 | $ 0.79 | $ 0.55 | $ 0.72 | $ 0.77 | $ 0.81 | $ 0.67 | $ 0.56 | $ 2.72 | $ 2.82 | $ 2.94 |
Antidilutive potential common shares (in shares) | 162,030 | 131,198 | 104,150 | ||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||||
Dilutive effect of potential common shares (in shares) | 15,856 | 18,784 | 30,854 | ||||||||
Antidilutive potential common shares (in shares) | 129,324 | 131,198 | 103,520 | ||||||||
Restricted Stock and Units [Member] | |||||||||||
Antidilutive potential common shares (in shares) | 32,706 | 0 | 630 |
Note 18 - Related Party Trans_3
Note 18 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Deposit Liabilities | $ 15,190 | $ 14,590 | |
Operating Lease, Expense | 171 | 175 | $ 182 |
Related Parties [Member] | |||
Operating Lease, Expense | 0 | 0 | 0 |
Legal Fees [Member] | |||
Related Party Transaction, Amounts of Transaction | 47 | 41 | 80 |
Other Expense [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 23 | $ 53 | $ 104 |
Note 18 - Related Party Trans_4
Note 18 - Related Party Transactions - Changes in Loans With Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Beginning balance | $ 30,981 | $ 33,740 | |
New loans and advances | 5,215 | 7,768 | |
Loan repayments | (6,217) | (15,979) | |
Reclassifications | [1] | (15) | 5,452 |
Ending balance | $ 29,964 | $ 30,981 | |
[1]Changes related to the composition of the Company's directors, executive officers, and related insiders |
Note 19 - Litigation, Commitm_3
Note 19 - Litigation, Commitments, and Contingencies (Details Textual) - Litigation With Two Customers on June 24, 2022 [Member] $ in Millions | Dec. 31, 2023 USD ($) |
Loss Contingency Accrual | $ 3 |
Minimum [Member] | |
Loss Contingency, Estimate of Possible Loss | 1.5 |
Maximum [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 3.5 |
Note 19 - Litigation, Commitm_4
Note 19 - Litigation, Commitments, and Contingencies - Off-balance Sheet Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Commitments to extend credit | $ 277,462 | $ 278,926 | |
Standby letters of credit and financial guarantees(1) | [1] | 129,220 | 119,681 |
Total off-balance sheet risk | $ 406,682 | $ 398,607 | |
[1]Includes FHLB letters of credit |
Note 20 - Regulatory Requirem_3
Note 20 - Regulatory Requirements and Restrictions (Details Textual) | Jan. 01, 2019 |
Capital Conservation Buffer | 2.50% |
Note 20 - Regulatory Requirem_4
Note 20 - Regulatory Requirements and Restrictions - Company's and Bank's Capital Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Common equity Tier 1 ratio, actual amount | $ 355,157 | $ 303,963 | |
Common equity Tier 1, actual ratio | 0.1469 | 0.1337 | |
Common equity Tier 1 ratio, required amount | $ 108,761 | $ 102,332 | |
Common equity Tier 1, required ratio | 4.50% | 4.50% | |
Tier 1 risk-based capital ratio, actual amount | $ 355,157 | $ 303,963 | |
Tier 1 risk-based capital, actual ratio | 0.1469 | 0.1337 | |
Tier 1 risk-based capital ratio, required amount | $ 145,015 | $ 136,443 | |
Tier 1 risk-based capital, required ratio | 0.06 | 0.06 | |
Total risk-based capital ratio, actual amount | $ 385,369 | $ 332,430 | |
Total risk-based capital, actual ratio | 0.1594 | 0.1462 | |
Total risk-based capital ratio, required amount | $ 193,353 | $ 181,924 | |
Total risk-based capital, required ratio | 0.08 | 0.08 | |
Tier 1 Leverage ratio, actual amount | $ 355,157 | $ 303,963 | |
Tier 1 Leverage, actual ratio | 0.1152 | 0.1017 | |
Tier 1 Leverage ratio, required amount | $ 123,278 | $ 119,499 | |
Tier 1 Leverage, required ratio | 0.04 | 0.04 | |
First Community Bank [Member] | |||
Common equity Tier 1 ratio, actual amount | $ 312,593 | $ 264,185 | |
Common equity Tier 1, actual ratio | 0.1297 | 0.1169 | |
Common equity Tier 1 ratio, required amount | $ 108,461 | $ 101,712 | |
Common equity Tier 1, required ratio | 4.50% | 4.50% | |
Tier 1 risk-based capital ratio, actual amount | $ 312,593 | $ 264,185 | |
Tier 1 risk-based capital, actual ratio | 0.1297 | 0.1169 | |
Tier 1 risk-based capital ratio, required amount | $ 144,615 | $ 135,616 | |
Tier 1 risk-based capital, required ratio | 0.06 | 0.06 | |
Total risk-based capital ratio, actual amount | $ 342,805 | $ 292,481 | |
Total risk-based capital, actual ratio | 0.1422 | 0.1294 | |
Total risk-based capital ratio, required amount | $ 192,820 | $ 180,821 | |
Total risk-based capital, required ratio | 0.08 | 0.08 | |
Tier 1 Leverage ratio, actual amount | $ 312,593 | $ 264,185 | |
Tier 1 Leverage, actual ratio | 0.1007 | 0.0879 | |
Tier 1 Leverage ratio, required amount | $ 124,181 | $ 120,248 | |
Tier 1 Leverage, required ratio | 0.04 | 0.04 | |
Common equity Tier 1 to be well capitalized, amount | [1] | $ 156,667 | $ 146,917 |
Common equity Tier 1, to be well capitalized ratio | [1] | 6.50% | 6.50% |
Tier 1 risk-based capital to be well capitalized, amount | [1] | $ 192,820 | $ 180,821 |
Tier 1 risk-based capital, to be well capitalized ratio | [1] | 0.08 | 0.08 |
Total risk-based capital to be well capitalized, amount | [1] | $ 241,026 | $ 226,026 |
Total risk-based capital, to be well capitalized ratio | [1] | 0.10 | 0.10 |
Tier 1 Leverage to be well capitalized, amount | [1] | $ 155,226 | $ 150,310 |
Tier 1 Leverage, to be well capitalized ratio | [1] | 0.05 | 0.05 |
Fully Phased-In [Member] | |||
Common equity Tier 1 ratio, required amount | $ 169,184 | $ 159,183 | |
Common equity Tier 1, required ratio | 7% | 7% | |
Tier 1 risk-based capital, actual ratio | 0.085 | 0.085 | |
Tier 1 risk-based capital ratio, required amount | $ 205,438 | $ 193,294 | |
Total risk-based capital ratio, required amount | $ 253,776 | $ 238,775 | |
Total risk-based capital, required ratio | 0.105 | 0.105 | |
Fully Phased-In [Member] | First Community Bank [Member] | |||
Common equity Tier 1 ratio, required amount | $ 168,718 | $ 158,218 | |
Common equity Tier 1, required ratio | 7% | 7% | |
Tier 1 risk-based capital, actual ratio | 0.085 | 0.085 | |
Tier 1 risk-based capital ratio, required amount | $ 204,872 | $ 192,122 | |
Total risk-based capital ratio, required amount | $ 253,077 | $ 237,327 | |
Total risk-based capital, required ratio | 0.105 | 0.105 | |
[1]Based on prompt corrective action provisions |
Note 21 - Parent Company Fina_3
Note 21 - Parent Company Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Dec. 31, 2020 | ||
Cash and due from banks | $ 77,563 | $ 63,044 | [1] | ||||
Debt securities available for sale, at fair value | 280,961 | 300,349 | $ 83,358 | [2] | |||
Other assets | 114,211 | 103,673 | [1] | ||||
Total assets | 3,268,545 | 3,135,572 | [1] | ||||
Total liabilities | 2,765,251 | 2,713,587 | [1] | ||||
Common stock | 18,502 | 16,225 | |||||
Additional paid-in capital | 175,841 | 128,508 | [1] | ||||
Retained earnings | 319,902 | 292,971 | [1] | $ 237,585 | [3] | ||
Accumulated other comprehensive loss | (10,951) | (15,719) | [1] | ||||
Total stockholders' equity | 503,294 | 421,985 | [1] | $ 427,775 | $ 426,730 | ||
Total liabilities and stockholders' equity | 3,268,545 | 3,135,572 | [1] | ||||
Parent Company [Member] | |||||||
Cash and due from banks | 14,681 | 16,988 | |||||
Debt securities available for sale, at fair value | 22,468 | 17,313 | |||||
Investment in subsidiaries | 460,731 | 382,286 | |||||
Other assets | 6,227 | 5,910 | |||||
Total assets | 504,107 | 422,497 | |||||
Other liabilities | 813 | 512 | |||||
Total liabilities | 813 | 512 | |||||
Common stock | 18,502 | 16,225 | |||||
Additional paid-in capital | 175,841 | 128,508 | |||||
Retained earnings | 319,902 | 292,971 | |||||
Accumulated other comprehensive loss | (10,951) | (15,719) | |||||
Total stockholders' equity | 503,294 | 421,985 | |||||
Total liabilities and stockholders' equity | $ 504,107 | $ 422,497 | |||||
[1]Derived from audited financial statements[2]Per our analysis no ACL was necessary for investment securities available for sale.[3]Net adjustment to retained earnings related to the adoption of ASU 2016-13. |
Note 21 - Parent Company Fina_4
Note 21 - Parent Company Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other operating expense | $ 12,035 | $ 10,475 | $ 11,737 | ||||||||
Income tax expense | $ 2,932 | $ 4,307 | $ 3,057 | $ 3,658 | $ 3,076 | $ 4,111 | $ 3,423 | $ 2,885 | 13,954 | 13,495 | 15,360 |
Net income | $ 11,784 | $ 14,640 | $ 9,814 | $ 11,782 | $ 12,583 | $ 13,351 | $ 11,213 | $ 9,515 | 48,020 | 46,662 | 51,168 |
Parent Company [Member] | |||||||||||
Cash dividends received from subsidiary bank | 45,700 | 56,250 | 53,200 | ||||||||
Other income | 1,397 | 222 | 8 | ||||||||
Other operating expense | 1,524 | 1,052 | 1,086 | ||||||||
Income before income taxes and equity in undistributed net income of subsidiaries | 45,573 | 55,420 | 52,122 | ||||||||
Income tax expense | (41) | (224) | (351) | ||||||||
Income before equity in undistributed net income of subsidiaries | 45,614 | 55,644 | 52,473 | ||||||||
Equity in (dividends in excess) of undistributed net income of subsidiaries | 2,406 | (8,982) | (1,305) | ||||||||
Net income | $ 48,020 | $ 46,662 | $ 51,168 |
Note 21 - Parent Company Fina_5
Note 21 - Parent Company Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net income | $ 11,784 | $ 14,640 | $ 9,814 | $ 11,782 | $ 12,583 | $ 13,351 | $ 11,213 | $ 9,515 | $ 48,020 | $ 46,662 | $ 51,168 |
Decrease in other operating activities | 4,233 | 3,671 | 1,300 | ||||||||
Net cash provided by operating activities | 61,828 | 59,024 | 48,215 | ||||||||
Investing activities | |||||||||||
Payments to acquire securities available for sale | (74,103) | (269,337) | (22,394) | ||||||||
Net cash (used) provided by investing activities | 288,662 | (536,779) | 35,350 | ||||||||
Financing activities | |||||||||||
Payments for repurchase of common stock | 23,038 | 21,311 | 28,882 | ||||||||
Payments of common stock dividends | (21,089) | (18,515) | (18,059) | ||||||||
Net cash (used) provided by financing activities | (404,916) | (28,838) | 137,313 | ||||||||
Cash and cash equivalents increase (decrease) | (54,426) | (506,593) | 220,878 | ||||||||
Cash and cash equivalents at beginning of period | 170,846 | 677,439 | 170,846 | 677,439 | 456,561 | ||||||
Cash and cash equivalents at end of period | 116,420 | 170,846 | 116,420 | 170,846 | 677,439 | ||||||
Parent Company [Member] | |||||||||||
Net income | 48,020 | 46,662 | 51,168 | ||||||||
Decrease in other operating activities | (3,275) | 8,442 | 253 | ||||||||
Net cash provided by operating activities | 44,745 | 55,104 | 51,421 | ||||||||
Investing activities | |||||||||||
Payments to acquire securities available for sale | (69,469) | (19,372) | 0 | ||||||||
Proceeds from maturities, calls, sales of investment securities | 65,250 | 11,807 | (9,919) | ||||||||
Dividends in excess of undistributed net income of subsidiaries | 0 | 0 | 1,305 | ||||||||
Net cash (used) provided by investing activities | (4,219) | (7,565) | (8,614) | ||||||||
Financing activities | |||||||||||
Proceeds from issuance of common stock | 91 | 172 | 0 | ||||||||
Payments for repurchase of common stock | (23,038) | (21,311) | (28,882) | ||||||||
Payments of common stock dividends | (21,089) | (18,515) | (18,059) | ||||||||
Net change in other financing activities | 1,203 | 1,375 | 1,773 | ||||||||
Net cash (used) provided by financing activities | (42,833) | (38,279) | (45,168) | ||||||||
Cash and cash equivalents increase (decrease) | (2,307) | 9,260 | (2,361) | ||||||||
Cash and cash equivalents at beginning of period | $ 16,988 | $ 7,728 | 16,988 | 7,728 | 10,089 | ||||||
Cash and cash equivalents at end of period | $ 14,681 | $ 16,988 | $ 14,681 | $ 16,988 | $ 7,728 |
Note 22 - Quarterly Financial_3
Note 22 - Quarterly Financial Data (Unaudited) - Summary of Quarterly Earnings (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income | $ 36,002 | $ 36,105 | $ 34,869 | $ 30,189 | $ 30,988 | $ 29,722 | $ 27,970 | $ 25,639 | $ 137,165 | $ 114,319 | $ 105,310 |
Interest expense | 3,939 | 2,758 | 2,007 | 777 | 367 | 380 | 423 | 486 | 9,481 | 1,656 | 2,836 |
Net interest income | 32,063 | 33,347 | 32,862 | 29,412 | 30,621 | 29,342 | 27,547 | 25,153 | 127,684 | 112,663 | 102,474 |
Provision for (recovery of) credit losses | 1,029 | 1,109 | 4,105 | 1,742 | 3,416 | 685 | 510 | 1,961 | 7,985 | 6,572 | (8,471) |
Net interest income after provision | 31,034 | 32,238 | 28,757 | 27,670 | 27,205 | 28,657 | 27,037 | 23,192 | 119,699 | 106,091 | 110,945 |
Noninterest income, excluding net gain (loss) on sale of securities | 10,462 | 9,622 | 8,785 | 8,583 | 9,184 | 9,950 | 8,854 | 9,194 | |||
Noninterest expense | 26,780 | 22,913 | 24,671 | 20,813 | 20,730 | 21,145 | 21,255 | 19,986 | 95,177 | 83,116 | 78,718 |
Income before income taxes | 14,716 | 18,947 | 12,871 | 15,440 | 15,659 | 17,462 | 14,636 | 12,400 | 61,974 | 60,157 | 66,528 |
Income tax expense | 2,932 | 4,307 | 3,057 | 3,658 | 3,076 | 4,111 | 3,423 | 2,885 | 13,954 | 13,495 | 15,360 |
Net income | 11,784 | 14,640 | 9,814 | 11,782 | $ 12,583 | $ 13,351 | $ 11,213 | $ 9,515 | 48,020 | 46,662 | 51,168 |
Adjustment to Net Income for Fair Value Changes to Restricted Stock Units (tax-effected) | 530 | 215 | 335 | 20 | 1,100 | 0 | 0 | ||||
Adjusted Net Income for diluted earnings per share | $ 12,314 | $ 14,855 | $ 10,149 | $ 11,802 | $ 49,120 | $ 46,662 | $ 51,168 | ||||
Basic (in dollars per share) | $ 0.64 | $ 0.78 | $ 0.53 | $ 0.73 | $ 0.78 | $ 0.82 | $ 0.67 | $ 0.57 | $ 2.67 | $ 2.82 | $ 2.95 |
Diluted (in dollars per share) | 0.66 | 0.79 | 0.55 | 0.72 | 0.77 | 0.81 | 0.67 | 0.56 | 2.72 | 2.82 | 2.94 |
Dividends per common share (in dollars per share) | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.29 | $ 0.27 | $ 0.27 | $ 1.16 | $ 1.12 | $ 1.04 |
Weighted average common shares outstanding, basic (in shares) | 18,530,114 | 18,786,032 | 18,407,078 | 16,228,297 | 16,229,289 | 16,378,022 | 16,662,817 | 16,817,284 | 17,996,373 | 16,519,848 | 17,335,615 |
Weighted average diluted shares outstanding (in shares) | 18,575,226 | 18,831,836 | 18,431,598 | 16,289,489 | 16,281,922 | 16,413,202 | 16,682,615 | 16,864,515 | 18,027,151 | 16,562,257 | 17,402,936 |