Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 09, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000885275 | |
Entity Registrant Name | WILSON BANK HOLDING CO | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 0-20402 | |
Entity Incorporation, State or Country Code | TN | |
Entity Tax Identification Number | 62-1497076 | |
Entity Address, Address Line One | 623 West Main Street | |
Entity Address, City or Town | Lebanon | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37087 | |
City Area Code | 615 | |
Local Phone Number | 444-2265 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,461,087 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Loans | $ 2,991,325 | $ 2,483,914 |
Less: Allowance for credit losses | (37,580) | (39,632) |
Net loans | 2,953,745 | 2,444,282 |
Securities available-for-sale, at market (amortized cost $995,115 and $906,135, respectively) | 839,152 | 897,585 |
Loans held for sale | 3,555 | 11,843 |
Interest bearing deposits | 78,713 | 400,940 |
Restricted equity securities | 4,357 | 5,089 |
Federal funds sold | 0 | 27,055 |
Total earning assets | 3,879,522 | 3,786,794 |
Cash and due from banks | 16,859 | 25,423 |
Bank premises and equipment, net | 60,074 | 62,846 |
Accrued interest receivable | 9,868 | 7,641 |
Deferred income tax asset | 52,874 | 12,792 |
Bank owned life insurance | 57,619 | 46,206 |
Other assets | 48,765 | 43,089 |
Goodwill | 4,805 | 4,805 |
Total assets | 4,130,386 | 3,989,596 |
Liabilities and Stockholders’ Equity | ||
Noninterest-bearing | 436,287 | 433,500 |
Interest bearing | 1,097,905 | 1,030,743 |
Savings and money market accounts | 1,611,120 | 1,497,669 |
Time | 600,344 | 593,159 |
Total Deposits | 3,745,656 | 3,555,071 |
Accrued interest payable and other liabilities | 42,167 | 20,808 |
Total liabilities | 3,787,823 | 3,575,879 |
Stockholders’ equity: | ||
Common stock, $2.00 par value; authorized 50,000,000 shares, issued and outstanding 11,460,587 and 11,201,504 shares, respectively | 22,921 | 22,403 |
Additional paid-in capital | 121,526 | 105,177 |
Retained earnings | 313,287 | 292,452 |
Noncontrolling interest in consolidated subsidiary | 32 | 0 |
Accumulated other comprehensive losses, net of taxes of $40,760 and $2,235 respectively | (115,203) | (6,315) |
Total stockholders’ equity | 342,563 | 413,717 |
Total liabilities and stockholders’ equity | $ 4,130,386 | $ 3,989,596 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available-for-sale, amortized cost | $ 995,115 | $ 906,135 |
Common stock, par value (in dollars per share) | $ 2 | $ 2 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 11,460,587 | 11,201,504 |
Common stock, shares outstanding (in shares) | 11,460,587 | 11,201,504 |
Accumulated other comprehensive losses, taxes | $ 40,760 | $ 2,235 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income: | ||||
Interest and fees on loans | $ 36,566 | $ 30,773 | $ 98,474 | $ 88,211 |
Interest and dividends on securities: | ||||
Taxable securities | 4,374 | 2,372 | 11,548 | 6,167 |
Exempt from federal income taxes | 351 | 329 | 1,030 | 905 |
Interest on loans held for sale | 64 | 80 | 232 | 340 |
Interest on federal funds sold | 29 | 4 | 95 | 9 |
Interest on balances held at depository institutions | 585 | 128 | 1,126 | 315 |
Interest and dividends on restricted securities | 55 | 33 | 115 | 84 |
Total interest income | 42,024 | 33,719 | 112,620 | 96,031 |
Interest expense: | ||||
Interest on negotiable order of withdrawal accounts | 522 | 475 | 1,444 | 1,383 |
Interest on money market and savings accounts | 1,942 | 482 | 3,060 | 1,587 |
Interest on time deposits | 1,406 | 1,884 | 3,717 | 6,027 |
Interest on Federal Home Loan Bank advances | 0 | 0 | 0 | 133 |
Interest on Federal funds purchased | 7 | 0 | 7 | 0 |
Interest on finance leases | 17 | 0 | 50 | 0 |
Total interest expense | 3,894 | 2,841 | 8,278 | 9,130 |
Net interest income before provision for credit losses | 38,130 | 30,878 | 104,342 | 86,901 |
Provision for credit losses | 2,543 | 130 | 6,060 | 1,012 |
Net interest income after provision for credit losses | 35,587 | 30,748 | 98,282 | 85,889 |
Non-interest income: | ||||
Service charges on deposit accounts | 1,974 | 1,682 | 5,470 | 4,418 |
Brokerage income | 1,919 | 1,586 | 5,348 | 4,665 |
Debit and credit card interchange income | 3,259 | 3,012 | 9,870 | 8,894 |
Other fees and commissions | 376 | 439 | 1,144 | 1,064 |
Income on BOLI and annuity contracts | 357 | 315 | 1,074 | 946 |
Gain (loss) on sale of loans | (56) | 2,275 | 2,669 | 7,929 |
Mortgage servicing income | 40 | 0 | 63 | 0 |
Gain (loss) on sale of securities | (281) | 28 | (281) | 28 |
Gain (loss) on sale of fixed assets | 232 | (6) | 260 | (29) |
Loss on sale of other real estate | 0 | (4) | 0 | (15) |
Gain on sale of other assets | 0 | 1 | 8 | 2 |
Other income | 47 | 20 | 39 | 20 |
Total non-interest income | 7,867 | 9,348 | 25,664 | 27,922 |
Non-interest expense: | ||||
Salaries and employee benefits | 14,443 | 13,456 | 43,353 | 40,778 |
Occupancy expenses, net | 1,422 | 1,436 | 4,167 | 4,067 |
Advertising & public relations expense | 886 | 736 | 2,233 | 1,830 |
Furniture and equipment expense | 838 | 846 | 2,547 | 2,508 |
Data processing expense | 1,908 | 1,509 | 5,533 | 4,419 |
ATM & interchange expense | 1,363 | 1,218 | 3,806 | 3,522 |
Directors’ fees | 146 | 179 | 447 | 463 |
Audit, legal & consulting expenses | 217 | 323 | 635 | 684 |
Provision expense (benefit) for credit losses on unfunded commitments | (515) | 84 | (298) | 221 |
Other operating expenses | 3,040 | 2,904 | 8,789 | 8,673 |
Total non-interest expense | 23,748 | 22,691 | 71,212 | 67,165 |
Earnings before income taxes | 19,706 | 17,405 | 52,734 | 46,646 |
Income taxes | 4,523 | 4,063 | 12,037 | 11,021 |
Net earnings | 15,183 | 13,342 | 40,697 | 35,625 |
Net loss attributable to noncontrolling interest | 7 | 0 | 5 | 0 |
Net earnings attributable to Wilson Bank Holding Company | $ 15,190 | $ 13,342 | $ 40,702 | $ 35,625 |
Weighted average number of common shares outstanding-basic (in shares) | 11,429,027 | 11,165,313 | 11,348,628 | 11,110,006 |
Weighted average number of common shares outstanding-diluted (in shares) | 11,460,943 | 11,197,410 | 11,380,255 | 11,140,586 |
Basic earnings per common share (in dollars per share) | $ 1.33 | $ 1.19 | $ 3.59 | $ 3.21 |
Diluted earnings per common share (in dollars per share) | 1.33 | 1.19 | 3.58 | 3.20 |
Dividends per common share (in dollars per share) | $ 0.75 | $ 0.75 | $ 1.85 | $ 1.35 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings (Losses) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net earnings | $ 15,183 | $ 13,342 | $ 40,697 | $ 35,625 |
Other comprehensive earnings (losses): | ||||
Unrealized losses on available-for-sale securities | (46,767) | (3,840) | (147,694) | (11,521) |
Reclassification adjustment for net losses (gains) included in net earnings | 281 | (28) | 281 | (28) |
Tax effect | 12,148 | 1,011 | 38,525 | 3,019 |
Other comprehensive earnings (losses): | (34,338) | (2,857) | (108,888) | (8,530) |
Comprehensive earnings (losses) | (19,155) | 10,485 | (68,191) | 27,095 |
Comprehensive (earnings) losses attributable to noncontrolling interest | 7 | 0 | 5 | 0 |
Comprehensive earnings (losses) attributable to Wilson Bank Holding Company | $ (19,148) | $ 10,485 | $ (68,186) | $ 27,095 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [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] Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at beginning of period at Dec. 31, 2020 | $ 21,987 | $ 93,034 | $ 257,935 | $ 0 | $ 7,165 | $ 380,121 | ||||||
Cash dividends declared | 0 | 0 | (14,910) | 0 | 0 | (14,910) | ||||||
Issuance of shares of common stock pursuant to dividend reinvestment plan | 373 | 10,815 | 0 | 0 | 0 | 11,188 | ||||||
Issuance of shares of common stock pursuant to exercise of stock options | 29 | 544 | 0 | 0 | 0 | 573 | ||||||
Share based compensation expense | 0 | 362 | 0 | 0 | 0 | 362 | ||||||
Net change in fair value of available-for-sale securities during the period, net of taxes | 0 | 0 | 0 | 0 | (8,530) | (8,530) | ||||||
Net earnings | 0 | 0 | 35,625 | 0 | 0 | 35,625 | ||||||
Balance at end of period at Sep. 30, 2021 | 22,389 | 104,755 | 278,650 | 0 | (1,365) | 404,429 | ||||||
Balance at beginning of period at Jun. 30, 2021 | 22,170 | 98,321 | 273,622 | 0 | 1,492 | 395,605 | ||||||
Cash dividends declared | 0 | 0 | (8,314) | 0 | 0 | (8,314) | ||||||
Issuance of shares of common stock pursuant to dividend reinvestment plan | 206 | 6,080 | 0 | 0 | 0 | 6,286 | ||||||
Issuance of shares of common stock pursuant to exercise of stock options | 13 | 239 | 0 | 0 | 0 | 252 | ||||||
Share based compensation expense | 0 | 115 | 0 | 0 | 0 | 115 | ||||||
Net change in fair value of available-for-sale securities during the period, net of taxes | 0 | 0 | 0 | 0 | (2,857) | (2,857) | ||||||
Net earnings | 0 | 0 | 13,342 | 0 | 0 | 13,342 | ||||||
Balance at end of period at Sep. 30, 2021 | 22,389 | 104,755 | 278,650 | 0 | (1,365) | 404,429 | ||||||
Balance at beginning of period at Dec. 31, 2021 | $ 0 | $ 0 | $ 1,011 | $ 0 | $ 0 | $ 1,011 | 22,403 | 105,177 | 292,452 | 0 | (6,315) | 413,717 |
Cash dividends declared | 0 | 0 | (20,878) | 0 | 0 | (20,878) | ||||||
Issuance of shares of common stock pursuant to dividend reinvestment plan | 501 | 15,616 | 0 | 0 | 0 | 16,117 | ||||||
Issuance of shares of common stock pursuant to exercise of stock options | 17 | 147 | 0 | 0 | 0 | 164 | ||||||
Share based compensation expense | 0 | 586 | 0 | 0 | 0 | 586 | ||||||
Net change in fair value of available-for-sale securities during the period, net of taxes | 0 | 0 | 0 | 0 | (108,888) | (108,888) | ||||||
Net earnings | 0 | 0 | 40,702 | (5) | 0 | 40,697 | ||||||
Balance at end of period at Sep. 30, 2022 | 22,921 | 121,526 | 313,287 | 32 | (115,203) | 342,563 | ||||||
Noncontrolling interest contribution | 0 | 0 | 0 | 37 | 0 | 37 | ||||||
Balance at beginning of period at Jun. 30, 2022 | 22,717 | 114,943 | 306,615 | 39 | (80,865) | 363,449 | ||||||
Cash dividends declared | 0 | 0 | (8,518) | 0 | 0 | (8,518) | ||||||
Issuance of shares of common stock pursuant to dividend reinvestment plan | 199 | 6,305 | 0 | 0 | 0 | 6,504 | ||||||
Issuance of shares of common stock pursuant to exercise of stock options | 5 | 63 | 0 | 0 | 0 | 68 | ||||||
Share based compensation expense | 0 | 215 | 0 | 0 | 0 | 215 | ||||||
Net change in fair value of available-for-sale securities during the period, net of taxes | 0 | 0 | 0 | 0 | (34,338) | (34,338) | ||||||
Net earnings | 0 | 0 | 15,190 | (7) | 0 | 15,183 | ||||||
Balance at end of period at Sep. 30, 2022 | $ 22,921 | $ 121,526 | $ 313,287 | $ 32 | $ (115,203) | $ 342,563 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash dividends declared, per share (in dollars per share) | $ 0.75 | $ 0.75 | $ 1.85 | $ 1.35 |
Issuance of shares of common stock pursuant to dividend reinvestment plan, shares (in shares) | 99,224 | 103,141 | 250,329 | 186,583 |
Issuance of shares of common stock, shares (in shares) | 2,839 | 6,182 | 8,754 | 14,333 |
Net change in fair value of available-for-sale securities during the period, taxes | $ 12,148 | $ 1,011 | $ 38,525 | $ 3,019 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES | ||
Net earnings | $ 40,697 | $ 35,625 |
Adjustments to reconcile consolidated net income to net cash provided (used) by operating activities | ||
Provision for credit losses | 6,060 | 1,012 |
Deferred income taxes benefit | (1,915) | (1,056) |
Depreciation and amortization of premises and equipment | 3,346 | 3,180 |
Loss (gain) on disposal of premises and equipment | (260) | 29 |
Net amortization of securities | 3,181 | 3,999 |
Net realized losses (gains) on sales of securities | 281 | (28) |
Gains on mortgage loans sold, net | (2,669) | (7,929) |
Share-based compensation expense | 1,410 | 986 |
Loss on other real estate | 0 | 15 |
Gain on sale of other assets | (8) | (2) |
Increase in value of life insurance and annuity contracts | (1,074) | (766) |
Mortgage loans originated for resale | (94,149) | (167,429) |
Proceeds from sale of mortgage loans | 105,106 | 184,296 |
Right of use asset amortization | 293 | 1,299 |
Change in | ||
Accrued interest receivable | (2,227) | (681) |
Other assets | 249 | (4,598) |
Accrued interest payable | 94 | (860) |
Other liabilities | 3,633 | 5,917 |
TOTAL ADJUSTMENTS | 21,351 | 17,384 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 62,048 | 53,009 |
INVESTING ACTIVITIES | ||
Purchases | (175,289) | (403,894) |
Sales | 12,073 | 39,652 |
Maturities, prepayments and calls | 70,774 | 120,378 |
Redemptions (purchases) of restricted equity securities | 732 | 0 |
Net increase in loans | (511,575) | (94,979) |
Purchase of buildings, leasehold improvements, and equipment | (505) | (7,671) |
Proceeds from sale of premises and equipment | 260 | 0 |
Proceeds from sale of other assets | 34 | 83 |
Proceeds from sale of other real estate | 0 | 167 |
Purchase of life insurance and annuity contracts | (10,729) | (15,000) |
Increase in other investments | 0 | (2,000) |
NET CASH USED IN INVESTING ACTIVITIES | (614,225) | (363,264) |
FINANCING ACTIVITIES | ||
Net change in deposits - non-maturing | 183,400 | 421,953 |
Net change in deposits - time | 7,185 | (8,052) |
Net change in Federal Home Loan Bank Advances | 0 | (3,638) |
Change in escrow balances | 8,326 | (2,148) |
Repayment of finance lease obligation | (20) | 0 |
Noncontrolling interest contributions | 37 | 0 |
Issuance of common stock related to exercise of stock options | 164 | 573 |
Issuance of common stock pursuant to dividend reinvestment plan | 16,117 | 11,188 |
Cash dividends paid on common stock | (20,878) | (14,910) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 194,331 | 404,966 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (357,846) | 94,711 |
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 453,418 | 338,856 |
CASH AND CASH EQUIVALENTS - END OF PERIOD | 95,572 | 433,567 |
Supplemental disclosure of cash flow information: | ||
Interest | 8,184 | 9,259 |
Taxes | 15,346 | 13,327 |
Non-cash investing and financing activities: | ||
Change in fair value of securities available-for-sale, net of tax benefit of $38,525 and $3,019 for the nine months ended September 30, 2022 and 2021, respectively | (108,888) | (8,530) |
Non-cash transfers from loans to other real estate | 0 | 182 |
Non-cash transfers from loans to other assets | $ 0 | $ 81 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1. Nature of Business June 1, 2022, Basis of Presentation 10 not 10 December 31, 2021 These consolidated financial statements include the accounts of the Company, the Bank, and Encompass. Significant intercompany transactions and accounts are eliminated in consolidation. Use of Estimates 10 December 31, 2021 no 10 December 31, 2021 326 1. 2 Accounting Changes, Reclassifications and Restatements January 1, 2022, 2016 13, 326 326 326” 326 326 not not We adopted ASC 326 January 1, 2022 326 2021 10 In connection with the adoption of ASC 326, Allowance For Credit Losses - Loans 326, not 2 Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures 326, No 11 Securities no Interest income on securities includes amortization of purchase premiums and discounts. Premiums and discounts on securities are generally amortized using the interest method with a constant effective yield without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable securities are amortized to their earliest call date. A security is placed on non-accrual status if (i) principal or interest has been in default for a period of 90 not not Allowance for Credit Losses - Securities Available-for-Sale not not not Recently Issued Accounting Pronouncements Information about certain recently issued accounting standards updates is presented below. Also refer to Note 1 2021 10 ASU 2020 04, Reference Rate Reform (Topic 848 March 2020, March 12, 2020 December 31, 2022. 2022 August 2023. ASU 2016 13, “ Financial Instruments - Credit Losses (Topic 326 ” ASU 2016 - 13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. As noted above, effective January 1, 2022 the Company adopted ASU 2016 - 13, which resulted in a $7.6 million decrease to the allowance for credit losses and a $6.2 million increase to the reserve for unfunded commitments, resulting in a $1.0 million increase in retained earnings (net of taxes). See Note 2 – Loans and Allowance for Credit Losses for additional information. ASU 2022 01, “ Derivatives and Hedging (Topic 815 ” ASU 2022 - 01 was issued to expand the scope of assets eligible for portfolio layer method hedging to include all financial assets. The update also expands the current last-of-layer method that permits only one hedged layer to allow multiple hedged layers of a single closed portfolio. The last-of-layer method is renamed the portfolio layer method, because more than the last layer of a portfolio could be hedged. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The adoption of ASU 2022 01 not ASU 2022 02, “ Financial Instruments - Credit Losses (Topic 326 ” ASU 2022 - 02 was issued to respond to feedback received from post-implementation review of Topic 326. The amendments eliminate the troubled debt restructuring (TDR) recognition and measurement guidance and now require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosures and include new disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. To improve consistency for vintage disclosures, the ASU requires that public business entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326 - 20. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The adoption of ASU 2022 02 not Other than those previously discussed, there were no |
Note 2 - Loans and Allowance fo
Note 2 - Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 2. Loans — For financial reporting purposes, the Company classifies its loan portfolio based on the underlying collateral utilized to secure each loan. This classification is consistent with that utilized in the Quarterly Report of Condition and Income filed by the Bank with the Federal Deposit Insurance Corporation (“FDIC”). The following schedule details the loans of the Company at September 30, 2022 December 31, 2021 (In Thousands) September 30, 2022 December 31, 2021 Residential 1-4 family real estate $ 812,433 $ 689,579 Commercial and multi-family real estate 993,647 908,673 Construction, land development and farmland 853,326 612,659 Commercial, industrial and agricultural 124,115 118,155 1-4 family equity lines of credit 142,043 92,229 Consumer and other 79,720 74,643 Total loans before net deferred loan fees 3,005,284 2,495,938 Net deferred loan fees (13,959 ) (12,024 ) Total loans 2,991,325 2,483,914 Less: Allowance for credit losses (37,580 ) (39,632 ) Net loans $ 2,953,745 $ 2,444,282 Risk characteristics relevant to each portfolio segment are as follows: Construction, land development and farmland: may may may Residential 1 4 1 4 first second 1 4 first second second 1 4 Commercial and multi-family real estate: Commercial real estate lending typically involves higher loan principal amounts and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may third 50 third Commercial, industrial, and agricultural: aled $169,000 at September 30, 2022 $5.0 million at December 31, 2021. may not may may may Consumer: may one five may Allowance For Credit Losses ("ACL") - Loans. 326, may not not The Company’s discounted cash flow methodology incorporates a probability of default and loss given default model, as well as expectations of future economic conditions, using reasonable and supportable forecasts. Together, the probability of default and loss given default model with the use of reasonable and supportable forecasts generate estimates for cash flows expected and not third four four may For segments where the discounted cash flow methodology is not The estimated loan losses for all loan segments are adjusted for changes in qualitative factors not ely selected by management. may 1. Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not 2. Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments. 3. Changes in the nature and volume of the portfolio and in the terms of loans. 4. Changes in the experience, ability, and depth of lending management and other relevant staff. 5. Changes in the volume and severity of past-due loans, the volume of non-accrual loans, and the volume and severity of adversely classified or graded loans. 6. Changes in the quality of the Company's loan review system. 7. Changes in the value of underlying collateral for collateral-dependent loans. 8. The existence and effect of any concentrations of credit, and changes in the level of such concentrations. 9. The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the Company’s existing portfolio. The qualitative allowance allocation, as determined by the processes noted above, is increased or decreased for each loan segment based on the assessment of these various qualitative factors. Loans that do not milar risk characteristics with the collectively evaluated pools are evaluated on an individual basis and are excluded from the collectively evaluated pools. Individual evaluations are generally performed for loans greater than $500,000 not 326 In assessing the adequacy of the allowance for credit losses, the Company considers the results of the Company's ongoing independent loan review process. The Company undertakes this process both to ascertain those loans in the portfolio with elevated credit risk and to assist in its overall evaluation of the risk characteristics of the entire loan portfolio. Its loan review process includes the judgment of management, independent internal loan reviewers and reviews that may third In accordance with CECL, losses are estimated over the remaining contractual terms of loans, adjusted for prepayments and curtailment. The contractual term excludes expected extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that a TDR will be executed or such renewals, extensions or modifications are included in the original loan agreement and are not Credit losses are estimated on the amortized cost basis of loans, which includes the principal balance outstanding and deferred loan fees and costs. While management utilizes its best judgment and information available, the ultimate appropriateness 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 the regulatory authorities toward loan classifications. Allowance for Loan Losses (allowance) 326 January 1, 2022, two 450 20, Loss Contingencies 310 10 35, Receivables 450 20 310 10 35 The allowance allocation began with a process of estimating the probable losses in each of the twelve twenty The estimated loan loss allocation for all twelve not not twelve We then tested the resulting allowance by comparing the balance in the allowance to industry and peer information. Our management then evaluated the result of the procedures performed, including the result of our testing, and concluded on the appropriateness of the balance of the allowance in its entirety. The board of directors reviewed and approved the assessment prior to the filing of quarterly and annual financial information. A loan was impaired when, based on current information and events, it was probable that we would be unable to collect all amounts due according to the contractual terms of the loan agreement. Collection of all amounts due according to the contractual terms means that both the interest and principal payments of a loan would be collected as scheduled in the loan agreement. An impairment allowance was recognized if the fair value of the loan was less than the recorded investment in the loan (recorded investment in the loan was the principal balance plus any accrued interest, net of deferred loan fees or costs and unamortized premium or discount). The impairment was recognized through the allowance. Loans that were impaired were recorded at the present value of expected future cash flows discounted at the loan’s effective interest rate, or if the loan was collateral dependent, impairment measurement was based on the fair value of the collateral, less estimated disposal costs. If the measure of the impaired loan was less than the recorded investment in the loan, the Company recognized an impairment by creating a valuation allowance with a corresponding charge to the provision for loan losses or by adjusting an existing valuation allowance for the impaired loan with a corresponding charge or credit to the provision for loan losses. Management believes it followed appropriate accounting and regulatory guidance in determining impairment and accrual status of impaired loans. Loans are charged off when management believes that the full collectability of the loan is unlikely. As such, a loan may Transactions in the allowance for credit losses for the nine September 30, 2022 nine September 30, 2021 (In Thousands) Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total September 30, 2022 Allowance for credit losses: Beginning balance January 1, $ 9,242 16,846 9,757 1,329 1,098 1,360 39,632 Impact of adopting ASC 326 (3,393 ) (3,433 ) (266 ) 219 (324 ) (367 ) (7,564 ) Provision for credit losses on loans 1,048 1,155 2,504 106 312 935 6,060 Charge-offs (8 ) — — (9 ) — (1,038 ) (1,055 ) Recoveries 106 — 17 27 — 357 507 Ending balance $ 6,995 14,568 12,012 1,672 1,086 1,247 37,580 (In Thousands) Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total September 30, 2021 Allowance for loan losses: Beginning balance January 1, $ 8,203 18,343 8,090 1,391 997 1,515 38,539 Provision 620 (1,378 ) 1,741 (120 ) 53 96 1,012 Charge-offs — — (23 ) (3 ) — (690 ) (716 ) Recoveries 58 — 47 5 — 366 476 Ending balance $ 8,881 16,965 9,855 1,273 1,050 1,287 39,311 Transactions in the allowance for credit losses for the three September 30, 2022 three September 30, 2021 (In Thousands) Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total September 30, 2022 Allowance for credit losses: Beginning balance July 1, $ 6,291 13,609 11,696 1,542 916 1,184 35,238 Provision for credit losses 616 959 305 119 170 374 2,543 Charge-offs (8 ) — — (9 ) — (445 ) (462 ) Recoveries 96 — 11 20 — 134 261 Ending balance $ 6,995 14,568 12,012 1,672 1,086 1,247 37,580 (In Thousands) Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total September 30, 2021 Allowance for loan losses: Beginning balance July 1, $ 8,540 17,583 9,353 1,294 1,048 1,496 39,314 Provision 331 (618 ) 484 (22 ) 2 (47 ) 130 Charge-offs — — — — — (276 ) (276 ) Recoveries 10 — 18 1 — 114 143 Ending balance $ 8,881 16,965 9,855 1,273 1,050 1,287 39,311 The following table details the allowance for loan losses and recorded investment in loans by loan classification and by impairment evaluation method as of December 31, 2021, 310 326: (In Thousands) Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total December 31, 2021 Allowance for loan losses: Ending balance individually evaluated for impairment $ — — — — — — — Ending balance collectively evaluated for impairment $ 9,242 16,846 9,757 1,329 1,098 1,360 39,632 Loans: Ending balance $ 689,579 908,673 612,659 118,155 92,229 74,643 2,495,938 Ending balance individually evaluated for impairment $ 134 531 — — — — 665 Ending balance collectively evaluated for impairment $ 689,445 908,142 612,659 118,155 92,229 74,643 2,495,273 The following table presents the amortized cost basis of collateral dependent loans at September 30, 2022 In Thousands Real Estate Other Total September 30, 2022 Residential 1-4 family real estate $ 131 — 131 Commercial and multi-family real estate 512 — 512 Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 643 — 643 The following table presents impaired loans at December 31, 2021 310 326. December 31, 2021 December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance In Thousands With no related allowance recorded: Residential 1-4 family real estate $ 136 134 — Commercial and multi-family real estate 532 531 — Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 668 665 — With related allowance recorded: Residential 1-4 family real estate $ — — — Commercial and multi-family real estate — — — Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ — — — Total: Residential 1-4 family real estate $ 136 134 — Commercial and multi-family real estate 532 531 — Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 668 665 — The following table details the average recorded investment and the amount of interest income recognized on a cash basis for the nine September 30, 2021 310 326: September 30, 2021 Average Recorded Investment Interest Income Recognized In Thousands With no related allowance recorded: Residential 1-4 family real estate $ 870 6 Commercial and multi-family real estate 248 11 Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — $ 1,118 17 With related allowance recorded: Residential 1-4 family real estate $ 912 — Commercial and multi-family real estate 508 7 Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — $ 1,420 7 Total: Residential 1-4 family real estate $ 1,782 6 Commercial and multi-family real estate 756 18 Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — $ 2,538 24 Loans are placed on nonaccrual status when there is a significant deterioration in the financial condition of the borrower, which often is determined when the principal or interest on the loan is more than 90 not The following tables present the Company’s nonaccrual loans and past due loans as of September 30, 2022 December 31, 2021 Loans on Nonaccrual Status In Thousands September 30, December 31, 2022 2021 Residential 1-4 family real estate $ — $ — Commercial and multi-family real estate — — Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — Total $ — $ — Past Due Loans (In thousands) 30-59 Days Past Due 60-89 Days Past Due Non Accrual and Greater Than 90 Days Past Due Total Non Accrual and Past Due Current Total Loans Recorded Investment Greater Than 90 Days Past Due and Accruing September 30, 2022 Residential 1-4 family real estate $ 1,053 842 386 2,281 810,152 812,433 $ 386 Commercial and multi-family real estate 133 91 — 224 993,423 993,647 — Construction, land development and farmland — 48 — 48 853,278 853,326 — Commercial, industrial and agricultural 76 74 — 150 123,965 124,115 — 1-4 family equity lines of credit 244 213 57 514 141,529 142,043 $ 57 Consumer and other 694 104 98 896 78,824 79,720 98 Total $ 2,200 1,372 541 4,113 3,001,171 3,005,284 $ 541 December 31, 2021 Residential 1-4 family real estate $ 2,072 169 357 2,598 686,981 689,579 $ 357 Commercial and multi-family real estate — — — — 908,673 908,673 — Construction, land development and farmland 1,154 215 — 1,369 611,290 612,659 — Commercial, industrial and agricultural 59 81 — 140 118,015 118,155 — 1-4 family equity lines of credit 170 — 9 179 92,050 92,229 9 Consumer and other 287 99 23 409 74,234 74,643 23 Total $ 3,742 564 389 4,695 2,491,243 2,495,938 $ 389 The Bank’s loan portfolio includes certain loans that have been modified in a troubled debt restructuring ("TDR"), where economic or other concessions have been granted to borrowers who have experienced or are expected to experience financial difficulties. These concessions typically result from the Bank’s loss mitigation activities and could include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions. Certain TDRs are classified as nonperforming at the time of restructure and may six The following table summarizes the carrying balances of TDRs at September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 (In thousands) Performing TDRs $ 846 $ 876 Nonperforming TDRs 114 165 Total TDRS $ 960 $ 1,041 The following table outlines the amount of each troubled debt restructuring, categorized by loan classification, made during the nine September 30, 2022 nine September 30, 2021 September 30, 2022 September 30, 2021 Number of Contracts Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment, Net of Related Allowance Number of Contracts Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment, Net of Related Allowance Residential 1-4 family real estate — $ — $ — — $ — $ — Commercial and multi-family real estate — — — — — — Construction, land development and farmland — — — — — — Commercial, industrial and agricultural — — — — — — 1-4 family equity lines of credit — — — — — — Consumer and other — — — — — — Total — $ — $ — — $ — $ — As of September 30, 2022 and September 30, 2021 the Company had no loan relationships that had been previously classified as a T twelve As of September 30, 2022 were no consumer mortgage loans in the process of foreclosure. As December 31, 2021 osure totaled $262,000 Potential problem loans, which include nonperforming loans, amounted to approxim at ely million at September 30, 2022 and million a December 31, 2021 The following summary presents the Bank's loan balances by primary loan classification and the amount classified within each risk rating category. Pass rated loans include all credits other than those included in special mention, substandard and doubtful which are defined as follows: • Special mention loans have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may • Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not • Doubtful loans have all the characteristics of substandard loans with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The Bank considers all doubtful loans to be collateral dependent and places such loans on nonaccrual status. The table below presents loan balances classified within each risk rating category by primary loan type and based on year of origination as of September 30, 2022 In Thousands Revolving 2022 2021 2020 2019 2018 Prior Loans Total September 30, 2022 Residential 1-4 family real estate Pass $ 234,604 259,368 111,245 63,610 30,948 86,292 21,489 807,556 Special mention — — 901 — 116 2,005 349 3,371 Substandard — — 37 131 — 1,338 — 1,506 Total Residential 1-4 family real estate $ 234,604 259,368 112,183 63,741 31,064 89,635 21,838 812,433 Commercial and multi-family real estate Pass $ 198,521 228,852 163,568 109,657 75,934 187,572 29,249 993,353 Special mention — — 163 — — 40 — 203 Substandard — — — — — 91 — 91 Total Commercial and multi-family real estate $ 198,521 228,852 163,731 109,657 75,934 187,703 29,249 993,647 Construction, land development and farmland Pass $ 300,954 279,972 88,983 10,153 5,551 10,074 157,560 853,247 Special mention — — — — — 61 — 61 Substandard — — — — — 18 — 18 Total Construction, land development and farmland $ 300,954 279,972 88,983 10,153 5,551 10,153 157,560 853,326 Commercial, industrial and agricultural Pass $ 25,034 13,332 28,612 20,980 5,581 5,060 25,421 124,020 Special mention — 21 19 — — 55 — 95 Substandard — — — — — — — — Total Commercial, industrial and agricultural $ 25,034 13,353 28,631 20,980 5,581 5,115 25,421 124,115 1-4 family equity lines of credit Pass $ — — — — — — 141,915 141,915 Special mention — — — — — — 11 11 Substandard — — — — — — 117 117 Total 1-4 family equity lines of credit $ — — — — — — 142,043 142,043 Consumer and other Pass $ 23,251 13,365 7,409 6,404 486 6,932 21,672 79,519 Special mention 19 51 10 3 — — — 83 Substandard 74 14 14 1 14 1 — 118 Total Consumer and other $ 23,344 13,430 7,433 6,408 500 6,933 21,672 79,720 The table below presents loan balances classified within each risk rating category based on year of origination as of September 30, 2022 In Thousands 2022 2021 2020 2019 2018 Prior Revolving Loans Total September 30, 2022 Pass $ 782,364 794,889 399,817 210,804 118,500 295,930 397,306 2,999,610 Special mention 19 72 1,093 3 116 2,161 360 3,824 Substandard 74 14 51 132 14 1,448 117 1,850 Total $ 782,457 794,975 400,961 210,939 118,630 299,539 397,783 3,005,284 The following table outlines the risk category of loans as of December 31, 2021 : In Thousands Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 Family Equity Lines of Credit Consumer and Other Total Credit Risk Profile by Internally Assigned Grade December 31, 2021 Pass $ 682,527 908,409 612,537 118,058 92,208 74,513 2,488,252 Special mention 5,566 — 93 96 11 89 5,855 Substandard 1,486 264 29 1 10 41 1,831 Total $ 689,579 908,673 612,659 118,155 92,229 74,643 2,495,938 |
Note 3 - Debt and Equity Securi
Note 3 - Debt and Equity Securities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 3. Debt and equity securities have been classified in the consolidated balance sheet according to management’s intent. Debt and equity securities at September 30, 2022 December 31, 2021 September 30, 2022 Securities Available-For-Sale In Thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Market Value U.S. Treasury and other U.S. government agencies $ 14,658 — 1,180 13,478 U.S. Government-sponsored enterprises (GSEs) 180,264 — 31,410 148,854 Mortgage-backed securities 531,472 5 78,069 453,408 Asset-backed securities 41,256 — 1,526 39,730 Corporate bonds 2,500 — 121 2,379 Obligations of states and political subdivisions 224,965 — 43,662 181,303 $ 995,115 5 155,968 839,152 December 31, 2021 Securities Available-For-Sale In Thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Market Value U.S. Treasury and other U.S. government agencies $ 7,320 — 99 7,221 U.S. Government-sponsored enterprises (GSEs) 163,700 20 4,490 159,230 Mortgage-backed securities 465,588 2,726 6,537 461,777 Asset-backed securities 46,583 213 83 46,713 Corporate bonds 2,500 75 — 2,575 Obligations of states and political subdivisions 220,444 2,611 2,986 220,069 $ 906,135 5,645 14,195 897,585 Included in mortgage-backed securities are collateralized mortgage oblig ations totaling $147,779,000 (fair value of $126,143,000) and $130 ,594,000 September 30, 2022 December 31, 2021 Securities carried on the balance sheet of approximately $417,122,000 (approximate market value of $352,371,000) and $368,718, 000 September 30, 2022 December 31, 2021 The amortized cost and estimated market value of debt securities at September 30, 2022 may Available-For-Sale In Thousands Amortized Cost Estimated Market Value Due in one year or less $ 5,455 $ 5,277 Due after one year through five years 85,654 78,157 Due after five years through ten years 271,526 226,693 Due after ten years 632,480 529,025 $ 995,115 $ 839,152 The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2022 December 31, 2021 In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total September 30, 2022 Fair Value Unrealized Losses Number of Securities Included Fair Value Unrealized Losses Number of Securities Included Fair Value Unrealized Losses Available-for-Sale Securities: U.S. Treasury and other U.S. government agencies $ 7,061 $ 252 2 $ 6,417 $ 928 3 $ 13,478 $ 1,180 U.S. Government-sponsored enterprises (GSEs) 27,129 4,477 9 121,725 26,933 49 148,854 31,410 Mortgage-backed securities 229,613 30,715 152 222,875 47,354 98 452,488 78,069 Asset-backed securities 34,357 1,346 25 5,373 180 4 39,730 1,526 Corporate bonds 2,379 121 1 — — — 2,379 121 Obligations of states and political subdivisions 102,539 20,465 133 78,764 23,197 94 181,303 43,662 $ 403,078 $ 57,376 322 $ 435,154 $ 98,592 248 $ 838,232 $ 155,968 In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total December 31, 2021 Fair Value Unrealized Losses Number of Securities Included Fair Value Unrealized Losses Number of Securities Included Fair Value Unrealized Losses Available-for-Sale Securities: U.S. Treasury and other U.S. government agencies $ 7,221 $ 99 3 $ — $ — — $ 7,221 $ 99 U.S. Government-sponsored enterprises (GSEs) 110,981 2,466 33 45,725 2,024 19 156,706 4,490 Mortgage-backed securities 317,211 4,644 96 54,692 1,893 33 371,903 6,537 Asset-backed securities 17,945 67 9 484 16 1 18,429 83 Corporate bonds — — — — — — — — Obligations of states and political subdivisions 83,510 1,460 74 36,225 1,526 32 119,735 2,986 $ 536,868 $ 8,736 215 $ 137,126 $ 5,459 85 $ 673,994 $ 14,195 For any securities classified as available-for-sale that are in an unrealized loss position at the balance sheet date, the Company assesses whether or not not not September 30, 2022 not not may no September 30, 2022 not September 30, 2022 not September 30, 2022 December 31, 2021 |
Note 4 - Derivatives
Note 4 - Derivatives | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 4. Derivatives Designated as Fair Value Hedges For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument as well as the offsetting loss or gain on the hedged asset or liability attributable to the hedged risk are recognized in current earnings. The gain or loss on the derivative instrument is presented on the same income statement line item as the earnings effect of the hedged item. The Company utilizes interest rate swaps designated as fair value hedges to mitigate the effect of changing interest rates on the fair values of fixed rate loans. The hedging strategy on loans converts the fixed interest rates to LIBOR-based variable interest rates. These derivatives are designated as partial term hedges of selected cash flows covering specified periods of time prior to the maturity dates of the hedged loans. During th e second 2020, one to 1 A summary of the Company's fair value hedge relationships as of September 30, 2022 December 31, 2021 September 30, 2022 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Interest rate swap agreements - loans Other assets 7.67 0.65 % 1 month LIBOR $ 30,000 4,826 December 31, 2021 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Interest rate swap agreements - loans Other assets 8.42 0.65 % 1 month LIBOR $ 30,000 1,192 The effects of fair value hedge relationships reported in interest income on loans on the consolidated statements of income for the nine September 30, 2022 2021 Nine Months Ended September 30, Gain (loss) on fair value hedging relationship 2022 2021 Interest rate swap agreements - loans: Hedged items $ (3,616 ) (986 ) Derivative designated as hedging instruments 3,634 1,053 The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges at September 30, 2022 December 31, 2021 Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Line item on the balance sheet September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Loans $ 25,101 28,717 (4,899 ) (1,283 ) Mortgage Banking Derivatives C ommitments to fund certain mortgage loans (interest rate locks) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third rate lock commitments are entered into in an effort to economically hedge the effect of changes in interest rates resulting from its commitments to fund the loans. At September 30, 2022 and December 31, 2021 , the Company had approximately and , respectively, of interest rate lock commitments and approximately and , respectively, of forward commitments for the future delivery of residential mortgage loans. The fair value of these mortgage banking derivatives was reflected by a derivative liability of and a derivative asset of at September 30, 2022 and December 31, 2021 , respectively, and a derivative asset of and at September 30, 2022 and December 31, 2021 , respect ively. Changes in the fair values of these mortgage-banking derivatives are included in net gains on sale of loans. The net gains (losses) relating to free-standing derivative instruments used for risk management is summarized below (in thousands): In Thousands September 30, 2022 September 30, 2021 Interest rate contracts for customers $ (804 ) 87 Forward contracts related to mortgage loans held for sale and interest rate contracts 314 247 The following table reflects the amount and fair value of mortgage banking derivatives included in the consolidated balance sheet as of September 30, 2022 December 31, 2021 In Thousands September 30, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value Included in other assets (liabilities): Interest rate contracts for customers $ 13,487 (147 ) 20,340 657 Forward contracts related to mortgage loans held-for-sale 12,250 320 20,500 6 |
Note 5 - Mortgage Servicing Rig
Note 5 - Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Transfers and Servicing of Financial Assets [Text Block] | Note 5. During the first 2022, third not September 30, 2022 In Thousands September 30, 2022 Mortgage loan portfolios serviced for: FHLMC $ 80,675 For the nine September 30, 2022 In Thousands September 30, 2022 Balance at beginning of period $ — Servicing rights retained from loans sold 1,320 Amortization (304 ) Valuation Allowance Provision — Balance at end of period $ 1,016 Fair value, end of period $ 1,194 The key data and assumptions used in estimating the fair value of the Company's mortgage servicing rights as of September 30, 2022 September 30, 2022 Prepayment speed 6.91 % Weighted-average life (in years) 9.12 Weighted-average note rate 4.21 % Weighted-average discount rate 9.00 % |
Note 6 - Equity Incentive Plans
Note 6 - Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 6. In April 2009, 2009 “2009 2009 April 14, 2009. 2009 2009 2009 2009 April 13, 2019, may 2009 2009 September 30, 2022 ding o 2009 ce of . During the second 2016, 2016 2016 January 25, 2016 April 12, 2016. September 26, 2016, 2016 “2016 September 30, 2022 , the Company had shares remaining available for issuance under the 2016 September 30, 2022 , the Company had outstanding options with a weighted average exercise price of and cash-settled stock appreciation rights with a weighted average exercise price of under the 2016 As of September 30, 2022 ding stock options with a weighted average exercise price of and cash-settled stock appreciation rights each with a weighted average exercise price of . The following table summarizes information about stock options and cash-settled SARs for the nine September 30, 2022 2021 September 30, 2022 September 30, 2021 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options and SARs outstanding at beginning of period 357,254 $ 50.18 284,591 $ 43.71 Granted 114,332 64.06 24,999 59.02 Exercised (34,508 ) 41.95 (38,883 ) 40.75 Forfeited or expired (1,167 ) 46.81 (100 ) 31.31 Outstanding at end of period 435,911 $ 54.48 270,607 $ 45.55 Options and SARs exercisable at September 30 168,017 $ 43.67 164,544 $ 41.91 As of September 30, 2022 re was of total unrecognized cost related to non-vested share-based compensation arrangements granted under the Company's equity incentive plans. The cost is expected to be recognized over a weighted-average period of years. |
Note 7 - Regulatory Capital
Note 7 - Regulatory Capital | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 7. Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. The net unrealized gain or loss on available for sale securities is not September 30, 2022 , the Bank and the Company meet all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five not September 30, 2022 and December 31, 2021 , the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no The Company’s and Wilson Bank’s actual capital amounts and ratios as of September 30, 2022 December 31, 2021 2.5% not Actual Minimum Capital Adequacy For Classification Under Corrective Action Plan as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) September 30, 2022 Total capital to risk weighted assets: Consolidated $ 497,360 13.5 % $ 294,682 8.0 % $ 368,352 10.0 % Wilson Bank 494,996 13.4 294,680 8.0 368,350 10.0 Tier 1 capital to risk weighted assets: Consolidated 452,928 12.3 221,011 6.0 294,681 8.0 Wilson Bank 450,564 12.2 221,011 6.0 294,681 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 452,928 12.3 165,758 4.5 N/A N/A Wilson Bank 450,564 12.2 165,758 4.5 239,429 6.5 Tier 1 capital to average assets: Consolidated 452,928 11.0 165,284 4.0 N/A N/A Wilson Bank 450,564 10.9 165,229 4.0 206,537 5.0 Actual Minimum Capital Adequacy For Classification Under Corrective Action Plan as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) December 31, 2021 Total capital to risk weighted assets: Consolidated $ 455,813 13.9 % $ 261,404 8.0 % $ 326,755 10.0 % Wilson Bank 452,130 13.8 261,317 8.0 326,646 10.0 Tier 1 capital to risk weighted assets: Consolidated 415,226 12.7 196,052 6.0 261,403 8.0 Wilson Bank 411,543 12.6 195,987 6.0 261,316 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 415,226 12.7 147,039 4.5 N/A N/A Wilson Bank 411,543 12.6 146,990 4.5 212,319 6.5 Tier 1 capital to average assets: Consolidated 415,226 10.8 154,280 4.0 N/A N/A Wilson Bank 411,543 10.7 154,230 4.0 192,787 5.0 Dividend Restrictions The Company and the Bank are subject to dividend restrictions set forth by the Tennessee Department of Financial Institutions and federal banking agencies, as applicable. Additional restrictions may |
Note 8 - Fair Value Measurement
Note 8 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 8. FASB ASC 820, Fair Value Measurements and Disclosures not not Valuation Hierarchy FASB ASC 820 three three • Level 1 • Level 2 • Level 3 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. Assets Securities available-for-sale — 1 1 not 2 3 Hedged loans Collateral dependent loans third 3 Other real estate owned — 3 Mortgage loans held-for-sale 2 Derivative Instruments 2 Other investments third 3 not not The following tables present the financial instruments carried at fair value as of September 30, 2022 December 31, 2021 820 Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands) Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) September 30, 2022 Hedged Loans $ 25,101 — 25,101 — Investment securities available-for-sale: U.S. Treasury and other U.S. government agencies 13,478 13,478 — — U.S. Government sponsored enterprises 148,854 — 148,854 — Mortgage-backed securities 453,408 — 453,408 — Asset-backed securities 39,730 — 39,730 — Corporate bonds 2,379 — 2,379 — State and municipal securities 181,303 — 181,303 — Total investment securities available-for-sale 839,152 13,478 825,674 — Mortgage loans held for sale 3,555 — 3,555 — Derivative instruments 5,146 — 5,146 — Other investments 2,073 — — 2,073 Total assets $ 875,027 13,478 859,476 2,073 Derivative instruments $ 147 — 147 — Total liabilities $ 147 — 147 — December 31, 2021 Hedged Loans $ 28,717 — 28,717 — Investment securities available-for-sale: U.S. Treasury and other U.S. government agencies 7,221 7,221 — — U.S. Government sponsored enterprises 159,230 — 159,230 — Mortgage-backed securities 461,777 — 461,777 — Asset-backed securities 46,713 — 46,713 — Corporate bonds 2,575 — 2,575 — State and municipal securities 220,069 — 220,069 — Total investment securities available-for-sale 897,585 7,221 890,364 — Mortgage loans held for sale 11,843 — 11,843 — Derivative instruments 1,855 — 1,855 — Other investments 2,034 — — 2,034 Total assets $ 942,034 7,221 932,779 2,034 Derivative instruments $ — — — — Total liabilities $ — — — — Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (In Thousands) Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) September 30, 2022 Other real estate owned $ — — — — Collateral dependent loans (¹) 643 — — 643 Total $ 643 — — 643 December 31, 2021 Other real estate owned $ — — — — Impaired loans, net (¹) 668 — — 668 Total $ 668 — — 668 ( 1 As of September 30, 2022 no valuation allowance was recorded on collateral dependent loans. As of December 31, 2021 The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which we have utilized Level 3 September 30, 2022 December 31, 2021 Valuation Techniques (1) Significant Unobservable Inputs Weighted Average Collateral dependent loans Appraisal Estimated costs to sell 10% Other real estate owned Appraisal Estimated costs to sell 10% ( 1 may 3 not not In the case of its investment securities portfolio, the Company monitors the valuation technique utilized by various pricing agencies to ascertain when transfers between levels have been affected. The nature of the remaining assets and liabilities is such that transfers in and out of any level are expected to be rare. For the nine September 30, 2022 , there were no 1, 2 3. The table below includes a rollforward of the balance sheet amounts for the three nine September 30, 2022 2021 3 3 3 3 For the Three Months Ended September 30, 2022 2021 Other Assets Other Liabilities Other Assets Other Liabilities Fair value, July 1 $ 2,026 — $ — — Total realized gains (losses) included in income 47 — 20 — Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at September 30 — — — — Purchases, issuances and settlements, net — — 2,000 — Transfers out of Level 3 — — — — Fair value, September 30 $ 2,073 — $ 2,020 — Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at September 30 $ 47 — $ 20 — For the Nine Months Ended September 30, 2022 2021 Other Assets Other Liabilities Other Assets Other Liabilities Fair value, January 1 $ 2,034 — $ — — Total realized gains (losses) included in income 39 — 20 — Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at September 30 — — — — Purchases, issuances and settlements, net — — 2,000 — Transfers out of Level 3 — — — — Fair value, September 30 $ 2,073 — $ 2,020 — Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at September 30 $ 39 — $ 20 — The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments that are not not September 30, 2022 December 31, 2021 not may Cash and cash equivalents 1. Loans For variable-rate loans that reprice frequently and have no Mortgage servicing rights — The fair value of servicing rights is based on the present value of estimated future cash flows of mortgages sold, stratified by rate and maturity date. Assumptions that are incorporated in the valuation of servicing rights include assumptions about prepayment speeds on mortgages and the cost to service loans. Deposits and Federal Home Loan Bank borrowings Off-Balance Sheet Instruments not The following table presents the carrying amounts, estimated fair value and placement in the fair valuation hierarchy of the Company’s financial instruments at September 30, 2022 December 31, 2021 Carrying/ Notional Estimated Quote Market Prices in an Active Market Models with Significant Observable Market Parameters Models with Significant Unobservable Market Parameters (in Thousands) Amount Fair Value (¹) (Level 1) (Level 2) (Level 3) September 30, 2022 Financial assets: Cash and cash equivalents $ 95,572 95,572 95,572 — — Loans, net 2,928,644 2,862,636 — — 2,862,636 Mortgage servicing rights 1,016 1,194 — 1,194 — Financial liabilities: Deposits 3,745,656 3,021,826 — — 3,021,826 December 31, 2021 Financial assets: Cash and cash equivalents $ 453,418 453,418 453,418 — — Loans, net 2,444,282 2,439,539 — — 2,439,539 Financial liabilities: Deposits 3,555,071 3,227,520 — — 3,227,520 ( 1 Estimated fair values are consistent with an exit-price concept. The assumptions used to estimate the fair values are intended to approximate those that a market-participant would realize in a hypothetical orderly transaction. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9. Accounting Standards Codification (“ASC”) 740, Income Taxes not” September 30, 2022 not September 30, 2022 The Company’s effective tax rate for the three nine September 30, 2022 2021 September 30, 2022 2021 As of and for the nine September 30, 2022 not The Company and the Bank file consolidated U.S. Federal and State of Tennessee income tax returns. The Company is currently open to audit under the statute of limitations by the State of Tennessee for the years ended Decem ber 31, 2018 2021 December 31, 2019 2021. |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 10. The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period, adjusted for stock splits. The computation of diluted earnings per share for the Company begins with the basic earnings per share and includes the effect of common shares contingently issuable from stock options. The following is a summary of components comprising basic and diluted earnings per share (“EPS”) for the three nine September 30, 2022 2021 Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Dollars in Thousands Except Share and Per Share Amounts) (Dollars in Thousands Except Share and Per Share Amounts) Basic EPS Computation: Numerator – Earnings available to common stockholders $ 15,190 $ 13,342 $ 40,702 $ 35,625 Denominator – Weighted average number of common shares outstanding 11,429,027 11,165,313 11,348,628 11,110,006 Basic earnings per common share $ 1.33 $ 1.19 $ 3.59 $ 3.21 Diluted EPS Computation: Numerator – Earnings available to common stockholders $ 15,190 $ 13,342 $ 40,702 $ 35,625 Denominator – Weighted average number of common shares outstanding 11,429,027 11,165,313 11,348,628 11,110,006 Dilutive effect of stock options 31,916 32,097 31,627 30,580 Weighted average diluted common shares outstanding 11,460,943 11,197,410 11,380,255 11,140,586 Diluted earnings per common share $ 1.33 $ 1.19 $ 3.58 $ 3.20 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 11. In the normal course of business, the Bank has entered into off-balance sheet financial instruments which include commitments to extend credit (i.e., including unfunded lines of credit) and standby letters of credit. Commitments to extend credit are usually the result of lines of credit granted to existing borrowers under agreements that the total outstanding indebtedness will not may may Standby letters of credit are generally issued on behalf of an applicant (the Bank's customer) to a specifically named beneficiary and are the result of a particular business arrangement that exists between the applicant and the beneficiary. Standby letters of credit have fixed expiration dates and are usually for terms of two third The Bank follows the same credit policies and underwriting practices when making these commitments as it does for on-balance sheet instruments. Each customer’s creditworthiness is evaluated on a case-by-case basis, and the amount of collateral obtained, if any, is based on management’s credit evaluation of the customer. Collateral held varies but may The contractual amounts of these commitments are not not A summary of the Company’s total contractual amount for all off-balance sheet commitments at September 30, 2022 Commitments to extend credit $ 1,274,381,000 Standby letters of credit $ 79,404,000 Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures. 326, No Estimating credit losses on amounts expected to be funded uses the same methodology as described for loans in Note 2 The following table details activity in the allowance for credit losses on off-balance-sheet credit exposures for the nine September 30, 2022 2021 (In Thousands) 2022 2021 Beginning balance, January 1 $ 955 693 Impact of adopting ASC 326 6,195 — Credit loss expense (benefit) (298 ) 221 Ending balance, September 30, $ 6,852 914 The Bank originates residential mortgage loans, sells them to third may may not fourth 2018, not Each purchaser has specific guidelines and criteria for sellers of loans, and the risk of credit loss with regard to the principal amount of the loans sold is generally transferred to the purchasers upon sale. While the loans are sold without recourse, the purchase agreements require the Bank to make certain representations and warranties regarding the existence and sufficiency of file documentation and the absence of fraud by borrowers or other third To date, repurchase activity pursuant to the terms of these representations and warranties or due to early payoffs or payment defaults has been insignificant and has resulted in insignificant losses to the Company. Based on information currently available, management believes that the Bank does not may Various legal claims also arise from time to time in the normal course of business. In the opinion of management, the resolution of these claims outstanding at September 30, 2022 not |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 12. ASC 855, September 30, 2022 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Nature of Business [Policy Text Block] | Nature of Business June 1, 2022, |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 10 not 10 December 31, 2021 These consolidated financial statements include the accounts of the Company, the Bank, and Encompass. Significant intercompany transactions and accounts are eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates 10 December 31, 2021 no 10 December 31, 2021 326 1. 2 |
Accounting Changes, Reclassifications and Restatements [Policy Text Block] | Accounting Changes, Reclassifications and Restatements January 1, 2022, 2016 13, 326 326 326” 326 326 not not We adopted ASC 326 January 1, 2022 326 2021 10 In connection with the adoption of ASC 326, |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block] | Allowance For Credit Losses - Loans 326, not 2 |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Allowance For Credit Losses - Off-Balance-Sheet Credit Exposures 326, No 11 |
Investment, Policy [Policy Text Block] | Securities no Interest income on securities includes amortization of purchase premiums and discounts. Premiums and discounts on securities are generally amortized using the interest method with a constant effective yield without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable securities are amortized to their earliest call date. A security is placed on non-accrual status if (i) principal or interest has been in default for a period of 90 not not Allowance for Credit Losses - Securities Available-for-Sale not not not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements Information about certain recently issued accounting standards updates is presented below. Also refer to Note 1 2021 10 ASU 2020 04, Reference Rate Reform (Topic 848 March 2020, March 12, 2020 December 31, 2022. 2022 August 2023. ASU 2016 13, “ Financial Instruments - Credit Losses (Topic 326 ” ASU 2016 - 13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. As noted above, effective January 1, 2022 the Company adopted ASU 2016 - 13, which resulted in a $7.6 million decrease to the allowance for credit losses and a $6.2 million increase to the reserve for unfunded commitments, resulting in a $1.0 million increase in retained earnings (net of taxes). See Note 2 – Loans and Allowance for Credit Losses for additional information. ASU 2022 01, “ Derivatives and Hedging (Topic 815 ” ASU 2022 - 01 was issued to expand the scope of assets eligible for portfolio layer method hedging to include all financial assets. The update also expands the current last-of-layer method that permits only one hedged layer to allow multiple hedged layers of a single closed portfolio. The last-of-layer method is renamed the portfolio layer method, because more than the last layer of a portfolio could be hedged. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The adoption of ASU 2022 01 not ASU 2022 02, “ Financial Instruments - Credit Losses (Topic 326 ” ASU 2022 - 02 was issued to respond to feedback received from post-implementation review of Topic 326. The amendments eliminate the troubled debt restructuring (TDR) recognition and measurement guidance and now require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. The amendments enhance existing disclosures and include new disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. To improve consistency for vintage disclosures, the ASU requires that public business entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326 - 20. The guidance is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The adoption of ASU 2022 02 not Other than those previously discussed, there were no |
Note 2 - Loans and Allowance _2
Note 2 - Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In Thousands) September 30, 2022 December 31, 2021 Residential 1-4 family real estate $ 812,433 $ 689,579 Commercial and multi-family real estate 993,647 908,673 Construction, land development and farmland 853,326 612,659 Commercial, industrial and agricultural 124,115 118,155 1-4 family equity lines of credit 142,043 92,229 Consumer and other 79,720 74,643 Total loans before net deferred loan fees 3,005,284 2,495,938 Net deferred loan fees (13,959 ) (12,024 ) Total loans 2,991,325 2,483,914 Less: Allowance for credit losses (37,580 ) (39,632 ) Net loans $ 2,953,745 $ 2,444,282 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (In Thousands) Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total September 30, 2022 Allowance for credit losses: Beginning balance January 1, $ 9,242 16,846 9,757 1,329 1,098 1,360 39,632 Impact of adopting ASC 326 (3,393 ) (3,433 ) (266 ) 219 (324 ) (367 ) (7,564 ) Provision for credit losses on loans 1,048 1,155 2,504 106 312 935 6,060 Charge-offs (8 ) — — (9 ) — (1,038 ) (1,055 ) Recoveries 106 — 17 27 — 357 507 Ending balance $ 6,995 14,568 12,012 1,672 1,086 1,247 37,580 (In Thousands) Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total September 30, 2021 Allowance for loan losses: Beginning balance January 1, $ 8,203 18,343 8,090 1,391 997 1,515 38,539 Provision 620 (1,378 ) 1,741 (120 ) 53 96 1,012 Charge-offs — — (23 ) (3 ) — (690 ) (716 ) Recoveries 58 — 47 5 — 366 476 Ending balance $ 8,881 16,965 9,855 1,273 1,050 1,287 39,311 (In Thousands) Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total September 30, 2022 Allowance for credit losses: Beginning balance July 1, $ 6,291 13,609 11,696 1,542 916 1,184 35,238 Provision for credit losses 616 959 305 119 170 374 2,543 Charge-offs (8 ) — — (9 ) — (445 ) (462 ) Recoveries 96 — 11 20 — 134 261 Ending balance $ 6,995 14,568 12,012 1,672 1,086 1,247 37,580 (In Thousands) Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total September 30, 2021 Allowance for loan losses: Beginning balance July 1, $ 8,540 17,583 9,353 1,294 1,048 1,496 39,314 Provision 331 (618 ) 484 (22 ) 2 (47 ) 130 Charge-offs — — — — — (276 ) (276 ) Recoveries 10 — 18 1 — 114 143 Ending balance $ 8,881 16,965 9,855 1,273 1,050 1,287 39,311 (In Thousands) Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 family Equity Lines of Credit Consumer and Other Total December 31, 2021 Allowance for loan losses: Ending balance individually evaluated for impairment $ — — — — — — — Ending balance collectively evaluated for impairment $ 9,242 16,846 9,757 1,329 1,098 1,360 39,632 Loans: Ending balance $ 689,579 908,673 612,659 118,155 92,229 74,643 2,495,938 Ending balance individually evaluated for impairment $ 134 531 — — — — 665 Ending balance collectively evaluated for impairment $ 689,445 908,142 612,659 118,155 92,229 74,643 2,495,273 |
Schedule of Amortized Cost Basis of Collateral Dependent Loans [Table Text Block] | In Thousands Real Estate Other Total September 30, 2022 Residential 1-4 family real estate $ 131 — 131 Commercial and multi-family real estate 512 — 512 Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 643 — 643 |
Impaired Financing Receivables [Table Text Block] | December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance In Thousands With no related allowance recorded: Residential 1-4 family real estate $ 136 134 — Commercial and multi-family real estate 532 531 — Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 668 665 — With related allowance recorded: Residential 1-4 family real estate $ — — — Commercial and multi-family real estate — — — Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ — — — Total: Residential 1-4 family real estate $ 136 134 — Commercial and multi-family real estate 532 531 — Construction, land development and farmland — — — Commercial, industrial and agricultural — — — 1-4 family equity lines of credit — — — Consumer and other — — — $ 668 665 — September 30, 2021 Average Recorded Investment Interest Income Recognized In Thousands With no related allowance recorded: Residential 1-4 family real estate $ 870 6 Commercial and multi-family real estate 248 11 Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — $ 1,118 17 With related allowance recorded: Residential 1-4 family real estate $ 912 — Commercial and multi-family real estate 508 7 Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — $ 1,420 7 Total: Residential 1-4 family real estate $ 1,782 6 Commercial and multi-family real estate 756 18 Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — $ 2,538 24 |
Financing Receivable, Nonaccrual [Table Text Block] | In Thousands September 30, December 31, 2022 2021 Residential 1-4 family real estate $ — $ — Commercial and multi-family real estate — — Construction, land development and farmland — — Commercial, industrial and agricultural — — 1-4 family equity lines of credit — — Consumer and other — — Total $ — $ — |
Financing Receivable, Past Due [Table Text Block] | (In thousands) 30-59 Days Past Due 60-89 Days Past Due Non Accrual and Greater Than 90 Days Past Due Total Non Accrual and Past Due Current Total Loans Recorded Investment Greater Than 90 Days Past Due and Accruing September 30, 2022 Residential 1-4 family real estate $ 1,053 842 386 2,281 810,152 812,433 $ 386 Commercial and multi-family real estate 133 91 — 224 993,423 993,647 — Construction, land development and farmland — 48 — 48 853,278 853,326 — Commercial, industrial and agricultural 76 74 — 150 123,965 124,115 — 1-4 family equity lines of credit 244 213 57 514 141,529 142,043 $ 57 Consumer and other 694 104 98 896 78,824 79,720 98 Total $ 2,200 1,372 541 4,113 3,001,171 3,005,284 $ 541 December 31, 2021 Residential 1-4 family real estate $ 2,072 169 357 2,598 686,981 689,579 $ 357 Commercial and multi-family real estate — — — — 908,673 908,673 — Construction, land development and farmland 1,154 215 — 1,369 611,290 612,659 — Commercial, industrial and agricultural 59 81 — 140 118,015 118,155 — 1-4 family equity lines of credit 170 — 9 179 92,050 92,229 9 Consumer and other 287 99 23 409 74,234 74,643 23 Total $ 3,742 564 389 4,695 2,491,243 2,495,938 $ 389 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | September 30, 2022 December 31, 2021 (In thousands) Performing TDRs $ 846 $ 876 Nonperforming TDRs 114 165 Total TDRS $ 960 $ 1,041 September 30, 2022 September 30, 2021 Number of Contracts Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment, Net of Related Allowance Number of Contracts Pre Modification Outstanding Recorded Investment Post Modification Outstanding Recorded Investment, Net of Related Allowance Residential 1-4 family real estate — $ — $ — — $ — $ — Commercial and multi-family real estate — — — — — — Construction, land development and farmland — — — — — — Commercial, industrial and agricultural — — — — — — 1-4 family equity lines of credit — — — — — — Consumer and other — — — — — — Total — $ — $ — — $ — $ — |
Financing Receivable Credit Quality Indicators [Table Text Block] | In Thousands Revolving 2022 2021 2020 2019 2018 Prior Loans Total September 30, 2022 Residential 1-4 family real estate Pass $ 234,604 259,368 111,245 63,610 30,948 86,292 21,489 807,556 Special mention — — 901 — 116 2,005 349 3,371 Substandard — — 37 131 — 1,338 — 1,506 Total Residential 1-4 family real estate $ 234,604 259,368 112,183 63,741 31,064 89,635 21,838 812,433 Commercial and multi-family real estate Pass $ 198,521 228,852 163,568 109,657 75,934 187,572 29,249 993,353 Special mention — — 163 — — 40 — 203 Substandard — — — — — 91 — 91 Total Commercial and multi-family real estate $ 198,521 228,852 163,731 109,657 75,934 187,703 29,249 993,647 Construction, land development and farmland Pass $ 300,954 279,972 88,983 10,153 5,551 10,074 157,560 853,247 Special mention — — — — — 61 — 61 Substandard — — — — — 18 — 18 Total Construction, land development and farmland $ 300,954 279,972 88,983 10,153 5,551 10,153 157,560 853,326 Commercial, industrial and agricultural Pass $ 25,034 13,332 28,612 20,980 5,581 5,060 25,421 124,020 Special mention — 21 19 — — 55 — 95 Substandard — — — — — — — — Total Commercial, industrial and agricultural $ 25,034 13,353 28,631 20,980 5,581 5,115 25,421 124,115 1-4 family equity lines of credit Pass $ — — — — — — 141,915 141,915 Special mention — — — — — — 11 11 Substandard — — — — — — 117 117 Total 1-4 family equity lines of credit $ — — — — — — 142,043 142,043 Consumer and other Pass $ 23,251 13,365 7,409 6,404 486 6,932 21,672 79,519 Special mention 19 51 10 3 — — — 83 Substandard 74 14 14 1 14 1 — 118 Total Consumer and other $ 23,344 13,430 7,433 6,408 500 6,933 21,672 79,720 In Thousands 2022 2021 2020 2019 2018 Prior Revolving Loans Total September 30, 2022 Pass $ 782,364 794,889 399,817 210,804 118,500 295,930 397,306 2,999,610 Special mention 19 72 1,093 3 116 2,161 360 3,824 Substandard 74 14 51 132 14 1,448 117 1,850 Total $ 782,457 794,975 400,961 210,939 118,630 299,539 397,783 3,005,284 In Thousands Residential 1-4 Family Real Estate Commercial and Multi-family Real Estate Construction, Land Development and Farmland Commercial, Industrial and Agricultural 1-4 Family Equity Lines of Credit Consumer and Other Total Credit Risk Profile by Internally Assigned Grade December 31, 2021 Pass $ 682,527 908,409 612,537 118,058 92,208 74,513 2,488,252 Special mention 5,566 — 93 96 11 89 5,855 Substandard 1,486 264 29 1 10 41 1,831 Total $ 689,579 908,673 612,659 118,155 92,229 74,643 2,495,938 |
Note 3 - Debt and Equity Secu_2
Note 3 - Debt and Equity Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Marketable Securities [Table Text Block] | September 30, 2022 Securities Available-For-Sale In Thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Market Value U.S. Treasury and other U.S. government agencies $ 14,658 — 1,180 13,478 U.S. Government-sponsored enterprises (GSEs) 180,264 — 31,410 148,854 Mortgage-backed securities 531,472 5 78,069 453,408 Asset-backed securities 41,256 — 1,526 39,730 Corporate bonds 2,500 — 121 2,379 Obligations of states and political subdivisions 224,965 — 43,662 181,303 $ 995,115 5 155,968 839,152 December 31, 2021 Securities Available-For-Sale In Thousands Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Market Value U.S. Treasury and other U.S. government agencies $ 7,320 — 99 7,221 U.S. Government-sponsored enterprises (GSEs) 163,700 20 4,490 159,230 Mortgage-backed securities 465,588 2,726 6,537 461,777 Asset-backed securities 46,583 213 83 46,713 Corporate bonds 2,500 75 — 2,575 Obligations of states and political subdivisions 220,444 2,611 2,986 220,069 $ 906,135 5,645 14,195 897,585 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available-For-Sale In Thousands Amortized Cost Estimated Market Value Due in one year or less $ 5,455 $ 5,277 Due after one year through five years 85,654 78,157 Due after five years through ten years 271,526 226,693 Due after ten years 632,480 529,025 $ 995,115 $ 839,152 |
Schedule of Unrealized Loss on Investments [Table Text Block] | In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total September 30, 2022 Fair Value Unrealized Losses Number of Securities Included Fair Value Unrealized Losses Number of Securities Included Fair Value Unrealized Losses Available-for-Sale Securities: U.S. Treasury and other U.S. government agencies $ 7,061 $ 252 2 $ 6,417 $ 928 3 $ 13,478 $ 1,180 U.S. Government-sponsored enterprises (GSEs) 27,129 4,477 9 121,725 26,933 49 148,854 31,410 Mortgage-backed securities 229,613 30,715 152 222,875 47,354 98 452,488 78,069 Asset-backed securities 34,357 1,346 25 5,373 180 4 39,730 1,526 Corporate bonds 2,379 121 1 — — — 2,379 121 Obligations of states and political subdivisions 102,539 20,465 133 78,764 23,197 94 181,303 43,662 $ 403,078 $ 57,376 322 $ 435,154 $ 98,592 248 $ 838,232 $ 155,968 In Thousands, Except Number of Securities Less than 12 Months 12 Months or More Total December 31, 2021 Fair Value Unrealized Losses Number of Securities Included Fair Value Unrealized Losses Number of Securities Included Fair Value Unrealized Losses Available-for-Sale Securities: U.S. Treasury and other U.S. government agencies $ 7,221 $ 99 3 $ — $ — — $ 7,221 $ 99 U.S. Government-sponsored enterprises (GSEs) 110,981 2,466 33 45,725 2,024 19 156,706 4,490 Mortgage-backed securities 317,211 4,644 96 54,692 1,893 33 371,903 6,537 Asset-backed securities 17,945 67 9 484 16 1 18,429 83 Corporate bonds — — — — — — — — Obligations of states and political subdivisions 83,510 1,460 74 36,225 1,526 32 119,735 2,986 $ 536,868 $ 8,736 215 $ 137,126 $ 5,459 85 $ 673,994 $ 14,195 |
Note 4 - Derivatives (Tables)
Note 4 - Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Summary of Fair Value Hedge Relationships [Table Text Block] | September 30, 2022 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Interest rate swap agreements - loans Other assets 7.67 0.65 % 1 month LIBOR $ 30,000 4,826 December 31, 2021 Balance Sheet Location Weighted Average Remaining Maturity (In Years) Weighted Average Pay Rate Receive Rate Notional Amount Estimated Fair Value Interest rate swap agreements - loans Other assets 8.42 0.65 % 1 month LIBOR $ 30,000 1,192 |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Line item on the balance sheet September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Loans $ 25,101 28,717 (4,899 ) (1,283 ) |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | In Thousands September 30, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value Included in other assets (liabilities): Interest rate contracts for customers $ 13,487 (147 ) 20,340 657 Forward contracts related to mortgage loans held-for-sale 12,250 320 20,500 6 |
Interest Rate Swap [Member] | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Nine Months Ended September 30, Gain (loss) on fair value hedging relationship 2022 2021 Interest rate swap agreements - loans: Hedged items $ (3,616 ) (986 ) Derivative designated as hedging instruments 3,634 1,053 |
Mortgage Banking Derivatives [Member] | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | In Thousands September 30, 2022 September 30, 2021 Interest rate contracts for customers $ (804 ) 87 Forward contracts related to mortgage loans held for sale and interest rate contracts 314 247 |
Note 5 - Mortgage Servicing R_2
Note 5 - Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Qualitative and Quantitative Information, Transferor's Continuing Involvement [Table Text Block] | In Thousands September 30, 2022 Mortgage loan portfolios serviced for: FHLMC $ 80,675 |
Servicing Asset at Amortized Cost [Table Text Block] | In Thousands September 30, 2022 Balance at beginning of period $ — Servicing rights retained from loans sold 1,320 Amortization (304 ) Valuation Allowance Provision — Balance at end of period $ 1,016 Fair value, end of period $ 1,194 |
Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Table Text Block] | September 30, 2022 Prepayment speed 6.91 % Weighted-average life (in years) 9.12 Weighted-average note rate 4.21 % Weighted-average discount rate 9.00 % |
Note 6 - Equity Incentive Pla_2
Note 6 - Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | September 30, 2022 September 30, 2021 Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Options and SARs outstanding at beginning of period 357,254 $ 50.18 284,591 $ 43.71 Granted 114,332 64.06 24,999 59.02 Exercised (34,508 ) 41.95 (38,883 ) 40.75 Forfeited or expired (1,167 ) 46.81 (100 ) 31.31 Outstanding at end of period 435,911 $ 54.48 270,607 $ 45.55 Options and SARs exercisable at September 30 168,017 $ 43.67 164,544 $ 41.91 |
Note 7 - Regulatory Capital (Ta
Note 7 - Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Capital Adequacy For Classification Under Corrective Action Plan as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) September 30, 2022 Total capital to risk weighted assets: Consolidated $ 497,360 13.5 % $ 294,682 8.0 % $ 368,352 10.0 % Wilson Bank 494,996 13.4 294,680 8.0 368,350 10.0 Tier 1 capital to risk weighted assets: Consolidated 452,928 12.3 221,011 6.0 294,681 8.0 Wilson Bank 450,564 12.2 221,011 6.0 294,681 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 452,928 12.3 165,758 4.5 N/A N/A Wilson Bank 450,564 12.2 165,758 4.5 239,429 6.5 Tier 1 capital to average assets: Consolidated 452,928 11.0 165,284 4.0 N/A N/A Wilson Bank 450,564 10.9 165,229 4.0 206,537 5.0 Actual Minimum Capital Adequacy For Classification Under Corrective Action Plan as Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) December 31, 2021 Total capital to risk weighted assets: Consolidated $ 455,813 13.9 % $ 261,404 8.0 % $ 326,755 10.0 % Wilson Bank 452,130 13.8 261,317 8.0 326,646 10.0 Tier 1 capital to risk weighted assets: Consolidated 415,226 12.7 196,052 6.0 261,403 8.0 Wilson Bank 411,543 12.6 195,987 6.0 261,316 8.0 Common equity Tier 1 capital to risk weighted assets: Consolidated 415,226 12.7 147,039 4.5 N/A N/A Wilson Bank 411,543 12.6 146,990 4.5 212,319 6.5 Tier 1 capital to average assets: Consolidated 415,226 10.8 154,280 4.0 N/A N/A Wilson Bank 411,543 10.7 154,230 4.0 192,787 5.0 |
Note 8 - Fair Value Measureme_2
Note 8 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and Liabilities Measured at Fair Value on a Recurring Basis (In Thousands) Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) September 30, 2022 Hedged Loans $ 25,101 — 25,101 — Investment securities available-for-sale: U.S. Treasury and other U.S. government agencies 13,478 13,478 — — U.S. Government sponsored enterprises 148,854 — 148,854 — Mortgage-backed securities 453,408 — 453,408 — Asset-backed securities 39,730 — 39,730 — Corporate bonds 2,379 — 2,379 — State and municipal securities 181,303 — 181,303 — Total investment securities available-for-sale 839,152 13,478 825,674 — Mortgage loans held for sale 3,555 — 3,555 — Derivative instruments 5,146 — 5,146 — Other investments 2,073 — — 2,073 Total assets $ 875,027 13,478 859,476 2,073 Derivative instruments $ 147 — 147 — Total liabilities $ 147 — 147 — December 31, 2021 Hedged Loans $ 28,717 — 28,717 — Investment securities available-for-sale: U.S. Treasury and other U.S. government agencies 7,221 7,221 — — U.S. Government sponsored enterprises 159,230 — 159,230 — Mortgage-backed securities 461,777 — 461,777 — Asset-backed securities 46,713 — 46,713 — Corporate bonds 2,575 — 2,575 — State and municipal securities 220,069 — 220,069 — Total investment securities available-for-sale 897,585 7,221 890,364 — Mortgage loans held for sale 11,843 — 11,843 — Derivative instruments 1,855 — 1,855 — Other investments 2,034 — — 2,034 Total assets $ 942,034 7,221 932,779 2,034 Derivative instruments $ — — — — Total liabilities $ — — — — |
Fair Value Measurements, Nonrecurring [Table Text Block] | Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis (In Thousands) Total Carrying Value in the Consolidated Balance Sheet Quoted Market Prices in an Active Market (Level 1) Models with Significant Observable Market Parameters (Level 2) Models with Significant Unobservable Market Parameters (Level 3) September 30, 2022 Other real estate owned $ — — — — Collateral dependent loans (¹) 643 — — 643 Total $ 643 — — 643 December 31, 2021 Other real estate owned $ — — — — Impaired loans, net (¹) 668 — — 668 Total $ 668 — — 668 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Valuation Techniques (1) Significant Unobservable Inputs Weighted Average Collateral dependent loans Appraisal Estimated costs to sell 10% Other real estate owned Appraisal Estimated costs to sell 10% |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | For the Three Months Ended September 30, 2022 2021 Other Assets Other Liabilities Other Assets Other Liabilities Fair value, July 1 $ 2,026 — $ — — Total realized gains (losses) included in income 47 — 20 — Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at September 30 — — — — Purchases, issuances and settlements, net — — 2,000 — Transfers out of Level 3 — — — — Fair value, September 30 $ 2,073 — $ 2,020 — Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at September 30 $ 47 — $ 20 — For the Nine Months Ended September 30, 2022 2021 Other Assets Other Liabilities Other Assets Other Liabilities Fair value, January 1 $ 2,034 — $ — — Total realized gains (losses) included in income 39 — 20 — Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held at September 30 — — — — Purchases, issuances and settlements, net — — 2,000 — Transfers out of Level 3 — — — — Fair value, September 30 $ 2,073 — $ 2,020 — Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at September 30 $ 39 — $ 20 — |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying/ Notional Estimated Quote Market Prices in an Active Market Models with Significant Observable Market Parameters Models with Significant Unobservable Market Parameters (in Thousands) Amount Fair Value (¹) (Level 1) (Level 2) (Level 3) September 30, 2022 Financial assets: Cash and cash equivalents $ 95,572 95,572 95,572 — — Loans, net 2,928,644 2,862,636 — — 2,862,636 Mortgage servicing rights 1,016 1,194 — 1,194 — Financial liabilities: Deposits 3,745,656 3,021,826 — — 3,021,826 December 31, 2021 Financial assets: Cash and cash equivalents $ 453,418 453,418 453,418 — — Loans, net 2,444,282 2,439,539 — — 2,439,539 Financial liabilities: Deposits 3,555,071 3,227,520 — — 3,227,520 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 (Dollars in Thousands Except Share and Per Share Amounts) (Dollars in Thousands Except Share and Per Share Amounts) Basic EPS Computation: Numerator – Earnings available to common stockholders $ 15,190 $ 13,342 $ 40,702 $ 35,625 Denominator – Weighted average number of common shares outstanding 11,429,027 11,165,313 11,348,628 11,110,006 Basic earnings per common share $ 1.33 $ 1.19 $ 3.59 $ 3.21 Diluted EPS Computation: Numerator – Earnings available to common stockholders $ 15,190 $ 13,342 $ 40,702 $ 35,625 Denominator – Weighted average number of common shares outstanding 11,429,027 11,165,313 11,348,628 11,110,006 Dilutive effect of stock options 31,916 32,097 31,627 30,580 Weighted average diluted common shares outstanding 11,460,943 11,197,410 11,380,255 11,140,586 Diluted earnings per common share $ 1.33 $ 1.19 $ 3.58 $ 3.20 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | Commitments to extend credit $ 1,274,381,000 Standby letters of credit $ 79,404,000 |
Off-Balance-Sheet, Credit Loss, Liability [Table Text Block] | (In Thousands) 2022 2021 Beginning balance, January 1 $ 955 693 Impact of adopting ASC 326 6,195 — Credit loss expense (benefit) (298 ) 221 Ending balance, September 30, $ 6,852 914 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2022 | Sep. 30, 2022 | Jun. 01, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Retained Earnings (Accumulated Deficit), Total | $ 313,287 | $ 292,452 | ||||
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | $ 6,852 | 955 | $ 914 | $ 693 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | $ 6,195 | $ 0 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Retained Earnings (Accumulated Deficit), Total | $ 1,000 | |||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | (7,600) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Unfunded Loan Commitment [Member] | ||||||
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | $ 6,200 | |||||
Encompass Home Lending, LLC [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 51% |
Note 2 - Loans and Allowance _3
Note 2 - Loans and Allowance for Credit Losses (Details Textual) Pure in Thousands | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 | Dec. 31, 2021 USD ($) | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 3,005,284,000 | $ 2,495,938,000 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 0 | 262,000 | |
Potential Problem Loans | 5,700,000 | 7,700,000 | |
Commercial Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 169,000 | 5,000,000 | |
Consumer Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 79,720,000 | $ 74,643,000 | |
Minimum [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Amortization Period (Year) | 15 years | ||
Financing Receivable, Maturity Period (Year) | 5 years | ||
Minimum [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Maturity Period (Year) | 1 year | ||
Maximum [Member] | Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Amortization Period (Year) | 30 years | ||
Financing Receivable, Maturity Period (Year) | 15 years | ||
Maximum [Member] | Consumer Portfolio Segment [Member] | |||
Financing Receivable, Maturity Period (Year) | 5 years |
Note 2 - Loans and Allowance _4
Note 2 - Loans and Allowance for Credit Losses - Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Loans, gross | $ 3,005,284 | $ 2,495,938 | ||||
Net deferred loan fees | (13,959) | (12,024) | ||||
Total loans | 2,991,325 | 2,483,914 | ||||
Less: Allowance for credit losses | (37,580) | $ (35,238) | (39,632) | $ (39,311) | $ (39,314) | $ (38,539) |
Net loans | 2,953,745 | 2,444,282 | ||||
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | ||||||
Loans, gross | 812,433 | 689,579 | ||||
Total loans | 812,433 | |||||
Less: Allowance for credit losses | (6,995) | (6,291) | (9,242) | (8,881) | (8,540) | (8,203) |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | ||||||
Loans, gross | 993,647 | 908,673 | ||||
Total loans | 993,647 | |||||
Less: Allowance for credit losses | (14,568) | (13,609) | (16,846) | (16,965) | (17,583) | (18,343) |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||||||
Loans, gross | 853,326 | 612,659 | ||||
Total loans | 853,326 | |||||
Less: Allowance for credit losses | (12,012) | (11,696) | (9,757) | (9,855) | (9,353) | (8,090) |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||||||
Loans, gross | 142,043 | 92,229 | ||||
Total loans | 142,043 | |||||
Less: Allowance for credit losses | (1,086) | (916) | (1,098) | (1,050) | (1,048) | (997) |
Commercial, Industrial and Agricultural Portfolio [Member] | ||||||
Loans, gross | 124,115 | 118,155 | ||||
Total loans | 124,115 | |||||
Less: Allowance for credit losses | (1,672) | (1,542) | (1,329) | (1,273) | (1,294) | (1,391) |
Consumer Portfolio Segment [Member] | ||||||
Loans, gross | 79,720 | 74,643 | ||||
Total loans | 79,720 | |||||
Less: Allowance for credit losses | $ (1,247) | $ (1,184) | $ (1,360) | $ (1,287) | $ (1,496) | $ (1,515) |
Note 2 - Loans and Allowance _5
Note 2 - Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Balance | $ 35,238 | $ 39,314 | $ 39,632 | $ 38,539 | |
Provision for credit losses on loans | 2,543 | 130 | 6,060 | 1,012 | |
Charge-offs | (462) | (276) | (1,055) | (716) | |
Recoveries | 261 | 143 | 507 | 476 | |
Balance | 37,580 | 39,311 | 37,580 | 39,311 | |
Ending balance individually evaluated for impairment | $ 0 | ||||
Ending balance collectively evaluated for impairment | 39,632 | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 3,005,284 | 3,005,284 | 2,495,938 | ||
Loans | 665 | ||||
Ending balance collectively evaluated for impairment | 2,495,273 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (7,564) | ||||
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | |||||
Balance | 6,291 | 8,540 | 9,242 | 8,203 | |
Provision for credit losses on loans | 616 | 331 | 1,048 | 620 | |
Charge-offs | (8) | 0 | (8) | 0 | |
Recoveries | 96 | 10 | 106 | 58 | |
Balance | 6,995 | 8,881 | 6,995 | 8,881 | |
Ending balance individually evaluated for impairment | 0 | ||||
Ending balance collectively evaluated for impairment | 9,242 | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 812,433 | 812,433 | 689,579 | ||
Loans | 134 | ||||
Ending balance collectively evaluated for impairment | 689,445 | ||||
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (3,393) | ||||
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | |||||
Balance | 13,609 | 17,583 | 16,846 | 18,343 | |
Provision for credit losses on loans | 959 | (618) | 1,155 | (1,378) | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Balance | 14,568 | 16,965 | 14,568 | 16,965 | |
Ending balance individually evaluated for impairment | 0 | ||||
Ending balance collectively evaluated for impairment | 16,846 | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 993,647 | 993,647 | 908,673 | ||
Loans | 531 | ||||
Ending balance collectively evaluated for impairment | 908,142 | ||||
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (3,433) | ||||
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | |||||
Balance | 11,696 | 9,353 | 9,757 | 8,090 | |
Provision for credit losses on loans | 305 | 484 | 2,504 | 1,741 | |
Charge-offs | 0 | 0 | 0 | (23) | |
Recoveries | 11 | 18 | 17 | 47 | |
Balance | 12,012 | 9,855 | 12,012 | 9,855 | |
Ending balance individually evaluated for impairment | 0 | ||||
Ending balance collectively evaluated for impairment | 9,757 | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 853,326 | 853,326 | 612,659 | ||
Loans | 0 | ||||
Ending balance collectively evaluated for impairment | 612,659 | ||||
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (266) | ||||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||||
Balance | 916 | 1,048 | 1,098 | 997 | |
Provision for credit losses on loans | 170 | 2 | 312 | 53 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Balance | 1,086 | 1,050 | 1,086 | 1,050 | |
Ending balance individually evaluated for impairment | 0 | ||||
Ending balance collectively evaluated for impairment | 1,098 | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 142,043 | 142,043 | 92,229 | ||
Loans | 0 | ||||
Ending balance collectively evaluated for impairment | 92,229 | ||||
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | (324) | ||||
Commercial, Industrial and Agricultural Portfolio [Member] | |||||
Balance | 1,542 | 1,294 | 1,329 | 1,391 | |
Provision for credit losses on loans | 119 | (22) | 106 | (120) | |
Charge-offs | (9) | 0 | (9) | (3) | |
Recoveries | 20 | 1 | 27 | 5 | |
Balance | 1,672 | 1,273 | 1,672 | 1,273 | |
Ending balance individually evaluated for impairment | 0 | ||||
Ending balance collectively evaluated for impairment | 1,329 | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 124,115 | 124,115 | 118,155 | ||
Loans | 0 | ||||
Ending balance collectively evaluated for impairment | 118,155 | ||||
Commercial, Industrial and Agricultural Portfolio [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | 219 | ||||
Consumer Portfolio Segment [Member] | |||||
Balance | 1,184 | 1,496 | 1,360 | 1,515 | |
Provision for credit losses on loans | 374 | (47) | 935 | 96 | |
Charge-offs | (445) | (276) | (1,038) | (690) | |
Recoveries | 134 | 114 | 357 | 366 | |
Balance | 1,247 | $ 1,287 | 1,247 | $ 1,287 | |
Ending balance individually evaluated for impairment | 0 | ||||
Ending balance collectively evaluated for impairment | 1,360 | ||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 79,720 | 79,720 | 74,643 | ||
Loans | 0 | ||||
Ending balance collectively evaluated for impairment | $ 74,643 | ||||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Balance | $ (367) |
Note 2 - Loans and Allowance _6
Note 2 - Loans and Allowance for Credit Losses - Amortized Cost Bases of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans | $ 665 | |
Real Estate [Member] | ||
Loans | $ 643 | |
Other Collateral [Member] | ||
Loans | 0 | |
Collateral Pledged [Member] | ||
Loans | 643 | |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | ||
Loans | 134 | |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Real Estate [Member] | ||
Loans | 131 | |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Other Collateral [Member] | ||
Loans | 0 | |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Collateral Pledged [Member] | ||
Loans | 131 | |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | ||
Loans | 531 | |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Real Estate [Member] | ||
Loans | 512 | |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Other Collateral [Member] | ||
Loans | 0 | |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Collateral Pledged [Member] | ||
Loans | 512 | |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Loans | 0 | |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Real Estate [Member] | ||
Loans | 0 | |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Other Collateral [Member] | ||
Loans | 0 | |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Collateral Pledged [Member] | ||
Loans | 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Real Estate [Member] | ||
Loans | 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Other Collateral [Member] | ||
Loans | 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Collateral Pledged [Member] | ||
Loans | 0 | |
Commercial, Industrial and Agricultural Portfolio [Member] | ||
Loans | 0 | |
Commercial, Industrial and Agricultural Portfolio [Member] | Real Estate [Member] | ||
Loans | 0 | |
Commercial, Industrial and Agricultural Portfolio [Member] | Other Collateral [Member] | ||
Loans | 0 | |
Commercial, Industrial and Agricultural Portfolio [Member] | Collateral Pledged [Member] | ||
Loans | 0 | |
Consumer Portfolio Segment [Member] | ||
Loans | $ 0 | |
Consumer Portfolio Segment [Member] | Real Estate [Member] | ||
Loans | 0 | |
Consumer Portfolio Segment [Member] | Other Collateral [Member] | ||
Loans | 0 | |
Consumer Portfolio Segment [Member] | Collateral Pledged [Member] | ||
Loans | $ 0 |
Note 2 - Loans and Allowance _7
Note 2 - Loans and Allowance for Credit Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021 | |
Recorded Investment, with related allowance | $ 0 | |
Unpaid Principal Balance, with related allowance | 0 | |
Recorded Investment, with no related allowance | 668 | |
Unpaid Principal Balance, with no related allowance | 665 | |
Related Allowance | 0 | |
Unpaid Principal Balance | 665 | |
Average Recorded Investment, with no related allowance | $ 1,118 | |
Interest Income Recognized, with no related allowance | 17 | |
Average Recorded Investment, with related allowance | 1,420 | |
Interest Income Recognized, with related allowance | 7 | |
Average Recorded Investment | 2,538 | |
Interest Income Recognized | 24 | |
Commercial, Industrial and Agricultural Portfolio [Member] | ||
Recorded Investment, with related allowance | 0 | |
Unpaid Principal Balance, with related allowance | 0 | |
Recorded Investment, with no related allowance | 0 | |
Unpaid Principal Balance, with no related allowance | 0 | |
Related Allowance | 0 | |
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Average Recorded Investment, with no related allowance | 0 | |
Interest Income Recognized, with no related allowance | 0 | |
Average Recorded Investment, with related allowance | 0 | |
Interest Income Recognized, with related allowance | 0 | |
Average Recorded Investment | 0 | |
Interest Income Recognized | 0 | |
Consumer Portfolio Segment [Member] | ||
Recorded Investment, with related allowance | 0 | |
Unpaid Principal Balance, with related allowance | 0 | |
Recorded Investment, with no related allowance | 0 | |
Unpaid Principal Balance, with no related allowance | 0 | |
Related Allowance | 0 | |
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Average Recorded Investment, with no related allowance | 0 | |
Interest Income Recognized, with no related allowance | 0 | |
Average Recorded Investment, with related allowance | 0 | |
Interest Income Recognized, with related allowance | 0 | |
Average Recorded Investment | 0 | |
Interest Income Recognized | 0 | |
Residential 1 to 4 Family [Member] | Real Estate Portfolio Segment [Member] | ||
Recorded Investment, with related allowance | 0 | |
Unpaid Principal Balance, with related allowance | 0 | |
Recorded Investment, with no related allowance | 136 | |
Unpaid Principal Balance, with no related allowance | 134 | |
Related Allowance | 0 | |
Recorded Investment | 136 | |
Unpaid Principal Balance | 134 | |
Average Recorded Investment, with no related allowance | 870 | |
Interest Income Recognized, with no related allowance | 6 | |
Average Recorded Investment, with related allowance | 912 | |
Interest Income Recognized, with related allowance | 0 | |
Average Recorded Investment | 1,782 | |
Interest Income Recognized | 6 | |
Commercial and Multifamily [Member] | Real Estate Portfolio Segment [Member] | ||
Recorded Investment, with related allowance | 0 | |
Unpaid Principal Balance, with related allowance | 0 | |
Recorded Investment, with no related allowance | 532 | |
Unpaid Principal Balance, with no related allowance | 531 | |
Related Allowance | 0 | |
Recorded Investment | 532 | |
Unpaid Principal Balance | 531 | |
Average Recorded Investment, with no related allowance | 248 | |
Interest Income Recognized, with no related allowance | 11 | |
Average Recorded Investment, with related allowance | 508 | |
Interest Income Recognized, with related allowance | 7 | |
Average Recorded Investment | 756 | |
Interest Income Recognized | 18 | |
Construction, Land Development and Farmland [Member] | Real Estate Portfolio Segment [Member] | ||
Recorded Investment, with related allowance | 0 | |
Unpaid Principal Balance, with related allowance | 0 | |
Recorded Investment, with no related allowance | 0 | |
Unpaid Principal Balance, with no related allowance | 0 | |
Related Allowance | 0 | |
Recorded Investment | 0 | |
Unpaid Principal Balance | 0 | |
Average Recorded Investment, with no related allowance | 0 | |
Interest Income Recognized, with no related allowance | 0 | |
Average Recorded Investment, with related allowance | 0 | |
Interest Income Recognized, with related allowance | 0 | |
Average Recorded Investment | 0 | |
Interest Income Recognized | 0 | |
Home Equity Loan [Member] | Real Estate Portfolio Segment [Member] | ||
Recorded Investment, with related allowance | 0 | |
Unpaid Principal Balance, with related allowance | 0 | |
Recorded Investment, with no related allowance | 0 | |
Unpaid Principal Balance, with no related allowance | 0 | |
Related Allowance | 0 | |
Recorded Investment | 0 | |
Unpaid Principal Balance | $ 0 | |
Average Recorded Investment, with no related allowance | 0 | |
Interest Income Recognized, with no related allowance | 0 | |
Average Recorded Investment, with related allowance | 0 | |
Interest Income Recognized, with related allowance | 0 | |
Average Recorded Investment | 0 | |
Interest Income Recognized | $ 0 |
Note 2 - Loans and Allowance _8
Note 2 - Loans and Allowance for Credit Losses - Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans on Nonaccrual Status | $ 0 | $ 0 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | ||
Loans on Nonaccrual Status | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | ||
Loans on Nonaccrual Status | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Loans on Nonaccrual Status | 0 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans on Nonaccrual Status | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio [Member] | ||
Loans on Nonaccrual Status | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans on Nonaccrual Status | $ 0 | $ 0 |
Note 2 - Loans and Allowance _9
Note 2 - Loans and Allowance for Credit Losses - Age Analysis of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans, gross | $ 3,005,284 | $ 2,495,938 |
Recorded Investment Greater Than 90 Days and Accruing | 541 | 389 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, gross | 2,200 | 3,742 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, gross | 1,372 | 564 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, gross | 541 | 389 |
Financial Asset, Past Due [Member] | ||
Loans, gross | 4,113 | 4,695 |
Financial Asset, Not Past Due [Member] | ||
Loans, gross | 3,001,171 | 2,491,243 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | ||
Loans, gross | 812,433 | 689,579 |
Recorded Investment Greater Than 90 Days and Accruing | 386 | 357 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, gross | 1,053 | 2,072 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, gross | 842 | 169 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, gross | 386 | 357 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 2,281 | 2,598 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | 810,152 | 686,981 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | ||
Loans, gross | 993,647 | 908,673 |
Recorded Investment Greater Than 90 Days and Accruing | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, gross | 133 | 0 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, gross | 91 | 0 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 224 | 0 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | 993,423 | 908,673 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
Loans, gross | 853,326 | 612,659 |
Recorded Investment Greater Than 90 Days and Accruing | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, gross | 0 | 1,154 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, gross | 48 | 215 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, gross | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 48 | 1,369 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | 853,278 | 611,290 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans, gross | 142,043 | 92,229 |
Recorded Investment Greater Than 90 Days and Accruing | 57 | 9 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, gross | 244 | 170 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, gross | 213 | 0 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, gross | 57 | 9 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 514 | 179 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | 141,529 | 92,050 |
Commercial, Industrial and Agricultural Portfolio [Member] | ||
Loans, gross | 124,115 | 118,155 |
Recorded Investment Greater Than 90 Days and Accruing | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, gross | 76 | 59 |
Commercial, Industrial and Agricultural Portfolio [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, gross | 74 | 81 |
Commercial, Industrial and Agricultural Portfolio [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, gross | 0 | 0 |
Commercial, Industrial and Agricultural Portfolio [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 150 | 140 |
Commercial, Industrial and Agricultural Portfolio [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | 123,965 | 118,015 |
Consumer Portfolio Segment [Member] | ||
Loans, gross | 79,720 | 74,643 |
Recorded Investment Greater Than 90 Days and Accruing | 98 | 23 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans, gross | 694 | 287 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans, gross | 104 | 99 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans, gross | 98 | 23 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans, gross | 896 | 409 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans, gross | $ 78,824 | $ 74,234 |
Note 2 - Loans and Allowance_10
Note 2 - Loans and Allowance for Credit Losses - Troubled Debt Restructuring (Details) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Total TDRS | $ 960 | $ 1,041 | |
Number of Contracts | 0 | 0 | |
Pre Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment, Net of Related Allowance | $ 0 | $ 0 | |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | |||
Number of Contracts | 0 | 0 | |
Pre Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment, Net of Related Allowance | $ 0 | $ 0 | |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | |||
Number of Contracts | 0 | 0 | |
Pre Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment, Net of Related Allowance | $ 0 | $ 0 | |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | |||
Number of Contracts | 0 | 0 | |
Pre Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment, Net of Related Allowance | $ 0 | $ 0 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Number of Contracts | 0 | 0 | |
Pre Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment, Net of Related Allowance | $ 0 | $ 0 | |
Commercial, Industrial and Agricultural Portfolio [Member] | |||
Number of Contracts | 0 | 0 | |
Pre Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment, Net of Related Allowance | $ 0 | $ 0 | |
Consumer Portfolio Segment [Member] | |||
Number of Contracts | 0 | 0 | |
Pre Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Post Modification Outstanding Recorded Investment, Net of Related Allowance | 0 | $ 0 | |
Performing Financial Instruments [Member] | |||
Total TDRS | 846 | 876 | |
Nonperforming Financial Instruments [Member] | |||
Total TDRS | $ 114 | $ 165 |
Note 2 - Loans and Allowance_11
Note 2 - Loans and Allowance for Credit Losses - Loan Portfolio by Risk Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2022 | $ 782,457 | |
2021 | 794,975 | |
2020 | 400,961 | |
2019 | 210,939 | |
2018 | 118,630 | |
Prior | 299,539 | |
Revolving loans | 397,783 | |
Loans, before allowance | 2,991,325 | $ 2,483,914 |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 3,005,284 | 2,495,938 |
Pass [Member] | ||
2022 | 782,364 | |
2021 | 794,889 | |
2020 | 399,817 | |
2019 | 210,804 | |
2018 | 118,500 | |
Prior | 295,930 | |
Revolving loans | 397,306 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 2,999,610 | 2,488,252 |
Special Mention [Member] | ||
2022 | 19 | |
2021 | 72 | |
2020 | 1,093 | |
2019 | 3 | |
2018 | 116 | |
Prior | 2,161 | |
Revolving loans | 360 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 3,824 | 5,855 |
Substandard [Member] | ||
2022 | 74 | |
2021 | 14 | |
2020 | 51 | |
2019 | 132 | |
2018 | 14 | |
Prior | 1,448 | |
Revolving loans | 117 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,850 | 1,831 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | ||
2022 | 234,604 | |
2021 | 259,368 | |
2020 | 112,183 | |
2019 | 63,741 | |
2018 | 31,064 | |
Prior | 89,635 | |
Revolving loans | 21,838 | |
Loans, before allowance | 812,433 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 812,433 | 689,579 |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Pass [Member] | ||
2022 | 234,604 | |
2021 | 259,368 | |
2020 | 111,245 | |
2019 | 63,610 | |
2018 | 30,948 | |
Prior | 86,292 | |
Revolving loans | 21,489 | |
Loans, before allowance | 807,556 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 682,527 | |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Special Mention [Member] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 901 | |
2019 | 0 | |
2018 | 116 | |
Prior | 2,005 | |
Revolving loans | 349 | |
Loans, before allowance | 3,371 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 5,566 | |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | Substandard [Member] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 37 | |
2019 | 131 | |
2018 | 0 | |
Prior | 1,338 | |
Revolving loans | 0 | |
Loans, before allowance | 1,506 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,486 | |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | ||
2022 | 198,521 | |
2021 | 228,852 | |
2020 | 163,731 | |
2019 | 109,657 | |
2018 | 75,934 | |
Prior | 187,703 | |
Revolving loans | 29,249 | |
Loans, before allowance | 993,647 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 993,647 | 908,673 |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Pass [Member] | ||
2022 | 198,521 | |
2021 | 228,852 | |
2020 | 163,568 | |
2019 | 109,657 | |
2018 | 75,934 | |
Prior | 187,572 | |
Revolving loans | 29,249 | |
Loans, before allowance | 993,353 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 908,409 | |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Special Mention [Member] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 163 | |
2019 | 0 | |
2018 | 0 | |
Prior | 40 | |
Revolving loans | 0 | |
Loans, before allowance | 203 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | |
Real Estate Portfolio Segment [Member] | Commercial and Multifamily [Member] | Substandard [Member] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 91 | |
Revolving loans | 0 | |
Loans, before allowance | 91 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 264 | |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | ||
2022 | 300,954 | |
2021 | 279,972 | |
2020 | 88,983 | |
2019 | 10,153 | |
2018 | 5,551 | |
Prior | 10,153 | |
Revolving loans | 157,560 | |
Loans, before allowance | 853,326 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 853,326 | 612,659 |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Pass [Member] | ||
2022 | 300,954 | |
2021 | 279,972 | |
2020 | 88,983 | |
2019 | 10,153 | |
2018 | 5,551 | |
Prior | 10,074 | |
Revolving loans | 157,560 | |
Loans, before allowance | 853,247 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 612,537 | |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Special Mention [Member] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 61 | |
Revolving loans | 0 | |
Loans, before allowance | 61 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 93 | |
Real Estate Portfolio Segment [Member] | Construction, Land Development and Farmland [Member] | Substandard [Member] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 18 | |
Revolving loans | 0 | |
Loans, before allowance | 18 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 29 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving loans | 142,043 | |
Loans, before allowance | 142,043 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 142,043 | 92,229 |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Pass [Member] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving loans | 141,915 | |
Loans, before allowance | 141,915 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 92,208 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Special Mention [Member] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving loans | 11 | |
Loans, before allowance | 11 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 11 | |
Real Estate Portfolio Segment [Member] | Home Equity Loan [Member] | Substandard [Member] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving loans | 117 | |
Loans, before allowance | 117 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 10 | |
Commercial, Industrial and Agricultural Portfolio [Member] | ||
2022 | 25,034 | |
2021 | 13,353 | |
2020 | 28,631 | |
2019 | 20,980 | |
2018 | 5,581 | |
Prior | 5,115 | |
Revolving loans | 25,421 | |
Loans, before allowance | 124,115 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 124,115 | 118,155 |
Commercial, Industrial and Agricultural Portfolio [Member] | Pass [Member] | ||
2022 | 25,034 | |
2021 | 13,332 | |
2020 | 28,612 | |
2019 | 20,980 | |
2018 | 5,581 | |
Prior | 5,060 | |
Revolving loans | 25,421 | |
Loans, before allowance | 124,020 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 118,058 | |
Commercial, Industrial and Agricultural Portfolio [Member] | Special Mention [Member] | ||
2022 | 0 | |
2021 | 21 | |
2020 | 19 | |
2019 | 0 | |
2018 | 0 | |
Prior | 55 | |
Revolving loans | 0 | |
Loans, before allowance | 95 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 96 | |
Commercial, Industrial and Agricultural Portfolio [Member] | Substandard [Member] | ||
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Loans, before allowance | 0 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1 | |
Consumer Portfolio Segment [Member] | ||
2022 | 23,344 | |
2021 | 13,430 | |
2020 | 7,433 | |
2019 | 6,408 | |
2018 | 500 | |
Prior | 6,933 | |
Revolving loans | 21,672 | |
Loans, before allowance | 79,720 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 79,720 | 74,643 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
2022 | 23,251 | |
2021 | 13,365 | |
2020 | 7,409 | |
2019 | 6,404 | |
2018 | 486 | |
Prior | 6,932 | |
Revolving loans | 21,672 | |
Loans, before allowance | 79,519 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 74,513 | |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
2022 | 19 | |
2021 | 51 | |
2020 | 10 | |
2019 | 3 | |
2018 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Loans, before allowance | 83 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 89 | |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
2022 | 74 | |
2021 | 14 | |
2020 | 14 | |
2019 | 1 | |
2018 | 14 | |
Prior | 1 | |
Revolving loans | 0 | |
Loans, before allowance | $ 118 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 41 |
Note 3 - Debt and Equity Secu_3
Note 3 - Debt and Equity Securities (Details Textual) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Amortized Cost, Total | $ 995,115,000 | $ 906,135,000 |
Debt Securities, Available-for-Sale, Total | 839,152,000 | 897,585,000 |
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance | 0 | |
Asset Pledged as Collateral [Member] | Public Deposits and Other Required Purposes [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 417,122,000 | 368,718,000 |
Debt Securities, Available-for-Sale, Total | 352,371,000 | 364,893,000 |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 147,779,000 | 130,594,000 |
Debt Securities, Available-for-Sale, Total | $ 126,143,000 | $ 128,281,000 |
Note 3 - Debt and Equity Secu_4
Note 3 - Debt and Equity Securities - Debt and Equity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available-for-sale, amortized cost | $ 995,115 | $ 906,135 |
Securities, Available-for-sale, Gross Unrealized Gains | 5 | 5,645 |
Securities, Available-for-sale, Gross Unrealized Losses | 155,968 | 14,195 |
Debt Securities, Available-for-Sale, Total | 839,152 | 897,585 |
US Treasury and Other US Government Agencies Debt Securities [Member] | ||
Available-for-sale, amortized cost | 14,658 | 7,320 |
Securities, Available-for-sale, Gross Unrealized Gains | 0 | 0 |
Securities, Available-for-sale, Gross Unrealized Losses | 1,180 | 99 |
Debt Securities, Available-for-Sale, Total | 13,478 | 7,221 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Available-for-sale, amortized cost | 180,264 | 163,700 |
Securities, Available-for-sale, Gross Unrealized Gains | 0 | 20 |
Securities, Available-for-sale, Gross Unrealized Losses | 31,410 | 4,490 |
Debt Securities, Available-for-Sale, Total | 148,854 | 159,230 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-sale, amortized cost | 531,472 | 465,588 |
Securities, Available-for-sale, Gross Unrealized Gains | 5 | 2,726 |
Securities, Available-for-sale, Gross Unrealized Losses | 78,069 | 6,537 |
Debt Securities, Available-for-Sale, Total | 453,408 | 461,777 |
Asset-Backed Securities [Member] | ||
Available-for-sale, amortized cost | 41,256 | 46,583 |
Securities, Available-for-sale, Gross Unrealized Gains | 0 | 213 |
Securities, Available-for-sale, Gross Unrealized Losses | 1,526 | 83 |
Debt Securities, Available-for-Sale, Total | 39,730 | 46,713 |
Corporate Debt Securities [Member] | ||
Available-for-sale, amortized cost | 2,500 | 2,500 |
Securities, Available-for-sale, Gross Unrealized Gains | 0 | 75 |
Securities, Available-for-sale, Gross Unrealized Losses | 121 | 0 |
Debt Securities, Available-for-Sale, Total | 2,379 | 2,575 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale, amortized cost | 224,965 | 220,444 |
Securities, Available-for-sale, Gross Unrealized Gains | 0 | 2,611 |
Securities, Available-for-sale, Gross Unrealized Losses | 43,662 | 2,986 |
Debt Securities, Available-for-Sale, Total | $ 181,303 | $ 220,069 |
Note 3 - Debt and Equity Secu_5
Note 3 - Debt and Equity Securities - Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Due in one year or less, securities available-for-sale, amortized cost | $ 5,455 | |
Due in one year or less, securities available-for-sale, estimated market value | 5,277 | |
Due after one year through five years, securities available-for-sale, amortized cost | 85,654 | |
Due after one year through five years, securities available-for-sale, estimated market value | 78,157 | |
Due after five years through ten years, securities available-for-sale, amortized cost | 271,526 | |
Due after five years through ten years, securities available-for-sale, estimated market value | 226,693 | |
Due after ten years, securities available-for-sale, amortized cost | 632,480 | |
Due after ten years, securities available-for-sale, estimated market value | 529,025 | |
Securities available-for-sale, amortized cost | 995,115 | $ 906,135 |
Securities available-for-sale, estimated market value | $ 839,152 | $ 897,585 |
Note 3 - Debt and Equity Secu_6
Note 3 - Debt and Equity Securities - Gross Unrealized Losses and Fair Value of Company's Investments (Details) $ in Thousands | Sep. 30, 2022 USD ($) item | Dec. 31, 2021 USD ($) item |
Available-for-Sale Securities, Less than 12 Months, Fair Value | $ 403,078 | $ 536,868 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 57,376 | $ 8,736 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | 322 | 215 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 435,154 | $ 137,126 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 98,592 | $ 5,459 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | 248 | 85 |
Available-for-Sale Securities, Total, Fair Value | $ 838,232 | $ 673,994 |
Available-for-Sale Securities, Total, Unrealized Losses | 155,968 | 14,195 |
US Treasury and Other US Government Agencies Debt Securities [Member] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 7,061 | 7,221 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 252 | $ 99 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | 2 | 3 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 6,417 | $ 0 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 928 | $ 0 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | 3 | 0 |
Available-for-Sale Securities, Total, Fair Value | $ 13,478 | $ 7,221 |
Available-for-Sale Securities, Total, Unrealized Losses | 1,180 | 99 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 27,129 | 110,981 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 4,477 | $ 2,466 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | 9 | 33 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 121,725 | $ 45,725 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 26,933 | $ 2,024 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | 49 | 19 |
Available-for-Sale Securities, Total, Fair Value | $ 148,854 | $ 156,706 |
Available-for-Sale Securities, Total, Unrealized Losses | 31,410 | 4,490 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 229,613 | 317,211 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 30,715 | $ 4,644 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | 152 | 96 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 222,875 | $ 54,692 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 47,354 | $ 1,893 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | 98 | 33 |
Available-for-Sale Securities, Total, Fair Value | $ 452,488 | $ 371,903 |
Available-for-Sale Securities, Total, Unrealized Losses | 78,069 | 6,537 |
Asset-Backed Securities [Member] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 34,357 | 17,945 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 1,346 | $ 67 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | 25 | 9 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 5,373 | $ 484 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 180 | $ 16 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | 4 | 1 |
Available-for-Sale Securities, Total, Fair Value | $ 39,730 | $ 18,429 |
Available-for-Sale Securities, Total, Unrealized Losses | 1,526 | 83 |
Corporate Debt Securities [Member] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 2,379 | 0 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 121 | $ 0 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | item | 1 | 0 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 0 | $ 0 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 0 | $ 0 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | item | 0 | 0 |
Available-for-Sale Securities, Total, Fair Value | $ 2,379 | $ 0 |
Available-for-Sale Securities, Total, Unrealized Losses | 121 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-Sale Securities, Less than 12 Months, Fair Value | 102,539 | 83,510 |
Available-for-Sale Securities, Less than 12 Months, Unrealized Losses | $ 20,465 | $ 1,460 |
Available-for-Sale Securities, Less than 12 Months, Number of Securities Included | 133 | 74 |
Available-for-Sale Securities, 12 Months or More, Fair Value | $ 78,764 | $ 36,225 |
Available-for-Sale Securities, 12 Months or More, Unrealized Losses | $ 23,197 | $ 1,526 |
Available-for-Sale Securities, 12 Months or More, Number of Securities Included | 94 | 32 |
Available-for-Sale Securities, Total, Fair Value | $ 181,303 | $ 119,735 |
Available-for-Sale Securities, Total, Unrealized Losses | $ 43,662 | $ 2,986 |
Note 4 - Derivatives (Details T
Note 4 - Derivatives (Details Textual) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2020 |
Interest Rate Lock Commitments [Member] | |||
Derivative, Notional Amount | $ 13,487,000 | $ 20,340,000 | |
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 147,000 | 657,000 | |
Forward Contracts [Member] | |||
Derivative, Notional Amount | 12,250,000 | 20,500,000 | |
Derivative, Fair Value, Net, Total | $ 320,000 | $ 6,000 | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative, Notional Amount | $ 30,000,000 |
Note 4 - Derivatives - Summary
Note 4 - Derivatives - Summary of Fair Value Hedge Relationships (Details) - Interest Rate Swap [Member] - Fair Value Hedging [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Weighted Average Remaining Maturity (Year) | 7 years 8 months 1 day | 8 years 5 months 1 day |
Notional Amount | $ 30,000 | $ 30,000 |
Other Assets [Member] | ||
Estimated Fair Value | $ 4,826 | $ 1,192 |
London Interbank Offered Rate (LIBOR) Swap Rate [Member] | ||
Weighted Average Pay Rate | 0.65% | 0.65% |
Note 4 - Derivatives - Income S
Note 4 - Derivatives - Income Statement Effects of Fair Value Hedge Relationships (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Hedged items | $ (3,616) | $ (986) |
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Derivative designated as hedging instruments | $ 3,634 | $ 1,053 |
Note 4 - Derivatives - Amounts
Note 4 - Derivatives - Amounts Recorded on the Balance Sheet Related to Cumulative Basis Adjustments for Fair Value Hedges (Details) - Fair Value Hedging [Member] - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Amount of the Hedged Assets | $ 25,101 | $ 28,717 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets | $ (4,899) | $ (1,283) |
Note 4 - Derivatives - Net Gain
Note 4 - Derivatives - Net Gains (Losses) Relating to Free-standing Derivative Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Interest Rate Contract [Member] | ||
Net gains (losses) | $ (804) | $ 87 |
Forward Contracts [Member] | ||
Net gains (losses) | $ 314 | $ 247 |
Note 4 - Derivatives - Amount a
Note 4 - Derivatives - Amount and Fair Value of Mortgage Banking Derivatives (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Interest Rate Contract [Member] | ||
Derivative, amount | $ 13,487,000 | $ 20,340,000 |
Derivative, net | (147,000) | 657,000 |
Forward Contracts [Member] | ||
Derivative, amount | 12,250,000 | 20,500,000 |
Derivative, net | $ 320,000 | $ 6,000 |
Note 5 - Mortgage Servicing R_3
Note 5 - Mortgage Servicing Rights - Principal Balances (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
FHLMC | $ 80,675 |
Note 5 - Mortgage Servicing R_4
Note 5 - Mortgage Servicing Rights - Mortgage Servicing Rights Under Amortization Method (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Balance at beginning of period | $ 0 |
Servicing rights retained from loans sold | 1,320 |
Amortization | (304) |
Valuation Allowance Provision | 0 |
Balance at end of period | 1,016 |
Fair value, end of period | $ 1,194 |
Note 5 - Mortgage Servicing R_5
Note 5 - Mortgage Servicing Rights - Key Data and Assumptions Used in Estimating Fair Value (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Prepayment speed | 6.91% |
Weighted-average life (in years) (Year) | 9 years 1 month 13 days |
Weighted-average note rate | 4.21% |
Weighted-average discount rate | 9% |
Note 6 - Equity Incentive Pla_3
Note 6 - Equity Incentive Plans (Details Textual) - USD ($) | 9 Months Ended | |||
Sep. 30, 2022 | Apr. 13, 2019 | Jun. 30, 2016 | Apr. 30, 2009 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 254,821 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 55.19 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 5,024,000 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 11 months 1 day | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 181,090 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 53.48 | |||
The 2009 Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 0 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 5,987 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 35.31 | |||
The 2016 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 750,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 195,476 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 248,834 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 55.67 | |||
The 2016 Equity Incentive Plan [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 181,090 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share) | $ 53.48 |
Note 6 - Equity Incentive Pla_4
Note 6 - Equity Incentive Plans - Summary of Stock Option Activity (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Exercised (in shares) | (2,839) | (6,182) | (8,754) | (14,333) |
Stock Options and Stock Appreciation Rights [Member] | ||||
Options and SARs outstanding at beginning of period (in shares) | 357,254 | 284,591 | ||
Options and SARs outstanding at beginning of period (in dollars per share) | $ 50.18 | $ 43.71 | ||
Granted (in shares) | 114,332 | 24,999 | ||
Granted, Weighted Average Exercise Price (in dollars per share) | $ 64.06 | $ 59.02 | ||
Exercised (in shares) | (34,508) | (38,883) | ||
Exercised, Weighted Average Exercise Price (in dollars per share) | $ 41.95 | $ 40.75 | ||
Forfeited or expired (in shares) | (1,167) | (100) | ||
Forfeited or expired, Weighted Average Exercise Price (in dollars per share) | $ 46.81 | $ 31.31 | ||
Outstanding at end of period (in shares) | 435,911 | 270,607 | 435,911 | 270,607 |
Outstanding at end of period (in dollars per share) | $ 54.48 | $ 45.55 | $ 54.48 | $ 45.55 |
Options and SARs exercisable at September 30 (in shares) | 168,017 | 164,544 | 168,017 | 164,544 |
Options and SARs exercisable at September 30 (in dollars per share) | $ 43.67 | $ 41.91 | $ 43.67 | $ 41.91 |
Note 7 - Regulatory Capital - S
Note 7 - Regulatory Capital - Summary of Company's and Wilson Banks Actual Capital Amounts and Ratios (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Total capital to risk weighted assets actual amount | $ 497,360 | $ 455,813 |
Total capital to risk weighted assets actual ratio | 0.135 | 0.139 |
Total capital to risk weighted assets regulatory minimum capital requirement amount | $ 294,682 | $ 261,404 |
Total capital to risk weighted assets regulatory minimum capital requirement ratio ( | 0.080 | 0.080 |
Well capitalized amount | $ 368,352 | $ 326,755 |
Total capital to risk weighted assets regulatory minimum capital requirement well capitalized ratio | 0.100 | 0.100 |
Tier 1 capital to risk weighted assets actual amount | $ 452,928 | $ 415,226 |
Tier 1 capital to risk weighted assets actual ratio | 0.123 | 0.127 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 221,011 | $ 196,052 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.060 | 0.060 |
Tier 1 capital to risk well capitalized amount | $ 294,681 | $ 261,403 |
Tier 1 capital to risk weighted assets regulatory well capitalized ratio | 0.080 | 0.080 |
Common equity Tier 1 capital to risk weighted assets actual amount | $ 452,928 | $ 415,226 |
Common equity Tier 1 capital to risk weighted assets actual ratio | 0.123 | 0.127 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 165,758 | $ 147,039 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.045 | 0.045 |
Tier 1 capital to average assets actual amount | $ 452,928 | $ 415,226 |
Tier 1 capital to average assets actual ratio | 0.110 | 0.108 |
Tier 1 capital to average assets regulatory minimum capital requirement amount | $ 165,284 | $ 154,280 |
Tier 1 capital to average assets regulatory minimum capital requirement ratio (as a percent) | 0.040 | 0.040 |
Wilson Bank [Member] | ||
Total capital to risk weighted assets actual amount | $ 494,996 | $ 452,130 |
Total capital to risk weighted assets actual ratio | 0.134 | 0.138 |
Total capital to risk weighted assets regulatory minimum capital requirement amount | $ 294,680 | $ 261,317 |
Total capital to risk weighted assets regulatory minimum capital requirement ratio ( | 0.080 | 0.080 |
Well capitalized amount | $ 368,350 | $ 326,646 |
Total capital to risk weighted assets regulatory minimum capital requirement well capitalized ratio | 0.100 | 0.100 |
Tier 1 capital to risk weighted assets actual amount | $ 450,564 | $ 411,543 |
Tier 1 capital to risk weighted assets actual ratio | 0.122 | 0.126 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 221,011 | $ 195,987 |
Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.060 | 0.060 |
Tier 1 capital to risk well capitalized amount | $ 294,681 | $ 261,316 |
Tier 1 capital to risk weighted assets regulatory well capitalized ratio | 0.080 | 0.080 |
Common equity Tier 1 capital to risk weighted assets actual amount | $ 450,564 | $ 411,543 |
Common equity Tier 1 capital to risk weighted assets actual ratio | 0.122 | 0.126 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement amount | $ 165,758 | $ 146,990 |
Common equity Tier 1 capital to risk weighted assets regulatory minimum capital requirement ratio | 0.045 | 0.045 |
Common equity Tier 1 capital to risk weighted assets regulatory well capitalized | $ 239,429 | $ 212,319 |
Common equity Tier 1 capital to risk weighted assets well capitalized ratio | 0.065 | 0.065 |
Tier 1 capital to average assets actual amount | $ 450,564 | $ 411,543 |
Tier 1 capital to average assets actual ratio | 0.109 | 0.107 |
Tier 1 capital to average assets regulatory minimum capital requirement amount | $ 165,229 | $ 154,230 |
Tier 1 capital to average assets regulatory minimum capital requirement ratio (as a percent) | 0.040 | 0.040 |
Tier 1 capital to average assets well capitalized | $ 206,537 | $ 192,787 |
Tier 1 capital to average assets well capitalized ratio (as a percent) | 0.050 | 0.050 |
Note 8 - Fair Value Measureme_3
Note 8 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 37,580 | $ 35,238 | $ 39,632 | $ 39,311 | $ 39,314 | $ 38,539 |
Impaired Financing Receivable, Related Allowance | $ 0 | |||||
Collateral Pledged [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 0 |
Note 8 - Fair Value Measureme_4
Note 8 - Fair Value Measurements - Fair Value of Financial Instruments Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-Sale, Total | $ 839,152 | $ 897,585 |
US Treasury and Other US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 13,478 | 7,221 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 148,854 | 159,230 |
Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 453,408 | 461,777 |
Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 39,730 | 46,713 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 2,379 | 2,575 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 181,303 | 220,069 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | ||
Hedged Loans | 25,101 | 28,717 |
Debt Securities, Available-for-Sale, Total | 839,152 | 897,585 |
Mortgage loans held for sale | 3,555 | 11,843 |
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 5,146 | 1,855 |
Other investments | 2,073 | 2,034 |
Total assets | 875,027 | 942,034 |
Derivative instruments | 147 | 0 |
Total liabilities | 147 | 0 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | US Treasury and Other US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 13,478 | 7,221 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 148,854 | 159,230 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 453,408 | 461,777 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 39,730 | 46,713 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 2,379 | 2,575 |
Fair Value, Recurring [Member] | Reported Value Measurement [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 181,303 | 220,069 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Hedged Loans | 0 | 0 |
Debt Securities, Available-for-Sale, Total | 13,478 | 7,221 |
Mortgage loans held for sale | 0 | 0 |
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 0 | 0 |
Other investments | 0 | 0 |
Total assets | 13,478 | 7,221 |
Derivative instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury and Other US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 13,478 | 7,221 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Hedged Loans | 25,101 | 28,717 |
Debt Securities, Available-for-Sale, Total | 825,674 | 890,364 |
Mortgage loans held for sale | 3,555 | 11,843 |
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 5,146 | 1,855 |
Other investments | 0 | 0 |
Total assets | 859,476 | 932,779 |
Derivative instruments | 147 | 0 |
Total liabilities | 147 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury and Other US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 148,854 | 159,230 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 453,408 | 461,777 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 39,730 | 46,713 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 2,379 | 2,575 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 181,303 | 220,069 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Hedged Loans | 0 | 0 |
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Derivative Asset, Subject to Master Netting Arrangement, before Offset | 0 | 0 |
Other investments | 2,073 | 2,034 |
Total assets | 2,073 | 2,034 |
Derivative instruments | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury and Other US Government Agencies Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | 0 | 0 |
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-Sale, Total | $ 0 | $ 0 |
Note 8 - Fair Value Measureme_5
Note 8 - Fair Value Measurements - Fair Value of Financial Instruments Measured on a Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Reported Value Measurement [Member] | |||
Other real estate owned | $ 0 | $ 0 | |
Collateral dependent loans (¹) | [1] | 643 | |
Total assets | 643 | 668 | |
Impaired loans, net (¹) | [1] | 668 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Other real estate owned | 0 | 0 | |
Collateral dependent loans (¹) | [1] | 0 | |
Total assets | 0 | 0 | |
Impaired loans, net (¹) | [1] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Other real estate owned | 0 | 0 | |
Collateral dependent loans (¹) | [1] | 0 | |
Total assets | 0 | 0 | |
Impaired loans, net (¹) | [1] | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Other real estate owned | 0 | 0 | |
Collateral dependent loans (¹) | [1] | 643 | |
Total assets | $ 643 | 668 | |
Impaired loans, net (¹) | [1] | $ 668 | |
[1]As of September 30, 2022 no valuation allowance was recorded on collateral dependent loans. As of December 31, 2021 no valuation allowance was recorded on impaired loans. |
Note 8 - Fair Value Measureme_6
Note 8 - Fair Value Measurements - Additional Information on Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - Measurement Input, Discount Rate [Member] - Fair Value, Inputs, Level 3 [Member] - Weighted Average [Member] | Sep. 30, 2022 | [1] |
Collateral dependent loans | 0.10 | |
Other real estate owned | 0.10 | |
[1]The fair value is generally determined through independent appraisals of the underlying collateral, which may include Level 3 inputs that are not identifiable, or by using the discounted cash flow method if the loan is not collateral dependent. |
Note 8 - Fair Value Measureme_7
Note 8 - Fair Value Measurements - Changes in Fair Value Due to Observable Factors (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Fair value, other assets | $ 2,026 | $ 0 | $ 2,034 | $ 0 |
Fair value, other liabilities | 0 | 0 | 0 | 0 |
Total realized gains included in income, other assets | 47 | 20 | 39 | 20 |
Total realized gains included in income, other liabilities | 0 | 0 | 0 | 0 |
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held, other assets | 0 | 0 | 0 | 0 |
Change in unrealized gains/losses included in other comprehensive income for assets and liabilities still held, other liabilities | 0 | 0 | 0 | 0 |
Purchases, issuances and settlements, net, other assets | 0 | 2,000 | 0 | 2,000 |
Purchases, issuances and settlements, net, other liabilities | 0 | 0 | 0 | 0 |
Transfers out of Level 3, other assets | 0 | 0 | 0 | 0 |
Transfers out of Level 3, other liabilities | 0 | 0 | 0 | 0 |
Fair value, other assets | 2,073 | 2,020 | 2,073 | 2,020 |
Fair value, other liabilities | 0 | 0 | 0 | 0 |
Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at September 30 | 47 | 20 | 39 | 20 |
Total realized gains (losses) included in income related to financial assets and liabilities still on the consolidated balance sheet at September 30 | $ 0 | $ 0 | $ 0 | $ 0 |
Note 8 - Fair Value Measureme_8
Note 8 - Fair Value Measurements - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Mortgage servicing rights | $ 1,194 | ||
Reported Value Measurement [Member] | |||
Cash and cash equivalents | 95,572 | $ 453,418 | |
Loans, net | 2,928,644 | 2,444,282 | |
Mortgage servicing rights | 1,016 | ||
Deposits | 3,745,656 | 3,555,071 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and cash equivalents | [1] | 95,572 | 453,418 |
Loans, net | [1] | 2,862,636 | 2,439,539 |
Mortgage servicing rights | 1,194 | ||
Deposits | [1] | 3,021,826 | 3,227,520 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and cash equivalents | 95,572 | 453,418 | |
Loans, net | 0 | 0 | |
Mortgage servicing rights | 0 | ||
Deposits | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Loans, net | 0 | 0 | |
Mortgage servicing rights | 1,194 | ||
Deposits | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and cash equivalents | 0 | 0 | |
Loans, net | 2,862,636 | 2,439,539 | |
Mortgage servicing rights | 0 | ||
Deposits | $ 3,021,826 | $ 3,227,520 | |
[1]Estimated fair values are consistent with an exit-price concept. The assumptions used to estimate the fair values are intended to approximate those that a market-participant would realize in a hypothetical orderly transaction. |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 22.95% | 22.83% | 23.34% | 23.63% | |
Effective Income Tax Rate Reconciliation, at Federal and State Statutory Income Tax Rate, Percent | 26.14% | 26.14% | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | $ 0 | |||
State and Local Jurisdiction [Member] | State of Tennessee [Member] | |||||
Open Tax Year | 2018 2019 2020 2021 | ||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||
Open Tax Year | 2019 2020 2021 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator – Earnings available to common stockholders | $ 15,190 | $ 13,342 | $ 40,702 | $ 35,625 |
Denominator – Weighted average number of common shares outstanding (in shares) | 11,429,027 | 11,165,313 | 11,348,628 | 11,110,006 |
Basic earnings per common share (in dollars per share) | $ 1.33 | $ 1.19 | $ 3.59 | $ 3.21 |
Numerator – Earnings available to common stockholders | $ 15,190 | $ 13,342 | $ 40,702 | $ 35,625 |
Dilutive effect of stock options (in shares) | 31,916 | 32,097 | 31,627 | 30,580 |
Weighted average diluted common shares outstanding (in shares) | 11,460,943 | 11,197,410 | 11,380,255 | 11,140,586 |
Diluted earnings per common share (in dollars per share) | $ 1.33 | $ 1.19 | $ 3.58 | $ 3.20 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingent Liabilities (Details Textual) | 9 Months Ended |
Sep. 30, 2022 | |
Real Estate Portfolio Segment [Member] | Residential 1 to 4 Family [Member] | |
Financing Receivable, Percentage of Loans Delivered to Investors | 100% |
Standby Letters of Credit [Member] | |
Debt Instrument, Term (Year) | 2 years |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingent Liabilities - Total Contractual Amount for All Off-balance Sheet Commitments (Details) | Sep. 30, 2022 USD ($) |
Standby Letters of Credit [Member] | |
Commitments | $ 79,404,000 |
Commitments to Extend Credit [Member] | |
Commitments | $ 1,274,381,000 |
Note 11 - Commitments and Con_5
Note 11 - Commitments and Contingent Liabilities - Allowance on Off-balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning balance, January 1 | $ 955 | $ 693 |
Credit loss expense (benefit) | (298) | 221 |
Ending balance, September 30, | 6,852 | 914 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Beginning balance, January 1 | $ 6,195 | $ 0 |