Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 28, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | OHIO VALLEY BANC CORP | ||
Entity Central Index Key | 0000894671 | ||
Trading Symbol | ovbc | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 4,787,446 | ||
Entity Public Float | $ 158,861,113 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Shares, Without Par Value |
Consolidated Statements of Cond
Consolidated Statements of Condition - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and noninterest-bearing deposits with banks | $ 12,812 | $ 13,806 |
Interest-bearing deposits with banks | 39,544 | 57,374 |
Total cash and cash equivalents | 52,356 | 71,180 |
Certificates of deposit in financial institutions | 2,360 | 2,065 |
Securities available for sale | 105,318 | 102,164 |
Securities held to maturity (estimated fair value: 2019 - $12,404; 2018 - $16,234) | 12,033 | 15,816 |
Restricted investments in bank stocks | 7,506 | 7,506 |
Total loans | 772,774 | 777,052 |
Less: Allowance for loan losses | (6,272) | (6,728) |
Net loans | 766,502 | 770,324 |
Premises and equipment, net | 19,217 | 14,855 |
Premises and equipment held for sale, net | 653 | |
Other real estate owned, net | 540 | 430 |
Accrued interest receivable | 2,564 | 2,638 |
Goodwill | 7,319 | 7,371 |
Other intangible assets, net | 174 | 379 |
Bank owned life insurance and annuity assets | 30,596 | 29,392 |
Operating lease right-of-use asset, net | 1,053 | |
Other assets | 5,081 | 6,373 |
Total assets | 1,013,272 | 1,030,493 |
Liabilities | ||
Noninterest-bearing deposits | 222,607 | 237,821 |
Interest-bearing deposits | 598,864 | 608,883 |
Total deposits | 821,471 | 846,704 |
Other borrowed funds | 33,991 | 39,713 |
Subordinated debentures | 8,500 | 8,500 |
Operating lease liability | 1,053 | |
Accrued liabilities | 20,078 | 17,702 |
Total liabilities | 885,093 | 912,619 |
Commitments and Contingent Liabilities (See Note L) | ||
Shareholders’ Equity | ||
Common stock ($1.00 stated value per share, 10,000,000 shares authorized; 2019 – 5,447,185 shares issued; 2018 - 5,400,065 shares issued) | 5,447 | 5,400 |
Additional paid-in capital | 51,165 | 49,477 |
Retained earnings | 86,751 | 80,844 |
Accumulated other comprehensive income (loss) | 528 | (2,135) |
Treasury stock, at cost (659,739 shares) | (15,712) | (15,712) |
Total shareholders’ equity | 128,179 | 117,874 |
Total liabilities and shareholders’ equity | $ 1,013,272 | $ 1,030,493 |
Consolidated Statements of Co_2
Consolidated Statements of Condition (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities held to maturity, fair value | $ 12,404 | $ 16,234 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 5,447,185 | 5,400,065 |
Treasury stock, shares (in shares) | 659,739 | 659,739 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and dividend income: | |||
Loans, including fees | $ 45,766 | $ 44,365 | $ 42,182 |
Securities: | |||
Taxable | 2,542 | 2,377 | 2,116 |
Tax exempt | 344 | 369 | 411 |
Dividends | 393 | 440 | 392 |
Interest-bearing deposits with banks | 1,221 | 1,608 | 582 |
Other interest | 51 | 38 | 25 |
50,317 | 49,197 | 45,708 | |
Interest expense: | |||
Deposits | 6,026 | 4,155 | 2,843 |
Other borrowed funds | 883 | 986 | 884 |
Subordinated debentures | 356 | 330 | 248 |
7,265 | 5,471 | 3,975 | |
Net interest income | 43,052 | 43,726 | 41,733 |
Provision for loan losses | 1,000 | 1,039 | 2,564 |
Net interest income after provision for loan losses | 42,052 | 42,687 | 39,169 |
Noninterest income: | |||
Income from bank owned life insurance and annuity assets | 704 | 717 | 1,226 |
Electronic refund check / deposit fees | 5 | 1,579 | 1,692 |
Debit / credit card interchange income | 3,905 | 3,662 | 3,376 |
Loss on other real estate owned | (65) | (559) | (189) |
Net gain on branch divestitures | 1,256 | ||
Other | 669 | 850 | 688 |
9,166 | 8,938 | 9,435 | |
Noninterest expense: | |||
Salaries and employee benefits | 23,524 | 22,191 | 20,809 |
Occupancy | 1,771 | 1,754 | 1,770 |
Furniture and equipment | 1,060 | 1,023 | 1,049 |
Professional fees | 2,508 | 2,016 | 1,792 |
Marketing expense | 841 | 777 | 1,034 |
FDIC insurance | 113 | 447 | 465 |
Data processing | 1,996 | 2,115 | 2,081 |
Software | 1,705 | 1,533 | 1,486 |
Foreclosed assets | 266 | 238 | 499 |
Amortization of intangibles | 206 | 135 | 156 |
Other | 5,508 | 5,197 | 5,468 |
39,498 | 37,426 | 36,609 | |
Income before income taxes | 11,720 | 14,199 | 11,995 |
Provision for income taxes | 1,813 | 2,255 | 4,486 |
NET INCOME | $ 9,907 | $ 11,944 | $ 7,509 |
Earnings per share (in dollars per share) | $ 2.08 | $ 2.53 | $ 1.60 |
Deposit Account [Member] | |||
Noninterest income: | |||
Revenue from Contract with Customer | $ 2,118 | $ 2,084 | $ 2,137 |
Fiduciary and Trust [Member] | |||
Noninterest income: | |||
Revenue from Contract with Customer | 264 | 263 | 240 |
Mortgage Banking [Member] | |||
Noninterest income: | |||
Revenue from Contract with Customer | $ 310 | $ 342 | $ 265 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 9,907 | $ 11,944 | $ 7,509 |
Other comprehensive income (loss): | |||
Change in unrealized gain (loss) on available for sale securities | 3,371 | (1,373) | 171 |
Related tax (expense) benefit | (708) | 289 | (58) |
Total other comprehensive income (loss), net of tax | 2,663 | (1,084) | 113 |
Total comprehensive income | $ 12,570 | $ 10,860 | $ 7,622 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balances at Dec. 31, 2016 | $ 5,326 | $ 46,788 | $ 69,117 | $ (991) | $ (15,712) | $ 104,528 |
Net income | 7,509 | 7,509 | ||||
Other comprehensive income (loss), net | 113 | 113 | ||||
Common stock issued to ESOP | 15 | 413 | 428 | |||
Common stock issued through dividend reinvestment | 21 | 694 | 715 | |||
Cash dividends | (3,932) | (3,932) | ||||
Balances at Dec. 31, 2017 | 5,362 | 47,895 | 72,694 | (878) | (15,712) | 109,361 |
Net income | 11,944 | 11,944 | ||||
Other comprehensive income (loss), net | (1,084) | (1,084) | ||||
Common stock issued to ESOP | 7 | 288 | 295 | |||
Common stock issued through dividend reinvestment | 31 | 1,294 | 1,325 | |||
Cash dividends | (3,967) | (3,967) | ||||
Balances at Dec. 31, 2018 | 5,400 | 49,477 | 80,844 | (2,135) | (15,712) | 117,874 |
Amount reclassified out of accumulated other comprehensive income (loss) per ASU 2018-02 | 173 | (173) | ||||
Net income | 9,907 | 9,907 | ||||
Other comprehensive income (loss), net | 2,663 | 2,663 | ||||
Common stock issued to ESOP | 8 | 320 | 328 | |||
Common stock issued through dividend reinvestment | 39 | 1,368 | 1,407 | |||
Cash dividends | (4,000) | (4,000) | ||||
Balances at Dec. 31, 2019 | $ 5,447 | $ 51,165 | $ 86,751 | $ 528 | $ (15,712) | $ 128,179 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common stock issued to ESOP, shares (in shares) | 8,333 | 7,294 | 15,118 |
Common stock issued through dividend reinvestment, shares (in shares) | 38,787 | 30,766 | 21,383 |
Cash dividends, per share (in dollars per share) | $ 0.84 | $ 0.84 | $ 0.84 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 9,907 | $ 11,944 | $ 7,509 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation of premises and equipment | 1,183 | 1,141 | 1,277 |
Net (accretion) of purchase accounting adjustments | (494) | (188) | (526) |
Net amortization of securities | 173 | 260 | 378 |
Proceeds from sale of loans in secondary market | 9,840 | 11,034 | 7,857 |
Loans disbursed for sale in secondary market | (9,530) | (10,692) | (7,592) |
Amortization of mortgage servicing rights | 68 | 55 | 71 |
Gain on sale of loans | (378) | (397) | (336) |
Amortization of intangible assets | 206 | 135 | 156 |
Deferred tax (benefit) expense | 367 | (134) | 1,907 |
Provision for loan losses | 1,000 | 1,039 | 2,564 |
Common stock issued to ESOP | 328 | 295 | 428 |
Earnings on bank owned life insurance and annuity assets | (704) | (717) | (1,226) |
Loss on sale of other real estate owned | 57 | 21 | 134 |
Net write-down of other real estate owned | 8 | 538 | 55 |
Net gain on branch divestitures | (1,256) | ||
Change in accrued interest receivable | 74 | (135) | (188) |
Change in accrued liabilities | 2,376 | 1,946 | 1,681 |
Change in other assets | 1,528 | 1,996 | 347 |
Net cash provided by operating activities | 14,753 | 18,141 | 14,496 |
Cash flows from investing activities: | |||
Proceeds from maturities and paydowns of securities available for sale | 20,199 | 21,139 | 20,389 |
Purchases of securities available for sale | (20,126) | (23,757) | (25,177) |
Proceeds from calls and maturities of securities held to maturity | 3,754 | 1,711 | 1,419 |
Purchases of securities held to maturity | (389) | ||
Proceeds from maturities of certificates of deposit in financial institutions | 245 | ||
Purchases of certificates of deposit in financial institutions | (295) | (245) | (395) |
Net change in loans | 2,323 | (9,981) | (37,918) |
Proceeds from sale of other real estate owned | 392 | 1,132 | 1,466 |
Purchases of premises and equipment | (6,232) | (2,725) | (1,727) |
Disposals of premises and equipment | 402 | ||
Proceeds from bank owned life insurance and annuity assets | 2,107 | ||
Purchases of bank owned life insurance and annuity assets | (500) | (2,200) | |
Net cash (used in) investing activities | (83) | (12,726) | (42,180) |
Cash flows from financing activities: | |||
Change in deposits | (25,179) | (9,930) | 66,444 |
Proceeds from common stock through dividend reinvestment | 1,407 | 1,325 | 715 |
Cash dividends | (4,000) | (3,967) | (3,932) |
Proceeds from Federal Home Loan Bank borrowings | 8,000 | 4,785 | |
Repayment of Federal Home Loan Bank borrowings | (3,676) | (3,162) | (5,318) |
Change in other long-term borrowings | (2,046) | (989) | (459) |
Change in other short-term borrowings | (85) | (144) | |
Net cash provided by (used in) by financing activities | (33,494) | (8,808) | 62,091 |
Cash and cash equivalents: | |||
Change in cash and cash equivalents | (18,824) | (3,393) | 34,407 |
Cash and cash equivalents at beginning of year | 71,180 | 74,573 | 40,166 |
Cash and cash equivalents at end of year | 52,356 | 71,180 | 74,573 |
Supplemental disclosure: | |||
Cash paid for interest | 6,931 | 5,008 | 3,724 |
Cash paid for income taxes | 890 | 2,050 | 2,236 |
Proceeds from bank owned life insurance and annuity assets not settled | 1,993 | ||
Transfers from loans to other real estate owned | 570 | 547 | 1,337 |
Other real estate owned sales financed by The Ohio Valley Bank Company | 237 | ||
Initial recognition of operating lease right-of-use asset | 1,280 | ||
Operating lease liability arising from obtaining right-of-use asset | $ 1,280 |
Note A - Summary of Significant
Note A - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note A - Summary of Significant Accounting Policies Description of Business: 1956. one one The Company provides a full range of commercial and retail banking services from 22 The Bank’s trust department provides a wide variety of fiduciary services for trusts, estates and benefit plans and also provides investment and security services as an agent for its customers. Principles of Consolidation: Industry Segment Information: two Use of Estimates: Cash and Cash Equivalents: 90 one Certificates of deposit in financial institutions: 90 September 19, 2022. Securities: not Premium amortization is deducted from, and discount accretion is added to, interest income on securities using the level yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses are recognized upon the sale of specific identified securities on the completed trade date. Other-Than-Temporary Impairments of Securities: 1 2 3 4 not When an OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not not not not not Restricted Investments in Bank Stocks : may not Loans: not Interest income is discontinued and the loan moved to non-accrual status when full loan repayment is in doubt, typically when the loan is impaired or payments are past due 90 90 All interest accrued but not The Bank also originates long-term, fixed-rate mortgage loans, with full intention of being sold to the secondary market. These loans are considered held for sale during the period of time after the principal has been advanced to the borrower by the Bank, but before the Bank has been reimbursed by the Federal Home Loan Mortgage Corporation, typically within a few business days. Loans sold to the secondary market are carried at the lower of aggregate cost or fair value. As of December 31, 2019, no $108 December 31, 2018. Allowance for Loan Losses: may The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified and for which the borrower is experiencing financial difficulties are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Commercial and commercial real estate loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Smaller balance homogeneous loans, such as consumer and most residential real estate, are collectively evaluated for impairment, and accordingly, they are not The general component covers non-impaired loans and impaired loans that are not 3 5 Commercial and industrial loans consist of borrowings for commercial purposes to individuals, corporations, partnerships, sole proprietorships, and other business enterprises. Commercial and industrial loans are generally secured by business assets such as equipment, accounts receivable, inventory, or any other asset excluding real estate and generally made to finance capital expenditures or operations. The Company’s risk exposure is related to deterioration in the value of collateral securing the loan should foreclosure become necessary. Generally, business assets used or produced in operations do not may Commercial real estate consists of nonfarm, nonresidential loans secured by owner-occupied and nonowner-occupied commercial real estate as well as commercial construction loans. An owner-occupied loan relates to a borrower purchased building or space for which the repayment of principal is dependent upon cash flows from the ongoing business operations conducted by the party, or an affiliate of the party, who owns the property. Owner-occupied loans that are dependent on cash flows from operations can be adversely affected by current market conditions for their product or service. A nonowner-occupied loan is a property loan for which the repayment of principal is dependent upon rental income associated with the property or the subsequent sale of the property. Nonowner-occupied loans that are dependent upon rental income are primarily impacted by local economic conditions which dictate occupancy rates and the amount of rent charged. Commercial construction loans consist of borrowings to purchase and develop raw land into 1 4 third may may Residential real estate loans consist of loans to individuals for the purchase of 1 4 Consumer loans are comprised of loans to individuals secured by automobiles, open-end home equity loans and other loans to individuals for household, family, and other personal expenditures, both secured and unsecured. These loans typically have maturities of 6 may At December 31, 2019, no Concentrations of Credit Risk: The following represents the composition of the Company’s loan portfolio as of December 31: % of Total Loans 2019 2018 Residential real estate loans 40.15 % 39.13 % Commercial real estate loans 28.75 % 27.84 % Consumer loans 18.16 % 18.46 % Commercial and industrial loans 12.94 % 14.57 % 100.00 % 100.00 % Approximately 5.00% December 31, 2019, 5.02% December 31, 2018. The Bank, in the normal course of its operations, conducts business with correspondent financial institutions. Balances in correspondent accounts, investments in federal funds, certificates of deposit and other short-term securities are closely monitored to ensure that prudent levels of credit and liquidity risks are maintained. At December 31, 2019, $38,095 Premises and Equipment: 3 8 7 39 Foreclosed assets: $540 $430 December 31, 2019 2018. Goodwill: not December 31 not no Long-term Assets: may not Mortgage Servicing Rights: no may December 31, 2019 2018, $357 $368, Earnings Per Share: 4,767,279 2019; 4,725,971 2018; 4,685,067 2017. no no Income Taxes: December 22, 2017, 34% 21% January 1, 2018. 21% fourth 2017. A tax position is recognized as a benefit only if it is “more likely than not” 50% not not” no Comprehensive Income: Loss Contingencies: not Bank Owned Life Insurance and Annuity Assets Employee Stock Ownership Plan: Dividend Reinvestment Plan: Loan Commitments and Related Financial Instruments: Dividend Restrictions: may Restrictions on Cash : third $38,794 $60,167 2019 2018. third not Derivatives: one three three 1 2 3 no Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not At December 31, 2019 2018, Fair Value of Financial Instruments: Revenue Recognition: No. 2014 09, 606 five not 606. 606 not 606 606 606, ● Service charges on deposit accounts ● Trust fees ● Electronic refund check/deposit fees third ● Debit/credit card interchange income ● Gain (loss) on other real estate owned All of the Company’s revenue from contracts with customers within the scope of ASC 606 no Reclassifications: 2018 2017 2019. no Adoption of New Accounting Standard Updates (“ASU”) : January 1, 2019, 2016 02, 2016 02, January 1, 2019. January 1, 2019 not not 2019 not 2018. As permitted by ASU 2016 02, not 1 2 3 January 1, 2019 not January 1, 2019, 1 2 3 The adoption of ASU 2016 02 no 12 $1,280 Beginning January 1, 2019, No. 2017 08, not not Accounting Guidance to be Adopted in Future Periods: June 2016, No. 2016 13, 2016 13 one first October 16, 2019, December 15, 2022. |
Note B - Securities
Note B - Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note B - Securities The following table summarizes the amortized cost and fair value of securities available for sale and securities held to maturity at December 31, 2019 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available for Sale December 31, 2019 U.S. Government sponsored entity securities $ 16,579 $ 163 $ (6 ) $ 16,736 Agency mortgage-backed securities, residential 88,071 807 (296 ) 88,582 Total securities $ 104,650 $ 970 $ (302 ) $ 105,318 December 31, 201 8 U.S. Government sponsored entity securities $ 16,837 $ 8 $ (215 ) $ 16,630 Agency mortgage-backed securities, residential 88,030 92 (2,588 ) 85,534 Total securities $ 104,867 $ 100 $ (2,803 ) $ 102,164 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Securities Held to Maturity December 31, 2019 Obligations of states and political subdivisions $ 12,031 $ 372 $ (1 ) $ 12,402 Agency mortgage-backed securities, residential 2 ---- ---- 2 Total securities $ 12,033 $ 372 $ (1 ) $ 12,404 December 31, 201 8 Obligations of states and political subdivisions $ 15,813 $ 502 $ (84 ) $ 16,231 Agency mortgage-backed securities, residential 3 ---- ---- 3 Total securities $ 15,816 $ 502 $ (84 ) $ 16,234 At year-end 2019 2018, no one 10% There were no 2019, 2018 2017. Securities with a carrying value of approximately $78,418 December 31, 2019 $79,443 December 31, 2018 Unrealized losses on the Company’s debt securities have not December 31, 2019, not not not December 31, 2019 2018 The amortized cost and estimated fair value of debt securities at December 31, 2019, may may not Available for Sale Held to Maturity Debt Securities: Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 3,399 $ 3,413 $ 641 $ 644 Due in one to five years 13,180 13,323 6,652 6,813 Due in five to ten years ---- ---- 4,738 4,945 Due after ten years ---- ---- ---- ---- Agency mortgage-backed securities, residential 88,071 88,582 2 2 Total debt securities $ 104,650 $ 105,318 $ 12,033 $ 12,404 The following table summarizes securities with unrealized losses at December 31, 2019 December 31, 2018, December 31, 201 9 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government sponsored entity securities $ ---- $ ---- $ 1,999 $ (6 ) $ 1,999 $ (6 ) Agency mortgage-backed securities, residential 15,041 (84 ) 21,344 (212 ) 36,385 (296 ) Total available for sale $ 15,041 $ (84 ) $ 23,343 $ (218 ) $ 38,384 $ (302 ) Less than 12 Months 12 Months or More Total Securities Held to Maturity Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Obligations of states and political subdivisions $ 204 $ (1 ) $ ---- $ ---- $ 204 $ (1 ) Total held to maturity $ 204 $ (1 ) $ ---- $ ---- $ 204 $ (1 ) December 31, 201 8 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government sponsored entity securities $ 1,981 $ (1 ) $ 8,679 $ (214 ) $ 10,660 $ (215 ) Agency mortgage-backed securities, residential 8,564 (43 ) 62,619 (2,545 ) 71,183 (2,588 ) Total available for sale $ 10,545 $ (44 ) $ 71,298 $ (2,759 ) $ 81,843 $ (2,803 ) Less than 12 Months 12 Months or More Total Securities Held to Maturity Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Obligations of states and political subdivisions $ 484 $ (3 ) $ 1,312 $ (81 ) $ 1,796 $ (84 ) Total held to maturity $ 484 $ (3 ) $ 1,312 $ (81 ) $ 1,796 $ (84 ) |
Note C - Loans and Allowance fo
Note C - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note C - Loans and Allowance for Loan Losses Loans are comprised of the following at December 31: 2019 2018 Residential real estate $ 310,253 $ 304,079 Commercial real estate: Owner-occupied 55,825 61,694 Nonowner-occupied 131,398 117,188 Construction 34,913 37,478 Commercial and industrial 100,023 113,243 Consumer: Automobile 63,770 70,226 Home equity 22,882 22,512 Other 53,710 50,632 772,774 777,052 Less: Allowance for loan losses (6,272 ) (6,728 ) Loans, net $ 766,502 $ 770,324 The following table presents the activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2019, 2018 2017: December 31, 2019 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,583 $ 2,186 $ 1,063 $ 1,896 $ 6,728 Provision for loan losses 98 (1,745 ) 1,807 840 1,000 Loans charged off (1,060 ) (602 ) (1,513 ) (1,917 ) (5,092 ) Recoveries 629 2,089 90 828 3,636 Total ending allowance balance $ 1,250 $ 1,928 $ 1,447 $ 1,647 $ 6,272 December 31, 2018 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,470 $ 2,978 $ 1,024 $ 2,027 $ 7,499 Provision for loan losses 772 (1,311 ) (80 ) 1,658 1,039 Loans charged off (874 ) (4 ) (208 ) (2,514 ) (3,600 ) Recoveries 215 523 327 725 1,790 Total ending allowance balance $ 1,583 $ 2,186 $ 1,063 $ 1,896 $ 6,728 December 31, 2017 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 939 $ 4,315 $ 907 $ 1,538 $ 7,699 Provision for loan losses 1,016 (632 ) 658 1,522 2,564 Loans charged off (745 ) (1,067 ) (627 ) (1,642 ) (4,081 ) Recoveries 260 362 86 609 1,317 Total ending allowance balance $ 1,470 $ 2,978 $ 1,024 $ 2,027 $ 7,499 The following table presents the balance in the allowance for loan losses and the recorded investment of loans by portfolio segment and based on impairment method as of December 31, 2019 2018: December 31, 2019 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ ---- $ 385 $ 303 $ 119 $ 807 Collectively evaluated for impairment 1,250 1,543 1,144 1,528 5,465 Total ending allowance balance $ 1,250 $ 1,928 $ 1,447 $ 1,647 $ 6,272 Loans: Loans individually evaluated for impairment $ 438 $ 11,300 $ 4,910 $ 487 $ 17,135 Loans collectively evaluated for impairment 309,815 210,836 95,113 139,875 755,639 Total ending loans balance $ 310,253 $ 222,136 $ 100,023 $ 140,362 $ 772,774 December 31, 2018 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ ---- $ 98 $ ---- $ ---- $ 98 Collectively evaluated for impairment 1,583 2,088 1,063 1,896 6,630 Total ending allowance balance $ 1,583 $ 2,186 $ 1,063 $ 1,896 $ 6,728 Loans: Loans individually evaluated for impairment $ 1,667 $ 3,835 $ 7,116 $ ---- $ 12,618 Loans collectively evaluated for impairment 302,412 212,525 106,127 143,370 764,434 Total ending loans balance $ 304,079 $ 216,360 $ 113,243 $ 143,370 $ 777,052 The following table presents information related to loans individually evaluated for impairment by class of loans as of the years ended December 31, 2019, 2018 2017: December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Owner-occupied $ 2,030 $ 2,030 $ 385 $ 1,375 $ 197 $ 197 Commercial and industrial 4,861 4,861 303 4,796 319 319 Consumer: Automobile 8 8 8 2 ---- ---- Other 111 111 111 22 9 9 With no related allowance recorded: Residential real estate 438 438 ---- 453 23 23 Commercial real estate: Owner-occupied 1,778 1,778 ---- 1,902 113 113 Nonowner-occupied 7,492 7,492 ---- 6,160 477 477 Construction 319 ---- ---- ---- 20 20 Commercial and industrial 49 49 ---- 300 111 111 Consumer: Home equity 368 368 ---- 143 19 19 Total $ 17,454 $ 17,135 $ 807 $ 15,153 $ 1,288 $ 1,288 December 31, 2018 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Nonowner-occupied $ 362 $ 362 $ 98 $ 367 $ 15 $ 15 With no related allowance recorded: Residential real estate 1,667 1,667 ---- 511 101 101 Commercial real estate: Owner-occupied 2,527 2,527 ---- 2,475 141 141 Nonowner-occupied 2,368 946 ---- 1,912 57 57 Construction 336 ---- ---- ---- 20 20 Commercial and industrial 7,116 7,116 ---- 5,802 414 414 Total $ 14,376 $ 12,618 $ 98 $ 11,067 $ 748 $ 748 December 31, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Nonowner-occupied $ 372 $ 372 $ 94 $ 378 $ 17 $ 17 With no related allowance recorded: Residential real estate 1,420 1,420 ---- 851 66 66 Commercial real estate: Owner-occupied 3,427 3,427 ---- 2,456 184 184 Nonowner-occupied 4,989 3,534 ---- 3,521 81 81 Construction 352 ---- ---- ---- 19 19 Commercial and industrial 9,154 9,154 ---- 8,544 481 481 Consumer: Home equity 203 201 ---- 208 7 7 Total $ 19,917 $ 18,108 $ 94 $ 15,958 $ 855 $ 855 The recorded investment of a loan is its carrying value excluding accrued interest and deferred loan fees. Nonaccrual loans and loans past due 90 The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through legal title or through a deed in lieu). As of December 31, 2019 December 31, 2018, $68 $134, $1,780 $2,375 December 31, 2019 December 31, 2018, The following table presents the recorded investment of nonaccrual loans and loans past due 90 December 31, 2019 2018: Loans Past Due 90 Days And Still Accruing Nonaccrual December 31, 2019 Residential real estate $ 255 $ 6,119 Commercial real estate: Owner-occupied ---- 863 Nonowner-occupied ---- 804 Construction ---- 229 Commercial and industrial ---- 590 Consumer: Automobile 239 61 Home equity ---- 392 Other 395 91 Total $ 889 $ 9,149 Loans Past Due 90 Days And Still Accruing Nonaccrual December 31, 2018 Residential real estate $ 19 $ 6,661 Commercial real estate: Owner-occupied ---- 470 Nonowner-occupied 362 574 Construction 66 416 Commercial and industrial 31 228 Consumer: Automobile 270 59 Home equity 91 183 Other 228 86 Total $ 1,067 $ 8,677 The following table presents the aging of the recorded investment of past due loans by class of loans as of December 31, 2019 2018: December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Loans Not Past Due Total Residential real estate $ 4,015 $ 1,314 $ 1,782 $ 7,111 $ 303,142 $ 310,253 Commercial real estate: Owner-occupied 383 59 144 586 55,239 55,825 Nonowner-occupied 12 ---- 697 709 130,689 131,398 Construction 186 19 49 254 34,659 34,913 Commercial and industrial 1,320 312 241 1,873 98,150 100,023 Consumer: Automobile 986 329 246 1,561 62,209 63,770 Home equity 106 18 279 403 22,479 22,882 Other 559 139 443 1,141 52,569 53,710 Total $ 7,567 $ 2,190 $ 3,881 $ 13,638 $ 759,136 $ 772,774 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Loans Not Past Due Total Residential real estate $ 3,369 $ 1,183 $ 1,642 $ 6,194 $ 297,885 $ 304,079 Commercial real estate: Owner-occupied 298 ---- 129 427 61,267 61,694 Nonowner-occupied 299 ---- 747 1,046 116,142 117,188 Construction 31 ---- 265 296 37,182 37,478 Commercial and industrial 428 192 110 730 112,513 113,243 Consumer: Automobile 1,287 286 289 1,862 68,364 70,226 Home equity 171 92 260 523 21,989 22,512 Other 593 291 228 1,112 49,520 50,632 Total $ 6,476 $ 2,044 $ 3,670 $ 12,190 $ 764,862 $ 777,052 Troubled Debt Restructurings: A troubled debt restructuring (“TDR”) occurs when the Company has agreed to a loan modification in the form of a concession for a borrower who is experiencing financial difficulty. All TDRs are considered to be impaired. The modification of the terms of such loans included one The Company has allocated reserves for a portion of its TDRs to reflect the fair values of the underlying collateral or the present value of the concessionary terms granted to the customer. The following table presents the types of TDR loan modifications by class of loans as of December 31, 2019 December 31, 2018: TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs December 31, 2019 Residential real estate: Interest only payments $ 209 $ ---- $ 209 Commercial real estate: Owner-occupied Interest only payments 882 ---- 882 Reduction of principal and interest payments 1,521 ---- 1,521 Maturity extension at lower stated rate than market rate 393 ---- 393 Credit extension at lower stated rate than market rate 393 ---- 393 Nonowner-occupied Credit extension at lower stated rate than market rate 395 ---- 395 Commercial and industrial Interest only payments 4,574 ---- 4,574 Reduction of principal and interest payments 185 ---- 185 Total TDRs $ 8,552 $ ---- $ 8,552 TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs December 31, 2018 Residential real estate: Interest only payments $ 216 $ ---- $ 216 Commercial real estate: Owner-occupied Interest only payments 968 ---- 968 Reduction of principal and interest payments 529 ---- 529 Maturity extension at lower stated rate than market rate 469 ---- 469 Credit extension at lower stated rate than market rate 402 402 Nonowner-occupied Interest only payments ---- 385 385 Rate reduction ---- 362 362 Credit extension at lower stated rate than market rate 561 ---- 561 Commercial and industrial Interest only payments 4,742 ---- 4,742 Total TDRs $ 7,887 $ 747 $ 8,634 At December 31, 2019, $82, 1.0%, 2018. $227 December 31, 2018, $98 December 31, 2018. December 31, 2019, $941 $758 December 31, 2018. There were no December 31, 2018. December 31, 2019 2017: TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Recorded Investment Post- Modification Recorded Investment December 31, 2019 Commercial real estate: Owner-occupied Reduction of principal and interest payments 1 $ 1,036 $ 1,036 $ ---- $ ---- Commercial and industrial: Reduction of principal and interest payments 1 199 199 ---- ---- Total TDRs 2 $ 1,235 $ 1,235 $ ---- $ ---- The TDRs described above increased the provision expense and the allowance for loan losses by $185 December 31, 2019, no TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Recorded Investment Post- Modification Recorded Investment December 31, 2017 Commercial real estate: Owner-occupied Interest only payments 1 $ 997 $ 997 $ ---- $ ---- Credit extension at lower stated rate than market rate 1 412 412 ---- ---- Total TDRs 2 $ 1,409 $ 1,409 $ ---- $ ---- The TDRs described above had no no December 31, 2017. The Company had no December 31, 2019 December 31, 2017 twelve twelve December 31, 2018, $362 90 $362 no December 31, 2018 twelve 90 The terms of certain other loans were modified during the years ended December 31, 2019 2018 not $50,586 December 31, 2019 $28,738 December 31, 2018. not Credit Quality Indicators: The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. These risk categories are represented by a loan grading scale from 1 11. 8 9 11. $750. The Company uses the following definitions for its criticized Special Mention. not not may no no one The Company uses the following definitions for its classified Substandard. one may not 8 Doubtful . may may Loss . not not no not may Criticized and classified loans will mostly consist of commercial and industrial and commercial real estate loans. The Company considers its loans that do not 1 7 As of December 31, 2019 December 31, 2018, December 31, 2019 Pass Criticized Classified Total Commercial real estate: Owner-occupied $ 49,486 $ 2,889 $ 3,450 $ 55,825 Nonowner-occupied 123,847 ---- 7,551 131,398 Construction 34,864 ---- 49 34,913 Commercial and industrial 89,749 298 9,976 100,023 Total $ 297,946 $ 3,187 $ 21,026 $ 322,159 December 31, 2018 Pass Criticized Classified Total Commercial real estate: Owner-occupied $ 50,474 $ 7,724 $ 3,496 $ 61,694 Nonowner-occupied 115,170 ---- 2,018 117,188 Construction 37,321 ---- 157 37,478 Commercial and industrial 92,417 6,536 14,290 113,243 Total $ 295,382 $ 14,260 $ 19,961 $ 329,603 The Company also obtains the credit scores of its borrowers upon origination (if available by the credit bureau) but not not For residential and consumer loan classes, the Company evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the recorded investment of residential and consumer loans by class of loans based on payment activity as of December 31, 2019 December 31, 2018: Consumer December 31, 2019 Automobile Home Equity Other Residential Real Estate Total Performing $ 63,470 $ 22,490 $ 53,224 $ 303,879 $ 443,063 Nonperforming 300 392 486 6,374 7,552 Total $ 63,770 $ 22,882 $ 53,710 $ 310,253 $ 450,615 Consumer December 31, 2018 Automobile Home Equity Other Residential Real Estate Total Performing $ 69,897 $ 22,238 $ 50,318 $ 297,399 $ 439,852 Nonperforming 329 274 314 6,680 7,597 Total $ 70,226 $ 22,512 $ 50,632 $ 304,079 $ 447,449 The Company, through its subsidiaries, grants residential, consumer, and commercial loans to customers located primarily in the southeastern area of Ohio as well as the western counties of West Virginia. Approximately 5.00% December 31, 2019, 5.02% December 31, 2018. |
Note D - Premises and Equipment
Note D - Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note D - Premises and Equipment Following is a summary of premises and equipment at December 31: 2019 2018 Land $ 2,633 $ 2,744 Buildings 20,890 16,154 Leasehold improvements 1,267 1,267 Furniture and equipment 6,847 6,039 31,637 26,204 Less accumulated depreciation 12,420 11,349 Total premises and equipment $ 19,217 $ 14,855 Following is a summary of premises and equipment held for sale at December 31: 2019 2018 Land $ 153 $ ---- Buildings 563 ---- 716 ---- Less accumulated depreciation 63 ---- Total premises and equipment held for sale $ 653 $ ---- |
Note E - Leases
Note E - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note E – Leases The Company enters into leases in the normal course of business primarily for branch buildings and office space to conduct business. The Company’s leases have remaining terms ranging from 4 17.5 15 The Company includes lease extension and termination options in the lease term if, after considering relevant economic factors, it is reasonably certain the Company will exercise the option. In addition, the Company has elected to account for any non-lease components in its real estate leases as part of the associated lease component. The Company has also elected to not 12 Leases are classified as operating or finance leases at the lease commencement date. Lease expense for operating leases and short-term leases is recognized on a straight-line basis over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. At December 31, 2019, not The Company’s operating lease ROU assets and operating lease liabilities are valued based on the present value of future minimum lease payments, discounted with an incremental borrowing rate for the same term as the underlying lease. The Company has one January 1, 2019, $1,280 Balance sheet information related to leases was as follows: December 31, 2019 Operating leases: Operating lease right-of-use assets $ 1,053 Operating lease liabilities $ 1,053 The components of lease cost were as follows: December 31, 2019 Operating lease cost $ 282 Short-term lease expense $ 52 Future undiscounted lease payments for operating leases with initial terms of one December 31, 2019 Operating Leases 2020 $ 180 2021 157 2022 157 2023 116 2024 95 Thereafter 546 Total lease payments 1,251 Less: Imputed Interest (198 ) Total operating leases $ 1,053 Other information was as follows: December 31, 2019 Weighted-average remaining lease term for operating leases (in years) 10.6 Weighted-average discount rate for operating leases 2.76 % |
Note F - Goodwill and Intangibl
Note F - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note F – Goodwill and Intangible Assets Goodwill: 2019 2018 2017 Beginning of year $ 7,371 $ 7,371 $ 7,801 Acquired goodwill ---- ---- ---- Impairment ---- ---- ---- Finalization of Milton branch sale (52 ) ---- ---- Finalization of Milton acquisition accounting ---- ---- (430 ) End of year $ 7,319 $ 7,371 $ 7,371 Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. At December 31, 2019 2018, not not no not one Acquired intangible assets: 2019 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangibles $ 738 $ 564 $ 738 $ 359 Aggregate amortization expense was $206 2019, $135 2018 $156 2017. Estimated amortization expense for each of the next five 2020 $ 62 2021 48 2022 35 2023 21 2024 8 Total $ 174 |
Note G - Deposits
Note G - Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note G - Deposits Following is a summary of interest-bearing deposits at December 31: 2019 2018 NOW accounts $ 158,434 $ 155,166 Savings and Money Market 230,672 237,868 Time: In denominations of $250,000 or less 175,334 178,736 In denominations of more than $250,000 34,424 37,113 Total time deposits 209,758 215,849 Total interest-bearing deposits $ 598,864 $ 608,883 Following is a summary of total time deposits by remaining maturity at December 31, 2019: 2020 $ 116,666 2021 58,585 2022 22,833 2023 9,077 2024 1,978 Thereafter 619 Total $ 209,758 Brokered deposits, included in time deposits, were $25,797 $30,838 December 31, 2019 2018, |
Note H - Interest Rate Swaps
Note H - Interest Rate Swaps | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note H - Interest Rate Swaps The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. The Company utilizes interest rate swap agreements as part of its asset/liability management strategy to help manage its interest rate risk position. As part of this strategy, the Company provides its customer with a fixed-rate loan while creating a variable-rate asset for the Company by the customer entering into an interest rate swap with the Company on terms that match the loan. The Company offsets its risk exposure by entering into an offsetting interest rate swap with an unaffiliated institution. These interest rate swaps do not December 31, 2019, $7,633 $459. $9,219 $101 December 31, 2018. not third $750 December 31, 2019 $350 December 31, 2018. |
Note I - Other Borrowed Funds
Note I - Other Borrowed Funds | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | Note I - Other Borrowed Funds Other borrowed funds at December 31, 2019 2018 FHLB Borrowings Promissory Notes Totals 2019 $ 29,758 $ 4,233 $ 33,991 2018 $ 33,434 $ 6,279 $ 39,713 Pursuant to collateral agreements with the FHLB, advances are secured by $301,244 $69,683 $5,365 December 31, 2019. $29,758 2042 1.53% 3.31% 2.39% 2.36% December 31, 2019 2018, no December 31, 2019. At December 31, 2019, $80,000 90 $80,000 December 31, 2019. Based on the Company’s current FHLB stock ownership, total assets and pledgeable loans, the Company had the ability to obtain borrowings from the FHLB up to a maximum of $205,559 December 31, 2019. $205,559, $119,302 $80,000 Promissory notes, issued primarily by Ohio Valley, are due at various dates through a final maturity date of May 17, 2021, 2.00% 4.09% 2.73% December 31, 2019, 2.83% December 31, 2018. December 31, 2019, eight $3,558. $405 December 31, 2019. Letters of credit issued on the Bank’s behalf by the FHLB to collateralize certain public unit deposits as required by law totaled $56,500 December 31, 2019 $51,700 December 31, 2018. Scheduled principal payments over the next five FHLB Borrowings Promissory Notes Totals 2020 $ 3,722 $ 3,600 $ 7,322 2021 3,000 633 3,633 2022 2,841 ---- 2,841 2023 2,705 ---- 2,705 2024 2,301 ---- 2,301 Thereafter 15,189 ---- 15,189 $ 29,758 $ 4,233 $ 33,991 |
Note J - Subordinated Debenture
Note J - Subordinated Debentures and Trust Preferred Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note J - Subordinated Debentures and Trust Preferred Securities On March 22, 2007, $8,500 6.58% five March 15, 2012, 3 1.68%. 3.57% December 31, 2019 4.47% December 31, 2018. no no June 15, 2037. Under the provisions of the related indenture agreements, the interest payable on the trust preferred securities is deferrable for up to five not not not may 1 |
Note K - Income Taxes
Note K - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note K - Income Taxes On December 22, 2017, 21% January 1, 2018. 2017 $1,783. The provision for income taxes consists of the following components: 2019 2018 2017 Current tax expense $ 1,446 $ 2,389 $ 2,579 Deferred tax (benefit) expense 367 (134 ) 1,907 Total income taxes $ 1,813 $ 2,255 $ 4,486 The source of deferred tax assets and deferred tax liabilities at December 31: 2019 2018 Items giving rise to deferred tax assets: Allowance for loan losses $ 1,364 $ 1,463 Unrealized loss on securities available for sale ---- 568 Deferred compensation 1,700 1,580 Deferred loan fees/costs 110 119 Other real estate owned 4 434 Accrued bonus 204 280 Purchase accounting adjustments 24 61 Net operating loss 115 132 Lease liability 274 ---- Other 346 257 Items giving rise to deferred tax liabilities: Mortgage servicing rights (77 ) (80 ) FHLB stock dividends (676 ) (676 ) Unrealized gain on securities available for sale (140 ) ---- Prepaid expenses (182 ) (191 ) Depreciation and amortization (579 ) (656 ) Right-of-use asset (274 ) ---- Other ---- (3 ) Net deferred tax asset $ 2,213 $ 3,288 The Company determined that it was not At December 31, 2019, 382 $550, 2026. The difference between the financial statement tax provision and amounts computed by applying the statutory federal income tax rate of 21% 2019 2018 34% 2017 2019 2018 2017 Statutory tax $ 2,461 $ 2,982 $ 4,078 Effect of nontaxable interest (336 ) (352 ) (514 ) Effect of nontaxable insurance premiums (212 ) (218 ) (303 ) Income from bank owned insurance, net (141 ) (142 ) (230 ) Effect of postretirement benefits 54 20 (78 ) Effect of nontaxable life insurance death proceeds ---- ---- (175 ) Impact from TCJA ---- ---- 1,783 Effect of state income tax 100 33 70 Tax credits (145 ) (217 ) (191 ) Milton Merger Costs ---- ---- 4 Other items 32 149 42 Total income taxes $ 1,813 $ 2,255 $ 4,486 At December 31, 2019 December 31, 2018, no not twelve not The Company is subject to U.S. federal income tax as well as West Virginia state income tax. The Company is no 2016. 2016 2018 |
Note L - Commitments and Contin
Note L - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note L - Commitments and Contingent Liabilities The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit, and financial guarantees written, is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for instruments recorded on the balance sheet. Following is a summary of such commitments at December 31: 2019 2018 Fixed rate $ 660 $ 121 Variable rate 70,561 66,580 Standby letters of credit 3,957 4,325 At December 31, 2019, 3.375% 6.25% 15 30 Commitments to extend credit are agreements to lend to a customer as long as there is no may third not may During the years covered by these consolidated financial statements, the Company participated as a facilitator of tax refunds pursuant to a clearing agreement with a third third 2018, third There are various contingent liabilities that are not not |
Note M - Related Party Transact
Note M - Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note M - Related Party Transactions Certain directors, executive officers and companies with which they are affiliated were loan customers during 2019. $120 Total loans at January 1, 2019 $ 3,674 New loans 890 Repayments (391 ) Other changes (199 ) Total loans at December 31, 2019 $ 3,974 Other changes include adjustments for loans applicable to one Deposits from principal officers, directors, and their affiliates at year-end 2019 2018 $47,911 $52,877. $3,558 2019 2018. 1.50% 2.85%, 10 36 |
Note N - Employee Benefits
Note N - Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note N - Employee Benefits The Bank has a profit-sharing plan for the benefit of its employees and their beneficiaries. Contributions to the plan are determined by the Board of Directors of Ohio Valley. Contributions charged to expense were $264, $352, $340 2019, 2018 2017. Ohio Valley maintains an Employee Stock Ownership Plan (“ESOP”) covering substantially all employees of the Company. Ohio Valley issues shares to the ESOP, purchased by the ESOP with subsidiary cash contributions, which are allocated to ESOP participants based on relative compensation. The total number of shares held by the ESOP, all of which have been allocated to participant accounts, were 365,274 360,669 December 31, 2019 2018. Years ended December 31 2019 2018 2017 Number of shares issued 8,333 7,294 15,118 Fair value of stock contributed $ 328 $ 295 $ 428 Cash contributed 500 500 250 Total expense $ 828 $ 795 $ 678 Life insurance contracts with a cash surrender value of $28,481 $2,115 December 31, 2019 $7,815 $7,267 December 31, 2019 2018. three $627, $602, $490. $3,130 December 31, 2019 $2,873 December 31, 2018. During 2017, $2,107 two $1,993 two $3,586 $514 $1,993 not 2017 December 31, 2017. 2018. |
Note O - Fair Value of Financia
Note O - Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note O - Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three may Level 1: Level 2: 1 not Level 3: The following is a description of the Company’s valuation methodologies used to measure and disclose the fair values of its financial assets and liabilities on a recurring or nonrecurring basis: Securities: 1 not 2 not 3 Impaired Loans: may 3 may 3 Other Real Estate Owned: may 3 2 Appraisals for both collateral-dependent impaired loans and other real estate owned are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Once received, a member of management reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with management’s own assumptions of fair value based on factors that include recent market data or industry-wide statistics. On an as-needed basis, the Company reviews the fair value of collateral, taking into consideration current market data, as well as all selling costs that typically approximate 10%. Interest Rate Swap Agreements: 2 Assets and Liabilities Measured on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at December 31, 2019, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government sponsored entity securities ---- $ 16,736 ---- Agency mortgage-backed securities, residential ---- 88,582 ---- Interest rate swap derivatives ---- 465 ---- Interest rate swap derivatives ---- (465 ) ---- Fair Value Measurements at December 31, 2018, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government sponsored entity securities ---- $ 16,630 ---- Agency mortgage-backed securities, residential ---- 85,534 ---- Interest rate swap derivatives ---- 101 ---- Interest rate swap derivatives ---- (101 ) ---- There were no 1 2 2019 2018. Assets and Liabilities Measured on a Nonrecurring Basis Assets and liabilities measured at fair value on a nonrecurring basis are summarized below: Fair Value Measurements at December 31, 2019, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate: Owner-occupied $ ---- $ ---- $ 1,664 Commercial and Industrial ---- ---- 4,559 Fair Value Measurements at December 31, 2018, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate: $ ---- $ ---- $ 264 Nonowner-occupied Other real estate owned: Commercial real estate: Construction ---- 228 ---- At December 31, 2019, $7,010, $807, $807 December 31, 2019, no December 31, 2018, $362, $98, $4 December 31, 2018, no There was no December 31, 2019. December 31, 2018 $228, $2,217, $1,989 December 31, 2018. $594 2018. The following table presents quantitative information about Level 3 December 31, 2019 December 31, 2018: December 31, 2019 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate: Owner-occupied $ 1,644 Sales approach Adjustment to comparables 0% to 20% 9.7 % Commercial and Industrial 4,559 Sales approach Adjustment to comparables 0% to 61% 10.3 % December 31, 2018 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate: Nonowner-occupied $ 264 Sales approach Adjustment to comparables 6.8 to 66.7% 18.0 % The carrying amounts and estimated fair values of financial instruments at December 31, 2019 December 31, 2018 Fair Value Measurements at December 31, 2019 Using: Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 52,356 $ 52,356 $ ---- $ ---- $ 52,356 Certificates of deposit in financial institutions 2,360 ---- 2,360 ---- 2,360 Securities available for sale 105,318 ---- 105,318 ---- 105,318 Securities held to maturity 12,033 ---- 6,446 5,958 12,404 Loans, net 766,502 ---- ---- 771,285 771,285 Interest rate swap derivatives 465 ---- 465 ---- 465 Accrued interest receivable 2,564 ---- 315 2,249 2,564 Financial Liabilities: Deposits 821,471 222,607 599,937 ---- 822,544 Other borrowed funds 33,991 ---- 34,345 ---- 34,345 Subordinated debentures 8,500 ---- 6,275 ---- 6,275 Interest rate swap derivatives 465 ---- 465 ---- 465 Accrued interest payable 1,589 3 1,586 ---- 1,589 Fair Value Measurements at December 31, 2018 Using: Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 71,180 $ 71,180 $ ---- $ ---- $ 71,180 Certificates of deposit in financial institutions 2,065 ---- 2,065 ---- 2,065 Securities available for sale 102,164 ---- 102,164 ---- 102,164 Securities held to maturity 15,816 ---- 7,625 8,609 16,234 Loans, net 770,324 ---- ---- 766,784 766,784 Interest rate swap derivatives 101 ---- 101 ---- 101 Accrued interest receivable 2,638 ---- 312 2,326 2,638 Financial Liabilities: Deposits 846,704 237,821 607,593 ---- 845,414 Other borrowed funds 39,713 ---- 37,644 ---- 37,644 Subordinated debentures 8,500 ---- 7,054 ---- 7,054 Interest rate swap derivatives 101 ---- 101 ---- 101 Accrued interest payable 1,255 3 1,252 ---- 1,255 The methods and assumptions, not Loans December 31, 2019 2018 2016 01, 3 Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not one no |
Note P - Regulatory Matters
Note P - Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note P - Regulatory Matters 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. New rules became effective for the Company and the Bank on January 1, 2015, January 1, 2019. 2.5% January 1, 2016 0.625%, January 1 four January 1, 2019 2.5%. 1 Prompt corrective action regulations applicable to insured depository institutions provide five not 2019 2018, not not September 2018, $3 December 31, 2019, not The following table summarizes the capital ratios (excluding the capital conservation buffer) of the Company and the Bank. The minimums for the Company are those that would have been required if the Company was not Actual Minimum Regulatory Minimum To Be Well 201 9 Amount Ratio Capital Ratio Capitalized (1) Total capital (to risk weighted assets) Consolidated $ 134,930 18.7 % 8.0 % 10.0 % Bank 120,716 17.0 8.0 10.0 Common equity Tier 1 capital (to risk weighted assets) Consolidated 120,158 16.6 4.5 N/A Bank 114,772 16.1 4.5 6.5 Tier 1 capital (to risk weighted assets) Consolidated 128,658 17.8 6.0 6.0 Bank 114,772 16.1 6.0 8.0 Tier 1 capital (to average assets) Consolidated 128,658 12.5 4.0 N/A Bank 114,772 11.3 4.0 5.0 Actual Minimum Regulatory Minimum To Be Well 201 8 Amount Ratio Capital Ratio Capitalized (1) Total capital (to risk weighted assets) Consolidated $ 127,487 17.7 % 8.0 % 10.0 % Bank 114,947 16.2 8.0 10.0 Common equity Tier 1 capital (to risk weighted assets) Consolidated 112,259 15.6 4.5 N/A Bank 108,547 15.3 4.5 6.5 Tier 1 capital (to risk weighted assets) Consolidated 120,759 16.7 6.0 6.0 Bank 108,547 15.3 6.0 8.0 Tier 1 capital (to average assets) Consolidated 120,759 11.8 4.0 N/A Bank 108,547 10.7 4.0 5.0 ( 1 For the Company, these amounts would be required for the Company to engage in activities permissible only for a bank holding company that meets the financial holding company requirements if the Company were not Dividends paid by the subsidiaries are the primary source of funds available to Ohio Valley for payment of dividends to shareholders and for other working capital needs. The payment of dividends by the subsidiaries to Ohio Valley is subject to restrictions by regulatory authorities and state law. These restrictions generally limit dividends to the current and prior two 90% January 1, 2020 $15,042 not may |
Note Q - Parent Company Only Co
Note Q - Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note Q - Parent Company Only Condensed Financial Information Below is condensed financial information of Ohio Valley. In this information, Ohio Valley’s investment in its subsidiaries is stated at cost plus equity in undistributed earnings of the subsidiaries since acquisition. This information should be read in conjunction with the consolidated financial statements of the Company. CONDENSED STATEMENTS OF CONDITION Years ended December 31: 2019 2018 Assets Cash and cash equivalents $ 4,308 $ 4,032 Investment in subsidiaries 134,910 126,059 Notes receivable – subsidiaries 1,963 3,000 Other assets 48 93 Total assets $ 141,229 $ 133,184 Liabilities Notes payable $ 4,233 $ 6,279 Subordinated debentures 8,500 8,500 Other liabilities 317 531 Total liabilities 13,050 15,310 Shareholders’ Equity Total shareholders’ equity 128,179 117,874 Total liabilities and shareholders’ equity $ 141,229 $ 133,184 CONDENSED STATEMENTS OF INCOME Years ended December 31: 2019 2018 2017 Income: Interest on notes $ 47 $ 53 $ 51 Dividends from subsidiaries 4,375 4,225 4,400 Expenses: Interest on notes 139 185 211 Interest on subordinated debentures 356 330 248 Operating expenses 377 351 332 Income before income taxes and equity in undistributed earnings of subsidiaries.. 3,550 3,412 3,660 Income tax benefit 169 164 244 Equity in undistributed earnings of subsidiaries 6,188 8,368 3,605 Net Income $ 9,907 $ 11,944 $ 7,509 Comprehensive Income $ 12,570 $ 10,860 $ 7,622 CONDENSED STATEMENTS OF CASH FLOWS Years ended December 31: 2019 2018 2017 Cash flows from operating activities: Net Income $ 9,907 $ 11,944 $ 7,509 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (6,188 ) (8,368 ) (3,605 ) Common stock issued to ESOP 328 295 428 Change in other assets 45 (26 ) (15 ) Change in other liabilities (214 ) 262 (97 ) Net cash provided by operating activities 3,878 4,107 4,220 Cash flows from investing activities: Cash paid for Milton Bancorp, Inc. acquisition ---- ---- ---- Change in notes receivable 1,037 320 100 Net cash provided by (used in) investing activities 1,037 320 100 Cash flows from financing activities: Change in notes payable (2,046 ) (1,045 ) (558 ) Proceeds from common stock through dividend reinvestment 1,407 1,325 715 Cash dividends paid (4,000 ) (3,967 ) (3,932 ) Net cash provided by (used in) financing activities (4,639 ) (3,687 ) (3775 ) Cash and cash equivalents: Change in cash and cash equivalents 276 740 545 Cash and cash equivalents at beginning of year 4,032 3,292 2,747 Cash and cash equivalents at end of year $ 4,308 $ 4,032 $ 3,292 |
Note R - Segment Information
Note R - Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note R - Segment Information The reportable segments are determined by the products and services offered, primarily distinguished between banking and consumer finance. They are also distinguished by the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business which are then aggregated if operating performance, products/services, and customers are similar. Loans, investments, and deposits provide the majority of the net revenues from the banking operation, while loans provide the majority of the net revenues for the consumer finance segment. All Company segments are domestic. Total revenues from the banking segment, which accounted for the majority of the Company’s total revenues, totaled 94.2%, 92.9%, 92.7% December 31, 2019, 2018 2017, The accounting policies used for the Company’s reportable segments are the same as those described in Note A - Summary of Significant Accounting Policies. Income taxes are allocated based on income before tax expense. All goodwill is in the Banking segment. Segment information is as follows: Year Ended December 31, 2019 Banking Consumer Finance Total Company Net interest income $ 39,865 $ 3,187 $ 43,052 Provision expense 875 125 1,000 Noninterest income 8,989 177 9,166 Noninterest expense 37,026 2,472 39,498 Tax expense 1,653 160 1,813 Net income 9,300 607 9,907 Assets 1,000,315 12,957 1,013,272 Year Ended December 31, 2018 Banking Consumer Finance Total Company Net interest income $ 40,380 $ 3,346 $ 43,726 Provision expense 850 189 1,039 Noninterest income 8,243 695 8,938 Noninterest expense 34,841 2,585 37,426 Tax expense 1,990 265 2,255 Net income 10,942 1,002 11,944 Assets 1,017,902 12,591 1,030,493 Year Ended December 31, 2017 Banking Consumer Finance Total Company Net interest income $ 38,366 $ 3,367 $ 41,733 Provision expense 2,415 149 2,564 Noninterest income 8,834 601 9,435 Noninterest expense 34,079 2,530 36,609 Tax expense 3,973 513 4,486 Net income 6,733 776 7,509 Assets 1,013,386 12,904 1,026,290 |
Note S - Consolidated Quarterly
Note S - Consolidated Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | Note S - Consolidated Quarterly Financial Information Quarters Ended Mar. 31 Jun. 30 Sept. 30 Dec. 31 201 9 Total interest income $ 13,058 $ 12,483 $ 12,521 $ 12,255 Total interest expense 1,671 1,830 1,895 1,869 Net interest income 11,387 10,653 10,626 10,386 Provision for loan losses 2,377 (806 ) 444 (1,015 ) Noninterest income 1,846 2,003 2,107 3,210 Noninterest expense 9,568 9,791 9,738 10,401 Net income 1,193 3,079 2,137 3,498 Earnings per share $ 0.25 $ 0.65 $ 0.45 $ 0.73 201 8 Total interest income $ 12,709 $ 11,938 $ 12,181 $ 12,369 Total interest expense 1,199 1,298 1,418 1,556 Net interest income 11,510 10,640 10,763 10,813 Provision for loan losses 756 (23 ) 962 (656 ) Noninterest income 3,076 2,538 1,927 1,397 Noninterest expense 9,808 9,674 9,761 8,183 Net income 3,366 2,976 1,746 3,856 Earnings per share $ 0.71 $ 0.63 $ 0.37 $ 0.82 |
Note T - Subsequent Events
Note T - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note T – Subsequent Events On March 10, 2020, third third 2018. third $2,000 first 2020. third five 2021 2025 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Description of Business: 1956. one one The Company provides a full range of commercial and retail banking services from 22 The Bank’s trust department provides a wide variety of fiduciary services for trusts, estates and benefit plans and also provides investment and security services as an agent for its customers. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation: |
Segment Reporting, Policy [Policy Text Block] | Industry Segment Information: two |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: 90 one |
Certificates of Deposit in Financial Institutions [Policy Text Block] | Certificates of deposit in financial institutions: 90 September 19, 2022. |
Marketable Securities, Policy [Policy Text Block] | Securities: not Premium amortization is deducted from, and discount accretion is added to, interest income on securities using the level yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Gains and losses are recognized upon the sale of specific identified securities on the completed trade date. |
Other-Than-Temporary Impairment, Policy [Policy Text Block] | Other-Than-Temporary Impairments of Securities: 1 2 3 4 not When an OTTI occurs, the amount of the OTTI recognized in earnings depends on whether an entity intends to sell the security or it is more likely than not not not not not |
Investment, Policy [Policy Text Block] | Restricted Investments in Bank Stocks : may not |
Financing Receivable [Policy Text Block] | Loans: not Interest income is discontinued and the loan moved to non-accrual status when full loan repayment is in doubt, typically when the loan is impaired or payments are past due 90 90 All interest accrued but not The Bank also originates long-term, fixed-rate mortgage loans, with full intention of being sold to the secondary market. These loans are considered held for sale during the period of time after the principal has been advanced to the borrower by the Bank, but before the Bank has been reimbursed by the Federal Home Loan Mortgage Corporation, typically within a few business days. Loans sold to the secondary market are carried at the lower of aggregate cost or fair value. As of December 31, 2019, no $108 December 31, 2018. |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses: may The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified and for which the borrower is experiencing financial difficulties are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Commercial and commercial real estate loans are individually evaluated for impairment. If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net, at the present value of estimated future cash flows using the loan’s existing rate or at the fair value of collateral if repayment is expected solely from the collateral. Smaller balance homogeneous loans, such as consumer and most residential real estate, are collectively evaluated for impairment, and accordingly, they are not The general component covers non-impaired loans and impaired loans that are not 3 5 Commercial and industrial loans consist of borrowings for commercial purposes to individuals, corporations, partnerships, sole proprietorships, and other business enterprises. Commercial and industrial loans are generally secured by business assets such as equipment, accounts receivable, inventory, or any other asset excluding real estate and generally made to finance capital expenditures or operations. The Company’s risk exposure is related to deterioration in the value of collateral securing the loan should foreclosure become necessary. Generally, business assets used or produced in operations do not may Commercial real estate consists of nonfarm, nonresidential loans secured by owner-occupied and nonowner-occupied commercial real estate as well as commercial construction loans. An owner-occupied loan relates to a borrower purchased building or space for which the repayment of principal is dependent upon cash flows from the ongoing business operations conducted by the party, or an affiliate of the party, who owns the property. Owner-occupied loans that are dependent on cash flows from operations can be adversely affected by current market conditions for their product or service. A nonowner-occupied loan is a property loan for which the repayment of principal is dependent upon rental income associated with the property or the subsequent sale of the property. Nonowner-occupied loans that are dependent upon rental income are primarily impacted by local economic conditions which dictate occupancy rates and the amount of rent charged. Commercial construction loans consist of borrowings to purchase and develop raw land into 1 4 third may may Residential real estate loans consist of loans to individuals for the purchase of 1 4 Consumer loans are comprised of loans to individuals secured by automobiles, open-end home equity loans and other loans to individuals for household, family, and other personal expenditures, both secured and unsecured. These loans typically have maturities of 6 may At December 31, 2019, no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk: The following represents the composition of the Company’s loan portfolio as of December 31: % of Total Loans 2019 2018 Residential real estate loans 40.15 % 39.13 % Commercial real estate loans 28.75 % 27.84 % Consumer loans 18.16 % 18.46 % Commercial and industrial loans 12.94 % 14.57 % 100.00 % 100.00 % Approximately 5.00% December 31, 2019, 5.02% December 31, 2018. The Bank, in the normal course of its operations, conducts business with correspondent financial institutions. Balances in correspondent accounts, investments in federal funds, certificates of deposit and other short-term securities are closely monitored to ensure that prudent levels of credit and liquidity risks are maintained. At December 31, 2019, $38,095 |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment: 3 8 7 39 |
Real Estate, Policy [Policy Text Block] | Foreclosed assets: $540 $430 December 31, 2019 2018. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill: not December 31 not no |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-term Assets: may not |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Mortgage Servicing Rights: no may December 31, 2019 2018, $357 $368, |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share: 4,767,279 2019; 4,725,971 2018; 4,685,067 2017. no no |
Income Tax, Policy [Policy Text Block] | Income Taxes: December 22, 2017, 34% 21% January 1, 2018. 21% fourth 2017. A tax position is recognized as a benefit only if it is “more likely than not” 50% not not” no |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income: |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies: not |
Bank Owned Life Insurance and Annuity Assets [Policy Text Block] | Bank Owned Life Insurance and Annuity Assets |
Employee Stock Ownership Plan (ESOP), Policy [Policy Text Block] | Employee Stock Ownership Plan: |
Dividend Reinvestment Plan, Policy [Policy Text Block] | Dividend Reinvestment Plan: |
Loan Commitments, Policy [Policy Text Block] | Loan Commitments and Related Financial Instruments: |
Dividend Restrictions [Policy Text Block] | Dividend Restrictions: may |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restrictions on Cash : third $38,794 $60,167 2019 2018. third not |
Derivatives, Policy [Policy Text Block] | Derivatives: one three three 1 2 3 no Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not At December 31, 2019 2018, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition: No. 2014 09, 606 five not 606. 606 not 606 606 606, ● Service charges on deposit accounts ● Trust fees ● Electronic refund check/deposit fees third ● Debit/credit card interchange income ● Gain (loss) on other real estate owned All of the Company’s revenue from contracts with customers within the scope of ASC 606 no |
Reclassification, Policy [Policy Text Block] | Reclassifications: 2018 2017 2019. no |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standard Updates (“ASU”) : January 1, 2019, 2016 02, 2016 02, January 1, 2019. January 1, 2019 not not 2019 not 2018. As permitted by ASU 2016 02, not 1 2 3 January 1, 2019 not January 1, 2019, 1 2 3 The adoption of ASU 2016 02 no 12 $1,280 Beginning January 1, 2019, No. 2017 08, not not Accounting Guidance to be Adopted in Future Periods: June 2016, No. 2016 13, 2016 13 one first October 16, 2019, December 15, 2022. |
Note A - Summary of Significa_2
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Composition of Loan Portfolio [Table Text Block ] | % of Total Loans 2019 2018 Residential real estate loans 40.15 % 39.13 % Commercial real estate loans 28.75 % 27.84 % Consumer loans 18.16 % 18.46 % Commercial and industrial loans 12.94 % 14.57 % 100.00 % 100.00 % |
Note B - Securities (Tables)
Note B - Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Available-for-sale Securities [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Securities Available for Sale December 31, 2019 U.S. Government sponsored entity securities $ 16,579 $ 163 $ (6 ) $ 16,736 Agency mortgage-backed securities, residential 88,071 807 (296 ) 88,582 Total securities $ 104,650 $ 970 $ (302 ) $ 105,318 December 31, 201 8 U.S. Government sponsored entity securities $ 16,837 $ 8 $ (215 ) $ 16,630 Agency mortgage-backed securities, residential 88,030 92 (2,588 ) 85,534 Total securities $ 104,867 $ 100 $ (2,803 ) $ 102,164 |
Debt Securities, Held-to-maturity [Table Text Block] | Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated Fair Value Securities Held to Maturity December 31, 2019 Obligations of states and political subdivisions $ 12,031 $ 372 $ (1 ) $ 12,402 Agency mortgage-backed securities, residential 2 ---- ---- 2 Total securities $ 12,033 $ 372 $ (1 ) $ 12,404 December 31, 201 8 Obligations of states and political subdivisions $ 15,813 $ 502 $ (84 ) $ 16,231 Agency mortgage-backed securities, residential 3 ---- ---- 3 Total securities $ 15,816 $ 502 $ (84 ) $ 16,234 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Debt Securities: Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 3,399 $ 3,413 $ 641 $ 644 Due in one to five years 13,180 13,323 6,652 6,813 Due in five to ten years ---- ---- 4,738 4,945 Due after ten years ---- ---- ---- ---- Agency mortgage-backed securities, residential 88,071 88,582 2 2 Total debt securities $ 104,650 $ 105,318 $ 12,033 $ 12,404 |
Schedule of Unrealized Loss on Investments [Table Text Block] | December 31, 201 9 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government sponsored entity securities $ ---- $ ---- $ 1,999 $ (6 ) $ 1,999 $ (6 ) Agency mortgage-backed securities, residential 15,041 (84 ) 21,344 (212 ) 36,385 (296 ) Total available for sale $ 15,041 $ (84 ) $ 23,343 $ (218 ) $ 38,384 $ (302 ) December 31, 201 8 Less than 12 Months 12 Months or More Total Securities Available for Sale Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. Government sponsored entity securities $ 1,981 $ (1 ) $ 8,679 $ (214 ) $ 10,660 $ (215 ) Agency mortgage-backed securities, residential 8,564 (43 ) 62,619 (2,545 ) 71,183 (2,588 ) Total available for sale $ 10,545 $ (44 ) $ 71,298 $ (2,759 ) $ 81,843 $ (2,803 ) |
Held-to-maturity Securities [Member] | |
Notes Tables | |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less than 12 Months 12 Months or More Total Securities Held to Maturity Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Obligations of states and political subdivisions $ 204 $ (1 ) $ ---- $ ---- $ 204 $ (1 ) Total held to maturity $ 204 $ (1 ) $ ---- $ ---- $ 204 $ (1 ) Less than 12 Months 12 Months or More Total Securities Held to Maturity Fair Value Unrecognized Loss Fair Value Unrecognized Loss Fair Value Unrecognized Loss Obligations of states and political subdivisions $ 484 $ (3 ) $ 1,312 $ (81 ) $ 1,796 $ (84 ) Total held to maturity $ 484 $ (3 ) $ 1,312 $ (81 ) $ 1,796 $ (84 ) |
Note C - Loans and Allowance _2
Note C - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | 2019 2018 Residential real estate $ 310,253 $ 304,079 Commercial real estate: Owner-occupied 55,825 61,694 Nonowner-occupied 131,398 117,188 Construction 34,913 37,478 Commercial and industrial 100,023 113,243 Consumer: Automobile 63,770 70,226 Home equity 22,882 22,512 Other 53,710 50,632 772,774 777,052 Less: Allowance for loan losses (6,272 ) (6,728 ) Loans, net $ 766,502 $ 770,324 |
Financing Receivable, Current, Allowance for Credit Loss [Table Text Block] | December 31, 2019 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,583 $ 2,186 $ 1,063 $ 1,896 $ 6,728 Provision for loan losses 98 (1,745 ) 1,807 840 1,000 Loans charged off (1,060 ) (602 ) (1,513 ) (1,917 ) (5,092 ) Recoveries 629 2,089 90 828 3,636 Total ending allowance balance $ 1,250 $ 1,928 $ 1,447 $ 1,647 $ 6,272 December 31, 2018 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,470 $ 2,978 $ 1,024 $ 2,027 $ 7,499 Provision for loan losses 772 (1,311 ) (80 ) 1,658 1,039 Loans charged off (874 ) (4 ) (208 ) (2,514 ) (3,600 ) Recoveries 215 523 327 725 1,790 Total ending allowance balance $ 1,583 $ 2,186 $ 1,063 $ 1,896 $ 6,728 December 31, 2017 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Beginning balance $ 939 $ 4,315 $ 907 $ 1,538 $ 7,699 Provision for loan losses 1,016 (632 ) 658 1,522 2,564 Loans charged off (745 ) (1,067 ) (627 ) (1,642 ) (4,081 ) Recoveries 260 362 86 609 1,317 Total ending allowance balance $ 1,470 $ 2,978 $ 1,024 $ 2,027 $ 7,499 |
Allowance For Loan Losses And The Recorded Investment Of Loans [Table Text Block] | December 31, 2019 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ ---- $ 385 $ 303 $ 119 $ 807 Collectively evaluated for impairment 1,250 1,543 1,144 1,528 5,465 Total ending allowance balance $ 1,250 $ 1,928 $ 1,447 $ 1,647 $ 6,272 Loans: Loans individually evaluated for impairment $ 438 $ 11,300 $ 4,910 $ 487 $ 17,135 Loans collectively evaluated for impairment 309,815 210,836 95,113 139,875 755,639 Total ending loans balance $ 310,253 $ 222,136 $ 100,023 $ 140,362 $ 772,774 December 31, 2018 Residential Real Estate Commercial Real Estate Commercial & Industrial Consumer Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ ---- $ 98 $ ---- $ ---- $ 98 Collectively evaluated for impairment 1,583 2,088 1,063 1,896 6,630 Total ending allowance balance $ 1,583 $ 2,186 $ 1,063 $ 1,896 $ 6,728 Loans: Loans individually evaluated for impairment $ 1,667 $ 3,835 $ 7,116 $ ---- $ 12,618 Loans collectively evaluated for impairment 302,412 212,525 106,127 143,370 764,434 Total ending loans balance $ 304,079 $ 216,360 $ 113,243 $ 143,370 $ 777,052 |
Schedule of Loans Individually Evaluated for Impairment [Table Text Block] | December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Owner-occupied $ 2,030 $ 2,030 $ 385 $ 1,375 $ 197 $ 197 Commercial and industrial 4,861 4,861 303 4,796 319 319 Consumer: Automobile 8 8 8 2 ---- ---- Other 111 111 111 22 9 9 With no related allowance recorded: Residential real estate 438 438 ---- 453 23 23 Commercial real estate: Owner-occupied 1,778 1,778 ---- 1,902 113 113 Nonowner-occupied 7,492 7,492 ---- 6,160 477 477 Construction 319 ---- ---- ---- 20 20 Commercial and industrial 49 49 ---- 300 111 111 Consumer: Home equity 368 368 ---- 143 19 19 Total $ 17,454 $ 17,135 $ 807 $ 15,153 $ 1,288 $ 1,288 December 31, 2018 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Nonowner-occupied $ 362 $ 362 $ 98 $ 367 $ 15 $ 15 With no related allowance recorded: Residential real estate 1,667 1,667 ---- 511 101 101 Commercial real estate: Owner-occupied 2,527 2,527 ---- 2,475 141 141 Nonowner-occupied 2,368 946 ---- 1,912 57 57 Construction 336 ---- ---- ---- 20 20 Commercial and industrial 7,116 7,116 ---- 5,802 414 414 Total $ 14,376 $ 12,618 $ 98 $ 11,067 $ 748 $ 748 December 31, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Impaired Loans Interest Income Recognized Cash Basis Interest Recognized With an allowance recorded: Commercial real estate: Nonowner-occupied $ 372 $ 372 $ 94 $ 378 $ 17 $ 17 With no related allowance recorded: Residential real estate 1,420 1,420 ---- 851 66 66 Commercial real estate: Owner-occupied 3,427 3,427 ---- 2,456 184 184 Nonowner-occupied 4,989 3,534 ---- 3,521 81 81 Construction 352 ---- ---- ---- 19 19 Commercial and industrial 9,154 9,154 ---- 8,544 481 481 Consumer: Home equity 203 201 ---- 208 7 7 Total $ 19,917 $ 18,108 $ 94 $ 15,958 $ 855 $ 855 |
Schedule of Recorded Investment In Nonaccrual Loans [Table Text Block] | Loans Past Due 90 Days And Still Accruing Nonaccrual December 31, 2019 Residential real estate $ 255 $ 6,119 Commercial real estate: Owner-occupied ---- 863 Nonowner-occupied ---- 804 Construction ---- 229 Commercial and industrial ---- 590 Consumer: Automobile 239 61 Home equity ---- 392 Other 395 91 Total $ 889 $ 9,149 Loans Past Due 90 Days And Still Accruing Nonaccrual December 31, 2018 Residential real estate $ 19 $ 6,661 Commercial real estate: Owner-occupied ---- 470 Nonowner-occupied 362 574 Construction 66 416 Commercial and industrial 31 228 Consumer: Automobile 270 59 Home equity 91 183 Other 228 86 Total $ 1,067 $ 8,677 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2019 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Loans Not Past Due Total Residential real estate $ 4,015 $ 1,314 $ 1,782 $ 7,111 $ 303,142 $ 310,253 Commercial real estate: Owner-occupied 383 59 144 586 55,239 55,825 Nonowner-occupied 12 ---- 697 709 130,689 131,398 Construction 186 19 49 254 34,659 34,913 Commercial and industrial 1,320 312 241 1,873 98,150 100,023 Consumer: Automobile 986 329 246 1,561 62,209 63,770 Home equity 106 18 279 403 22,479 22,882 Other 559 139 443 1,141 52,569 53,710 Total $ 7,567 $ 2,190 $ 3,881 $ 13,638 $ 759,136 $ 772,774 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due 90 Days Or More Past Due Total Past Due Loans Not Past Due Total Residential real estate $ 3,369 $ 1,183 $ 1,642 $ 6,194 $ 297,885 $ 304,079 Commercial real estate: Owner-occupied 298 ---- 129 427 61,267 61,694 Nonowner-occupied 299 ---- 747 1,046 116,142 117,188 Construction 31 ---- 265 296 37,182 37,478 Commercial and industrial 428 192 110 730 112,513 113,243 Consumer: Automobile 1,287 286 289 1,862 68,364 70,226 Home equity 171 92 260 523 21,989 22,512 Other 593 291 228 1,112 49,520 50,632 Total $ 6,476 $ 2,044 $ 3,670 $ 12,190 $ 764,862 $ 777,052 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs December 31, 2019 Residential real estate: Interest only payments $ 209 $ ---- $ 209 Commercial real estate: Owner-occupied Interest only payments 882 ---- 882 Reduction of principal and interest payments 1,521 ---- 1,521 Maturity extension at lower stated rate than market rate 393 ---- 393 Credit extension at lower stated rate than market rate 393 ---- 393 Nonowner-occupied Credit extension at lower stated rate than market rate 395 ---- 395 Commercial and industrial Interest only payments 4,574 ---- 4,574 Reduction of principal and interest payments 185 ---- 185 Total TDRs $ 8,552 $ ---- $ 8,552 TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Total TDRs December 31, 2018 Residential real estate: Interest only payments $ 216 $ ---- $ 216 Commercial real estate: Owner-occupied Interest only payments 968 ---- 968 Reduction of principal and interest payments 529 ---- 529 Maturity extension at lower stated rate than market rate 469 ---- 469 Credit extension at lower stated rate than market rate 402 402 Nonowner-occupied Interest only payments ---- 385 385 Rate reduction ---- 362 362 Credit extension at lower stated rate than market rate 561 ---- 561 Commercial and industrial Interest only payments 4,742 ---- 4,742 Total TDRs $ 7,887 $ 747 $ 8,634 |
Troubled Debt Restructurings on Financing Receivables Pre And Post Modification [Table Text Block] | TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Recorded Investment Post- Modification Recorded Investment December 31, 2019 Commercial real estate: Owner-occupied Reduction of principal and interest payments 1 $ 1,036 $ 1,036 $ ---- $ ---- Commercial and industrial: Reduction of principal and interest payments 1 199 199 ---- ---- Total TDRs 2 $ 1,235 $ 1,235 $ ---- $ ---- TDRs Performing to Modified Terms TDRs Not Performing to Modified Terms Number of Loans Pre- Modification Recorded Investment Post- Modification Recorded Investment Pre- Modification Recorded Investment Post- Modification Recorded Investment December 31, 2017 Commercial real estate: Owner-occupied Interest only payments 1 $ 997 $ 997 $ ---- $ ---- Credit extension at lower stated rate than market rate 1 412 412 ---- ---- Total TDRs 2 $ 1,409 $ 1,409 $ ---- $ ---- |
Financing Receivable Credit Quality Indicators [Table Text Block] | December 31, 2019 Pass Criticized Classified Total Commercial real estate: Owner-occupied $ 49,486 $ 2,889 $ 3,450 $ 55,825 Nonowner-occupied 123,847 ---- 7,551 131,398 Construction 34,864 ---- 49 34,913 Commercial and industrial 89,749 298 9,976 100,023 Total $ 297,946 $ 3,187 $ 21,026 $ 322,159 December 31, 2018 Pass Criticized Classified Total Commercial real estate: Owner-occupied $ 50,474 $ 7,724 $ 3,496 $ 61,694 Nonowner-occupied 115,170 ---- 2,018 117,188 Construction 37,321 ---- 157 37,478 Commercial and industrial 92,417 6,536 14,290 113,243 Total $ 295,382 $ 14,260 $ 19,961 $ 329,603 |
Performing and Nonperforming Loans [Table Text Block] | Consumer December 31, 2019 Automobile Home Equity Other Residential Real Estate Total Performing $ 63,470 $ 22,490 $ 53,224 $ 303,879 $ 443,063 Nonperforming 300 392 486 6,374 7,552 Total $ 63,770 $ 22,882 $ 53,710 $ 310,253 $ 450,615 Consumer December 31, 2018 Automobile Home Equity Other Residential Real Estate Total Performing $ 69,897 $ 22,238 $ 50,318 $ 297,399 $ 439,852 Nonperforming 329 274 314 6,680 7,597 Total $ 70,226 $ 22,512 $ 50,632 $ 304,079 $ 447,449 |
Note D - Premises and Equipme_2
Note D - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2019 2018 Land $ 2,633 $ 2,744 Buildings 20,890 16,154 Leasehold improvements 1,267 1,267 Furniture and equipment 6,847 6,039 31,637 26,204 Less accumulated depreciation 12,420 11,349 Total premises and equipment $ 19,217 $ 14,855 |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | 2019 2018 Land $ 153 $ ---- Buildings 563 ---- 716 ---- Less accumulated depreciation 63 ---- Total premises and equipment held for sale $ 653 $ ---- |
Note E - Leases (Tables)
Note E - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2019 Operating leases: Operating lease right-of-use assets $ 1,053 Operating lease liabilities $ 1,053 December 31, 2019 Operating lease cost $ 282 Short-term lease expense $ 52 December 31, 2019 Weighted-average remaining lease term for operating leases (in years) 10.6 Weighted-average discount rate for operating leases 2.76 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Leases 2020 $ 180 2021 157 2022 157 2023 116 2024 95 Thereafter 546 Total lease payments 1,251 Less: Imputed Interest (198 ) Total operating leases $ 1,053 |
Note F - Goodwill and Intangi_2
Note F - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 2019 2018 2017 Beginning of year $ 7,371 $ 7,371 $ 7,801 Acquired goodwill ---- ---- ---- Impairment ---- ---- ---- Finalization of Milton branch sale (52 ) ---- ---- Finalization of Milton acquisition accounting ---- ---- (430 ) End of year $ 7,319 $ 7,371 $ 7,371 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 2019 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangibles $ 738 $ 564 $ 738 $ 359 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2020 $ 62 2021 48 2022 35 2023 21 2024 8 Total $ 174 |
Note G - Deposits (Tables)
Note G - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Interest Bearing Deposits [Table Text Block ] | 2019 2018 NOW accounts $ 158,434 $ 155,166 Savings and Money Market 230,672 237,868 Time: In denominations of $250,000 or less 175,334 178,736 In denominations of more than $250,000 34,424 37,113 Total time deposits 209,758 215,849 Total interest-bearing deposits $ 598,864 $ 608,883 |
Maturities of Time Deposits [Table Text Block] | 2020 $ 116,666 2021 58,585 2022 22,833 2023 9,077 2024 1,978 Thereafter 619 Total $ 209,758 |
Note I - Other Borrowed Funds (
Note I - Other Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | FHLB Borrowings Promissory Notes Totals 2019 $ 29,758 $ 4,233 $ 33,991 2018 $ 33,434 $ 6,279 $ 39,713 |
Schedule of Maturities of Long-term Debt [Table Text Block] | FHLB Borrowings Promissory Notes Totals 2020 $ 3,722 $ 3,600 $ 7,322 2021 3,000 633 3,633 2022 2,841 ---- 2,841 2023 2,705 ---- 2,705 2024 2,301 ---- 2,301 Thereafter 15,189 ---- 15,189 $ 29,758 $ 4,233 $ 33,991 |
Note K - Income Taxes (Tables)
Note K - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2019 2018 2017 Current tax expense $ 1,446 $ 2,389 $ 2,579 Deferred tax (benefit) expense 367 (134 ) 1,907 Total income taxes $ 1,813 $ 2,255 $ 4,486 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Items giving rise to deferred tax assets: Allowance for loan losses $ 1,364 $ 1,463 Unrealized loss on securities available for sale ---- 568 Deferred compensation 1,700 1,580 Deferred loan fees/costs 110 119 Other real estate owned 4 434 Accrued bonus 204 280 Purchase accounting adjustments 24 61 Net operating loss 115 132 Lease liability 274 ---- Other 346 257 Items giving rise to deferred tax liabilities: Mortgage servicing rights (77 ) (80 ) FHLB stock dividends (676 ) (676 ) Unrealized gain on securities available for sale (140 ) ---- Prepaid expenses (182 ) (191 ) Depreciation and amortization (579 ) (656 ) Right-of-use asset (274 ) ---- Other ---- (3 ) Net deferred tax asset $ 2,213 $ 3,288 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 2017 Statutory tax $ 2,461 $ 2,982 $ 4,078 Effect of nontaxable interest (336 ) (352 ) (514 ) Effect of nontaxable insurance premiums (212 ) (218 ) (303 ) Income from bank owned insurance, net (141 ) (142 ) (230 ) Effect of postretirement benefits 54 20 (78 ) Effect of nontaxable life insurance death proceeds ---- ---- (175 ) Impact from TCJA ---- ---- 1,783 Effect of state income tax 100 33 70 Tax credits (145 ) (217 ) (191 ) Milton Merger Costs ---- ---- 4 Other items 32 149 42 Total income taxes $ 1,813 $ 2,255 $ 4,486 |
Note L - Commitments and Cont_2
Note L - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Other Commitments [Table Text Block] | 2019 2018 Fixed rate $ 660 $ 121 Variable rate 70,561 66,580 Standby letters of credit 3,957 4,325 |
Note M - Related Party Transa_2
Note M - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Total loans at January 1, 2019 $ 3,674 New loans 890 Repayments (391 ) Other changes (199 ) Total loans at December 31, 2019 $ 3,974 |
Note N - Employee Benefits (Tab
Note N - Employee Benefits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Employee Stock Ownership Plan (ESOP) Disclosures [Table Text Block] | Years ended December 31 2019 2018 2017 Number of shares issued 8,333 7,294 15,118 Fair value of stock contributed $ 328 $ 295 $ 428 Cash contributed 500 500 250 Total expense $ 828 $ 795 $ 678 |
Note O - Fair Value of Financ_2
Note O - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2019, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government sponsored entity securities ---- $ 16,736 ---- Agency mortgage-backed securities, residential ---- 88,582 ---- Interest rate swap derivatives ---- 465 ---- Interest rate swap derivatives ---- (465 ) ---- Fair Value Measurements at December 31, 2018, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: U.S. Government sponsored entity securities ---- $ 16,630 ---- Agency mortgage-backed securities, residential ---- 85,534 ---- Interest rate swap derivatives ---- 101 ---- Interest rate swap derivatives ---- (101 ) ---- Fair Value Measurements at December 31, 2019, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate: Owner-occupied $ ---- $ ---- $ 1,664 Commercial and Industrial ---- ---- 4,559 Fair Value Measurements at December 31, 2018, Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Impaired loans: Commercial real estate: $ ---- $ ---- $ 264 Nonowner-occupied Other real estate owned: Commercial real estate: Construction ---- 228 ---- |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | December 31, 2019 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate: Owner-occupied $ 1,644 Sales approach Adjustment to comparables 0% to 20% 9.7 % Commercial and Industrial 4,559 Sales approach Adjustment to comparables 0% to 61% 10.3 % December 31, 2018 Fair Value Valuation Technique(s) Unobservable Input(s) Range (Weighted Average) Impaired loans: Commercial real estate: Nonowner-occupied $ 264 Sales approach Adjustment to comparables 6.8 to 66.7% 18.0 % |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2019 Using: Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 52,356 $ 52,356 $ ---- $ ---- $ 52,356 Certificates of deposit in financial institutions 2,360 ---- 2,360 ---- 2,360 Securities available for sale 105,318 ---- 105,318 ---- 105,318 Securities held to maturity 12,033 ---- 6,446 5,958 12,404 Loans, net 766,502 ---- ---- 771,285 771,285 Interest rate swap derivatives 465 ---- 465 ---- 465 Accrued interest receivable 2,564 ---- 315 2,249 2,564 Financial Liabilities: Deposits 821,471 222,607 599,937 ---- 822,544 Other borrowed funds 33,991 ---- 34,345 ---- 34,345 Subordinated debentures 8,500 ---- 6,275 ---- 6,275 Interest rate swap derivatives 465 ---- 465 ---- 465 Accrued interest payable 1,589 3 1,586 ---- 1,589 Fair Value Measurements at December 31, 2018 Using: Carrying Value Level 1 Level 2 Level 3 Total Financial Assets: Cash and cash equivalents $ 71,180 $ 71,180 $ ---- $ ---- $ 71,180 Certificates of deposit in financial institutions 2,065 ---- 2,065 ---- 2,065 Securities available for sale 102,164 ---- 102,164 ---- 102,164 Securities held to maturity 15,816 ---- 7,625 8,609 16,234 Loans, net 770,324 ---- ---- 766,784 766,784 Interest rate swap derivatives 101 ---- 101 ---- 101 Accrued interest receivable 2,638 ---- 312 2,326 2,638 Financial Liabilities: Deposits 846,704 237,821 607,593 ---- 845,414 Other borrowed funds 39,713 ---- 37,644 ---- 37,644 Subordinated debentures 8,500 ---- 7,054 ---- 7,054 Interest rate swap derivatives 101 ---- 101 ---- 101 Accrued interest payable 1,255 3 1,252 ---- 1,255 |
Note P - Regulatory Matters (Ta
Note P - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Regulatory Minimum To Be Well 201 9 Amount Ratio Capital Ratio Capitalized (1) Total capital (to risk weighted assets) Consolidated $ 134,930 18.7 % 8.0 % 10.0 % Bank 120,716 17.0 8.0 10.0 Common equity Tier 1 capital (to risk weighted assets) Consolidated 120,158 16.6 4.5 N/A Bank 114,772 16.1 4.5 6.5 Tier 1 capital (to risk weighted assets) Consolidated 128,658 17.8 6.0 6.0 Bank 114,772 16.1 6.0 8.0 Tier 1 capital (to average assets) Consolidated 128,658 12.5 4.0 N/A Bank 114,772 11.3 4.0 5.0 Actual Minimum Regulatory Minimum To Be Well 201 8 Amount Ratio Capital Ratio Capitalized (1) Total capital (to risk weighted assets) Consolidated $ 127,487 17.7 % 8.0 % 10.0 % Bank 114,947 16.2 8.0 10.0 Common equity Tier 1 capital (to risk weighted assets) Consolidated 112,259 15.6 4.5 N/A Bank 108,547 15.3 4.5 6.5 Tier 1 capital (to risk weighted assets) Consolidated 120,759 16.7 6.0 6.0 Bank 108,547 15.3 6.0 8.0 Tier 1 capital (to average assets) Consolidated 120,759 11.8 4.0 N/A Bank 108,547 10.7 4.0 5.0 |
Note Q - Parent Company Only _2
Note Q - Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Years ended December 31: 2019 2018 Assets Cash and cash equivalents $ 4,308 $ 4,032 Investment in subsidiaries 134,910 126,059 Notes receivable – subsidiaries 1,963 3,000 Other assets 48 93 Total assets $ 141,229 $ 133,184 Liabilities Notes payable $ 4,233 $ 6,279 Subordinated debentures 8,500 8,500 Other liabilities 317 531 Total liabilities 13,050 15,310 Shareholders’ Equity Total shareholders’ equity 128,179 117,874 Total liabilities and shareholders’ equity $ 141,229 $ 133,184 |
Condensed Income Statement [Table Text Block] | Years ended December 31: 2019 2018 2017 Income: Interest on notes $ 47 $ 53 $ 51 Dividends from subsidiaries 4,375 4,225 4,400 Expenses: Interest on notes 139 185 211 Interest on subordinated debentures 356 330 248 Operating expenses 377 351 332 Income before income taxes and equity in undistributed earnings of subsidiaries.. 3,550 3,412 3,660 Income tax benefit 169 164 244 Equity in undistributed earnings of subsidiaries 6,188 8,368 3,605 Net Income $ 9,907 $ 11,944 $ 7,509 Comprehensive Income $ 12,570 $ 10,860 $ 7,622 |
Condensed Cash Flow Statement [Table Text Block] | Years ended December 31: 2019 2018 2017 Cash flows from operating activities: Net Income $ 9,907 $ 11,944 $ 7,509 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of subsidiaries (6,188 ) (8,368 ) (3,605 ) Common stock issued to ESOP 328 295 428 Change in other assets 45 (26 ) (15 ) Change in other liabilities (214 ) 262 (97 ) Net cash provided by operating activities 3,878 4,107 4,220 Cash flows from investing activities: Cash paid for Milton Bancorp, Inc. acquisition ---- ---- ---- Change in notes receivable 1,037 320 100 Net cash provided by (used in) investing activities 1,037 320 100 Cash flows from financing activities: Change in notes payable (2,046 ) (1,045 ) (558 ) Proceeds from common stock through dividend reinvestment 1,407 1,325 715 Cash dividends paid (4,000 ) (3,967 ) (3,932 ) Net cash provided by (used in) financing activities (4,639 ) (3,687 ) (3775 ) Cash and cash equivalents: Change in cash and cash equivalents 276 740 545 Cash and cash equivalents at beginning of year 4,032 3,292 2,747 Cash and cash equivalents at end of year $ 4,308 $ 4,032 $ 3,292 |
Note R - Segment Information (T
Note R - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2019 Banking Consumer Finance Total Company Net interest income $ 39,865 $ 3,187 $ 43,052 Provision expense 875 125 1,000 Noninterest income 8,989 177 9,166 Noninterest expense 37,026 2,472 39,498 Tax expense 1,653 160 1,813 Net income 9,300 607 9,907 Assets 1,000,315 12,957 1,013,272 Year Ended December 31, 2018 Banking Consumer Finance Total Company Net interest income $ 40,380 $ 3,346 $ 43,726 Provision expense 850 189 1,039 Noninterest income 8,243 695 8,938 Noninterest expense 34,841 2,585 37,426 Tax expense 1,990 265 2,255 Net income 10,942 1,002 11,944 Assets 1,017,902 12,591 1,030,493 Year Ended December 31, 2017 Banking Consumer Finance Total Company Net interest income $ 38,366 $ 3,367 $ 41,733 Provision expense 2,415 149 2,564 Noninterest income 8,834 601 9,435 Noninterest expense 34,079 2,530 36,609 Tax expense 3,973 513 4,486 Net income 6,733 776 7,509 Assets 1,013,386 12,904 1,026,290 |
Note S - Consolidated Quarter_2
Note S - Consolidated Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarters Ended Mar. 31 Jun. 30 Sept. 30 Dec. 31 201 9 Total interest income $ 13,058 $ 12,483 $ 12,521 $ 12,255 Total interest expense 1,671 1,830 1,895 1,869 Net interest income 11,387 10,653 10,626 10,386 Provision for loan losses 2,377 (806 ) 444 (1,015 ) Noninterest income 1,846 2,003 2,107 3,210 Noninterest expense 9,568 9,791 9,738 10,401 Net income 1,193 3,079 2,137 3,498 Earnings per share $ 0.25 $ 0.65 $ 0.45 $ 0.73 201 8 Total interest income $ 12,709 $ 11,938 $ 12,181 $ 12,369 Total interest expense 1,199 1,298 1,418 1,556 Net interest income 11,510 10,640 10,763 10,813 Provision for loan losses 756 (23 ) 962 (656 ) Noninterest income 3,076 2,538 1,927 1,397 Noninterest expense 9,808 9,674 9,761 8,183 Net income 3,366 2,976 1,746 3,856 Earnings per share $ 0.71 $ 0.63 $ 0.37 $ 0.82 |
Note A - Summary of Significa_3
Note A - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Jan. 01, 2019USD ($) | |
Number of Stores | 22 | |||
Number of Reportable Segments | 2 | |||
Loans Held-for-sale, Fair Value Disclosure | $ 0 | $ 108 | ||
Percentage of Loan Portfolio | 100.00% | 100.00% | ||
Due from Banks | $ 38,095 | |||
Repossessed Assets, Total | 540 | $ 430 | ||
Goodwill, Impairment Loss | 0 | 0 | ||
Servicing Asset, Total | $ 357 | $ 368 | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | shares | 4,767,279 | 4,725,971 | 4,685,067 | |
Weighted Average Number Diluted Shares Outstanding Adjustment, Total | shares | 0 | 0 | 0 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 34.00% | ||
Restricted Cash and Cash Equivalents, Total | $ 38,794 | $ 60,167 | ||
Finance Lease, Liability, Total | 0 | |||
Operating Lease, Right-of-Use Asset | 1,053 | |||
Operating Lease, Liability, Total | $ 1,053 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 1,280 | |||
Operating Lease, Liability, Total | $ 1,280 | |||
Equipment Furniture and Fixtures [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Equipment Furniture and Fixtures [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 8 years | |||
Building and Building Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
Building and Building Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life | 39 years | |||
Unsecured [Member] | ||||
Percentage of Loan Portfolio | 5.00% | 5.02% | ||
Consumer Portfolio Segment [Member] | ||||
Period of Actual Loss History Experienced | 3 years | |||
Percentage of Loan Portfolio | 18.16% | 18.46% | ||
Commercial Portfolio Segment [Member] | ||||
Period of Actual Loss History Experienced | 5 years | |||
Percentage of Loan Portfolio | 12.94% | 14.57% |
Note A - Summary of Significa_4
Note A - Summary of Significant Accounting Policies - Composition of Loan Portfolio (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
% Total Loans | 100.00% | 100.00% |
Residential Portfolio Segment [Member] | ||
% Total Loans | 40.15% | 39.13% |
Commercial Real Estate Portfolio Segment [Member] | ||
% Total Loans | 28.75% | 27.84% |
Consumer Portfolio Segment [Member] | ||
% Total Loans | 18.16% | 18.46% |
Commercial Portfolio Segment [Member] | ||
% Total Loans | 12.94% | 14.57% |
Note B - Securities (Details Te
Note B - Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 0 | $ 0 | $ 0 |
Other than Temporary Impairment Losses, Investments, Total | 0 | 0 | |
Collateral Pledged [Member] | |||
Debt Securities, Available-for-sale, Restricted | $ 78,418 | $ 79,443 |
Note B - Securities - Securitie
Note B - Securities - Securities Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities available for sale, amortized cost | $ 104,650 | $ 104,867 |
Securities available for sale, gross unrealized gains | 970 | 100 |
Securities available for sale, gross unrealized losses | (302) | (2,803) |
Securities available for sale | 105,318 | 102,164 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale, amortized cost | 16,579 | 16,837 |
Securities available for sale, gross unrealized gains | 163 | 8 |
Securities available for sale, gross unrealized losses | (6) | (215) |
Securities available for sale | 16,736 | 16,630 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities available for sale, amortized cost | 88,071 | 88,030 |
Securities available for sale, gross unrealized gains | 807 | 92 |
Securities available for sale, gross unrealized losses | (296) | (2,588) |
Securities available for sale | $ 88,582 | $ 85,534 |
Note B - Securities - Securit_2
Note B - Securities - Securities Held-to-maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities held to maturity, amortized cost | $ 12,033 | $ 15,816 |
Securities held to maturity, gross unrecognized gains | 372 | 502 |
Securities held to maturity, gross unrecognized losses | (1) | (84) |
Securities held to maturity | 12,404 | 16,234 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities held to maturity, amortized cost | 12,031 | 15,813 |
Securities held to maturity, gross unrecognized gains | 372 | 502 |
Securities held to maturity, gross unrecognized losses | (1) | (84) |
Securities held to maturity | 12,402 | 16,231 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities held to maturity, amortized cost | 2 | 3 |
Securities held to maturity, gross unrecognized gains | ||
Securities held to maturity, gross unrecognized losses | ||
Securities held to maturity | $ 2 | $ 3 |
Note B - Securities - Securit_3
Note B - Securities - Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Due in one year or less, available for sale, amortized cost | $ 3,399 | |
Due in one year or less, available for sale, fair value | 3,413 | |
Due in one year or less, held to maturity, amortized cost | 641 | |
Due in one year or less, held to maturity, fair value | 644 | |
Due in over one to five years, available for sale, amortized cost | 13,180 | |
Due in over one to five years, available for sale, fair value | 13,323 | |
Due in over one to five years, held to maturity, amortized cost | 6,652 | |
Due in over one to five years, held to maturity, fair value | 6,813 | |
Due in over five to ten years, available for sale, amortized cost | ||
Due in over five to ten years, available for sale, fair value | ||
Due in over five to ten years, held to maturity, amortized cost | 4,738 | |
Due in over five to ten years, held to maturity, fair value | 4,945 | |
Due after ten years, available for sale, amortized cost | ||
Due after ten years, available for sale, fair value | ||
Due after ten years, held to maturity, amortized cost | ||
Due after ten years, held to maturity, fair value | ||
Agency mortgage-backed securities, residential, available for sale, amortized cost | 88,071 | |
Agency mortgage-backed securities, residential, available for sale, fair value | 88,582 | |
Agency mortgage-backed securities, residential, held to maturity, amortized cost | 2 | |
Agency mortgage-backed securities, residential, held to maturity, fair value | 2 | |
Total debt securities, available for sale, amortized cost | 104,650 | $ 104,867 |
Total debt securities, available for sale, fair value | 105,318 | 102,164 |
Total debt securities, held to maturity, amortized cost | 12,033 | 15,816 |
Total debt securities, held to maturity, fair value | $ 12,404 | $ 16,234 |
Note B - Securities - Securit_4
Note B - Securities - Securities Available-for-sale With Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Less than 12 Months - Fair Value | $ 15,041 | $ 10,545 |
Less than 12 Months - Unrealized Loss | (84) | (44) |
12 Months or More - Fair Value | 23,343 | 71,298 |
12 Months or More - Unrealized Loss | (218) | (2,759) |
Fair Value | 38,384 | 81,843 |
Unrealized Loss | (302) | (2,803) |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Less than 12 Months - Fair Value | 1,981 | |
Less than 12 Months - Unrealized Loss | (1) | |
12 Months or More - Fair Value | 1,999 | 8,679 |
12 Months or More - Unrealized Loss | (6) | (214) |
Fair Value | 1,999 | 10,660 |
Unrealized Loss | (6) | (215) |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Less than 12 Months - Fair Value | 15,041 | 8,564 |
Less than 12 Months - Unrealized Loss | (84) | (43) |
12 Months or More - Fair Value | 21,344 | 62,619 |
12 Months or More - Unrealized Loss | (212) | (2,545) |
Fair Value | 36,385 | 71,183 |
Unrealized Loss | $ (296) | $ (2,588) |
Note B - Securities - Securit_5
Note B - Securities - Securities Held to Maturity With Unrealized Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Less Than 12 Months - Fair Value | $ 204 | $ 484 |
Less Than 12 Months - Unrecognized Loss | (1) | (3) |
12 Months or More - Fair Value | 1,312 | |
12 Months or More - Unrecognized Loss | (81) | |
Fair Value | 204 | 1,796 |
Unrecognized Loss | (1) | (84) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less Than 12 Months - Fair Value | 204 | 484 |
Less Than 12 Months - Unrecognized Loss | (1) | (3) |
12 Months or More - Fair Value | 1,312 | |
12 Months or More - Unrecognized Loss | (81) | |
Fair Value | 204 | 1,796 |
Unrecognized Loss | $ (1) | $ (84) |
Note C - Loans and Allowance _3
Note C - Loans and Allowance for Loan Losses (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Increase (Decrease) in Other Loans | $ 82 | ||
Change In Troubled Debt Restructurings | 1.00% | ||
Impaired Financing Receivable, Related Allowance | $ 807 | $ 98 | $ 94 |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 941 | $ 758 | |
Financing Receivable, Modifications, Number of Contracts | 2 | 0 | 2 |
Financing Receivable, Troubled Debt Restructuring, Provision | $ 185 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Financing Receivable, Modified During Period, Amount | $ 50,586 | $ 28,738 | |
Minimum Loan Balance For Loans Evaluated by Risk Categories | $ 750 | ||
Percentage of Loan Portfolio | 100.00% | 100.00% | |
Troubled Debt Restructurings [Member] | |||
Impaired Financing Receivable, Related Allowance | $ 227 | $ 98 | |
Unsecured [Member] | |||
Percentage of Loan Portfolio | 5.00% | 5.02% | |
Residential Portfolio Segment [Member] | |||
Real Estate Acquired Through Foreclosure | $ 68 | $ 134 | |
Mortgage Loans in Process of Foreclosure, Amount | $ 1,780 | $ 2,375 | |
Percentage of Loan Portfolio | 40.15% | 39.13% | |
Commercial Real Estate Portfolio Segment [Member] | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 362 | ||
Percentage of Loan Portfolio | 28.75% | 27.84% |
Note C - Loans and Allowance _4
Note C - Loans and Allowance for Loan Losses - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | $ 772,774 | $ 777,052 |
Less: Allowance for loan losses | (6,272) | (6,728) |
Loans, net | 766,502 | 770,324 |
Residential Portfolio Segment [Member] | ||
Loans | 310,253 | 304,079 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 222,136 | 216,360 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans | 55,825 | 61,694 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans | 131,398 | 117,188 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 34,913 | 37,478 |
Commercial and Industrial Portfolio Segment [Member] | ||
Loans | 100,023 | 113,243 |
Consumer Portfolio Segment [Member] | ||
Loans | 140,362 | 143,370 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans | 63,770 | 70,226 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans | 22,882 | 22,512 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans | $ 53,710 | $ 50,632 |
Note C - Loans and Allowance _5
Note C - Loans and Allowance for Loan Losses - Allowance for Loan Losses Activity by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 6,728 | $ 7,499 | $ 7,699 |
Provision for loan losses | 1,000 | 1,039 | 2,564 |
Loans charged off | (5,092) | (3,600) | (4,081) |
Recoveries | 3,636 | 1,790 | 1,317 |
Balance | 6,272 | 6,728 | 7,499 |
Residential Portfolio Segment [Member] | |||
Balance | 1,583 | 1,470 | 939 |
Provision for loan losses | 98 | 772 | 1,016 |
Loans charged off | (1,060) | (874) | (745) |
Recoveries | 629 | 215 | 260 |
Balance | 1,250 | 1,583 | 1,470 |
Commercial Real Estate Portfolio Segment [Member] | |||
Balance | 2,186 | 2,978 | 4,315 |
Provision for loan losses | (1,745) | (1,311) | (632) |
Loans charged off | (602) | (4) | (1,067) |
Recoveries | 2,089 | 523 | 362 |
Balance | 1,928 | 2,186 | 2,978 |
Commercial and Industrial Portfolio Segment [Member] | |||
Balance | 1,063 | 1,024 | 907 |
Provision for loan losses | 1,807 | (80) | 658 |
Loans charged off | (1,513) | (208) | (627) |
Recoveries | 90 | 327 | 86 |
Balance | 1,447 | 1,063 | 1,024 |
Consumer Portfolio Segment [Member] | |||
Balance | 1,896 | 2,027 | 1,538 |
Provision for loan losses | 840 | 1,658 | 1,522 |
Loans charged off | (1,917) | (2,514) | (1,642) |
Recoveries | 828 | 725 | 609 |
Balance | $ 1,647 | $ 1,896 | $ 2,027 |
Note C - Loans and Allowance _6
Note C - Loans and Allowance for Loan Losses - Allowance for Loan Losses and the Recorded Investment of Loans Based on Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Individually evaluated for impairment | $ 807 | $ 98 | ||
Collectively evaluated for impairment | 5,465 | 6,630 | ||
Total ending allowance balance | 6,272 | 6,728 | $ 7,499 | $ 7,699 |
Loans individually evaluated for impairment | 17,135 | 12,618 | ||
Loans collectively evaluated for impairment | 755,639 | 764,434 | ||
Total ending loans balance | 772,774 | 777,052 | ||
Residential Portfolio Segment [Member] | ||||
Individually evaluated for impairment | ||||
Collectively evaluated for impairment | 1,250 | 1,583 | ||
Total ending allowance balance | 1,250 | 1,583 | 1,470 | 939 |
Loans individually evaluated for impairment | 438 | 1,667 | ||
Loans collectively evaluated for impairment | 309,815 | 302,412 | ||
Total ending loans balance | 310,253 | 304,079 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 385 | 98 | ||
Collectively evaluated for impairment | 1,543 | 2,088 | ||
Total ending allowance balance | 1,928 | 2,186 | 2,978 | 4,315 |
Loans individually evaluated for impairment | 11,300 | 3,835 | ||
Loans collectively evaluated for impairment | 210,836 | 212,525 | ||
Total ending loans balance | 222,136 | 216,360 | ||
Commercial and Industrial Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 303 | |||
Collectively evaluated for impairment | 1,144 | 1,063 | ||
Total ending allowance balance | 1,447 | 1,063 | 1,024 | 907 |
Loans individually evaluated for impairment | 4,910 | 7,116 | ||
Loans collectively evaluated for impairment | 95,113 | 106,127 | ||
Total ending loans balance | 100,023 | 113,243 | ||
Consumer Portfolio Segment [Member] | ||||
Individually evaluated for impairment | 119 | |||
Collectively evaluated for impairment | 1,528 | 1,896 | ||
Total ending allowance balance | 1,647 | 1,896 | $ 2,027 | $ 1,538 |
Loans individually evaluated for impairment | 487 | |||
Loans collectively evaluated for impairment | 139,875 | 143,370 | ||
Total ending loans balance | $ 140,362 | $ 143,370 |
Note C - Loans and Allowance _7
Note C - Loans and Allowance for Loan Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for Loan Losses Allocated | $ 807 | $ 98 | $ 94 |
Unpaid principal balance | 17,454 | 14,376 | 19,917 |
Recorded investment | 17,135 | 12,618 | 18,108 |
Average impaired loans | 15,153 | 11,067 | 15,958 |
Interest income recognized | 1,288 | 748 | 855 |
Cash basis interest recognized | 1,288 | 748 | 855 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | |||
Unpaid principal balance - with allowance recorded | 2,030 | ||
Recorded investment - with allowance recorded | 2,030 | ||
Allowance for Loan Losses Allocated | 385 | ||
Average impaired loans - with allowance recorded | 1,375 | ||
Interest income recognized - with allowance recorded | 197 | ||
Cash basis interest recognized - with allowance recorded | 197 | ||
Unpaid principal balance - with no allowance recorded | 1,778 | 2,527 | 3,427 |
Recorded investment - with no allowance recorded | 1,778 | 3,427 | |
Average impaired loans - with no allowance recorded | 1,902 | 2,475 | 2,456 |
Interest income recognized - with no allowance recorded | 113 | 141 | 184 |
Cash basis interest recognized - with no allowance recorded | 113 | 141 | 184 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | |||
Unpaid principal balance - with allowance recorded | 362 | 372 | |
Recorded investment - with allowance recorded | 362 | 372 | |
Allowance for Loan Losses Allocated | 98 | 94 | |
Average impaired loans - with allowance recorded | 367 | 378 | |
Interest income recognized - with allowance recorded | 15 | 17 | |
Cash basis interest recognized - with allowance recorded | 15 | 17 | |
Unpaid principal balance - with no allowance recorded | 7,492 | 2,368 | 4,989 |
Recorded investment - with no allowance recorded | 7,492 | 946 | 3,534 |
Average impaired loans - with no allowance recorded | 6,160 | 1,912 | 3,521 |
Interest income recognized - with no allowance recorded | 477 | 57 | 81 |
Cash basis interest recognized - with no allowance recorded | 477 | 57 | 81 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Unpaid principal balance - with no allowance recorded | 319 | 336 | 352 |
Recorded investment - with no allowance recorded | |||
Average impaired loans - with no allowance recorded | |||
Interest income recognized - with no allowance recorded | 20 | 20 | 19 |
Cash basis interest recognized - with no allowance recorded | 20 | 20 | 19 |
Commercial and Industrial Portfolio Segment [Member] | |||
Unpaid principal balance - with allowance recorded | 4,861 | ||
Recorded investment - with allowance recorded | 4,861 | ||
Allowance for Loan Losses Allocated | 303 | ||
Average impaired loans - with allowance recorded | 4,796 | ||
Interest income recognized - with allowance recorded | 319 | ||
Cash basis interest recognized - with allowance recorded | 319 | ||
Unpaid principal balance - with no allowance recorded | 49 | 7,116 | 9,154 |
Recorded investment - with no allowance recorded | 49 | 9,154 | |
Average impaired loans - with no allowance recorded | 300 | 5,802 | 8,544 |
Interest income recognized - with no allowance recorded | 111 | 414 | 481 |
Cash basis interest recognized - with no allowance recorded | 111 | 414 | 481 |
Residential Portfolio Segment [Member] | |||
Unpaid principal balance - with no allowance recorded | 438 | 1,667 | 1,420 |
Recorded investment - with no allowance recorded | 438 | 1,420 | |
Average impaired loans - with no allowance recorded | 453 | 511 | 851 |
Interest income recognized - with no allowance recorded | 23 | 101 | 66 |
Cash basis interest recognized - with no allowance recorded | 23 | $ 101 | 66 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | |||
Unpaid principal balance - with allowance recorded | 8 | ||
Recorded investment - with allowance recorded | 8 | ||
Allowance for Loan Losses Allocated | 8 | ||
Average impaired loans - with allowance recorded | 2 | ||
Interest income recognized - with allowance recorded | |||
Cash basis interest recognized - with allowance recorded | |||
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Unpaid principal balance - with allowance recorded | 111 | ||
Recorded investment - with allowance recorded | 111 | ||
Allowance for Loan Losses Allocated | 111 | ||
Average impaired loans - with allowance recorded | 22 | ||
Interest income recognized - with allowance recorded | 9 | ||
Cash basis interest recognized - with allowance recorded | 9 | ||
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | |||
Unpaid principal balance - with no allowance recorded | 368 | 203 | |
Recorded investment - with no allowance recorded | 368 | 201 | |
Average impaired loans - with no allowance recorded | 143 | 208 | |
Interest income recognized - with no allowance recorded | 19 | 7 | |
Cash basis interest recognized - with no allowance recorded | $ 19 | $ 7 |
Note C - Loans and Allowance _8
Note C - Loans and Allowance for Loan Losses - Nonaccrual Loans and Loans Past Due 90 Days or More and Still Accruing (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans past due 90 days and still accruing | $ 889 | $ 1,067 |
Nonaccrual | 9,149 | 8,677 |
Residential Portfolio Segment [Member] | ||
Loans past due 90 days and still accruing | 255 | 19 |
Nonaccrual | 6,119 | 6,661 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans past due 90 days and still accruing | ||
Nonaccrual | 863 | 470 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans past due 90 days and still accruing | 362 | |
Nonaccrual | 804 | 574 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans past due 90 days and still accruing | 66 | |
Nonaccrual | 229 | 416 |
Commercial and Industrial Portfolio Segment [Member] | ||
Loans past due 90 days and still accruing | 31 | |
Nonaccrual | 590 | 228 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans past due 90 days and still accruing | 239 | 270 |
Nonaccrual | 61 | 59 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans past due 90 days and still accruing | 91 | |
Nonaccrual | 392 | 183 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due 90 days and still accruing | 395 | 228 |
Nonaccrual | $ 91 | $ 86 |
Note C - Loans and Allowance _9
Note C - Loans and Allowance for Loan Losses - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans past due | $ 13,638 | $ 12,190 |
Loans, current | 759,136 | 764,862 |
Loans | 772,774 | 777,052 |
Residential Portfolio Segment [Member] | ||
Loans past due | 7,111 | 6,194 |
Loans, current | 303,142 | 297,885 |
Loans | 310,253 | 304,079 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 222,136 | 216,360 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans past due | 586 | 427 |
Loans, current | 55,239 | 61,267 |
Loans | 55,825 | 61,694 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans past due | 709 | 1,046 |
Loans, current | 130,689 | 116,142 |
Loans | 131,398 | 117,188 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans past due | 254 | 296 |
Loans, current | 34,659 | 37,182 |
Loans | 34,913 | 37,478 |
Commercial and Industrial Portfolio Segment [Member] | ||
Loans past due | 1,873 | 730 |
Loans, current | 98,150 | 112,513 |
Loans | 100,023 | 113,243 |
Consumer Portfolio Segment [Member] | ||
Loans | 140,362 | 143,370 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans past due | 1,561 | 1,862 |
Loans, current | 62,209 | 68,364 |
Loans | 63,770 | 70,226 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans past due | 403 | 523 |
Loans, current | 22,479 | 21,989 |
Loans | 22,882 | 22,512 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due | 1,141 | 1,112 |
Loans, current | 52,569 | 49,520 |
Loans | 53,710 | 50,632 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans past due | 7,567 | 6,476 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans past due | 4,015 | 3,369 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans past due | 383 | 298 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans past due | 12 | 299 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans past due | 186 | 31 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans past due | 1,320 | 428 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans past due | 986 | 1,287 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans past due | 106 | 171 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due | 559 | 593 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans past due | 2,190 | 2,044 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans past due | 1,314 | 1,183 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans past due | 59 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans past due | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans past due | 19 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans past due | 312 | 192 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans past due | 329 | 286 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans past due | 18 | 92 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due | 139 | 291 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans past due | 3,881 | 3,670 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Loans past due | 1,782 | 1,642 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Loans past due | 144 | 129 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Loans past due | 697 | 747 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans past due | 49 | 265 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans past due | 241 | 110 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans past due | 246 | 289 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans past due | 279 | 260 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans past due | $ 443 | $ 228 |
Note C - Loans and Allowance_10
Note C - Loans and Allowance for Loan Losses - TDR Loan Modifications (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Troubled Debt Restructuring | $ 8,552 | $ 8,634 |
Residential Portfolio Segment [Member] | Interest Only Payments [Member] | ||
Troubled Debt Restructuring | 209 | 216 |
Residential Portfolio Segment [Member] | Extended Maturity [Member] | ||
Troubled Debt Restructuring | 393 | |
Residential Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||
Troubled Debt Restructuring | 393 | |
Commercial Real Estate Portfolio Segment [Member] | Interest Only Payments [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 882 | 968 |
Commercial Real Estate Portfolio Segment [Member] | Interest Only Payments [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 4,574 | 385 |
Commercial Real Estate Portfolio Segment [Member] | Reduction of Principal and Interest Payments [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 1,521 | 529 |
Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 469 | |
Commercial Real Estate Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 402 | |
Commercial Real Estate Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 395 | |
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 362 | |
Commercial and Industrial Portfolio Segment [Member] | Interest Only Payments [Member] | ||
Troubled Debt Restructuring | 4,742 | |
Commercial and Industrial Portfolio Segment [Member] | Reduction of Principal and Interest Payments [Member] | ||
Troubled Debt Restructuring | 185 | |
Commercial and Industrial Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||
Troubled Debt Restructuring | 561 | |
Performing Financial Instruments [Member] | ||
Troubled Debt Restructuring | 8,552 | 7,887 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Interest Only Payments [Member] | ||
Troubled Debt Restructuring | 209 | 216 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Extended Maturity [Member] | ||
Troubled Debt Restructuring | 393 | |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||
Troubled Debt Restructuring | 393 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Interest Only Payments [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 882 | 968 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Interest Only Payments [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 4,574 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Reduction of Principal and Interest Payments [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 1,521 | 529 |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Extended Maturity [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 469 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | 402 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 395 | |
Performing Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | ||
Performing Financial Instruments [Member] | Commercial and Industrial Portfolio Segment [Member] | Interest Only Payments [Member] | ||
Troubled Debt Restructuring | 4,742 | |
Performing Financial Instruments [Member] | Commercial and Industrial Portfolio Segment [Member] | Reduction of Principal and Interest Payments [Member] | ||
Troubled Debt Restructuring | $ 185 | |
Performing Financial Instruments [Member] | Commercial and Industrial Portfolio Segment [Member] | Interest Rate Below Market Reduction [Member] | ||
Troubled Debt Restructuring | 561 | |
Nonperforming Financial Instruments [Member] | ||
Troubled Debt Restructuring | 747 | |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Interest Only Payments [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Troubled Debt Restructuring | 385 | |
Nonperforming Financial Instruments [Member] | Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Troubled Debt Restructuring | $ 362 |
Note C - Loans and Allowance_11
Note C - Loans and Allowance for Loan Losses - TDRs Pre-modification and Post-modification (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018 | Dec. 31, 2017USD ($) | |
Number of Loans | 2 | 0 | 2 |
Performing Financial Instruments [Member] | |||
Pre-modification recorded investment | $ 1,235 | $ 1,409 | |
Post-modification recorded investment | 1,235 | 1,409 | |
Nonperforming Financial Instruments [Member] | |||
Pre-modification recorded investment | |||
Post-modification recorded investment | |||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Reduction of Principal and Interest Payments [Member] | |||
Number of Loans | 1 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Reduction of Principal and Interest Payments [Member] | Performing Financial Instruments [Member] | |||
Pre-modification recorded investment | $ 1,036 | ||
Post-modification recorded investment | 1,036 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Reduction of Principal and Interest Payments [Member] | Nonperforming Financial Instruments [Member] | |||
Pre-modification recorded investment | |||
Post-modification recorded investment | |||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Only Payments [Member] | |||
Number of Loans | 1 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Only Payments [Member] | Performing Financial Instruments [Member] | |||
Pre-modification recorded investment | $ 997 | ||
Post-modification recorded investment | 997 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Only Payments [Member] | Nonperforming Financial Instruments [Member] | |||
Pre-modification recorded investment | |||
Post-modification recorded investment | |||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Rate Below Market Reduction [Member] | |||
Number of Loans | 1 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Rate Below Market Reduction [Member] | Performing Financial Instruments [Member] | |||
Pre-modification recorded investment | $ 412 | ||
Post-modification recorded investment | 412 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Interest Rate Below Market Reduction [Member] | Nonperforming Financial Instruments [Member] | |||
Pre-modification recorded investment | |||
Post-modification recorded investment | |||
Commercial and Industrial Portfolio Segment [Member] | Reduction of Principal and Interest Payments [Member] | |||
Number of Loans | 1 | ||
Commercial and Industrial Portfolio Segment [Member] | Reduction of Principal and Interest Payments [Member] | Performing Financial Instruments [Member] | |||
Pre-modification recorded investment | $ 199 | ||
Post-modification recorded investment | 199 | ||
Commercial and Industrial Portfolio Segment [Member] | Reduction of Principal and Interest Payments [Member] | Nonperforming Financial Instruments [Member] | |||
Pre-modification recorded investment | |||
Post-modification recorded investment |
Note C - Loans and Allowance_12
Note C - Loans and Allowance for Loan Losses - Risk Category of Commercial Loans by Class of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans receivable | $ 772,774 | $ 777,052 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 222,136 | 216,360 |
Commercial and Industrial Portfolio Segment [Member] | ||
Loans receivable | 100,023 | 113,243 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 322,159 | 329,603 |
Commercial Real Estate Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 55,825 | 61,694 |
Commercial Real Estate Nonowner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 131,398 | 117,188 |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 34,913 | 37,478 |
Pass [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans receivable | 89,749 | 92,417 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 297,946 | 295,382 |
Pass [Member] | Commercial Real Estate Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 49,486 | 50,474 |
Pass [Member] | Commercial Real Estate Nonowner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 123,847 | 115,170 |
Pass [Member] | Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 34,864 | 37,321 |
Criticized [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans receivable | 298 | 6,536 |
Criticized [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 3,187 | 14,260 |
Criticized [Member] | Commercial Real Estate Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 2,889 | 7,724 |
Criticized [Member] | Commercial Real Estate Nonowner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | ||
Criticized [Member] | Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | ||
Classified [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Loans receivable | 9,976 | 14,290 |
Classified [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 21,026 | 19,961 |
Classified [Member] | Commercial Real Estate Owner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 3,450 | 3,496 |
Classified [Member] | Commercial Real Estate Nonowner Occupied [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 7,551 | 2,018 |
Classified [Member] | Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | $ 49 | $ 157 |
Note C - Loans and Allowance_13
Note C - Loans and Allowance for Loan Losses - Recorded Investment of Residential and Consumer Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans receivable | $ 772,774 | $ 777,052 |
Consumer Portfolio Segment [Member] | ||
Loans receivable | 140,362 | 143,370 |
Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans receivable | 63,770 | 70,226 |
Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 22,882 | 22,512 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 53,710 | 50,632 |
Residential Portfolio Segment [Member] | ||
Loans receivable | 310,253 | 304,079 |
Consumer and Residential Portfolio Segment [Member] | ||
Loans receivable | 450,615 | 447,449 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans receivable | 63,470 | 69,897 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 22,490 | 22,238 |
Performing Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 53,224 | 50,318 |
Performing Financial Instruments [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 303,879 | 297,399 |
Performing Financial Instruments [Member] | Consumer and Residential Portfolio Segment [Member] | ||
Loans receivable | 443,063 | 439,852 |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Automobile Loan [Member] | ||
Loans receivable | 300 | 329 |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Home Equity Loan [Member] | ||
Loans receivable | 392 | 274 |
Nonperforming Financial Instruments [Member] | Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans receivable | 486 | 314 |
Nonperforming Financial Instruments [Member] | Residential Portfolio Segment [Member] | ||
Loans receivable | 6,374 | 6,680 |
Nonperforming Financial Instruments [Member] | Consumer and Residential Portfolio Segment [Member] | ||
Loans receivable | $ 7,552 | $ 7,597 |
Note D - Premises and Equipme_3
Note D - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Land | $ 2,633 | $ 2,744 |
Buildings | 20,890 | 16,154 |
Leasehold improvements | 1,267 | 1,267 |
Furniture and equipment | 6,847 | 6,039 |
31,637 | 26,204 | |
Less accumulated depreciation | 12,420 | 11,349 |
Total premises and equipment | $ 19,217 | $ 14,855 |
Note D - Premises and Equipme_4
Note D - Premises and Equipment - Premises and Equipment Held For Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Land | $ 153 | |
Buildings | 563 | |
716 | ||
Less accumulated depreciation | 63 | |
Total premises and equipment held for sale | $ 653 |
Note E - Leases (Details Textua
Note E - Leases (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Finance Lease, Liability, Total | $ 0 | ||
Operating Lease, Right-of-Use Asset | $ 1,053 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 1,280 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Term of Contract | 120 days | ||
Maximum [Member] | |||
Lessee, Operating Lease, Term of Contract | 17 years 182 days | ||
Lessee, Operating Lease, Renewal Term | 15 years |
Note E - Leases - Lease Cost an
Note E - Leases - Lease Cost and Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating lease right-of-use assets | $ 1,053 | |
Total operating leases | 1,053 | |
Operating lease cost | 282 | |
Short-term lease expense | $ 52 | |
Weighted-average remaining lease term for operating leases (in years) (Year) | 10 years 219 days | |
Weighted-average discount rate for operating leases | 2.76% |
Note E - Leases - Operating Lea
Note E - Leases - Operating Lease Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 180 | |
2021 | 157 | |
2022 | 157 | |
2023 | 116 | |
2024 | 95 | |
Thereafter | 546 | |
Total lease payments | 1,251 | |
Less: Imputed Interest | (198) | |
Total operating leases | $ 1,053 |
Note F - Goodwill and Intangi_3
Note F - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill, Impairment Loss | $ 0 | $ 0 | |
Amortization of Intangible Assets, Total | $ 206 | $ 135 | $ 156 |
Note F - Goodwill and Intangi_4
Note F - Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Beginning of year | $ 7,371 | $ 7,371 | $ 7,801 |
Acquired goodwill | |||
Impairment | 0 | 0 | |
Finalization of Milton branch sale | (52) | ||
Finalization of Milton acquisition accounting | (430) | ||
End of year | $ 7,319 | $ 7,371 | $ 7,371 |
Note F - Goodwill and Intangi_5
Note F - Goodwill and Intangible Assets - Intangible Assets (Details) - Core Deposits [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Gross Carrying Amount | $ 738 | $ 738 |
Accumulated Amortization | $ 564 | $ 359 |
Note F - Goodwill and Intangi_6
Note F - Goodwill and Intangible Assets - Future Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 62 |
2021 | 48 |
2022 | 35 |
2023 | 21 |
2024 | 8 |
Total | $ 174 |
Note G - Deposits (Details Text
Note G - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Interest-bearing Domestic Deposit, Brokered | $ 25,797 | $ 30,838 |
Note G - Deposits - Interest-Be
Note G - Deposits - Interest-Bearing Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
NOW accounts | $ 158,434 | $ 155,166 |
Savings and Money Market | 230,672 | 237,868 |
In denominations of $250,000 or less | 175,334 | 178,736 |
In denominations of more than $250,000 | 34,424 | 37,113 |
Total | 209,758 | 215,849 |
Total interest-bearing deposits | $ 598,864 | $ 608,883 |
Note G - Deposits - Time Deposi
Note G - Deposits - Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 116,666 | |
2021 | 58,585 | |
2022 | 22,833 | |
2023 | 9,077 | |
2024 | 1,978 | |
Thereafter | 619 | |
Total | $ 209,758 | $ 215,849 |
Note H - Interest Rate Swaps (D
Note H - Interest Rate Swaps (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposit Assets, Total | $ 750 | $ 350 |
Interest Rate Swap [Member] | ||
Derivative Asset, Notional Amount | 7,633 | 9,219 |
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net, Total | $ 459 | $ 101 |
Note I - Other Borrowed Funds_2
Note I - Other Borrowed Funds (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate, Total | $ 29,758 | |
Federal Home Loan Bank, Advances, Maturities Summary, Floating Rate, Total | 0 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 205,559 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 119,302 | |
Notes Payable to Bank, Total | 405 | |
Director [Member] | ||
Notes Payable, Related Parties | $ 3,558 | |
Promissory Notes [Member] | ||
Debt, Weighted Average Interest Rate | 2.73% | 2.83% |
FHLB Line of Credit [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | $ 80,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 80,000 | |
Letters of Credit Outstanding, Amount | $ 56,500 | $ 51,700 |
Minimum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.53% | |
Minimum [Member] | Promissory Notes [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.00% | |
Maximum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 3.31% | |
Maximum [Member] | Promissory Notes [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | |
Weighted Average [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 2.39% | 2.36% |
FHLB Stock [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 5,365 | |
Residential Real Estate [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 301,244 | |
Commercial Loans [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 69,683 |
Note I - Other Borrowed Funds -
Note I - Other Borrowed Funds - Other Borrowed Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other borrowed funds | $ 33,991 | $ 39,713 |
Federal Home Loan Bank Advances [Member] | ||
Other borrowed funds | 29,758 | 33,434 |
Promissory Notes [Member] | ||
Other borrowed funds | $ 4,233 | $ 6,279 |
Note I - Other Borrowed Funds_3
Note I - Other Borrowed Funds - Scheduled Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 7,322 | |
2021 | 3,633 | |
2022 | 2,841 | |
2023 | 2,705 | |
2024 | 2,301 | |
Thereafter | 15,189 | |
33,991 | $ 39,713 | |
Federal Home Loan Bank Advances [Member] | ||
2020 | 3,722 | |
2021 | 3,000 | |
2022 | 2,841 | |
2023 | 2,705 | |
2024 | 2,301 | |
Thereafter | 15,189 | |
29,758 | 33,434 | |
Promissory Notes [Member] | ||
2020 | 3,600 | |
2021 | 633 | |
2022 | ||
2023 | ||
2024 | ||
Thereafter | ||
$ 4,233 | $ 6,279 |
Note J - Subordinated Debentu_2
Note J - Subordinated Debentures and Trust Preferred Securities (Details Textual) - USD ($) $ in Thousands | Mar. 15, 2012 | Mar. 22, 2007 | Dec. 31, 2019 | Dec. 31, 2018 |
Proceeds from Issuance of Trust Preferred Securities | $ 8,500 | |||
Trust Preferred Securities, Interest Rate | 6.58% | 3.57% | 4.47% | |
Debt Issuance Costs, Net, Total | $ 0 | $ 0 | ||
London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.68% |
Note K - Income Taxes (Details
Note K - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 34.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 1,783 | ||
Operating Loss Carryforwards, Total | $ 550 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 34.00% | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Note K - Income Taxes - Provisi
Note K - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax expense | $ 1,446 | $ 2,389 | $ 2,579 |
Deferred tax (benefit) expense | 367 | (134) | 1,907 |
Total income taxes | $ 1,813 | $ 2,255 | $ 4,486 |
Note K - Income Taxes - Deferre
Note K - Income Taxes - Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for loan losses | $ 1,364 | $ 1,463 |
Unrealized loss on securities available for sale | 568 | |
Deferred compensation | 1,700 | 1,580 |
Deferred loan fees/costs | 110 | 119 |
Other real estate owned | 4 | 434 |
Accrued bonus | 204 | 280 |
Purchase accounting adjustments | 24 | 61 |
Net operating loss | 115 | 132 |
Lease liability | 274 | |
Other | 346 | 257 |
Mortgage servicing rights | (77) | (80) |
FHLB stock dividends | (676) | (676) |
Unrealized gain on securities available for sale | (140) | |
Prepaid expenses | (182) | (191) |
Depreciation and amortization | (579) | (656) |
Right-of-use asset | (274) | |
Other | (3) | |
Net deferred tax asset | $ 2,213 | $ 3,288 |
Note K - Income Taxes - Income
Note K - Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statutory tax | $ 2,461 | $ 2,982 | $ 4,078 |
Effect of nontaxable insurance premiums | (212) | (218) | (303) |
Effect of postretirement benefits | 54 | 20 | (78) |
Effect of nontaxable life insurance death proceeds | (175) | ||
Impact from TCJA | 1,783 | ||
Effect of state income tax | 100 | 33 | 70 |
Tax credits | (145) | (217) | (191) |
Milton Merger Costs | 4 | ||
Other items | 32 | 149 | 42 |
Total income taxes | 1,813 | 2,255 | 4,486 |
Nontaxable Interest Income [Member] | |||
Effect of nontaxable income | (336) | (352) | (514) |
Bank Owned Insurance Income [Member] | |||
Effect of nontaxable income | $ (141) | $ (142) | $ (230) |
Note L - Commitments and Cont_3
Note L - Commitments and Contingent Liabilities (Details Textual) - Fixed Rate Commitments [Member] | Dec. 31, 2019 |
Minimum [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 3.375% |
Long-term Debt, Term | 15 years |
Maximum [Member] | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% |
Long-term Debt, Term | 30 years |
Note L - Commitments and Cont_4
Note L - Commitments and Contingent Liabilities - Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Standby Letters of Credit [Member] | ||
Other commitment | $ 3,957 | $ 4,325 |
Fixed Rate Commitments [Member] | ||
Other commitment | 660 | 121 |
Variable Rate Commitments [Member] | ||
Other commitment | $ 70,561 | $ 66,580 |
Note M - Related Party Transa_3
Note M - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Minimum Related Party Loan | $ 120 | |
Related Party Deposit Liabilities | $ 47,911 | 52,877 |
Promissory Note Payable To Directors and Affiliates [Member] | Minimum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |
Debt Instrument, Term | 300 days | |
Promissory Note Payable To Directors and Affiliates [Member] | Maximum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.85% | |
Debt Instrument, Term | 3 years | |
Directors and their Affiliates [Member] | ||
Notes Payable, Related Parties | $ 3,558 | $ 3,558 |
Note M - Related Party Transa_4
Note M - Related Party Transactions - Related Party Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Total loans at January 1, 2019 | $ 3,674 |
New loans | 890 |
Repayments | (391) |
Other changes | (199) |
Total loans at December 31, 2019 | $ 3,974 |
Note N - Employee Benefits (Det
Note N - Employee Benefits (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Stock Ownership Plan (ESOP), Shares in ESOP, Total | 365,274 | 360,669 | |
Cash Surrender Value of Life Insurance | $ 28,481 | ||
Deferred Compensation Plan Assets | 2,115 | ||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 7,815 | $ 7,267 | |
Defined Benefit Plan, Benefit Obligation, Ending Balance | 3,130 | 2,873 | |
Proceeds from Life Insurance Policy | $ 2,107 | ||
Insurance Settlements Receivable | 1,993 | ||
Life Insurance, Corporate or Bank Owned, Change in Value | 3,586 | ||
Gain on Bank Owned Life Insurance Policies | 514 | ||
Other Assets [Member] | |||
Insurance Settlements Receivable | 1,993 | ||
Supplemental Employee Retirement Plan [Member] | |||
Defined Contribution Plan, Cost | 627 | 602 | 490 |
Deferred Profit Sharing [Member] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 264 | $ 352 | $ 340 |
Note N - Employee Benefits - Em
Note N - Employee Benefits - Employee Stock Ownership Plan (ESOP) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of shares issued (in shares) | 8,333 | 7,294 | 15,118 |
Fair value of stock contributed | $ 328 | $ 295 | $ 428 |
Cash contributed | 500 | 500 | 250 |
Total expense | $ 828 | $ 795 | $ 678 |
Note O - Fair Value of Financ_3
Note O - Fair Value of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selling Costs, Percentage | 10.00% | ||
Impaired Financing Receivable, Related Allowance | $ 807 | $ 98 | $ 94 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 0 | $ 0 | |
Other Real Estate, Ending Balance | 228 | ||
Other Real Estate, Gross | 2,217 | ||
Real Estate Owned, Valuation Allowance, Ending Balance | 1,989 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | 594 | ||
Collateral Dependent Loans [Member] | |||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,010 | 362 | |
Impaired Financing Receivable, Related Allowance | 807 | 98 | |
Financing Receivable, Credit Loss, Expense (Reversal) | $ 807 | 4 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 |
Note O - Fair Value of Financ_4
Note O - Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities, fair value | ||
Fair Value, Inputs, Level 1 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 1 [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities, fair value | (465,000) | (101,000) |
Fair Value, Inputs, Level 2 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Assets, fair value | 16,736,000 | 16,630,000 |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Assets, fair value | 228,000 | |
Fair Value, Inputs, Level 2 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||
Assets, fair value | 88,582,000 | 85,534,000 |
Fair Value, Inputs, Level 2 [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Assets, fair value | 465,000 | 101,000 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Liabilities, fair value | ||
Fair Value, Inputs, Level 3 [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Assets, fair value | 264,000 | |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Assets, fair value | 1,664,000 | |
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Fair Value, Nonrecurring [Member] | Commercial and Industrial Portfolio Segment [Member] | ||
Assets, fair value | 4,559 | |
Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Recurring [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 3 [Member] | Derivative Financial Instruments, Assets [Member] | Fair Value, Recurring [Member] | Interest Rate Swap [Member] | ||
Assets, fair value |
Note O - Fair Value of Financ_5
Note O - Fair Value of Financial Instruments - Level 3 Fair Value Measurements (Details) - Fair Value, Nonrecurring [Member] - Valuation, Market Approach [Member] $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Impaired Loans, Fair Value | $ 1,644 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Unobservable input | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Unobservable input | 20 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Owner Occupied [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Unobservable input | 9.7 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | ||
Impaired Loans, Fair Value | $ 264 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Unobservable input | 0.068 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Unobservable input | 0.667 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate Nonowner Occupied [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Unobservable input | 0.18 | |
Commercial and Industrial Portfolio Segment [Member] | ||
Impaired Loans, Fair Value | $ 4,559 | |
Commercial and Industrial Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Unobservable input | 0 | |
Commercial and Industrial Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Unobservable input | 61 | |
Commercial and Industrial Portfolio Segment [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Unobservable input | 10.3 |
Note O - Fair Value of Financ_6
Note O - Fair Value of Financial Instruments - Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Securities held to maturity | $ 12,404 | $ 16,234 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 52,356 | 71,180 |
Certificates of deposit in financial institutions | 2,360 | 2,065 |
Securities available for sale | 105,318 | 102,164 |
Securities held to maturity | 12,033 | 15,816 |
Loans, net | 766,502 | 770,324 |
Interest rate swap derivatives | 465 | 101 |
Accrued interest receivable | 2,564 | 2,638 |
Deposits | 821,471 | 846,704 |
Other borrowed funds | 33,991 | 39,713 |
Subordinated debentures | 8,500 | 8,500 |
Interest rate swap derivatives | 465 | 101 |
Accrued interest payable | 1,589 | 1,255 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 52,356 | 71,180 |
Certificates of deposit in financial institutions | 2,360 | 2,065 |
Securities available for sale | 105,318 | 102,164 |
Securities held to maturity | 12,404 | 16,234 |
Loans, net | 771,285 | 766,784 |
Interest rate swap derivatives | 465 | 101 |
Accrued interest receivable | 2,564 | 2,638 |
Deposits | 822,544 | 845,414 |
Other borrowed funds | 34,345 | 37,644 |
Subordinated debentures | 6,275 | 7,054 |
Interest rate swap derivatives | 465 | 101 |
Accrued interest payable | 1,589 | 1,255 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 52,356 | 71,180 |
Certificates of deposit in financial institutions | ||
Securities available for sale | ||
Securities held to maturity | ||
Loans, net | ||
Interest rate swap derivatives | ||
Accrued interest receivable | ||
Deposits | 222,607 | 237,821 |
Other borrowed funds | ||
Subordinated debentures | ||
Interest rate swap derivatives | ||
Accrued interest payable | 3 | 3 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Certificates of deposit in financial institutions | 2,360 | 2,065 |
Securities available for sale | 105,318 | 102,164 |
Securities held to maturity | 6,446 | 7,625 |
Loans, net | ||
Interest rate swap derivatives | 465 | 101 |
Accrued interest receivable | 315 | 312 |
Deposits | 599,937 | 607,593 |
Other borrowed funds | 34,345 | 37,644 |
Subordinated debentures | 6,275 | 7,054 |
Interest rate swap derivatives | 465 | 101 |
Accrued interest payable | 1,586 | 1,252 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Certificates of deposit in financial institutions | ||
Securities available for sale | ||
Securities held to maturity | 5,958 | 8,609 |
Loans, net | 771,285 | 766,784 |
Interest rate swap derivatives | ||
Accrued interest receivable | 2,249 | 2,326 |
Deposits | ||
Other borrowed funds | ||
Subordinated debentures | ||
Interest rate swap derivatives | ||
Accrued interest payable |
Note P - Regulatory Matters (De
Note P - Regulatory Matters (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2020 | Jan. 01, 2019 | Jan. 01, 2016 |
Capital Conservation Buffer | 2.50% | ||
Capital Conservation Buffer Phase In Amount | 0.625% | ||
Subsequent Event [Member] | |||
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments, Total | $ 15,042 |
Note P - Regulatory Matters - C
Note P - Regulatory Matters - Capital Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Total capital | $ 134,930 | $ 127,487 | |
Total capital to risk weighted assets | 18.70% | 17.70% | |
Total capital for capital adequacy | 8.00% | 8.00% | |
Total capital for well capitalized to risk weighted assets | [1] | 10.00% | 10.00% |
Common equity tier 1 | $ 120,158 | $ 112,259 | |
Common equity tier 1 capital to risk weighted assets | 16.60% | 15.60% | |
Common equity tier 1 capital for capital adequacy | 4.50% | 4.50% | |
Tier 1 capital | $ 128,658 | $ 120,759 | |
Tier 1 capital to risk weighted assets | 17.80% | 16.70% | |
Teir 1 capital for capital adequacy | 6.00% | 6.00% | |
Tier 1 capital for well capitalized to risk weighted assets | [1] | 6.00% | 6.00% |
Tier 1 capital average | $ 128,658 | $ 120,759 | |
Tier 1 capital average to risk weighted assets | 12.50% | 11.80% | |
Teir 1 capital average for capital adequacy | 4.00% | 4.00% | |
Bank [Member] | |||
Total capital | $ 120,716 | $ 114,947 | |
Total capital to risk weighted assets | 17.00% | 16.20% | |
Total capital for capital adequacy | 8.00% | 8.00% | |
Total capital for well capitalized to risk weighted assets | [1] | 10.00% | 10.00% |
Common equity tier 1 | $ 114,772 | $ 108,547 | |
Common equity tier 1 capital to risk weighted assets | 16.10% | 15.30% | |
Common equity tier 1 capital for capital adequacy | 4.50% | 4.50% | |
Common equity Tier 1 capital for well capitalized to risk weighted assets | [1] | 6.50% | 6.50% |
Tier 1 capital | $ 114,772 | $ 108,547 | |
Tier 1 capital to risk weighted assets | 16.10% | 15.30% | |
Teir 1 capital for capital adequacy | 6.00% | 6.00% | |
Tier 1 capital for well capitalized to risk weighted assets | [1] | 8.00% | 8.00% |
Tier 1 capital average | $ 114,772 | $ 108,547 | |
Tier 1 capital average to risk weighted assets | 11.30% | 10.70% | |
Teir 1 capital average for capital adequacy | 4.00% | 4.00% | |
Tier 1 capital average for well capitalized to average assets | [1] | 5.00% | 5.00% |
[1] | For the Company, these amounts would be required for the Company to engage in activities permissible only for a bank holding company that meets the financial holding company requirements if the Company were not subject to the SBHCP. For the Bank, these are the amounts required for the Bank to be deemed well capitalized under the prompt corrective action regulations. |
Note Q - Parent Company Only _3
Note Q - Parent Company Only Condensed Financial Information - Condensed Statements of Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 52,356 | $ 71,180 | $ 74,573 | $ 40,166 |
Other assets | 5,081 | 6,373 | ||
Total assets | 1,013,272 | 1,030,493 | 1,026,290 | |
Subordinated debentures | 8,500 | 8,500 | ||
Total liabilities | 885,093 | 912,619 | ||
Total shareholders’ equity | 128,179 | 117,874 | 109,361 | 104,528 |
Total liabilities and shareholders’ equity | 1,013,272 | 1,030,493 | ||
Parent Company [Member] | ||||
Cash and cash equivalents | 4,308 | 4,032 | $ 3,292 | $ 2,747 |
Investment in subsidiaries | 134,910 | 126,059 | ||
Notes receivable – subsidiaries | 1,963 | 3,000 | ||
Other assets | 48 | 93 | ||
Total assets | 141,229 | 133,184 | ||
Notes payable | 4,233 | 6,279 | ||
Subordinated debentures | 8,500 | 8,500 | ||
Other liabilities | 317 | 531 | ||
Total liabilities | 13,050 | 15,310 | ||
Total shareholders’ equity | 128,179 | 117,874 | ||
Total liabilities and shareholders’ equity | $ 141,229 | $ 133,184 |
Note Q - Parent Company Only _4
Note Q - Parent Company Only Condensed Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest on subordinated debentures | $ 356 | $ 330 | $ 248 | ||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries.. | 11,720 | 14,199 | 11,995 | ||||||||
Tax expense | 1,813 | 2,255 | 4,486 | ||||||||
Net income | $ 3,498 | $ 2,137 | $ 3,079 | $ 1,193 | $ 3,856 | $ 1,746 | $ 2,976 | $ 3,366 | 9,907 | 11,944 | 7,509 |
Comprehensive Income | 12,570 | 10,860 | 7,622 | ||||||||
Parent Company [Member] | |||||||||||
Interest on notes | 47 | 53 | 51 | ||||||||
Dividends from subsidiaries | 4,375 | 4,225 | 4,400 | ||||||||
Interest on notes | 139 | 185 | 211 | ||||||||
Interest on subordinated debentures | 356 | 330 | 248 | ||||||||
Operating expenses | 377 | 351 | 332 | ||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries.. | 3,550 | 3,412 | 3,660 | ||||||||
Tax expense | 169 | 164 | 244 | ||||||||
Equity in undistributed earnings of subsidiaries | 6,188 | 8,368 | 3,605 | ||||||||
Net income | 9,907 | 11,944 | 7,509 | ||||||||
Comprehensive Income | $ 12,570 | $ 10,860 | $ 7,622 |
Note Q - Parent Company Only _5
Note Q - Parent Company Only Condensed Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 3,498 | $ 2,137 | $ 3,079 | $ 1,193 | $ 3,856 | $ 1,746 | $ 2,976 | $ 3,366 | $ 9,907 | $ 11,944 | $ 7,509 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Common stock issued to ESOP | (328) | (295) | (428) | ||||||||
Change in other assets | 1,528 | 1,996 | 347 | ||||||||
Net cash provided by operating activities | 14,753 | 18,141 | 14,496 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash provided by (used in) investing activities | (83) | (12,726) | (42,180) | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from common stock through dividend reinvestment | 1,407 | 1,325 | 715 | ||||||||
Cash dividends paid | (4,000) | (3,967) | (3,932) | ||||||||
Net cash provided by (used in) financing activities | (33,494) | (8,808) | 62,091 | ||||||||
Cash and cash equivalents: | |||||||||||
Cash and cash equivalents at beginning of year | 71,180 | 74,573 | 71,180 | 74,573 | 40,166 | ||||||
Cash and cash equivalents at end of year | 52,356 | 71,180 | 52,356 | 71,180 | 74,573 | ||||||
Parent Company [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 9,907 | 11,944 | 7,509 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiaries | (6,188) | (8,368) | (3,605) | ||||||||
Common stock issued to ESOP | 328 | 295 | 428 | ||||||||
Change in other assets | 45 | (26) | (15) | ||||||||
Change in other liabilities | (214) | 262 | (97) | ||||||||
Net cash provided by operating activities | 3,878 | 4,107 | 4,220 | ||||||||
Cash flows from investing activities: | |||||||||||
Cash paid for Milton Bancorp, Inc. acquisition | |||||||||||
Change in notes receivable | 1,037 | 320 | 100 | ||||||||
Net cash provided by (used in) investing activities | 1,037 | 320 | 100 | ||||||||
Cash flows from financing activities: | |||||||||||
Change in notes payable | (2,046) | (1,045) | (558) | ||||||||
Proceeds from common stock through dividend reinvestment | 1,407 | 1,325 | 715 | ||||||||
Cash dividends paid | (4,000) | (3,967) | (3,932) | ||||||||
Net cash provided by (used in) financing activities | (4,639) | (3,687) | (3,775) | ||||||||
Cash and cash equivalents: | |||||||||||
Change in cash and cash equivalents | 276 | 740 | 545 | ||||||||
Cash and cash equivalents at beginning of year | $ 4,032 | $ 3,292 | 4,032 | 3,292 | 2,747 | ||||||
Cash and cash equivalents at end of year | $ 4,308 | $ 4,032 | $ 4,308 | $ 4,032 | $ 3,292 |
Note R - Segment Information (D
Note R - Segment Information (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Banking Segment, Percentage of Total Revenues | 94.20% | 92.90% | 92.70% |
Note R - Segment Information -
Note R - Segment Information - Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net interest income | $ 10,386 | $ 10,626 | $ 10,653 | $ 11,387 | $ 10,813 | $ 10,763 | $ 10,640 | $ 11,510 | $ 43,052 | $ 43,726 | $ 41,733 |
Provision expense | (1,015) | 444 | (806) | 2,377 | (656) | 962 | (23) | 756 | 1,000 | 1,039 | 2,564 |
Noninterest income | 3,210 | 2,107 | 2,003 | 1,846 | 1,397 | 1,927 | 2,538 | 3,076 | 9,166 | 8,938 | 9,435 |
Noninterest expense | 10,401 | 9,738 | 9,791 | 9,568 | 8,183 | 9,761 | 9,674 | 9,808 | 39,498 | 37,426 | 36,609 |
Tax expense | 1,813 | 2,255 | 4,486 | ||||||||
Net income | 3,498 | $ 2,137 | $ 3,079 | $ 1,193 | 3,856 | $ 1,746 | $ 2,976 | $ 3,366 | 9,907 | 11,944 | 7,509 |
Assets | 1,013,272 | 1,030,493 | 1,013,272 | 1,030,493 | 1,026,290 | ||||||
Banking [Member] | |||||||||||
Net interest income | 39,865 | 40,380 | 38,366 | ||||||||
Provision expense | 875 | 850 | 2,415 | ||||||||
Noninterest income | 8,989 | 8,243 | 8,834 | ||||||||
Noninterest expense | 37,026 | 34,841 | 34,079 | ||||||||
Tax expense | 1,653 | 1,990 | 3,973 | ||||||||
Net income | 9,300 | 10,942 | 6,733 | ||||||||
Assets | 1,000,315 | 1,017,902 | 1,000,315 | 1,017,902 | 1,013,386 | ||||||
Consumer Finance [Member] | |||||||||||
Net interest income | 3,187 | 3,346 | 3,367 | ||||||||
Provision expense | 125 | 189 | 149 | ||||||||
Noninterest income | 177 | 695 | 601 | ||||||||
Noninterest expense | 2,472 | 2,585 | 2,530 | ||||||||
Tax expense | 160 | 265 | 513 | ||||||||
Net income | 607 | 1,002 | 776 | ||||||||
Assets | $ 12,957 | $ 12,591 | $ 12,957 | $ 12,591 | $ 12,904 |
Note S - Consolidated Quarter_3
Note S - Consolidated Quarterly Financial Information (Unaudited) - Consolidated Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total interest income | $ 12,255 | $ 12,521 | $ 12,483 | $ 13,058 | $ 12,369 | $ 12,181 | $ 11,938 | $ 12,709 | $ 50,317 | $ 49,197 | $ 45,708 |
Total interest expense | 1,869 | 1,895 | 1,830 | 1,671 | 1,556 | 1,418 | 1,298 | 1,199 | 7,265 | 5,471 | 3,975 |
Net interest income | 10,386 | 10,626 | 10,653 | 11,387 | 10,813 | 10,763 | 10,640 | 11,510 | 43,052 | 43,726 | 41,733 |
Provision for loan losses | (1,015) | 444 | (806) | 2,377 | (656) | 962 | (23) | 756 | 1,000 | 1,039 | 2,564 |
Noninterest income | 3,210 | 2,107 | 2,003 | 1,846 | 1,397 | 1,927 | 2,538 | 3,076 | 9,166 | 8,938 | 9,435 |
Noninterest expense | 10,401 | 9,738 | 9,791 | 9,568 | 8,183 | 9,761 | 9,674 | 9,808 | 39,498 | 37,426 | 36,609 |
Net income | $ 3,498 | $ 2,137 | $ 3,079 | $ 1,193 | $ 3,856 | $ 1,746 | $ 2,976 | $ 3,366 | $ 9,907 | $ 11,944 | $ 7,509 |
Earnings per share (in dollars per share) | $ 0.73 | $ 0.45 | $ 0.65 | $ 0.25 | $ 0.82 | $ 0.37 | $ 0.63 | $ 0.71 | $ 2.08 | $ 2.53 | $ 1.60 |
Note T - Subsequent Events (Det
Note T - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions | Mar. 10, 2020USD ($) |
Litigation Settlement, Amount Awarded from Other Party | $ 2 |
Litigation Settlement, Period for Bank to Process Taxpayer Refunds | 5 years |