Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001046203 | ||
Entity Registrant Name | Guaranty Federal Bancshares Inc | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 0-23325 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 43-1792717 | ||
Entity Address, Address Line One | 2144 E Republic Rd, Suite F200 | ||
Entity Address, City or Town | Springfield | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 65804 | ||
City Area Code | 833 | ||
Local Phone Number | 875-2492 | ||
Title of 12(b) Security | Common Stock, Par Value $0.10 per share | ||
Trading Symbol | GFED | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 45,600,000 | ||
Entity Common Stock, Shares Outstanding | 4,381,352 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 6,366,370 | $ 5,114,067 |
Interest-bearing demand deposits in other financial institutions | 142,056,538 | 87,557,842 |
Cash and cash equivalents | 148,422,908 | 92,671,909 |
Interest-bearing time deposits at other financial institutions | 4,760,089 | 250,000 |
Available-for-sale securities | 164,120,869 | 118,245,314 |
Stock in Federal Home Loan Bank, at cost | 3,896,900 | 3,757,500 |
Mortgage loans held for sale | 11,359,174 | 2,786,564 |
Loans receivable, net of allowance for loan losses of December 31, 2020 and 2019 - $9,617,024 and $7,607,587, respectively | 742,149,271 | 720,732,402 |
Accrued interest receivable | 4,060,795 | 3,511,875 |
Prepaid expenses and other assets | 7,741,903 | 8,862,954 |
Goodwill | 1,434,982 | 1,434,982 |
Core deposit intangible | 2,026,910 | 2,503,910 |
Foreclosed assets held for sale | 546,450 | 991,885 |
Premises and equipment, net | 17,898,409 | 19,164,496 |
Operating lease right-of-use asset | 8,469,661 | 9,052,941 |
Bank owned life insurance | 25,294,780 | 24,698,438 |
Deferred and receivable income taxes | 4,069,838 | 3,359,455 |
Assets, Total | 1,146,252,939 | 1,012,024,625 |
LIABILITIES | ||
Deposits | 938,672,541 | 821,406,532 |
Federal Home Loan Bank advances | 66,000,000 | 65,000,000 |
Note payable to bank | 0 | 11,200,000 |
Advances from borrowers for taxes and insurance | 218,846 | 268,200 |
Accrued expenses and other liabilities | 7,870,991 | 4,153,762 |
Operating lease liabilities | 8,560,892 | 9,105,503 |
Accrued interest payable | 932,172 | 793,746 |
Liabilities, Total | 1,057,284,573 | 927,392,743 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock, $0.10 par value; authorized 10,000,000 shares; issued December 31, 2020 and 2019 - 6,919,503 and 6,919,503 shares; respectively | 691,950 | 691,950 |
Additional paid-in capital | 51,337,219 | 51,908,867 |
Retained earnings, substantially restricted | 77,073,707 | 72,860,750 |
Accumulated other comprehensive loss | (53,378) | (431,035) |
Stockholders' Equity before Treasury Stock | 129,049,498 | 125,030,532 |
Treasury stock, at cost; December 31, 2020 and 2019 - 2,553,851 and 2,582,041 shares, respectively | (40,081,132) | (40,398,650) |
Stockholders' Equity Attributable to Parent, Ending Balance | 88,968,366 | 84,631,882 |
Liabilities and Equity, Total | 1,146,252,939 | 1,012,024,625 |
Subordinated Debentures Issued to Capital Trusts [Member] | ||
LIABILITIES | ||
Subordinated Debt, Ending Balance | 15,465,000 | 15,465,000 |
Subordinated Notes, Net [Member] | ||
LIABILITIES | ||
Subordinated Debt, Ending Balance | $ 19,564,131 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Loans receivable, allowance for loan losses | $ 9,617,024 | $ 7,607,587 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 6,919,503 | 6,919,503 |
Treasury stock, shares (in shares) | 2,553,851 | 2,582,041 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest Income | |||
Loans | $ 36,225,797 | $ 41,233,524 | $ 40,886,257 |
Investment securities | 3,843,325 | 2,791,612 | 1,992,442 |
Other | 800,754 | 1,201,367 | 367,005 |
Interest and Dividend Income, Operating, Total | 40,869,876 | 45,226,503 | 43,245,704 |
Interest Expense | |||
Deposits | 6,924,826 | 10,991,453 | 7,023,286 |
Federal Home Loan Bank advances | 1,177,491 | 1,202,708 | 1,766,278 |
Other | 280,473 | 370,584 | 120,503 |
Interest Expense, Total | 9,611,201 | 13,535,014 | 9,927,619 |
Net Interest Income | 31,258,675 | 31,691,489 | 33,318,085 |
Provision for Loan Losses | 3,600,000 | 200,000 | 1,225,000 |
Net Interest Income After Provision for Loan Losses | 27,658,675 | 31,491,489 | 32,093,085 |
Noninterest Income | |||
Service charges | 1,469,160 | 1,706,437 | 2,004,525 |
Net gain (loss) on sale of investment securities | 461,029 | 89,564 | (8,091) |
Gain on sale of mortgage loans held for sale | 3,702,098 | 2,222,533 | 2,030,746 |
Gain on sale of Small Business Administration loans | 618,506 | 1,029,949 | 830,641 |
Commercial loan referral income | 1,148,681 | 0 | 0 |
Net gain (loss) on foreclosed assets | 36,057 | (235,394) | (360,892) |
Other income | 2,637,913 | 2,291,804 | 2,055,011 |
Noninterest Income, Total | 10,073,444 | 7,104,893 | 6,551,940 |
Noninterest Expense | |||
Salaries and employee benefits | 17,348,133 | 16,107,800 | 14,918,696 |
Occupancy | 4,623,440 | 4,582,433 | 4,071,199 |
FDIC deposit insurance premiums | 312,121 | 297,628 | 437,602 |
Data processing | 2,369,224 | 1,694,459 | 1,477,034 |
Advertising | 488,998 | 499,998 | 534,650 |
Merger costs | 0 | 34,011 | 3,671,997 |
Amortization of core deposit intangible | 477,000 | 477,000 | 408,571 |
Other expense | 4,045,811 | 3,804,805 | 3,938,584 |
Noninterest Expense, Total | 29,664,727 | 27,498,134 | 29,458,333 |
Income Before Income Taxes | 8,067,392 | 11,098,248 | 9,186,692 |
Provision for Income Taxes | 1,235,178 | 1,683,158 | 1,854,813 |
Net Income | $ 6,832,214 | $ 9,415,090 | $ 7,331,879 |
Basic Income Per Common Share (in dollars per share) | $ 1.58 | $ 2.14 | $ 1.66 |
Diluted Income Per Common Share (in dollars per share) | $ 1.57 | $ 2.11 | $ 1.64 |
Subordinated Debentures Issued to Capital Trusts [Member] | |||
Interest Expense | |||
Subordinated debentures | $ 785,078 | $ 970,269 | $ 1,017,552 |
Subordinated Notes, Net [Member] | |||
Interest Expense | |||
Subordinated debentures | $ 443,333 | $ 0 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
NET INCOME | $ 6,832,214 | $ 9,415,090 | $ 7,331,879 |
OTHER ITEMS OF COMPREHENSIVE INCOME: | |||
Change in unrealized gain (loss) on investment securities available-for-sale, before income taxes | 4,239,526 | 3,018,580 | (1,130,514) |
Change in unrealized gain (loss) on interest rate swaps, before income taxes | (3,312,874) | (2,899,860) | 791,465 |
Less: Reclassification adjustment for realized (gains) losses on investment securities included in net income, before income taxes | (461,029) | (89,564) | 8,091 |
Total other items of comprehensive income (loss) | 465,623 | 29,156 | (330,958) |
Income tax expense (benefit) related to other items of comprehensive income | 87,966 | 7,435 | (84,395) |
Other comprehensive income (loss) | 377,657 | 21,721 | (246,563) |
TOTAL COMPREHENSIVE INCOME | $ 7,209,871 | $ 9,436,811 | $ 7,085,316 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 6,832,214 | $ 9,415,090 | $ 7,331,879 |
Items not requiring (providing) cash: | |||
Deferred income taxes | (470,145) | 224,142 | 624,386 |
Depreciation and amortization | 1,989,545 | 1,970,442 | 1,593,974 |
Provision for Loan Losses | 3,600,000 | 200,000 | 1,225,000 |
Gain on sale of Small Business Administration loans | (618,506) | (1,029,949) | (830,641) |
Gain on sale of mortgage loans held for sale and investment securities | (4,163,127) | (2,312,097) | (2,022,656) |
Loss (gain) on sale of foreclosed assets | (51,836) | (164,636) | 315,108 |
Gain on sale of premises, equipment and other assets | 0 | (6,069) | (4,652) |
Amortization of deferred income, premiums and discounts, net | 1,707,861 | 349,442 | 481,189 |
Amortization of intangible assets | 477,000 | 477,000 | 408,571 |
Amortization of subordinated notes issuance costs | 18,576 | 0 | 0 |
Stock award plan expense | 136,138 | 615,385 | 517,053 |
Accretion of purchase accounting adjustments | (406,650) | (1,629,721) | (3,407,340) |
Origination of loans held for sale | (147,179,016) | (80,689,007) | (72,116,229) |
Proceeds from sale of loans held for sale | 142,308,504 | 81,641,824 | 74,551,946 |
Increase in cash surrender value of bank owned life insurance | (596,342) | (500,364) | (457,451) |
Changes in: | |||
Accrued interest receivable | (548,920) | (120,931) | (941,097) |
Prepaid expenses and other assets | 1,121,052 | (1,302,099) | 6,676,684 |
Accounts payable and accrued expenses | 466,607 | 1,188,354 | (1,620,868) |
Net cash provided by operating activities | 4,622,955 | 8,326,806 | 12,324,856 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net change in loans | (30,441,139) | 49,550,984 | (14,645,559) |
Proceeds from sale of loans | 5,425,103 | 9,317,249 | 12,997,662 |
Principal payments on available-for-sale securities | 23,111,582 | 7,576,466 | 13,362,984 |
Proceeds from maturities of available-for-sale securities | 11,617,890 | 750,000 | 0 |
Purchase of premises and equipment | (684,789) | (981,146) | (3,436,389) |
Net cash received for acquisition | 0 | 0 | 2,455,964 |
Purchase of available-for-sale securities | (108,674,561) | (75,518,385) | (26,151,079) |
Proceeds from sale of available-for-sale securities | 27,430,799 | 37,855,257 | 13,602,508 |
Purchase of bank owned life insurance | 0 | (4,000,000) | 0 |
Redemption (purchase) of FHLB stock | (139,400) | 1,629,700 | (789,700) |
Proceeds from sale of premises and equipment | 0 | 0 | 2,425,000 |
Purchase of tax credit investments | (256,260) | (3,168,435) | (3,930,176) |
Proceeds from sale of foreclosed assets held for sale | 181,905 | 1,343,072 | 292,003 |
Net cash provided by (used in) investing activities | (72,428,870) | 24,354,762 | (3,816,782) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase (decrease) in demand deposits, NOW accounts and savings accounts | 139,296,873 | 97,367,801 | (40,855,842) |
Net increase (decrease) in certificates of deposit | (22,030,864) | (25,548,954) | 22,077,932 |
Net decrease of securities sold under agreements to repurchase | 0 | 0 | (2,159,000) |
Proceeds from FHLB advances | 26,000,000 | 115,815,000 | 609,971,000 |
Repayments of FHLB advances | (25,000,000) | (156,115,000) | (600,971,000) |
Proceeds from issuance of notes payable | 1,800,000 | 7,450,000 | 5,000,000 |
Repayments of notes payable | (13,000,000) | (1,250,000) | (3,000,000) |
Isuance of subordinated notes, net of issuance costs | 19,545,555 | 0 | 0 |
Repayment of Hometown Bancshares subordinated debentures | 0 | (6,000,000) | 0 |
Advances from (repayments to) borrowers for taxes and insurance | (49,354) | (21,608) | 109,539 |
Stock options exercised | 0 | 90,000 | 166,230 |
Cash dividends paid | (2,615,028) | (2,313,661) | (2,132,221) |
Treasury stock purchased | (390,268) | (3,604,879) | 0 |
Net cash provided by (used in) financing activities | 123,556,914 | 25,868,699 | (11,793,362) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 55,750,999 | 58,550,267 | (3,285,288) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 92,671,909 | 34,121,642 | 37,406,930 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 148,422,908 | 92,671,909 | 34,121,642 |
Supplemental Cash Flows Information | |||
Foreclosed assets acquired in settlement of loans | 124,134 | 1,664,258 | 368,878 |
Interest paid | 9,472,775 | 13,563,079 | 9,401,351 |
Income taxes paid | 840,000 | 199,000 | 0 |
Sale and financing of foreclosed assets held for sale | $ 439,500 | $ 620,900 | $ 181,300 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2017 | $ 687,850 | $ 50,856,069 | $ (37,125,541) | $ 60,679,308 | $ (206,193) | $ 74,891,493 |
Net income | 0 | 0 | 0 | 7,331,879 | 0 | 7,331,879 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (246,563) | (246,563) |
Dividends on common stock | 0 | 0 | 0 | (2,181,500) | 0 | (2,181,500) |
Stock award plans | 0 | 362,636 | 154,417 | 0 | 0 | 517,053 |
Stock options exercised | 2,350 | 163,880 | 0 | 0 | 0 | 166,230 |
Balance at Dec. 31, 2018 | 690,200 | 51,382,585 | (36,971,124) | 65,829,687 | (452,756) | 80,478,592 |
Net income | 0 | 0 | 0 | 9,415,090 | 0 | 9,415,090 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 21,721 | 21,721 |
Dividends on common stock | 0 | 0 | 0 | (2,384,027) | 0 | (2,384,027) |
Stock award plans | 0 | 438,032 | 177,353 | 0 | 0 | 615,385 |
Stock options exercised | 1,750 | 88,250 | 0 | 0 | 0 | 90,000 |
Treasury stock purchased | 0 | 0 | (3,604,879) | 0 | 0 | (3,604,879) |
Balance at Dec. 31, 2019 | 691,950 | 51,908,867 | (40,398,650) | 72,860,750 | (431,035) | 84,631,882 |
Net income | 0 | 0 | 0 | 6,832,214 | 0 | 6,832,214 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 377,657 | 377,657 |
Dividends on common stock | 0 | 0 | 0 | (2,619,257) | 0 | (2,619,257) |
Stock award plans | 0 | (571,648) | 707,786 | 0 | 0 | 136,138 |
Treasury stock purchased | 0 | 0 | (390,268) | 0 | 0 | (390,268) |
Balance at Dec. 31, 2020 | $ 691,950 | $ 51,337,219 | $ (40,081,132) | $ 77,073,707 | $ (53,378) | $ 88,968,366 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retained Earnings [Member] | |||
Dividends on common stock, per share (in dollars per share) | $ 0.60 | $ 0.49 | |
Dividends on common stock, per share (in dollars per share) | $ 0.54 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1: NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations The Company operates as a one Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank. All significant intercompany profits, transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of loans acquired with the possibility of impairment and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and fair values. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets held for sale, management obtains independent appraisals for significant properties. Goodwill and intangible assets are subject to periodic impairment testing. This testing is to be performed annually, or more frequently if events occur that lead to the possibility that the valuation of such assets could be considered unrecoverable. The valuation of goodwill and intangible assets involves many factors that are judgmental and highly complex. Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not For debt securities with fair value below carrying value, when the Company does not not, not The Company’s consolidated statements of income reflect the full impairment (that is, the difference between the security’s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more likely than not no not not not Mortgage Loans Held for Sale Mortgage loans held for sale are carried at the lower of cost or fair value, determined using an aggregate basis. Write-downs to fair value are recognized as a charge to earnings at the time a decline in value occurs. Forward commitments to sell mortgage loans are sometimes acquired to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Gains and losses are determined by the difference between the selling price and the carrying amounts of the loans sold, and are recorded in noninterest income. Direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. Loans For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees net of certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on loans is discontinued at the time the loan is 90 All interest accrued but not Loans acquired without the evidence of credit impairment and for which obligated principal and interest cash flows are expected to be received are accounted for under the accounting guidance for receivables - non refundable fees and other costs (ASC 310 20 may 310 30 Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Other adjustments may not A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in 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 Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Acquired loans determined to be deteriorated in quality do not Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less costs to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from foreclosed assets. Goodwill and Intangible Assets An annual assessment is performed to determine whether it is more likely than not not 2018 December 31, 2020 2019. Core deposit intangible assets are being amortized on the straight-line basis over a period of seven December 31, 2020 2019, $2,503,910, Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives for each major depreciable classification of premises and equipment are as follows: Years Buildings and improvements 35 - 40 Furniture and fixtures and vehicles 3 - 10 Bank Owned Life Insurance Bank owned life insurance policies are carried at their cash surrender value. The Company recognizes tax-free income from the periodic increases in cash surrender value of these policies and from death benefits. Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. With a few exceptions, the Company is no 2017. Cash Equivalents The Company considers all liquid investments with original maturities of three December 31, 2020 2019 Restriction on Cash and Due From Banks The Company is required to maintain reserve funds in cash and/or on deposit with the Federal Reserve Bank equal to a set percentage of deposits. During March 2020, zero December 31, 2020 Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) includes unrealized gain (loss) on available-for-sale securities, unrealized gain (loss) on securities for which a portion of an other-than-temporary impairment has been recognized in income and unrealized gain (loss) on interest rate swap agreements designated as cash flow hedges. Interest Rate Swap Agreements Designated as Cash Flow Hedges Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses interest rate swaps to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. The effective portion of the gain or loss related to the derivative instrument is recognized as a component of other comprehensive income and subsequently reclassified into interest income when the forecasted transaction affects income. The ineffective portion of the gain or loss is recognized immediately as noninterest income. The Company assesses the effectiveness of the hedging derivative by comparing the change in fair value of the respective derivative instrument and the change in fair value of an effective hypothetical derivative instrument. Revenue from Contracts with Customers Descriptions of our significant revenue-generating transactions that are within the scope of Topic 606, ● Service Charges on Deposit Accounts ● Gains/Losses on Sales of OREO Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct and material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s regulators could require adjustments to regulatory capital not Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the tables below). Management believes, as of December 31, 2020 2019, December 31, 2020, no During the fourth 2019, 201 January 1, 2020, $10 9 9C, one 8 two During March 2020, 9% March 27, 2020 2020 8% 2021 8.5% 9% 2022. The Bank opted into the CBLR framework during the first 2020. December 31, 2020 To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020 Community Bank Leverage Ratio Bank $ 111,098 10.0 % N/A N/A $ 89,175 8.0 % The Bank's 2019 No To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019 Tier 1 (core) capital, and ratio to adjusted total assets Bank $ 104,480 10.5 % $ 40,083 4.0 % $ 50,103 5.0 % Tier 1 (core) capital, and ratio to risk-weighted assets Bank $ 104,480 12.4 % $ 50,727 6.0 % $ 67,636 8.0 % Total risk-based capital, and ratio to risk-weighted assets Bank $ 112,088 13.3 % $ 67,636 8.0 % $ 84,545 10.0 % Common equity tier 1 capital ratio to risk-weighted assets Bank $ 104,480 12.4 % $ 38,045 4.5 % $ 54,954 6.5 % The 2019 December 31, 2019. not 2019, 1 The amount of dividends that the Bank may December 31, 2020 2019, may not Segment Information The principal business of the Company is overseeing the business of the Bank. The Company has no one four not no General Litigation The Company and the Bank, from time to time, may December 31, 2020, not Earnings Per Common Share The computation for earnings per common share for the years ended December 31, 2020, 2019 2018 Year Ended Year Ended Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Net income available to common shareholders $ 6,832,214 $ 9,415,090 $ 7,331,879 Weighted average common shares outstanding 4,330,525 4,405,575 4,410,422 Effect of dilutive securities 19,499 57,984 72,261 Weighted average diluted shares outstanding 4,350,024 4,463,559 4,482,683 Basic income per common share $ 1.58 $ 2.14 $ 1.66 Diluted income per common share $ 1.57 $ 2.11 $ 1.64 For the years ended December 31, 2020, 2019 2018 Concentration of Cash Holdings During the normal course of business, the Bank may $250,000. December 31, 2020, three December 31, 2020. December 31, 2020. |
Note 2 - Acquisition
Note 2 - Acquisition | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 2: ACQUISITION On April 2, 2018, June 8, 2018. Including the effects of the acquisition method accounting adjustments, the Company acquired approximately $180.0 million in assets, including approximately $143.9 million in loans (inclusive of loan discounts) and approximately $161.2 million in deposits. Goodwill of $1.4 million was recorded as a result of the transaction. The merger strengthened the Company’s position in Southwest Missouri and the Company believed it would be able to achieve cost savings by integrating the two not In accordance with generally accepted accounting principles for acquisition accounting, the loans acquired through the acquisition of Hometown were recorded at fair value; therefore, there was no December 31, 2020. |
Note 3 - Securities
Note 3 - Securities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3: SECURITIES The amortized cost and approximate fair values, together with gross unrealized gains and losses, of securities classified as available-for-sale are as follows: Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of December 31, 2020 Debt Securities: U. S. government agencies $ 6,282,000 $ 6,519 $ (4,885 ) 6,283,634 Municipals 58,754,912 3,241,133 (26,991 ) 61,969,054 Corporates 30,510,893 261,740 (171,811 ) 30,600,822 Mortgage-backed securities - private label - commercial 5,399,385 55,712 (10,650 ) 5,444,447 Mortgage-backed securities - private label - consumer 9,249,375 228,469 (25,747 ) 9,452,097 Government sponsored mortgage-backed securities and SBA loan pools 49,053,252 1,391,728 (74,165 ) 50,370,815 $ 159,249,817 $ 5,185,301 $ (314,249 ) $ 164,120,869 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of December 31, 2019 Debt Securities: U. S. government agencies $ 2,499,755 $ - $ (11,962 ) 2,487,793 Municipals 35,625,038 675,382 (125,693 ) 36,174,727 Corporates 15,395,190 154,942 (14,945 ) 15,535,187 Mortgage-backed securities - private label 13,788,728 52,035 (29,392 ) 13,811,371 Government sponsored mortgage-backed securities and SBA loan pools 49,844,049 585,641 (193,454 ) 50,236,236 $ 117,152,760 $ 1,468,000 $ (375,446 ) $ 118,245,314 Maturities of available-for-sale debt securities as of December 31, 2020: Amortized Cost Approximate Fair Value 1-5 years $ 1,150,000 $ 1,149,433 5-10 years 36,190,647 36,551,663 After ten years 58,207,158 61,152,414 Mortgage-backed securities - private label - commercial not due on a single maturity date 5,399,385 5,444,447 Mortgage-backed securities - private label - consumer not due on a single maturity date 9,249,375 9,452,097 Government sponsored mortgage-backed securities and SBA loan pools not due on a single maturity date 49,053,252 50,370,815 $ 159,249,817 $ 164,120,869 The carrying value of securities pledged as collateral, to secure public deposits and for other purposes, amounted to $8,749,409 and $5,358,929 as of December 31, 2020 2019, Gross gains of $552,366, $244,777 and $48,931 and gross losses of $91,337, $155,213 and $57,022 resulting from sale of available-for-sale securities were realized for the years ended December 31, 2020, 2019 2018, 2020, 2019 2018, The Company evaluates all securities quarterly to determine if any unrealized losses are deemed to be other than temporary. Certain investment securities are valued less than their historical cost. These declines are primarily the result of the rate for these investments yielding less than current market rates or declines in stock prices of equity securities. Based on evaluation of available evidence, management believes the declines in fair value for these securities are temporary. It is management’s intent to hold the debt securities to maturity or until recovery of the unrealized loss. Should the impairment of any of these debt securities become other than temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period the other-than-temporary impairment is identified, to the extent the loss is related to credit issues, and to other comprehensive income to the extent the decline on debt securities is related to other factors and the Company does not No December 31, 2020, 2019 2018. Certain investments in debt securities are reported in the consolidated financial statements at an amount less than their historical cost. Total fair value of these investments at December 31, 2020 2019, The following table shows gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2020 2019. December 31, 2020 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. government agencies $ 1,495,116 $ (4,885 ) $ - $ - $ 1,495,116 $ (4,885 ) Municipals 4,011,492 (26,991 ) - - 4,011,492 (26,991 ) Corporates 14,869,853 (171,811 ) - - 14,869,853 (171,811 ) Mortgage-backed securities - private label - commercial 1,481,805 (10,650 ) - - 1,481,805 (10,650 ) Mortgage-backed securities - private label - consumer 2,391,511 (25,747 ) - - 2,391,511 (25,747 ) Government sponsored mortgage-backed securities and SBA loan pools 5,799,696 (74,165 ) - - 5,799,696 (74,165 ) $ 30,049,473 $ (314,249 ) $ - $ - $ 30,049,473 $ (314,249 ) December 31, 2019 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. government agencies $ 2,487,795 $ (11,962 ) $ - $ - $ 2,487,795 $ (11,962 ) Municipals 7,083,208 (125,693 ) - - 7,083,208 (125,693 ) Corporates 2,452,005 (14,945 ) - - 2,452,005 (14,945 ) Mortgage-backed securities - private label 9,416,669 (29,392 ) - - 9,416,669 (29,392 ) Government sponsored mortgage-backed securities and SBA loan pools 18,112,148 (125,906 ) 3,018,538 (67,548 ) 21,130,686 (193,454 ) $ 39,551,825 $ (307,898 ) $ 3,018,538 $ (67,548 ) $ 42,570,363 $ (375,446 ) |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4: LOANS AND ALLOWANCE FOR LOAN LOSSES Categories of loans at December 31, 2020 2019 December 31, 2020 2019 Real estate - residential mortgage: One to four family units $ 115,799,200 $ 118,823,731 Multi-family 90,028,775 87,448,418 Real estate - construction 70,847,330 77,308,551 Real estate - commercial 305,673,212 300,619,387 Commercial loans 144,326,350 114,047,753 Consumer and other loans 26,733,546 30,666,185 Total loans 753,408,413 728,914,025 Less: Allowance for loan losses (9,617,024 ) (7,607,587 ) Deferred loan fees/costs, net (1,642,118 ) (574,036 ) Net loans $ 742,149,271 $ 720,732,402 Classes of loans by aging at December 31, 2020 2019 As of December 31, 2020 30-59 Days 60-89 Days Greater Than Total Past Current Total Loans Total Loans > (In Thousands) Real estate - residential mortgage: One to four family units $ 623 $ 1,058 $ 1,071 $ 2,752 $ 113,047 $ 115,799 $ - Multi-family - - - - 90,029 90,029 - Real estate - construction 1,239 - 4,189 5,428 65,419 70,847 - Real estate - commercial 264 76 161 501 305,172 305,673 - Commercial loans 6 1 4,784 4,791 139,535 144,326 - Consumer and other loans 10 1 21 32 26,702 26,734 - Total $ 2,142 $ 1,136 $ 10,226 $ 13,504 $ 739,904 $ 753,408 $ - As of December 31, 2019 30-59 Days 60-89 Days Greater Than Total Past Current Total Loans Total Loans > (In Thousands) Real estate - residential mortgage: One to four family units $ 83 $ 437 $ 125 $ 645 $ 118,179 $ 118,824 $ - Multi-family - - - - 87,448 87,448 - Real estate - construction 338 - - 338 76,971 77,309 - Real estate - commercial - - 43 43 300,576 300,619 - Commercial loans 134 105 17 256 113,792 114,048 - Consumer and other loans 48 26 - 74 30,592 30,666 - Total $ 603 $ 568 $ 185 $ 1,356 $ 727,558 $ 728,914 $ - Nonaccruing loans are summarized as follows: December 31, 2020 2019 Real estate - residential mortgage: One to four family units $ 3,086,159 $ 2,398,379 Multi-family - - Real estate - construction 6,239,326 3,738,410 Real estate - commercial 3,932,241 2,941,143 Commercial loans 5,249,782 855,761 Consumer and other loans 121,090 69,784 Total $ 18,628,598 $ 10,003,477 The following tables present the activity in the allowance for loan losses and the recorded investment in loans based on portfolio segment and impairment method as of and for the years ended December 31, 2020, 2019 2018: As of December 31, 2020 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of year $ 1,749 $ 2,267 $ 1,001 $ 746 $ 1,129 $ 443 $ 273 $ 7,608 Provision charged to expense 121 1,350 440 312 669 323 385 $ 3,600 Losses charged off (738 ) - (2 ) - (709 ) (261 ) - $ (1,710 ) Recoveries - 7 6 - 40 66 - $ 119 Balance, end of year $ 1,132 $ 3,624 $ 1,445 $ 1,058 $ 1,129 $ 571 $ 658 $ 9,617 Ending balance: individually evaluated for impairment $ 114 $ 117 $ 112 $ - $ 62 $ 15 $ - $ 420 Ending balance: collectively evaluated for impairment $ 1,018 $ 3,507 $ 1,333 $ 1,058 $ 1,066 $ 556 $ 658 $ 9,196 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ 1 $ - $ - $ 1 Loans: Ending balance: individually evaluated for impairment $ 6,239 $ 1,810 $ 3,110 $ - $ 5,111 $ 202 $ - $ 16,472 Ending balance: collectively evaluated for impairment $ 64,608 $ 301,453 $ 112,689 $ 90,029 $ 139,083 $ 26,532 $ - $ 734,394 Ending balance: loans acquired with deteriorated credit quality $ - $ 2,410 $ - $ - $ 132 $ - $ - $ 2,542 As of December 31, 2019 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of year $ 2,306 $ 2,093 $ 1,297 $ 641 $ 1,160 $ 373 $ 126 $ 7,996 Provision charged to expense (809 ) 265 (32 ) 105 225 299 147 $ 200 Losses charged off - (122 ) (272 ) - (381 ) (280 ) - $ (1,055 ) Recoveries 252 31 8 - 125 51 - $ 467 Balance, end of year $ 1,749 $ 2,267 $ 1,001 $ 746 $ 1,129 $ 443 $ 273 $ 7,608 Ending balance: individually evaluated for impairment $ 553 $ 24 $ 197 $ - $ 299 $ 21 $ - $ 1,094 Ending balance: collectively evaluated for impairment $ 1,196 $ 2,243 $ 804 $ 746 $ 830 $ 422 $ 273 $ 6,514 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans: Ending balance: individually evaluated for impairment $ 4,742 $ 650 $ 2,613 $ - $ 908 $ 220 $ - $ 9,133 Ending balance: collectively evaluated for impairment $ 72,567 $ 297,318 $ 116,211 $ 87,448 $ 112,956 $ 30,446 $ - $ 716,946 Ending balance: loans acquired with deteriorated credit quality $ - $ 2,651 $ - $ - $ 184 $ - $ - $ 2,835 As of December 31, 2018 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of year $ 2,244 $ 1,789 $ 946 $ 464 $ 1,031 $ 454 $ 179 $ 7,107 Provision charged to expense (35 ) 339 327 177 222 248 (53 ) $ 1,225 Losses charged off - (37 ) (8 ) - (110 ) (382 ) - $ (537 ) Recoveries 97 2 32 - 17 53 - $ 201 Balance, end of year $ 2,306 $ 2,093 $ 1,297 $ 641 $ 1,160 $ 373 $ 126 $ 7,996 Ending balance: individually evaluated for impairment $ 552 $ 106 $ 573 $ - $ 363 $ 18 $ - $ 1,612 Ending balance: collectively evaluated for impairment $ 1,754 $ 1,987 $ 724 $ 641 $ 797 $ 355 $ 126 $ 6,384 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans: Ending balance: individually evaluated for impairment $ 4,088 $ 1,588 $ 4,520 $ 5,952 $ 1,062 $ 169 $ - $ 17,379 Ending balance: collectively evaluated for impairment $ 84,507 $ 317,488 $ 128,258 $ 84,663 $ 118,459 $ 32,968 $ - $ 766,343 Ending balance: loans acquired with deteriorated credit quality $ - $ 2,782 $ - $ - $ 216 $ 175 $ - $ 3,173 A loan is considered impaired, in accordance with the impairment accounting guidance (ASC- 310 10 35 16 The following summarizes impaired loans as of and for the years ended December 31, 2020 2019: As of December 31, 2020 Recorded Unpaid Specific Average Interest (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 2,780 $ 2,780 $ - $ 1,199 $ - Multi-family - - - - - Real estate - construction 5,081 5,081 - 423 - Real estate - commercial 3,419 3,419 - 3,152 4 Commercial loans 4,902 4,902 - 455 - Consumer and other loans 100 100 - 110 13 Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 330 $ 330 $ 112 $ 1,183 $ - Multi-family - - - - - Real estate - construction 1,158 3,129 114 4,093 - Real estate - commercial 801 801 117 365 - Commercial loans 341 341 63 792 - Consumer and other loans 102 102 15 136 - Total Real estate - residential mortgage: One to four family units $ 3,110 $ 3,110 $ 112 $ 2,382 $ - Multi-family - - - - - Real estate - construction 6,239 8,210 114 4,516 - Real estate - commercial 4,220 4,220 117 3,517 4 Commercial loans 5,243 5,243 63 1,247 - Consumer and other loans 202 202 15 246 13 Total $ 19,014 $ 20,985 $ 421 $ 11,908 $ 17 As of December 31, 2019 Recorded Unpaid Specific Average Interest (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,392 $ 1,392 $ - $ 1,075 $ 1 Multi-family - - - 5,438 - Real estate - construction - - - - - Real estate - commercial 3,199 3,199 - 3,274 4 Commercial loans 33 33 - 127 - Consumer and other loans 70 70 - 230 2 Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,221 $ 1,221 $ 197 $ 1,781 $ - Multi-family - - - - - Real estate - construction 4,742 5,975 553 3,924 - Real estate - commercial 162 162 24 533 - Commercial loans 999 999 301 756 - Consumer and other loans 150 150 21 153 - Total Real estate - residential mortgage: One to four family units $ 2,613 $ 2,613 $ 197 $ 2,856 $ 1 Multi-family - - - 5,438 - Real estate - construction 4,742 5,975 553 3,924 - Real estate - commercial 3,361 3,361 24 3,807 4 Commercial loans 1,032 1,032 301 883 - Consumer and other loans 220 220 21 383 2 Total $ 11,968 $ 13,201 $ 1,096 $ 17,291 $ 7 At December 31, 2020, In assessing whether or not not The Bank considers all aspects of the modification to loan terms to determine whether or not one In March 2020, 19. 4013 March 1, 2020 December 31, 2020. December 2020, January 1, 2022. Due to the before mentioned regulatory changes, there were no 2020. 2019, no Impacts from COVID- 19 2020, 19 not December 31, 2020, one twelve 2020 six COVID- 19 Collateral Type # Loans Modified Amount of Loans Modified ($) Interest Only 3 Months or Less Interest Only 4-6 Months Full Payment Deferral 3 Months Full Payment Deferral 3 Months + Interest Only 3 Months or Less Full Payment Deferral 3 Months + Interest Only > 3 Months Full Payment Deferral > 6 Months Hotel/Motel 9 $ 16,018,273 $ - $ - $ - $ 1,849,520 $ 7,962,876 $ 6,205,877 Theatre 5 10,586,792 - - - - 3,826,974 6,759,818 Restaurant (C&I & RE) 2 411,029 123,236 287,793 - - - - Land & Land Development 1 1,279,878 - - - - 1,279,878 - 1-4 Family Consumer 2 168,852 - - 168,852 - - - Other 1 93,100 - 93,100 - - - - Total Modified Loans 20 $ 28,557,924 $ 123,236 $ 380,893 $ 168,852 $ 1,849,520 $ 13,069,728 $ 12,965,695 The following summarizes information regarding troubled debt restructurings by class as of and for the years ended December 31, 2020 2019: December 31, 2020 2019 Real estate - residential mortgage: One to four family units $ 1,178,876 $ 1,163,782 Multi-family - - Real estate - construction 3,700,084 3,738,409 Real estate - commercial 893,992 161,491 Commercial loans 368,310 572,683 Total $ 6,141,262 $ 5,636,365 As part of the on-going monitoring of the credit quality of the Bank’s loan portfolio, management tracks loans by an internal rating system. All loans are assigned an internal credit quality rating based on an analysis of the borrower’s financial condition. The criteria used to assign quality ratings to extensions of credit that exhibit potential problems or well-defined weaknesses are primarily based upon the degree of risk and the likelihood of orderly repayment, and their effect on the Bank’s safety and soundness. The following are the internally assigned ratings: Pass- This rating represents loans that have strong asset quality and liquidity along with a multi-year track record of profitability. Special mention- This rating represents loans that are currently protected but are potentially weak. The credit risk may Substandard- This rating represents loans that show signs of continuing negative financial trends and unprofitability and therefore, is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Doubtful- This rating represents loans that have all the weaknesses of substandard classified loans with the additional characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Risk characteristics applicable to each segment of the loan portfolio are described as follows. Real estate-Residential 1 4 1 4 1 4 Risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Real estate-Construction: Construction and land development real estate loans are usually based upon estimates of costs and estimated value of the completed project and include independent appraisal reviews and a financial analysis of the developers and property owners. Sources of repayment of these loans may may Real estate-Commercial: Commercial real estate loans typically involve larger principal amounts, and repayment of these loans is generally dependent on the successful operations of the property securing the loan or the business conducted on the property securing the loan. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Credit risk in these loans may Commercial: The commercial portfolio includes loans to commercial customers for use in financing working capital needs, equipment purchases and expansions. The loans in this category are repaid primarily from the cash flow of a borrower’s principal business operation. Credit risk in these loans is driven by creditworthiness of a borrower and the economic conditions that impact the cash flow stability from business operations. Included in this category as of December 31, 2020 two Consumer: The consumer loan portfolio consists of various term and line of credit loans such as automobile loans and loans for other personal purposes. Repayment for these types of loans will come from a borrower’s income sources that are typically independent of the loan purpose. Credit risk is driven by consumer economic factors (such as unemployment and general economic conditions in the Bank’s market area) and the creditworthiness of a borrower. The following table provides information about the credit quality of the loan portfolio using the Bank’s internal rating system as of December 31, 2020 2019: As of December 31, 2020 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 64,531 $ 262,771 $ 110,615 $ 90,029 $ 130,874 $ 26,532 $ 685,352 Special Mention - 4,442 - - 123 - 4,565 Substandard 6,316 38,460 5,184 - 13,329 202 63,491 Doubtful - - - - - - - Total $ 70,847 $ 305,673 $ 115,799 $ 90,029 $ 144,326 $ 26,734 $ 753,408 As of December 31, 2019 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 73,489 $ 292,674 $ 115,622 $ 87,448 $ 100,658 $ 29,666 $ 699,557 Special Mention - 1,476 535 - 8,793 - 10,804 Substandard 3,820 6,469 2,667 - 4,597 1,000 18,553 Doubtful - - - - - - - Total $ 77,309 $ 300,619 $ 118,824 $ 87,448 $ 114,048 $ 30,666 $ 728,914 The tables include purchased credit impaired loan amounts. At December 31, 2020 2019, The weighted average interest rate on loans as of December 31, 2020 2019 The Bank serviced mortgage loans for others amounting to $24,868 and $29,222 as of December 31, 2020 2019, December 31, 2020 2019, |
Note 5 - Accounting for Certain
Note 5 - Accounting for Certain Loans Acquired | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting for Certain Loans and Debt Securities Acquired in Transfer Disclosure [Text Block] | NOTE 5: ACCOUNTING FOR CERTAIN LOANS ACQUIRED The Company acquired loans during the quarter ended June 30, 2018 not Loans purchased with the evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not may 310 30 not December 31, 2020 2019 The carrying amount of remaining purchased credit impaired loans are included in the balance sheet amounts of loans receivable at December 31, 2020 2019. December 31, 2020 (In Thousands) Real estate - commercial $ 2,751 Commercial loans 177 Consumer and other loans - Outstanding balance $ 2,928 Carrying amount, net of fair value adjustment of $ 386 $ 2,542 December 31, 2019 (In Thousands) Real estate - commercial $ 3,069 Commercial loans 242 Consumer and other loans - Outstanding balance $ 3,311 Carrying amount, net of fair value adjustment of $ 476 $ 2,835 Changes in the carrying amount of the accretable yield for all purchased credit impaired loans were as follows for years ended December 31, 2020 2019: Year ended December 31, 2020 (In Thousands) Balance at beginning of period $ (69 ) Additions - Reclassification from nonaccretable difference (98 ) Accretion 167 Disposals - Balance at end of period $ - Year ended December 31, 2019 (In Thousands) Balance at beginning of period $ 265 Additions - Reclassification from nonaccretable difference - Accretion (334 ) Disposals - Balance at end of period $ (69 ) During the years ended December 31, 2020 2019, not |
Note 6 - Goodwill and Other Int
Note 6 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 6: GOODWILL AND OTHER INTANGIBLE ASSETS The Company recorded $1.4 million of goodwill as a result of its 2018 not 2020. not December 31, 2020 2019, Core deposit intangible premiums are amortized over a seven second 2018 The Company’s goodwill and other intangibles (carrying basis and accumulated amortization) at December 31, 2020 2019 December 31, December 31, 2020 2019 (in Thousands) (in Thousands) Goodwill $ 1,435 $ 1,435 Core deposit intangible Gross carrying amount 3,520 3,520 Accumulated amortization (1,493 ) (1,016 ) Core deposit intangible, net 2,027 2,504 Remaining balance $ 3,462 $ 3,939 The Company’s estimated remaining amortization expense on intangibles as of December 31, 2020 Amortization Expense (in Thousands) Remainder of: 2021 $ 477 2022 477 2023 477 2024 477 2025 119 Therafter - Total $ 2,027 |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7: PREMISES AND EQUIPMENT Major classifications of premises and equipment, stated at cost, are as follows: December 31, December 31, 2020 2019 Land $ 4,360,353 $ 4,360,353 Buildings and Improvements 11,896,382 11,907,331 Automobile 52,404 52,404 Furniture, Fixtures and Equipment 13,924,839 13,485,163 Leasehold Improvements 2,394,953 2,394,953 32,628,931 32,200,204 Less accumulated depreciation (14,730,522 ) (13,035,708 ) Net premises and equipment $ 17,898,409 $ 19,164,496 |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | NOTE 8: LEASES As discussed in Note 19, January 1, 2019, 2016 02, March 31, 2019 December 31, 2020, one twenty not not not not Expenses for finance leases are included in other interest expense and occupancy expense line items, whereas, operating leases are expensed entirely in the occupancy expense line item. Leases with a term of less than twelve not The components of lease expense and their impact on the statement of income as of December 31, 2020 2019 Year ended December 31, 2020 2019 (In Thousands) Finance lease cost: Amortization of right-of-use assets $ 142,582 $ 111,559 Interest on lease liabilities 7,736 8,346 Operating lease cost 1,081,620 1,080,226 Sublease income (47,200 ) (45,200 ) Total lease costs $ 1,184,738 $ 1,154,931 Additional lease information: Weighted-average remaining lease term - financing leases (in years) 3.4 3.5 Weighted-average remaining lease term - operating leases (in years) 14.4 15.2 Weighted-average discount rate - financing leases 1.32 % 1.96 % Weighted-average discount rate - operating leases 5.68 % 5.60 % The following table sets forth the future minimum lease cash payments and a reconciliation of the undiscounted cash flows to the lease liability as of December 31, 2020: Financing Operating Total (In Thousands) 2021 $ 175 $ 1,020 $ 1,195 2022 170 1,011 1,181 2023 97 1,014 1,111 2024 53 856 909 2025 25 752 777 Thereafter - 8,228 8,228 Total undiscounted future minimum lease cash payments $ 520 $ 12,881 $ 13,401 Present value discount (9 ) (4,320 ) (4,329 ) Lease liability $ 511 $ 8,561 $ 9,072 |
Note 9 - Bank Owned Life Insura
Note 9 - Bank Owned Life Insurance | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Life Insurance, Corporate or Bank Owned [Text Block] | NOTE 9: BANK OWNED LIFE INSURANCE The Company has purchased Bank owned life insurance on certain key members of management. Such policies are recorded at their cash surrender value, or the amount that can be realized. The increase in cash surrender value in excess of the single premium paid is reported as other noninterest income. The balance at December 31, 2020 2019 |
Note 10 - Investments in Afford
Note 10 - Investments in Affordable Housing Partnerships | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments In Affordable Housing Partnerships [Text Block] | NOTE 10: INVESTMENTS IN AFFORDABLE HOUSING PARTNERSHIPS The Company has purchased investments in limited partnerships that were formed to operate low-income housing apartment complexes and single-family housing units throughout Missouri. The investments are accounted for under the proportional amortization method if certain conditions are met. The Company does not fifteen December 31, 2020 2019, The Company received total income tax credits of $1,056,493, $1,183,140 and $1,324,581 during 2020, 2019 2018, 2020, 2019 2018, |
Note 11 - Deposits
Note 11 - Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 11: DEPOSITS Deposits are comprised of the following at December 31, 2020 2019: December 31, 2020 December 31, 2019 Weighted Average Rate Balance Percentage of Deposits Weighted Average Rate Balance Percentage of Deposits Non-interest bearing transaction 0.00 % $ 144,911,156 15.4 % 0.00 % $ 87,598,281 10.7 % Interest bearing transaction 0.35 % 560,970,668 59.8 % 0.93 % 487,621,927 59.3 % Savings 0.13 % 47,839,075 5.1 % 0.28 % 39,203,818 4.8 % 0.27 % 753,720,899 80.3 % 0.76 % 614,424,026 74.8 % Certificates: 0.00% - 0.99% 0.62 % 49,395,262 5.2 % 0.65 % 30,075,341 3.7 % 1.00% - 1.99% 1.47 % 13,875,409 1.5 % 1.65 % 29,828,669 3.6 % 2.00% - 3.99% 2.41 % 121,680,971 13.0 % 2.49 % 147,078,496 17.9 % 1.86 % 184,951,642 19.7 % 2.10 % 206,982,506 25.2 % Total Deposits 0.58 % $ 938,672,541 100.0 % 1.10 % $ 821,406,532 100.0 % The aggregate amount of certificates of deposit with a minimum balance of $100,000 December 31, 2020 2019, $250,000 December 31, 2020 2019, A summary of certificates of deposit by maturity as of December 31, 2020, 2021 $ 140,242,445 2022 36,240,989 2023 2,269,299 2024 1,805,072 2025 1,061,795 Thereafter 3,332,042 $ 184,951,642 A summary of interest expense on deposits is as follows: Years ended December 31, 2020 2019 2018 Transaction accounts $ 2,948,835 $ 6,144,802 $ 4,427,407 Savings accounts 78,806 119,730 105,592 Certificate accounts 3,912,688 4,754,944 2,524,098 Early withdrawal penalties (15,503 ) (28,023 ) (33,811 ) $ 6,924,826 $ 10,991,453 $ 7,023,286 The Bank utilizes brokered deposits as an additional funding source. The aggregate amount of brokered deposits was approximately $35,000 and $53,548,000 as of December 31, 2020 2019, |
Note 12 - Borrowings
Note 12 - Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12: BORROWINGS Federal Home Loan Bank Advances Federal Home Loan Bank advances consist of the following: December 31, 2020 December 31, 2019 Maturity Date Amount Weighted Average Rate Maturity Date Amount Weighted Average Rate 2021 50,000,000 0.35 % 2020 65,000,000 1.83 % 2023 6,500,000 0.59 % 2025 6,500,000 0.82 % 2027 3,000,000 1.12 % $ 66,000,000 0.45 % The FHLB requires the Bank to maintain collateral in relation to outstanding balances of advances. For collateral purposes, the FHLB values mortgage loans free of other pledges, liens and encumbrances at 80% of their fair value, and investment securities free of other pledges, liens and encumbrances at 95% of their fair value. Based on existing collateral as well as the FHLB’s limitation of advances to 45% of assets, the Bank has the ability to borrow an additional $162.4 million from the FHLB, as of December 31, 2020. Federal Reserve Bank Borrowings During 2008, December 31, 2020. no December 31, 2020 2019. Note Payable to Bank As of December 31, 2019, December 31, 2019 13. 30 December 31, 2019). July 2020, 14, Line of Credit to Bank During 2019, 30 June 28, 2021. No December 31, 2020 2019. |
Note 13 - Subordinated Debentur
Note 13 - Subordinated Debentures Issued to Capital Trusts | 12 Months Ended |
Dec. 31, 2020 | |
Subordinated Debentures Issued to Capital Trusts [Member] | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 13: SUBORDINATED DEBENTURES ISSUED TO CAPITAL TRUSTS During 2005, two 2036, 2011. 2036, 2011. five As part of the April 2, 2018 October 29, 2002. 30 October 29, 2002 three May 2019. May 2019 2032 three November 7, 2032, July 5, 2019 |
Note 14 - Subordinated Notes
Note 14 - Subordinated Notes | 12 Months Ended |
Dec. 31, 2020 | |
Subordinated Notes, Net [Member] | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 14: SUBORDINATED NOTES On July 29, 2020, 2030 100% 2 September 30, 2030, September 30, 2025, September 30, 2025, may not September 30, 2025, may not September 30, 2025 October 1, 2025 three not not |
Note 15 - Income Taxes
Note 15 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 15: INCOME TAXES As of December 31, 2020 2019, December 31, 2020. The provision for income taxes consists of: Years Ended December 31, 2020 2019 2018 Taxes currently payable $ 1,705,323 $ 1,459,016 $ 1,230,427 Deferred income taxes (470,145 ) 224,142 624,386 $ 1,235,178 $ 1,683,158 $ 1,854,813 The tax effects of temporary differences related to deferred taxes shown on the December 31, 2020 2019 December 31, December 31, 2020 2019 Deferred tax assets: Allowances for loan losses $ 2,308,086 $ 1,825,853 Writedowns on foreclosed assets held for sale 152,192 409,031 Unrealized loss on interest rate swaps 1,185,887 390,804 Deferred loan fees/costs 368,937 96,700 Lease Liabilities 2,177,140 - Other purchase accounting adjustments 567,187 690,341 Tax credit partnerships and related tax credit carryforwards 1,322,240 1,354,315 Other 100,565 284,925 8,182,235 5,051,969 Deferred tax liabilities: FHLB stock dividends (20,968 ) (30,062 ) Unrealized gain on available-for-sale securities (1,169,053 ) (262,217 ) Lease ROU assets (2,155,245 ) - Accumulated depreciation (525,995 ) (598,785 ) Other (635,280 ) (749,964 ) (4,506,541 ) (1,641,028 ) Net deferred tax asset $ 3,675,694 $ 3,410,941 A reconciliation of income tax expense at the statutory rate to income tax expense at the Company’s effective rate is shown below: Years ended December 31, 2020 2019 2018 Computed at statutory rate 21.0 % 21.0 % 21.0 % Increase (reduction) in taxes resulting from: State financial institution tax and credits (1.2 %) (2.3 %) (1.3 %) Cash surrender value of life insurance (1.6 %) (1.0 %) (1.1 %) Tax exempt interest (1.8 %) (1.1 %) (1.4 %) Non-dedecutible merger costs - - 1.0 % Other (1.1 %) (1.4 %) 2.0 % Actual effective rate 15.3 % 15.2 % 20.2 % As part of the acquisition of Hometown, the Company acquired net operating loss (NOL) carryforwards that Hometown had accumulated through acquisition date. The Company estimates the amount of NOL that it expects to utilize in the future will be approximately $1,900,000 and has recorded a deferred tax asset related to the NOL, which is included in the purchase accounting adjustments above. |
Note 16 - Disclosures About Fai
Note 16 - Disclosures About Fair Value of Assets and Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 16: DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES ASC Topic 820, Fair Value Measurements 820 three may Level 1 Level 2 1 not Level 3 no The following is a description of the inputs and valuation methodologies used for assets and liabilities measured at fair value on a recurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Available-for-sale securities: 1 1 not 2 3 Derivative financial instruments (Cash flow hedges): 2 third The following table presents the fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2020 2019 As of December 31, 2020 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: U.S. Government agencies $ - $ 6,284 $ - $ 6,284 Municipals - 61,969 - 61,969 Corporates - 30,601 - 30,601 Mortgage-backed securities - private label - commercial - 5,444 - 5,444 Mortgage-backed securities - private label - consumer - 9,452 - 9,452 Government sponsored mortgage-backed securities and SBA loan pools - 50,371 - 50,371 Available-for-sale securities $ - $ 164,121 $ - $ 164,121 Financial liabilities: Interest Rate Swaps $ - $ 4,941 $ - $ 4,941 As of December 31, 2019 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: U.S. Government agencies $ - $ 2,488 $ - $ 2,488 Municipals - 36,175 - 36,175 Corporates - 15,535 - 15,535 Mortgage-backed securities - private label - 13,811 - 13,811 Government sponsored mortgage-backed securities and SBA loan pools - 50,236 - 50,236 Available-for-sale securities $ - $ 118,245 $ - $ 118,245 Financial liabilities: Interest Rate Swaps $ - $ 1,628 $ - $ 1,628 The following is a description of the valuation methodologies used for assets measured at fair value on a nonrecurring basis and recognized in the accompanying consolidated balance sheets, as well as the general classification of such assets pursuant to the valuation hierarchy. Foreclosed Assets Held for Sale: 3 Impaired loans (Collateral Dependent): not If the impaired loan is identified as collateral dependent, then the fair value method of measuring the amount of impairment is utilized. This method requires obtaining a current independent appraisal of the collateral and applying a discount factor to the value. Impaired loans that are collateral dependent are classified within Level 3 The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at December 31, 2020 2019 Impaired loans: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value December 31, 2020 $ - $ - $ 5,809 $ 5,809 December 31, 2019 $ - $ - $ 1,483 $ 1,483 Foreclosed assets held for sale: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value December 31, 2020 $ - $ - $ 371 $ 371 December 31, 2019 $ - $ - $ 233 $ 233 The following table presents quantitative information about unobservable inputs used in nonrecurring Level 3 Fair Value Valuation Technique Unobservable Input Range Impaired loans (collateral dependent) $ 5,809 Market Comparable Discount to reflect realizable value 1% - 80% (7%) Foreclosed assets held for sale $ 371 Market Comparable Discount to reflect realizable value 4% - 4% (4%) Fair Value Valuation Technique Unobservable Input Range Impaired loans (collateral dependent) $ 1,483 Market Comparable Discount to reflect realizable value 0% - 100% (22%) Foreclosed assets held for sale $ 233 Market Comparable Discount to reflect realizable value 30% - 30% (30%) The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying consolidated balance sheets at amounts other than fair value. Cash and cash equivalents, interest-bearing deposits and Federal Home Loan Bank stock The carrying amounts reported in the consolidated balance sheets approximate those assets' fair value. Held-to-maturity securities Fair value is based on quoted market prices, if available. If a quoted market price is not Loans The fair value of loans is estimated on an exit price basis incorporating contractual cash flow, prepayment discount spreads, credit loss and liquidity premiums. Deposits Deposits include demand deposits, savings accounts, NOW accounts and certain money market deposits. The carrying amount approximates fair value. The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using rates currently offered for deposits of similar remaining maturities. Federal Home Loan Bank advances The fair value of advances is estimated by using rates on debt with similar terms and remaining maturities. Subordinated debentures and Note Payable to Bank For these variable rate instruments, the carrying amount is a reasonable estimate of fair value. There is currently a limited market for similar debt instruments and the Company has the option to call the subordinated debentures at an amount close to its par value. Subordinated notes For these fixed rate instruments, the fair value is calculated over the remaining term of the notes compared to similar duration products. There is currently a limited market for similar debt instruments and the Company has the option to call the subordinated notes at par in 2025. Interest payable The carrying amount approximates fair value. Commitments to originate loans, letters of credit and lines of credit The fair value of commitments to originate loans is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present credit worthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of letters of credit and lines of credit is based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The following table presents estimated fair values of the Company’s financial instruments at December 31, 2020 2019. December 31, 2020 December 31, 2019 Carrying Fair Hierarchy Carrying Fair Hierarchy Financial assets: Cash and cash equivalents $ 148,422,908 $ 148,422,908 1 $ 92,671,909 $ 92,671,909 1 Interest-bearing time deposits at other institutions 4,760,089 4,771,605 2 250,000 250,315 2 Federal Home Loan Bank stock 3,896,900 3,896,900 2 3,757,500 3,757,500 2 Mortgage loans held for sale 11,359,174 11,626,174 2 2,786,564 2,786,564 2 Loans, net 742,149,271 737,701,011 3 720,732,402 718,594,936 3 Interest receivable 4,060,795 4,060,795 2 3,511,875 3,511,875 2 Financial liabilities: Deposits 938,672,541 939,806,149 2 821,406,532 822,046,988 2 FHLB advances 66,000,000 66,089,183 2 65,000,000 65,015,635 2 Subordinated debentures issued to Capital Trusts 15,465,000 15,465,000 3 15,465,000 15,465,000 3 Subordinated notes, net 19,564,131 25,608,997 3 - - - Note payable to bank - - 3 11,200,000 11,200,000 3 Interest payable 932,172 932,172 2 793,746 793,746 2 Unrecognized financial instruments (net of contractual value): Commitments to extend credit - - - - - - Unused lines of credit - - - - - - |
Note 17 - Significant Estimates
Note 17 - Significant Estimates and Concentrations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 17: SIGNIFICANT ESTIMATES AND CONCENTRATIONS Accounting principles generally accepted in the United States of America require disclosure of certain significant estimates and current vulnerabilities due to certain concentrations. Estimates related to the allowance for loan losses are reflected in the footnote regarding loans. Current vulnerabilities due to certain concentrations of credit risk are discussed in the footnote regarding loans. |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 18: EMPLOYEE BENEFIT PLANS Equity Plans On May 27, 2015, 2015 the”2015 December 31, 2020, On May 26, 2010, 2010 the”2010 December 31, 2020, In addition, the Company established four may not no ten five The tables below summarize transactions under the Company’s equity plans: Stock Options Number of shares Incentive Stock Option Non-Incentive Stock Option Weighted Average Exercise Price Balance outstanding as of January 1, 2018 46,000 25,000 $ 15.74 Granted - - - Exercised (13,500 ) (10,000 ) 7.07 Forfeited (20,000 ) (10,000 ) 28.71 Balance outstanding as of December 31, 2018 12,500 5,000 $ 5.14 Granted - - - Exercised (12,500 ) (5,000 ) 5.12 Forfeited - - - Balance outstanding as of December 31, 2019 - - $ - Granted - - - Exercised - - - Forfeited - - - Balance outstanding as of December 31, 2020 - - $ - Options exercisable as of December 31, 2020 - - $ - All stock options issued in prior years were exercised in 2019 2020, 2019 2018. Restricted Stock Number of shares Weighted Average Grant- Fair Value Balance of shares non-vested as of January 1, 2018 45,550 $ 16.44 Granted 13,338 22.41 Vested (26,539 ) 16.40 Forfeited - - Balance of shares non-vested as of December 31, 2018 32,349 $ 18.93 Granted 15,434 23.85 Vested (20,771 ) 17.67 Forfeited (2,634 ) 22.38 Balance of shares non-vested as of December 31, 2019 24,378 $ 22.75 Granted 20,213 20.99 Vested (11,464 ) 22.13 Forfeited (5,090 ) 22.37 Balance of shares non-vested as of December 31, 2020 28,037 $ 21.80 In February 2020, 2015 one March 2019, 2015 one February 2018, 2015 one December 31, 2020, 2019 2018 During 2020, 2019 2018, three December 31, 2020, 2019 2018 Performance Stock Units Performance Stock Units Weighted Average Grant- Date Fair Value Balance of shares non-vested as of January 1, 2018 55,823 $ 20.48 Granted - - Vested - - Forfeited (8,501 ) 20.48 Balance of shares non-vested as of December 31, 2018 47,322 $ 20.48 Granted - - Vested (30,919 ) 20.48 Forfeited (16,403 ) 20.48 Balance of shares non-vested as of December 31, 2019 - $ - Granted 53,075 15.40 Vested - - Forfeited - - Balance of shares non-vested as of December 31, 2020 53,075 $ 15.40 During 2020, three two December 31, 2022 ( two December 31, 2020, 2019 2018 Total stock-based compensation expense is comprised of expense for restricted stock awards, restricted stock units and stock options. Expense recognized for the years ended December 31, 2020, 2019 2018 December 31, 2020, |
Note 19 - New Accounting Pronou
Note 19 - New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 19: In February 2016, 2016 02, Leases 842 2016 02 12 2016 02 December 15, 2018, July 2018, 2018 11, Leases (Topic 842 not March 31, 2019 no In June 2016, 2016 13, 326 Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Credit Losses, November 2018 ( 2018 19 November 2019 ( 2019 10 2019 11 January 2020 2020 02 December 15, 2019. December 15, 2022. December 15, 2019. 2016 13. third In January 2017, No. 2017 04, 2 not 2020 no In August 2017, 2017 12, 815 Targeted improvements to accounting for hedging activities. October 2018 ( 2018 16 November 2019 ( 2019 10 January 2020 ( 2020 01 December 15, 2018, not In August 2018, 2018 13, 820 Changes to the Disclosure Requirements for Fair Value Measurement 1 2, 3 1 3 2 3 December 15, 2019, January 1, 2020 first 2020 no |
Note 20 - Other Expenses
Note 20 - Other Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | NOTE 20: OTHER EXPENSES Other expenses for the years ended December 31, 2020, 2019 2018 December 31, December 31, December 31, 2020 2019 2018 Directors compensation $ 238,704 $ 232,826 $ 235,060 Outside services 139,737 164,930 122,715 Legal expense 292,451 313,520 249,572 Deposit expense 81,725 80,879 78,892 Office supplies 123,334 129,988 160,727 Telephone 145,396 143,411 183,732 Postage 149,783 197,775 175,614 Insurance 183,380 161,032 113,610 Supervisory exam 68,320 63,619 67,222 Accounting 350,370 387,102 453,000 Organization dues 181,155 170,017 172,259 Loan expense 415,436 417,736 410,177 Contributions 132,200 82,200 60,000 ATM expense 307,999 252,192 245,892 Other operating 1,235,821 1,007,578 1,210,112 $ 4,045,811 $ 3,804,805 $ 3,938,584 |
Note 21 - Related Party Transac
Note 21 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 21: RELATED PARTY TRANSACTIONS In the ordinary course of business, the Bank has granted loans to executive officers and directors and their affiliates. Annual activity consisted of the following: Year ended December 31, 2020 2019 2018 Balance, beginning of year $ 4,030,844 $ 5,797,809 $ 6,528,933 New Loans 1,815,200 500,000 2,795,734 Repayments (1,489,063 ) (2,266,965 ) (3,526,858 ) Balance, end of year $ 4,356,981 $ 4,030,844 $ 5,797,809 In management's opinion, such loans and other extensions of credit and deposits were made in the ordinary course of business and were made on substantially the same terms as those prevailing at the time for comparable transactions with other persons. Further, in management's opinion, these loans did not |
Note 22 - Commitments and Credi
Note 22 - Commitments and Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 22: COMMITMENTS AND CREDIT RISK Commitments to extend credit are agreements to lend to a customer as long as there is no may may not may As of December 31, 2020 2019, thirty Standby letters of credit are irrevocable conditional commitments issued by the Bank to guarantee the performance of a customer to a third may The Bank had total outstanding standby letters of credit amounting to $10,256,000 and $5,446,000 as of December 31, 2020 2019, The Bank has confirming letters of credit from the FHLB issued for collateral on public deposits and to enhance Bank issued letters of credit granted to various customers for industrial revenue bond issues. As of December 31, 2020 2019, Lines of credit are agreements to lend to a customer as long as there is no may not may As of December 31, 2020 2019, The Bank offers certain loan customers the ability to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement via an Assumable Rate Conversion (“ARC”) loan agreement. This is accomplished by the Bank entering into variable-rate loan agreements with loan customers, and the customer simultaneously entering into an interest swap agreement directly with a third 2020, December 31, 2020. |
Note 23 - Derivative Financial
Note 23 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 23: DERIVATIVE FINANCIAL INSTRUMENTS The Company records all derivative financial instruments at fair value in the financial statements. Derivatives are used as a risk management tool to hedge the exposure to changes in interest rates or other identified market risks. When a derivative is intended to be a qualifying hedged instrument, the Company prepares written hedge documentation that designates the derivative as 1 2 In June 2017, December 31, 2020, In March 2019, December 31, 2020, For each instrument, the Company documents at inception and periodically over the life of the hedge, its analysis of actual and expected hedge effectiveness. To the extent that the hedge of future cash flows is deemed ineffective, changes in the fair value of the derivative are recognized in earnings as a component of other noninterest expense. For the years ended December 31, 2020 2019, no As of December 31, 2020, December 31, 2019, A summary of the Company’s derivative financial instruments at December 31, 2020 2019 Forward Start Termination Derivative Notional Rate Rate Balance Sheet December 31, Inception Date Date Type Amount Paid Hedged Classfication 2020 2019 2/28/2018 2/28/2025 Interest rate swap - FHLB Advances $ 50,000,000 2.12 % 3 month LIBOR Floating Other liabilites $ (3,760,287 ) $ (1,067,935 ) 5/23/2019 2/23/2026 Interest rate swap - Subordinated Debentures $ 10,310,000 4.09 % 3 month LIBOR Floating +145 bps Other liabilites $ (1,180,909 ) $ (560,388 ) The following table presents the net amounts included in the consolidated statements of income for derivatives designated as hedging instruments for the periods indicated: Derivative Income Statement Years ended December 31, Type Classfication 2020 2019 Interest rate swap - FHLB Advances Interest expense $ 630,870 $ (155,062 ) Interest rate swap - Subordinated Debentures Interest expense $ 184,537 $ 24,065 |
Note 24 - Accumulated Other Com
Note 24 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | NOTE 24: ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss, included in stockholders’ equity, are as follows: December 31, The components of accumulated other comprehensive loss, included in stockholders' equity, are as follows: 2020 2019 Net unrealized gain (loss) on available-for-sale securities $ 4,871,052 $ 1,092,554 Net unrealized gain (loss) on interest rate swap instrument (4,941,196 ) (1,628,323 ) (70,144 ) (535,769 ) Tax effect 16,766 104,734 Net-of-tax amount $ (53,378 ) $ (431,035 ) |
Note 25 - Condensed Parent Comp
Note 25 - Condensed Parent Company Statements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 25: CONDENSED PARENT COMPANY STATEMENTS The condensed balance sheets as of December 31, 2020 2019, December 31, 2020, 2019 2018 Condensed Balance Sheets December 31, 2020 2019 Assets Cash $ 7,940,245 $ 1,783,729 Investment in subsidiary 115,472,127 108,504,578 Investment in Capital Trusts 465,000 465,000 Prepaid expenses and other assets 218,411 336,796 Deferred and receivable income taxes 2,197,483 1,625,872 $ 126,293,266 $ 112,715,975 Liabilities Subordinated debentures issued to Capital Trusts $ 15,465,000 $ 15,465,000 Subordinated notes, net 19,564,131 - Note payable to bank - 11,200,000 Accrued expenses and other liabilities 2,288,869 1,412,193 Due to subsidiary 6,900 6,900 Stockholders' equity Common stock 691,950 691,950 Additional paid-in capital 51,337,219 51,908,867 Retained earnings 77,073,707 72,860,750 Accumulated other comprehensive loss (53,378 ) (431,035 ) Treasury stock (40,081,132 ) (40,398,650 ) $ 126,293,266 $ 112,715,975 Condensed Statements of Income Years ended December 31, 2020 2019 2018 Income Dividends from subsidiary bank $ 2,500,000 $ 8,000,000 $ 14,000,000 Net gain on foreclosed assets 74,716 - - Interest income: Other 22,515 40,855 31,016 2,597,231 8,040,855 14,031,016 Expense Interest expense 716,070 362,079 120,503 Other 1,839,930 2,439,799 2,773,018 2,556,000 2,801,878 2,893,521 Income before income taxes and equity in undistributed income of subsidiaries 41,231 5,238,977 11,137,495 Credit for income taxes (681,092 ) (721,649 ) (780,131 ) Income before equity in undistributed earnings of subsidiaries 722,323 5,960,626 11,917,626 Equity in undistributed income of subsidiaries 6,109,891 3,454,464 (4,585,747 ) Net income $ 6,832,214 $ 9,415,090 $ 7,331,879 Condensed Statements of Cash Flows Years ended December 31, 2020 2019 2018 Cash Flows From Operating Activities Net income $ 6,832,214 $ 9,415,090 $ 7,331,879 Items not requiring (providing) cash: (Equity in undistributed income) distributions in excess of subsidiaries (6,109,891 ) (3,454,464 ) 4,585,747 Deferred income taxes (237,281 ) (633,608 ) (196,399 ) Accretion of purchase accounting adjustment - (109,829 ) (65,897 ) Stock award plan expense 136,138 615,385 517,053 Changes in: Prepaid expenses and other assets 118,386 (28,124 ) (113,711 ) Income taxes payable/refundable (193,812 ) 157,458 (341,404 ) Accrued expenses 270,503 (26,374 ) (1,360,728 ) Net cash provided by operating activities 816,257 5,935,534 10,356,540 Cash Flows From Investing Activities Capital contributions to subsidiary bank - - (5,000,000 ) Cash paid for acquistion - - (4,627,810 ) Net cash used in investing activities - - (9,627,810 ) Cash Flows From Financing Activities Proceeds from stock options exercised - 90,000 166,230 Cash dividends paid on common stock (2,615,028 ) (2,313,661 ) (2,132,221 ) Proceeds from issuance of notes payable 1,800,000 7,450,000 5,000,000 Proceeds from issuance of subordinated notes, net 19,545,555 - - Repayment of notes payable (13,000,000 ) (1,250,000 ) (3,000,000 ) Repayment of Capital Trust - (6,000,000 ) - Treasury Stock purchased (390,268 ) (3,604,879 ) - Net cash provided by (used in) financing activities 5,340,259 (5,628,540 ) 34,009 Increase in cash 6,156,516 306,994 762,739 Cash, beginning of year 1,783,729 1,476,735 713,996 Cash, end of year $ 7,940,245 $ 1,783,729 $ 1,476,735 Statements of Comprehensive Income Years ended December 31, 2020 2019 2018 NET INCOME $ 6,832,214 $ 9,415,090 $ 7,331,879 OTHER ITEMS OF COMPREHENSIVE INCOME: Change in unrealized loss on interest rate swaps, before income taxes (620,521 ) (560,388 ) - Income tax benefit related to other items of comprehensive income (140,519 ) (142,899 ) - Other comprehensive loss (480,002 ) (417,489 ) - Comprehensive income (loss) of Bank 857,659 439,210 (246,563 ) TOTAL COMPREHENSIVE INCOME $ 7,209,871 $ 9,436,811 $ 7,085,316 |
Note 26 - Unaudited Quarterly O
Note 26 - Unaudited Quarterly Operating Results | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 26: UNAUDITED QUARTERLY OPERATING RESULTS Year Ended December 31, 2020, Quarter ended Mar-20 Jun-20 Sep-20 Dec-20 Interest income $ 10,798,857 $ 10,159,058 $ 9,968,256 $ 9,943,705 Interest expense 3,086,525 2,136,409 2,236,743 2,151,524 Net interest income 7,712,332 8,022,649 7,731,513 7,792,181 Provision for loan losses 500,000 750,000 950,000 1,400,000 Gain on loans and investment securities 571,310 1,018,516 1,992,185 1,199,622 Other noninterest income, net 1,527,822 1,294,202 1,278,146 1,191,641 Noninterest expense 6,798,629 7,253,331 7,735,249 7,877,518 Income before income taxes 2,512,835 2,332,036 2,316,595 905,926 Provision for income taxes 407,990 448,653 418,819 (40,284 ) Net income available to common shareholders $ 2,104,845 $ 1,883,383 $ 1,897,776 $ 946,210 Basic income per common share $ 0.49 $ 0.43 $ 0.44 $ 0.22 Diluted income per common share $ 0.49 $ 0.43 $ 0.43 $ 0.22 Year Ended December 31, 2019, Quarter ended Mar-19 Jun-19 Sep-19 Dec-19 Interest income $ 11,096,436 $ 11,299,507 $ 11,581,621 $ 11,248,939 Interest expense 3,321,718 3,449,152 3,459,478 3,304,666 Net interest income 7,774,718 7,850,355 8,122,143 7,944,273 Provision for loan losses - 100,000 100,000 - Gain on loans and investment securities 645,469 888,300 1,055,589 752,688 Other noninterest income, net 918,866 1,045,038 881,541 917,402 Noninterest expense 6,843,559 6,826,483 6,953,456 6,874,636 Income before income taxes 2,495,494 2,857,210 3,005,817 2,739,727 Provision for income taxes 375,130 428,711 455,275 424,042 Net income available to common shareholders $ 2,120,364 $ 2,428,499 $ 2,550,542 $ 2,315,685 Basic income per common share $ 0.48 $ 0.55 $ 0.58 $ 0.54 Diluted income per common share $ 0.47 $ 0.54 $ 0.57 $ 0.53 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, the Bank. All significant intercompany profits, transactions and balances have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the valuation of loans acquired with the possibility of impairment and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans and fair values. In connection with the determination of the allowance for loan losses and the valuation of foreclosed assets held for sale, management obtains independent appraisals for significant properties. Goodwill and intangible assets are subject to periodic impairment testing. This testing is to be performed annually, or more frequently if events occur that lead to the possibility that the valuation of such assets could be considered unrecoverable. The valuation of goodwill and intangible assets involves many factors that are judgmental and highly complex. |
Marketable Securities, Policy [Policy Text Block] | Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as “held to maturity” and recorded at amortized cost. Securities not For debt securities with fair value below carrying value, when the Company does not not, not The Company’s consolidated statements of income reflect the full impairment (that is, the difference between the security’s amortized cost basis and fair value) on debt securities that the Company intends to sell or would more likely than not no not not not |
Financing Receivable, Held-for-sale [Policy Text Block] | Mortgage Loans Held for Sale Mortgage loans held for sale are carried at the lower of cost or fair value, determined using an aggregate basis. Write-downs to fair value are recognized as a charge to earnings at the time a decline in value occurs. Forward commitments to sell mortgage loans are sometimes acquired to reduce market risk on mortgage loans in the process of origination and mortgage loans held for sale. Gains and losses resulting from sales of mortgage loans are recognized when the respective loans are sold to investors. Gains and losses are determined by the difference between the selling price and the carrying amounts of the loans sold, and are recorded in noninterest income. Direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. |
Financing Receivable [Policy Text Block] | Loans For loans amortized at cost, interest income is accrued based on the unpaid principal balance. Loan origination fees net of certain direct origination costs, are deferred and amortized as a level yield adjustment over the respective term of the loan. The accrual of interest on loans is discontinued at the time the loan is 90 All interest accrued but not Loans acquired without the evidence of credit impairment and for which obligated principal and interest cash flows are expected to be received are accounted for under the accounting guidance for receivables - non refundable fees and other costs (ASC 310 20 may 310 30 |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to income. Loan losses are charged against the allowance when management believes the uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectibility of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For those loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical charge-off experience and expected loss given default derived from the Bank’s internal risk rating process. Other adjustments may not A loan is considered impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in 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 Groups of loans with similar risk characteristics are collectively evaluated for impairment based on the group’s historical loss experience adjusted for changes in trends, conditions and other relevant factors that affect repayment of the loans. Acquired loans determined to be deteriorated in quality do not |
Financing Receivable, Held-for-investment, Foreclosed Asset [Policy Text Block] | Foreclosed Assets Held for Sale Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less costs to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less estimated costs to sell. Revenue and expenses from operations and changes in the valuation allowance are included in net expenses from foreclosed assets. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets An annual assessment is performed to determine whether it is more likely than not not 2018 December 31, 2020 2019. Core deposit intangible assets are being amortized on the straight-line basis over a period of seven December 31, 2020 2019, $2,503,910, |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Depreciable assets are stated at cost less accumulated depreciation. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets. The estimated useful lives for each major depreciable classification of premises and equipment are as follows: Years Buildings and improvements 35 - 40 Furniture and fixtures and vehicles 3 - 10 |
Bank Owned Life Insurance Policy [Policy Text Block] | Bank Owned Life Insurance Bank owned life insurance policies are carried at their cash surrender value. The Company recognizes tax-free income from the periodic increases in cash surrender value of these policies and from death benefits. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with income tax accounting guidance (ASC 740, Income Taxes two Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not The Company recognizes interest and penalties on income taxes as a component of income tax expense. The Company files consolidated income tax returns with its subsidiary. With a few exceptions, the Company is no 2017. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents The Company considers all liquid investments with original maturities of three December 31, 2020 2019 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restriction on Cash and Due From Banks The Company is required to maintain reserve funds in cash and/or on deposit with the Federal Reserve Bank equal to a set percentage of deposits. During March 2020, zero December 31, 2020 |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss), net of applicable income taxes. Other comprehensive income (loss) includes unrealized gain (loss) on available-for-sale securities, unrealized gain (loss) on securities for which a portion of an other-than-temporary impairment has been recognized in income and unrealized gain (loss) on interest rate swap agreements designated as cash flow hedges. |
Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block] | Interest Rate Swap Agreements Designated as Cash Flow Hedges Cash flow hedge relationships mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses interest rate swaps to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. The effective portion of the gain or loss related to the derivative instrument is recognized as a component of other comprehensive income and subsequently reclassified into interest income when the forecasted transaction affects income. The ineffective portion of the gain or loss is recognized immediately as noninterest income. The Company assesses the effectiveness of the hedging derivative by comparing the change in fair value of the respective derivative instrument and the change in fair value of an effective hypothetical derivative instrument. |
Revenue from Contract with Customer [Policy Text Block] | Revenue from Contracts with Customers Descriptions of our significant revenue-generating transactions that are within the scope of Topic 606, ● Service Charges on Deposit Accounts ● Gains/Losses on Sales of OREO |
Regulatory Capital Requirements Under Banking Regulations [Policy Text Block] | Regulatory Matters The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct and material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Furthermore, the Company’s regulators could require adjustments to regulatory capital not Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the tables below). Management believes, as of December 31, 2020 2019, December 31, 2020, no During the fourth 2019, 201 January 1, 2020, $10 9 9C, one 8 two During March 2020, 9% March 27, 2020 2020 8% 2021 8.5% 9% 2022. The Bank opted into the CBLR framework during the first 2020. December 31, 2020 To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020 Community Bank Leverage Ratio Bank $ 111,098 10.0 % N/A N/A $ 89,175 8.0 % The Bank's 2019 No To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019 Tier 1 (core) capital, and ratio to adjusted total assets Bank $ 104,480 10.5 % $ 40,083 4.0 % $ 50,103 5.0 % Tier 1 (core) capital, and ratio to risk-weighted assets Bank $ 104,480 12.4 % $ 50,727 6.0 % $ 67,636 8.0 % Total risk-based capital, and ratio to risk-weighted assets Bank $ 112,088 13.3 % $ 67,636 8.0 % $ 84,545 10.0 % Common equity tier 1 capital ratio to risk-weighted assets Bank $ 104,480 12.4 % $ 38,045 4.5 % $ 54,954 6.5 % The 2019 December 31, 2019. not 2019, 1 The amount of dividends that the Bank may December 31, 2020 2019, may not |
Segment Reporting, Policy [Policy Text Block] | Segment Information The principal business of the Company is overseeing the business of the Bank. The Company has no one four not no |
Commitments and Contingencies, Policy [Policy Text Block] | General Litigation The Company and the Bank, from time to time, may December 31, 2020, not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share The computation for earnings per common share for the years ended December 31, 2020, 2019 2018 Year Ended Year Ended Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Net income available to common shareholders $ 6,832,214 $ 9,415,090 $ 7,331,879 Weighted average common shares outstanding 4,330,525 4,405,575 4,410,422 Effect of dilutive securities 19,499 57,984 72,261 Weighted average diluted shares outstanding 4,350,024 4,463,559 4,482,683 Basic income per common share $ 1.58 $ 2.14 $ 1.66 Diluted income per common share $ 1.57 $ 2.11 $ 1.64 For the years ended December 31, 2020, 2019 2018 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Cash Holdings During the normal course of business, the Bank may $250,000. December 31, 2020, three December 31, 2020. December 31, 2020. |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant, and Equipment, Useful Lives [Table Text Block] | Years Buildings and improvements 35 - 40 Furniture and fixtures and vehicles 3 - 10 |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020 Community Bank Leverage Ratio Bank $ 111,098 10.0 % N/A N/A $ 89,175 8.0 % To Be Well Capitalized For Capital Under Prompt Corrective Actual Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019 Tier 1 (core) capital, and ratio to adjusted total assets Bank $ 104,480 10.5 % $ 40,083 4.0 % $ 50,103 5.0 % Tier 1 (core) capital, and ratio to risk-weighted assets Bank $ 104,480 12.4 % $ 50,727 6.0 % $ 67,636 8.0 % Total risk-based capital, and ratio to risk-weighted assets Bank $ 112,088 13.3 % $ 67,636 8.0 % $ 84,545 10.0 % Common equity tier 1 capital ratio to risk-weighted assets Bank $ 104,480 12.4 % $ 38,045 4.5 % $ 54,954 6.5 % |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended Year Ended Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Net income available to common shareholders $ 6,832,214 $ 9,415,090 $ 7,331,879 Weighted average common shares outstanding 4,330,525 4,405,575 4,410,422 Effect of dilutive securities 19,499 57,984 72,261 Weighted average diluted shares outstanding 4,350,024 4,463,559 4,482,683 Basic income per common share $ 1.58 $ 2.14 $ 1.66 Diluted income per common share $ 1.57 $ 2.11 $ 1.64 |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Debt Securities, Available-for-sale [Table Text Block] | Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of December 31, 2020 Debt Securities: U. S. government agencies $ 6,282,000 $ 6,519 $ (4,885 ) 6,283,634 Municipals 58,754,912 3,241,133 (26,991 ) 61,969,054 Corporates 30,510,893 261,740 (171,811 ) 30,600,822 Mortgage-backed securities - private label - commercial 5,399,385 55,712 (10,650 ) 5,444,447 Mortgage-backed securities - private label - consumer 9,249,375 228,469 (25,747 ) 9,452,097 Government sponsored mortgage-backed securities and SBA loan pools 49,053,252 1,391,728 (74,165 ) 50,370,815 $ 159,249,817 $ 5,185,301 $ (314,249 ) $ 164,120,869 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Approximate Fair Value As of December 31, 2019 Debt Securities: U. S. government agencies $ 2,499,755 $ - $ (11,962 ) 2,487,793 Municipals 35,625,038 675,382 (125,693 ) 36,174,727 Corporates 15,395,190 154,942 (14,945 ) 15,535,187 Mortgage-backed securities - private label 13,788,728 52,035 (29,392 ) 13,811,371 Government sponsored mortgage-backed securities and SBA loan pools 49,844,049 585,641 (193,454 ) 50,236,236 $ 117,152,760 $ 1,468,000 $ (375,446 ) $ 118,245,314 |
Available-for-sale Securities [Table Text Block] | Amortized Cost Approximate Fair Value 1-5 years $ 1,150,000 $ 1,149,433 5-10 years 36,190,647 36,551,663 After ten years 58,207,158 61,152,414 Mortgage-backed securities - private label - commercial not due on a single maturity date 5,399,385 5,444,447 Mortgage-backed securities - private label - consumer not due on a single maturity date 9,249,375 9,452,097 Government sponsored mortgage-backed securities and SBA loan pools not due on a single maturity date 49,053,252 50,370,815 $ 159,249,817 $ 164,120,869 |
Schedule of Unrealized Loss on Investments [Table Text Block] | December 31, 2020 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. government agencies $ 1,495,116 $ (4,885 ) $ - $ - $ 1,495,116 $ (4,885 ) Municipals 4,011,492 (26,991 ) - - 4,011,492 (26,991 ) Corporates 14,869,853 (171,811 ) - - 14,869,853 (171,811 ) Mortgage-backed securities - private label - commercial 1,481,805 (10,650 ) - - 1,481,805 (10,650 ) Mortgage-backed securities - private label - consumer 2,391,511 (25,747 ) - - 2,391,511 (25,747 ) Government sponsored mortgage-backed securities and SBA loan pools 5,799,696 (74,165 ) - - 5,799,696 (74,165 ) $ 30,049,473 $ (314,249 ) $ - $ - $ 30,049,473 $ (314,249 ) December 31, 2019 Less than 12 Months 12 Months or More Total Description of Securities Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses U.S. government agencies $ 2,487,795 $ (11,962 ) $ - $ - $ 2,487,795 $ (11,962 ) Municipals 7,083,208 (125,693 ) - - 7,083,208 (125,693 ) Corporates 2,452,005 (14,945 ) - - 2,452,005 (14,945 ) Mortgage-backed securities - private label 9,416,669 (29,392 ) - - 9,416,669 (29,392 ) Government sponsored mortgage-backed securities and SBA loan pools 18,112,148 (125,906 ) 3,018,538 (67,548 ) 21,130,686 (193,454 ) $ 39,551,825 $ (307,898 ) $ 3,018,538 $ (67,548 ) $ 42,570,363 $ (375,446 ) |
Note 4 - Loans and Allowance _2
Note 4 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 2019 Real estate - residential mortgage: One to four family units $ 115,799,200 $ 118,823,731 Multi-family 90,028,775 87,448,418 Real estate - construction 70,847,330 77,308,551 Real estate - commercial 305,673,212 300,619,387 Commercial loans 144,326,350 114,047,753 Consumer and other loans 26,733,546 30,666,185 Total loans 753,408,413 728,914,025 Less: Allowance for loan losses (9,617,024 ) (7,607,587 ) Deferred loan fees/costs, net (1,642,118 ) (574,036 ) Net loans $ 742,149,271 $ 720,732,402 |
Financing Receivable, Past Due [Table Text Block] | As of December 31, 2020 30-59 Days 60-89 Days Greater Than Total Past Current Total Loans Total Loans > (In Thousands) Real estate - residential mortgage: One to four family units $ 623 $ 1,058 $ 1,071 $ 2,752 $ 113,047 $ 115,799 $ - Multi-family - - - - 90,029 90,029 - Real estate - construction 1,239 - 4,189 5,428 65,419 70,847 - Real estate - commercial 264 76 161 501 305,172 305,673 - Commercial loans 6 1 4,784 4,791 139,535 144,326 - Consumer and other loans 10 1 21 32 26,702 26,734 - Total $ 2,142 $ 1,136 $ 10,226 $ 13,504 $ 739,904 $ 753,408 $ - As of December 31, 2019 30-59 Days 60-89 Days Greater Than Total Past Current Total Loans Total Loans > (In Thousands) Real estate - residential mortgage: One to four family units $ 83 $ 437 $ 125 $ 645 $ 118,179 $ 118,824 $ - Multi-family - - - - 87,448 87,448 - Real estate - construction 338 - - 338 76,971 77,309 - Real estate - commercial - - 43 43 300,576 300,619 - Commercial loans 134 105 17 256 113,792 114,048 - Consumer and other loans 48 26 - 74 30,592 30,666 - Total $ 603 $ 568 $ 185 $ 1,356 $ 727,558 $ 728,914 $ - |
Financing Receivable, Nonaccrual [Table Text Block] | December 31, 2020 2019 Real estate - residential mortgage: One to four family units $ 3,086,159 $ 2,398,379 Multi-family - - Real estate - construction 6,239,326 3,738,410 Real estate - commercial 3,932,241 2,941,143 Commercial loans 5,249,782 855,761 Consumer and other loans 121,090 69,784 Total $ 18,628,598 $ 10,003,477 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | As of December 31, 2020 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of year $ 1,749 $ 2,267 $ 1,001 $ 746 $ 1,129 $ 443 $ 273 $ 7,608 Provision charged to expense 121 1,350 440 312 669 323 385 $ 3,600 Losses charged off (738 ) - (2 ) - (709 ) (261 ) - $ (1,710 ) Recoveries - 7 6 - 40 66 - $ 119 Balance, end of year $ 1,132 $ 3,624 $ 1,445 $ 1,058 $ 1,129 $ 571 $ 658 $ 9,617 Ending balance: individually evaluated for impairment $ 114 $ 117 $ 112 $ - $ 62 $ 15 $ - $ 420 Ending balance: collectively evaluated for impairment $ 1,018 $ 3,507 $ 1,333 $ 1,058 $ 1,066 $ 556 $ 658 $ 9,196 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ 1 $ - $ - $ 1 Loans: Ending balance: individually evaluated for impairment $ 6,239 $ 1,810 $ 3,110 $ - $ 5,111 $ 202 $ - $ 16,472 Ending balance: collectively evaluated for impairment $ 64,608 $ 301,453 $ 112,689 $ 90,029 $ 139,083 $ 26,532 $ - $ 734,394 Ending balance: loans acquired with deteriorated credit quality $ - $ 2,410 $ - $ - $ 132 $ - $ - $ 2,542 As of December 31, 2019 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of year $ 2,306 $ 2,093 $ 1,297 $ 641 $ 1,160 $ 373 $ 126 $ 7,996 Provision charged to expense (809 ) 265 (32 ) 105 225 299 147 $ 200 Losses charged off - (122 ) (272 ) - (381 ) (280 ) - $ (1,055 ) Recoveries 252 31 8 - 125 51 - $ 467 Balance, end of year $ 1,749 $ 2,267 $ 1,001 $ 746 $ 1,129 $ 443 $ 273 $ 7,608 Ending balance: individually evaluated for impairment $ 553 $ 24 $ 197 $ - $ 299 $ 21 $ - $ 1,094 Ending balance: collectively evaluated for impairment $ 1,196 $ 2,243 $ 804 $ 746 $ 830 $ 422 $ 273 $ 6,514 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans: Ending balance: individually evaluated for impairment $ 4,742 $ 650 $ 2,613 $ - $ 908 $ 220 $ - $ 9,133 Ending balance: collectively evaluated for impairment $ 72,567 $ 297,318 $ 116,211 $ 87,448 $ 112,956 $ 30,446 $ - $ 716,946 Ending balance: loans acquired with deteriorated credit quality $ - $ 2,651 $ - $ - $ 184 $ - $ - $ 2,835 As of December 31, 2018 Construction Commercial One to four family Multi-family Commercial Consumer Unallocated Total (In Thousands) Allowance for loan losses: Balance, beginning of year $ 2,244 $ 1,789 $ 946 $ 464 $ 1,031 $ 454 $ 179 $ 7,107 Provision charged to expense (35 ) 339 327 177 222 248 (53 ) $ 1,225 Losses charged off - (37 ) (8 ) - (110 ) (382 ) - $ (537 ) Recoveries 97 2 32 - 17 53 - $ 201 Balance, end of year $ 2,306 $ 2,093 $ 1,297 $ 641 $ 1,160 $ 373 $ 126 $ 7,996 Ending balance: individually evaluated for impairment $ 552 $ 106 $ 573 $ - $ 363 $ 18 $ - $ 1,612 Ending balance: collectively evaluated for impairment $ 1,754 $ 1,987 $ 724 $ 641 $ 797 $ 355 $ 126 $ 6,384 Ending balance: loans acquired with deteriorated credit quality $ - $ - $ - $ - $ - $ - $ - $ - Loans: Ending balance: individually evaluated for impairment $ 4,088 $ 1,588 $ 4,520 $ 5,952 $ 1,062 $ 169 $ - $ 17,379 Ending balance: collectively evaluated for impairment $ 84,507 $ 317,488 $ 128,258 $ 84,663 $ 118,459 $ 32,968 $ - $ 766,343 Ending balance: loans acquired with deteriorated credit quality $ - $ 2,782 $ - $ - $ 216 $ 175 $ - $ 3,173 |
Impaired Financing Receivables [Table Text Block] | As of December 31, 2020 Recorded Unpaid Specific Average Interest (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 2,780 $ 2,780 $ - $ 1,199 $ - Multi-family - - - - - Real estate - construction 5,081 5,081 - 423 - Real estate - commercial 3,419 3,419 - 3,152 4 Commercial loans 4,902 4,902 - 455 - Consumer and other loans 100 100 - 110 13 Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 330 $ 330 $ 112 $ 1,183 $ - Multi-family - - - - - Real estate - construction 1,158 3,129 114 4,093 - Real estate - commercial 801 801 117 365 - Commercial loans 341 341 63 792 - Consumer and other loans 102 102 15 136 - Total Real estate - residential mortgage: One to four family units $ 3,110 $ 3,110 $ 112 $ 2,382 $ - Multi-family - - - - - Real estate - construction 6,239 8,210 114 4,516 - Real estate - commercial 4,220 4,220 117 3,517 4 Commercial loans 5,243 5,243 63 1,247 - Consumer and other loans 202 202 15 246 13 Total $ 19,014 $ 20,985 $ 421 $ 11,908 $ 17 As of December 31, 2019 Recorded Unpaid Specific Average Interest (In Thousands) Loans without a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,392 $ 1,392 $ - $ 1,075 $ 1 Multi-family - - - 5,438 - Real estate - construction - - - - - Real estate - commercial 3,199 3,199 - 3,274 4 Commercial loans 33 33 - 127 - Consumer and other loans 70 70 - 230 2 Loans with a specific valuation allowance Real estate - residential mortgage: One to four family units $ 1,221 $ 1,221 $ 197 $ 1,781 $ - Multi-family - - - - - Real estate - construction 4,742 5,975 553 3,924 - Real estate - commercial 162 162 24 533 - Commercial loans 999 999 301 756 - Consumer and other loans 150 150 21 153 - Total Real estate - residential mortgage: One to four family units $ 2,613 $ 2,613 $ 197 $ 2,856 $ 1 Multi-family - - - 5,438 - Real estate - construction 4,742 5,975 553 3,924 - Real estate - commercial 3,361 3,361 24 3,807 4 Commercial loans 1,032 1,032 301 883 - Consumer and other loans 220 220 21 383 2 Total $ 11,968 $ 13,201 $ 1,096 $ 17,291 $ 7 |
Schedule of COVID-19 Modifications [Table Text Block] | Collateral Type # Loans Modified Amount of Loans Modified ($) Interest Only 3 Months or Less Interest Only 4-6 Months Full Payment Deferral 3 Months Full Payment Deferral 3 Months + Interest Only 3 Months or Less Full Payment Deferral 3 Months + Interest Only > 3 Months Full Payment Deferral > 6 Months Hotel/Motel 9 $ 16,018,273 $ - $ - $ - $ 1,849,520 $ 7,962,876 $ 6,205,877 Theatre 5 10,586,792 - - - - 3,826,974 6,759,818 Restaurant (C&I & RE) 2 411,029 123,236 287,793 - - - - Land & Land Development 1 1,279,878 - - - - 1,279,878 - 1-4 Family Consumer 2 168,852 - - 168,852 - - - Other 1 93,100 - 93,100 - - - - Total Modified Loans 20 $ 28,557,924 $ 123,236 $ 380,893 $ 168,852 $ 1,849,520 $ 13,069,728 $ 12,965,695 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | December 31, 2020 2019 Real estate - residential mortgage: One to four family units $ 1,178,876 $ 1,163,782 Multi-family - - Real estate - construction 3,700,084 3,738,409 Real estate - commercial 893,992 161,491 Commercial loans 368,310 572,683 Total $ 6,141,262 $ 5,636,365 |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of December 31, 2020 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 64,531 $ 262,771 $ 110,615 $ 90,029 $ 130,874 $ 26,532 $ 685,352 Special Mention - 4,442 - - 123 - 4,565 Substandard 6,316 38,460 5,184 - 13,329 202 63,491 Doubtful - - - - - - - Total $ 70,847 $ 305,673 $ 115,799 $ 90,029 $ 144,326 $ 26,734 $ 753,408 As of December 31, 2019 Construction Commercial One to four family Multi-family Commercial Consumer Total (In Thousands) Rating: Pass $ 73,489 $ 292,674 $ 115,622 $ 87,448 $ 100,658 $ 29,666 $ 699,557 Special Mention - 1,476 535 - 8,793 - 10,804 Substandard 3,820 6,469 2,667 - 4,597 1,000 18,553 Doubtful - - - - - - - Total $ 77,309 $ 300,619 $ 118,824 $ 87,448 $ 114,048 $ 30,666 $ 728,914 |
Note 5 - Accounting for Certa_2
Note 5 - Accounting for Certain Loans Acquired (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Certain Loans Acquired in Transfer [Table Text Block] | December 31, 2020 (In Thousands) Real estate - commercial $ 2,751 Commercial loans 177 Consumer and other loans - Outstanding balance $ 2,928 Carrying amount, net of fair value adjustment of $ 386 $ 2,542 December 31, 2019 (In Thousands) Real estate - commercial $ 3,069 Commercial loans 242 Consumer and other loans - Outstanding balance $ 3,311 Carrying amount, net of fair value adjustment of $ 476 $ 2,835 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Table Text Block] | Year ended December 31, 2020 (In Thousands) Balance at beginning of period $ (69 ) Additions - Reclassification from nonaccretable difference (98 ) Accretion 167 Disposals - Balance at end of period $ - Year ended December 31, 2019 (In Thousands) Balance at beginning of period $ 265 Additions - Reclassification from nonaccretable difference - Accretion (334 ) Disposals - Balance at end of period $ (69 ) |
Note 6 - Goodwill and Other I_2
Note 6 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | December 31, December 31, 2020 2019 (in Thousands) (in Thousands) Goodwill $ 1,435 $ 1,435 Core deposit intangible Gross carrying amount 3,520 3,520 Accumulated amortization (1,493 ) (1,016 ) Core deposit intangible, net 2,027 2,504 Remaining balance $ 3,462 $ 3,939 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Amortization Expense (in Thousands) Remainder of: 2021 $ 477 2022 477 2023 477 2024 477 2025 119 Therafter - Total $ 2,027 |
Note 7 - Premises and Equipme_2
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, December 31, 2020 2019 Land $ 4,360,353 $ 4,360,353 Buildings and Improvements 11,896,382 11,907,331 Automobile 52,404 52,404 Furniture, Fixtures and Equipment 13,924,839 13,485,163 Leasehold Improvements 2,394,953 2,394,953 32,628,931 32,200,204 Less accumulated depreciation (14,730,522 ) (13,035,708 ) Net premises and equipment $ 17,898,409 $ 19,164,496 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended December 31, 2020 2019 (In Thousands) Finance lease cost: Amortization of right-of-use assets $ 142,582 $ 111,559 Interest on lease liabilities 7,736 8,346 Operating lease cost 1,081,620 1,080,226 Sublease income (47,200 ) (45,200 ) Total lease costs $ 1,184,738 $ 1,154,931 Additional lease information: Weighted-average remaining lease term - financing leases (in years) 3.4 3.5 Weighted-average remaining lease term - operating leases (in years) 14.4 15.2 Weighted-average discount rate - financing leases 1.32 % 1.96 % Weighted-average discount rate - operating leases 5.68 % 5.60 % |
Lessee, Finance and Operating Lease, Liability, Maturity [Table Text Block] | Financing Operating Total (In Thousands) 2021 $ 175 $ 1,020 $ 1,195 2022 170 1,011 1,181 2023 97 1,014 1,111 2024 53 856 909 2025 25 752 777 Thereafter - 8,228 8,228 Total undiscounted future minimum lease cash payments $ 520 $ 12,881 $ 13,401 Present value discount (9 ) (4,320 ) (4,329 ) Lease liability $ 511 $ 8,561 $ 9,072 |
Note 11 - Deposits (Tables)
Note 11 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, 2020 December 31, 2019 Weighted Average Rate Balance Percentage of Deposits Weighted Average Rate Balance Percentage of Deposits Non-interest bearing transaction 0.00 % $ 144,911,156 15.4 % 0.00 % $ 87,598,281 10.7 % Interest bearing transaction 0.35 % 560,970,668 59.8 % 0.93 % 487,621,927 59.3 % Savings 0.13 % 47,839,075 5.1 % 0.28 % 39,203,818 4.8 % 0.27 % 753,720,899 80.3 % 0.76 % 614,424,026 74.8 % Certificates: 0.00% - 0.99% 0.62 % 49,395,262 5.2 % 0.65 % 30,075,341 3.7 % 1.00% - 1.99% 1.47 % 13,875,409 1.5 % 1.65 % 29,828,669 3.6 % 2.00% - 3.99% 2.41 % 121,680,971 13.0 % 2.49 % 147,078,496 17.9 % 1.86 % 184,951,642 19.7 % 2.10 % 206,982,506 25.2 % Total Deposits 0.58 % $ 938,672,541 100.0 % 1.10 % $ 821,406,532 100.0 % |
Time Deposit Maturities [Table Text Block] | 2021 $ 140,242,445 2022 36,240,989 2023 2,269,299 2024 1,805,072 2025 1,061,795 Thereafter 3,332,042 $ 184,951,642 |
Summary Of Interest Expense On Deposits [Table Text Block] | Years ended December 31, 2020 2019 2018 Transaction accounts $ 2,948,835 $ 6,144,802 $ 4,427,407 Savings accounts 78,806 119,730 105,592 Certificate accounts 3,912,688 4,754,944 2,524,098 Early withdrawal penalties (15,503 ) (28,023 ) (33,811 ) $ 6,924,826 $ 10,991,453 $ 7,023,286 |
Note 12 - Borrowings (Tables)
Note 12 - Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | December 31, 2020 December 31, 2019 Maturity Date Amount Weighted Average Rate Maturity Date Amount Weighted Average Rate 2021 50,000,000 0.35 % 2020 65,000,000 1.83 % 2023 6,500,000 0.59 % 2025 6,500,000 0.82 % 2027 3,000,000 1.12 % $ 66,000,000 0.45 % |
Note 15 - Income Taxes (Tables)
Note 15 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended December 31, 2020 2019 2018 Taxes currently payable $ 1,705,323 $ 1,459,016 $ 1,230,427 Deferred income taxes (470,145 ) 224,142 624,386 $ 1,235,178 $ 1,683,158 $ 1,854,813 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, December 31, 2020 2019 Deferred tax assets: Allowances for loan losses $ 2,308,086 $ 1,825,853 Writedowns on foreclosed assets held for sale 152,192 409,031 Unrealized loss on interest rate swaps 1,185,887 390,804 Deferred loan fees/costs 368,937 96,700 Lease Liabilities 2,177,140 - Other purchase accounting adjustments 567,187 690,341 Tax credit partnerships and related tax credit carryforwards 1,322,240 1,354,315 Other 100,565 284,925 8,182,235 5,051,969 Deferred tax liabilities: FHLB stock dividends (20,968 ) (30,062 ) Unrealized gain on available-for-sale securities (1,169,053 ) (262,217 ) Lease ROU assets (2,155,245 ) - Accumulated depreciation (525,995 ) (598,785 ) Other (635,280 ) (749,964 ) (4,506,541 ) (1,641,028 ) Net deferred tax asset $ 3,675,694 $ 3,410,941 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended December 31, 2020 2019 2018 Computed at statutory rate 21.0 % 21.0 % 21.0 % Increase (reduction) in taxes resulting from: State financial institution tax and credits (1.2 %) (2.3 %) (1.3 %) Cash surrender value of life insurance (1.6 %) (1.0 %) (1.1 %) Tax exempt interest (1.8 %) (1.1 %) (1.4 %) Non-dedecutible merger costs - - 1.0 % Other (1.1 %) (1.4 %) 2.0 % Actual effective rate 15.3 % 15.2 % 20.2 % |
Note 16 - Disclosures About F_2
Note 16 - Disclosures About Fair Value of Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | As of December 31, 2020 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: U.S. Government agencies $ - $ 6,284 $ - $ 6,284 Municipals - 61,969 - 61,969 Corporates - 30,601 - 30,601 Mortgage-backed securities - private label - commercial - 5,444 - 5,444 Mortgage-backed securities - private label - consumer - 9,452 - 9,452 Government sponsored mortgage-backed securities and SBA loan pools - 50,371 - 50,371 Available-for-sale securities $ - $ 164,121 $ - $ 164,121 Financial liabilities: Interest Rate Swaps $ - $ 4,941 $ - $ 4,941 As of December 31, 2019 Financial assets: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value Debt securities: U.S. Government agencies $ - $ 2,488 $ - $ 2,488 Municipals - 36,175 - 36,175 Corporates - 15,535 - 15,535 Mortgage-backed securities - private label - 13,811 - 13,811 Government sponsored mortgage-backed securities and SBA loan pools - 50,236 - 50,236 Available-for-sale securities $ - $ 118,245 $ - $ 118,245 Financial liabilities: Interest Rate Swaps $ - $ 1,628 $ - $ 1,628 |
Fair Value Measurements, Nonrecurring [Table Text Block] | Impaired loans: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value December 31, 2020 $ - $ - $ 5,809 $ 5,809 December 31, 2019 $ - $ - $ 1,483 $ 1,483 Foreclosed assets held for sale: Level 1 inputs Level 2 inputs Level 3 inputs Total fair value December 31, 2020 $ - $ - $ 371 $ 371 December 31, 2019 $ - $ - $ 233 $ 233 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Fair Value Valuation Technique Unobservable Input Range Impaired loans (collateral dependent) $ 5,809 Market Comparable Discount to reflect realizable value 1% - 80% (7%) Foreclosed assets held for sale $ 371 Market Comparable Discount to reflect realizable value 4% - 4% (4%) Fair Value Valuation Technique Unobservable Input Range Impaired loans (collateral dependent) $ 1,483 Market Comparable Discount to reflect realizable value 0% - 100% (22%) Foreclosed assets held for sale $ 233 Market Comparable Discount to reflect realizable value 30% - 30% (30%) |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2020 December 31, 2019 Carrying Fair Hierarchy Carrying Fair Hierarchy Financial assets: Cash and cash equivalents $ 148,422,908 $ 148,422,908 1 $ 92,671,909 $ 92,671,909 1 Interest-bearing time deposits at other institutions 4,760,089 4,771,605 2 250,000 250,315 2 Federal Home Loan Bank stock 3,896,900 3,896,900 2 3,757,500 3,757,500 2 Mortgage loans held for sale 11,359,174 11,626,174 2 2,786,564 2,786,564 2 Loans, net 742,149,271 737,701,011 3 720,732,402 718,594,936 3 Interest receivable 4,060,795 4,060,795 2 3,511,875 3,511,875 2 Financial liabilities: Deposits 938,672,541 939,806,149 2 821,406,532 822,046,988 2 FHLB advances 66,000,000 66,089,183 2 65,000,000 65,015,635 2 Subordinated debentures issued to Capital Trusts 15,465,000 15,465,000 3 15,465,000 15,465,000 3 Subordinated notes, net 19,564,131 25,608,997 3 - - - Note payable to bank - - 3 11,200,000 11,200,000 3 Interest payable 932,172 932,172 2 793,746 793,746 2 Unrecognized financial instruments (net of contractual value): Commitments to extend credit - - - - - - Unused lines of credit - - - - - - |
Note 18 - Employee Benefit Pl_2
Note 18 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of shares Incentive Stock Option Non-Incentive Stock Option Weighted Average Exercise Price Balance outstanding as of January 1, 2018 46,000 25,000 $ 15.74 Granted - - - Exercised (13,500 ) (10,000 ) 7.07 Forfeited (20,000 ) (10,000 ) 28.71 Balance outstanding as of December 31, 2018 12,500 5,000 $ 5.14 Granted - - - Exercised (12,500 ) (5,000 ) 5.12 Forfeited - - - Balance outstanding as of December 31, 2019 - - $ - Granted - - - Exercised - - - Forfeited - - - Balance outstanding as of December 31, 2020 - - $ - Options exercisable as of December 31, 2020 - - $ - |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Number of shares Weighted Average Grant- Fair Value Balance of shares non-vested as of January 1, 2018 45,550 $ 16.44 Granted 13,338 22.41 Vested (26,539 ) 16.40 Forfeited - - Balance of shares non-vested as of December 31, 2018 32,349 $ 18.93 Granted 15,434 23.85 Vested (20,771 ) 17.67 Forfeited (2,634 ) 22.38 Balance of shares non-vested as of December 31, 2019 24,378 $ 22.75 Granted 20,213 20.99 Vested (11,464 ) 22.13 Forfeited (5,090 ) 22.37 Balance of shares non-vested as of December 31, 2020 28,037 $ 21.80 |
Schedule of Nonvested Performance-based Units Activity [Table Text Block] | Performance Stock Units Weighted Average Grant- Date Fair Value Balance of shares non-vested as of January 1, 2018 55,823 $ 20.48 Granted - - Vested - - Forfeited (8,501 ) 20.48 Balance of shares non-vested as of December 31, 2018 47,322 $ 20.48 Granted - - Vested (30,919 ) 20.48 Forfeited (16,403 ) 20.48 Balance of shares non-vested as of December 31, 2019 - $ - Granted 53,075 15.40 Vested - - Forfeited - - Balance of shares non-vested as of December 31, 2020 53,075 $ 15.40 |
Note 20 - Other Expenses (Table
Note 20 - Other Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | December 31, December 31, December 31, 2020 2019 2018 Directors compensation $ 238,704 $ 232,826 $ 235,060 Outside services 139,737 164,930 122,715 Legal expense 292,451 313,520 249,572 Deposit expense 81,725 80,879 78,892 Office supplies 123,334 129,988 160,727 Telephone 145,396 143,411 183,732 Postage 149,783 197,775 175,614 Insurance 183,380 161,032 113,610 Supervisory exam 68,320 63,619 67,222 Accounting 350,370 387,102 453,000 Organization dues 181,155 170,017 172,259 Loan expense 415,436 417,736 410,177 Contributions 132,200 82,200 60,000 ATM expense 307,999 252,192 245,892 Other operating 1,235,821 1,007,578 1,210,112 $ 4,045,811 $ 3,804,805 $ 3,938,584 |
Note 21 - Related Party Trans_2
Note 21 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Year ended December 31, 2020 2019 2018 Balance, beginning of year $ 4,030,844 $ 5,797,809 $ 6,528,933 New Loans 1,815,200 500,000 2,795,734 Repayments (1,489,063 ) (2,266,965 ) (3,526,858 ) Balance, end of year $ 4,356,981 $ 4,030,844 $ 5,797,809 |
Note 23 - Derivative Financia_2
Note 23 - Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Forward Start Termination Derivative Notional Rate Rate Balance Sheet December 31, Inception Date Date Type Amount Paid Hedged Classfication 2020 2019 2/28/2018 2/28/2025 Interest rate swap - FHLB Advances $ 50,000,000 2.12 % 3 month LIBOR Floating Other liabilites $ (3,760,287 ) $ (1,067,935 ) 5/23/2019 2/23/2026 Interest rate swap - Subordinated Debentures $ 10,310,000 4.09 % 3 month LIBOR Floating +145 bps Other liabilites $ (1,180,909 ) $ (560,388 ) |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivative Income Statement Years ended December 31, Type Classfication 2020 2019 Interest rate swap - FHLB Advances Interest expense $ 630,870 $ (155,062 ) Interest rate swap - Subordinated Debentures Interest expense $ 184,537 $ 24,065 |
Note 24 - Accumulated Other C_2
Note 24 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, The components of accumulated other comprehensive loss, included in stockholders' equity, are as follows: 2020 2019 Net unrealized gain (loss) on available-for-sale securities $ 4,871,052 $ 1,092,554 Net unrealized gain (loss) on interest rate swap instrument (4,941,196 ) (1,628,323 ) (70,144 ) (535,769 ) Tax effect 16,766 104,734 Net-of-tax amount $ (53,378 ) $ (431,035 ) |
Note 25 - Condensed Parent Co_2
Note 25 - Condensed Parent Company Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 2020 2019 Assets Cash $ 7,940,245 $ 1,783,729 Investment in subsidiary 115,472,127 108,504,578 Investment in Capital Trusts 465,000 465,000 Prepaid expenses and other assets 218,411 336,796 Deferred and receivable income taxes 2,197,483 1,625,872 $ 126,293,266 $ 112,715,975 Liabilities Subordinated debentures issued to Capital Trusts $ 15,465,000 $ 15,465,000 Subordinated notes, net 19,564,131 - Note payable to bank - 11,200,000 Accrued expenses and other liabilities 2,288,869 1,412,193 Due to subsidiary 6,900 6,900 Stockholders' equity Common stock 691,950 691,950 Additional paid-in capital 51,337,219 51,908,867 Retained earnings 77,073,707 72,860,750 Accumulated other comprehensive loss (53,378 ) (431,035 ) Treasury stock (40,081,132 ) (40,398,650 ) $ 126,293,266 $ 112,715,975 |
Condensed Income Statement [Table Text Block] | Years ended December 31, 2020 2019 2018 Income Dividends from subsidiary bank $ 2,500,000 $ 8,000,000 $ 14,000,000 Net gain on foreclosed assets 74,716 - - Interest income: Other 22,515 40,855 31,016 2,597,231 8,040,855 14,031,016 Expense Interest expense 716,070 362,079 120,503 Other 1,839,930 2,439,799 2,773,018 2,556,000 2,801,878 2,893,521 Income before income taxes and equity in undistributed income of subsidiaries 41,231 5,238,977 11,137,495 Credit for income taxes (681,092 ) (721,649 ) (780,131 ) Income before equity in undistributed earnings of subsidiaries 722,323 5,960,626 11,917,626 Equity in undistributed income of subsidiaries 6,109,891 3,454,464 (4,585,747 ) Net income $ 6,832,214 $ 9,415,090 $ 7,331,879 |
Condensed Cash Flow Statement [Table Text Block] | Years ended December 31, 2020 2019 2018 Cash Flows From Operating Activities Net income $ 6,832,214 $ 9,415,090 $ 7,331,879 Items not requiring (providing) cash: (Equity in undistributed income) distributions in excess of subsidiaries (6,109,891 ) (3,454,464 ) 4,585,747 Deferred income taxes (237,281 ) (633,608 ) (196,399 ) Accretion of purchase accounting adjustment - (109,829 ) (65,897 ) Stock award plan expense 136,138 615,385 517,053 Changes in: Prepaid expenses and other assets 118,386 (28,124 ) (113,711 ) Income taxes payable/refundable (193,812 ) 157,458 (341,404 ) Accrued expenses 270,503 (26,374 ) (1,360,728 ) Net cash provided by operating activities 816,257 5,935,534 10,356,540 Cash Flows From Investing Activities Capital contributions to subsidiary bank - - (5,000,000 ) Cash paid for acquistion - - (4,627,810 ) Net cash used in investing activities - - (9,627,810 ) Cash Flows From Financing Activities Proceeds from stock options exercised - 90,000 166,230 Cash dividends paid on common stock (2,615,028 ) (2,313,661 ) (2,132,221 ) Proceeds from issuance of notes payable 1,800,000 7,450,000 5,000,000 Proceeds from issuance of subordinated notes, net 19,545,555 - - Repayment of notes payable (13,000,000 ) (1,250,000 ) (3,000,000 ) Repayment of Capital Trust - (6,000,000 ) - Treasury Stock purchased (390,268 ) (3,604,879 ) - Net cash provided by (used in) financing activities 5,340,259 (5,628,540 ) 34,009 Increase in cash 6,156,516 306,994 762,739 Cash, beginning of year 1,783,729 1,476,735 713,996 Cash, end of year $ 7,940,245 $ 1,783,729 $ 1,476,735 |
Condensed Statement of Comprehensive Income [Table Text Block] | Statements of Comprehensive Income Years ended December 31, 2020 2019 2018 NET INCOME $ 6,832,214 $ 9,415,090 $ 7,331,879 OTHER ITEMS OF COMPREHENSIVE INCOME: Change in unrealized loss on interest rate swaps, before income taxes (620,521 ) (560,388 ) - Income tax benefit related to other items of comprehensive income (140,519 ) (142,899 ) - Other comprehensive loss (480,002 ) (417,489 ) - Comprehensive income (loss) of Bank 857,659 439,210 (246,563 ) TOTAL COMPREHENSIVE INCOME $ 7,209,871 $ 9,436,811 $ 7,085,316 |
Note 26 - Unaudited Quarterly_2
Note 26 - Unaudited Quarterly Operating Results (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2020, Quarter ended Mar-20 Jun-20 Sep-20 Dec-20 Interest income $ 10,798,857 $ 10,159,058 $ 9,968,256 $ 9,943,705 Interest expense 3,086,525 2,136,409 2,236,743 2,151,524 Net interest income 7,712,332 8,022,649 7,731,513 7,792,181 Provision for loan losses 500,000 750,000 950,000 1,400,000 Gain on loans and investment securities 571,310 1,018,516 1,992,185 1,199,622 Other noninterest income, net 1,527,822 1,294,202 1,278,146 1,191,641 Noninterest expense 6,798,629 7,253,331 7,735,249 7,877,518 Income before income taxes 2,512,835 2,332,036 2,316,595 905,926 Provision for income taxes 407,990 448,653 418,819 (40,284 ) Net income available to common shareholders $ 2,104,845 $ 1,883,383 $ 1,897,776 $ 946,210 Basic income per common share $ 0.49 $ 0.43 $ 0.44 $ 0.22 Diluted income per common share $ 0.49 $ 0.43 $ 0.43 $ 0.22 Year Ended December 31, 2019, Quarter ended Mar-19 Jun-19 Sep-19 Dec-19 Interest income $ 11,096,436 $ 11,299,507 $ 11,581,621 $ 11,248,939 Interest expense 3,321,718 3,449,152 3,459,478 3,304,666 Net interest income 7,774,718 7,850,355 8,122,143 7,944,273 Provision for loan losses - 100,000 100,000 - Gain on loans and investment securities 645,469 888,300 1,055,589 752,688 Other noninterest income, net 918,866 1,045,038 881,541 917,402 Noninterest expense 6,843,559 6,826,483 6,953,456 6,874,636 Income before income taxes 2,495,494 2,857,210 3,005,817 2,739,727 Provision for income taxes 375,130 428,711 455,275 424,042 Net income available to common shareholders $ 2,120,364 $ 2,428,499 $ 2,550,542 $ 2,315,685 Basic income per common share $ 0.48 $ 0.55 $ 0.58 $ 0.54 Diluted income per common share $ 0.47 $ 0.54 $ 0.57 $ 0.53 |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations and Summary of Significant Accounting Policies (Details Textual) - USD ($) | Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 02, 2018 |
Goodwill, Ending Balance | $ 1,434,982 | $ 1,434,982 | |||
Finite-Lived Intangible Assets, Net, Ending Balance | 2,026,910 | $ 2,503,910 | |||
Cash Reserve Deposit Required and Made | 0 | ||||
Capital Conservation Buffer | 2.50% | ||||
Cash, Uninsured Amount | 70,900,000 | ||||
Interest-bearing Deposits in Banks and Other Financial Institutions | 142,056,538 | $ 87,557,842 | |||
Federal Reserve Bank [Member] | |||||
Interest-bearing Deposits in Banks and Other Financial Institutions | 65,100,000 | ||||
Hometown Bancshares, Inc. [Member] | |||||
Goodwill, Ending Balance | $ 1,434,982 | 1,434,982 | $ 1,400,000 | $ 1,400,000 | |
Hometown Bancshares, Inc. [Member] | Core Deposits [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | 7 years | |||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 2,026,910 | $ 2,503,910 | $ 3,520,000 |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations and Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Premises and equipment, useful life (Year) | 35 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Premises and equipment, useful life (Year) | 40 years |
Furniture and Fixtures and Vehicles [Member] | Minimum [Member] | |
Premises and equipment, useful life (Year) | 3 years |
Furniture and Fixtures and Vehicles [Member] | Maximum [Member] | |
Premises and equipment, useful life (Year) | 10 years |
Note 1 - Nature of Operations_5
Note 1 - Nature of Operations and Summary of Significant Accounting Policies - Capital Amounts and Ratios (Details) - Bank [Member] $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Bank Leverage Capital, Actual | $ 111,098 | $ 104,480 |
Bank Leverage Capital, Ratio | 0.100 | 0.105 |
Bank Leverage Capital, to be Well Capitalized | $ 89,175 | $ 50,103 |
Bank Leverage Capital, to be Well Capitalized, Ratio | 0.080 | 0.050 |
Tier 1 (core) capital to adjusted assets, for capital adequacy, amount | $ 40,083 | |
Tier 1 (core) capital to adjusted assets, for capital adequacy, ratio | 0.040 | |
Tier 1 (core) capital to risk-weighted assets, actual, amount | $ 104,480 | |
Tier 1 (core) capital to risk-weighted assets, actual, ratio | 0.124 | |
Tier 1 (core) capital to risk-weighted assets, for capital adequacy, amount | $ 50,727 | |
Tier 1 (core) capital to risk-weighted assets, for capital adequacy, ratio | 0.060 | |
Tier 1 (core) capital to risk-weighted assets, under prompt corrective action, amount | $ 67,636 | |
Tier 1 (core) capital to risk-weighted assets, under prompt corrective action, ratio | 0.080 | |
Total risk-based capital, actual, amount | $ 112,088 | |
Total risk-based capital, actual, ratio | 0.133 | |
Total risk-based capital, for capital adequacy, amount | $ 67,636 | |
Total risk-based capital, for capital adequacy, ratio | 0.080 | |
Total risk-based capital, under prompt corrective action, amount | $ 84,545 | |
Total risk-based capital, under prompt corrective action, ratio | 0.100 | |
Common equity tier 1 capital to risk-weighted assets, amount | $ 104,480 | |
Common equity tier 1 capital to risk-weighted assets, ratio | 0.124 | |
Common equity tier 1 capital to risk-weighted assets for capital adequacy, amount | $ 38,045 | |
Common equity tier 1 capital to risk-weighted assets, for capital adequacy, ratio | 0.045 | |
Common equity tier 1 capital to risk-weighted assets, under prompt corrective action, amount | $ 54,954 | |
Common equity tier 1 capital to risk-weighted assets, under prompt corrective action, ratio | 0.065 |
Note 1 - Nature of Operations_6
Note 1 - Nature of Operations and Summary of Significant Accounting Policies - Earnings Per Common Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income available to common shareholders | $ 6,832,214 | $ 9,415,090 | $ 7,331,879 | ||||||||
Weighted average common shares outstanding (in shares) | 4,330,525 | 4,405,575 | 4,410,422 | ||||||||
Effect of dilutive securities (in shares) | 19,499 | 57,984 | 72,261 | ||||||||
Weighted average diluted shares outstanding (in shares) | 4,350,024 | 4,463,559 | 4,482,683 | ||||||||
Basic income per common share (in dollars per share) | $ 0.22 | $ 0.44 | $ 0.43 | $ 0.49 | $ 0.54 | $ 0.58 | $ 0.55 | $ 0.48 | $ 1.58 | $ 2.14 | $ 1.66 |
Diluted income per common share (in dollars per share) | $ 0.22 | $ 0.43 | $ 0.43 | $ 0.49 | $ 0.53 | $ 0.57 | $ 0.54 | $ 0.47 | $ 1.57 | $ 2.11 | $ 1.64 |
Note 2 - Acquisition (Details T
Note 2 - Acquisition (Details Textual) - USD ($) | Apr. 02, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 1,434,982 | $ 1,434,982 | ||
Hometown Bancshares, Inc. [Member] | ||||
Business Acquisition, Share Price (in dollars per share) | $ 20 | |||
Business Combination, Consideration Transferred, Total | $ 4,600,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 180,000,000 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans, Net | 143,900,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deposits | 161,200,000 | |||
Goodwill, Ending Balance | $ 1,400,000 | 1,434,982 | $ 1,434,982 | $ 1,400,000 |
Business Combination, Acquired Receivables, Remaining Discount | $ 550,000 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Security Owned and Pledged as Collateral, Fair Value, Total | $ 8,749,409 | $ 5,358,929 | |
Debt Securities, Available-for-sale, Realized Gain | 552,366 | 244,777 | $ 48,931 |
Debt Securities, Available-for-sale, Realized Loss | 91,337 | 155,213 | 57,022 |
Available-for-sale Debt Securities, Gross Realized Gain (Loss), Tax Effect | 96,816 | 18,809 | $ 2,063 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Total | $ 30,049,473 | $ 42,570,363 | |
Percentage of Available-for-sale Debt Securities in Continuous Unrealized Loss Position to Total Investment Portfolio | 18.00% | 36.00% |
Note 3 - Securities - Available
Note 3 - Securities - Available-for-sale Debt Securities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Available-for-sale securities, amortized cost | $ 159,249,817 | $ 117,152,760 |
Available-for-sale securities, gross unrealized gains | 5,185,301 | 1,468,000 |
Available-for-sale securities, gross unrealized (losses) | (314,249) | (375,446) |
Available-for-sale securities | 164,120,869 | 118,245,314 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 6,282,000 | 2,499,755 |
Available-for-sale securities, gross unrealized gains | 6,519 | 0 |
Available-for-sale securities, gross unrealized (losses) | (4,885) | (11,962) |
Available-for-sale securities | 6,283,634 | 2,487,793 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 58,754,912 | 35,625,038 |
Available-for-sale securities, gross unrealized gains | 3,241,133 | 675,382 |
Available-for-sale securities, gross unrealized (losses) | (26,991) | (125,693) |
Available-for-sale securities | 61,969,054 | 36,174,727 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 30,510,893 | 15,395,190 |
Available-for-sale securities, gross unrealized gains | 261,740 | 154,942 |
Available-for-sale securities, gross unrealized (losses) | (171,811) | (14,945) |
Available-for-sale securities | 30,600,822 | 15,535,187 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities, amortized cost | 5,399,385 | |
Available-for-sale securities, gross unrealized gains | 55,712 | |
Available-for-sale securities, gross unrealized (losses) | (10,650) | |
Available-for-sale securities | 5,444,447 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities, amortized cost | 13,788,728 | |
Available-for-sale securities, gross unrealized gains | 52,035 | |
Available-for-sale securities, gross unrealized (losses) | (29,392) | |
Available-for-sale securities | 13,811,371 | |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale securities, amortized cost | 9,249,375 | |
Available-for-sale securities, gross unrealized gains | 228,469 | |
Available-for-sale securities, gross unrealized (losses) | (25,747) | |
Available-for-sale securities | 9,452,097 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities, amortized cost | 49,053,252 | 49,844,049 |
Available-for-sale securities, gross unrealized gains | 1,391,728 | 585,641 |
Available-for-sale securities, gross unrealized (losses) | (74,165) | (193,454) |
Available-for-sale securities | $ 50,370,815 | $ 50,236,236 |
Note 3 - Securities - Availab_2
Note 3 - Securities - Available-for-sale Securities by Maturity (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
1-5 years, amortized cost | $ 1,150,000 | |
1-5 years, fair value | 1,149,433 | |
5-10 years, amortized cost | 36,190,647 | |
5-10 years, fair value | 36,551,663 | |
After 10 years, amortized cost | 58,207,158 | |
After 10 years, fair value | 61,152,414 | |
Available-for-sale securities, amortized cost | 159,249,817 | $ 117,152,760 |
Available-for-sale securities | 164,120,869 | 118,245,314 |
Commercial Mortgage Backed Securities [Member] | ||
Not due on a single maturity date, amortized cost | 5,399,385 | |
Not due on a single maturity date, fair value | 5,444,447 | |
Available-for-sale securities, amortized cost | 5,399,385 | |
Available-for-sale securities | 5,444,447 | |
Residential Mortgage Backed Securities [Member] | ||
Not due on a single maturity date, amortized cost | 9,249,375 | |
Not due on a single maturity date, fair value | 9,452,097 | |
Available-for-sale securities, amortized cost | 9,249,375 | |
Available-for-sale securities | 9,452,097 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Not due on a single maturity date, amortized cost | 49,053,252 | |
Not due on a single maturity date, fair value | 50,370,815 | |
Available-for-sale securities, amortized cost | 49,053,252 | 49,844,049 |
Available-for-sale securities | $ 50,370,815 | $ 50,236,236 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Securities, continuous unrealized loss position, less than 12 months, fair value | $ 30,049,473 | $ 39,551,825 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (314,249) | (307,898) |
Securities, continuous unrealized loss position, 12 months or more, fair value | 0 | 3,018,538 |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | 0 | (67,548) |
Securities, continuous unrealized loss position, fair value | 30,049,473 | 42,570,363 |
Securities, continuous unrealized loss position, unrealized losses | (314,249) | (375,446) |
US Government Agencies Debt Securities [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 1,495,116 | 2,487,795 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (4,885) | (11,962) |
Securities, continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 0 |
Securities, continuous unrealized loss position, fair value | 1,495,116 | 2,487,795 |
Securities, continuous unrealized loss position, unrealized losses | (4,885) | (11,962) |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 4,011,492 | 7,083,208 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (26,991) | (125,693) |
Securities, continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 0 |
Securities, continuous unrealized loss position, fair value | 4,011,492 | 7,083,208 |
Securities, continuous unrealized loss position, unrealized losses | (26,991) | (125,693) |
Corporate Debt Securities [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 14,869,853 | 2,452,005 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (171,811) | (14,945) |
Securities, continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | 0 | 0 |
Securities, continuous unrealized loss position, fair value | 14,869,853 | 2,452,005 |
Securities, continuous unrealized loss position, unrealized losses | (171,811) | (14,945) |
Commercial Mortgage Backed Securities [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 1,481,805 | |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (10,650) | |
Securities, continuous unrealized loss position, 12 months or more, fair value | 0 | |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | 0 | |
Securities, continuous unrealized loss position, fair value | 1,481,805 | |
Securities, continuous unrealized loss position, unrealized losses | (10,650) | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 9,416,669 | |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (29,392) | |
Securities, continuous unrealized loss position, 12 months or more, fair value | 0 | |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | 0 | |
Securities, continuous unrealized loss position, fair value | 9,416,669 | |
Securities, continuous unrealized loss position, unrealized losses | (29,392) | |
Residential Mortgage Backed Securities [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 2,391,511 | |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (25,747) | |
Securities, continuous unrealized loss position, 12 months or more, fair value | 0 | |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | 0 | |
Securities, continuous unrealized loss position, fair value | 2,391,511 | |
Securities, continuous unrealized loss position, unrealized losses | (25,747) | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities, continuous unrealized loss position, less than 12 months, fair value | 5,799,696 | 18,112,148 |
Securities, continuous unrealized loss position, less than 12 months, unrealized losses | (74,165) | (125,906) |
Securities, continuous unrealized loss position, 12 months or more, fair value | 0 | 3,018,538 |
Securities, continuous unrealized loss position, 12 months or more, unrealized losses | 0 | (67,548) |
Securities, continuous unrealized loss position, fair value | 5,799,696 | 21,130,686 |
Securities, continuous unrealized loss position, unrealized losses | $ (74,165) | $ (193,454) |
Note 4 - Loans and Allowance _3
Note 4 - Loans and Allowance for Loan Losses (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Allowance for Loan and Lease Losses, Write-offs | $ 1,710,000 | $ 1,055,000 | $ 537,000 |
Financing Receivable, COVID-19, Modifications, Number of Contracts | 20 | ||
Financing Receivable, COVID-19, Modifications, Amount | $ 28,557,924 | ||
Financing Receivable, COVID-19, Modifications, Resumed Scheduled Payment, Percentage of Loan | 84.00% | ||
Financing Receivable, COVID-19, Modifications, Projected to Return to Contractual Payment Terms, Percentage of Loan | 16.00% | ||
Loans and Leases Receivable, Net Amount, Total | $ 742,149,271 | 720,732,402 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 2,542,000 | $ 2,835,000 | 3,173,000 |
Weighted Average Interest Rate On Loans Receivable | 4.45% | 5.65% | |
Mortgage Receivable [Member] | |||
Servicing Asset at Amortized Cost, Ending Balance | $ 24,868 | $ 29,222 | |
Commercial Loans [Member] | |||
Servicing Asset at Amortized Cost, Ending Balance | 62,261,930 | 51,381,794 | |
Substandard [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 2,500,000 | 3,200,000 | |
Commercial Portfolio Segment [Member] | |||
Allowance for Loan and Lease Losses, Write-offs | 709,000 | 381,000 | 110,000 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 132,000 | 184,000 | $ 216,000 |
Commercial Portfolio Segment [Member] | SBA CARES Act Paycheck Protection Program [Member] | |||
Loans and Leases Receivable, Net Amount, Total | $ 37,300,000 | ||
Troubled Debt Restructurings [Member] | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease), Total | $ 37,379 |
Note 4 - Loans and Allowance _4
Note 4 - Loans and Allowance for Loan Losses - Loans by Category (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans receivable | $ 753,408,413 | $ 728,914,025 | ||
Allowance for loan losses | (9,617,024) | (7,607,587) | $ (7,996,000) | $ (7,107,000) |
Deferred loan fees/costs, net | (1,642,118) | (574,036) | ||
Net loans | 742,149,271 | 720,732,402 | ||
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||||
Loans receivable | 115,799,200 | 118,823,731 | ||
Allowance for loan losses | (1,445,000) | (1,001,000) | (1,297,000) | (946,000) |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||||
Loans receivable | 90,028,775 | 87,448,418 | ||
Allowance for loan losses | (1,058,000) | (746,000) | (641,000) | (464,000) |
Real Estate, Construction [Member] | ||||
Loans receivable | 70,847,330 | 77,308,551 | ||
Allowance for loan losses | (1,132,000) | (1,749,000) | (2,306,000) | (2,244,000) |
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans receivable | 305,673,212 | 300,619,387 | ||
Allowance for loan losses | (3,624,000) | (2,267,000) | (2,093,000) | (1,789,000) |
Commercial Portfolio Segment [Member] | ||||
Loans receivable | 144,326,350 | 114,047,753 | ||
Allowance for loan losses | (1,129,000) | (1,129,000) | $ (1,160,000) | $ (1,031,000) |
Consumer and Other Loans [Member] | ||||
Loans receivable | $ 26,733,546 | $ 30,666,185 |
Note 4 - Loans and Allowance _5
Note 4 - Loans and Allowance for Loan Losses - Loans by Aging (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Loans receivable, past due | $ 13,504,000 | $ 1,356,000 |
Loans receivable, current | 739,904,000 | 727,558,000 |
Loans receivable | 753,408,413 | 728,914,025 |
Loans receivable, past due and accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 2,752,000 | 645,000 |
Loans receivable, current | 113,047,000 | 118,179,000 |
Loans receivable | 115,799,200 | 118,823,731 |
Loans receivable, past due and accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | 0 | 0 |
Loans receivable, current | 90,029,000 | 87,448,000 |
Loans receivable | 90,028,775 | 87,448,418 |
Loans receivable, past due and accruing | 0 | 0 |
Real Estate, Construction [Member] | ||
Loans receivable, past due | 5,428,000 | 338,000 |
Loans receivable, current | 65,419,000 | 76,971,000 |
Loans receivable | 70,847,330 | 77,308,551 |
Loans receivable, past due and accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | 501,000 | 43,000 |
Loans receivable, current | 305,172,000 | 300,576,000 |
Loans receivable | 305,673,212 | 300,619,387 |
Loans receivable, past due and accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | 4,791,000 | 256,000 |
Loans receivable, current | 139,535,000 | 113,792,000 |
Loans receivable | 144,326,350 | 114,047,753 |
Loans receivable, past due and accruing | 0 | 0 |
Consumer and Other Loans [Member] | ||
Loans receivable, past due | 32,000 | 74,000 |
Loans receivable, current | 26,702,000 | 30,592,000 |
Loans receivable | 26,733,546 | 30,666,185 |
Loans receivable, past due and accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans receivable, past due | 2,142,000 | 603,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 623,000 | 83,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Real Estate, Construction [Member] | ||
Loans receivable, past due | 1,239,000 | 338,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | 264,000 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | 6,000 | 134,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer and Other Loans [Member] | ||
Loans receivable, past due | 10,000 | 48,000 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans receivable, past due | 1,136,000 | 568,000 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 1,058,000 | 437,000 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Real Estate, Construction [Member] | ||
Loans receivable, past due | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | 76,000 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | 1,000 | 105,000 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer and Other Loans [Member] | ||
Loans receivable, past due | 1,000 | 26,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans receivable, past due | 10,226,000 | 185,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable, past due | 1,071,000 | 125,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable, past due | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Real Estate, Construction [Member] | ||
Loans receivable, past due | 4,189,000 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable, past due | 161,000 | 43,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable, past due | 4,784,000 | 17,000 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer and Other Loans [Member] | ||
Loans receivable, past due | $ 21,000 | $ 0 |
Note 4 - Loans and Allowance _6
Note 4 - Loans and Allowance for Loan Losses - Nonaccruing Loans (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Nonaccruing loans | $ 18,628,598 | $ 10,003,477 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Nonaccruing loans | 3,086,159 | 2,398,379 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Nonaccruing loans | 0 | 0 |
Real Estate, Construction [Member] | ||
Nonaccruing loans | 6,239,326 | 3,738,410 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccruing loans | 3,932,241 | 2,941,143 |
Commercial Portfolio Segment [Member] | ||
Nonaccruing loans | 5,249,782 | 855,761 |
Consumer and Other Loans [Member] | ||
Nonaccruing loans | $ 121,090 | $ 69,784 |
Note 4 - Loans and Allowance _7
Note 4 - Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, beginning of year | $ 7,607,587 | $ 7,996,000 | $ 7,607,587 | $ 7,996,000 | $ 7,107,000 | ||||||
Provision for Loan Losses | $ 1,400,000 | $ 950,000 | $ 750,000 | 500,000 | $ 0 | $ 100,000 | $ 100,000 | 0 | 3,600,000 | 200,000 | 1,225,000 |
Losses charged off | (1,710,000) | (1,055,000) | (537,000) | ||||||||
Recoveries | 119,000 | 467,000 | 201,000 | ||||||||
Balance, end of year | 9,617,024 | 7,607,587 | 9,617,024 | 7,607,587 | 7,996,000 | ||||||
Ending balance: individually evaluated for impairment | 420,000 | 1,094,000 | 420,000 | 1,094,000 | 1,612,000 | ||||||
Ending balance: collectively evaluated for impairment | 9,196,000 | 6,514,000 | 9,196,000 | 6,514,000 | 6,384,000 | ||||||
Ending balance: loans acquired with deteriorated credit quality | 1,000 | 0 | 1,000 | 0 | 0 | ||||||
Ending balance: individually evaluated for impairment | 16,472,000 | 9,133,000 | 16,472,000 | 9,133,000 | 17,379,000 | ||||||
Ending balance: collectively evaluated for impairment | 734,394,000 | 716,946,000 | 734,394,000 | 716,946,000 | 766,343,000 | ||||||
Carrying amount, net of fair value adjustment | 2,542,000 | 2,835,000 | 2,542,000 | 2,835,000 | 3,173,000 | ||||||
Real Estate, Construction [Member] | |||||||||||
Balance, beginning of year | 1,749,000 | 2,306,000 | 1,749,000 | 2,306,000 | 2,244,000 | ||||||
Provision for Loan Losses | 121,000 | (809,000) | (35,000) | ||||||||
Losses charged off | (738,000) | 0 | 0 | ||||||||
Recoveries | 0 | 252,000 | 97,000 | ||||||||
Balance, end of year | 1,132,000 | 1,749,000 | 1,132,000 | 1,749,000 | 2,306,000 | ||||||
Ending balance: individually evaluated for impairment | 114,000 | 553,000 | 114,000 | 553,000 | 552,000 | ||||||
Ending balance: collectively evaluated for impairment | 1,018,000 | 1,196,000 | 1,018,000 | 1,196,000 | 1,754,000 | ||||||
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: individually evaluated for impairment | 6,239,000 | 4,742,000 | 6,239,000 | 4,742,000 | 4,088,000 | ||||||
Ending balance: collectively evaluated for impairment | 64,608,000 | 72,567,000 | 64,608,000 | 72,567,000 | 84,507,000 | ||||||
Carrying amount, net of fair value adjustment | 0 | 0 | 0 | 0 | 0 | ||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||||
Balance, beginning of year | 2,267,000 | 2,093,000 | 2,267,000 | 2,093,000 | 1,789,000 | ||||||
Provision for Loan Losses | 1,350,000 | 265,000 | 339,000 | ||||||||
Losses charged off | 0 | (122,000) | (37,000) | ||||||||
Recoveries | 7,000 | 31,000 | 2,000 | ||||||||
Balance, end of year | 3,624,000 | 2,267,000 | 3,624,000 | 2,267,000 | 2,093,000 | ||||||
Ending balance: individually evaluated for impairment | 117,000 | 24,000 | 117,000 | 24,000 | 106,000 | ||||||
Ending balance: collectively evaluated for impairment | 3,507,000 | 2,243,000 | 3,507,000 | 2,243,000 | 1,987,000 | ||||||
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: individually evaluated for impairment | 1,810,000 | 650,000 | 1,810,000 | 650,000 | 1,588,000 | ||||||
Ending balance: collectively evaluated for impairment | 301,453,000 | 297,318,000 | 301,453,000 | 297,318,000 | 317,488,000 | ||||||
Carrying amount, net of fair value adjustment | 2,410,000 | 2,651,000 | 2,410,000 | 2,651,000 | 2,782,000 | ||||||
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | |||||||||||
Balance, beginning of year | 1,001,000 | 1,297,000 | 1,001,000 | 1,297,000 | 946,000 | ||||||
Provision for Loan Losses | 440,000 | (32,000) | 327,000 | ||||||||
Losses charged off | (2,000) | (272,000) | (8,000) | ||||||||
Recoveries | 6,000 | 8,000 | 32,000 | ||||||||
Balance, end of year | 1,445,000 | 1,001,000 | 1,445,000 | 1,001,000 | 1,297,000 | ||||||
Ending balance: individually evaluated for impairment | 112,000 | 197,000 | 112,000 | 197,000 | 573,000 | ||||||
Ending balance: collectively evaluated for impairment | 1,333,000 | 804,000 | 1,333,000 | 804,000 | 724,000 | ||||||
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: individually evaluated for impairment | 3,110,000 | 2,613,000 | 3,110,000 | 2,613,000 | 4,520,000 | ||||||
Ending balance: collectively evaluated for impairment | 112,689,000 | 116,211,000 | 112,689,000 | 116,211,000 | 128,258,000 | ||||||
Carrying amount, net of fair value adjustment | 0 | 0 | 0 | 0 | 0 | ||||||
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | |||||||||||
Balance, beginning of year | 746,000 | 641,000 | 746,000 | 641,000 | 464,000 | ||||||
Provision for Loan Losses | 312,000 | 105,000 | 177,000 | ||||||||
Losses charged off | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Balance, end of year | 1,058,000 | 746,000 | 1,058,000 | 746,000 | 641,000 | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: collectively evaluated for impairment | 1,058,000 | 746,000 | 1,058,000 | 746,000 | 641,000 | ||||||
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 5,952,000 | ||||||
Ending balance: collectively evaluated for impairment | 90,029,000 | 87,448,000 | 90,029,000 | 87,448,000 | 84,663,000 | ||||||
Carrying amount, net of fair value adjustment | 0 | 0 | 0 | 0 | 0 | ||||||
Commercial Portfolio Segment [Member] | |||||||||||
Balance, beginning of year | 1,129,000 | 1,160,000 | 1,129,000 | 1,160,000 | 1,031,000 | ||||||
Provision for Loan Losses | 669,000 | 225,000 | 222,000 | ||||||||
Losses charged off | (709,000) | (381,000) | (110,000) | ||||||||
Recoveries | 40,000 | 125,000 | 17,000 | ||||||||
Balance, end of year | 1,129,000 | 1,129,000 | 1,129,000 | 1,129,000 | 1,160,000 | ||||||
Ending balance: individually evaluated for impairment | 62,000 | 299,000 | 62,000 | 299,000 | 363,000 | ||||||
Ending balance: collectively evaluated for impairment | 1,066,000 | 830,000 | 1,066,000 | 830,000 | 797,000 | ||||||
Ending balance: loans acquired with deteriorated credit quality | 1,000 | 0 | 1,000 | 0 | 0 | ||||||
Ending balance: individually evaluated for impairment | 5,111,000 | 908,000 | 5,111,000 | 908,000 | 1,062,000 | ||||||
Ending balance: collectively evaluated for impairment | 139,083,000 | 112,956,000 | 139,083,000 | 112,956,000 | 118,459,000 | ||||||
Carrying amount, net of fair value adjustment | 132,000 | 184,000 | 132,000 | 184,000 | 216,000 | ||||||
Consumer Portfolio Segment [Member] | |||||||||||
Balance, beginning of year | 443,000 | 373,000 | 443,000 | 373,000 | 454,000 | ||||||
Provision for Loan Losses | 323,000 | 299,000 | 248,000 | ||||||||
Losses charged off | (261,000) | (280,000) | (382,000) | ||||||||
Recoveries | 66,000 | 51,000 | 53,000 | ||||||||
Balance, end of year | 571,000 | 443,000 | 571,000 | 443,000 | 373,000 | ||||||
Ending balance: individually evaluated for impairment | 15,000 | 21,000 | 15,000 | 21,000 | 18,000 | ||||||
Ending balance: collectively evaluated for impairment | 556,000 | 422,000 | 556,000 | 422,000 | 355,000 | ||||||
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: individually evaluated for impairment | 202,000 | 220,000 | 202,000 | 220,000 | 169,000 | ||||||
Ending balance: collectively evaluated for impairment | 26,532,000 | 30,446,000 | 26,532,000 | 30,446,000 | 32,968,000 | ||||||
Carrying amount, net of fair value adjustment | 0 | 0 | 0 | 0 | 175,000 | ||||||
Unallocated Financing Receivables [Member] | |||||||||||
Balance, beginning of year | $ 273,000 | $ 126,000 | 273,000 | 126,000 | 179,000 | ||||||
Provision for Loan Losses | 385,000 | 147,000 | (53,000) | ||||||||
Losses charged off | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Balance, end of year | 658,000 | 273,000 | 658,000 | 273,000 | 126,000 | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: collectively evaluated for impairment | 658,000 | 273,000 | 658,000 | 273,000 | 126,000 | ||||||
Ending balance: loans acquired with deteriorated credit quality | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Ending balance: collectively evaluated for impairment | 0 | 0 | 0 | 0 | 0 | ||||||
Carrying amount, net of fair value adjustment | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Note 4 - Loans and Allowance _8
Note 4 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation allowance | $ 421 | $ 1,096 |
Loans recorded balance | 19,014 | 11,968 |
Loans unpaid principal | 20,985 | 13,201 |
Loans average investment in impaired loans | 11,908 | 17,291 |
Loans interest income recognized | 17 | 7 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans without a specific valuation allowance, recorded balance | 2,780 | 1,392 |
Loans without a specific valuation allowance, unpaid principal | 2,780 | 1,392 |
Loans without a specific valuation allowance, average investment in impaired loans | 1,199 | 1,075 |
Loans without a specific valuation allowance, interest income recognized | 0 | 1 |
Loans with a specific valuation allowance, recorded balance | 330 | 1,221 |
Loans with a specific valuation allowance, unpaid principal | 330 | 1,221 |
Valuation allowance | 112 | 197 |
Loans with a specific valuation allowance, average investment in impaired loans | 1,183 | 1,781 |
Loans with a specific valuation allowance, interest income recognized | 0 | 0 |
Loans recorded balance | 3,110 | 2,613 |
Loans unpaid principal | 3,110 | 2,613 |
Loans average investment in impaired loans | 2,382 | 2,856 |
Loans interest income recognized | 0 | 1 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans without a specific valuation allowance, recorded balance | 0 | 0 |
Loans without a specific valuation allowance, unpaid principal | 0 | 0 |
Loans without a specific valuation allowance, average investment in impaired loans | 0 | 5,438 |
Loans without a specific valuation allowance, interest income recognized | 0 | 0 |
Loans with a specific valuation allowance, recorded balance | 0 | 0 |
Loans with a specific valuation allowance, unpaid principal | 0 | 0 |
Valuation allowance | 0 | 0 |
Loans with a specific valuation allowance, average investment in impaired loans | 0 | 0 |
Loans with a specific valuation allowance, interest income recognized | 0 | 0 |
Loans recorded balance | 0 | 0 |
Loans unpaid principal | 0 | 0 |
Loans average investment in impaired loans | 0 | 5,438 |
Loans interest income recognized | 0 | 0 |
Real Estate, Construction [Member] | ||
Loans without a specific valuation allowance, recorded balance | 5,081 | 0 |
Loans without a specific valuation allowance, unpaid principal | 5,081 | 0 |
Loans without a specific valuation allowance, average investment in impaired loans | 423 | 0 |
Loans without a specific valuation allowance, interest income recognized | 0 | 0 |
Loans with a specific valuation allowance, recorded balance | 1,158 | 4,742 |
Loans with a specific valuation allowance, unpaid principal | 3,129 | 5,975 |
Valuation allowance | 114 | 553 |
Loans with a specific valuation allowance, average investment in impaired loans | 4,093 | 3,924 |
Loans with a specific valuation allowance, interest income recognized | 0 | 0 |
Loans recorded balance | 6,239 | 4,742 |
Loans unpaid principal | 8,210 | 5,975 |
Loans average investment in impaired loans | 4,516 | 3,924 |
Loans interest income recognized | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans without a specific valuation allowance, recorded balance | 3,419 | 3,199 |
Loans without a specific valuation allowance, unpaid principal | 3,419 | 3,199 |
Loans without a specific valuation allowance, average investment in impaired loans | 3,152 | 3,274 |
Loans without a specific valuation allowance, interest income recognized | 4 | 4 |
Loans with a specific valuation allowance, recorded balance | 801 | 162 |
Loans with a specific valuation allowance, unpaid principal | 801 | 162 |
Valuation allowance | 117 | 24 |
Loans with a specific valuation allowance, average investment in impaired loans | 365 | 533 |
Loans with a specific valuation allowance, interest income recognized | 0 | 0 |
Loans recorded balance | 4,220 | 3,361 |
Loans unpaid principal | 4,220 | 3,361 |
Loans average investment in impaired loans | 3,517 | 3,807 |
Loans interest income recognized | 4 | 4 |
Commercial Portfolio Segment [Member] | ||
Loans without a specific valuation allowance, recorded balance | 4,902 | 33 |
Loans without a specific valuation allowance, unpaid principal | 4,902 | 33 |
Loans without a specific valuation allowance, average investment in impaired loans | 455 | 127 |
Loans without a specific valuation allowance, interest income recognized | 0 | 0 |
Loans with a specific valuation allowance, recorded balance | 341 | 999 |
Loans with a specific valuation allowance, unpaid principal | 341 | 999 |
Valuation allowance | 63 | 301 |
Loans with a specific valuation allowance, average investment in impaired loans | 792 | 756 |
Loans with a specific valuation allowance, interest income recognized | 0 | 0 |
Loans recorded balance | 5,243 | 1,032 |
Loans unpaid principal | 5,243 | 1,032 |
Loans average investment in impaired loans | 1,247 | 883 |
Loans interest income recognized | 0 | 0 |
Consumer and Other Loans [Member] | ||
Loans without a specific valuation allowance, recorded balance | 100 | 70 |
Loans without a specific valuation allowance, unpaid principal | 100 | 70 |
Loans without a specific valuation allowance, average investment in impaired loans | 110 | 230 |
Loans without a specific valuation allowance, interest income recognized | 13 | 2 |
Loans with a specific valuation allowance, recorded balance | 102 | 150 |
Loans with a specific valuation allowance, unpaid principal | 102 | 150 |
Valuation allowance | 15 | 21 |
Loans with a specific valuation allowance, average investment in impaired loans | 136 | 153 |
Loans with a specific valuation allowance, interest income recognized | 0 | 0 |
Loans recorded balance | 202 | 220 |
Loans unpaid principal | 202 | 220 |
Loans average investment in impaired loans | 246 | 383 |
Loans interest income recognized | $ 13 | $ 2 |
Note 4 - Loans and Allowance _9
Note 4 - Loans and Allowance for Loan Losses - COVID-19 Modifications (Details) | Dec. 31, 2020USD ($) |
# Loans Modified | 20 |
Amount of Loans Modified | $ 28,557,924 |
Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 123,236 |
Interest Only 4 to 6 Months [Member] | |
Amount of Loans Modified | 380,893 |
Full Payment Deferral 3 Months [Member] | |
Amount of Loans Modified | 168,852 |
Full Payment Deferral 3 Months + Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 1,849,520 |
Full Payment Deferral 3 Months + Interest Only > 3 Months [Member] | |
Amount of Loans Modified | 13,069,728 |
Full Payment Deferral > 6 Months [Member] | |
Amount of Loans Modified | $ 12,965,695 |
Hotel/Motel [Member] | |
# Loans Modified | 9 |
Amount of Loans Modified | $ 16,018,273 |
Hotel/Motel [Member] | Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 0 |
Hotel/Motel [Member] | Interest Only 4 to 6 Months [Member] | |
Amount of Loans Modified | 0 |
Hotel/Motel [Member] | Full Payment Deferral 3 Months [Member] | |
Amount of Loans Modified | 0 |
Hotel/Motel [Member] | Full Payment Deferral 3 Months + Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 1,849,520 |
Hotel/Motel [Member] | Full Payment Deferral 3 Months + Interest Only > 3 Months [Member] | |
Amount of Loans Modified | 7,962,876 |
Hotel/Motel [Member] | Full Payment Deferral > 6 Months [Member] | |
Amount of Loans Modified | $ 6,205,877 |
Theatre [Member] | |
# Loans Modified | 5 |
Amount of Loans Modified | $ 10,586,792 |
Theatre [Member] | Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 0 |
Theatre [Member] | Interest Only 4 to 6 Months [Member] | |
Amount of Loans Modified | 0 |
Theatre [Member] | Full Payment Deferral 3 Months [Member] | |
Amount of Loans Modified | 0 |
Theatre [Member] | Full Payment Deferral 3 Months + Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 0 |
Theatre [Member] | Full Payment Deferral 3 Months + Interest Only > 3 Months [Member] | |
Amount of Loans Modified | 3,826,974 |
Theatre [Member] | Full Payment Deferral > 6 Months [Member] | |
Amount of Loans Modified | $ 6,759,818 |
Restaurant (C&I & RE) [Member] | |
# Loans Modified | 2 |
Amount of Loans Modified | $ 411,029 |
Restaurant (C&I & RE) [Member] | Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 123,236 |
Restaurant (C&I & RE) [Member] | Interest Only 4 to 6 Months [Member] | |
Amount of Loans Modified | 287,793 |
Restaurant (C&I & RE) [Member] | Full Payment Deferral 3 Months [Member] | |
Amount of Loans Modified | 0 |
Restaurant (C&I & RE) [Member] | Full Payment Deferral 3 Months + Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 0 |
Restaurant (C&I & RE) [Member] | Full Payment Deferral 3 Months + Interest Only > 3 Months [Member] | |
Amount of Loans Modified | 0 |
Restaurant (C&I & RE) [Member] | Full Payment Deferral > 6 Months [Member] | |
Amount of Loans Modified | $ 0 |
Land & Land Development [Member] | |
# Loans Modified | 1 |
Amount of Loans Modified | $ 1,279,878 |
Land & Land Development [Member] | Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 0 |
Land & Land Development [Member] | Interest Only 4 to 6 Months [Member] | |
Amount of Loans Modified | 0 |
Land & Land Development [Member] | Full Payment Deferral 3 Months [Member] | |
Amount of Loans Modified | 0 |
Land & Land Development [Member] | Full Payment Deferral 3 Months + Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 0 |
Land & Land Development [Member] | Full Payment Deferral 3 Months + Interest Only > 3 Months [Member] | |
Amount of Loans Modified | 1,279,878 |
Land & Land Development [Member] | Full Payment Deferral > 6 Months [Member] | |
Amount of Loans Modified | $ 0 |
The 1-4 Family Consumer [Member] | |
# Loans Modified | 2 |
Amount of Loans Modified | $ 168,852 |
The 1-4 Family Consumer [Member] | Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 0 |
The 1-4 Family Consumer [Member] | Interest Only 4 to 6 Months [Member] | |
Amount of Loans Modified | 0 |
The 1-4 Family Consumer [Member] | Full Payment Deferral 3 Months [Member] | |
Amount of Loans Modified | 168,852 |
The 1-4 Family Consumer [Member] | Full Payment Deferral 3 Months + Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 0 |
The 1-4 Family Consumer [Member] | Full Payment Deferral 3 Months + Interest Only > 3 Months [Member] | |
Amount of Loans Modified | 0 |
The 1-4 Family Consumer [Member] | Full Payment Deferral > 6 Months [Member] | |
Amount of Loans Modified | $ 0 |
Other Collateral [Member] | |
# Loans Modified | 1 |
Amount of Loans Modified | $ 93,100 |
Other Collateral [Member] | Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 0 |
Other Collateral [Member] | Interest Only 4 to 6 Months [Member] | |
Amount of Loans Modified | 93,100 |
Other Collateral [Member] | Full Payment Deferral 3 Months [Member] | |
Amount of Loans Modified | 0 |
Other Collateral [Member] | Full Payment Deferral 3 Months + Interest Only 3 Months or Less [Member] | |
Amount of Loans Modified | 0 |
Other Collateral [Member] | Full Payment Deferral 3 Months + Interest Only > 3 Months [Member] | |
Amount of Loans Modified | 0 |
Other Collateral [Member] | Full Payment Deferral > 6 Months [Member] | |
Amount of Loans Modified | $ 0 |
Note 4 - Loans and Allowance_10
Note 4 - Loans and Allowance for Loan Losses - Troubled Debt Restructurings (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying balance of TDR | $ 6,141,262 | $ 5,636,365 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Carrying balance of TDR | 1,178,876 | 1,163,782 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Carrying balance of TDR | 0 | 0 |
Real Estate, Construction [Member] | ||
Carrying balance of TDR | 3,700,084 | 3,738,409 |
Commercial Real Estate Portfolio Segment [Member] | ||
Carrying balance of TDR | 893,992 | 161,491 |
Commercial Portfolio Segment [Member] | ||
Carrying balance of TDR | $ 368,310 | $ 572,683 |
Note 4 - Loans and Allowance_11
Note 4 - Loans and Allowance for Loan Losses - Loans by Credit Quality (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Loans receivable | $ 753,408,413 | $ 728,914,025 |
Real Estate, Construction [Member] | ||
Loans receivable | 70,847,330 | 77,308,551 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 305,673,212 | 300,619,387 |
Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable | 115,799,200 | 118,823,731 |
Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable | 90,028,775 | 87,448,418 |
Commercial Portfolio Segment [Member] | ||
Loans receivable | 144,326,350 | 114,047,753 |
Consumer and Other Loans [Member] | ||
Loans receivable | 26,733,546 | 30,666,185 |
Pass [Member] | ||
Loans receivable | 685,352,000 | 699,557,000 |
Pass [Member] | Real Estate, Construction [Member] | ||
Loans receivable | 64,531,000 | 73,489,000 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 262,771,000 | 292,674,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable | 110,615,000 | 115,622,000 |
Pass [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable | 90,029,000 | 87,448,000 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 130,874,000 | 100,658,000 |
Pass [Member] | Consumer and Other Loans [Member] | ||
Loans receivable | 26,532,000 | 29,666,000 |
Special Mention [Member] | ||
Loans receivable | 4,565,000 | 10,804,000 |
Special Mention [Member] | Real Estate, Construction [Member] | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 4,442,000 | 1,476,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable | 0 | 535,000 |
Special Mention [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable | 0 | 0 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 123,000 | 8,793,000 |
Special Mention [Member] | Consumer and Other Loans [Member] | ||
Loans receivable | 0 | 0 |
Substandard [Member] | ||
Loans receivable | 63,491,000 | 18,553,000 |
Substandard [Member] | Real Estate, Construction [Member] | ||
Loans receivable | 6,316,000 | 3,820,000 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 38,460,000 | 6,469,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable | 5,184,000 | 2,667,000 |
Substandard [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable | 0 | 0 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 13,329,000 | 4,597,000 |
Substandard [Member] | Consumer and Other Loans [Member] | ||
Loans receivable | 202,000 | 1,000,000 |
Doubtful [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Real Estate, Construction [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, One To Four Family Units [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Residential Portfolio Segment [Member] | Real Estate Residential, Multi Family Units [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Loans receivable | 0 | 0 |
Doubtful [Member] | Consumer and Other Loans [Member] | ||
Loans receivable | $ 0 | $ 0 |
Note 5 - Accounting for Certa_3
Note 5 - Accounting for Certain Loans Acquired (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Full Payoff of Certain Purchased Credit Impaired Loans | $ 410 | $ 1,490 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ 0 | $ 0 |
Note 5 - Accounting for Certa_4
Note 5 - Accounting for Certain Loans Acquired - Carrying Amount of Certain Loans Acquired in Transfer (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Certain loans acquired in transfer | $ 2,928 | $ 3,311 | |
Carrying amount, net of fair value adjustment | 2,542 | 2,835 | $ 3,173 |
Commercial Real Estate Portfolio Segment [Member] | |||
Certain loans acquired in transfer | 2,751 | 3,069 | |
Carrying amount, net of fair value adjustment | 2,410 | 2,651 | 2,782 |
Commercial Portfolio Segment [Member] | |||
Certain loans acquired in transfer | 177 | 242 | |
Carrying amount, net of fair value adjustment | 132 | 184 | $ 216 |
Consumer and Other Loans [Member] | |||
Certain loans acquired in transfer | $ 0 | $ 0 |
Note 5 - Accounting for Certa_5
Note 5 - Accounting for Certain Loans Acquired - Carrying Amount of Certain Loans Acquired in Transfer (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair value adjustment | $ 386 | $ 476 |
Note 5 - Accounting for Certa_6
Note 5 - Accounting for Certain Loans Acquired - Accretable Yield (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning of period | $ (69) | $ 265 |
Additions | 0 | 0 |
Reclassification from nonaccretable difference | (98) | 0 |
Accretion | 167 | (334) |
Disposals | 0 | 0 |
Balance at end of period | $ 0 | $ (69) |
Note 6 - Goodwill and Other I_3
Note 6 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | Jun. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 02, 2018 |
Goodwill, Ending Balance | $ 1,434,982 | $ 1,434,982 | |||
Finite-Lived Intangible Assets, Gross, Total | 3,520,000 | 3,520,000 | |||
Hometown Bancshares, Inc. [Member] | |||||
Goodwill, Ending Balance | $ 1,434,982 | $ 1,434,982 | $ 1,400,000 | $ 1,400,000 | |
Hometown Bancshares, Inc. [Member] | Core Deposits [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 7 years | 7 years | |||
Finite-Lived Intangible Assets, Gross, Total | $ 3,500,000 |
Note 6 - Goodwill and Other I_4
Note 6 - Goodwill and Other Intangible Assets - Goodwill and Other Intangibles (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill | $ 1,434,982 | $ 1,434,982 |
Gross carrying amount | 3,520,000 | 3,520,000 |
Accumulated amortization | (1,493,000) | (1,016,000) |
Core deposit intangible, net | 2,026,910 | 2,503,910 |
Remaining balance | $ 3,462,000 | $ 3,939,000 |
Note 6 - Intangible Assets - Es
Note 6 - Intangible Assets - Estimated Remaining Amortization Expense on Intangibles (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 477,000 | |
2022 | 477,000 | |
2023 | 477,000 | |
2024 | 477,000 | |
2025 | 119,000 | |
Therafter | 0 | |
Core deposit intangible, net | $ 2,026,910 | $ 2,503,910 |
Note 7 - Premises and Equipme_3
Note 7 - Premises and Equipment - Major Classifications of Premises and Equipment (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Gross premises and equipment | $ 32,628,931 | $ 32,200,204 |
Less accumulated depreciation | (14,730,522) | (13,035,708) |
Net premises and equipment | 17,898,409 | 19,164,496 |
Land [Member] | ||
Gross premises and equipment | 4,360,353 | 4,360,353 |
Building and Building Improvements [Member] | ||
Gross premises and equipment | 11,896,382 | 11,907,331 |
Automobiles [Member] | ||
Gross premises and equipment | 52,404 | 52,404 |
Furniture and Fixtures [Member] | ||
Gross premises and equipment | 13,924,839 | 13,485,163 |
Leasehold Improvements [Member] | ||
Gross premises and equipment | $ 2,394,953 | $ 2,394,953 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Operating Lease, Right-of-Use Asset | $ 8,469,661 | $ 9,052,941 | $ 9,655,304 |
Operating Lease, Liability, Total | 8,560,892 | $ 9,105,503 | 9,655,304 |
Finance Lease, Liability, Total | $ 510,526 | 481,830 | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | $ 481,830 | ||
Minimum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Operating Lease, Renewal Term (Year) | 20 years |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization of right-of-use assets | $ 142,582 | $ 111,559 |
Interest on lease liabilities | 7,736 | 8,346 |
Operating lease cost | 1,081,620 | 1,080,226 |
Sublease income | (47,200) | (45,200) |
Total lease costs | $ 1,184,738 | $ 1,154,931 |
Weighted-average remaining lease term - financing leases (in years) (Year) | 3 years 4 months 24 days | 3 years 6 months |
Weighted-average remaining lease term - operating leases (in years) (Year) | 14 years 4 months 24 days | 15 years 2 months 12 days |
Weighted-average discount rate - financing leases | 1.32% | 1.96% |
Weighted-average discount rate - operating leases | 5.68% | 5.60% |
Note 8 - Leases - Maturities of
Note 8 - Leases - Maturities of Lease Liabilities (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
2021, financing | $ 175,000 | ||
2021, operating | 1,020,000 | ||
2021 | 1,195,000 | ||
2022, financing | 170,000 | ||
2022, operating | 1,011,000 | ||
2022 | 1,181,000 | ||
2023, financing | 97,000 | ||
2023, operating | 1,014,000 | ||
2023 | 1,111,000 | ||
2024, financing | 53,000 | ||
2024, operating | 856,000 | ||
2024 | 909,000 | ||
2025, financing | 25,000 | ||
2025, operating | 752,000 | ||
2025 | 777,000 | ||
Thereafter, financing | 0 | ||
Thereafter, operating | 8,228,000 | ||
Thereafter | 8,228,000 | ||
Total undiscounted future minimum lease cash payments, financing | 520,000 | ||
Total undiscounted future minimum lease cash payments, operating | 12,881,000 | ||
Total undiscounted future minimum lease cash payments, operating | 13,401,000 | ||
Present value discount, financing | (9,000) | ||
Present value discount, operating | (4,320,000) | ||
Present value discount | (4,329,000) | ||
Lease liability, financing | 510,526 | $ 481,830 | |
Lease liability, operating | 8,560,892 | $ 9,105,503 | $ 9,655,304 |
Lease liability | $ 9,072,000 |
Note 9 - Bank Owned Life Insu_2
Note 9 - Bank Owned Life Insurance (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Cash Surrender Value of Life Insurance | $ 25,294,780 | $ 24,698,438 |
Note 10 - Investments in Affo_2
Note 10 - Investments in Affordable Housing Partnerships (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Minimum Compliance Period for Tax Credits (Year) | 15 years | ||
Equity Method Investments | $ 5,712,577 | $ 6,663,662 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount | 1,056,493 | 1,183,140 | $ 1,324,581 |
Amortization, Total | $ 937,270 | $ 1,041,863 | $ 1,120,363 |
Note 11 - Deposits (Details Tex
Note 11 - Deposits (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Time Deposits, $100,000 or More, Total | $ 103,356,000 | $ 123,765,000 |
Time Deposits, at or Above FDIC Insurance Limit | 35,412,000 | 54,654,000 |
Interest-bearing Domestic Deposit, Brokered | $ 35,000 | $ 53,548,000 |
Note 11 - Deposits - Deposits (
Note 11 - Deposits - Deposits (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Non-interest bearing transaction, balance | $ 144,911,156 | $ 87,598,281 |
Non-interest bearing transaction, percentage of deposits | 15.40% | 10.70% |
Interest bearing transaction, weighted average rate | 0.35% | 0.93% |
Interest bearing transaction, balance | $ 560,970,668 | $ 487,621,927 |
Interest bearing transaction, percentage of deposits | 59.80% | 59.30% |
Savings, weighted average rate | 0.13% | 0.28% |
Savings, balance | $ 47,839,075 | $ 39,203,818 |
Savings, percentage of deposits | 5.10% | 4.80% |
Weighted average rate | 0.58% | 1.10% |
Balance | $ 938,672,541 | $ 821,406,532 |
Percentage of deposits | 100.00% | 100.00% |
Certificates, weighted average rate | 1.86% | 2.10% |
Certificates, balance | $ 184,951,642 | $ 206,982,506 |
Certificates, percentage of deposits | 19.70% | 25.20% |
Deposits not Including Time Deposits [Member] | ||
Weighted average rate | 0.27% | 0.76% |
Balance | $ 753,720,899 | $ 614,424,026 |
Percentage of deposits | 80.30% | 74.80% |
Certificates of Deposit, 0 to 0.99% [Member] | ||
Certificates, weighted average rate | 0.62% | 0.65% |
Certificates, balance | $ 49,395,262 | $ 30,075,341 |
Certificates, percentage of deposits | 5.20% | 3.70% |
Certificates Of Deposit 1 To 1.99% [Member] | ||
Certificates, weighted average rate | 1.47% | 1.65% |
Certificates, balance | $ 13,875,409 | $ 29,828,669 |
Certificates, percentage of deposits | 1.50% | 3.60% |
Certificates Of Deposit 2 To 3.99% [Member] | ||
Certificates, weighted average rate | 2.41% | 2.49% |
Certificates, balance | $ 121,680,971 | $ 147,078,496 |
Certificates, percentage of deposits | 13.00% | 17.90% |
Note 11 - Deposits - Certificat
Note 11 - Deposits - Certificates of Deposit by Maturity (Details) | Dec. 31, 2020USD ($) |
2021 | $ 140,242,445 |
2022 | 36,240,989 |
2023 | 2,269,299 |
2024 | 1,805,072 |
2025 | 1,061,795 |
Thereafter | 3,332,042 |
Time Deposits, Total | $ 184,951,642 |
Note 11 - Deposits - Interest E
Note 11 - Deposits - Interest Expense on Deposits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Transaction accounts | $ 2,948,835 | $ 6,144,802 | $ 4,427,407 |
Savings accounts | 78,806 | 119,730 | 105,592 |
Certificate accounts | 3,912,688 | 4,754,944 | 2,524,098 |
Early withdrawal penalties | (15,503) | (28,023) | (33,811) |
Interest Expense, Deposits, Total | $ 6,924,826 | $ 10,991,453 | $ 7,023,286 |
Note 12 - Borrowings (Details T
Note 12 - Borrowings (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank Percentage of Fair Value of Collateral | 45.00% | |
Long-term Line of Credit, Total | $ 0 | $ 0 |
Notes Payable to Banks [Member] | ||
Proceeds from Issuance of Long-term Debt, Total | $ 11,200 | |
Debt Instrument, Interest Rate, Effective Percentage | 4.24% | |
Notes Payable to Banks [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Line of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 | |
Line of Credit [Member] | Minimum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |
Federal Home Loan Bank [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 162,400 | |
Federal Reserve Bank Borrowings [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 37,200 | |
Long-term Line of Credit, Total | $ 0 | $ 0 |
Mortgage Loans Freeof Other Pledges Liensand Encumbrances [Member] | ||
Federal Home Loan Bank Percentage of Fair Value of Collateral | 80.00% | |
Investment Securities Freeof Other Pledges Liensand Encumbrances [Member] | ||
Federal Home Loan Bank Percentage of Fair Value of Collateral | 95.00% |
Note 12 - Borrowings - Federal
Note 12 - Borrowings - Federal Home Loan Bank Advances (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Amount | $ 66,000,000 | |
Weighted average rate | 0.45% | |
Federal Home Loan Bank Advances Maturing in 2021 [Member] | ||
Amount | $ 50,000,000 | |
Weighted average rate | 0.35% | |
Federal Home Loan Bank Advances Maturing in 2020 [Member] | ||
Amount | $ 65,000,000 | |
Weighted average rate | 1.83% | |
Federal Home Loan Bank Advances Maturing in 2023 [Member] | ||
Amount | $ 6,500,000 | |
Weighted average rate | 0.59% | |
Federal Home Loan Bank Advances Maturing in 2025 [Member] | ||
Amount | $ 6,500,000 | |
Weighted average rate | 0.82% | |
Federal Home Loan Bank Advances Maturing in 2027 [Member] | ||
Amount | $ 3,000,000 | |
Weighted average rate | 1.12% |
Note 13 - Subordinated Debent_2
Note 13 - Subordinated Debentures Issued to Capital Trusts (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2005 | |
Guaranty Statutory Trust I [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 5,000,000 | |
Subordinated Debt, Ending Balance | 5,155,000 | |
Guaranty Statutory Trust II [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | 10,000,000 | |
Subordinated Debt, Ending Balance | $ 10,310,000 | |
Hometown Bancshares Capital Trust I [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 6,000,000 | |
Subordinated Debt, Ending Balance | $ 6,186,000 | |
Trust Preferred Securities, Call Rate | 100.00% | |
Hometown Bancshares Capital Trust I [Member] | Maximum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 12.50% | |
Hometown Bancshares Capital Trust I [Member] | Rate Until May 2019 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 5.00% | |
Hometown Bancshares Capital Trust I [Member] | Rate After May 2019 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 6.00% |
Note 14 - Subordinated Notes (D
Note 14 - Subordinated Notes (Details Textual) - Subordinated Notes, Net [Member] - Subordinated Debt [Member] - USD ($) | Oct. 01, 2025 | Jul. 29, 2020 | Sep. 30, 2025 |
Debt Instrument, Face Amount | $ 20,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||
Payments of Debt Issuance Costs | $ 454,445 | ||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||
Forecast [Member] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | ||
Forecast [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 5.19% |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 77,073,707 | $ 72,860,750 |
Operating Loss Carryforwards, Total | 1,900,000 | |
Allocation of Income to Bad Debt Deductions for Tax Purposes Only [Member] | ||
Retained Earnings (Accumulated Deficit), Ending Balance | 5,075,000 | 5,075,000 |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Bad Debt Reserve for Tax Purposes of Qualified Lender | 0 | $ 0 |
Unrecognized Tax Benefits, Ending Balance | $ 1,218,000 |
Note 15 - Income Taxes - The Pr
Note 15 - Income Taxes - The Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Taxes currently payable | $ 1,705,323 | $ 1,459,016 | $ 1,230,427 | ||||||||
Deferred income taxes | (470,145) | 224,142 | 624,386 | ||||||||
Income Tax Expense (Benefit), Total | $ (40,284) | $ 418,819 | $ 448,653 | $ 407,990 | $ 424,042 | $ 455,275 | $ 428,711 | $ 375,130 | $ 1,235,178 | $ 1,683,158 | $ 1,854,813 |
Note 15 - Income Taxes - Deferr
Note 15 - Income Taxes - Deferred Taxes (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowances for loan losses | $ 2,308,086 | $ 1,825,853 |
Writedowns on foreclosed assets held for sale | 152,192 | 409,031 |
Unrealized loss on interest rate swaps | 1,185,887 | 390,804 |
Deferred loan fees/costs | 368,937 | 96,700 |
Lease Liabilities | 2,177,140 | 0 |
Other purchase accounting adjustments | 567,187 | 690,341 |
Tax credit partnerships and related tax credit carryforwards | 1,322,240 | 1,354,315 |
Other | 100,565 | 284,925 |
Deferred Tax Assets, Gross, Total | 8,182,235 | 5,051,969 |
Deferred tax liabilities: | ||
FHLB stock dividends | (20,968) | (30,062) |
Unrealized gain on available-for-sale securities | (1,169,053) | (262,217) |
Lease ROU assets | (2,155,245) | 0 |
Accumulated depreciation | (525,995) | (598,785) |
Other | (635,280) | (749,964) |
Deferred Tax Liabilities, Gross, Total | (4,506,541) | (1,641,028) |
Net deferred tax asset | $ 3,675,694 | $ 3,410,941 |
Note 15 - Income Taxes - A Reco
Note 15 - Income Taxes - A Reconciliation of Income Tax Expense (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Computed at statutory rate | 21.00% | 21.00% | 21.00% |
State financial institution tax and credits | (1.20%) | (2.30%) | (1.30%) |
Cash surrender value of life insurance | (1.60%) | (1.00%) | (1.10%) |
Tax exempt interest | (1.80%) | (1.10%) | (1.40%) |
Non-dedecutible merger costs | 0.00% | 0.00% | 1.00% |
Other | (1.10%) | (1.40%) | 2.00% |
Actual effective rate | 15.30% | 15.20% | 20.20% |
Note 16 - Disclosures About F_3
Note 16 - Disclosures About Fair Value of Assets and Liabilities (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Total | $ 164,120,869 | $ 118,245,314 |
Fair Value, Inputs, Level 3 [Member] | ||
Debt Securities, Available-for-sale, Total | $ 0 |
Note 16 - Disclosures About F_4
Note 16 - Disclosures About Fair Value of Assets and Liabilities - Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Available-for-sale securities | $ 164,120,869 | $ 118,245,314 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 6,283,634 | 2,487,793 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 61,969,054 | 36,174,727 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 30,600,822 | 15,535,187 |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 5,444,447 | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities | 13,811,371 | |
Residential Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 9,452,097 | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 50,370,815 | 50,236,236 |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | 0 | |
Fair Value, Recurring [Member] | ||
Available-for-sale securities | 164,121,000 | 118,245,000 |
Interest Rate Swaps | 4,941,000 | 1,628,000 |
Fair Value, Recurring [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 6,284,000 | 2,488,000 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 61,969,000 | 36,175,000 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 30,601,000 | 15,535,000 |
Fair Value, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 5,444,000 | |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities | 13,811,000 | |
Fair Value, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 9,452,000 | |
Fair Value, Recurring [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 50,371,000 | 50,236,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 0 | 0 |
Interest Rate Swaps | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 164,121,000 | 118,245,000 |
Interest Rate Swaps | 4,941,000 | 1,628,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 6,284,000 | 2,488,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 61,969,000 | 36,175,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 30,601,000 | 15,535,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 5,444,000 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities | 13,811,000 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 9,452,000 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | 50,371,000 | 50,236,000 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | 0 | 0 |
Interest Rate Swaps | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Available-for-sale securities | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Available-for-sale securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member] | ||
Available-for-sale securities | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Available-for-sale securities | $ 0 | $ 0 |
Note 16 - Disclosures About F_5
Note 16 - Disclosures About Fair Value of Assets and Liabilities - Fair Value of Assets Measured on Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Impaired loans, fair value | $ 5,809 | $ 1,483 |
Foreclosed assets held for sale, fair value | 371 | 233 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans, fair value | 0 | 0 |
Foreclosed assets held for sale, fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans, fair value | 0 | 0 |
Foreclosed assets held for sale, fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, fair value | 5,809 | 1,483 |
Foreclosed assets held for sale, fair value | $ 371 | $ 233 |
Note 16 - Disclosures About F_6
Note 16 - Disclosures About Fair Value of Assets and Liabilities - Fair Value Quantitative Information (Details) - Fair Value, Inputs, Level 3 [Member] - Valuation, Market Approach [Member] $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Impaired loans (collateral dependent) | $ 5,809 | $ 1,483 |
Foreclosed assets held for sale | $ 371 | $ 233 |
Minimum [Member] | ||
Impaired loans (collateral dependent) | 0.01 | 0 |
Foreclosed assets held for sale | 0.04 | 0.30 |
Maximum [Member] | ||
Impaired loans (collateral dependent) | 0.80 | 1 |
Foreclosed assets held for sale | 0.04 | 0.30 |
Weighted Average [Member] | ||
Impaired loans (collateral dependent) | 0.07 | 0.22 |
Foreclosed assets held for sale | 0.04 | 0.30 |
Note 16 - Disclosures About F_7
Note 16 - Disclosures About Fair Value of Assets and Liabilities - Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Interest-bearing demand deposits in other financial institutions | $ 142,056,538 | $ 87,557,842 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 148,422,908 | 92,671,909 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest-bearing demand deposits in other financial institutions | 4,760,089 | 250,000 |
Federal Home Loan Bank stock | 3,896,900 | 3,757,500 |
Mortgage loans held for sale | 11,359,174 | 2,786,564 |
Interest receivable | 4,060,795 | 3,511,875 |
Deposits | 938,672,541 | 821,406,532 |
FHLB advances | 66,000,000 | 65,000,000 |
Interest payable | 932,172 | 793,746 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | 742,149,271 | 720,732,402 |
Note payable to bank | 0 | 11,200,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Subordinated Debentures Issued to Capital Trusts [Member] | ||
Subordinated debentures | 15,465,000 | 15,465,000 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Subordinated Notes, Net [Member] | ||
Subordinated debentures | 19,564,131 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 148,422,908 | 92,671,909 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest-bearing demand deposits in other financial institutions | 4,771,605 | 250,315 |
Federal Home Loan Bank stock | 3,896,900 | 3,757,500 |
Mortgage loans held for sale | 11,626,174 | 2,786,564 |
Interest receivable | 4,060,795 | 3,511,875 |
Deposits | 939,806,149 | 822,046,988 |
FHLB advances | 66,089,183 | 65,015,635 |
Interest payable | 932,172 | 793,746 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans, net | 737,701,011 | 718,594,936 |
Note payable to bank | 0 | 11,200,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Subordinated Debentures Issued to Capital Trusts [Member] | ||
Subordinated debentures | 15,465,000 | 15,465,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Subordinated Notes, Net [Member] | ||
Subordinated debentures | $ 25,608,997 | $ 0 |
Note 18 - Employee Benefit Pl_3
Note 18 - Employee Benefit Plans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||
Feb. 29, 2020 | Mar. 31, 2019 | Feb. 28, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 27, 2015 | May 26, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 10 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares) | 0 | 0 | 0 | |||||
Share Price (in dollars per share) | $ 15.40 | |||||||
Officer [Member] | ||||||||
Restricted Stock or Unit Expense | $ 54,948 | $ 359,606 | $ 263,204 | |||||
Annual Vesting Rate [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20.00% | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,213 | 15,434 | 13,338 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 429,294 | |||||||
Restricted Stock [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 5,579 | 5,502 | 5,852 | |||||
Restricted Stock or Unit Expense | $ 135,110 | $ 131,443 | $ 138,200 | |||||
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | 1 year | ||||||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other Than Options, Cliff Vesting Period (Year) | 1 year | |||||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 53,075 | 0 | 0 | |||||
Performance Shares [Member] | Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 53,075 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Threshold, Percentage | 25.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Target, Percentage | 50.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Incentive Award Level, Percentage | 100.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Weight, Total Assets, Percentage | 50.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Incentive Award Level, Weight, Return on Average Assets, Percentage | 50.00% | |||||||
Restricted Stock Units (RSUs) [Member] | Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 14,634 | 9,932 | 7,486 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Equity Instruments Other Than Options, Cliff Vesting Period (Year) | 3 years | |||||||
Restricted Stock or Unit Expense | $ 114,357 | $ 149,279 | $ 183,815 | |||||
Restricted Stock Awards, Restricted Stock Units and Stock Options [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 304,415 | $ 640,328 | $ 585,219 | |||||
2015 Equity Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 250,000 | |||||||
2015 Equity Plan [Member] | Restricted Stock [Member] | ||||||||
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other Than Options Aggregate Grants (in shares) | 90,016 | |||||||
2015 Equity Plan [Member] | Performance Shares [Member] | ||||||||
Share Based Compensation Arrangement by Share Based Payment Award Equity Instruments Other Than Options Aggregate Grants (in shares) | 108,898 | |||||||
2010 Equity Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 200,000 | |||||||
2010 Equity Plan [Member] | Restricted Stock [Member] | ||||||||
Share Based Compensation Arrangement by Share Based Payment Award Options Aggregate Grants (in shares) | 139,330 | |||||||
2010 Equity Plan [Member] | Share-based Payment Arrangement, Option [Member] | ||||||||
Share Based Compensation Arrangement by Share Based Payment Award Options Aggregate Grants (in shares) | 25,000 |
Note 18 - Employee Benefit Pl_4
Note 18 - Employee Benefit Plans - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance outstanding, weighted average exercise price (in dollars per share) | $ 0 | $ 5.14 | $ 15.74 |
Granted, weighted average exercise price (in dollars per share) | 0 | 0 | 0 |
Exercised, weighted average exercise price (in dollars per share) | 0 | 5.12 | 7.07 |
Forfeited, weighted average exercise price (in dollars per share) | 0 | 0 | 28.71 |
Balance outstanding, weighted average exercise price (in dollars per share) | 0 | $ 0 | $ 5.14 |
Options exercisable, weighted average exercise price (in dollars per share) | $ 0 | ||
Incentive Stock Options [Member] | |||
Balance outstanding (in shares) | 0 | 12,500 | 46,000 |
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | 0 | (12,500) | (13,500) |
Forfeited (in shares) | 0 | 0 | (20,000) |
Balance outstanding (in shares) | 0 | 0 | 12,500 |
Options exercisable (in shares) | 0 | ||
Non-Incentive Stock Options [Member] | |||
Balance outstanding (in shares) | 0 | 5,000 | 25,000 |
Granted (in shares) | 0 | 0 | 0 |
Exercised (in shares) | 0 | (5,000) | (10,000) |
Forfeited (in shares) | 0 | 0 | (10,000) |
Balance outstanding (in shares) | 0 | 0 | 5,000 |
Options exercisable (in shares) | 0 |
Note 18 - Employee Benefit Pl_5
Note 18 - Employee Benefit Plans - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance of shares non-vested (in shares) | 24,378 | 32,349 | 45,550 |
Balance of shares non-vested, weighted average grant-date price (in dollars per share) | $ 22.75 | $ 18.93 | $ 16.44 |
Granted (in shares) | 20,213 | 15,434 | 13,338 |
Granted, weighted average grant-date price (in dollars per share) | $ 20.99 | $ 23.85 | $ 22.41 |
Vested (in shares) | (11,464) | (20,771) | (26,539) |
Vested, weighted average grant-date price (in dollars per share) | $ 22.13 | $ 17.67 | $ 16.40 |
Forfeited (in shares) | (5,090) | (2,634) | 0 |
Forfeited, weighted average grant-date price (in dollars per share) | $ 22.37 | $ 22.38 | $ 0 |
Balance of shares non-vested (in shares) | 28,037 | 24,378 | 32,349 |
Balance of shares non-vested, weighted average grant-date price (in dollars per share) | $ 21.80 | $ 22.75 | $ 18.93 |
Note 18 - Employee Benefit Pl_6
Note 18 - Employee Benefit Plans - Performance Stock Units (Details) - Performance Shares [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance of shares non-vested (in shares) | 0 | 47,322 | 55,823 |
Balance of shares non-vested, weighted average grant-date price (in dollars per share) | $ 0 | $ 20.48 | $ 20.48 |
Granted (in shares) | 53,075 | 0 | 0 |
Granted (in dollars per share) | $ 15.40 | $ 0 | $ 0 |
Vested (in shares) | 0 | (30,919) | 0 |
Vested, weighted average grant-date price (in dollars per share) | $ 0 | $ 20.48 | $ 0 |
Forfeited (in shares) | 0 | (16,403) | (8,501) |
Forfeited, weighted average grant-date price (in dollars per share) | $ 0 | $ 20.48 | $ 20.48 |
Balance of shares non-vested (in shares) | 53,075 | 0 | 47,322 |
Balance of shares non-vested, weighted average grant-date price (in dollars per share) | $ 15.40 | $ 0 | $ 20.48 |
Note 19 - New Accounting Pron_2
Note 19 - New Accounting Pronouncements (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Jan. 01, 2019 |
Operating Lease, Right-of-Use Asset | $ 8,469,661 | $ 9,052,941 | $ 9,655,304 | |
Operating Lease, Liability, Total | $ 8,560,892 | $ 9,105,503 | 9,655,304 | |
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 9,655,304 | 481,130 | ||
Operating Lease, Liability, Total | $ 9,655,304 | $ 481,130 |
Note 20 - Other Expenses - Othe
Note 20 - Other Expenses - Other Expenses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Directors compensation | $ 238,704 | $ 232,826 | $ 235,060 |
Outside services | 139,737 | 164,930 | 122,715 |
Legal expense | 292,451 | 313,520 | 249,572 |
Deposit expense | 81,725 | 80,879 | 78,892 |
Office supplies | 123,334 | 129,988 | 160,727 |
Telephone | 145,396 | 143,411 | 183,732 |
Postage | 149,783 | 197,775 | 175,614 |
Insurance | 183,380 | 161,032 | 113,610 |
Supervisory exam | 68,320 | 63,619 | 67,222 |
Accounting | 350,370 | 387,102 | 453,000 |
Organization dues | 181,155 | 170,017 | 172,259 |
Loan expense | 415,436 | 417,736 | 410,177 |
Contributions | 132,200 | 82,200 | 60,000 |
ATM expense | 307,999 | 252,192 | 245,892 |
Other operating | 1,235,821 | 1,007,578 | 1,210,112 |
Other Expenses, Total | $ 4,045,811 | $ 3,804,805 | $ 3,938,584 |
Note 21 - Related Party Trans_3
Note 21 - Related Party Transactions - Loans to Executive Officers and Directors (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, beginning of year | $ 4,030,844 | $ 5,797,809 | $ 6,528,933 |
New Loans | 1,815,200 | 500,000 | 2,795,734 |
Repayments | (1,489,063) | (2,266,965) | (3,526,858) |
Balance, end of year | $ 4,356,981 | $ 4,030,844 | $ 5,797,809 |
Note 22 - Commitments and Cre_2
Note 22 - Commitments and Credit Risk (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Letters of Credit Outstanding, Amount | $ 10,256,000 | $ 5,446,000 |
Loans and Leases Receivable, Gross, Total | 753,408,413 | 728,914,025 |
Assumable Rate Conversion Loan Agreement [Member] | ||
Loans and Leases Receivable, Gross, Total | 72,400,000 | |
Brokerage Commissions Revenue | 1,100,000 | |
Guarantor Obligations, Current Carrying Value | 0 | |
Commercial Loans [Member] | Unused lines of Credit [Member] | ||
Other Commitment, Total | 107,444,000 | 108,257,000 |
Open End Consumer Lines [Member] | Unused lines of Credit [Member] | ||
Other Commitment, Total | 24,746,000 | 24,373,000 |
Confirming Letters of Credit From FHLB [Member] | ||
Letters of Credit Outstanding, Amount | $ 62,239,000 | 57,771,000 |
Standby Letters of Credit [Member] | Minimum [Member] | ||
Debt Instrument, Term (Year) | 1 year | |
Standby Letters of Credit [Member] | Maximum [Member] | ||
Debt Instrument, Term (Year) | 5 years | |
Commitments to Originate Fixed Rate Mortgages [Member] | ||
Other Commitment, Total | $ 32,095,000 | $ 6,690,000 |
Commitment, Mortgage Loan Origination, Disbursed Period (Day) | 30 days |
Note 23 - Derivative Financia_3
Note 23 - Derivative Financial Instruments (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Jun. 30, 2017 | |
First Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | $ 50,000,000 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent, Total | $ (2,857,818) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent, Total | 902,469 | |||
Second Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | $ 10,300,000 | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent, Total | (897,491) | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax, Parent, Total | 283,418 | |||
Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | 50,000,000 | |||
Derivative, Collateral, Obligation to Return Cash | $ 5,100,000 | $ 1,900,000 |
Note 23 - Derivative Financia_4
Note 23 - Derivative Financial Instruments - Summary of Derivative Financial Instruments (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Interest Rate Swap [Member] | ||
Notional Amount | $ 50,000,000 | |
Rate Paid | 2.12% | |
Estimated Fair Value | $ (3,760,287) | $ (1,067,935) |
Interest Rate Swap - Subordinated Debentures [Member] | ||
Notional Amount | $ 10,310,000 | |
Rate Paid | 4.09% | |
Estimated Fair Value | $ (1,180,909) | $ (560,388) |
Interest Rate Swap - Subordinated Debentures [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Rate Hedged | 1.45% |
Note 23 - Derivative Financia_5
Note 23 - Derivative Financial Instruments - Derivative Instruments (Details) - Interest Expense [Member] - Designated as Hedging Instrument [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Rate Swap [Member] | ||
Derivative gain (loss) | $ 630,870 | $ (155,062) |
Interest Rate Swap - Subordinated Debentures [Member] | ||
Derivative gain (loss) | $ 184,537 | $ 24,065 |
Note 24 - Accumulated Other C_3
Note 24 - Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Before tax amount | $ (70,144) | $ (535,769) | ||
Tax effect | 16,766 | 104,734 | ||
Net-of-tax amount | 88,968,366 | 84,631,882 | $ 80,478,592 | $ 74,891,493 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Before tax amount | 4,871,052 | 1,092,554 | ||
Accumulated Other Comprehensive Income (Loss), Derivative Qualifying as Hedge, Excluded Component, Including Portion Attributable to Noncontrolling Interest [Member] | ||||
Before tax amount | (4,941,196) | (1,628,323) | ||
AOCI Attributable to Parent [Member] | ||||
Net-of-tax amount | $ (53,378) | $ (431,035) | $ (452,756) | $ (206,193) |
Note 25 - Condensed Parent Co_3
Note 25 - Condensed Parent Company Statements - Condensed Balance Sheets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Cash | $ 148,422,908 | $ 92,671,909 |
Deferred and receivable income taxes | 3,675,694 | 3,410,941 |
Assets, Total | 1,146,252,939 | 1,012,024,625 |
Note payable to bank | 0 | 11,200,000 |
Common stock | 691,950 | 691,950 |
Additional paid-in capital | 51,337,219 | 51,908,867 |
Retained earnings, substantially restricted | 77,073,707 | 72,860,750 |
Accumulated other comprehensive loss | (53,378) | (431,035) |
Treasury stock | (40,081,132) | (40,398,650) |
Liabilities and Equity, Total | 1,146,252,939 | 1,012,024,625 |
Subordinated Debentures Issued to Capital Trusts [Member] | ||
Subordinated Debt, Ending Balance | 15,465,000 | 15,465,000 |
Subordinated Notes, Net [Member] | ||
Subordinated Debt, Ending Balance | 19,564,131 | 0 |
Parent Company [Member] | ||
Cash | 7,940,245 | 1,783,729 |
Investment in subsidiary | 115,472,127 | 108,504,578 |
Investment in Capital Trusts | 465,000 | 465,000 |
Prepaid expenses and other assets | 218,411 | 336,796 |
Deferred and receivable income taxes | 2,197,483 | 1,625,872 |
Assets, Total | 126,293,266 | 112,715,975 |
Note payable to bank | 0 | 11,200,000 |
Accrued expenses and other liabilities | 2,288,869 | 1,412,193 |
Due to subsidiary | 6,900 | 6,900 |
Common stock | 691,950 | 691,950 |
Additional paid-in capital | 51,337,219 | 51,908,867 |
Retained earnings, substantially restricted | 77,073,707 | 72,860,750 |
Accumulated other comprehensive loss | (53,378) | (431,035) |
Treasury stock | (40,081,132) | (40,398,650) |
Liabilities and Equity, Total | 126,293,266 | 112,715,975 |
Parent Company [Member] | Subordinated Debentures Issued to Capital Trusts [Member] | ||
Subordinated Debt, Ending Balance | 15,465,000 | 15,465,000 |
Parent Company [Member] | Subordinated Notes, Net [Member] | ||
Subordinated Debt, Ending Balance | $ 19,564,131 | $ 0 |
Note 25 - Condensed Parent Co_4
Note 25 - Condensed Parent Company Statements - Condensed Statements of Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net gain (loss) on foreclosed assets | $ 36,057 | $ (235,394) | $ (360,892) | ||||||||
Interest expense | $ 2,151,524 | $ 2,236,743 | $ 2,136,409 | $ 3,086,525 | $ 3,304,666 | $ 3,459,478 | $ 3,449,152 | $ 3,321,718 | 9,611,201 | 13,535,014 | 9,927,619 |
Other | 4,045,811 | 3,804,805 | 3,938,584 | ||||||||
Income before income taxes | 905,926 | 2,316,595 | 2,332,036 | 2,512,835 | 2,739,727 | 3,005,817 | 2,857,210 | 2,495,494 | 8,067,392 | 11,098,248 | 9,186,692 |
Provision for income taxes | (40,284) | 418,819 | 448,653 | 407,990 | 424,042 | 455,275 | 428,711 | 375,130 | 1,235,178 | 1,683,158 | 1,854,813 |
Net income available to common shareholders | $ 946,210 | $ 1,897,776 | $ 1,883,383 | $ 2,104,845 | $ 2,315,685 | $ 2,550,542 | $ 2,428,499 | $ 2,120,364 | 6,832,214 | 9,415,090 | 7,331,879 |
Parent Company [Member] | |||||||||||
Dividends from subsidiary bank | 2,500,000 | 8,000,000 | 14,000,000 | ||||||||
Net gain (loss) on foreclosed assets | 74,716 | 0 | 0 | ||||||||
Other | 22,515 | 40,855 | 31,016 | ||||||||
Revenues, Total | 2,597,231 | 8,040,855 | 14,031,016 | ||||||||
Interest expense | 716,070 | 362,079 | 120,503 | ||||||||
Other | 1,839,930 | 2,439,799 | 2,773,018 | ||||||||
Costs and Expenses, Total | 2,556,000 | 2,801,878 | 2,893,521 | ||||||||
Income before income taxes | 41,231 | 5,238,977 | 11,137,495 | ||||||||
Provision for income taxes | (681,092) | (721,649) | (780,131) | ||||||||
Income before equity in undistributed earnings of subsidiaries | 722,323 | 5,960,626 | 11,917,626 | ||||||||
Equity in undistributed income of subsidiaries | 6,109,891 | 3,454,464 | (4,585,747) | ||||||||
Net income available to common shareholders | $ 6,832,214 | $ 9,415,090 | $ 7,331,879 |
Note 25 - Condensed Parent Co_5
Note 25 - Condensed Parent Company Statements - Condensed Statements of Cash Flows (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 946,210 | $ 1,897,776 | $ 1,883,383 | $ 2,104,845 | $ 2,315,685 | $ 2,550,542 | $ 2,428,499 | $ 2,120,364 | $ 6,832,214 | $ 9,415,090 | $ 7,331,879 |
Accretion of purchase accounting adjustments | (406,650) | (1,629,721) | (3,407,340) | ||||||||
Stock award plan expense | 136,138 | 615,385 | 517,053 | ||||||||
Prepaid expenses and other assets | 1,121,052 | (1,302,099) | 6,676,684 | ||||||||
Net cash provided by operating activities | 4,622,955 | 8,326,806 | 12,324,856 | ||||||||
Net cash used in investing activities | (72,428,870) | 24,354,762 | (3,816,782) | ||||||||
Proceeds from stock options exercised | 0 | 90,000 | 166,230 | ||||||||
Cash dividends paid | (2,615,028) | (2,313,661) | (2,132,221) | ||||||||
Proceeds from issuance of subordinated notes, net | 19,545,555 | 0 | 0 | ||||||||
Repayment of Hometown Bancshares subordinated debentures | 0 | (6,000,000) | 0 | ||||||||
Net cash provided by (used in) financing activities | 123,556,914 | 25,868,699 | (11,793,362) | ||||||||
Increase in cash | 55,750,999 | 58,550,267 | (3,285,288) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 92,671,909 | 34,121,642 | 92,671,909 | 34,121,642 | 37,406,930 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | 148,422,908 | 92,671,909 | 148,422,908 | 92,671,909 | 34,121,642 | ||||||
Parent Company [Member] | |||||||||||
Net income | 6,832,214 | 9,415,090 | 7,331,879 | ||||||||
(Equity in undistributed income) distributions in excess of subsidiaries | (6,109,891) | (3,454,464) | 4,585,747 | ||||||||
Deferred income taxes | (237,281) | (633,608) | (196,399) | ||||||||
Accretion of purchase accounting adjustments | 0 | (109,829) | (65,897) | ||||||||
Stock award plan expense | 136,138 | 615,385 | 517,053 | ||||||||
Prepaid expenses and other assets | 118,386 | (28,124) | (113,711) | ||||||||
Income taxes payable/refundable | (193,812) | 157,458 | (341,404) | ||||||||
Accrued expenses | 270,503 | (26,374) | (1,360,728) | ||||||||
Net cash provided by operating activities | 816,257 | 5,935,534 | 10,356,540 | ||||||||
Capital contributions to subsidiary bank | 0 | 0 | (5,000,000) | ||||||||
Cash paid for acquistion | 0 | 0 | (4,627,810) | ||||||||
Net cash used in investing activities | 0 | 0 | (9,627,810) | ||||||||
Proceeds from stock options exercised | 0 | 90,000 | 166,230 | ||||||||
Cash dividends paid | (2,615,028) | (2,313,661) | (2,132,221) | ||||||||
Proceeds from issuance of notes payable | 1,800,000 | 7,450,000 | 5,000,000 | ||||||||
Proceeds from issuance of subordinated notes, net | 19,545,555 | 0 | 0 | ||||||||
Repayment of notes payable | (13,000,000) | (1,250,000) | (3,000,000) | ||||||||
Repayment of Hometown Bancshares subordinated debentures | 0 | (6,000,000) | 0 | ||||||||
Treasury Stock purchased | (390,268) | (3,604,879) | 0 | ||||||||
Net cash provided by (used in) financing activities | 5,340,259 | (5,628,540) | 34,009 | ||||||||
Increase in cash | 6,156,516 | 306,994 | 762,739 | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | $ 1,783,729 | $ 1,476,735 | 1,783,729 | 1,476,735 | 713,996 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 7,940,245 | $ 1,783,729 | $ 7,940,245 | $ 1,783,729 | $ 1,476,735 |
Note 25 - Condensed Parent Co_6
Note 25 - Condensed Parent Company Statements - Statements of Comprehensive Income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
NET INCOME | $ 946,210 | $ 1,897,776 | $ 1,883,383 | $ 2,104,845 | $ 2,315,685 | $ 2,550,542 | $ 2,428,499 | $ 2,120,364 | $ 6,832,214 | $ 9,415,090 | $ 7,331,879 |
Change in unrealized loss on interest rate swaps, before income taxes | (3,312,874) | (2,899,860) | 791,465 | ||||||||
Other comprehensive loss | 377,657 | 21,721 | (246,563) | ||||||||
Comprehensive income (loss) of Bank | 7,209,871 | 9,436,811 | 7,085,316 | ||||||||
Parent Company [Member] | |||||||||||
NET INCOME | 6,832,214 | 9,415,090 | 7,331,879 | ||||||||
Change in unrealized loss on interest rate swaps, before income taxes | (620,521) | (560,388) | 0 | ||||||||
Income tax benefit related to other items of comprehensive income | (140,519) | (142,899) | 0 | ||||||||
Other comprehensive loss | (480,002) | (417,489) | 0 | ||||||||
Comprehensive income (loss) of Bank | 857,659 | 439,210 | (246,563) | ||||||||
TOTAL COMPREHENSIVE INCOME | $ 7,209,871 | $ 9,436,811 | $ 7,085,316 |
Note 26 - Unaudited Quarterly_3
Note 26 - Unaudited Quarterly Operating Results - Quarterly Financial Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | $ 9,943,705 | $ 9,968,256 | $ 10,159,058 | $ 10,798,857 | $ 11,248,939 | $ 11,581,621 | $ 11,299,507 | $ 11,096,436 | $ 40,869,876 | $ 45,226,503 | $ 43,245,704 |
Interest expense | 2,151,524 | 2,236,743 | 2,136,409 | 3,086,525 | 3,304,666 | 3,459,478 | 3,449,152 | 3,321,718 | 9,611,201 | 13,535,014 | 9,927,619 |
Net interest income | 7,792,181 | 7,731,513 | 8,022,649 | 7,712,332 | 7,944,273 | 8,122,143 | 7,850,355 | 7,774,718 | 31,258,675 | 31,691,489 | 33,318,085 |
Provision for loan losses | 1,400,000 | 950,000 | 750,000 | 500,000 | 0 | 100,000 | 100,000 | 0 | 3,600,000 | 200,000 | 1,225,000 |
Gain on loans and investment securities | 1,199,622 | 1,992,185 | 1,018,516 | 571,310 | 752,688 | 1,055,589 | 888,300 | 645,469 | |||
Other noninterest income, net | 1,191,641 | 1,278,146 | 1,294,202 | 1,527,822 | 917,402 | 881,541 | 1,045,038 | 918,866 | |||
Noninterest expense | 7,877,518 | 7,735,249 | 7,253,331 | 6,798,629 | 6,874,636 | 6,953,456 | 6,826,483 | 6,843,559 | 29,664,727 | 27,498,134 | 29,458,333 |
Income before income taxes | 905,926 | 2,316,595 | 2,332,036 | 2,512,835 | 2,739,727 | 3,005,817 | 2,857,210 | 2,495,494 | 8,067,392 | 11,098,248 | 9,186,692 |
Provision for income taxes | (40,284) | 418,819 | 448,653 | 407,990 | 424,042 | 455,275 | 428,711 | 375,130 | 1,235,178 | 1,683,158 | 1,854,813 |
Net income available to common shareholders | $ 946,210 | $ 1,897,776 | $ 1,883,383 | $ 2,104,845 | $ 2,315,685 | $ 2,550,542 | $ 2,428,499 | $ 2,120,364 | $ 6,832,214 | $ 9,415,090 | $ 7,331,879 |
Basic income per common share (in dollars per share) | $ 0.22 | $ 0.44 | $ 0.43 | $ 0.49 | $ 0.54 | $ 0.58 | $ 0.55 | $ 0.48 | $ 1.58 | $ 2.14 | $ 1.66 |
Diluted income per common share (in dollars per share) | $ 0.22 | $ 0.43 | $ 0.43 | $ 0.49 | $ 0.53 | $ 0.57 | $ 0.54 | $ 0.47 | $ 1.57 | $ 2.11 | $ 1.64 |