Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 27, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 0-33203 | ||
Entity Registrant Name | LANDMARK BANCORP, INC. | ||
Entity Central Index Key | 0001141688 | ||
Entity Tax Identification Number | 43-1930755 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 701 Poyntz Avenue | ||
Entity Address, City or Town | Manhattan | ||
Entity Address, State or Province | KS | ||
Entity Address, Postal Zip Code | 66502 | ||
City Area Code | (785) | ||
Local Phone Number | 565-2000 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | LARK | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 81.3 | ||
Entity Common Stock, Shares Outstanding | 5,468,867 | ||
Documents Incorporated by Reference | Portions of the Proxy Statement for the Annual Meeting of Stockholders of the registrant to be held on May 22, 2024, are incorporated by reference in Part III hereof, to the extent indicated herein. | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Name | Crowe LLP | ||
Auditor Location | Dallas, Texas | ||
Auditor Firm ID | 173 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and cash equivalents | $ 27,101 | $ 23,156 |
Interest-bearing deposits at other banks | 4,918 | 9,084 |
Investment securities available-for-sale, at fair value | 452,769 | 489,306 |
Investment securities, held-to-maturity, net of allowance for credit losses of $91 and $0, fair value of $3,049 and $3,452 | 3,555 | 3,524 |
Bank stocks, at cost | 8,123 | 5,470 |
Loans, net of allowance for credit losses of $10,608 and $8,791 | 937,619 | 841,149 |
Loans held for sale, at fair value | 853 | 2,488 |
Bank owned life insurance | 38,333 | 37,323 |
Premises and equipment, net | 19,709 | 24,327 |
Goodwill | 32,377 | 32,199 |
Other intangible assets, net | 3,241 | 4,006 |
Mortgage servicing rights | 3,158 | 3,813 |
Real estate owned, net | 928 | 934 |
Accrued interest and other assets | 28,988 | 26,088 |
Total assets | 1,561,672 | 1,502,867 |
Deposits: | ||
Non-interest-bearing demand | 367,103 | 410,142 |
Money market and checking | 613,613 | 626,659 |
Savings | 152,381 | 170,570 |
Certificates of deposit | 183,154 | 93,278 |
Total deposits | 1,316,251 | 1,300,649 |
Federal Home Loan Bank and other borrowings | 64,662 | 17,200 |
Subordinated debentures | 21,651 | 21,651 |
Repurchase agreements | 12,714 | 29,402 |
Accrued interest and other liabilities | 19,480 | 22,532 |
Total liabilities | 1,434,758 | 1,391,434 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value per share, 200,000 shares authorized; none issued | ||
Common stock, $0.01 par value per share, 7,500,000 shares authorized; 5,481,407 and 5,473,894 shares issued at December 31, 2023 and 2022, respectively | 55 | 52 |
Additional paid-in capital | 89,208 | 84,273 |
Retained earnings | 54,282 | 52,174 |
Treasury stock, at cost; 3,812 and 0 shares at December 31, 2023 and 2022, respectively | (75) | |
Accumulated other comprehensive loss | (16,556) | (25,066) |
Total stockholders’ equity | 126,914 | 111,433 |
Total liabilities and stockholders’ equity | $ 1,561,672 | $ 1,502,867 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses | $ 91 | |
Held-to-Maturity, Fair Value | 3,049 | 3,452 |
Allowance for loans losses | $ 10,608 | $ 8,791 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 7,500,000 | 7,500,000 |
Common stock, shares issued | 5,481,407 | 5,473,894 |
Treasury stock, shares | 3,812 | 0 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Interest income: | ||||
Loans | $ 51,753 | $ 33,473 | $ 33,612 | |
Investment securities: | ||||
Taxable | 9,594 | 6,414 | 3,005 | |
Tax-exempt | 3,094 | 3,018 | 3,022 | |
Interest-bearing deposits at banks | 242 | 321 | 187 | |
Total interest income | 64,683 | 43,226 | 39,826 | |
Interest expense: | ||||
Deposits | 15,254 | 2,776 | 1,023 | |
FHLB and other borrowings | 4,048 | 584 | ||
Subordinated debentures | 1,590 | 840 | 472 | |
Repurchase agreements | 499 | 146 | 11 | |
Total interest expense | 21,391 | 4,346 | 1,506 | |
Net interest income | 43,292 | 38,880 | 38,320 | |
Provision for credit losses | 349 | 500 | ||
Net interest income after provision for credit losses | 42,943 | 38,880 | 37,820 | |
Non-interest income: | ||||
Fees and service charges | 10,220 | 9,651 | 8,857 | |
Gains on sales of loans, net | [1] | 2,269 | 3,444 | 10,487 |
Increase in cash surrender value of bank owned life insurance | [1] | 913 | 780 | 686 |
(Losses) gains on sales of investment securities, net | (1,246) | (1,103) | 1,138 | |
Other | 1,074 | 928 | 1,093 | |
Total non-interest income | 13,230 | 13,700 | 22,261 | |
Non-interest expense: | ||||
Compensation and benefits | 22,681 | 20,405 | 20,157 | |
Occupancy and equipment | 5,565 | 5,118 | 4,482 | |
Data processing | 1,940 | 1,580 | 2,016 | |
Amortization of mortgage servicing rights and other intangibles | 1,844 | 1,446 | 1,601 | |
Professional fees | 2,452 | 1,892 | 1,831 | |
Acquisition costs | 3,398 | |||
Other | 7,501 | 7,431 | 7,169 | |
Total non-interest expense | 41,983 | 41,270 | 37,256 | |
Earnings before income taxes | 14,190 | 11,310 | 22,825 | |
Income tax expense | 1,954 | 1,432 | 4,814 | |
Net earnings | $ 12,236 | $ 9,878 | $ 18,011 | |
Earnings per share (1): | ||||
Basic | [2] | $ 2.23 | $ 1.80 | $ 3.27 |
Diluted | [2] | $ 2.23 | $ 1.79 | $ 3.26 |
[1]Not within the scope of ASC 606.[2]All per share amounts have been adjusted to give effect to the 5 |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statements Of Earnings | |||
Stock dividend percentage | 5% | 5% | 5% |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net earnings | $ 12,236 | $ 9,878 | $ 18,011 |
Net unrealized holding gains (losses) on available-for-sale securities | 10,025 | (39,440) | (6,236) |
Less reclassification adjustment on losses (gains) included in earnings | 1,246 | 1,103 | (1,138) |
Net unrealized gains (losses) | 11,271 | (38,337) | (7,374) |
Income tax effect on net (losses) gains included in earnings | (305) | (271) | 279 |
Income tax effect on net unrealized holding (gains) losses | (2,456) | 9,662 | 1,528 |
Other comprehensive income (loss) | 8,510 | (28,946) | (5,567) |
Total comprehensive income (loss) | $ 20,746 | $ (19,068) | $ 12,444 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | AOCI Attributable to Parent [Member] | Total | |
Beginning balance, value at Dec. 31, 2020 | $ 48 | $ 72,230 | $ 44,947 | $ 9,447 | $ 126,672 | ||
Net earnings | 18,011 | 18,011 | |||||
Other comprehensive income (loss) | (5,567) | (5,567) | |||||
Dividends paid | [1] | (3,818) | (3,818) | ||||
Issuance of restricted common stock | |||||||
Stock-based compensation | 323 | 323 | |||||
Exercise of stock options | [2] | 22 | 22 | ||||
5% stock dividend | 2 | 6,545 | (6,547) | ||||
Ending balance, value at Dec. 31, 2021 | 50 | 79,120 | 52,593 | 3,880 | 135,643 | ||
Net earnings | 9,878 | 9,878 | |||||
Other comprehensive income (loss) | (28,946) | (28,946) | |||||
Dividends paid | [1] | (4,198) | (4,198) | ||||
Issuance of restricted common stock | |||||||
Stock-based compensation | 295 | 295 | |||||
Exercise of stock options | [2] | ||||||
5% stock dividend | 2 | 4,858 | (6,099) | 1,239 | |||
Purchase of treasury shares | (1,239) | (1,239) | |||||
Ending balance, value at Dec. 31, 2022 | 52 | 84,273 | 52,174 | (25,066) | 111,433 | ||
Cumulative effect of change in accounting principle from implementation of ASU 2016-13 | (1,204) | (1,204) | |||||
Beginning balance, value at Jan. 1, 2023 | 52 | 84,273 | 50,970 | (25,066) | 110,229 | ||
Net earnings | 12,236 | 12,236 | |||||
Other comprehensive income (loss) | 8,510 | 8,510 | |||||
Dividends paid | [1] | (4,390) | (4,390) | ||||
Issuance of restricted common stock | |||||||
Stock-based compensation | 352 | 352 | |||||
Exercise of stock options | [2] | 52 | 52 | ||||
5% stock dividend | 3 | 4,531 | (4,534) | ||||
Purchase of treasury shares | (75) | (75) | |||||
Ending balance, value at Dec. 31, 2023 | $ 55 | $ 89,208 | $ 54,282 | $ (75) | $ (16,556) | $ 126,914 | |
[1]Dividends per share have been adjusted to give effect to the 5 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends paid per share | $ 0.80 | $ 0.76 | $ 0.69 |
Issue of restricted common stock, shares | 5,192 | 17,551 | 2,880 |
Exercise of stock options, shares | 2,693 | 112 | 6,172 |
Percentage of stocks dividend | 5% | 5% | 5% |
Stock dividends, shares | 260,640 | 247,831 | 237,569 |
Purchase of treasury shares | 3,812 | 49,721 | |
Percentage of stocks dividend | 5% | 5% | 5% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from operating activities: | ||||
Net earnings | $ 12,236,000 | $ 9,878,000 | $ 18,011,000 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Provision for credit losses | 349,000 | 500,000 | ||
Valuation allowance on real estate owned | 6,000 | 354,000 | 48,000 | |
Amortization of investment security premiums, net | 240,000 | 1,481,000 | 2,078,000 | |
Accretion of purchase accounting adjustments | (993,000) | (460,000) | (55,000) | |
Amortization of mortgage servicing rights and intangibles | 1,844,000 | 1,446,000 | 1,601,000 | |
Depreciation | 1,270,000 | 1,134,000 | 997,000 | |
Increase in cash surrender value of bank owned life insurance | [1] | (913,000) | (780,000) | (686,000) |
Stock-based compensation | 352,000 | 295,000 | 323,000 | |
Deferred income taxes | 404,000 | (1,190,000) | 808,000 | |
Net loss (gain) on investment securities | 1,246,000 | 1,103,000 | (1,138,000) | |
Net (gain) loss on sales of premises and equipment and foreclosed assets | (1,000) | (114,000) | 5,000 | |
Net gains on sales of loans | [1] | (2,269,000) | (3,444,000) | (10,487,000) |
Proceeds from sale of loans | 80,475,000 | 145,923,000 | 344,187,000 | |
Origination of loans held for sale | (76,995,000) | (140,990,000) | (324,908,000) | |
Changes in assets and liabilities: | ||||
Accrued interest and other assets | (1,276,000) | 5,146,000 | 611,000 | |
Accrued interest, expenses and other liabilities | (3,371,000) | 4,998,000 | (736,000) | |
Net cash provided by operating activities | 12,604,000 | 24,780,000 | 31,159,000 | |
Cash flows from investing activities: | ||||
Net (increase) decrease in loans | (97,361,000) | (73,571,000) | 47,840,000 | |
Net change in interest-bearing deposits at banks | 4,150,000 | (1,728,000) | (1,918,000) | |
Maturities and prepayments of investment securities | 54,537,000 | 53,877,000 | 60,904,000 | |
Purchases of investment securities | (29,112,000) | (226,336,000) | (174,748,000) | |
Proceeds from sale of available-for-sale securities | 20,913,000 | 52,597,000 | 16,623,000 | |
Redemption of bank stocks | 11,192,000 | 4,208,000 | 2,418,000 | |
Purchase of bank stocks | (13,845,000) | (6,074,000) | (850,000) | |
Net cash paid in bank acquisition | (572,000) | |||
Proceeds from sales of premises and equipment and foreclosed assets | 7,000 | 1,379,000 | 601,000 | |
Purchase of bank owned life insurance | (6,000,000) | |||
Premiums paid on bank owned life insurance | (97,000) | (63,000) | ||
Purchases of premises and equipment, net | (995,000) | (876,000) | (1,324,000) | |
Net cash used in investing activities | (50,611,000) | (197,159,000) | (56,454,000) | |
Cash flows from financing activities: | ||||
Net increase in deposits | 15,591,000 | 1,758,000 | 132,454,000 | |
Federal Home Loan Bank advance borrowings | 727,629,000 | 327,360,000 | ||
Federal Home Loan Bank advance repayments | (677,815,000) | (326,160,000) | ||
Proceeds from other borrowings | 10,065,000 | |||
Repayments on other borrowings | (2,352,000) | (1,065,000) | ||
Change in repurchase agreements | (16,688,000) | (199,000) | 1,032,000 | |
Proceeds from exercise of stock options | 52,000 | 22,000 | ||
Payment of dividends | (4,390,000) | (4,198,000) | (3,818,000) | |
Purchase of treasury stock | (75,000) | (1,239,000) | ||
Net cash provided by financing activities | 41,952,000 | 6,322,000 | 129,690,000 | |
Net increase (decrease) in cash and cash equivalents | 3,945,000 | (166,057,000) | 104,395,000 | |
Cash and cash equivalents at beginning of year | 23,156,000 | 189,213,000 | 84,818,000 | |
Cash and cash equivalents at end of year | 27,101,000 | 23,156,000 | 189,213,000 | |
Supplemental disclosure of cash flow information: | ||||
Cash payments paid during the year for income taxes | 55,000 | 1,104,000 | 4,458,000 | |
Cash paid during the year for interest | 19,851,000 | 4,032,000 | 1,549,000 | |
Cash paid during the year for operating leases | 156,000 | 175,000 | 141,000 | |
Supplemental schedule of noncash investing and financing activities: | ||||
Transfer of loans to real estate owned | 1,264,000 | |||
Transfer of premises and equipment to real estate held for sale | 4,343,000 | |||
Operating lease asset and related liability recorded | 61,000 | 219,000 | ||
Bank acquisition: | ||||
Fair value of liabilities assumed | 181,350,000 | |||
Fair value of assets acquired | $ 200,033,000 | |||
[1]Not within the scope of ASC 606. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Principles of Consolidation Use of Estimates Business Combinations Reserve Requirements Cash Flows Interest-Bearing Deposits in Banks In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), commonly referred to as “CECL.” The provisions of the update eliminated the probable initial recognition threshold under previous GAAP which requires reserves to be based on an incurred loss methodology. Under CECL, reserves required for financial assets measured at amortized cost reflect an organization’s estimate of all expected credit losses over the expected term of the financial asset and thereby require the use of reasonable and supportable forecasts to estimate future credit losses. Because CECL encompasses all financial assets carried at amortized cost, the requirement that reserves be established based on an organization’s reasonable and supportable estimate of expected credit losses extends to held-to-maturity debt securities. Under the provisions of the update, credit losses recognized on available-for-sale debt securities are presented as an allowance as opposed to a write-down. In addition, CECL modified the accounting for purchased loans. Under prior GAAP, a purchased loan’s contractual balance was adjusted to fair value through a credit discount, and no reserve was recorded on the purchased loan upon acquisition. Under CECL loans determined to be purchased credit deteriorated have an allowance for credit losses established through purchase accounting. Finally, increased disclosure requirements under CECL oblige organizations to present credit quality disclosures disaggregated by the year of origination or vintage. FASB expects that the evaluation of underwriting standards and credit quality trends by financial statement users will be enhanced with the additional vintage disclosures. In October 2019, the FASB approved a change in the effective dates for CECL which delayed the effective date to fiscal years beginning after December 15, 2022 for smaller reporting companies. On January 1, 2023, the Company adopted CECL. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity investment securities. It also applies to off-balance credit exposures not accounted for as insurance (loan commitments and standby letters of credit). In addition, ASC 326 made changes to the accounting for available-for-sale investment securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP requirements. The adoption of CECL resulted in an increase in the allowance for credit losses on loans of $ 1.5 72,000 391,000 1.2 The following table illustrates the impact of ASC 326: Impact of Adoption of ASC 326 (CECL) (Dollars in thousands) As reported under ASC 326 Pre-ASC 326 adoption Impact of ASC 326 adoption January 1, 2023 (Dollars in thousands) As reported under ASC 326 Pre-ASC 326 adoption Impact of ASC 326 adoption Allowance for credit losses: Held-to-maturity investment securities $ 72 $ - $ 72 One-to-four family residential real estate loans $ 1,677 $ 655 $ 1,022 Construction and land loans 166 117 49 Commercial real estate loans 4,221 3,158 1,063 Commercial loans 2,898 2,753 145 Paycheck protection program loans - - - Agriculture loans 1,142 1,966 (824 ) Municipal loans 16 5 11 Consumer loans 194 137 57 Total allowance for credit losses for loans $ 10,314 $ 8,791 $ 1,523 Unfunded loan commitments $ 170 $ 170 $ - Investment Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Realized gains and losses on sales of available-for-sale securities are recorded on a trade date basis and are calculated using the specific identification method. Allowance for Credit Losses – Held-to-Maturity Investment Securities Allowance for Credit Losses – Available-for-Sale Investment Securities Bank Stocks Acquired Loans Loans The accrual of interest on non-performing loans is discontinued at the time the loan is ninety days delinquent, unless the credit is well secured and in process of collection. Loans are placed on non-accrual or are charged off at an earlier date if collection of the principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual. Loans are evaluated individually and are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. Allowance for Credit Losses - Loans The allowance for credit losses is measured on a collective basis for pools of loans with similar risk characteristics. The Company has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses. One-to-Four Family Residential Real Estate. Construction and Land. Commercial Real Estate. Commercial. Agriculture. Municipal. Consumer. The Company utilizes a weighted average remaining maturity allowance methodology to calculate the quantitative component of the allowance for credit losses. Historical loss rates are adjusted for current conditions and reasonable and supportable forecasts. Following the economic forecast period loss rates revert back to historical loss rates over a reasonable period of time. Additional adjustments for qualitative factors are included to quantify the risks within each of the loan categories that are not included in the historical loss rates or economic projections. These adjustments include but are not limited to: changes in economic and business conditions, changes in policies, procedures and underwriting, changes in management or staff and their related experience, changes in nature and volume of the portfolio, changes in loan review, changes in collateral values, changes in past due and nonaccrual loans, changes in competition, legal and regulatory issues, changes in concentrations and other qualitative factors that could affect credit losses. The data for the allowance calculation may be obtained from internal or external sources. Loans that do not share similar risk characteristics with the collectively evaluated pools are evaluated on an individual basis and are excluded from the collectively evaluated loan pools. Such loans are evaluated for credit losses based on either discounted cash flows or the fair value of collateral. The Company estimates expected credit losses over the contractual term of obligations to extend credit, unless the obligation is unconditionally cancellable. The allowance for off-balance-sheet exposures is adjusted through the provision for credit losses. The estimates are determined based on the likelihood of funding during the contractual term and an estimate of credit losses subsequent to funding. Estimated credit losses on subsequently funded balances are based on the same assumptions used to estimated credit losses on loans. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures which eliminated the recognition and measurement guidance for troubled debt restructurings (“TDRs”) by creditors in ASC 310-40. The update also enhanced disclosure required for loan restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity will apply the loan refinancing and restructuring guidance to determine whether a modification or other form of restructuring results in a new loan or a continuation of an existing loan. Additionally, the amendments to this ASU require a public business entity to disclose current period gross charge-offs by year of origination for loans in the vintage disclosures. On January 1, 2023, the Company adopted ASU 2022-02, electing the prospective approach. The adoption did not have a material effect on the Company’s operating results or financial condition. The disclosures in this document have been updated to reflect the new guidance. Loans Modifications Loans Held for Sale Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing right. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. Mortgage Servicing Rights Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are included in amortization expense on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds, default rates and losses. Transfers of Financial Assets Mortgage Loan Repurchase Reserve Premises and Equipment Bank Owned Life Insurance Goodwill and Intangible Assets Intangible assets include core deposit intangibles. Core deposit intangible assets are amortized over their estimated useful life of ten years on an accelerated basis. When facts and circumstances indicate potential impairment, the Company will evaluate the recoverability of the intangible asset’s carrying value, using estimates of undiscounted future cash flows over the remaining asset life. Any impairment loss is measured by the excess of carrying value over fair value. Income Taxes greater than 50 percent likelihood of being realized upon ultimate settlement. Loan Commitments and Related Financial Instruments Loss Contingencies Comprehensive Income Real Estate Owned Stock-Based Compensation Earnings per Share 166,561 51,718 56,324 The shares used in the calculation of basic and diluted earnings per share, which have been adjusted to give effect to the 5 Schedule of Earnings Per Share, Basic and Diluted 2023 2022 2021 (Dollars in thousands, except per share amounts) Years ended December 31, 2023 2022 2021 Net earnings available to common shareholders $ 12,236 $ 9,878 $ 18,011 Weighted average common shares outstanding - basic 5,477,700 5,492,286 5,506,487 Assumed exercise of stock options 3,100 15,767 13,303 Weighted average common shares outstanding - diluted 5,480,800 5,508,053 5,519,790 Earnings per share: Basic $ 2.23 $ 1.80 $ 3.27 Diluted $ 2.23 $ 1.79 $ 3.26 Derivative Financial Instruments Dividend Restriction Fair Value of Financial Instruments Reclassifications |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of Recent Accounting Pronouncements | (2) Impact of Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), commonly referred to as “CECL.” The Company adopted CECL effective January 1, 2023. The impact of the adoption and additional details are included in Note 1. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The amendments in this update simplify the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. The amendments require an entity to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. The amendments in this ASU are effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. In October 2019, the FASB approved a change in the effective dates for ASU 2017-04 which delayed the effective date to fiscal years beginning after December 15, 2022 for smaller reporting companies. The Company adopted ASU 2017-04 effective January 1, 2023. The adoption of ASU 2017-04 did not have a material effect on the Company’s operating results or financial condition. In May 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. Reference rate reform relates to the effects undertaken to eliminate certain reference rates such as the London Interbank Offered Rate (“LIBOR”) and introduce new reference rates that may be based on larger or more liquid observations and transactions. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other contracts. Generally, ASU 2020-04 would allow entities to consider contract modifications due to reference rate reform to be a continuation of an existing contract; thus, the Company would not have to determine if the modification is considered insignificant. The standard was effective upon issuance and the amendments may be applied prospectively through December 31, 2022 such that changes made to contracts beginning on or after January 1, 2023 would not apply. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date, which extended the sunset date from December 31, 2022 to December 31, 2024. As of December 31, 2023, the Company does not have any instruments tied to LIBOR. The adoption of ASU 2020-04 did not have a material effect on the Company’s operating results or financial condition. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | (3) Acquisition On October 1, 2022, the Company acquired 100% of the outstanding common shares of Freedom Bancshares, Inc., in exchange for $ 33.4 10.0 The transaction was accounted for using the acquisition method of accounting, and as such, assets acquired and liabilities assumed were recorded at their estimated fair value on the acquisition date. Acquired loans were recorded at fair value at the acquisition date and no separate valuation allowance was established. No purchased credit impaired loans were acquired. Market value adjustments are accreted or amortized on a level yield basis over the expected term of the asset or liability. Additionally, the Company recorded a core deposit intangible of $ 4.2 14.7 178,000 3.4 3.1 Results of the operations of the acquired business are included in the income statement from the effective date of the acquisition. The following table summarizes the consideration paid for Freedom Bancshares, Inc. and the amounts of the assets acquired and liabilities assumed at the acquisition date: Schedule of Assets and Liabilities Acquisition As of (Dollars in thousands) October 1, 2022 Cash paid in acquisition $ 33,350 Assets acquired: Cash and cash equivalents 32,778 Investment securities 33,126 Bank stocks 699 Loans 113,910 Bank owned life insurance 4,374 Premises and equipment 3,782 Core deposit intangibles 4,170 Other 7,016 Total assets acquired 199,855 Liabilities assumed: Deposits 150,410 FHLB advances 7,000 Other borrowings 22,198 Other liabilities 1,742 Total liabilities assumed 181,350 Net assets acquired 18,505 Goodwill $ 14,845 The fair value of net assets acquired includes fair value adjustments to certain receivables that were not considered impaired as of the acquisition date. The fair value adjustments were determined using discounted contractual cash flows. However, the Company believes that all contractual cash flows related to these financial instruments will be collected. As such, these receivables, which have shown evidence of credit deterioration since origination were not considered impaired at the acquisition date and were not subject to the guidance relating to purchased credit impaired loans. Receivables acquired that were not subject to these requirements include non-impaired loans with a fair value and gross contractual amounts receivable of $ 113.9 118.1 Unaudited pro forma consolidated operating results for the years ended December 31, 2022 and December 31, 2021, as if the acquisition was consummated on January 1 of that year are as follows: Schedule of Unaudited Pro Forma Consolidated Operating Acquisition (Dollars in thousands, except per share amounts) Years ended December 31, 2022 2021 Net interest income $ 44,750 $ 45,942 Net earnings 9,098 19,922 Earnings per share (1): Basic (1) 1.66 3.62 Diluted (1) 1.65 3.61 (1) All per share amounts have been adjusted to give effect to the 5% stock dividends paid during December 2022 and 2021. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Investment Securities | (4) Investment Securities A summary of investment securities available-for-sale and securities held-to-maturity is as follows: Schedule of Available-for-sale Securities (Dollars in thousands) As of December 31, 2023 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value Available-for-sale: U. S. treasury securities $ 99,340 $ - $ (3,673 ) $ 95,667 Municipal obligations, tax exempt 122,775 186 (2,338 ) 120,623 Municipal obligations, taxable 82,926 225 (4,068 ) 79,083 Agency mortgage-backed securities 169,656 247 (12,507 ) 157,396 Total available-for-sale $ 474,697 $ 658 $ (22,586 ) $ 452,769 Held-to-maturity: Other $ 3,555 $ - $ (506 ) $ 3,049 Total held-to-maturity $ 3,555 $ - $ (506 ) $ 3,049 (Dollars in thousands) As of December 31, 2022 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value Available-for-sale: U. S. treasury securities $ 130,684 $ - $ (7,573 ) $ 123,111 U. S. federal agency obligations 2,002 - (14 ) 1,988 Municipal obligations, tax exempt 130,848 59 (3,645 ) 127,262 Municipal obligations, taxable 73,520 14 (6,290 ) 67,244 Agency mortgage-backed securities 185,451 172 (15,922 ) 169,701 Total available-for-sale $ 522,505 $ 245 $ (33,444 ) $ 489,306 Held-to-maturity: Other $ 3,524 $ 5 $ (77 ) $ 3,452 Total held-to-maturity $ 3,524 $ 5 $ (77 ) $ 3,452 The tables above show that some of the securities in the available-for-sale and held-to-maturity investment portfolio had unrealized losses, or were temporarily impaired, as of December 31, 2023 and 2022. This temporary impairment represents the estimated amount of loss that would be realized if the securities were sold on the valuation date. The following table summarizes securities available-for-sale in an unrealized loss positions for which an allowance for credit losses has not been recorded at December 31, 2023 along with length of time in a continuous unrealized loss position. Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value (Dollars in thousands) As of December 31, 2023 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities value losses value losses value losses U. S. treasury securities 47 $ 1,129 $ (7 ) $ 93,833 $ (3,666 ) $ 94,962 $ (3,673 ) Municipal obligations, tax exempt 229 31,468 (337 ) 64,962 (2,001 ) 96,430 (2,338 ) Municipal obligations, taxable 110 17,278 (151 ) 52,212 (3,917 ) 69,490 (4,068 ) Agency mortgage-backed securities 100 6,480 (68 ) 128,512 (12,439 ) 134,992 (12,507 ) Total available-for-sale 486 $ 56,355 $ (563 ) $ 339,519 $ (22,023 ) $ 395,874 $ (22,586 ) Securities which were temporarily impaired are shown below, along with the length of time in a continuous unrealized loss position. (Dollars in thousands) As of December 31, 2022 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities value losses value losses value losses U. S. treasury securities 67 $ 85,988 $ (4,591 ) $ 37,123 $ (2,982 ) $ 123,111 $ (7,573 ) U. S. federal agency obligations 1 1,988 (14 ) - - 1,988 (14 ) Municipal obligations, tax exempt 274 107,262 (3,020 ) 8,495 (625 ) 115,757 (3,645 ) Municipal obligations, taxable 108 54,746 (5,006 ) 7,571 (1,284 ) 62,317 (6,290 ) Agency mortgage-backed securities 100 78,971 (4,550 ) 79,882 (11,372 ) 158,853 (15,922 ) Total available-for-sale 550 $ 328,955 $ (17,181 ) $ 133,071 $ (16,263 ) $ 462,026 $ (33,444 ) Other 6 $ 3,009 $ (77 ) $ - $ - $ 3,009 $ (77 ) Total 6 $ 3,009 $ (77 ) $ - $ - $ 3,009 $ (77 ) The Company’s U.S. treasury portfolio consists of securities issued by the United States Department of the Treasury. The receipt of principal and interest on U.S. treasury securities is guaranteed by the full faith and credit of the U.S. government. Based on these factors, along with the Company’s intent to not sell the security and its belief that it was more likely than not that the Company will not be required to sell the security before recovery of its cost basis, the Company believed that the U.S. treasury securities identified in the tables above were temporarily impaired. The Company’s portfolio of municipal obligations consists of both tax-exempt and taxable general obligations securities issued by various municipalities. As of December 31, 2023, the Company did not intend to sell and it is more likely than not that the Company will not be required to sell its municipal obligations in an unrealized loss position until the recovery of its cost basis. Due to the issuers’ continued satisfaction of the securities’ obligations in accordance with their contractual terms and the expectation that they will continue to do so, the evaluation of the fundamentals of the issuers’ financial condition and other objective evidence, the Company believed that the municipal obligations identified in the tables above were temporarily impaired. The Company’s agency mortgage-backed securities portfolio consists of securities underwritten to the standards of and guaranteed by the government-sponsored agencies of FHLMC, FNMA and the GNMA. The receipt of principal, at par, and interest on agency mortgage-backed securities is guaranteed by the respective government-sponsored agency guarantor, such that the Company believed that its agency mortgage-backed securities did not expose the Company to credit-related losses. Based on these factors, along with the Company’s intent to not sell the securities and the Company’s belief that it was more likely than not that the Company will not be required to sell the securities before recovery of their cost basis, the Company believed that the agency mortgage-backed securities identified in the tables above were temporarily impaired. The Company’s other investment securities portfolio consists of seven subordinated debentures issued by financial institutions. These investment securities were acquired in the Freedom Bank acquisition and classified as held-to-maturity. The securities were issued in 2021 and 2022 with a 10 year maturity and a fixed rate for five years. The securities are callable after the end of the fixed rate term. Due to the issuers’ continued satisfaction of the securities’ obligations in accordance with their contractual terms and the expectation that they will continue to do so, the evaluation of the fundamentals of the issuers’ financial condition and other objective evidence, the Company believed that the other securities identified in the tables above were temporarily impaired. The following table provides information on the Company’s allowance for credit losses related to held-to-maturity investment securities. Schedule of Allowance for Credit Losses Related to Held-to-maturity Investment Securities (Dollars in thousands) Balance at January 1, 2023 $ - Impact of adopting ASC 326 72 Provision for credit losses 19 Balance at December 31, 2023 $ 91 The table below includes scheduled principal payments and estimated prepayments, based on observable market inputs, for agency mortgage-backed securities. Actual maturities will differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties. The amortized cost and fair value of investment securities at December 31, 2023 are as follows: Schedule of Investments Classified by Contractual Maturity Date Amortized Estimated (Dollars in thousands) cost fair value Available-for-sale: Due in less than one year $ 37,665 $ 37,145 Due after one year but within five years 244,383 232,810 Due after five years but within ten years 142,669 134,262 Due after ten years 49,980 48,552 Total available-for-sale $ 474,697 $ 452,769 Held-to-maturity: Due after five years but within ten years $ 3,555 $ 3,049 Total held-to-maturity $ 3,555 $ 3,049 The Company has not sold any investment securities subsequent to December 31, 2023 and the date of this filing. Sales proceeds and gross realized gains and losses on sales of available-for-sale securities are as follows: Schedule of Realized Gain (loss) 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Sales proceeds $ 20,913 $ 52,597 $ 16,623 Realized gains $ - $ - $ 1,138 Realized losses (1,246 ) (1,103 ) - Net realized (losses) gains $ (1,246 ) $ (1,103 ) $ 1,138 Securities with carrying values of $ 380.4 420.8 10 |
Bank Stocks
Bank Stocks | 12 Months Ended |
Dec. 31, 2023 | |
Bank Stocks | |
Bank Stocks | (5) Bank Stocks Bank stocks primarily consist of restricted investments in FHLB and Federal Reserve Bank (“FRB”) stock. The carrying value of the FHLB stock at December 31, 2023 was $ 5.0 2.4 3.0 111,000 |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | (6) Loans and Allowance for Credit Losses Loans consisted of the following: Schedule of Loans (Dollars in thousands) 2023 2022 As of December 31, (Dollars in thousands) 2023 2022 One-to-four family residential real estate loans $ 302,544 $ 236,982 Construction and land loans 21,090 22,725 Commercial real estate loans 320,962 304,074 Commercial loans 180,942 173,415 Paycheck protection program loans - 21 Agriculture loans 89,680 84,283 Municipal loans 4,507 2,026 Consumer loans 28,931 26,664 Total gross loans 948,656 850,190 Net deferred loan (fees) costs and loans in process (429 ) (250 ) Allowance for credit losses (10,608 ) (8,791 ) Loans, net $ 937,619 $ 841,149 The following tables provide information on the Company’s allowance for credit losses by loan class and allowance methodology: Schedule of Allowance for Credit Losses on Financing Receivables One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Agriculture loans Municipal loans Consumer loans Total (Dollars in thousands) Year ended December 31, 2023 One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Agriculture loans Municipal loans Consumer loans Total Allowance for credit losses: Balance at January 1, 2023 $ 655 $ 117 $ 3,158 $ 2,753 $ 1,966 $ 5 $ 137 $ 8,791 Impact of adopting ASC 326 1,022 49 1,063 145 (824 ) 11 57 1,523 Charge-offs - - - (479 ) - - (371 ) (850 ) Recoveries - 675 - 35 74 - 110 894 Provision for credit losses 358 (691 ) 297 32 (26 ) (1 ) 281 250 Balance at December 31, 2023 $ 2,035 $ 150 $ 4,518 $ 2,486 $ 1,190 $ 15 $ 214 $ 10,608 One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection loans Agriculture loans Municipal loans Consumer loans Total (Dollars in thousands) Year ended December 31, 2022 One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection loans Agriculture loans Municipal loans Consumer loans Total Allowance for credit losses: Balance at January 1, 2022 $ 623 $ 138 $ 3,051 $ 2,613 $ - $ 2,221 $ 6 $ 123 $ 8,775 Charge-offs - - - - - - - (336 ) (336 ) Recoveries - 165 - 38 - 59 6 84 352 Provision for credit losses 32 (186 ) 107 102 - (314 ) (7 ) 266 - Balance at December 31, 2022 $ 655 $ 117 $ 3,158 $ 2,753 $ - $ 1,966 $ 5 $ 137 $ 8,791 Allowance for credit losses: Individually evaluated for loss $ - $ - $ - $ 636 $ - $ 18 $ - $ - $ 654 Collectively evaluated for loss 655 117 3,158 2,117 - 1,948 5 137 8,137 Total $ 655 $ 117 $ 3,158 $ 2,753 $ - $ 1,966 $ 5 $ 137 $ 8,791 Loan balances: Individually evaluated for loss $ 326 $ 412 $ 1,224 $ 812 $ - $ 1,319 $ 36 $ - $ 4,129 Collectively evaluated for loss 236,656 22,313 302,850 172,603 21 82,964 1,990 26,664 846,061 Total $ 236,982 $ 22,725 $ 304,074 $ 173,415 $ 21 $ 84,283 $ 2,026 $ 26,664 $ 850,190 (Dollars in thousands) Year ended December 31, 2021 One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection loans Agriculture loans Municipal loans Consumer loans Total Allowance for credit losses: Balance at January 1, 2021 $ 859 $ 181 $ 2,482 $ 2,388 $ - $ 2,690 $ 6 $ 169 $ 8,775 Balance $ 859 $ 181 $ 2,482 $ 2,388 $ - $ 2,690 $ 6 $ 169 $ 8,775 Charge-offs (81 ) - (540 ) (72 ) - (50 ) - (235 ) (978 ) Recoveries 11 263 - 14 - 66 6 118 478 Provision for credit losses (166 ) (306 ) 1,109 283 - (485 ) (6 ) 71 500 Balance at December 31, 2021 $ 623 $ 138 $ 3,051 $ 2,613 $ - $ 2,221 $ 6 $ 123 $ 8,775 Balance $ 623 $ 138 $ 3,051 $ 2,613 $ - $ 2,221 $ 6 $ 123 $ 8,775 Allowance for credit losses: Individually evaluated for loss $ - $ - $ - $ 504 $ - $ - $ - $ - $ 504 Collectively evaluated for loss 623 138 3,051 2,109 - 2,221 6 123 8,271 Total $ 623 $ 138 $ 3,051 $ 2,613 $ - $ 2,221 $ 6 $ 123 $ 8,775 Loan balances: Individually evaluated for loss $ 578 $ 794 $ 2,214 $ 1,029 $ - $ 2,067 $ 36 $ - $ 6,718 Collectively evaluated for loss 165,503 26,850 196,258 131,125 17,179 92,200 2,014 24,541 655,670 Total $ 166,081 $ 27,644 $ 198,472 $ 132,154 $ 17,179 $ 94,267 $ 2,050 $ 24,541 $ 662,388 The Company recorded net loan recoveries of $ 44,000 16,000 500,000 The following table presents information on non-accrual status and loans past due over 89 days and still accruing: Schedule of Non-accrual and Loans Past Due Over 89 Days Still Accruing Non-accrual with no allowance for credit loss Non-accrual with allowance for credit losses Loans past due over 89 days still accruing (Dollars in thousands) As of December 31, 2023 Non-accrual with no allowance for credit loss Non-accrual with allowance for credit losses Loans past due over 89 days still accruing One-to-four family residential real estate loans $ 161 $ 31 $ - Commercial loans 363 1,517 - Agriculture loans 295 - - Consumer loans 24 - - Total loans $ 843 $ 1,548 $ - The Company has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following table presents information on the amortized cost basis and collateral type of collateral-dependent loans: Schedule of Amortized Cost Basis and Collateral Type (Dollars in thousands) As of December 31, 2023 Loan balance Collateral Type One-to-four family residential real estate loans $ 192 First mortgage on residential real estate Construction and land loans 192 First mortgage on residential or commercial real estate Commercial real estate loans 1,205 First mortgage on commercial real estate Commercial loans 2,054 Accounts receivable, equipment and real estate Agriculture loans 682 Crops, livestock, machinery and real estate Consumer loans 24 Personal property or second mortgages on real estate Total loans $ 4,349 The following tables present information on impaired loans: Schedule of Impaired Financing Receivables Unpaid contractual principal Impaired loan balance Impaired loans without an allowance Impaired loans with an allowance Related allowance recorded Year-to-date average loan balance Year-to-date interest income recognized (Dollars in thousands) As of December 31, 2022 Unpaid contractual principal Impaired loan balance Impaired loans without an allowance Impaired loans with an allowance Related allowance recorded Year-to-date average loan balance Year-to-date interest income recognized One-to-four family residential real estate loans $ 326 $ 326 $ 326 $ - $ - $ 357 $ 9 Construction and land loans 843 412 412 - - 243 10 Commercial real estate loans 1,224 1,224 1,224 - - 1,224 47 Commercial loans 1,063 812 75 737 636 865 5 Agriculture loans 1,402 1,319 1,301 18 18 1,433 64 Municipal loans 36 36 36 - - 36 1 Total impaired loans $ 4,894 $ 4,129 $ 3,374 $ 755 $ 654 $ 4,158 $ 136 As of December 31, 2021 Unpaid contractual principal Impaired loan balance Impaired loans without an allowance Impaired loans with an allowance Related allowance recorded Year-to-date average loan balance Year-to-date interest income recognized One-to-four family residential real estate loans $ 578 $ 578 $ 578 $ - $ - $ 590 $ 8 Construction and land loans 2,401 794 794 - - 895 16 Commercial real estate loans 2,214 2,214 2,214 - - 2,388 37 Commercial loans 1,380 1,029 520 509 504 1,096 38 Agriculture loans 2,235 2,067 2,067 - - 2,420 67 Municipal loans 36 36 36 - - 36 1 Total impaired loans $ 8,844 $ 6,718 $ 6,209 $ 509 $ 504 $ 7,425 $ 167 The Company’s key credit quality indicator is a loan’s performance status, defined as accruing or non-accruing. Performing loans are considered to have a lower risk of loss. Non-accrual loans are those which the Company believes have a higher risk of loss. The accrual of interest on non-performing loans is discontinued at the time the loan is ninety days delinquent, unless the credit is well secured and in process of collection. Loans are placed on non-accrual or are charged off at an earlier date if collection of principal or interest is considered doubtful. There were no loans ninety days delinquent and accruing interest at December 31, 2023 or December 31, 2022. The following tables present information on the Company’s past due and non-accrual loans by loan class: Schedule of Past Due Financing Receivables 30-59 days delinquent and accruing 60-89 days delinquent and accruing 90 days or more delinquent and accruing Total past due loans accruing Non-accrual loans Total past due and non-accrual loans Total loans not past due (Dollars in thousands) As of December 31, 2023 30-59 days delinquent and accruing 60-89 days delinquent and accruing 90 days or more delinquent and accruing Total past due loans accruing Non-accrual loans Total past due and non-accrual loans Total loans not past due One-to-four family residential real estate loans $ 85 $ 247 $ - $ 332 $ 192 $ 524 $ 302,020 Construction and land loans - - - - - - 21,090 Commercial real estate loans 153 - - 153 - 153 320,809 Commercial loans 399 332 - 731 1,880 2,611 178,331 Paycheck protection program loans - - - - - - - Agriculture loans 256 - - 256 295 551 89,129 Municipal loans - - - - - - 4,507 Consumer loans 110 - - 110 24 134 28,797 Total $ 1,003 $ 579 $ - $ 1,582 $ 2,391 $ 3,973 $ 944,683 Percent of gross loans 0.11 % 0.06 % 0.00 % 0.17 % 0.25 % 0.42 % 99.58 % As of December 31, 2022 30-59 days delinquent and accruing 60-89 days delinquent and accruing 90 days or more delinquent and accruing Total past due loans accruing Non-accrual loans Total past due and non-accrual loans Total loans not past due One-to-four family residential real estate loans $ 8 $ 72 $ - $ 80 $ 170 $ 250 $ 236,732 Construction and land loans - - - - 195 195 22,530 Commercial real estate loans - - - - 1,224 1,224 302,850 Commercial loans - 411 - 411 812 1,223 172,192 Paycheck protection program loans - - - - - - 21 Agriculture loans - 180 - 180 925 1,105 83,178 Municipal loans - - - - - - 2,026 Consumer loans 67 - - 67 - 67 26,597 Total $ 75 $ 663 $ - $ 738 $ 3,326 $ 4,064 $ 846,126 Percent of gross loans 0.01 % 0.08 % 0.00 % 0.09 % 0.39 % 0.48 % 99.52 % Under the original terms of the Company’s non-accrual loans, interest earned on such loans for the years 2023, 2022 and 2021, would have increased interest income by $ 96,000 137,000 309,000 The Company also categorizes loans into risk categories based on relevant information about the ability of the borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a quarterly basis. Non-classified loans generally include those loans that are expected to be repaid in accordance with contractual loan terms. Classified loans are those that are assigned a special mention, substandard or doubtful risk rating using the following definitions: Special Mention: Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Substandard: Loans are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged. Loans have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful: Loans classified doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The following table provides information on the Company’s risk category of loans by type and year of origination: Schedule of Troubled Debt Restructurings on Financings Receivables and Year of Origination 2023 2022 2021 2020 2019 Prior Revolving loans amortized cost Revolving loans converted to term Total (Dollars in thousands) As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving loans amortized cost Revolving loans converted to term Total One-to-four family residential real estate loans Nonclassified $ 95,290 $ 84,718 $ 42,533 $ 32,081 $ 12,776 $ 29,694 $ 5,097 $ 163 $ 302,352 Classified - - - - - 192 - - 192 Total $ 95,290 $ 84,718 $ 42,533 $ 32,081 $ 12,776 $ 29,886 $ 5,097 $ 163 $ 302,544 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction and land loans Nonclassified $ 6,283 $ 5,267 $ 5,367 $ 2,665 $ 916 $ 492 $ 100 $ - $ 21,090 Classified - - - - - - - - - Total $ 6,283 $ 5,267 $ 5,367 $ 2,665 $ 916 $ 492 $ 100 $ - $ 21,090 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate loans Nonclassified $ 41,644 $ 77,427 $ 58,327 $ 50,744 $ 30,551 $ 57,502 $ 3,017 $ 92 $ 319,304 Classified - - 481 22 180 975 - - 1,658 Total $ 41,644 $ 77,427 $ 58,808 $ 50,766 $ 30,731 $ 58,477 $ 3,017 $ 92 $ 320,962 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial loans Nonclassified $ 38,818 $ 32,764 $ 16,747 $ 15,511 $ 2,514 $ 4,386 $ 61,046 $ 4,121 $ 175,907 Classified 226 2,000 158 460 57 - 1,952 182 5,035 Total $ 39,044 $ 34,764 $ 16,905 $ 15,971 $ 2,571 $ 4,386 $ 62,998 $ 4,303 $ 180,942 Charge-offs $ - $ (28 ) $ (407 ) $ (44 ) $ - $ - $ - $ - $ (479 ) Agriculture loans Nonclassified $ 7,862 $ 11,718 $ 4,864 $ 4,092 $ 3,902 $ 12,114 $ 44,352 $ 214 $ 89,118 Classified - 16 171 - 131 113 131 - 562 Total $ 7,862 $ 11,734 $ 5,035 $ 4,092 $ 4,033 $ 12,227 $ 44,483 $ 214 $ 89,680 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Municipal loans Nonclassified $ 2,774 $ 128 $ - $ - $ - $ 1,605 $ - $ - $ 4,507 Classified - - - - - - - - - Total $ 2,774 $ 128 $ - $ - $ - $ 1,605 $ - $ - $ 4,507 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer loans Nonclassified $ 4,705 $ 1,332 $ 1,340 $ 1,380 $ 1 $ 4,906 $ 15,221 $ 21 $ 28,906 Classified - - - - - - 25 - 25 Total $ 4,705 $ 1,332 $ 1,340 $ 1,380 $ 1 $ 4,906 $ 15,246 $ 21 $ 28,931 Charge-offs $ - $ - $ (3 ) $ - $ - $ - $ (368 ) $ - $ (371 ) Total loans Nonclassified $ 197,376 $ 213,354 $ 129,178 $ 106,473 $ 50,660 $ 110,699 $ 128,833 $ 4,611 $ 941,184 Classified 226 2,016 810 482 368 1,280 2,108 182 7,472 Total $ 197,602 $ 215,370 $ 129,988 $ 106,955 $ 51,028 $ 111,979 $ 130,941 $ 4,793 $ 948,656 Charge-offs $ - $ (28 ) $ (410 ) $ (44 ) $ - $ - $ (368 ) $ - $ (850 ) The following table provides information on the Company’s risk categories by loan class: Schedule of Troubled Debt Restructurings on Financing Receivables (Dollars in thousands) Nonclassified Classified As of December 31, 2022 (Dollars in thousands) Nonclassified Classified One-to-four family residential real estate loans $ 236,663 $ 319 Construction and land loans 22,530 195 Commercial real estate loans 300,216 3,858 Commercial loans 165,709 7,706 Paycheck protection program loans 21 - Agriculture loans 83,358 925 Municipal loans 2,026 - Consumer loans 26,664 - Total $ 837,187 $ 13,003 The following table provides information on the Company’s allowance for credit losses related to unfunded loan commitments. Schedule of Allowance for Credit Losses Related to Unfunded Loan Commitments (dollars in thousands) Balance at January 1, 2023 $ 170 Impact of adopting ASC 326 - Provision for credit losses 80 Balance at December 31, 2023 $ 250 The following table presents the amortized cost basis of loans at December 31, 2023 that were both experiencing financial difficulty and modified by class, type of modification and includes the financial effect of the modification. Schedule of Amortization cost (Dollars in thousands) As of December 31, 2023 Amortized cost basis % of loan class total Financial effect Term extension: Commercial $ 141 0.1 % 90 day payment deferral As of December 31, 2023, all loans experiencing both financial difficulty and modified during the twelve months ended December 31, 2023 were current under the terms of the agreements. There were no commitments to lend additional funds to the borrowers and there were no charge-offs recorded against the loans. The Company had a $ 1,000 The Company had loans and unfunded commitments to directors and officers, and to affiliated parties, at December 31, 2023 and 2022. A summary of such loans is as follows: Schedule of Loan to Directors Officers and Affiliated Parties (Dollars in thousands) Balance at December 31, 2022 $ 14,573 New loans 3,250 Repayments (4,767 ) Balance at December 31, 2023 $ 13,056 |
Loan Commitments
Loan Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Loan Commitments | |
Loan Commitments | (7) Loan Commitments The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet customers’ financing needs. These financial instruments consist principally of commitments to extend credit. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. The Company’s exposure to credit loss in the event of nonperformance by the other party is represented by the contractual amount of those instruments. In the normal course of business, there are various commitments and contingent liabilities, such as commitments to extend credit, letters of credit, and lines of credit, the balance of which are not recorded in the accompanying consolidated financial statements. The Company generally requires collateral or other security on unfunded loan commitments and irrevocable letters of credit. Unfunded commitments to extend credit, excluding standby letters of credit, aggregated to $ 211.8 183.5 1.6 2.7 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (8) Goodwill and Intangible Assets The changes in goodwill is as follows: Schedule of Goodwill 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Balance at January 1 $ 32,199 $ 17,532 $ 17,532 Acquired goodwill - 14,667 - Acquisition period adjustments 178 - - Balance at December 31 $ 32,377 $ 32,199 $ 17,532 The Company performed its annual impairment test as of December 31, 2023. Based on the results of the qualitative analysis, the Company concluded it was more likely than not that its goodwill was not impaired. A summary of the other intangible assets that continue to be subject to amortization is as follows: Schedule of Other Intangible Assets and Goodwill 2023 2022 (Dollars in thousands) As of December 31, 2023 2022 Gross carrying amount $ 4,170 $ 5,880 Accumulated amortization (929 ) (1,874 ) Net carrying amount $ 3,241 $ 4,006 Amortization expense for the years ended December 31, 2023 and 2022 was $ 765,000 248,000 Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Dollars in thousands) Amortization expense 2024 663 2025 588 2026 512 2027 436 2028 360 Thereafter 682 Total $ 3,241 |
Mortgage Loan Servicing
Mortgage Loan Servicing | 12 Months Ended |
Dec. 31, 2023 | |
Mortgage Loan Servicing | |
Mortgage Loan Servicing | (9) Mortgage Loan Servicing Mortgage loans serviced for others are not reported as assets. The following table provides information on the principal balances of mortgage loans serviced for others: Schedule of Participating Mortgage Loans 2023 2022 (Dollars in thousands) As of December 31, 2023 2022 FHLMC $ 659,488 $ 685,859 FHLB 28,621 27,285 Total $ 688,109 $ 713,144 Custodial escrow balances maintained in connection with serviced loans were $ 5.0 5.3 1.8 Activity for mortgage servicing rights and the related valuation allowance follows: Schedule of Servicing Asset at Amortized Cost 2023 2022 (Dollars in thousands) As of December 31, 2023 2022 Mortgage servicing rights: Balance at beginning of year $ 3,813 $ 4,193 Additions 424 818 Amortization (1,079 ) (1,198 ) Balance at end of year $ 3,158 $ 3,813 At December 31, 2023 and 2022, there was no valuation allowance related to mortgage servicing rights. The fair value of mortgage servicing rights was $ 9.5 10.3 10.0 6.00 26.87 1.65 9.50 6.00 21.34 1.47 The Company had a mortgage repurchase reserve of $ 159,000 225,000 50,000 116,000 1,000 9,000 no |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | (10) Premises and Equipment Premises and equipment consisted of the following: Schedule of Premises and Equipment (Dollars in thousands) Estimated As of December 31, useful lives 2023 2022 Land Indefinite $ 5,444 $ 7,234 Office buildings and improvements 10 50 20,868 23,839 Furniture and equipment 3 15 9,729 9,326 Automobiles 2 5 555 555 Total premises and equipment 36,596 40,954 Accumulated depreciation (16,887 ) (16,627 ) Total premises and equipment, net $ 19,709 $ 24,327 Depreciation expense totaled $ 1.3 1.1 997,000 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits | (11) Deposits The following table presents the maturities of certificates of deposit at December 31, 2023: Schedule of Maturities of Time Deposit (Dollars in thousands) Year Amount 2024 163,439 2025 12,307 2026 2,893 2027 2,385 2028 2,128 Thereafter 2 Total $ 183,154 The aggregate amount of certificate of deposit in denominations of $250,000 50.2 25.6 83.2 10.3 The components of interest expense associated with deposits are as follows: Schedule of Interest Expense Associated with Deposits 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Certificates of deposit $ 4,310 $ 412 $ 476 Money market and checking 10,818 2,318 500 Savings 126 46 47 Total $ 15,254 $ 2,776 $ 1,023 |
Federal Home Loan Bank Borrowin
Federal Home Loan Bank Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Federal Home Loan Bank Borrowings | (12) Federal Home Loan Bank Borrowings The Bank has a line of credit, renewable annually each September, with the FHLB under which there were $ 58.0 8.2 0.15 5.55 20.0 none Although no loans are specifically pledged, the FHLB requires the Bank to maintain eligible collateral (qualifying loans and investment securities) that has a lending value at least equal to its required collateral. At December 31, 2023 and 2022, there was a blanket pledge of loans totaling $ 328.7 139.0 232.3 111.0 153.1 101.8 |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2023 | |
Broker-Dealer [Abstract] | |
Subordinated Debentures | (13) Subordinated Debentures In 2003, the Company issued $ 8.2 2034 Interest accrues at three month CME term SOFR plus a spread adjustment of 0.26% 2.85 8.50 7.26 In 2005, the Company issued an additional $ 8.2 2036 Interest accrues at three month CME term SOFR plus a spread adjustment of 0.26% 1.34 6.99 6.11 In 2013, the Company assumed an additional $ 5.2 2036 Interest accrues at three month CME term SOFR plus a spread adjustment of 0.26% 1.62 7.24 6.35 While these trusts are accounted for as unconsolidated equity investments, a portion of the trust preferred securities issued by the trusts qualifies as Tier 1 Capital for regulatory purposes. |
Other Borrowings
Other Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Other Borrowings | |
Other Borrowings | (14) Other Borrowings The Company has a $ 5.0 November 1, 2024 prime rate less 0.50 The Company borrowed $ 10.0 6.15 September 1, 2027 6.6 9.0 At December 31, 2023 and 2022, the Bank had no borrowings through the Federal Reserve discount window, while the borrowing capacity was $ 60.7 65.4 30.0 no |
Repurchase Agreements
Repurchase Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Repurchase Agreements | (15) Repurchase Agreements The Company has overnight repurchase agreements with certain deposit customers whereby the Company uses investment securities as collateral for non-insured funds. These balances are accounted for as collateralized financing and included in other borrowings on the balance sheet. Repurchase agreements are comprised of non-insured customer funds, totaling $ 12.7 29.4 23.7 38.4 The following is a summary of the balances and collateral of the Company’s repurchase agreements: Schedule of Repurchase Agreements (Dollars in thousands) Years ended December 31, 2023 2022 Average daily balance during the year $ 18,361 $ 13,239 Average interest rate during the year 2.72 % 1.11 % Maximum month-end balance during the year $ 20,083 $ 33,930 Weighted average interest rate at year-end 2.84 % 1.70 % As of December 31, 2023 Overnight and Up to 30 Greater than Continuous days 30-90 days 90 days Total Repurchase agreements: U.S. federal treasury obligations $ 12,714 $ - $ - $ - $ 12,714 Total $ 12,714 $ - $ - $ - $ 12,714 As of December 31, 2022 Overnight and Up to 30 Greater than Continuous days 30-90 days 90 days Total Repurchase agreements: U.S. federal treasury obligations $ 25,973 $ - $ - $ - $ 25,973 U.S. federal agency obligations 1,236 - - - 1,236 Agency mortgage-backed securities 2,193 - - - 2,193 Total $ 29,402 $ - $ - $ - $ 29,402 The investment securities are held by a third party financial institution in the customer’s custodial account. The Company is required to maintain adequate collateral for each repurchase agreement. Changes in the fair value of the investment securities impact the amount of collateral required. If the Company were to default, the investment securities would be used to settle the repurchase agreement with the deposit customer. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | (16) Revenue from Contracts with Customers All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income. Items outside the scope of ASC 606 are noted as such. Schedule of Revenue from Contracts with Customers Within Non-interest Income 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Non-interest income: Service charges on deposits Overdraft fees $ 3,845 $ 3,747 $ 2,987 Other 1,080 787 679 Interchange income 3,206 3,098 3,261 Loan servicing fees ( 1 1,788 1,819 1,780 Office lease income ( 1 509 123 574 Gains on sales of loans ( 1 2,269 3,444 10,487 Bank owned life insurance income ( 1 913 780 686 (Losses) gains on sales of investment securities ( 1 (1,246 ) (1,103 ) 1,138 Gains (losses) on sales of premises and equipment and foreclosed assets 1 114 (4 ) Other 865 891 673 Total non-interest income $ 13,230 $ 13,700 $ 22,261 (1) Not within the scope of ASC 606. A description of the Company’s revenue streams within the scope of ASC 606 follows: Service Charges on Deposit Accounts The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees, which include services such as ATM usage fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period during which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. Interchange Income The Company earns interchange fees from debit cardholder transactions conducted through the interchange payment network. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Gains (Losses) on Sales of Real Estate Owned The Company records a gain or loss from the sale of real estate owned when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When the Company finances the sale of real estate owned to the buyer, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the real estate owned asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, the Company adjusts the transaction price and related gain (loss) on sale if a significant financing component is present. There were no sales of real estate owned that were financed by the Company during the years 2023, 2022 or 2021. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (17) Income Taxes Income tax expense (benefit) attributable to income from operations consisted of the following: Schedule of Components of Income Tax Expense (Benefit) 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Current: Federal $ 1,711 $ 559 $ 3,039 State (161 ) (317 ) 967 Total current 1,550 242 4,006 Deferred: Federal 295 994 662 State 56 238 196 Total deferred 351 1,232 858 Deferred tax valuation allowance 53 (42 ) (50 ) Income tax expense $ 1,954 $ 1,432 $ 4,814 The reasons for the difference between actual income tax expense (benefit) and expected income tax expense attributable to income from operations at the statutory federal income tax rate were as follows: Schedule of Effective Income Tax Rate Reconciliation 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Computed “expected” tax expense $ 2,980 $ 2,375 $ 4,793 (Reduction) increase in income taxes resulting from: Tax-exempt interest income, net (592 ) (633 ) (645 ) Excess tax expense (benefit) from stock option exercise 2 (4 ) (29 ) Bank owned life insurance (208 ) (180 ) (156 ) Reversal of unrecognized tax benefits, net (517 ) (465 ) 162 State income taxes, net of federal benefit 476 369 718 Investment tax credits (47 ) (23 ) (19 ) Other, net (140 ) (7 ) (10 ) Income tax (benefit) expense $ 1,954 $ 1,432 $ 4,814 The tax effects of temporary differences that give rise to the significant portions of the deferred tax assets and liabilities at the following dates were as follows: Schedule of Deferred Tax Assets and Liabilities 2023 2022 (Dollars in thousands) As of December 31, 2023 2022 Deferred tax assets: Unrealized loss on investment securities available-for-sale $ 5,371 $ 8,132 Loans, including allowance for credit losses 2,949 2,879 State taxes 536 562 Other, net 244 210 Investments - 184 Net operating loss carry forwards 332 181 Acquisition costs 99 120 Net deferred loan fees 144 78 Valuation allowance on other real estate 75 74 Deferred compensation arrangements 62 62 Total deferred tax assets 9,812 12,482 Less valuation allowance (234 ) (181 ) Total deferred tax assets, net of valuation allowance 9,578 12,301 Deferred tax liabilities: Intangible assets 1,277 1,324 Mortgage servicing rights 681 801 Prepaid expenses 586 554 Premises and equipment, net of depreciation 618 241 Investments 158 - FHLB stock dividends 59 17 Unrealized gain on investment securities available-for-sale - - Total deferred tax liabilities 3,379 2,937 Net deferred tax asset $ 6,199 $ 9,364 The Company has Kansas corporate and privilege tax net operating loss carry forwards totaling $ 4.6 3.1 465,000 1.3 Retained earnings at December 31, 2023 and 2022 include approximately $ 6.3 The Company has unrecognized tax benefits representing tax positions for which a liability has been established. A reconciliation of the beginning and ending amount of the liability relating to unrecognized tax benefits is as follows: Schedule of Unrecognized Tax Benefits (Dollars in thousands) Years ended December 31, 2023 2022 Unrecognized tax benefits at beginning of year $ 2,157 $ 2,290 Gross increases to current year tax positions 472 390 Gross decreases to prior year’s tax positions (61 ) (61 ) Lapse of statute of limitations (528 ) (462 ) Unrecognized tax benefits at end of year $ 2,040 $ 2,157 Tax years that remain open and subject to audit include the years 2020 through 2023 for both federal and state tax purposes. The Company recognized $ 528,000 462,000 2.0 2.2 1.6 1.7 51,000 52,000 298,000 520,000 571,000 975,000 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | (18) Employee Benefit Plans Employee Retirement Plan. 100 6 857,000 768,000 800,000 Split Dollar Life Insurance Agreement. 44,000 43,000 Deferred Compensation Agreements. 798,000 663,000 2,000 1,000 3,000 |
Stock Compensation Plan
Stock Compensation Plan | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation Plan | (19) Stock Compensation Plan The Company has a stock-based employee compensation plan which allows for the issuance of stock options and restricted common stock, the purpose of which is to provide additional incentive to certain officers, directors, and key employees by facilitating their purchase of a stock interest in the Company. Compensation expense related to prior awards is recognized on a straight line basis over the vesting period, which is typically four years 352,000 295,000 323,000 84,000 77,000 113,000 For stock options, the exercise price may not be less than 100 On May 20, 2015, our stockholders approved the 2015 Stock Incentive Plan which authorized the issuance of equity awards covering 387,832 3,334 56,328 23.97 19,350 23.12 5,452 85,167 20.16 The fair value of the options granted were determined using the following weighted-average assumptions as of the grant date: Schedule of Fair Value of Options Assumed 2023 2022 2021 Years ended December 31, 2023 2022 2021 Risk-free interest rate 4.15 % n/a 1.00 % Expected term 7 n/a 7 Expected stock price volatility 26.31 % n/a 28.51 % Dividend yield 3.97 % n/a 2.88 % A summary of option activity during 2023 is presented below: Schedule of Share-based Compensation, Stock Options, Activity (Dollars in thousands, except per share amounts) Weighted Weighted average average exercise remaining Aggregate price contractual intrinsic Shares per share term value Outstanding at January 1, 2023 144,572 $ 21.87 6.8 $ 502 Granted 81,111 $ 20.16 Effect of 5 10,888 Forfeited/expired (5,470 ) $ 22.90 Exercised (2,693 ) $ 19.29 Outstanding at December 31, 2023 228,408 $ 20.58 7.2 $ 88 Exercisable at December 31, 2023 114,561 $ 20.05 5.4 $ 88 Fully vested options at December 31, 2023 114,561 $ 20.05 5.4 $ 88 Additional information about stock options exercised is presented below: Schedule of Stock Option Exercised Additional Information 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Intrinsic value of options exercised (on exercise date) $ 4 $ 3 $ 141 Cash received from options exercised 52 - 22 Excess tax benefit realized from options exercised $ 1 $ - $ 21 As of December 31, 2023, there was $ 418,000 113,847 Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Dollars in thousands) Year Amount 2024 150 2025 125 2026 90 2027 53 Total $ 418 The fair value of restricted stock on the vesting date was $ 187,000 223,000 229,000 Schedule of Nonvested Share Activity Shares Weighted average grant date price per share Nonvested restricted common stock at January 1, 2023 26,057 $ 23.50 Granted 5,192 $ 21.17 Vested (8,975 ) $ 22.40 Forfeited (350 ) $ 17.80 Effect of 5 1,077 Nonvested restricted common stock at December 31, 2023 23,001 $ 22.40 As of December 31, 2023, there was $ 326,000 23,001 Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Dollars in thousands) Year Amount 2024 181 2025 92 2026 53 Total $ 326 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments and Fair Value Measurements | (20) Fair Value of Financial Instruments and Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Fair value estimates of the Company’s financial instruments as of December 31, 2023 and 2022, including methods and assumptions utilized, are set forth below: Schedule of Fair Value, by Balance Sheet Grouping (Dollars in thousands) As of December 31, 2023 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 27,101 $ 27,101 $ - $ - $ 27,101 Interest-bearing deposits at other banks 4,918 - 4,918 - 4,918 Investment securities available-for-sale 452,769 95,667 357,102 - 452,769 Investment securities held-to-maturity 3,555 - 3,049 - 3,049 Bank stocks, at cost 8,123 n/a n/a n/a n/a Loans, net 937,619 - - 920,984 920,984 Loans held for sale 853 - 853 - 853 Mortgage servicing rights 3,158 - 9,498 - 9,498 Accrued interest receivable 7,341 327 2,280 4,734 7,341 Derivative financial instruments 114 - 114 - 114 Financial liabilities: Non-maturity deposits $ (1,133,097 ) $ (1,133,097 ) $ - $ - $ (1,133,097 ) Certificates of deposit (183,154 ) - (181,655 ) - (181,655 ) FHLB and other borrowings (64,662 ) - (65,478 ) - (65,478 ) Subordinated debentures (21,651 ) - (18,906 ) - (18,906 ) Repurchase agreements (12,714 ) - (12,714 ) - (12,714 ) Accrued interest payable (1,979 ) - (1,979 ) - (1,979 ) Derivative financial instruments (14 ) - (14 ) - (14 ) (Dollars in thousands) As of December 31, 2022 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 23,156 $ 23,156 $ - $ - $ 23,156 Interest-bearing deposits at other banks 9,084 - 9,084 - 9,084 Investment securities available-for-sale 489,306 123,111 366,195 - 489,306 Investment securities held-to-maturity 3,524 - 3,452 - 3,452 Bank stocks, at cost 5,470 n/a n/a n/a n/a Loans, net 841,149 - - 828,726 828,726 Loans held for sale 2,488 - 2,488 - 2,488 Mortgage servicing rights 3,813 - 10,282 - 10,282 Accrued interest receivable 5,879 426 2,150 3,303 5,879 Derivative financial instruments 126 - 126 - 126 Financial liabilities: Non-maturity deposits $ (1,207,371 ) $ (1,207,371 ) $ - $ - $ (1,207,371 ) Certificates of deposit (93,278 ) - (90,760 ) - (90,760 ) FHLB and other borrowings (17,200 ) - (14,981 ) - (14,981 ) Subordinated debentures (21,651 ) - (18,189 ) - (18,189 ) Repurchase agreements (29,402 ) - (29,402 ) - (29,402 ) Accrued interest payable (439 ) - (439 ) - (439 ) Transfers The Company did not transfer any assets or liabilities among levels during the year ended December 31, 2023 or 2022. Valuation Methods for Instruments Measured at Fair Value on a Recurring Basis The following table represents the Company’s financial instruments that are measured at fair value on a recurring basis at December 31, 2023 and 2022, allocated to the appropriate fair value hierarchy: Schedule of Fair Value, Assets Measured On Recurring Basis (Dollars in thousands) As of December 31, 2023 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities U. S. treasury securities $ 95,667 $ 95,667 $ - $ - Municipal obligations, tax exempt 120,623 - 120,623 - Municipal obligations, taxable 79,083 - 79,083 - Agency mortgage-backed securities 157,396 - 157,396 - Loans held for sale 853 - 853 - Derivative financial instruments 114 - 114 - Liabilities: Derivative financial instruments (14 ) - (14 ) - (Dollars in thousands) As of December 31, 2022 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities U. S. treasury securities $ 123,111 $ 123,111 $ - $ - U. S. federal agency obligations 1,988 - 1,988 - Municipal obligations, tax exempt 127,262 - 127,262 - Municipal obligations, taxable 67,244 - 67,244 - Agency mortgage-backed securities 169,701 - 169,701 - Loans held for sale 2,488 - 2,488 - Derivative financial instruments 126 - 126 - The Company’s investment securities classified as available-for-sale include U.S. treasury securities, U.S. federal agency securities, municipal obligations and agency mortgage-backed securities. Quoted exchange prices are available for the Company’s U.S treasury securities which are classified as Level 1. U.S. federal agency securities and agency mortgage-backed obligations are priced utilizing industry-standard models that consider various assumptions, including time value, yield curves, volatility factors, prepayment speeds, default rates, loss severity, current market and contractual prices for the underlying financial instruments, as well as other relevant economic measures. Substantially all of these assumptions are observable in the marketplace, can be derived from observable data, or are supported by observable levels at which transactions are executed in the marketplace. These measurements are classified as Level 2. Municipal securities are valued using a type of matrix, or grid, pricing in which securities are benchmarked against U.S. treasury rates based on credit rating. These model and matrix measurements are classified as Level 2 in the fair value hierarchy. Changes in the fair value of available-for-sale securities are included in other comprehensive income to the extent the changes are not considered credit-related. Mortgage loans originated and intended for sale in the secondary market are carried at estimated fair value. The mortgage loan valuations are based on quoted secondary market prices for similar loans and are classified as Level 2. Changes in the fair value of mortgage loans originated and intended for sale in the secondary market and derivative financial instruments are included in gains on sales of loans. The aggregate fair value, contractual balance (including accrued interest), and gain or loss on loans held for sale were as follows: Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale As of December 31, (Dollars in thousands) 2023 2022 Aggregate fair value $ 853 $ 2,488 Contractual balance 848 2,468 Gain $ 5 $ 20 The Company’s derivative financial instruments consist of interest rate lock commitments and forward commitments for the future delivery of these mortgage loans. The fair values of these derivatives are based on quoted prices for similar loans in the secondary market. The market prices are adjusted by a factor, based on the Company’s historical data and its judgment about future economic trends, which considers the likelihood that a commitment will ultimately result in a closed loan. These instruments are classified as Level 2. The amounts are included in other assets or other liabilities on the consolidated balance sheets and gains on sale of loans, net in the consolidated statements of earnings. The total amount of gains and losses from changes in fair value of derivative financial instruments included in earnings were as follows: Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale As of December 31, (Dollars in thousands) 2023 2022 2021 Total change in fair value $ (26 ) $ (368 ) $ (836 ) Valuation Methods for Instruments Measured at Fair Value on a Nonrecurring Basis The Company does not record its loan portfolio at fair value. Collateral-dependent loans are generally carried at the lower of cost or fair value of the collateral, less estimated selling costs. Collateral values are determined based on appraisals performed by qualified licensed appraisers hired by the Company and then further adjusted if warranted based on relevant facts and circumstances. The appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales and income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Individually evaluated loans are reviewed at least quarterly for additional impairment and adjusted accordingly, based on the same factors identified above. The carrying value of the Company’s individually evaluated loans was $ 4.3 4.1 1.7 755,000 311,000 654,000 Real estate owned includes assets acquired through, or in lieu of, foreclosure and land previously acquired for expansion. Real estate owned is initially recorded at the fair value of the collateral less estimated selling costs. Subsequent valuations are updated periodically and are based upon independent appraisals, third party price opinions or internal pricing models. The appraisals may utilize a single valuation approach or a combination of approaches including the comparable sales and income approach. Adjustments are routinely made in the appraisal process by the appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are typically significant and result in a Level 3 classification of the inputs for determining fair value. Real estate owned is reviewed and evaluated at least annually for additional impairment and adjusted accordingly, based on the same factors identified above. The following table presents quantitative information about Level 3 fair value measurements for individually evaluated loans measure at fair value on a non-recurring basis as of December 31, 2023 and 2022. Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques (Dollars in thousands) Fair value Valuation technique Unobservable inputs Range As of December 31, 2023 Individual evaluated loans: One-to-four family residential real estate $ 31 Sales comparison Adjustment to appraised value 7 % Commercial loans 1,386 Sales comparison Adjustment to comparable sales 0 50 % Real estate owned: One-to-four family residential real estate 266 Sales comparison Adjustment to appraised value 10 % As of December 31, 2022 Impaired loans: Commercial loans $ 101 Sales comparison Adjustment to comparable sales 0 25 % Real estate owned: One-to-four family residential real estate 272 Sales comparison Adjustment to appraised value 15 % Commercial real estate 234 Sales comparison Adjustment to appraised value 15 % |
Regulatory Capital Requirements
Regulatory Capital Requirements | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Capital Requirements | (21) Regulatory Capital Requirements Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. Management believed that as of December 31, 2023, the Company and the Bank met all capital adequacy requirements to which they were subject at that time. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The Company and the Bank are subject to the Basel III Rule, which is applicable to all U.S. banks that are subject to minimum capital requirements, as well as to bank and savings and loan holding companies other than “small bank holding companies” (generally, non-public bank holding companies with consolidated assets of less than $ 3.0 The Basel III Rule includes a common equity Tier 1 capital to risk-weighted assets minimum ratio of 4.5 6.0 8.0 4.0 2.5 As of December 31, 2023 and December 31, 2022, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action then in effect. There are no conditions or events since that notification that management believes have changed the institution’s category. The following is a comparison of the Company’s regulatory capital to minimum capital requirements in effect at December 31, 2023 and 2022: Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies (Dollars in thousands) For capital Actual adequacy purposes Amount Ratio Amount Ratio (1) As of December 31, 2023 Leverage $ 130,625 8.41 % $ 62,116 4.0 % Common Equity Tier 1 Capital 109,625 10.39 % 73,854 7.0 % Tier 1 Capital 130,625 12.38 % 89,680 8.5 % Total Risk Based Capital 140,671 13.33 % 110,781 10.5 % As of December 31, 2022 Leverage $ 122,275 8.14 % $ 60,100 4.0 % Common Equity Tier 1 Capital 101,275 10.37 % 68,352 7.0 % Tier 1 Capital 122,275 12.52 % 82,999 8.5 % Total Risk Based Capital 131,236 13.44 % 102,528 10.5 % (1) The required percent for capital adequacy purposes includes a capital conservation buffer of 2.5 The following is a comparison of the Bank’s regulatory capital to minimum capital requirements in effect at December 31, 2023 and 2022: Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations (Dollars in thousands) To be well-capitalized For capital under regulatory Actual adequacy purposes guidelines Amount Ratio Amount Ratio (1) Amount Ratio As of December 31, 2023 Leverage $ 134,422 8.68 % $ 61,951 4.0 % $ 77,439 5.0 % Common Equity Tier 1 Capital 134,422 12.74 % 73,833 7.0 % 68,560 6.5 % Tier 1 Capital 134,422 12.74 % 89,655 8.5 % 84,381 8.0 % Total Risk Based Capital 144,468 13.70 % 110,750 10.5 % 105,476 10.0 % As of December 31, 2022 Leverage $ 128,643 8.59 % $ 59,933 4.0 % $ 74,917 5.0 % Common Equity Tier 1 Capital 128,643 13.18 % 68,309 7.0 % 63,430 6.5 % Tier 1 Capital 128,643 13.18 % 82,947 8.5 % 78,068 8.0 % Total Risk Based Capital 137,604 14.10 % 102,464 10.5 % 97,585 10.0 % (1) The required percent for capital adequacy purposes includes a capital conservation buffer of 2.5 |
Parent Company Condensed Financ
Parent Company Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Condensed Financial Statements | (22) Parent Company Condensed Financial Statements The following is condensed financial information of the parent company as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021: Schedule of Condensed Financial Statements Condensed Balance Sheets (Dollars in thousands) As of December 31, 2023 2022 Assets: Cash and cash equivalents $ 286 $ 166 Interest-bearing deposits at other banks 215 214 Investment in subsidiaries 153,813 140,802 Other 990 959 Total assets $ 155,304 $ 142,141 Liabilities and stockholders’ equity: Subordinated debentures $ 21,651 $ 21,651 Other borrowings 6,649 9,000 Other 90 57 Stockholders’ equity 126,914 111,433 Total liabilities and stockholders’ equity $ 155,304 $ 142,141 Condensed Statements of Earnings (Dollars in thousands) Years ended December 31, 2023 2022 2021 Dividends from Bank $ 8,000 $ 29,350 $ 4,600 Dividends from nonbank subsidiary 1,000 490 1,000 Interest income 51 26 16 Other non-interest income 8 8 7 Interest expense (2,113 ) (998 ) (472 ) Other expense, net (620 ) (412 ) (532 ) Earnings before equity in undistributed earnings 6,326 28,464 4,619 Increase (decrease) in undistributed equity of Bank 5,252 (19,030 ) 13,599 Increase (decrease) in undistributed equity of nonbank subsidiary 102 155 (272 ) Earnings before income taxes 11,680 9,589 17,946 Income tax benefit (556 ) (289 ) (65 ) Net earnings 12,236 9,878 18,011 Other comprehensive income (loss) 8,510 (28,946 ) (5,567 ) Total comprehensive income $ 20,746 $ (19,068 ) $ 12,444 Condensed Statements of Cash Flows (Dollars in thousands) Years ended December 31, 2023 2022 2021 Cash flows from operating activities: Net earnings $ 12,236 $ 9,878 $ 18,011 Decrease (increase) in undistributed equity of subsidiaries (5,354 ) 18,875 (13,327 ) Other 1 79 130 Net cash provided by operating activities 6,883 28,832 4,814 Cash flows from investing activities: Net change in interest-bearing deposits at banks 1 - (2 ) Acquisition of Freedom Bancshares, Inc. - (33,350 ) - Net cash (used in) provided by investing activities 1 (33,350 ) (2 ) Cash flows from financing activities: Proceeds from exercise of stock options 52 - 22 Payment of dividends (4,390 ) (4,198 ) (3,818 ) Purchase of treasury stock (75 ) (1,239 ) - Issuances of outstanding debt - 10,065 - Payment on outstanding debt (2,351 ) (1,065 ) - Net cash (used in) provided by financing activities (6,764 ) 3,563 (3,796 ) Net increase (decrease) in cash 120 (955 ) 1,016 Cash at beginning of year 166 1,121 105 Cash at end of year $ 286 $ 166 $ 1,121 Dividends paid by the Company are provided through dividends from the Bank and dividends from nonbank subsidiaries. At December 31, 2023, the Bank could distribute dividends of up to $ 12.9 |
Commitments, Contingencies and
Commitments, Contingencies and Guarantees | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Guarantees | (23) Commitments, Contingencies and Guarantees Commitments to extend credit are legally binding agreements to lend to a borrower provided there are no violations of any conditions established in the contract. The Company, as a provider of financial services, routinely issues financial guarantees in the form of financial and performance commercial and standby letters of credit. As many of the commitments are expected to expire without being drawn upon, the total commitment does not necessarily represent future cash requirements (see Note 7). There are no pending legal proceedings to which the Company or the Bank is a party other than ordinary routine litigation incidental to the Bank’s business. While the ultimate outcome of current legal proceedings cannot be predicted with certainty, it is the opinion of management that the resolution of these legal actions should not have a material effect on the Company’s consolidated financial position or results of operations. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Use of Estimates | Use of Estimates |
Business Combinations | Business Combinations |
Reserve Requirements | Reserve Requirements |
Cash Flows | Cash Flows |
Interest-Bearing Deposits in Banks | Interest-Bearing Deposits in Banks In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), commonly referred to as “CECL.” The provisions of the update eliminated the probable initial recognition threshold under previous GAAP which requires reserves to be based on an incurred loss methodology. Under CECL, reserves required for financial assets measured at amortized cost reflect an organization’s estimate of all expected credit losses over the expected term of the financial asset and thereby require the use of reasonable and supportable forecasts to estimate future credit losses. Because CECL encompasses all financial assets carried at amortized cost, the requirement that reserves be established based on an organization’s reasonable and supportable estimate of expected credit losses extends to held-to-maturity debt securities. Under the provisions of the update, credit losses recognized on available-for-sale debt securities are presented as an allowance as opposed to a write-down. In addition, CECL modified the accounting for purchased loans. Under prior GAAP, a purchased loan’s contractual balance was adjusted to fair value through a credit discount, and no reserve was recorded on the purchased loan upon acquisition. Under CECL loans determined to be purchased credit deteriorated have an allowance for credit losses established through purchase accounting. Finally, increased disclosure requirements under CECL oblige organizations to present credit quality disclosures disaggregated by the year of origination or vintage. FASB expects that the evaluation of underwriting standards and credit quality trends by financial statement users will be enhanced with the additional vintage disclosures. In October 2019, the FASB approved a change in the effective dates for CECL which delayed the effective date to fiscal years beginning after December 15, 2022 for smaller reporting companies. On January 1, 2023, the Company adopted CECL. The measurement of expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity investment securities. It also applies to off-balance credit exposures not accounted for as insurance (loan commitments and standby letters of credit). In addition, ASC 326 made changes to the accounting for available-for-sale investment securities management does not intend to sell or believes that it is more likely than not they will be required to sell. The Company adopted ASC 326 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the reporting periods beginning after January 1, 2023 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP requirements. The adoption of CECL resulted in an increase in the allowance for credit losses on loans of $ 1.5 72,000 391,000 1.2 The following table illustrates the impact of ASC 326: Impact of Adoption of ASC 326 (CECL) (Dollars in thousands) As reported under ASC 326 Pre-ASC 326 adoption Impact of ASC 326 adoption January 1, 2023 (Dollars in thousands) As reported under ASC 326 Pre-ASC 326 adoption Impact of ASC 326 adoption Allowance for credit losses: Held-to-maturity investment securities $ 72 $ - $ 72 One-to-four family residential real estate loans $ 1,677 $ 655 $ 1,022 Construction and land loans 166 117 49 Commercial real estate loans 4,221 3,158 1,063 Commercial loans 2,898 2,753 145 Paycheck protection program loans - - - Agriculture loans 1,142 1,966 (824 ) Municipal loans 16 5 11 Consumer loans 194 137 57 Total allowance for credit losses for loans $ 10,314 $ 8,791 $ 1,523 Unfunded loan commitments $ 170 $ 170 $ - |
Investment Securities | Investment Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where prepayments are anticipated. Realized gains and losses on sales of available-for-sale securities are recorded on a trade date basis and are calculated using the specific identification method. |
Allowance for Credit Losses – Held-to-Maturity Investment Securities | Allowance for Credit Losses – Held-to-Maturity Investment Securities |
Allowance for Credit Losses – Available-for-Sale Investment Securities | Allowance for Credit Losses – Available-for-Sale Investment Securities |
Bank Stocks | Bank Stocks |
Acquired Loans | Acquired Loans |
Loans | Loans The accrual of interest on non-performing loans is discontinued at the time the loan is ninety days delinquent, unless the credit is well secured and in process of collection. Loans are placed on non-accrual or are charged off at an earlier date if collection of the principal or interest is considered doubtful. All interest accrued but not collected for loans that are placed on non-accrual or charged off is reversed against interest income. The interest on these loans is accounted for on the cash basis or cost recovery method, until qualifying for return to accrual. Loans are evaluated individually and are returned to accrual status when all principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Allowance for Credit Losses - Loans | Allowance for Credit Losses - Loans The allowance for credit losses is measured on a collective basis for pools of loans with similar risk characteristics. The Company has identified the following pools of financial assets with similar risk characteristics for measuring expected credit losses. One-to-Four Family Residential Real Estate. Construction and Land. Commercial Real Estate. Commercial. Agriculture. Municipal. Consumer. The Company utilizes a weighted average remaining maturity allowance methodology to calculate the quantitative component of the allowance for credit losses. Historical loss rates are adjusted for current conditions and reasonable and supportable forecasts. Following the economic forecast period loss rates revert back to historical loss rates over a reasonable period of time. Additional adjustments for qualitative factors are included to quantify the risks within each of the loan categories that are not included in the historical loss rates or economic projections. These adjustments include but are not limited to: changes in economic and business conditions, changes in policies, procedures and underwriting, changes in management or staff and their related experience, changes in nature and volume of the portfolio, changes in loan review, changes in collateral values, changes in past due and nonaccrual loans, changes in competition, legal and regulatory issues, changes in concentrations and other qualitative factors that could affect credit losses. The data for the allowance calculation may be obtained from internal or external sources. Loans that do not share similar risk characteristics with the collectively evaluated pools are evaluated on an individual basis and are excluded from the collectively evaluated loan pools. Such loans are evaluated for credit losses based on either discounted cash flows or the fair value of collateral. The Company estimates expected credit losses over the contractual term of obligations to extend credit, unless the obligation is unconditionally cancellable. The allowance for off-balance-sheet exposures is adjusted through the provision for credit losses. The estimates are determined based on the likelihood of funding during the contractual term and an estimate of credit losses subsequent to funding. Estimated credit losses on subsequently funded balances are based on the same assumptions used to estimated credit losses on loans. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures which eliminated the recognition and measurement guidance for troubled debt restructurings (“TDRs”) by creditors in ASC 310-40. The update also enhanced disclosure required for loan restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity will apply the loan refinancing and restructuring guidance to determine whether a modification or other form of restructuring results in a new loan or a continuation of an existing loan. Additionally, the amendments to this ASU require a public business entity to disclose current period gross charge-offs by year of origination for loans in the vintage disclosures. On January 1, 2023, the Company adopted ASU 2022-02, electing the prospective approach. The adoption did not have a material effect on the Company’s operating results or financial condition. The disclosures in this document have been updated to reflect the new guidance. |
Loans Modifications | Loans Modifications |
Loans Held for Sale | Loans Held for Sale Mortgage loans held for sale are generally sold with servicing rights retained. The carrying value of mortgage loans sold is reduced by the amount allocated to the servicing right. Gains and losses on sales of mortgage loans are based on the difference between the selling price and the carrying value of the related loan sold. |
Mortgage Servicing Rights | Mortgage Servicing Rights Servicing rights are evaluated for impairment based upon the fair value of the rights as compared to carrying amount. Impairment is determined by stratifying rights into groupings based on predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Company later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the allowance may be recorded as an increase to income. Changes in valuation allowances are included in amortization expense on the income statement. The fair values of servicing rights are subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds, default rates and losses. |
Transfers of Financial Assets | Transfers of Financial Assets |
Mortgage Loan Repurchase Reserve | Mortgage Loan Repurchase Reserve |
Premises and Equipment | Premises and Equipment |
Bank Owned Life Insurance | Bank Owned Life Insurance |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Intangible assets include core deposit intangibles. Core deposit intangible assets are amortized over their estimated useful life of ten years on an accelerated basis. When facts and circumstances indicate potential impairment, the Company will evaluate the recoverability of the intangible asset’s carrying value, using estimates of undiscounted future cash flows over the remaining asset life. Any impairment loss is measured by the excess of carrying value over fair value. |
Income Taxes | Income Taxes greater than 50 percent likelihood of being realized upon ultimate settlement. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments |
Loss Contingencies | Loss Contingencies |
Comprehensive Income | Comprehensive Income |
Real Estate Owned | Real Estate Owned |
Stock-Based Compensation | Stock-Based Compensation |
Earnings per Share | Earnings per Share 166,561 51,718 56,324 The shares used in the calculation of basic and diluted earnings per share, which have been adjusted to give effect to the 5 Schedule of Earnings Per Share, Basic and Diluted 2023 2022 2021 (Dollars in thousands, except per share amounts) Years ended December 31, 2023 2022 2021 Net earnings available to common shareholders $ 12,236 $ 9,878 $ 18,011 Weighted average common shares outstanding - basic 5,477,700 5,492,286 5,506,487 Assumed exercise of stock options 3,100 15,767 13,303 Weighted average common shares outstanding - diluted 5,480,800 5,508,053 5,519,790 Earnings per share: Basic $ 2.23 $ 1.80 $ 3.27 Diluted $ 2.23 $ 1.79 $ 3.26 |
Derivative Financial Instruments | Derivative Financial Instruments |
Dividend Restriction | Dividend Restriction |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Reclassifications | Reclassifications |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Impact of Adoption of ASC 326 (CECL) | The following table illustrates the impact of ASC 326: Impact of Adoption of ASC 326 (CECL) (Dollars in thousands) As reported under ASC 326 Pre-ASC 326 adoption Impact of ASC 326 adoption January 1, 2023 (Dollars in thousands) As reported under ASC 326 Pre-ASC 326 adoption Impact of ASC 326 adoption Allowance for credit losses: Held-to-maturity investment securities $ 72 $ - $ 72 One-to-four family residential real estate loans $ 1,677 $ 655 $ 1,022 Construction and land loans 166 117 49 Commercial real estate loans 4,221 3,158 1,063 Commercial loans 2,898 2,753 145 Paycheck protection program loans - - - Agriculture loans 1,142 1,966 (824 ) Municipal loans 16 5 11 Consumer loans 194 137 57 Total allowance for credit losses for loans $ 10,314 $ 8,791 $ 1,523 Unfunded loan commitments $ 170 $ 170 $ - |
Schedule of Earnings Per Share, Basic and Diluted | The shares used in the calculation of basic and diluted earnings per share, which have been adjusted to give effect to the 5 Schedule of Earnings Per Share, Basic and Diluted 2023 2022 2021 (Dollars in thousands, except per share amounts) Years ended December 31, 2023 2022 2021 Net earnings available to common shareholders $ 12,236 $ 9,878 $ 18,011 Weighted average common shares outstanding - basic 5,477,700 5,492,286 5,506,487 Assumed exercise of stock options 3,100 15,767 13,303 Weighted average common shares outstanding - diluted 5,480,800 5,508,053 5,519,790 Earnings per share: Basic $ 2.23 $ 1.80 $ 3.27 Diluted $ 2.23 $ 1.79 $ 3.26 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Assets and Liabilities Acquisition | The following table summarizes the consideration paid for Freedom Bancshares, Inc. and the amounts of the assets acquired and liabilities assumed at the acquisition date: Schedule of Assets and Liabilities Acquisition As of (Dollars in thousands) October 1, 2022 Cash paid in acquisition $ 33,350 Assets acquired: Cash and cash equivalents 32,778 Investment securities 33,126 Bank stocks 699 Loans 113,910 Bank owned life insurance 4,374 Premises and equipment 3,782 Core deposit intangibles 4,170 Other 7,016 Total assets acquired 199,855 Liabilities assumed: Deposits 150,410 FHLB advances 7,000 Other borrowings 22,198 Other liabilities 1,742 Total liabilities assumed 181,350 Net assets acquired 18,505 Goodwill $ 14,845 |
Schedule of Unaudited Pro Forma Consolidated Operating Acquisition | Schedule of Unaudited Pro Forma Consolidated Operating Acquisition (Dollars in thousands, except per share amounts) Years ended December 31, 2022 2021 Net interest income $ 44,750 $ 45,942 Net earnings 9,098 19,922 Earnings per share (1): Basic (1) 1.66 3.62 Diluted (1) 1.65 3.61 (1) All per share amounts have been adjusted to give effect to the 5% stock dividends paid during December 2022 and 2021. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Investments [Abstract] | |
Schedule of Available-for-sale Securities | A summary of investment securities available-for-sale and securities held-to-maturity is as follows: Schedule of Available-for-sale Securities (Dollars in thousands) As of December 31, 2023 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value Available-for-sale: U. S. treasury securities $ 99,340 $ - $ (3,673 ) $ 95,667 Municipal obligations, tax exempt 122,775 186 (2,338 ) 120,623 Municipal obligations, taxable 82,926 225 (4,068 ) 79,083 Agency mortgage-backed securities 169,656 247 (12,507 ) 157,396 Total available-for-sale $ 474,697 $ 658 $ (22,586 ) $ 452,769 Held-to-maturity: Other $ 3,555 $ - $ (506 ) $ 3,049 Total held-to-maturity $ 3,555 $ - $ (506 ) $ 3,049 (Dollars in thousands) As of December 31, 2022 Gross Gross Amortized unrealized unrealized Estimated cost gains losses fair value Available-for-sale: U. S. treasury securities $ 130,684 $ - $ (7,573 ) $ 123,111 U. S. federal agency obligations 2,002 - (14 ) 1,988 Municipal obligations, tax exempt 130,848 59 (3,645 ) 127,262 Municipal obligations, taxable 73,520 14 (6,290 ) 67,244 Agency mortgage-backed securities 185,451 172 (15,922 ) 169,701 Total available-for-sale $ 522,505 $ 245 $ (33,444 ) $ 489,306 Held-to-maturity: Other $ 3,524 $ 5 $ (77 ) $ 3,452 Total held-to-maturity $ 3,524 $ 5 $ (77 ) $ 3,452 |
Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value | The following table summarizes securities available-for-sale in an unrealized loss positions for which an allowance for credit losses has not been recorded at December 31, 2023 along with length of time in a continuous unrealized loss position. Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value (Dollars in thousands) As of December 31, 2023 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities value losses value losses value losses U. S. treasury securities 47 $ 1,129 $ (7 ) $ 93,833 $ (3,666 ) $ 94,962 $ (3,673 ) Municipal obligations, tax exempt 229 31,468 (337 ) 64,962 (2,001 ) 96,430 (2,338 ) Municipal obligations, taxable 110 17,278 (151 ) 52,212 (3,917 ) 69,490 (4,068 ) Agency mortgage-backed securities 100 6,480 (68 ) 128,512 (12,439 ) 134,992 (12,507 ) Total available-for-sale 486 $ 56,355 $ (563 ) $ 339,519 $ (22,023 ) $ 395,874 $ (22,586 ) Securities which were temporarily impaired are shown below, along with the length of time in a continuous unrealized loss position. (Dollars in thousands) As of December 31, 2022 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized Available-for-sale securities value losses value losses value losses U. S. treasury securities 67 $ 85,988 $ (4,591 ) $ 37,123 $ (2,982 ) $ 123,111 $ (7,573 ) U. S. federal agency obligations 1 1,988 (14 ) - - 1,988 (14 ) Municipal obligations, tax exempt 274 107,262 (3,020 ) 8,495 (625 ) 115,757 (3,645 ) Municipal obligations, taxable 108 54,746 (5,006 ) 7,571 (1,284 ) 62,317 (6,290 ) Agency mortgage-backed securities 100 78,971 (4,550 ) 79,882 (11,372 ) 158,853 (15,922 ) Total available-for-sale 550 $ 328,955 $ (17,181 ) $ 133,071 $ (16,263 ) $ 462,026 $ (33,444 ) Other 6 $ 3,009 $ (77 ) $ - $ - $ 3,009 $ (77 ) Total 6 $ 3,009 $ (77 ) $ - $ - $ 3,009 $ (77 ) |
Schedule of Allowance for Credit Losses Related to Held-to-maturity Investment Securities | The following table provides information on the Company’s allowance for credit losses related to held-to-maturity investment securities. Schedule of Allowance for Credit Losses Related to Held-to-maturity Investment Securities (Dollars in thousands) Balance at January 1, 2023 $ - Impact of adopting ASC 326 72 Provision for credit losses 19 Balance at December 31, 2023 $ 91 |
Schedule of Investments Classified by Contractual Maturity Date | Schedule of Investments Classified by Contractual Maturity Date Amortized Estimated (Dollars in thousands) cost fair value Available-for-sale: Due in less than one year $ 37,665 $ 37,145 Due after one year but within five years 244,383 232,810 Due after five years but within ten years 142,669 134,262 Due after ten years 49,980 48,552 Total available-for-sale $ 474,697 $ 452,769 Held-to-maturity: Due after five years but within ten years $ 3,555 $ 3,049 Total held-to-maturity $ 3,555 $ 3,049 |
Schedule of Realized Gain (loss) | The Company has not sold any investment securities subsequent to December 31, 2023 and the date of this filing. Sales proceeds and gross realized gains and losses on sales of available-for-sale securities are as follows: Schedule of Realized Gain (loss) 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Sales proceeds $ 20,913 $ 52,597 $ 16,623 Realized gains $ - $ - $ 1,138 Realized losses (1,246 ) (1,103 ) - Net realized (losses) gains $ (1,246 ) $ (1,103 ) $ 1,138 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Loans | Loans consisted of the following: Schedule of Loans (Dollars in thousands) 2023 2022 As of December 31, (Dollars in thousands) 2023 2022 One-to-four family residential real estate loans $ 302,544 $ 236,982 Construction and land loans 21,090 22,725 Commercial real estate loans 320,962 304,074 Commercial loans 180,942 173,415 Paycheck protection program loans - 21 Agriculture loans 89,680 84,283 Municipal loans 4,507 2,026 Consumer loans 28,931 26,664 Total gross loans 948,656 850,190 Net deferred loan (fees) costs and loans in process (429 ) (250 ) Allowance for credit losses (10,608 ) (8,791 ) Loans, net $ 937,619 $ 841,149 |
Schedule of Allowance for Credit Losses on Financing Receivables | The following tables provide information on the Company’s allowance for credit losses by loan class and allowance methodology: Schedule of Allowance for Credit Losses on Financing Receivables One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Agriculture loans Municipal loans Consumer loans Total (Dollars in thousands) Year ended December 31, 2023 One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Agriculture loans Municipal loans Consumer loans Total Allowance for credit losses: Balance at January 1, 2023 $ 655 $ 117 $ 3,158 $ 2,753 $ 1,966 $ 5 $ 137 $ 8,791 Impact of adopting ASC 326 1,022 49 1,063 145 (824 ) 11 57 1,523 Charge-offs - - - (479 ) - - (371 ) (850 ) Recoveries - 675 - 35 74 - 110 894 Provision for credit losses 358 (691 ) 297 32 (26 ) (1 ) 281 250 Balance at December 31, 2023 $ 2,035 $ 150 $ 4,518 $ 2,486 $ 1,190 $ 15 $ 214 $ 10,608 One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection loans Agriculture loans Municipal loans Consumer loans Total (Dollars in thousands) Year ended December 31, 2022 One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection loans Agriculture loans Municipal loans Consumer loans Total Allowance for credit losses: Balance at January 1, 2022 $ 623 $ 138 $ 3,051 $ 2,613 $ - $ 2,221 $ 6 $ 123 $ 8,775 Charge-offs - - - - - - - (336 ) (336 ) Recoveries - 165 - 38 - 59 6 84 352 Provision for credit losses 32 (186 ) 107 102 - (314 ) (7 ) 266 - Balance at December 31, 2022 $ 655 $ 117 $ 3,158 $ 2,753 $ - $ 1,966 $ 5 $ 137 $ 8,791 Allowance for credit losses: Individually evaluated for loss $ - $ - $ - $ 636 $ - $ 18 $ - $ - $ 654 Collectively evaluated for loss 655 117 3,158 2,117 - 1,948 5 137 8,137 Total $ 655 $ 117 $ 3,158 $ 2,753 $ - $ 1,966 $ 5 $ 137 $ 8,791 Loan balances: Individually evaluated for loss $ 326 $ 412 $ 1,224 $ 812 $ - $ 1,319 $ 36 $ - $ 4,129 Collectively evaluated for loss 236,656 22,313 302,850 172,603 21 82,964 1,990 26,664 846,061 Total $ 236,982 $ 22,725 $ 304,074 $ 173,415 $ 21 $ 84,283 $ 2,026 $ 26,664 $ 850,190 (Dollars in thousands) Year ended December 31, 2021 One-to-four family residential real estate loans Construction and land loans Commercial real estate loans Commercial loans Paycheck protection loans Agriculture loans Municipal loans Consumer loans Total Allowance for credit losses: Balance at January 1, 2021 $ 859 $ 181 $ 2,482 $ 2,388 $ - $ 2,690 $ 6 $ 169 $ 8,775 Balance $ 859 $ 181 $ 2,482 $ 2,388 $ - $ 2,690 $ 6 $ 169 $ 8,775 Charge-offs (81 ) - (540 ) (72 ) - (50 ) - (235 ) (978 ) Recoveries 11 263 - 14 - 66 6 118 478 Provision for credit losses (166 ) (306 ) 1,109 283 - (485 ) (6 ) 71 500 Balance at December 31, 2021 $ 623 $ 138 $ 3,051 $ 2,613 $ - $ 2,221 $ 6 $ 123 $ 8,775 Balance $ 623 $ 138 $ 3,051 $ 2,613 $ - $ 2,221 $ 6 $ 123 $ 8,775 Allowance for credit losses: Individually evaluated for loss $ - $ - $ - $ 504 $ - $ - $ - $ - $ 504 Collectively evaluated for loss 623 138 3,051 2,109 - 2,221 6 123 8,271 Total $ 623 $ 138 $ 3,051 $ 2,613 $ - $ 2,221 $ 6 $ 123 $ 8,775 Loan balances: Individually evaluated for loss $ 578 $ 794 $ 2,214 $ 1,029 $ - $ 2,067 $ 36 $ - $ 6,718 Collectively evaluated for loss 165,503 26,850 196,258 131,125 17,179 92,200 2,014 24,541 655,670 Total $ 166,081 $ 27,644 $ 198,472 $ 132,154 $ 17,179 $ 94,267 $ 2,050 $ 24,541 $ 662,388 |
Schedule of Non-accrual and Loans Past Due Over 89 Days Still Accruing | The following table presents information on non-accrual status and loans past due over 89 days and still accruing: Schedule of Non-accrual and Loans Past Due Over 89 Days Still Accruing Non-accrual with no allowance for credit loss Non-accrual with allowance for credit losses Loans past due over 89 days still accruing (Dollars in thousands) As of December 31, 2023 Non-accrual with no allowance for credit loss Non-accrual with allowance for credit losses Loans past due over 89 days still accruing One-to-four family residential real estate loans $ 161 $ 31 $ - Commercial loans 363 1,517 - Agriculture loans 295 - - Consumer loans 24 - - Total loans $ 843 $ 1,548 $ - |
Schedule of Amortized Cost Basis and Collateral Type | Schedule of Amortized Cost Basis and Collateral Type (Dollars in thousands) As of December 31, 2023 Loan balance Collateral Type One-to-four family residential real estate loans $ 192 First mortgage on residential real estate Construction and land loans 192 First mortgage on residential or commercial real estate Commercial real estate loans 1,205 First mortgage on commercial real estate Commercial loans 2,054 Accounts receivable, equipment and real estate Agriculture loans 682 Crops, livestock, machinery and real estate Consumer loans 24 Personal property or second mortgages on real estate Total loans $ 4,349 |
Schedule of Impaired Financing Receivables | The following tables present information on impaired loans: Schedule of Impaired Financing Receivables Unpaid contractual principal Impaired loan balance Impaired loans without an allowance Impaired loans with an allowance Related allowance recorded Year-to-date average loan balance Year-to-date interest income recognized (Dollars in thousands) As of December 31, 2022 Unpaid contractual principal Impaired loan balance Impaired loans without an allowance Impaired loans with an allowance Related allowance recorded Year-to-date average loan balance Year-to-date interest income recognized One-to-four family residential real estate loans $ 326 $ 326 $ 326 $ - $ - $ 357 $ 9 Construction and land loans 843 412 412 - - 243 10 Commercial real estate loans 1,224 1,224 1,224 - - 1,224 47 Commercial loans 1,063 812 75 737 636 865 5 Agriculture loans 1,402 1,319 1,301 18 18 1,433 64 Municipal loans 36 36 36 - - 36 1 Total impaired loans $ 4,894 $ 4,129 $ 3,374 $ 755 $ 654 $ 4,158 $ 136 As of December 31, 2021 Unpaid contractual principal Impaired loan balance Impaired loans without an allowance Impaired loans with an allowance Related allowance recorded Year-to-date average loan balance Year-to-date interest income recognized One-to-four family residential real estate loans $ 578 $ 578 $ 578 $ - $ - $ 590 $ 8 Construction and land loans 2,401 794 794 - - 895 16 Commercial real estate loans 2,214 2,214 2,214 - - 2,388 37 Commercial loans 1,380 1,029 520 509 504 1,096 38 Agriculture loans 2,235 2,067 2,067 - - 2,420 67 Municipal loans 36 36 36 - - 36 1 Total impaired loans $ 8,844 $ 6,718 $ 6,209 $ 509 $ 504 $ 7,425 $ 167 |
Schedule of Past Due Financing Receivables | The following tables present information on the Company’s past due and non-accrual loans by loan class: Schedule of Past Due Financing Receivables 30-59 days delinquent and accruing 60-89 days delinquent and accruing 90 days or more delinquent and accruing Total past due loans accruing Non-accrual loans Total past due and non-accrual loans Total loans not past due (Dollars in thousands) As of December 31, 2023 30-59 days delinquent and accruing 60-89 days delinquent and accruing 90 days or more delinquent and accruing Total past due loans accruing Non-accrual loans Total past due and non-accrual loans Total loans not past due One-to-four family residential real estate loans $ 85 $ 247 $ - $ 332 $ 192 $ 524 $ 302,020 Construction and land loans - - - - - - 21,090 Commercial real estate loans 153 - - 153 - 153 320,809 Commercial loans 399 332 - 731 1,880 2,611 178,331 Paycheck protection program loans - - - - - - - Agriculture loans 256 - - 256 295 551 89,129 Municipal loans - - - - - - 4,507 Consumer loans 110 - - 110 24 134 28,797 Total $ 1,003 $ 579 $ - $ 1,582 $ 2,391 $ 3,973 $ 944,683 Percent of gross loans 0.11 % 0.06 % 0.00 % 0.17 % 0.25 % 0.42 % 99.58 % As of December 31, 2022 30-59 days delinquent and accruing 60-89 days delinquent and accruing 90 days or more delinquent and accruing Total past due loans accruing Non-accrual loans Total past due and non-accrual loans Total loans not past due One-to-four family residential real estate loans $ 8 $ 72 $ - $ 80 $ 170 $ 250 $ 236,732 Construction and land loans - - - - 195 195 22,530 Commercial real estate loans - - - - 1,224 1,224 302,850 Commercial loans - 411 - 411 812 1,223 172,192 Paycheck protection program loans - - - - - - 21 Agriculture loans - 180 - 180 925 1,105 83,178 Municipal loans - - - - - - 2,026 Consumer loans 67 - - 67 - 67 26,597 Total $ 75 $ 663 $ - $ 738 $ 3,326 $ 4,064 $ 846,126 Percent of gross loans 0.01 % 0.08 % 0.00 % 0.09 % 0.39 % 0.48 % 99.52 % |
Schedule of Troubled Debt Restructurings on Financings Receivables and Year of Origination | The following table provides information on the Company’s risk category of loans by type and year of origination: Schedule of Troubled Debt Restructurings on Financings Receivables and Year of Origination 2023 2022 2021 2020 2019 Prior Revolving loans amortized cost Revolving loans converted to term Total (Dollars in thousands) As of December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving loans amortized cost Revolving loans converted to term Total One-to-four family residential real estate loans Nonclassified $ 95,290 $ 84,718 $ 42,533 $ 32,081 $ 12,776 $ 29,694 $ 5,097 $ 163 $ 302,352 Classified - - - - - 192 - - 192 Total $ 95,290 $ 84,718 $ 42,533 $ 32,081 $ 12,776 $ 29,886 $ 5,097 $ 163 $ 302,544 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Construction and land loans Nonclassified $ 6,283 $ 5,267 $ 5,367 $ 2,665 $ 916 $ 492 $ 100 $ - $ 21,090 Classified - - - - - - - - - Total $ 6,283 $ 5,267 $ 5,367 $ 2,665 $ 916 $ 492 $ 100 $ - $ 21,090 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial real estate loans Nonclassified $ 41,644 $ 77,427 $ 58,327 $ 50,744 $ 30,551 $ 57,502 $ 3,017 $ 92 $ 319,304 Classified - - 481 22 180 975 - - 1,658 Total $ 41,644 $ 77,427 $ 58,808 $ 50,766 $ 30,731 $ 58,477 $ 3,017 $ 92 $ 320,962 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Commercial loans Nonclassified $ 38,818 $ 32,764 $ 16,747 $ 15,511 $ 2,514 $ 4,386 $ 61,046 $ 4,121 $ 175,907 Classified 226 2,000 158 460 57 - 1,952 182 5,035 Total $ 39,044 $ 34,764 $ 16,905 $ 15,971 $ 2,571 $ 4,386 $ 62,998 $ 4,303 $ 180,942 Charge-offs $ - $ (28 ) $ (407 ) $ (44 ) $ - $ - $ - $ - $ (479 ) Agriculture loans Nonclassified $ 7,862 $ 11,718 $ 4,864 $ 4,092 $ 3,902 $ 12,114 $ 44,352 $ 214 $ 89,118 Classified - 16 171 - 131 113 131 - 562 Total $ 7,862 $ 11,734 $ 5,035 $ 4,092 $ 4,033 $ 12,227 $ 44,483 $ 214 $ 89,680 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Municipal loans Nonclassified $ 2,774 $ 128 $ - $ - $ - $ 1,605 $ - $ - $ 4,507 Classified - - - - - - - - - Total $ 2,774 $ 128 $ - $ - $ - $ 1,605 $ - $ - $ 4,507 Charge-offs $ - $ - $ - $ - $ - $ - $ - $ - $ - Consumer loans Nonclassified $ 4,705 $ 1,332 $ 1,340 $ 1,380 $ 1 $ 4,906 $ 15,221 $ 21 $ 28,906 Classified - - - - - - 25 - 25 Total $ 4,705 $ 1,332 $ 1,340 $ 1,380 $ 1 $ 4,906 $ 15,246 $ 21 $ 28,931 Charge-offs $ - $ - $ (3 ) $ - $ - $ - $ (368 ) $ - $ (371 ) Total loans Nonclassified $ 197,376 $ 213,354 $ 129,178 $ 106,473 $ 50,660 $ 110,699 $ 128,833 $ 4,611 $ 941,184 Classified 226 2,016 810 482 368 1,280 2,108 182 7,472 Total $ 197,602 $ 215,370 $ 129,988 $ 106,955 $ 51,028 $ 111,979 $ 130,941 $ 4,793 $ 948,656 Charge-offs $ - $ (28 ) $ (410 ) $ (44 ) $ - $ - $ (368 ) $ - $ (850 ) |
Schedule of Troubled Debt Restructurings on Financing Receivables | The following table provides information on the Company’s risk categories by loan class: Schedule of Troubled Debt Restructurings on Financing Receivables (Dollars in thousands) Nonclassified Classified As of December 31, 2022 (Dollars in thousands) Nonclassified Classified One-to-four family residential real estate loans $ 236,663 $ 319 Construction and land loans 22,530 195 Commercial real estate loans 300,216 3,858 Commercial loans 165,709 7,706 Paycheck protection program loans 21 - Agriculture loans 83,358 925 Municipal loans 2,026 - Consumer loans 26,664 - Total $ 837,187 $ 13,003 |
Schedule of Allowance for Credit Losses Related to Unfunded Loan Commitments | The following table provides information on the Company’s allowance for credit losses related to unfunded loan commitments. Schedule of Allowance for Credit Losses Related to Unfunded Loan Commitments (dollars in thousands) Balance at January 1, 2023 $ 170 Impact of adopting ASC 326 - Provision for credit losses 80 Balance at December 31, 2023 $ 250 |
Schedule of Amortization cost | The following table presents the amortized cost basis of loans at December 31, 2023 that were both experiencing financial difficulty and modified by class, type of modification and includes the financial effect of the modification. Schedule of Amortization cost (Dollars in thousands) As of December 31, 2023 Amortized cost basis % of loan class total Financial effect Term extension: Commercial $ 141 0.1 % 90 day payment deferral |
Schedule of Loan to Directors Officers and Affiliated Parties | The Company had loans and unfunded commitments to directors and officers, and to affiliated parties, at December 31, 2023 and 2022. A summary of such loans is as follows: Schedule of Loan to Directors Officers and Affiliated Parties (Dollars in thousands) Balance at December 31, 2022 $ 14,573 New loans 3,250 Repayments (4,767 ) Balance at December 31, 2023 $ 13,056 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in goodwill is as follows: Schedule of Goodwill 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Balance at January 1 $ 32,199 $ 17,532 $ 17,532 Acquired goodwill - 14,667 - Acquisition period adjustments 178 - - Balance at December 31 $ 32,377 $ 32,199 $ 17,532 |
Schedule of Other Intangible Assets and Goodwill | A summary of the other intangible assets that continue to be subject to amortization is as follows: Schedule of Other Intangible Assets and Goodwill 2023 2022 (Dollars in thousands) As of December 31, 2023 2022 Gross carrying amount $ 4,170 $ 5,880 Accumulated amortization (929 ) (1,874 ) Net carrying amount $ 3,241 $ 4,006 |
Schedule of Finite-lived Intangible Assets, Future Amortization Expense | Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Dollars in thousands) Amortization expense 2024 663 2025 588 2026 512 2027 436 2028 360 Thereafter 682 Total $ 3,241 |
Mortgage Loan Servicing (Tables
Mortgage Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Mortgage Loan Servicing | |
Schedule of Participating Mortgage Loans | Mortgage loans serviced for others are not reported as assets. The following table provides information on the principal balances of mortgage loans serviced for others: Schedule of Participating Mortgage Loans 2023 2022 (Dollars in thousands) As of December 31, 2023 2022 FHLMC $ 659,488 $ 685,859 FHLB 28,621 27,285 Total $ 688,109 $ 713,144 |
Schedule of Servicing Asset at Amortized Cost | Activity for mortgage servicing rights and the related valuation allowance follows: Schedule of Servicing Asset at Amortized Cost 2023 2022 (Dollars in thousands) As of December 31, 2023 2022 Mortgage servicing rights: Balance at beginning of year $ 3,813 $ 4,193 Additions 424 818 Amortization (1,079 ) (1,198 ) Balance at end of year $ 3,158 $ 3,813 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment consisted of the following: Schedule of Premises and Equipment (Dollars in thousands) Estimated As of December 31, useful lives 2023 2022 Land Indefinite $ 5,444 $ 7,234 Office buildings and improvements 10 50 20,868 23,839 Furniture and equipment 3 15 9,729 9,326 Automobiles 2 5 555 555 Total premises and equipment 36,596 40,954 Accumulated depreciation (16,887 ) (16,627 ) Total premises and equipment, net $ 19,709 $ 24,327 Depreciation expense totaled $ 1.3 1.1 997,000 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Maturities of Time Deposit | The following table presents the maturities of certificates of deposit at December 31, 2023: Schedule of Maturities of Time Deposit (Dollars in thousands) Year Amount 2024 163,439 2025 12,307 2026 2,893 2027 2,385 2028 2,128 Thereafter 2 Total $ 183,154 |
Schedule of Interest Expense Associated with Deposits | The components of interest expense associated with deposits are as follows: Schedule of Interest Expense Associated with Deposits 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Certificates of deposit $ 4,310 $ 412 $ 476 Money market and checking 10,818 2,318 500 Savings 126 46 47 Total $ 15,254 $ 2,776 $ 1,023 |
Repurchase Agreements (Tables)
Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Repurchase Agreements | The following is a summary of the balances and collateral of the Company’s repurchase agreements: Schedule of Repurchase Agreements (Dollars in thousands) Years ended December 31, 2023 2022 Average daily balance during the year $ 18,361 $ 13,239 Average interest rate during the year 2.72 % 1.11 % Maximum month-end balance during the year $ 20,083 $ 33,930 Weighted average interest rate at year-end 2.84 % 1.70 % As of December 31, 2023 Overnight and Up to 30 Greater than Continuous days 30-90 days 90 days Total Repurchase agreements: U.S. federal treasury obligations $ 12,714 $ - $ - $ - $ 12,714 Total $ 12,714 $ - $ - $ - $ 12,714 As of December 31, 2022 Overnight and Up to 30 Greater than Continuous days 30-90 days 90 days Total Repurchase agreements: U.S. federal treasury obligations $ 25,973 $ - $ - $ - $ 25,973 U.S. federal agency obligations 1,236 - - - 1,236 Agency mortgage-backed securities 2,193 - - - 2,193 Total $ 29,402 $ - $ - $ - $ 29,402 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenue from Contracts with Customers Within Non-interest Income | All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income. Items outside the scope of ASC 606 are noted as such. Schedule of Revenue from Contracts with Customers Within Non-interest Income 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Non-interest income: Service charges on deposits Overdraft fees $ 3,845 $ 3,747 $ 2,987 Other 1,080 787 679 Interchange income 3,206 3,098 3,261 Loan servicing fees ( 1 1,788 1,819 1,780 Office lease income ( 1 509 123 574 Gains on sales of loans ( 1 2,269 3,444 10,487 Bank owned life insurance income ( 1 913 780 686 (Losses) gains on sales of investment securities ( 1 (1,246 ) (1,103 ) 1,138 Gains (losses) on sales of premises and equipment and foreclosed assets 1 114 (4 ) Other 865 891 673 Total non-interest income $ 13,230 $ 13,700 $ 22,261 (1) Not within the scope of ASC 606. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) attributable to income from operations consisted of the following: Schedule of Components of Income Tax Expense (Benefit) 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Current: Federal $ 1,711 $ 559 $ 3,039 State (161 ) (317 ) 967 Total current 1,550 242 4,006 Deferred: Federal 295 994 662 State 56 238 196 Total deferred 351 1,232 858 Deferred tax valuation allowance 53 (42 ) (50 ) Income tax expense $ 1,954 $ 1,432 $ 4,814 |
Schedule of Effective Income Tax Rate Reconciliation | The reasons for the difference between actual income tax expense (benefit) and expected income tax expense attributable to income from operations at the statutory federal income tax rate were as follows: Schedule of Effective Income Tax Rate Reconciliation 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Computed “expected” tax expense $ 2,980 $ 2,375 $ 4,793 (Reduction) increase in income taxes resulting from: Tax-exempt interest income, net (592 ) (633 ) (645 ) Excess tax expense (benefit) from stock option exercise 2 (4 ) (29 ) Bank owned life insurance (208 ) (180 ) (156 ) Reversal of unrecognized tax benefits, net (517 ) (465 ) 162 State income taxes, net of federal benefit 476 369 718 Investment tax credits (47 ) (23 ) (19 ) Other, net (140 ) (7 ) (10 ) Income tax (benefit) expense $ 1,954 $ 1,432 $ 4,814 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to the significant portions of the deferred tax assets and liabilities at the following dates were as follows: Schedule of Deferred Tax Assets and Liabilities 2023 2022 (Dollars in thousands) As of December 31, 2023 2022 Deferred tax assets: Unrealized loss on investment securities available-for-sale $ 5,371 $ 8,132 Loans, including allowance for credit losses 2,949 2,879 State taxes 536 562 Other, net 244 210 Investments - 184 Net operating loss carry forwards 332 181 Acquisition costs 99 120 Net deferred loan fees 144 78 Valuation allowance on other real estate 75 74 Deferred compensation arrangements 62 62 Total deferred tax assets 9,812 12,482 Less valuation allowance (234 ) (181 ) Total deferred tax assets, net of valuation allowance 9,578 12,301 Deferred tax liabilities: Intangible assets 1,277 1,324 Mortgage servicing rights 681 801 Prepaid expenses 586 554 Premises and equipment, net of depreciation 618 241 Investments 158 - FHLB stock dividends 59 17 Unrealized gain on investment securities available-for-sale - - Total deferred tax liabilities 3,379 2,937 Net deferred tax asset $ 6,199 $ 9,364 |
Schedule of Unrecognized Tax Benefits | The Company has unrecognized tax benefits representing tax positions for which a liability has been established. A reconciliation of the beginning and ending amount of the liability relating to unrecognized tax benefits is as follows: Schedule of Unrecognized Tax Benefits (Dollars in thousands) Years ended December 31, 2023 2022 Unrecognized tax benefits at beginning of year $ 2,157 $ 2,290 Gross increases to current year tax positions 472 390 Gross decreases to prior year’s tax positions (61 ) (61 ) Lapse of statute of limitations (528 ) (462 ) Unrecognized tax benefits at end of year $ 2,040 $ 2,157 |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Fair Value of Options Assumed | The fair value of the options granted were determined using the following weighted-average assumptions as of the grant date: Schedule of Fair Value of Options Assumed 2023 2022 2021 Years ended December 31, 2023 2022 2021 Risk-free interest rate 4.15 % n/a 1.00 % Expected term 7 n/a 7 Expected stock price volatility 26.31 % n/a 28.51 % Dividend yield 3.97 % n/a 2.88 % |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of option activity during 2023 is presented below: Schedule of Share-based Compensation, Stock Options, Activity (Dollars in thousands, except per share amounts) Weighted Weighted average average exercise remaining Aggregate price contractual intrinsic Shares per share term value Outstanding at January 1, 2023 144,572 $ 21.87 6.8 $ 502 Granted 81,111 $ 20.16 Effect of 5 10,888 Forfeited/expired (5,470 ) $ 22.90 Exercised (2,693 ) $ 19.29 Outstanding at December 31, 2023 228,408 $ 20.58 7.2 $ 88 Exercisable at December 31, 2023 114,561 $ 20.05 5.4 $ 88 Fully vested options at December 31, 2023 114,561 $ 20.05 5.4 $ 88 |
Schedule of Stock Option Exercised Additional Information | Additional information about stock options exercised is presented below: Schedule of Stock Option Exercised Additional Information 2023 2022 2021 (Dollars in thousands) Years ended December 31, 2023 2022 2021 Intrinsic value of options exercised (on exercise date) $ 4 $ 3 $ 141 Cash received from options exercised 52 - 22 Excess tax benefit realized from options exercised $ 1 $ - $ 21 |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Dollars in thousands) Year Amount 2024 150 2025 125 2026 90 2027 53 Total $ 418 |
Restricted Stock [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Dollars in thousands) Year Amount 2024 181 2025 92 2026 53 Total $ 326 |
Schedule of Nonvested Share Activity | Schedule of Nonvested Share Activity Shares Weighted average grant date price per share Nonvested restricted common stock at January 1, 2023 26,057 $ 23.50 Granted 5,192 $ 21.17 Vested (8,975 ) $ 22.40 Forfeited (350 ) $ 17.80 Effect of 5 1,077 Nonvested restricted common stock at December 31, 2023 23,001 $ 22.40 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, by Balance Sheet Grouping | Fair value estimates of the Company’s financial instruments as of December 31, 2023 and 2022, including methods and assumptions utilized, are set forth below: Schedule of Fair Value, by Balance Sheet Grouping (Dollars in thousands) As of December 31, 2023 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 27,101 $ 27,101 $ - $ - $ 27,101 Interest-bearing deposits at other banks 4,918 - 4,918 - 4,918 Investment securities available-for-sale 452,769 95,667 357,102 - 452,769 Investment securities held-to-maturity 3,555 - 3,049 - 3,049 Bank stocks, at cost 8,123 n/a n/a n/a n/a Loans, net 937,619 - - 920,984 920,984 Loans held for sale 853 - 853 - 853 Mortgage servicing rights 3,158 - 9,498 - 9,498 Accrued interest receivable 7,341 327 2,280 4,734 7,341 Derivative financial instruments 114 - 114 - 114 Financial liabilities: Non-maturity deposits $ (1,133,097 ) $ (1,133,097 ) $ - $ - $ (1,133,097 ) Certificates of deposit (183,154 ) - (181,655 ) - (181,655 ) FHLB and other borrowings (64,662 ) - (65,478 ) - (65,478 ) Subordinated debentures (21,651 ) - (18,906 ) - (18,906 ) Repurchase agreements (12,714 ) - (12,714 ) - (12,714 ) Accrued interest payable (1,979 ) - (1,979 ) - (1,979 ) Derivative financial instruments (14 ) - (14 ) - (14 ) (Dollars in thousands) As of December 31, 2022 Carrying amount Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 23,156 $ 23,156 $ - $ - $ 23,156 Interest-bearing deposits at other banks 9,084 - 9,084 - 9,084 Investment securities available-for-sale 489,306 123,111 366,195 - 489,306 Investment securities held-to-maturity 3,524 - 3,452 - 3,452 Bank stocks, at cost 5,470 n/a n/a n/a n/a Loans, net 841,149 - - 828,726 828,726 Loans held for sale 2,488 - 2,488 - 2,488 Mortgage servicing rights 3,813 - 10,282 - 10,282 Accrued interest receivable 5,879 426 2,150 3,303 5,879 Derivative financial instruments 126 - 126 - 126 Financial liabilities: Non-maturity deposits $ (1,207,371 ) $ (1,207,371 ) $ - $ - $ (1,207,371 ) Certificates of deposit (93,278 ) - (90,760 ) - (90,760 ) FHLB and other borrowings (17,200 ) - (14,981 ) - (14,981 ) Subordinated debentures (21,651 ) - (18,189 ) - (18,189 ) Repurchase agreements (29,402 ) - (29,402 ) - (29,402 ) Accrued interest payable (439 ) - (439 ) - (439 ) |
Schedule of Fair Value, Assets Measured On Recurring Basis | The following table represents the Company’s financial instruments that are measured at fair value on a recurring basis at December 31, 2023 and 2022, allocated to the appropriate fair value hierarchy: Schedule of Fair Value, Assets Measured On Recurring Basis (Dollars in thousands) As of December 31, 2023 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities U. S. treasury securities $ 95,667 $ 95,667 $ - $ - Municipal obligations, tax exempt 120,623 - 120,623 - Municipal obligations, taxable 79,083 - 79,083 - Agency mortgage-backed securities 157,396 - 157,396 - Loans held for sale 853 - 853 - Derivative financial instruments 114 - 114 - Liabilities: Derivative financial instruments (14 ) - (14 ) - (Dollars in thousands) As of December 31, 2022 Fair value hierarchy Total Level 1 Level 2 Level 3 Assets: Available-for-sale securities U. S. treasury securities $ 123,111 $ 123,111 $ - $ - U. S. federal agency obligations 1,988 - 1,988 - Municipal obligations, tax exempt 127,262 - 127,262 - Municipal obligations, taxable 67,244 - 67,244 - Agency mortgage-backed securities 169,701 - 169,701 - Loans held for sale 2,488 - 2,488 - Derivative financial instruments 126 - 126 - |
Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale | The aggregate fair value, contractual balance (including accrued interest), and gain or loss on loans held for sale were as follows: Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale As of December 31, (Dollars in thousands) 2023 2022 Aggregate fair value $ 853 $ 2,488 Contractual balance 848 2,468 Gain $ 5 $ 20 |
Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale | Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale As of December 31, (Dollars in thousands) 2023 2022 2021 Total change in fair value $ (26 ) $ (368 ) $ (836 ) |
Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques | The following table presents quantitative information about Level 3 fair value measurements for individually evaluated loans measure at fair value on a non-recurring basis as of December 31, 2023 and 2022. Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques (Dollars in thousands) Fair value Valuation technique Unobservable inputs Range As of December 31, 2023 Individual evaluated loans: One-to-four family residential real estate $ 31 Sales comparison Adjustment to appraised value 7 % Commercial loans 1,386 Sales comparison Adjustment to comparable sales 0 50 % Real estate owned: One-to-four family residential real estate 266 Sales comparison Adjustment to appraised value 10 % As of December 31, 2022 Impaired loans: Commercial loans $ 101 Sales comparison Adjustment to comparable sales 0 25 % Real estate owned: One-to-four family residential real estate 272 Sales comparison Adjustment to appraised value 15 % Commercial real estate 234 Sales comparison Adjustment to appraised value 15 % |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies | The following is a comparison of the Company’s regulatory capital to minimum capital requirements in effect at December 31, 2023 and 2022: Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies (Dollars in thousands) For capital Actual adequacy purposes Amount Ratio Amount Ratio (1) As of December 31, 2023 Leverage $ 130,625 8.41 % $ 62,116 4.0 % Common Equity Tier 1 Capital 109,625 10.39 % 73,854 7.0 % Tier 1 Capital 130,625 12.38 % 89,680 8.5 % Total Risk Based Capital 140,671 13.33 % 110,781 10.5 % As of December 31, 2022 Leverage $ 122,275 8.14 % $ 60,100 4.0 % Common Equity Tier 1 Capital 101,275 10.37 % 68,352 7.0 % Tier 1 Capital 122,275 12.52 % 82,999 8.5 % Total Risk Based Capital 131,236 13.44 % 102,528 10.5 % (1) The required percent for capital adequacy purposes includes a capital conservation buffer of 2.5 |
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations | The following is a comparison of the Bank’s regulatory capital to minimum capital requirements in effect at December 31, 2023 and 2022: Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations (Dollars in thousands) To be well-capitalized For capital under regulatory Actual adequacy purposes guidelines Amount Ratio Amount Ratio (1) Amount Ratio As of December 31, 2023 Leverage $ 134,422 8.68 % $ 61,951 4.0 % $ 77,439 5.0 % Common Equity Tier 1 Capital 134,422 12.74 % 73,833 7.0 % 68,560 6.5 % Tier 1 Capital 134,422 12.74 % 89,655 8.5 % 84,381 8.0 % Total Risk Based Capital 144,468 13.70 % 110,750 10.5 % 105,476 10.0 % As of December 31, 2022 Leverage $ 128,643 8.59 % $ 59,933 4.0 % $ 74,917 5.0 % Common Equity Tier 1 Capital 128,643 13.18 % 68,309 7.0 % 63,430 6.5 % Tier 1 Capital 128,643 13.18 % 82,947 8.5 % 78,068 8.0 % Total Risk Based Capital 137,604 14.10 % 102,464 10.5 % 97,585 10.0 % (1) The required percent for capital adequacy purposes includes a capital conservation buffer of 2.5 |
Parent Company Condensed Fina_2
Parent Company Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of Condensed Financial Statements | The following is condensed financial information of the parent company as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021: Schedule of Condensed Financial Statements Condensed Balance Sheets (Dollars in thousands) As of December 31, 2023 2022 Assets: Cash and cash equivalents $ 286 $ 166 Interest-bearing deposits at other banks 215 214 Investment in subsidiaries 153,813 140,802 Other 990 959 Total assets $ 155,304 $ 142,141 Liabilities and stockholders’ equity: Subordinated debentures $ 21,651 $ 21,651 Other borrowings 6,649 9,000 Other 90 57 Stockholders’ equity 126,914 111,433 Total liabilities and stockholders’ equity $ 155,304 $ 142,141 Condensed Statements of Earnings (Dollars in thousands) Years ended December 31, 2023 2022 2021 Dividends from Bank $ 8,000 $ 29,350 $ 4,600 Dividends from nonbank subsidiary 1,000 490 1,000 Interest income 51 26 16 Other non-interest income 8 8 7 Interest expense (2,113 ) (998 ) (472 ) Other expense, net (620 ) (412 ) (532 ) Earnings before equity in undistributed earnings 6,326 28,464 4,619 Increase (decrease) in undistributed equity of Bank 5,252 (19,030 ) 13,599 Increase (decrease) in undistributed equity of nonbank subsidiary 102 155 (272 ) Earnings before income taxes 11,680 9,589 17,946 Income tax benefit (556 ) (289 ) (65 ) Net earnings 12,236 9,878 18,011 Other comprehensive income (loss) 8,510 (28,946 ) (5,567 ) Total comprehensive income $ 20,746 $ (19,068 ) $ 12,444 Condensed Statements of Cash Flows (Dollars in thousands) Years ended December 31, 2023 2022 2021 Cash flows from operating activities: Net earnings $ 12,236 $ 9,878 $ 18,011 Decrease (increase) in undistributed equity of subsidiaries (5,354 ) 18,875 (13,327 ) Other 1 79 130 Net cash provided by operating activities 6,883 28,832 4,814 Cash flows from investing activities: Net change in interest-bearing deposits at banks 1 - (2 ) Acquisition of Freedom Bancshares, Inc. - (33,350 ) - Net cash (used in) provided by investing activities 1 (33,350 ) (2 ) Cash flows from financing activities: Proceeds from exercise of stock options 52 - 22 Payment of dividends (4,390 ) (4,198 ) (3,818 ) Purchase of treasury stock (75 ) (1,239 ) - Issuances of outstanding debt - 10,065 - Payment on outstanding debt (2,351 ) (1,065 ) - Net cash (used in) provided by financing activities (6,764 ) 3,563 (3,796 ) Net increase (decrease) in cash 120 (955 ) 1,016 Cash at beginning of year 166 1,121 105 Cash at end of year $ 286 $ 166 $ 1,121 |
Impact of Adoption of ASC 326 (
Impact of Adoption of ASC 326 (CECL) (Details) $ in Thousands | Jan. 01, 2023 USD ($) |
Financing Receivable, Past Due [Line Items] | |
Held-to-maturity investment securities | |
Total allowance for credit losses for loans | 8,791 |
Unfunded loan commitments | 170 |
Real Estate Portfolio Segment [Member] | One to Four Family Residential Real Estate Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 655 |
Real Estate Portfolio Segment [Member] | Construction and Land Loan [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 117 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 3,158 |
Real Estate Portfolio Segment [Member] | Commercial Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 2,753 |
Real Estate Portfolio Segment [Member] | Paycheck Protection Program Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | |
Real Estate Portfolio Segment [Member] | Agriculture Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 1,966 |
Real Estate Portfolio Segment [Member] | Municipal Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 5 |
Real Estate Portfolio Segment [Member] | Consumer Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 137 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |
Financing Receivable, Past Due [Line Items] | |
Held-to-maturity investment securities | 72 |
Total allowance for credit losses for loans | 10,314 |
Unfunded loan commitments | 170 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Portfolio Segment [Member] | One to Four Family Residential Real Estate Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 1,677 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Portfolio Segment [Member] | Construction and Land Loan [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 166 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 4,221 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Portfolio Segment [Member] | Commercial Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 2,898 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Portfolio Segment [Member] | Paycheck Protection Program Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Portfolio Segment [Member] | Agriculture Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 1,142 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Portfolio Segment [Member] | Municipal Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 16 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate Portfolio Segment [Member] | Consumer Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 194 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Financing Receivable, Past Due [Line Items] | |
Held-to-maturity investment securities | 72 |
Total allowance for credit losses for loans | 1,523 |
Unfunded loan commitments | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Portfolio Segment [Member] | One to Four Family Residential Real Estate Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 1,022 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Portfolio Segment [Member] | Construction and Land Loan [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 49 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Portfolio Segment [Member] | Commercial Real Estate Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 1,063 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Portfolio Segment [Member] | Commercial Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 145 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Portfolio Segment [Member] | Paycheck Protection Program Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Portfolio Segment [Member] | Agriculture Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | (824) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Portfolio Segment [Member] | Municipal Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | 11 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Portfolio Segment [Member] | Consumer Loans [Member] | |
Financing Receivable, Past Due [Line Items] | |
Total allowance for credit losses for loans | $ 57 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Accounting Policies [Abstract] | ||||
Stock dividend percentage | 5% | 5% | 5% | |
Net earnings available to common shareholders | $ 12,236 | $ 9,878 | $ 18,011 | |
Weighted average common shares outstanding - basic | 5,477,700 | 5,492,286 | 5,506,487 | |
Assumed exercise of stock options | 3,100 | 15,767 | 13,303 | |
Weighted average common shares outstanding - diluted | 5,480,800 | 5,508,053 | 5,519,790 | |
Basic | [1] | $ 2.23 | $ 1.80 | $ 3.27 |
Diluted | [1] | $ 2.23 | $ 1.79 | $ 3.26 |
[1]All per share amounts have been adjusted to give effect to the 5 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for credit losses, increase | $ 1,500,000 | ||
Credit losses on held-to-maturity, investment securities | 91,000 | ||
Deferred tax assets, decrease | 391,000 | ||
Retained earnings, decrease | $ 1,200,000 | ||
Income tax examination, likelihood of unfavorable settlement | greater than 50 percent likelihood of being realized upon ultimate settlement. | ||
Diluted earning per shares excluded unexercised stock option | 166,561 | 51,718 | 56,324 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||
Credit losses on held-to-maturity, investment securities | $ 72,000 |
Schedule of Assets and Liabilit
Schedule of Assets and Liabilities Acquisition (Details) - USD ($) $ in Thousands | Oct. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 32,377 | $ 32,199 | $ 17,532 | $ 17,532 | |
Freedom Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash paid in aqcuisition | $ 33,350 | ||||
Cash and cash equivalents | 32,778 | ||||
Investment securities | 33,126 | ||||
Bank stocks | 699 | ||||
Loans | 113,910 | ||||
Bank owned life insurance | 4,374 | ||||
Premises and equipment | 3,782 | ||||
Core deposit intangibles | 4,170 | ||||
Other | 7,016 | ||||
Total assets acquired | 199,855 | ||||
Deposits | 150,410 | ||||
FHLB advances | 7,000 | ||||
Other borrowings | 22,198 | ||||
Other liabilities | 1,742 | ||||
Total liabilities assumed | 181,350 | ||||
Net assets acquired | 18,505 | ||||
Goodwill | $ 14,845 | $ 14,700 |
Schedule of Unaudited Pro Forma
Schedule of Unaudited Pro Forma Consolidated Operating Acquisition (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Business Combination and Asset Acquisition [Abstract] | |||
Net interest income | $ 44,750 | $ 45,942 | |
Net earnings | $ 9,098 | $ 19,922 | |
Basic | [1] | $ 1.66 | $ 3.62 |
Diluted | [1] | $ 1.65 | $ 3.61 |
[1]All per share amounts have been adjusted to give effect to the 5% stock dividends paid during December 2022 and 2021. |
Acquisition (Details Narrative)
Acquisition (Details Narrative) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 01, 2022 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||||
Intangible assets | $ 3,241,000 | $ 4,006,000 | |||
Goodwill | 32,377,000 | 32,199,000 | $ 17,532,000 | $ 17,532,000 | |
Income Tax expense benefit | 1,954,000 | 1,432,000 | $ 4,814,000 | ||
Business combination acquired fair value receivables | $ 113,900,000 | ||||
Business combination acquired gross contractual amount receivables | 118,100,000 | ||||
Freedom Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | 33,400,000 | ||||
Debt issued | 10,000,000 | ||||
Intangible assets | 4,200,000 | ||||
Goodwill | 14,700,000 | $ 14,845,000 | |||
Increase in goodwill | $ 178,000 | ||||
Acquisition costs | 3,400,000 | ||||
Income Tax expense benefit | $ 3,100,000 |
Schedule of Available-for-sale
Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized cost | $ 474,697 | $ 522,505 |
Gross unrealized gains | 658 | 245 |
Gross unrealized losses | (22,586) | (33,444) |
Estimated fair value | 452,769 | 489,306 |
Amortized cost | 3,555 | 3,524 |
Gross unrealized gains | 5 | |
Gross unrealized losses | (506) | (77) |
Estimated fair value | 3,049 | 3,452 |
US Treasury Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 99,340 | 130,684 |
Gross unrealized gains | ||
Gross unrealized losses | (3,673) | (7,573) |
Estimated fair value | 95,667 | 123,111 |
Municipal Obligations, Tax Exempt [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 122,775 | 130,848 |
Gross unrealized gains | 186 | 59 |
Gross unrealized losses | (2,338) | (3,645) |
Estimated fair value | 120,623 | 127,262 |
Municipal Obligations, Taxable [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 82,926 | 73,520 |
Gross unrealized gains | 225 | 14 |
Gross unrealized losses | (4,068) | (6,290) |
Estimated fair value | 79,083 | 67,244 |
Agency Mortgage-backed Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 169,656 | 185,451 |
Gross unrealized gains | 247 | 172 |
Gross unrealized losses | (12,507) | (15,922) |
Estimated fair value | 157,396 | 169,701 |
Other [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 3,555 | 3,524 |
Gross unrealized gains | 5 | |
Gross unrealized losses | (506) | (77) |
Estimated fair value | $ 3,049 | 3,452 |
US Federal Agency Obligations [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized cost | 2,002 | |
Gross unrealized gains | ||
Gross unrealized losses | (14) | |
Estimated fair value | $ 1,988 |
Schedule of Available for Sale
Schedule of Available for Sale Securities Continuous Unrealized Loss Position Fair Value (Details) $ in Thousands | Dec. 31, 2023 USD ($) Number | Dec. 31, 2022 USD ($) Number |
Schedule of Investments [Line Items] | ||
No. of securities | Number | 486 | 550 |
Less than 12 months, Fair value | $ 56,355 | $ 328,955 |
Less than 12 months, Unrealized losses | (563) | (17,181) |
12 months or longer, Fair value | 339,519 | 133,071 |
12 months or longer, Unrealized losses | (22,023) | (16,263) |
Total, Fair value | 395,874 | 462,026 |
Total, Unrealized losses | $ (22,586) | $ (33,444) |
No. of securities | Number | 6 | |
Less than 12 months, Fair value | $ 3,009 | |
Less than 12 months, Unrealized losses | (77) | |
12 months or longer, Fair value | ||
12 months or longer, Unrealized losses | ||
Total, Fair value | 3,009 | |
Total, Unrealized losses | $ (77) | |
US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
No. of securities | Number | 47 | 67 |
Less than 12 months, Fair value | $ 1,129 | $ 85,988 |
Less than 12 months, Unrealized losses | (7) | (4,591) |
12 months or longer, Fair value | 93,833 | 37,123 |
12 months or longer, Unrealized losses | (3,666) | (2,982) |
Total, Fair value | 94,962 | 123,111 |
Total, Unrealized losses | $ (3,673) | $ (7,573) |
Municipal Obligations, Tax Exempt [Member] | ||
Schedule of Investments [Line Items] | ||
No. of securities | Number | 229 | 274 |
Less than 12 months, Fair value | $ 31,468 | $ 107,262 |
Less than 12 months, Unrealized losses | (337) | (3,020) |
12 months or longer, Fair value | 64,962 | 8,495 |
12 months or longer, Unrealized losses | (2,001) | (625) |
Total, Fair value | 96,430 | 115,757 |
Total, Unrealized losses | $ (2,338) | $ (3,645) |
Municipal Obligations, Taxable [Member] | ||
Schedule of Investments [Line Items] | ||
No. of securities | Number | 110 | 108 |
Less than 12 months, Fair value | $ 17,278 | $ 54,746 |
Less than 12 months, Unrealized losses | (151) | (5,006) |
12 months or longer, Fair value | 52,212 | 7,571 |
12 months or longer, Unrealized losses | (3,917) | (1,284) |
Total, Fair value | 69,490 | 62,317 |
Total, Unrealized losses | $ (4,068) | $ (6,290) |
Agency Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
No. of securities | Number | 100 | 100 |
Less than 12 months, Fair value | $ 6,480 | $ 78,971 |
Less than 12 months, Unrealized losses | (68) | (4,550) |
12 months or longer, Fair value | 128,512 | 79,882 |
12 months or longer, Unrealized losses | (12,439) | (11,372) |
Total, Fair value | 134,992 | 158,853 |
Total, Unrealized losses | $ (12,507) | $ (15,922) |
US Federal Agency Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
No. of securities | Number | 1 | |
Less than 12 months, Fair value | $ 1,988 | |
Less than 12 months, Unrealized losses | (14) | |
12 months or longer, Fair value | ||
12 months or longer, Unrealized losses | ||
Total, Fair value | 1,988 | |
Total, Unrealized losses | $ (14) | |
Other [Member] | ||
Schedule of Investments [Line Items] | ||
No. of securities | Number | 6 | |
Less than 12 months, Fair value | $ 3,009 | |
Less than 12 months, Unrealized losses | (77) | |
12 months or longer, Fair value | ||
12 months or longer, Unrealized losses | ||
Total, Fair value | 3,009 | |
Total, Unrealized losses | $ (77) |
Schedule of Allowance for Credi
Schedule of Allowance for Credit Losses Related to Held-to-maturity Investment Securities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Schedule of Investments [Abstract] | |
Balance at January 1, 2023 | |
Impact of adopting ASC 326 | 72 |
Provision for credit losses | 19 |
Balance at December 31, 2023 | $ 91 |
Schedule of Investments Classif
Schedule of Investments Classified by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Abstract] | ||
Amortized cost, due in less than one year | $ 37,665 | |
Estimated fair value, due in less than one year | 37,145 | |
Amortized cost, due after one year but within five years | 244,383 | |
Estimated fair value, due after one year but within five years | 232,810 | |
Amortized cost, due after five years but within ten years | 142,669 | |
Estimated fair value, due after five years but within ten years | 134,262 | |
Amortized cost, due after ten years | 49,980 | |
Estimated fair value, due after ten years | 48,552 | |
Amortized cost, Total available-for-sale | 474,697 | $ 522,505 |
Estimated fair value, Total available-for-sale | 452,769 | 489,306 |
Amortized cost, due after five years but within ten years | 3,555 | |
Estimated fair value, due after five years but within ten years | 3,049 | |
Amortized cost, Total held-to-maturity | 3,555 | 3,524 |
Estimated fair value, Total held-to-maturity | $ 3,049 | $ 3,452 |
Schedule of Realized Gain (loss
Schedule of Realized Gain (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Investments [Abstract] | |||
Sales proceeds | $ 20,913 | $ 52,597 | $ 16,623 |
Realized gains | 1,138 | ||
Realized losses | (1,246) | (1,103) | |
Net realized (losses) gains | $ (1,246) | $ (1,103) | $ 1,138 |
Investment Securities (Details
Investment Securities (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Security owned and pledged as collateral, fair value | $ 380.4 | $ 420.8 |
Investment [Member] | ||
Equity method investment, ownership percentage | 10% |
Bank Stocks (Details Narrative)
Bank Stocks (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Bank Stocks | ||
Federal home loan bank stock | $ 5,000,000 | $ 2,400,000 |
Federal reserve bank stock | 3,000,000 | 3,000,000 |
Other assets, miscellaneous | $ 111,000 | $ 111,000 |
Schedule of Loans (Details)
Schedule of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Total gross loans | $ 948,656 | $ 850,190 | $ 662,388 |
Net deferred loan (fees) costs and loans in process | (429) | (250) | |
Allowance for credit losses | (10,608) | (8,791) | |
Loans, net | 937,619 | 841,149 | |
One to Four Family Residential Real Estate [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Total gross loans | 302,544 | 236,982 | |
Construction And Land Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Total gross loans | 21,090 | 22,725 | 27,644 |
Commercial Real Estate Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Total gross loans | 320,962 | 304,074 | 198,472 |
Commercial Loan [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Total gross loans | 180,942 | 173,415 | 132,154 |
Paycheck Protection Program Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Total gross loans | 21 | 17,179 | |
Agriculture Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Total gross loans | 89,680 | 84,283 | 94,267 |
Municipal Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Total gross loans | 4,507 | 2,026 | $ 2,050 |
Consumer Loan [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Total gross loans | $ 28,931 | $ 26,664 |
Schedule of Allowance for Cre_2
Schedule of Allowance for Credit Losses on Financing Receivables (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Balance | $ 8,791,000 | $ 8,775,000 | $ 8,775,000 |
Impact of adopting ASC 326 | 1,523,000 | ||
Charge-offs | (850,000) | (336,000) | (978,000) |
Recoveries | 894,000 | 352,000 | 478,000 |
Provision for credit losses | 250,000 | 500,000 | |
Balance | 10,608,000 | 8,791,000 | 8,775,000 |
Individually evaluated for loss | 654,000 | 504,000 | |
Collectively evaluated for loss | 8,137,000 | 8,271,000 | |
Total | 1,000 | 8,791,000 | 8,775,000 |
Individually evaluated for loss | 4,129,000 | 6,718,000 | |
Collectively evaluated for loss | 846,061,000 | 655,670,000 | |
Total | 948,656,000 | 850,190,000 | 662,388,000 |
One to Four Family Residential Real Estate Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Balance | 655,000 | 623,000 | 859,000 |
Impact of adopting ASC 326 | 1,022,000 | ||
Charge-offs | (81,000) | ||
Recoveries | 11,000 | ||
Provision for credit losses | 358,000 | 32,000 | (166,000) |
Balance | 2,035,000 | 655,000 | 623,000 |
Individually evaluated for loss | |||
Collectively evaluated for loss | 655,000 | 623,000 | |
Total | 655,000 | 623,000 | |
Individually evaluated for loss | 326,000 | 578,000 | |
Collectively evaluated for loss | 236,656,000 | 165,503,000 | |
Total | 236,982,000 | 166,081,000 | |
Construction And Land Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Balance | 117,000 | 138,000 | 181,000 |
Impact of adopting ASC 326 | 49,000 | ||
Charge-offs | |||
Recoveries | 675,000 | 165,000 | 263,000 |
Provision for credit losses | (691,000) | (186,000) | (306,000) |
Balance | 150,000 | 117,000 | 138,000 |
Individually evaluated for loss | |||
Collectively evaluated for loss | 117,000 | 138,000 | |
Total | 117,000 | 138,000 | |
Individually evaluated for loss | 412,000 | 794,000 | |
Collectively evaluated for loss | 22,313,000 | 26,850,000 | |
Total | 21,090,000 | 22,725,000 | 27,644,000 |
Commercial Real Estate Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Balance | 3,158,000 | 3,051,000 | 2,482,000 |
Impact of adopting ASC 326 | 1,063,000 | ||
Charge-offs | (540,000) | ||
Recoveries | |||
Provision for credit losses | 297,000 | 107,000 | 1,109,000 |
Balance | 4,518,000 | 3,158,000 | 3,051,000 |
Individually evaluated for loss | |||
Collectively evaluated for loss | 3,158,000 | 3,051,000 | |
Total | 3,158,000 | 3,051,000 | |
Individually evaluated for loss | 1,224,000 | 2,214,000 | |
Collectively evaluated for loss | 302,850,000 | 196,258,000 | |
Total | 320,962,000 | 304,074,000 | 198,472,000 |
Commercial Loan [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Balance | 2,753,000 | 2,613,000 | 2,388,000 |
Impact of adopting ASC 326 | 145,000 | ||
Charge-offs | (479,000) | (72,000) | |
Recoveries | 35,000 | 38,000 | 14,000 |
Provision for credit losses | 32,000 | 102,000 | 283,000 |
Balance | 2,486,000 | 2,753,000 | 2,613,000 |
Individually evaluated for loss | 636,000 | 504,000 | |
Collectively evaluated for loss | 2,117,000 | 2,109,000 | |
Total | 2,753,000 | 2,613,000 | |
Individually evaluated for loss | 812,000 | 1,029,000 | |
Collectively evaluated for loss | 172,603,000 | 131,125,000 | |
Total | 180,942,000 | 173,415,000 | 132,154,000 |
Agriculture Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Balance | 1,966,000 | 2,221,000 | 2,690,000 |
Impact of adopting ASC 326 | (824,000) | ||
Charge-offs | (50,000) | ||
Recoveries | 74,000 | 59,000 | 66,000 |
Provision for credit losses | (26,000) | (314,000) | (485,000) |
Balance | 1,190,000 | 1,966,000 | 2,221,000 |
Individually evaluated for loss | 18,000 | ||
Collectively evaluated for loss | 1,948,000 | 2,221,000 | |
Total | 1,966,000 | 2,221,000 | |
Individually evaluated for loss | 1,319,000 | 2,067,000 | |
Collectively evaluated for loss | 82,964,000 | 92,200,000 | |
Total | 89,680,000 | 84,283,000 | 94,267,000 |
Municipal Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Balance | 5,000 | 6,000 | 6,000 |
Impact of adopting ASC 326 | 11,000 | ||
Charge-offs | |||
Recoveries | 6,000 | 6,000 | |
Provision for credit losses | (1,000) | (7,000) | (6,000) |
Balance | 15,000 | 5,000 | 6,000 |
Individually evaluated for loss | |||
Collectively evaluated for loss | 5,000 | 6,000 | |
Total | 5,000 | 6,000 | |
Individually evaluated for loss | 36,000 | 36,000 | |
Collectively evaluated for loss | 1,990,000 | 2,014,000 | |
Total | 4,507,000 | 2,026,000 | 2,050,000 |
Consumer Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Balance | 137,000 | 123,000 | 169,000 |
Impact of adopting ASC 326 | 57,000 | ||
Charge-offs | (371,000) | (336,000) | (235,000) |
Recoveries | 110,000 | 84,000 | 118,000 |
Provision for credit losses | 281,000 | 266,000 | 71,000 |
Balance | 214,000 | 137,000 | 123,000 |
Individually evaluated for loss | |||
Collectively evaluated for loss | 137,000 | 123,000 | |
Total | 137,000 | 123,000 | |
Individually evaluated for loss | |||
Collectively evaluated for loss | 26,664,000 | 24,541,000 | |
Total | 26,664,000 | 24,541,000 | |
Paycheck Protection Program Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Balance | |||
Charge-offs | |||
Recoveries | |||
Provision for credit losses | |||
Balance | |||
Individually evaluated for loss | |||
Collectively evaluated for loss | |||
Total | |||
Individually evaluated for loss | |||
Collectively evaluated for loss | 21,000 | 17,179,000 | |
Total | $ 21,000 | $ 17,179,000 |
Schedule of Non-accrual and Loa
Schedule of Non-accrual and Loans Past Due Over 89 Days Still Accruing (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Non-accrual with allowance for credit losses | $ 2,391 | $ 3,326 |
Loans past due over 89 days still accruing | 3,973 | $ 4,064 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual with no allowance for credit loss | 843 | |
Non-accrual with allowance for credit losses | 1,548 | |
Loans past due over 89 days still accruing | ||
One to Four Family Residential Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual with no allowance for credit loss | 161 | |
Non-accrual with allowance for credit losses | 31 | |
Loans past due over 89 days still accruing | ||
Commercial Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual with no allowance for credit loss | 363 | |
Non-accrual with allowance for credit losses | 1,517 | |
Loans past due over 89 days still accruing | ||
Agriculture Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual with no allowance for credit loss | 295 | |
Non-accrual with allowance for credit losses | ||
Loans past due over 89 days still accruing | ||
Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual with no allowance for credit loss | 24 | |
Non-accrual with allowance for credit losses | ||
Loans past due over 89 days still accruing |
Schedule of Amortized Cost Basi
Schedule of Amortized Cost Basis and Collateral Type (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 937,619 | $ 841,149 |
Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | 4,349 | |
One to Four Family Residential Real Estate Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 192 | |
Collateral Type | First mortgage on residential real estate | |
Construction And Land Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 192 | |
Collateral Type | First mortgage on residential or commercial real estate | |
Commercial Real Estate Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 1,205 | |
Collateral Type | First mortgage on commercial real estate | |
Commercial Loan [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 2,054 | |
Collateral Type | Accounts receivable, equipment and real estate | |
Agriculture Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 682 | |
Collateral Type | Crops, livestock, machinery and real estate | |
Consumer Loans [Member] | Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, after Allowance for Credit Loss | $ 24 | |
Collateral Type | Personal property or second mortgages on real estate |
Schedule of Impaired Financing
Schedule of Impaired Financing Receivables (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Unpaid contractual principal | $ 4,894,000 | $ 8,844,000 | |
Impaired loan balance | $ 4,300,000 | 4,129,000 | 6,718,000 |
Impaired loans without an allowance | 3,374,000 | 6,209,000 | |
Impaired loans with an allowance | 755,000 | 509,000 | |
Related allowance recorded | $ 311,000 | 654,000 | 504,000 |
Year-to-date average loan balance | 4,158,000 | 7,425,000 | |
Year-to-date interest income recognized | 136,000 | 167,000 | |
One to Four Family Residential Real Estate Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Unpaid contractual principal | 326,000 | 578,000 | |
Impaired loan balance | 326,000 | 578,000 | |
Impaired loans without an allowance | 326,000 | 578,000 | |
Impaired loans with an allowance | |||
Related allowance recorded | |||
Year-to-date average loan balance | 357,000 | 590,000 | |
Year-to-date interest income recognized | 9,000 | 8,000 | |
Construction And Land Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Unpaid contractual principal | 843,000 | 2,401,000 | |
Impaired loan balance | 412,000 | 794,000 | |
Impaired loans without an allowance | 412,000 | 794,000 | |
Impaired loans with an allowance | |||
Related allowance recorded | |||
Year-to-date average loan balance | 243,000 | 895,000 | |
Year-to-date interest income recognized | 10,000 | 16,000 | |
Commercial Real Estate Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Unpaid contractual principal | 1,224,000 | 2,214,000 | |
Impaired loan balance | 1,224,000 | 2,214,000 | |
Impaired loans without an allowance | 1,224,000 | 2,214,000 | |
Impaired loans with an allowance | |||
Related allowance recorded | |||
Year-to-date average loan balance | 1,224,000 | 2,388,000 | |
Year-to-date interest income recognized | 47,000 | 37,000 | |
Commercial Loan [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Unpaid contractual principal | 1,063,000 | 1,380,000 | |
Impaired loan balance | 812,000 | 1,029,000 | |
Impaired loans without an allowance | 75,000 | 520,000 | |
Impaired loans with an allowance | 737,000 | 509,000 | |
Related allowance recorded | 636,000 | 504,000 | |
Year-to-date average loan balance | 865,000 | 1,096,000 | |
Year-to-date interest income recognized | 5,000 | 38,000 | |
Agriculture Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Unpaid contractual principal | 1,402,000 | 2,235,000 | |
Impaired loan balance | 1,319,000 | 2,067,000 | |
Impaired loans without an allowance | 1,301,000 | 2,067,000 | |
Impaired loans with an allowance | 18,000 | ||
Related allowance recorded | 18,000 | ||
Year-to-date average loan balance | 1,433,000 | 2,420,000 | |
Year-to-date interest income recognized | 64,000 | 67,000 | |
Municipal Loans [Member] | |||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||
Unpaid contractual principal | 36,000 | 36,000 | |
Impaired loan balance | 36,000 | 36,000 | |
Impaired loans without an allowance | 36,000 | 36,000 | |
Impaired loans with an allowance | |||
Related allowance recorded | |||
Year-to-date average loan balance | 36,000 | 36,000 | |
Year-to-date interest income recognized | $ 1,000 | $ 1,000 |
Schedule of Past Due Financing
Schedule of Past Due Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 1,582 | $ 738 |
Financing Receivable, Nonaccrual | 2,391 | 3,326 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 3,973 | $ 4,064 |
Percentage of gross loans, Total past due loans accruing | 0.17% | 0.09% |
Percentage of gross loans, Total past due loans accruing | 0.25% | 0.39% |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 1,003 | $ 75 |
Percentage of gross loans, Total past due loans accruing | 0.11% | 0.01% |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 579 | $ 663 |
Percentage of gross loans, Total past due loans accruing | 0.06% | 0.08% |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Financing Receivable, Nonaccrual | 1,548 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | ||
Percentage of gross loans, Total past due loans accruing | 0% | 0% |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 944,683 | $ 846,126 |
Percentage of gross loans, Total past due loans accruing | 99.58% | 99.52% |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Percentage of gross loans, Total past due loans accruing | 0.42% | 0.48% |
One to Four Family Residential Real Estate Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 332 | $ 80 |
Financing Receivable, Nonaccrual | 192 | 170 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 524 | 250 |
One to Four Family Residential Real Estate Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 85 | 8 |
One to Four Family Residential Real Estate Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 247 | 72 |
One to Four Family Residential Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
One to Four Family Residential Real Estate Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 302,020 | 236,732 |
Construction And Land Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Financing Receivable, Nonaccrual | 195 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 195 | |
Construction And Land Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Construction And Land Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Construction And Land Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Construction And Land Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 21,090 | 22,530 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 153 | |
Financing Receivable, Nonaccrual | 1,224 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 153 | 1,224 |
Commercial Real Estate Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 153 | |
Commercial Real Estate Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Commercial Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Commercial Real Estate Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 320,809 | 302,850 |
Commercial Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 731 | 411 |
Financing Receivable, Nonaccrual | 1,880 | 812 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 2,611 | 1,223 |
Commercial Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 399 | |
Commercial Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 332 | 411 |
Commercial Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Commercial Loan [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 178,331 | 172,192 |
Paycheck Protection Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Financing Receivable, Nonaccrual | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | ||
Paycheck Protection Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Paycheck Protection Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Paycheck Protection Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Paycheck Protection Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 21 | |
Agriculture Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 256 | 180 |
Financing Receivable, Nonaccrual | 295 | 925 |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 551 | 1,105 |
Agriculture Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 256 | |
Agriculture Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 180 | |
Agriculture Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Agriculture Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 89,129 | 83,178 |
Municipal Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Financing Receivable, Nonaccrual | ||
Financing Receivable, 90 Days or More Past Due, Still Accruing | ||
Municipal Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Municipal Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Municipal Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Municipal Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 4,507 | 2,026 |
Consumer Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 110 | 67 |
Financing Receivable, Nonaccrual | 24 | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | 134 | 67 |
Consumer Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | 110 | 67 |
Consumer Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | ||
Consumer Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Financing Receivable, before Allowance for Credit Loss | $ 28,797 | $ 26,597 |
Schedule of Troubled Debt Restr
Schedule of Troubled Debt Restructurings on Financings Receivables and Year of Origination (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Short-Term Debt [Line Items] | |
Nonclassified | $ 941,184 |
Classified | 7,472 |
Total | 948,656 |
Charge-offs | (850) |
One to Four Family Residential Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 302,352 |
Classified | 192 |
Total | 302,544 |
Charge-offs | |
Construction And Land Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 21,090 |
Classified | |
Total | 21,090 |
Charge-offs | |
Commercial Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 319,304 |
Classified | 1,658 |
Total | 320,962 |
Charge-offs | |
Commercial Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 175,907 |
Classified | 5,035 |
Total | 180,942 |
Charge-offs | (479) |
Agriculture Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 89,118 |
Classified | 562 |
Total | 89,680 |
Charge-offs | |
Municipal Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 4,507 |
Classified | |
Total | 4,507 |
Charge-offs | |
Consumer Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 28,906 |
Classified | 25 |
Total | 28,931 |
Charge-offs | (371) |
2023 [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 197,376 |
Classified | 226 |
Total | 197,602 |
Charge-offs | |
2023 [Member] | One to Four Family Residential Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 95,290 |
Classified | |
Total | 95,290 |
Charge-offs | |
2023 [Member] | Construction And Land Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 6,283 |
Classified | |
Total | 6,283 |
Charge-offs | |
2023 [Member] | Commercial Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 41,644 |
Classified | |
Total | 41,644 |
Charge-offs | |
2023 [Member] | Commercial Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 38,818 |
Classified | 226 |
Total | 39,044 |
Charge-offs | |
2023 [Member] | Agriculture Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 7,862 |
Classified | |
Total | 7,862 |
Charge-offs | |
2023 [Member] | Municipal Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 2,774 |
Classified | |
Total | 2,774 |
Charge-offs | |
2023 [Member] | Consumer Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 4,705 |
Classified | |
Total | 4,705 |
Charge-offs | |
2022 [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 213,354 |
Classified | 2,016 |
Total | 215,370 |
Charge-offs | (28) |
2022 [Member] | One to Four Family Residential Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 84,718 |
Classified | |
Total | 84,718 |
Charge-offs | |
2022 [Member] | Construction And Land Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 5,267 |
Classified | |
Total | 5,267 |
Charge-offs | |
2022 [Member] | Commercial Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 77,427 |
Classified | |
Total | 77,427 |
Charge-offs | |
2022 [Member] | Commercial Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 32,764 |
Classified | 2,000 |
Total | 34,764 |
Charge-offs | (28) |
2022 [Member] | Agriculture Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 11,718 |
Classified | 16 |
Total | 11,734 |
Charge-offs | |
2022 [Member] | Municipal Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 128 |
Classified | |
Total | 128 |
Charge-offs | |
2022 [Member] | Consumer Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 1,332 |
Classified | |
Total | 1,332 |
Charge-offs | |
2021 [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 129,178 |
Classified | 810 |
Total | 129,988 |
Charge-offs | (410) |
2021 [Member] | One to Four Family Residential Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 42,533 |
Classified | |
Total | 42,533 |
Charge-offs | |
2021 [Member] | Construction And Land Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 5,367 |
Classified | |
Total | 5,367 |
Charge-offs | |
2021 [Member] | Commercial Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 58,327 |
Classified | 481 |
Total | 58,808 |
Charge-offs | |
2021 [Member] | Commercial Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 16,747 |
Classified | 158 |
Total | 16,905 |
Charge-offs | (407) |
2021 [Member] | Agriculture Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 4,864 |
Classified | 171 |
Total | 5,035 |
Charge-offs | |
2021 [Member] | Municipal Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | |
Classified | |
Total | |
Charge-offs | |
2021 [Member] | Consumer Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 1,340 |
Classified | |
Total | 1,340 |
Charge-offs | (3) |
2020 [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 106,473 |
Classified | 482 |
Total | 106,955 |
Charge-offs | (44) |
2020 [Member] | One to Four Family Residential Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 32,081 |
Classified | |
Total | 32,081 |
Charge-offs | |
2020 [Member] | Construction And Land Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 2,665 |
Classified | |
Total | 2,665 |
Charge-offs | |
2020 [Member] | Commercial Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 50,744 |
Classified | 22 |
Total | 50,766 |
Charge-offs | |
2020 [Member] | Commercial Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 15,511 |
Classified | 460 |
Total | 15,971 |
Charge-offs | (44) |
2020 [Member] | Agriculture Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 4,092 |
Classified | |
Total | 4,092 |
Charge-offs | |
2020 [Member] | Municipal Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | |
Classified | |
Total | |
Charge-offs | |
2020 [Member] | Consumer Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 1,380 |
Classified | |
Total | 1,380 |
Charge-offs | |
2019 [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 50,660 |
Classified | 368 |
Total | 51,028 |
Charge-offs | |
2019 [Member] | One to Four Family Residential Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 12,776 |
Classified | |
Total | 12,776 |
Charge-offs | |
2019 [Member] | Construction And Land Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 916 |
Classified | |
Total | 916 |
Charge-offs | |
2019 [Member] | Commercial Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 30,551 |
Classified | 180 |
Total | 30,731 |
Charge-offs | |
2019 [Member] | Commercial Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 2,514 |
Classified | 57 |
Total | 2,571 |
Charge-offs | |
2019 [Member] | Agriculture Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 3,902 |
Classified | 131 |
Total | 4,033 |
Charge-offs | |
2019 [Member] | Municipal Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | |
Classified | |
Total | |
Charge-offs | |
2019 [Member] | Consumer Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 1 |
Classified | |
Total | 1 |
Charge-offs | |
Prior [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 110,699 |
Classified | 1,280 |
Total | 111,979 |
Charge-offs | |
Prior [Member] | One to Four Family Residential Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 29,694 |
Classified | 192 |
Total | 29,886 |
Charge-offs | |
Prior [Member] | Construction And Land Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 492 |
Classified | |
Total | 492 |
Charge-offs | |
Prior [Member] | Commercial Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 57,502 |
Classified | 975 |
Total | 58,477 |
Charge-offs | |
Prior [Member] | Commercial Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 4,386 |
Classified | |
Total | 4,386 |
Charge-offs | |
Prior [Member] | Agriculture Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 12,114 |
Classified | 113 |
Total | 12,227 |
Charge-offs | |
Prior [Member] | Municipal Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 1,605 |
Classified | |
Total | 1,605 |
Charge-offs | |
Prior [Member] | Consumer Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 4,906 |
Classified | |
Total | 4,906 |
Charge-offs | |
Revolving Loans Amortized Cost [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 128,833 |
Classified | 2,108 |
Total | 130,941 |
Charge-offs | (368) |
Revolving Loans Amortized Cost [Member] | One to Four Family Residential Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 5,097 |
Classified | |
Total | 5,097 |
Charge-offs | |
Revolving Loans Amortized Cost [Member] | Construction And Land Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 100 |
Classified | |
Total | 100 |
Charge-offs | |
Revolving Loans Amortized Cost [Member] | Commercial Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 3,017 |
Classified | |
Total | 3,017 |
Charge-offs | |
Revolving Loans Amortized Cost [Member] | Commercial Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 61,046 |
Classified | 1,952 |
Total | 62,998 |
Charge-offs | |
Revolving Loans Amortized Cost [Member] | Agriculture Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 44,352 |
Classified | 131 |
Total | 44,483 |
Charge-offs | |
Revolving Loans Amortized Cost [Member] | Municipal Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | |
Classified | |
Total | |
Charge-offs | |
Revolving Loans Amortized Cost [Member] | Consumer Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 15,221 |
Classified | 25 |
Total | 15,246 |
Charge-offs | (368) |
Revolving Loans Converted To Term [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 4,611 |
Classified | 182 |
Total | 4,793 |
Charge-offs | |
Revolving Loans Converted To Term [Member] | One to Four Family Residential Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 163 |
Classified | |
Total | 163 |
Charge-offs | |
Revolving Loans Converted To Term [Member] | Construction And Land Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | |
Classified | |
Total | |
Charge-offs | |
Revolving Loans Converted To Term [Member] | Commercial Real Estate [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 92 |
Classified | |
Total | 92 |
Charge-offs | |
Revolving Loans Converted To Term [Member] | Commercial Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 4,121 |
Classified | 182 |
Total | 4,303 |
Charge-offs | |
Revolving Loans Converted To Term [Member] | Agriculture Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 214 |
Classified | |
Total | 214 |
Charge-offs | |
Revolving Loans Converted To Term [Member] | Municipal Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | |
Classified | |
Total | |
Charge-offs | |
Revolving Loans Converted To Term [Member] | Consumer Loans [Member] | |
Short-Term Debt [Line Items] | |
Nonclassified | 21 |
Classified | |
Total | 21 |
Charge-offs |
Schedule of Troubled Debt Res_2
Schedule of Troubled Debt Restructurings on Financing Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | $ 948,656 | $ 850,190 | $ 662,388 |
One to Four Family Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 302,544 | 236,982 | |
Construction And Land Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 21,090 | 22,725 | 27,644 |
Agriculture Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 89,680 | 84,283 | 94,267 |
Municipal Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | $ 4,507 | 2,026 | 2,050 |
Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 26,664 | $ 24,541 | |
Loans Receivables Non Classified [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 837,187 | ||
Loans Receivables Non Classified [Member] | One to Four Family Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 236,663 | ||
Loans Receivables Non Classified [Member] | Construction And Land Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 22,530 | ||
Loans Receivables Non Classified [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 300,216 | ||
Loans Receivables Non Classified [Member] | Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 165,709 | ||
Loans Receivables Non Classified [Member] | Paycheck Protection Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 21 | ||
Loans Receivables Non Classified [Member] | Agriculture Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 83,358 | ||
Loans Receivables Non Classified [Member] | Municipal Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 2,026 | ||
Loans Receivables Non Classified [Member] | Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 26,664 | ||
Loans Receivables Classified [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 13,003 | ||
Loans Receivables Classified [Member] | One to Four Family Residential Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 319 | ||
Loans Receivables Classified [Member] | Construction And Land Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 195 | ||
Loans Receivables Classified [Member] | Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 3,858 | ||
Loans Receivables Classified [Member] | Commercial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 7,706 | ||
Loans Receivables Classified [Member] | Paycheck Protection Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | |||
Loans Receivables Classified [Member] | Agriculture Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | 925 | ||
Loans Receivables Classified [Member] | Municipal Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total | |||
Loans Receivables Classified [Member] | Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total |
Schedule of Allowance for Cre_3
Schedule of Allowance for Credit Losses Related to Unfunded Loan Commitments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financing Receivable, Past Due [Line Items] | |
Impact of adopting ASC 326 | $ 72 |
Provision for credit losses | 19 |
Unfunded Loan Commitment [Member] | |
Financing Receivable, Past Due [Line Items] | |
Balance at January 1, 2023 | 170 |
Impact of adopting ASC 326 | |
Provision for credit losses | 80 |
Balance at December 31, 2023 | $ 250 |
Schedule of Amortization cost (
Schedule of Amortization cost (Details) - Commercial Loans [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |
Amortizated cost basis | $ 141 |
Percentage of loan class | 0.10% |
Financial effect | 90 day payment deferral |
Schedule of Loan to Directors O
Schedule of Loan to Directors Officers and Affiliated Parties (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Receivables [Abstract] | |
Balance at December 31, 2022 | $ 14,573 |
New loans | 3,250 |
Repayments | (4,767) |
Balance at December 31, 2023 | $ 13,056 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Allowance for credit loss, Writeoff | $ 44,000 | $ 16,000 | $ 500,000 |
Loans and leases receivable, impaired, interest lost on nonaccrual loans | 96,000 | 137,000 | 309,000 |
Allowance for credit losses, loans | $ 1,000 | $ 8,791,000 | $ 8,775,000 |
Loan Commitments (Details Narra
Loan Commitments (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Loan Commitments | ||
Letters of credit outstanding, amount | $ 211.8 | $ 183.5 |
Standby letters of credit | $ 1.6 | $ 2.7 |
Schedule of Goodwill (Details)
Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Balance at January 1 | $ 32,199 | $ 17,532 | $ 17,532 |
Acquired goodwill | 14,667 | ||
Acquisition period adjustments | 178 | ||
Balance at December 31 | $ 32,377 | $ 32,199 | $ 17,532 |
Schedule of Other Intangible As
Schedule of Other Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Gross carrying amount | $ 4,170 | $ 5,880 |
Accumulated amortization | (929) | (1,874) |
Net carrying amount | $ 3,241 | $ 4,006 |
Schedule of Finite-lived Intang
Schedule of Finite-lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 663 | |
2025 | 588 | |
2026 | 512 | |
2027 | 436 | |
2028 | 360 | |
Thereafter | 682 | |
Total | $ 3,241 | $ 4,006 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 765,000 | $ 248,000 |
Schedule of Participating Mortg
Schedule of Participating Mortgage Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Total | $ 688,109 | $ 713,144 |
Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member] | ||
Schedule of Investments [Line Items] | ||
Total | 659,488 | 685,859 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Schedule of Investments [Line Items] | ||
Total | $ 28,621 | $ 27,285 |
Schedule of Servicing Asset at
Schedule of Servicing Asset at Amortized Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Mortgage Loan Servicing | ||
Balance at beginning of year | $ 3,813 | $ 4,193 |
Additions | 424 | 818 |
Amortization | (1,079) | (1,198) |
Balance at end of year | $ 3,158 | $ 3,813 |
Mortgage Loan Servicing (Detail
Mortgage Loan Servicing (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Provision to the reserve | $ 50,000 | ||
Loss on reserve for mortgage loan | 116,000 | $ 1,000 | $ 9,000 |
Mortgage loans on real estate repurchase reserve | $ 0 | ||
Weighted Average [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Assumption for fair value of interests continued to be held by transferor servicing assets or liabilities weighted average default rate | 1.65% | 1.47% | |
Repurchase reserve | $ 159,000 | $ 225,000 | |
Mortgage Loans Serviced [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Escrow deposit | 5,000,000 | 5,300,000 | |
Interest and Fee Income, Other Loans | 1,800,000 | 1,800,000 | $ 1,800,000 |
Servicing asset at fair value, amount | $ 9,500,000 | $ 10,300,000 | |
Assumption for fair value of assets or liabilities that relate to transferor's continuing involvement, discount rate | 10% | 9.50% | |
Mortgage Loans Serviced [Member] | Minimum [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Assumption for fair value of assets or liabilities that relate to transferor's continuing involvement, prepayment speed | 6% | 6% | |
Mortgage Loans Serviced [Member] | Maximum [Member] | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Assumption for fair value of assets or liabilities that relate to transferor's continuing involvement, prepayment speed | 26.87% | 21.34% |
Schedule of Premises and Equipm
Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Land | $ 5,444 | $ 7,234 |
Office buildings and improvements | 20,868 | 23,839 |
Furniture and equipment | 9,729 | 9,326 |
Automobiles | 555 | 555 |
Total premises and equipment | 36,596 | 40,954 |
Accumulated depreciation | (16,887) | (16,627) |
Total premises and equipment, net | $ 19,709 | $ 24,327 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, estimated useful lives description | Indefinite | |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, estimated useful lives | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, estimated useful lives | 50 years | |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, estimated useful lives | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, estimated useful lives | 15 years | |
Automobiles [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, estimated useful lives | 2 years | |
Automobiles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, estimated useful lives | 5 years |
Premises and Equipment (Details
Premises and Equipment (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 1,270,000 | $ 1,134,000 | $ 997,000 |
Schedule of Maturities of Time
Schedule of Maturities of Time Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 163,439 | |
2025 | 12,307 | |
2026 | 2,893 | |
2027 | 2,385 | |
2028 | 2,128 | |
Thereafter | 2 | |
Total | $ 183,154 | $ 93,278 |
Schedule of Interest Expense As
Schedule of Interest Expense Associated with Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Certificates of deposit | $ 4,310 | $ 412 | $ 476 |
Money market and checking | 10,818 | 2,318 | 500 |
Savings | 126 | 46 | 47 |
Total | $ 15,254 | $ 2,776 | $ 1,023 |
Deposits (Details Narrative)
Deposits (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Time deposit liabilities, description | The aggregate amount of certificate of deposit in denominations of $250,000 | |
Time deposits, at or above FDIC insurance limit | $ 50.2 | $ 25.6 |
Brokered time deposits | $ 83.2 | $ 10.3 |
Federal Home Loan Bank Borrow_2
Federal Home Loan Bank Borrowings (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Debt instrument, collateral amount | $ 23,700,000 | $ 38,400,000 |
Federal Home Loan Bank Advances [Member] | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Long-term line of credit | $ 58,000,000 | 8,200,000 |
Debt variable rate | 5.55% | |
Line of credit facility, current borrowing capacity | $ 20,000,000 | 0 |
Debt instrument, collateral amount | 328,700,000 | 139,000,000 |
Debt instrument maximum borrowing capacity amount | 232,300,000 | 111,000,000 |
Debt instrument, unused borrowing capacity, amount | $ 153,100,000 | $ 101,800,000 |
Federal Home Loan Bank Advances [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||
Transfer of Financial Assets Accounted for as Sales [Line Items] | ||
Debt variable rate | 0.15% |
Subordinated Debentures (Detail
Subordinated Debentures (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2013 | Dec. 31, 2005 | Dec. 31, 2003 | |
Subordinated Debentures 2003 [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Proceeds from issuance of debt | $ 8.2 | ||||
Debt conversion, original debt, due date, year | 2034 | ||||
Debt instrument, description of variable rate basis | Interest accrues at three month CME term SOFR plus a spread adjustment of 0.26% | ||||
Subordinated borrowing, interest rate | 8.50% | 7.26% | |||
Subordinated Debentures 2003 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.85% | ||||
Subordinated Debentures 2005 [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Proceeds from issuance of debt | $ 8.2 | ||||
Debt conversion, original debt, due date, year | 2036 | ||||
Debt instrument, description of variable rate basis | Interest accrues at three month CME term SOFR plus a spread adjustment of 0.26% | ||||
Subordinated borrowing, interest rate | 6.99% | 6.11% | |||
Subordinated Debentures 2005 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Subordinated borrowing, interest rate | 1.34% | ||||
Subordinated Debentures 2013 [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Proceeds from issuance of debt | $ 5.2 | ||||
Debt conversion, original debt, due date, year | 2036 | ||||
Debt instrument, description of variable rate basis | Interest accrues at three month CME term SOFR plus a spread adjustment of 0.26% | ||||
Subordinated borrowing, interest rate | 7.24% | 6.35% | |||
Subordinated Debentures 2013 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Subordinated Borrowing [Line Items] | |||||
Subordinated borrowing, interest rate | 1.62% |
Other Borrowings (Details Narra
Other Borrowings (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrelated Financial Institution [Member] | ||
Line of credit facility, current borrowing capacity | $ 5,000,000 | |
Line of credit facility, expiration date | Nov. 01, 2024 | |
Line of credit facility, interest rate description | prime rate less 0.50 | |
Line of credit facility, maximum borrowing capacity | $ 60,700,000 | $ 65,400,000 |
Federal funds purchased | 30,000,000 | 30,000,000 |
Unrelated Financial Institution [Member] | Federal Funds Agreements [Member] | ||
Line of credit facility, maximum borrowing capacity | 0 | 0 |
Unrelated Financial Institution One [Member] | ||
Line of credit facility, current borrowing capacity | $ 10,000,000 | |
Line of credit facility, expiration date | Sep. 01, 2027 | |
Line of credit facility, fixed interest rate | 6.15% | |
Principal payments | $ 6,600,000 | $ 9,000,000 |
Schedule of Repurchase Agreemen
Schedule of Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Average daily balance during the year | $ 18,361 | $ 13,239 |
Average interest rate during the year | 2.72% | 1.11% |
Maximum month-end balance during the year | $ 20,083 | $ 33,930 |
Weighted average interest rate at year-end | 2.84% | 1.70% |
Total | $ 12,714 | $ 29,402 |
US Federal Treasury Obligations [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 12,714 | 25,973 |
US Federal Agency Obligations [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 1,236 | |
Agency Mortgage Backed [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 2,193 | |
Overnight And Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 12,714 | 29,402 |
Overnight And Continuous [Member] | US Federal Treasury Obligations [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 12,714 | 25,973 |
Overnight And Continuous [Member] | US Federal Agency Obligations [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 1,236 | |
Overnight And Continuous [Member] | Agency Mortgage Backed [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | 2,193 | |
Upto 30 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | ||
Upto 30 Days [Member] | US Federal Treasury Obligations [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | ||
Upto 30 Days [Member] | US Federal Agency Obligations [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | ||
Upto 30 Days [Member] | Agency Mortgage Backed [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | ||
30 - 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | ||
30 - 90 Days [Member] | US Federal Treasury Obligations [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | ||
30 - 90 Days [Member] | US Federal Agency Obligations [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | ||
30 - 90 Days [Member] | Agency Mortgage Backed [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | ||
Greater Than 90 Days [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | ||
Greater Than 90 Days [Member] | US Federal Treasury Obligations [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | ||
Greater Than 90 Days [Member] | US Federal Agency Obligations [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total | ||
Greater Than 90 Days [Member] | Agency Mortgage Backed [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Total |
Repurchase Agreements (Details
Repurchase Agreements (Details Narrative) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Customer funds | $ 12.7 | $ 29.4 |
Debt instrument, collateral amount | $ 23.7 | $ 38.4 |
Schedule of Revenue from Contra
Schedule of Revenue from Contracts with Customers Within Non-interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Revenue from Contract with Customer [Abstract] | ||||
Overdraft fees | $ 3,845 | $ 3,747 | $ 2,987 | |
Other | 1,080 | 787 | 679 | |
Interchange income | 3,206 | 3,098 | 3,261 | |
Loan servicing fees () | [1] | 1,788 | 1,819 | 1,780 |
Office lease income () | [1] | 509 | 123 | 574 |
Gains on sales of loans () | [1] | 2,269 | 3,444 | 10,487 |
Bank owned life insurance income () | [1] | 913 | 780 | 686 |
(Losses) gains on sales of investment securities () | [1] | (1,246) | (1,103) | 1,138 |
Gains (losses) on sales of premises and equipment and foreclosed assets | 1 | 114 | (4) | |
Other | 865 | 891 | 673 | |
Total non-interest income | $ 13,230 | $ 13,700 | $ 22,261 | |
[1]Not within the scope of ASC 606. |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 1,711 | $ 559 | $ 3,039 |
State | (161) | (317) | 967 |
Total current | 1,550 | 242 | 4,006 |
Federal | 295 | 994 | 662 |
State | 56 | 238 | 196 |
Total deferred | 351 | 1,232 | 858 |
Deferred tax valuation allowance | 53 | (42) | (50) |
Income tax expense | $ 1,954 | $ 1,432 | $ 4,814 |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Computed “expected” tax expense | $ 2,980 | $ 2,375 | $ 4,793 |
Tax-exempt interest income, net | (592) | (633) | (645) |
Excess tax expense (benefit) from stock option exercise | 2 | (4) | (29) |
Bank owned life insurance | (208) | (180) | (156) |
Reversal of unrecognized tax benefits, net | (517) | (465) | 162 |
State income taxes, net of federal benefit | 476 | 369 | 718 |
Investment tax credits | (47) | (23) | (19) |
Other, net | (140) | (7) | (10) |
Income tax expense | $ 1,954 | $ 1,432 | $ 4,814 |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Unrealized loss on investment securities available-for-sale | $ 5,371 | $ 8,132 |
Loans, including allowance for credit losses | 2,949 | 2,879 |
State taxes | 536 | 562 |
Other, net | 244 | 210 |
Investments | 184 | |
Net operating loss carry forwards | 332 | 181 |
Acquisition costs | 99 | 120 |
Net deferred loan fees | 144 | 78 |
Valuation allowance on other real estate | 75 | 74 |
Deferred compensation arrangements | 62 | 62 |
Total deferred tax assets | 9,812 | 12,482 |
Less valuation allowance | (234) | (181) |
Total deferred tax assets, net of valuation allowance | 9,578 | 12,301 |
Intangible assets | 1,277 | 1,324 |
Mortgage servicing rights | 681 | 801 |
Prepaid expenses | 586 | 554 |
Premises and equipment, net of depreciation | 618 | 241 |
Investments | 158 | |
FHLB stock dividends | 59 | 17 |
Unrealized gain on investment securities available-for-sale | ||
Total deferred tax liabilities | 3,379 | 2,937 |
Net deferred tax asset | $ 6,199 | $ 9,364 |
Schedule of Unrecognized Tax Be
Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits at beginning of year | $ 2,157 | $ 2,290 |
Gross increases to current year tax positions | 472 | 390 |
Gross decreases to prior year’s tax positions | (61) | (61) |
Lapse of statute of limitations | (528) | (462) |
Unrecognized tax benefits at end of year | $ 2,040 | $ 2,157 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Operating loss carryforwards | $ 4,600,000 | $ 3,100,000 | |
Federal operating loss carryforwards | 465,000 | 1,300,000 | |
Cumulative effect on retained earnings tax | 6,300,000 | 6,300,000 | |
Unrecognized tax benefits, income tax penalties expense | 528,000 | 462,000 | |
Unrecognized tax benefits | 2,040,000 | 2,157,000 | $ 2,290,000 |
Unrecognized tax benefits that would impact effective tax rate | 1,600,000 | 1,700,000 | |
Income tax examination, penalties and interest expense | 51,000 | 52,000 | $ 298,000 |
Unrecognized tax benefits, income tax penalties and interest accrued | 520,000 | $ 571,000 | |
Maximum [Member] | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||
Decrease in unrecognized tax benefits is reasonably possible | $ 975,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items] | |||
Eligible employees receive | 100% | ||
Employer matching contribution, percent of match | 6% | ||
Defined benefit plan, contributions by employer | $ 857,000 | $ 768,000 | $ 800,000 |
Split Dollar Life Insurance Agreement [Member] | |||
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items] | |||
Deferred compensation liability | 44,000 | 43,000 | |
Deferred Compensation Agreements [Member] | |||
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items] | |||
Deferred compensation arrangements accrued benefits | 798,000 | 663,000 | |
Deferred compensation arrangement with individual, compensation expense | $ 2,000 | $ 1,000 | $ 3,000 |
Schedule of Fair Value of Optio
Schedule of Fair Value of Options Assumed (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Risk-free interest rate | 4.15% | 1% |
Expected term | 7 years | 7 years |
Expected stock price volatility | 26.31% | 28.51% |
Dividend yield | 397% | 288% |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Stock Options, Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Shares, outstanding beginning | 144,572 | ||
Weighted average exercise price per share, outstanding beginning | $ 21.87 | ||
Weighted average remaining contractual term beginning | 6 years 9 months 18 days | ||
Aggregate intrinsic value outstanding beginning | $ 502 | ||
Shares, granted | 81,111 | ||
Weighted average exercise price per share, granted | $ 20.16 | ||
Shares, effect of 5% stock dividend | 10,888 | ||
Shares, forfeited/expired | (5,470) | ||
Weighted average exercise price per share, forfeited/expired | $ 22.90 | ||
Shares, exercised | (2,693) | (112) | (6,172) |
Weighted average exercise price per share, Forfeited/expired | $ 19.29 | ||
Shares, outstanding ending | 228,408 | 144,572 | |
Weighted average exercise price per share, outstanding ending | $ 20.58 | $ 21.87 | |
Weighted average remaining contractual term ending | 7 years 2 months 12 days | ||
Aggregate intrinsic value outstanding ending | $ 88 | $ 502 | |
Shares, exercisable | 114,561 | ||
Weighted average exercise price per share, exercisable | $ 20.05 | ||
Weighted average remaining contractual term, exercisable | 5 years 4 months 24 days | ||
Aggregate intrinsic value, exercisable | $ 88 | ||
Shares, fully vested options | 114,561 | ||
Weighted average exercise price per share | $ 20.05 | ||
Weighted average remaining contractual term | 5 years 4 months 24 days | ||
Aggregate intrinsic value, Fully vested options | $ 88 |
Schedule of Share-based Compe_2
Schedule of Share-based Compensation, Stock Options, Activity (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share based compensation effect of dividend percentage | 5% |
Schedule of Stock Option Exerci
Schedule of Stock Option Exercised Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Intrinsic value of options exercised (on exercise date) | $ 4 | $ 3 | $ 141 |
Cash received from options exercised | 52 | 22 | |
Excess tax benefit realized from options exercised | $ 1 | $ 21 |
Schedule of Share-based Compe_3
Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Details) | Dec. 31, 2023 USD ($) |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
2024 | $ 150,000 |
2025 | 125,000 |
2026 | 90,000 |
2027 | 53,000 |
Total | 418,000 |
Restricted Stock [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
2024 | 181,000 |
2025 | 92,000 |
2026 | 53,000 |
Total | $ 326,000 |
Schedule of Nonvested Share Act
Schedule of Nonvested Share Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Nonvested restricted common stock, beginning balance | 26,057 |
Weighted average grant date price per share, beginning balance | $ / shares | $ 23.50 |
Nonvested restricted common stock, granted | 5,192 |
Weighted average grant date price per share, granted | $ / shares | $ 21.17 |
Nonvested restricted common stock, vested | (8,975) |
Weighted average grant date price per share, vested | $ / shares | $ 22.40 |
Nonvested restricted common stock, forfeited | (350) |
Weighted average grant date price per share, forfeited | $ / shares | $ 17.80 |
Nonvested restricted common stock, effect of 5% stock dividend | 1,077 |
Nonvested restricted common stock, ending balance | 23,001 |
Weighted average grant date price per share, ending balance | $ / shares | $ 22.40 |
Schedule of Nonvested Share A_2
Schedule of Nonvested Share Activity (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Stock [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unrecognized restricted stock expense and number of nonvested restricted stock outstanding percent | 5% |
Stock Compensation Plan (Detail
Stock Compensation Plan (Details Narrative) - USD ($) | 12 Months Ended | ||||||
Aug. 01, 2023 | Aug. 01, 2022 | Aug. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 20, 2015 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share-based compensation award vesting rights | four years | ||||||
Share-based payment arrangement, noncash expense | $ 352,000 | $ 295,000 | $ 323,000 | ||||
Share-based payment arrangement, expense, tax benefit | $ 84,000 | 77,000 | 113,000 | ||||
Share-based compensation arrangement , purchase price of common stock, percent | 100% | ||||||
Unrecognized compensation | $ 418,000 | ||||||
Vested in period, fair value | 187,000 | $ 223,000 | $ 229,000 | ||||
Share-Based Payment Arrangement, Option [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Unrecognized compensation | $ 418,000 | ||||||
Outstanding nonvested restricted shares | 113,847 | ||||||
Restricted Stock [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Unrecognized compensation | $ 326,000 | ||||||
Outstanding nonvested restricted shares | 23,001 | ||||||
2015 Stock Incentive Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Common stock, capital shares reserved for future issuance | 387,832 | ||||||
Stock issued during period, shares,committee awarded | 5,452 | 19,350 | 3,334 | ||||
Options to acquire shares | 85,167 | 56,328 | |||||
Share price | $ 20.16 | $ 23.12 | $ 23.97 |
Schedule of Fair Value, by Bala
Schedule of Fair Value, by Balance Sheet Grouping (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 452,769 | $ 489,306 |
Investment securities held-to-maturity | 3,555 | 3,524 |
Loans held for sale | 853 | 2,488 |
Mortgage servicing rights | 3,158 | 3,813 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 853 | 2,488 |
Derivative financial instruments | $ 114 | $ 126 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans held for sale, at fair value | Loans held for sale, at fair value |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 27,101 | $ 23,156 |
Interest-bearing deposits at other banks | ||
Investment securities available-for-sale | 95,667 | 123,111 |
Investment securities held-to-maturity | ||
Loans, net | ||
Loans held for sale | ||
Mortgage servicing rights | ||
Accrued interest receivable | 327 | 426 |
Derivative financial instruments | ||
Non-maturity deposits | (1,133,097) | (1,207,371) |
Certificates of deposit | ||
FHLB and other borrowings | ||
Subordinated debentures | ||
Repurchase agreements | ||
Accrued interest payable | ||
Derivative financial instruments | ||
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | ||
Derivative financial instruments | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Interest-bearing deposits at other banks | 4,918 | 9,084 |
Investment securities available-for-sale | 357,102 | 366,195 |
Investment securities held-to-maturity | 3,049 | 3,452 |
Loans, net | ||
Loans held for sale | 853 | 2,488 |
Mortgage servicing rights | 9,498 | 10,282 |
Accrued interest receivable | 2,280 | 2,150 |
Derivative financial instruments | $ 114 | 126 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans held for sale, at fair value | |
Non-maturity deposits | ||
Certificates of deposit | (181,655) | (90,760) |
FHLB and other borrowings | (65,478) | (14,981) |
Subordinated debentures | (18,906) | (18,189) |
Repurchase agreements | (12,714) | (29,402) |
Accrued interest payable | (1,979) | (439) |
Derivative financial instruments | (14) | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 853 | 2,488 |
Derivative financial instruments | $ 114 | $ 126 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans held for sale, at fair value | Loans held for sale, at fair value |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Interest-bearing deposits at other banks | ||
Investment securities available-for-sale | ||
Investment securities held-to-maturity | ||
Loans, net | 920,984 | 828,726 |
Loans held for sale | ||
Mortgage servicing rights | ||
Accrued interest receivable | 4,734 | 3,303 |
Derivative financial instruments | ||
Non-maturity deposits | ||
Certificates of deposit | ||
FHLB and other borrowings | ||
Subordinated debentures | ||
Repurchase agreements | ||
Accrued interest payable | ||
Derivative financial instruments | ||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | ||
Derivative financial instruments | ||
Fair Value Measured at Net Asset Value Per Share [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 27,101 | 23,156 |
Interest-bearing deposits at other banks | 4,918 | 9,084 |
Investment securities available-for-sale | 452,769 | 489,306 |
Investment securities held-to-maturity | 3,049 | 3,452 |
Loans, net | 920,984 | 828,726 |
Loans held for sale | 853 | 2,488 |
Mortgage servicing rights | 9,498 | 10,282 |
Accrued interest receivable | 7,341 | 5,879 |
Derivative financial instruments | $ 114 | $ 126 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans held for sale, at fair value | Loans held for sale, at fair value |
Non-maturity deposits | $ (1,133,097) | $ (1,207,371) |
Certificates of deposit | (181,655) | (90,760) |
FHLB and other borrowings | (65,478) | (14,981) |
Subordinated debentures | (18,906) | (18,189) |
Repurchase agreements | (12,714) | (29,402) |
Accrued interest payable | (1,979) | (439) |
Derivative financial instruments | (14) | |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 27,101 | 23,156 |
Interest-bearing deposits at other banks | 4,918 | 9,084 |
Investment securities available-for-sale | 452,769 | 489,306 |
Investment securities held-to-maturity | 3,555 | 3,524 |
Investment in federal home loan bank stock fair value | 8,123 | 5,470 |
Loans, net | 937,619 | 841,149 |
Loans held for sale | 853 | 2,488 |
Mortgage servicing rights | 3,158 | 3,813 |
Accrued interest receivable | 7,341 | 5,879 |
Derivative financial instruments | $ 114 | $ 126 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans held for sale, at fair value | Loans held for sale, at fair value |
Non-maturity deposits | $ (1,133,097) | $ (1,207,371) |
Certificates of deposit | (183,154) | (93,278) |
FHLB and other borrowings | (64,662) | (17,200) |
Subordinated debentures | (21,651) | (21,651) |
Repurchase agreements | (12,714) | (29,402) |
Accrued interest payable | (1,979) | $ (439) |
Derivative financial instruments | $ (14) |
Schedule of Fair Value, Assets
Schedule of Fair Value, Assets Measured On Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | $ 452,769 | $ 489,306 |
Loans held for sale | 853 | 2,488 |
Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 95,667 | 123,111 |
Loans held for sale | ||
Derivative financial instruments | ||
Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 357,102 | 366,195 |
Loans held for sale | 853 | 2,488 |
Derivative financial instruments | $ 114 | 126 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans held for sale, at fair value | |
Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | ||
Loans held for sale | ||
Derivative financial instruments | ||
Fair Value, Recurring [Member] | ||
Available-for-sale securities | ||
Loans held for sale | 853 | 2,488 |
Derivative financial instruments | $ 114 | $ 126 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans held for sale, at fair value | Loans held for sale, at fair value |
Liabilities: | ||
Derivative financial instruments | $ (14) | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 95,667 | $ 123,111 |
Fair Value, Recurring [Member] | Municipal Obligations, Tax Exempt [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 120,623 | 127,262 |
Fair Value, Recurring [Member] | Municipal Obligations, Taxable [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 79,083 | 67,244 |
Fair Value, Recurring [Member] | Agency Mortgage-backed Securities [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 157,396 | 169,701 |
Fair Value, Recurring [Member] | US Federal Agency Obligations [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 1,988 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Loans held for sale | ||
Derivative financial instruments | ||
Liabilities: | ||
Derivative financial instruments | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 95,667 | 123,111 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Obligations, Tax Exempt [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Municipal Obligations, Taxable [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Agency Mortgage-backed Securities [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Federal Agency Obligations [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | ||
Loans held for sale | 853 | 2,488 |
Derivative financial instruments | $ 114 | $ 126 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Loans held for sale, at fair value | Loans held for sale, at fair value |
Liabilities: | ||
Derivative financial instruments | $ (14) | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Obligations, Tax Exempt [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 120,623 | 127,262 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Obligations, Taxable [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 79,083 | 67,244 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Agency Mortgage-backed Securities [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 157,396 | 169,701 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Federal Agency Obligations [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | 1,988 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Loans held for sale | ||
Derivative financial instruments | ||
Liabilities: | ||
Derivative financial instruments | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Obligations, Tax Exempt [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Municipal Obligations, Taxable [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Agency Mortgage-backed Securities [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Federal Agency Obligations [Member] | ||
Available-for-sale securities | ||
Investment securities available-for-sale, at fair value |
Schedule of Fair Value Contract
Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Aggregate fair value | $ 853 | $ 2,488 |
Contractual balance | 848 | 2,468 |
Gain | $ 5 | $ 20 |
Schedule of Gains and Losses fr
Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Total change in fair value | $ (26) | $ (368) | $ (836) |
Schedule of Fair Value Measurem
Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
One to Four Family Residential Real Estate [Member] | Individual Evaluated Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Fair Value Disclosure | $ 31 | |
Fair Value Measurements, Valuation Techniques | Sales comparison | |
Fair Value Measurements, Unobservable inputs | Adjustment to appraised value | |
Fair Value Measurements Range | 7% | |
One to Four Family Residential Real Estate [Member] | Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Fair Value Disclosure | $ 266 | $ 272 |
Fair Value Measurements, Valuation Techniques | Sales comparison | Sales comparison |
Fair Value Measurements, Unobservable inputs | Adjustment to appraised value | Adjustment to appraised value |
Fair Value Measurements Range | 10% | 15% |
Commercial Loan [Member] | Individual Evaluated Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Fair Value Disclosure | $ 1,386 | |
Fair Value Measurements, Valuation Techniques | Sales comparison | |
Fair Value Measurements, Unobservable inputs | Adjustment to comparable sales | |
Commercial Loan [Member] | Individual Evaluated Loans [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements Range | 0% | |
Commercial Loan [Member] | Individual Evaluated Loans [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements Range | 50% | |
Commercial Loan [Member] | Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Fair Value Disclosure | $ 101 | |
Fair Value Measurements, Valuation Techniques | Sales comparison | |
Fair Value Measurements, Unobservable inputs | Adjustment to comparable sales | |
Commercial Loan [Member] | Impaired Loans [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements Range | 0% | |
Commercial Loan [Member] | Impaired Loans [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Measurements Range | 25% | |
Commercial Real Estate Loans [Member] | Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Fair Value Disclosure | $ 234 | |
Fair Value Measurements, Valuation Techniques | Sales comparison | |
Fair Value Measurements, Unobservable inputs | Adjustment to appraised value | |
Fair Value Measurements Range | 15% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Fair Value Measurements (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Impaired loan balance | $ 4,300,000 | $ 4,129,000 | $ 6,718,000 |
Impaired loss | 1,700,000 | 755,000 | |
Related allowance recorded | $ 311,000 | $ 654,000 | $ 504,000 |
Schedule of Compliance with Reg
Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Actual Ratio, Leverage | 0.040 | ||
For capital adequacy purposes Ratio, Tier 1 Capital | 0.045 | ||
Companys Regulatory Capital Requirements [Member] | |||
Actual Amount, Leverage | $ 130,625 | $ 122,275 | |
Actual Ratio, Leverage | 0.0841 | 0.0814 | |
For capital adequacy purposes Amount, Leverage | $ 62,116 | $ 60,100 | |
For capital adequacy purposes Ratio, Leverage | [1] | 4% | 4% |
Actual Amount, Common Equity Tier 1 Capital | $ 109,625 | $ 101,275 | |
Actual Ratio, Common Equity Tier 1 Capital | 10.39% | 10.37% | |
For capital adequacy purposes Amount, Common Equity Tier 1 Capital | $ 73,854 | $ 68,352 | |
For capital adequacy purposes Ratio, Common Equity Tier 1 Capital | [1] | 7% | 7% |
Actual Amount, Tier 1 Capital | $ 130,625 | $ 122,275 | |
Actual Ratio, Tier 1 Capital | 0.1238 | 0.1252 | |
For capital adequacy purposes Amount, Tier 1 Capital | $ 89,680 | $ 82,999 | |
For capital adequacy purposes Ratio, Tier 1 Capital | [1] | 0.085 | 0.085 |
Actual Amount, Total Risk Based Capital | $ 140,671 | $ 131,236 | |
Actual Ratio, Total Risk Based Capital | 0.1333 | 0.1344 | |
For capital adequacy purposes Amount, Total Risk Based Capital | $ 110,781 | $ 102,528 | |
For capital adequacy purposes Ratio, Total Risk Based Capital | [1] | 0.105 | 0.105 |
[1]The required percent for capital adequacy purposes includes a capital conservation buffer of 2.5 |
Schedule of Compliance with R_2
Schedule of Compliance with Regulatory Capital Requirements for Mortgage Companies (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2023 | |
Companys Regulatory Capital Requirements [Member] | |
Tier one capital conversation buffer | 2.50% |
Schedule of Compliance with R_3
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Actual Ratio, Leverage | 0.040 | ||
To be well-capitalized under prompt corrective action provisions, Ratio, Tier 1 Capital | 0.060 | ||
To be well-capitalized under prompt corrective action provisions, Ratio, Total Risk Based Capital | 0.080 | ||
Banks Regulatory Capital Requirements [Member] | |||
Actual Amount, Leverage | $ 134,422 | $ 128,643 | |
Actual Ratio, Leverage | 0.0868 | 0.0859 | |
For capital adequacy purposes Amount, Leverage | $ 61,951 | $ 59,933 | |
For capital adequacy purposes Ratio, Leverage | [1] | 0.040 | 0.040 |
To be well-capitalized under prompt corrective action provisions, Amount, Leverage | $ 77,439 | $ 74,917 | |
To be well-capitalized under prompt corrective action provisions, Ratio, Leverage | 0.050 | 0.050 | |
Actual Amount, Common Equity Tier 1 Capital | $ 134,422 | $ 128,643 | |
Actual Ratio, Common Equity Tier 1 Capital | 12.74% | 13.18% | |
For capital adequacy purposes Amount, Common Equity Tier 1 Capital | $ 73,833 | $ 68,309 | |
For capital adequacy purposes Ratio, Common Equity Tier 1 Capital | [1] | 7% | 7% |
To be well-capitalized under prompt corrective action provisions, Amount, Common Equity Tier 1 Capital | $ 68,560 | $ 63,430 | |
To be well-capitalized under prompt corrective action provisions, Ratio, Common Equity Tier 1 Capital | 0.065 | 0.065 | |
Actual Amount, Tier 1 Capital | $ 134,422 | $ 128,643 | |
Actual Ratio, Tier 1 Capital | 0.1274 | 0.1318 | |
For capital adequacy purposes Amount, Tier 1 Capital | $ 89,655 | $ 82,947 | |
For capital adequacy purposes Ratio, Tier 1 Capital | [1] | 0.085 | 0.085 |
To be well-capitalized under prompt corrective action provisions, Amount, Tier 1 Capital | $ 84,381 | $ 78,068 | |
To be well-capitalized under prompt corrective action provisions, Ratio, Tier 1 Capital | 0.080 | 0.080 | |
Actual Amount, Total Risk Based Capital | $ 144,468 | $ 137,604 | |
Actual Ratio, Total Risk Based Capital | 0.1370 | 0.1410 | |
For capital adequacy purposes Amount, Total Risk Based Capital | $ 110,750 | $ 102,464 | |
For capital adequacy purposes Ratio, Total Risk Based Capital | [1] | 0.105 | 0.105 |
To be well-capitalized under prompt corrective action provisions, Amount, Total Risk Based Capital | $ 105,476 | $ 97,585 | |
To be well-capitalized under prompt corrective action provisions, Ratio, Total Risk Based Capital | 0.100 | 0.100 | |
[1]The required percent for capital adequacy purposes includes a capital conservation buffer of 2.5 |
Schedule of Compliance with R_4
Schedule of Compliance with Regulatory Capital Requirements Under Banking Regulations (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2023 | |
Banks Regulatory Capital Requirements [Member] | |
Tier one capital conversation buffer | 2.50% |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Line of Credit Facility [Line Items] | ||
Assets, total | $ 1,561,672 | $ 1,502,867 |
Common equity tier one risk based capital required for capital adequacy to risk weighted assets | 0.045 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.060 | |
Capital required for capital adequacy to risk weighted assets | 0.080 | |
Tier one leverage capital required for capital adequacy to average assets | 0.040 | |
Capital Conservation Buffer [Member] | ||
Line of Credit Facility [Line Items] | ||
Tier one capital conversation buffer | 2.50% | |
Small Bank Holding Companies [Member] | ||
Line of Credit Facility [Line Items] | ||
Assets, total | $ 3,000,000 |
Schedule of Condensed Financial
Schedule of Condensed Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | $ 27,101 | $ 23,156 | ||
Interest-bearing deposits at other banks | 4,918 | 9,084 | ||
Total assets | 1,561,672 | 1,502,867 | ||
Subordinated debentures | 21,651 | 21,651 | ||
Other borrowings | 12,714 | 29,402 | ||
Stockholders’ equity | 126,914 | 111,433 | $ 135,643 | $ 126,672 |
Total liabilities and stockholders’ equity | 1,561,672 | 1,502,867 | ||
Other non-interest income | 1,074 | 928 | 1,093 | |
Interest expense | (21,391) | (4,346) | (1,506) | |
Income tax benefit | 1,954 | 1,432 | 4,814 | |
Net earnings | 12,236 | 9,878 | 18,011 | |
Other comprehensive income (loss) | 8,510 | (28,946) | (5,567) | |
Total comprehensive income | 20,746 | (19,068) | 12,444 | |
Net cash provided by operating activities | 12,604 | 24,780 | 31,159 | |
Net change in interest-bearing deposits at banks | 4,150 | (1,728) | (1,918) | |
Net cash (used in) provided by investing activities | (50,611) | (197,159) | (56,454) | |
Proceeds from exercise of stock options | 52 | 22 | ||
Payment of dividends | (4,390) | (4,198) | (3,818) | |
Net cash (used in) provided by financing activities | 41,952 | 6,322 | 129,690 | |
Net increase (decrease) in cash | 3,945 | (166,057) | 104,395 | |
Cash and cash equivalents at beginning of year | 23,156 | 189,213 | 84,818 | |
Cash and cash equivalents at end of year | 27,101 | 23,156 | 189,213 | |
Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash and cash equivalents | 286 | 166 | ||
Interest-bearing deposits at other banks | 215 | 214 | ||
Investment in subsidiaries | 153,813 | 140,802 | ||
Other | 990 | 959 | ||
Total assets | 155,304 | 142,141 | ||
Subordinated debentures | 21,651 | 21,651 | ||
Other borrowings | 6,649 | 9,000 | ||
Other | 90 | 57 | ||
Stockholders’ equity | 126,914 | 111,433 | ||
Total liabilities and stockholders’ equity | 155,304 | 142,141 | ||
Dividends from Bank | 8,000 | 29,350 | 4,600 | |
Dividends from nonbank subsidiary | 1,000 | 490 | 1,000 | |
Interest income | 51 | 26 | 16 | |
Other non-interest income | 8 | 8 | 7 | |
Interest expense | (2,113) | (998) | (472) | |
Other expense, net | (620) | (412) | (532) | |
Earnings before equity in undistributed earnings | 6,326 | 28,464 | 4,619 | |
Increase (decrease) in undistributed equity of Bank | 5,252 | (19,030) | 13,599 | |
Increase (decrease) in undistributed equity of nonbank subsidiary | 102 | 155 | (272) | |
Earnings before income taxes | 11,680 | 9,589 | 17,946 | |
Income tax benefit | (556) | (289) | (65) | |
Net earnings | 12,236 | 9,878 | 18,011 | |
Other comprehensive income (loss) | 8,510 | (28,946) | (5,567) | |
Total comprehensive income | 20,746 | (19,068) | 12,444 | |
Decrease (increase) in undistributed equity of subsidiaries | (5,354) | 18,875 | (13,327) | |
Other | 1 | 79 | 130 | |
Net cash provided by operating activities | 6,883 | 28,832 | 4,814 | |
Net change in interest-bearing deposits at banks | 1 | (2) | ||
Acquisition of Freedom Bancshares, Inc. | (33,350) | |||
Net cash (used in) provided by investing activities | 1 | (33,350) | (2) | |
Proceeds from exercise of stock options | 52 | 22 | ||
Payment of dividends | (4,390) | (4,198) | (3,818) | |
Purchase of treasury stock | (75) | (1,239) | ||
Issuances of outstanding debt | 10,065 | |||
Payment on outstanding debt | (2,351) | (1,065) | ||
Net cash (used in) provided by financing activities | (6,764) | 3,563 | (3,796) | |
Net increase (decrease) in cash | 120 | (955) | 1,016 | |
Cash and cash equivalents at beginning of year | 166 | 1,121 | 105 | |
Cash and cash equivalents at end of year | $ 286 | $ 166 | $ 1,121 |
Parent Company Condensed Fina_3
Parent Company Condensed Financial Statements (Details Narrative) $ in Millions | Dec. 31, 2023 USD ($) |
Condensed Financial Information Disclosure [Abstract] | |
Distribution of dividends | $ 12.9 |