Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 04, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001431567 | |
Entity Registrant Name | Oak Valley Bancorp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34142 | |
Entity Incorporation, State or Country Code | CA | |
Entity Tax Identification Number | 26-2326676 | |
Entity Address, Address Line One | 125 N. Third Ave. | |
Entity Address, City or Town | Oakdale | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95361 | |
City Area Code | 209 | |
Local Phone Number | 848-2265 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | OVLY | |
Security Exchange Name | NASDAQ | |
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 Common Stock, Shares Outstanding | 8,281,661 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 268,496,000 | $ 415,803,000 |
Federal funds sold | 32,050,000 | 13,830,000 |
Cash and cash equivalents | 300,546,000 | 429,633,000 |
Securities - available for sale | 515,851,000 | 527,438,000 |
Securities - equity investments | 3,042,000 | 2,990,000 |
Loans, net of allowance for credit losses of $9,411 and $9,468 at June 30, 2023 and December 31, 2022, respectively | 939,708,000 | 905,035,000 |
Cash surrender value of life insurance | 30,601,000 | 30,218,000 |
Bank premises and equipment, net | 16,233,000 | 15,300,000 |
Goodwill and other intangible assets, net | 3,515,000 | 3,558,000 |
Interest receivable and other assets | 52,217,000 | 54,174,000 |
Assets | 1,861,713,000 | 1,968,346,000 |
Deposits | 1,682,378,000 | 1,814,297,000 |
Interest payable and other liabilities | 32,213,000 | 27,423,000 |
Total liabilities | 1,714,591,000 | 1,841,720,000 |
Shareholders’ equity | ||
Common stock, no par value; 50,000,000 shares authorized, 8,281,661 and 8,257,894 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 25,435,000 | 25,435,000 |
Additional paid-in capital | 5,286,000 | 5,190,000 |
Retained earnings | 142,407,000 | 126,728,000 |
Accumulated other comprehensive loss, net of tax | (26,006,000) | (30,727,000) |
Total shareholders’ equity | 147,122,000 | 126,626,000 |
Liabilities and Equity | $ 1,861,713,000 | $ 1,968,346,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Allowance for Credit Loss | $ 9,411 | $ 9,468 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 8,281,661 | 8,257,894 |
Common stock, shares outstanding (in shares) | 8,281,661 | 8,257,894 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
INTEREST INCOME | ||||
Interest and fees on loans | $ 10,947,000 | $ 9,414,000 | $ 21,418,000 | $ 18,536,000 |
Interest on securities | 5,159,000 | 3,210,000 | 10,284,000 | 5,022,000 |
Interest on federal funds sold | 287,000 | 46,000 | 576,000 | 56,000 |
Interest on deposits with banks | 3,710,000 | 807,000 | 7,821,000 | 1,063,000 |
Total interest income | 20,103,000 | 13,477,000 | 40,099,000 | 24,677,000 |
INTEREST EXPENSE | ||||
Deposits | 696,000 | 244,000 | 1,148,000 | 486,000 |
Federal funds purchased | 0 | 0 | 1,000 | 0 |
Total interest expense | 696,000 | 244,000 | 1,149,000 | 486,000 |
Net interest income | 19,407,000 | 13,233,000 | 38,950,000 | 24,191,000 |
Reversal of provision for credit losses | 0 | 0 | (460,000) | 0 |
Net interest income after reversal of provision for credit losses | 19,407,000 | 13,233,000 | 39,410,000 | 24,191,000 |
NON-INTEREST INCOME | ||||
Earnings on cash surrender value of life insurance | 194,000 | 188,000 | 383,000 | 370,000 |
Gains on sales of available-for-sale securities | 0 | 0 | 143,000 | 0 |
Other | 541,000 | 305,000 | 1,035,000 | 467,000 |
Total non-interest income | 1,655,000 | 1,371,000 | 3,311,000 | 2,539,000 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 6,336,000 | 5,658,000 | 12,775,000 | 11,335,000 |
Occupancy expenses | 1,131,000 | 991,000 | 2,318,000 | 2,026,000 |
Data processing fees | 619,000 | 598,000 | 1,231,000 | 1,157,000 |
Regulatory assessments (FDIC & DFPI) | 220,000 | 261,000 | 415,000 | 522,000 |
Other operating expenses | 1,756,000 | 1,697,000 | 3,080,000 | 3,287,000 |
Total non-interest expense | 10,062,000 | 9,205,000 | 19,819,000 | 18,327,000 |
Net income before provision for income taxes | 11,000,000 | 5,399,000 | 22,902,000 | 8,403,000 |
Total provision for income taxes | 2,596,000 | 1,141,000 | 5,273,000 | 1,776,000 |
Net Income | $ 8,404,000 | $ 4,258,000 | $ 17,629,000 | $ 6,627,000 |
Net income per share (in dollars per share) | $ 1.03 | $ 0.52 | $ 2.15 | $ 0.81 |
Net income per diluted share (in dollars per share) | $ 1.02 | $ 0.52 | $ 2.14 | $ 0.81 |
Deposit Account [Member] | ||||
NON-INTEREST INCOME | ||||
Other income | $ 462,000 | $ 409,000 | $ 878,000 | $ 785,000 |
Debit Card [Member] | ||||
NON-INTEREST INCOME | ||||
Other income | 458,000 | 449,000 | 863,000 | 862,000 |
Mortgage Banking [Member] | ||||
NON-INTEREST INCOME | ||||
Other income | $ 0 | $ 20,000 | $ 9,000 | $ 55,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income | $ 8,404 | $ 4,258 | $ 17,629 | $ 6,627 |
Other comprehensive (loss) income: | ||||
Unrealized holding (losses) gains arising during the period | (4,087) | (24,646) | 6,846 | (41,909) |
Less: reclassification for net gains included in net income | 0 | 0 | (143) | 0 |
Other comprehensive (loss) income, before tax | (4,087) | (24,646) | 6,703 | (41,909) |
Tax benefit (expense) related to items of other comprehensive (loss) income | 1,208 | 7,286 | (1,982) | 12,390 |
Total other comprehensive (loss) income | (2,879) | (17,360) | 4,721 | (29,519) |
Comprehensive income (loss) | $ 5,525 | $ (13,102) | $ 22,350 | $ (22,892) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 31, 2021 | 8,239,099 | |||||||||
Balances at Dec. 31, 2021 | $ 25,435 | $ 4,689 | $ 106,300 | $ 6,188 | $ 142,612 | |||||
Stock based compensation | 0 | 322 | 0 | 0 | 322 | |||||
Other comprehensive loss | 0 | 0 | 0 | (29,519) | (29,519) | |||||
Net income | $ 0 | 0 | 6,627 | 0 | 6,627 | |||||
Restricted stock forfeited (in shares) | (900) | |||||||||
Restricted stock forfeited | $ 0 | 0 | 0 | 0 | 0 | |||||
Restricted stock surrendered for tax withholding (in shares) | (5,422) | |||||||||
Restricted stock surrendered for tax withholding | $ 0 | (108) | 0 | 0 | (108) | |||||
Balances (in shares) at Jun. 30, 2022 | 8,254,574 | |||||||||
Balances at Jun. 30, 2022 | $ 25,435 | 4,903 | 111,691 | (23,331) | 118,698 | |||||
Restricted stock issued (in shares) | 21,797 | |||||||||
Restricted stock issued | $ 0 | 0 | 0 | 0 | 0 | |||||
Cash dividends declared | $ 0 | 0 | (1,236) | 0 | (1,236) | |||||
Balances (in shares) at Mar. 31, 2022 | 8,255,601 | |||||||||
Balances at Mar. 31, 2022 | $ 25,435 | 4,752 | 107,433 | (5,971) | 131,649 | |||||
Stock based compensation | 0 | 158 | 0 | 0 | 158 | |||||
Other comprehensive loss | 0 | 0 | 0 | (17,360) | (17,360) | |||||
Net income | $ 0 | 0 | 4,258 | 0 | 4,258 | |||||
Restricted stock forfeited (in shares) | (600) | |||||||||
Restricted stock forfeited | $ 0 | 0 | 0 | 0 | 0 | |||||
Restricted stock surrendered for tax withholding (in shares) | (427) | |||||||||
Restricted stock surrendered for tax withholding | $ 0 | (7) | 0 | 0 | (7) | |||||
Balances (in shares) at Jun. 30, 2022 | 8,254,574 | |||||||||
Balances at Jun. 30, 2022 | $ 25,435 | 4,903 | 111,691 | (23,331) | 118,698 | |||||
Balances (in shares) at Dec. 31, 2022 | 8,257,894 | |||||||||
Balances (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ (629) | $ 0 | $ (629) | |||||
Balances at Dec. 31, 2022 | $ 25,435 | 5,190 | 126,728 | (30,727) | 126,626 | |||||
Stock based compensation | 0 | 271 | 0 | 0 | 271 | |||||
Other comprehensive loss | 0 | 0 | 0 | 4,721 | 4,721 | |||||
Net income | $ 0 | 0 | 17,629 | 0 | 17,629 | |||||
Restricted stock surrendered for tax withholding (in shares) | (6,429) | |||||||||
Restricted stock surrendered for tax withholding | $ 0 | (175) | 0 | 0 | (175) | |||||
Balances (in shares) at Jun. 30, 2023 | 8,281,661 | |||||||||
Balances at Jun. 30, 2023 | $ 25,435 | 5,286 | 142,407 | (26,006) | 147,122 | |||||
Restricted stock issued (in shares) | 30,196 | |||||||||
Restricted stock issued | $ 0 | 0 | 0 | 0 | 0 | |||||
Cash dividends declared | $ 0 | 0 | (1,321) | 0 | (1,321) | |||||
Balances (in shares) at Mar. 31, 2023 | 8,281,661 | |||||||||
Balances at Mar. 31, 2023 | $ 25,435 | 5,159 | 134,003 | (23,127) | 141,470 | |||||
Stock based compensation | 0 | 127 | 0 | 0 | 127 | |||||
Other comprehensive loss | 0 | 0 | 0 | (2,879) | (2,879) | |||||
Net income | $ 0 | 0 | 8,404 | 0 | 8,404 | |||||
Balances (in shares) at Jun. 30, 2023 | 8,281,661 | |||||||||
Balances at Jun. 30, 2023 | $ 25,435 | $ 5,286 | $ 142,407 | $ (26,006) | $ 147,122 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash dividends declared, per share (in dollars per share) | $ 0.16 | $ 0.15 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 17,629,000 | $ 6,627,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Reversal of provision for credit losses | (460,000) | 0 |
Decrease in deferred fees/costs, net | (113,000) | (251,000) |
Depreciation | 674,000 | 667,000 |
Amortization of investment securities, net | 570,000 | 578,000 |
Unrealized loss on equity securities | 3,000 | 316,000 |
Amortization of operating lease right-of-use asset | (117,000) | (83,000) |
Stock based compensation | 271,000 | 322,000 |
Gain on sales of available for sale securities | (143,000) | 0 |
Earnings on cash surrender value of life insurance | (383,000) | (370,000) |
Increase in interest payable and other liabilities | 4,687,000 | 419,000 |
Decrease (increase) in interest receivable | 702,000 | (2,461,000) |
(Increase) decrease in other assets | (27,000) | 1,429,000 |
Net cash from operating activities | 23,293,000 | 7,193,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of available for sale securities | (40,660,000) | (288,250,000) |
Purchases of equity securities | (49,000) | (32,000) |
Proceeds from the sale of available-for-sale securities | 43,791,000 | 0 |
Proceeds from maturities, calls, and principal paydowns of available-for-sale securities | 14,726,000 | 7,112,000 |
Investment in LIHTC | 0 | (284,000) |
Net increase in loans | (34,446,000) | (47,543,000) |
Purchase of FHLB Stock | (720,000) | (257,000) |
Purchases of premises and equipment | (1,607,000) | (493,000) |
Net cash used in investing activities | (18,965,000) | (329,747,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shareholder cash dividends paid | (1,321,000) | (1,236,000) |
Net (decrease) increase in demand deposits and savings accounts | (126,987,000) | 46,445,000 |
Net decrease in time deposits | (4,932,000) | (909,000) |
Tax withholding payments on vested restricted shares surrendered | (175,000) | (108,000) |
Net cash (used in) from financing activities | (133,415,000) | 44,192,000 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (129,087,000) | (278,362,000) |
CASH AND CASH EQUIVALENTS, beginning of period | 429,633,000 | 778,267,000 |
CASH AND CASH EQUIVALENTS, end of period | 300,546,000 | 499,905,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 1,152,000 | 483,000 |
Operating leases | 767,000 | 660,000 |
Income taxes | 0 | 851,000 |
NON-CASH INVESTING ACTIVITIES: | ||
Change in unrealized gain (loss) on securities | 6,703,000 | (41,909,000) |
Change in contributions payable to LIHTC limited partner investment | 0 | 5,000,000 |
Right-of-use asset obtained in exchange for new operating lease liability | $ 444,000 | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE 1 BASIS OF PRESENTATION Oak Valley Bancorp (“the Company”, “us”, “our”) is the parent holding company for Oak Valley Community Bank (the “Bank”), a California state-chartered bank. The consolidated financial statements include the accounts of the parent company and its wholly-owned bank subsidiary. Unless otherwise stated, the “Company” refers to the consolidated entity, Oak Valley Bancorp, while the “Bank” refers to Oak Valley Community Bank. All material intercompany transactions have been eliminated. The interim consolidated financial statements included in this Quarterly Report on Form 10 three six June 30, 2023 not no 10 December 31, 2022. The Company was incorporated under the laws of the State of California on May 31, 1990, May 28, 1991. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant accounting estimates reflected in the Company’s consolidated financial statements include the allowance for credit losses and fair value measurements. The estimates and assumptions may may 1. 2022 10 |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE 2 RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, No. 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13 December 15, 2019. October 2019, three January 1, 2023 no no January 1, 2023. Results for reporting periods beginning after January 1, 2023 In March 2020, 2020 04 Reference Rate Reform (Subtopic 848 March 12, 2020 December 31, 2022. December 2022, 2022 06 December 31, 2022 December 31, 2024. not In March 2022, No. 2022 02, Financial Instruments - Credit Losses (Topic 326 2022 02” 2022 02 310 40, 2022 02 326 20, 2022 02 January 1, 2023. 2022 02 not In March 2023, No. 2023 02, Investments-Equity Method and Joint Ventures (Topic 323 may January 1, 2024, not |
Note 3 - Securities
Note 3 - Securities | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 SECURITIES Equity Securities The Company held equity securities with fair values of $3,042,000 and $2,990,000 as of June 30, 2023 December 31, 2022, three six June 30, 2023 2022. 321, Equity Securities, three six June 30, 2023, 2022. Debt Securities Debt securities have been classified in the financial statements as available for sale. The amortized cost and estimated fair values of debt securities as of June 30, 2023 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 87,985 $ 5 $ (5,514 ) $ 82,476 Collateralized mortgage obligations 9,595 0 (620 ) 8,975 Municipalities 347,871 1,358 (25,671 ) 323,558 SBA pools 1,895 6 (4 ) 1,897 Corporate debt 47,506 13 (4,812 ) 42,707 Asset backed securities 57,920 57 (1,739 ) 56,238 $ 552,772 $ 1,439 $ (38,360 ) $ 515,851 The following tables detail the gross unrealized losses and fair values of debt securities aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position as of June 30, 2023. (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies 53 $ 39,826 $ (1,046 ) $ 39,987 (4,468 ) $ 79,813 $ (5,514 ) Collateralized mortgage obligations 6 4,825 (104 ) 4,151 (516 ) 8,976 (620 ) Municipalities 122 106,623 (1,649 ) 157,471 (24,022 ) 264,094 (25,671 ) SBA pools 4 0 0 759 (4 ) 759 (4 ) Corporate debt 13 0 0 40,694 (4,812 ) 40,694 (4,812 ) Asset backed securities 23 5,744 (54 ) 42,620 (1,685 ) 48,364 (1,739 ) Total temporarily impaired securities 221 $ 157,018 $ (2,853 ) $ 285,682 $ (35,507 ) $ 442,700 $ (38,360 ) For available-for-sale debt securities in an unrealized loss position, management evaluates whether the decline in fair value is a reflection of credit deterioration or other factors. In performing this evaluation, management considers the extent which fair value has fallen below amortized cost, changes in ratings by rating agencies, and other information indicating a deterioration in repayment capacity of either the underlying issuer or the borrowers providing repayment capacity in a securitization. If management’s evaluation indicates that a credit loss exists then a present value of the expected cash flows is calculated and compared to the amortized cost basis of the security in question and to the degree that the amortized cost basis exceeds the present value an allowance for credit loss (“ACL”) is established, with the caveat that the maximum amount of the reserve on any individual security is the difference between the fair value and amortized cost balance of the security in question. Any unrealized loss that has not The unrealized losses are due primarily to rising market yields and not no June 30, 2023. not not The amortized cost and estimated fair value of debt securities as of June 30, 2023, may (dollars in thousands) Amortized Cost Fair Value Available-for-sale securities: Due in one year or less 101,652 95,302 Due after one year through five years 116,321 113,951 Due after five years through ten years 251,518 228,844 Due after ten years 83,281 77,754 $ 552,772 $ 515,851 The amortized cost and estimated fair values of debt securities as of December 31, 2022 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 94,142 $ 18 $ (5,439 ) $ 88,721 Collateralized mortgage obligations 5,094 0 (483 ) 4,611 Municipalities 361,643 1,017 (31,079 ) 331,581 SBA pools 2,358 10 (6 ) 2,362 Corporate debt 47,512 0 (5,452 ) 42,060 Asset-backed securities 60,313 11 (2,221 ) 58,103 $ 571,062 $ 1,056 $ (44,680 ) $ 527,438 The following tables detail the gross unrealized losses and fair values aggregated of debt securities by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2022. (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies 52 $ 81,936 (4,451 ) 3,972 (988 ) $ 85,908 $ (5,439 ) Collateralized mortgage obligations 5 4,278 (431 ) 333 (52 ) 4,611 (483 ) Municipalities 132 216,154 (16,782 ) 46,348 (14,297 ) 262,502 (31,079 ) SBA pools 4 0 0 975 (6 ) 975 (6 ) Corporate debt 14 30,971 (3,041 ) 11,089 (2,411 ) 42,060 (5,452 ) Asset backed securities 24 36,275 (1,669 ) 14,043 (552 ) 50,318 (2,221 ) Total temporarily impaired securities 231 $ 369,614 $ (26,374 ) $ 76,760 $ (18,306 ) $ 446,374 $ (44,680 ) The Company recognized no gains or losses on called securities during the three six June 30, 2023 2022. three June 30, 2023. six June 30, 2023, three six June 30, 2022. Debt securities carried at $289,092,000 and $242,023,000 as of June 30, 2023 December 31, 2022, |
Note 4 - Loans
Note 4 - Loans | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4 LOANS The Company’s customers are primarily located in Stanislaus, San Joaquin, Tuolumne, Inyo, and Mono Counties. As of June 30, 2023, (in thousands) June 30, 2023 December 31, 2022 Commercial real estate: Commercial real estate- construction $ 21,152 $ 31,257 Commercial real estate- mortgages 694,089 650,180 Land 19,750 12,539 Farmland 91,623 85,989 Commercial and industrial 71,578 82,506 Consumer 379 375 Consumer residential 30,776 31,861 Agriculture 21,141 21,051 Total loans 950,488 915,758 Less: Deferred loan fees and costs, net (1,369 ) (1,255 ) Allowance for credit losses (9,411 ) (9,468 ) Net loans $ 939,708 $ 905,035 Paycheck Protection Program. two June 5, 2020, five 1%. 2022 first three 2023. June 30, 2023 December 31, 2022, no no Loan Origination/Risk Management. Commercial and industrial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Underwriting standards are designed to promote relationship banking rather than transactional banking. Once it is determined that the borrower’s management possesses sound ethics and solid business acumen, the Company’s management examines current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial and industrial loans are primarily made based on the identified cash flows of the borrower and secondarily made based on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not may may may may Commercial real estate loans are subject to underwriting standards and processes similar to commercial and industrial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may third June 30, 2023 December 31, 2022, With respect to loans to developers and builders that are secured by non-owner occupied properties that the Company may may may Agricultural production, real estate and development lending is susceptible to credit risks including adverse weather conditions, pest and disease, as well as market price fluctuations and foreign competition. Agricultural loan underwriting standards are maintained by following Company policies and procedures in place to minimize risk in this lending segment. These standards consist of limiting credit to experienced farmers who have demonstrated farm management capabilities, requiring cash flow projections displaying margins sufficient for repayment from normal farm operations along with equity injected as required by policy, as well as providing adequate secondary repayment and sponsorship including satisfactory collateral support. Credit enhancement obtained through government guarantee programs may The Company originates consumer loans utilizing common underwriting criteria specified in policy. To monitor and manage consumer loan risk, policies and procedures are developed and modified, as needed, jointly by line and staff personnel. This activity, coupled with relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Additionally, trend and outlook reports are reviewed by management on a regular basis. Underwriting standards for 1 4 not The Company maintains an independent loan review program that reviews and validates the credit risk program on a periodic basis. Results of these reviews are presented to management. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Bank’s policies and procedures. Non-Accrual and Past Due Loans. not may may not No loans were on non-accrual status as of June 30, 2023, December 31, 2022, June 30, 2022. The following table analyzes past due loans including the past due non-accrual loans in the above table, segregated by class of loans, as of June 30, 2023 ( June 30, 2023 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total 90 Days or More Past Due and Still Accruing Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 21,152 $ 21,152 $ 0 Commercial R.E. - mortgages 0 0 0 0 694,089 694,089 0 Land 0 0 0 0 19,750 19,750 0 Farmland 0 0 0 0 91,623 91,623 0 Commercial and industrial 0 0 0 0 71,578 71,578 0 Consumer 0 0 0 0 379 379 0 Consumer residential 0 0 0 0 30,776 30,776 0 Agriculture 0 0 0 0 21,141 21,141 0 Total $ 0 $ 0 $ 0 $ 0 $ 950,488 $ 950,488 $ 0 The following table analyzes past due loans including the past due non-accrual loans in the above table, segregated by class of loans, as of December 31, 2022 December 31, 2022 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total 90 Days or More Past Due and Still Accruing Commercial real estate: Commercial R.E. – construction $ 0 $ 0 $ 0 $ 0 $ 31,257 $ 31,257 $ 0 Commercial R.E. – mortgages 0 0 0 0 650,180 650,180 0 Land 0 0 0 0 12,539 12,539 0 Farmland 0 0 0 0 85,989 85,989 0 Commercial and industrial 0 0 0 0 82,506 82,506 0 Consumer 0 0 0 0 375 375 0 Consumer residential 0 0 0 0 31,861 31,861 0 Agriculture 0 0 0 0 21,051 21,051 0 Total $ 0 $ 0 $ 0 $ 0 $ 915,758 $ 915,758 $ 0 Collateral Dependent Loans. January 1, 2023, no June 30, 2023 December 31, 2022. Information for impaired loans prior to the adoption of ASU 2016 13 January 1, 2023 (in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment December 31, 2022 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 0 0 0 0 0 0 Land 0 0 0 0 0 0 Farmland 0 0 0 0 0 0 Commercial and Industrial 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Consumer residential 0 0 0 0 0 0 Agriculture 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 (in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment June 30, 2022 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 0 0 0 0 0 0 Land 0 0 0 0 0 0 Farmland 0 0 0 0 0 0 Commercial and Industrial 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Consumer residential 0 0 0 0 0 0 Agriculture 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Loan Modification Disclosures Pursuant to ASU 2022 02 may no three six June 30, 2023. TDR Disclosures Prior to the Adoption of ASU 2022 02 December 31, 2022 June 30, 2022 no three six June 30, 2022, twelve three six June 30, 2022. ninety Loan Risk Grades The Company grades loans using the following letter system: 1 2 3A 3B 3C 4 5 6 7 8 1. 1 ● A high level of liquidity and whose debt-servicing capacity exceeds expected obligations by a substantial margin. ● Where leverage is below average for the industry and earnings are consistent or growing without severe vulnerability to economic cycles. ● Also included in this rating (but not one 2. No 2 ● Unquestionable debt-servicing capacity to cover all obligations in the ordinary course of business from well-defined primary and secondary sources. ● Consistent strong earnings. ● A solid equity base. 3A. 3 three three 3 3A ● Strong earnings with no three ● Long term experienced management with depth and defined management succession. ● The loan has no ● Loan-to-value on real estate secured transactions is 10% 20% ● Very liquid balance sheet that may ● Little to no 3B. 3B 3A 3C not ● Are those where the borrower has average financial strengths, a history of profitable operations and experienced management. ● Are those where the borrower can be expected to handle normal credit needs in a satisfactory manner. 3C. 3C 3Bs ● Requires collateral. ● A credit facility where the borrower has average financial strengths, but usually lacks reliable secondary sources of repayment other than the subject collateral. ● Other common characteristics can include some or all of the following: minimal background experience of management, lacking continuity of management, a start-up operation, erratic historical profitability (acceptable reasons-well identified), lack of or marginal sponsorship of guarantor, and government guaranteed loans. 4 may ● Any unexpected short-term adverse financial performance from budgeted projections or a prior period’s results (i.e., declining profits, sales, margins, cash flow, or increased reliance on leverage, including adverse balance sheet ratios, trade debt issues, etc.). ● Any managerial or personal problems with company management, decline in the entire industry or local economic conditions, or failure to provide financial information or other documentation as requested. ● Issues regarding delinquency, overdrafts, or renewals. ● Any other issues that cause concern for the company. ● Loans to individuals or loans supported by guarantors with marginal net worth and/or marginal collateral. ● Weaknesses that are identified are short-term in nature. ● Loans in this category are usually accounts the Bank would want to retain providing a positive turnaround can be expected within a reasonable time frame. Grade 4 5. may, ● The lending officer may ● Questions exist regarding the condition of and/or control over collateral. ● Economic or market conditions may ● A declining trend in the obligor’s operations or an imbalanced position in the balance sheet exists, but not 6. not not 7. one may may may not 8. not not no not may not As of June 30, 2023 December 31, 2022, 8 The risk grades are reviewed every month, at a minimum and on an as-needed basis depending on the specific circumstances of the loan. The following table summarizes loan risk grade totals by class and year of origination as of June 30, 2023. 1 4 As of June 30, 2023 (in thousands) Term Loans Amortized Cost Basis by Origination Year Risk Grade Ratings 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate - construction Pass $ 3,750 $ 16,553 $ 219 $ 630 $ 0 $ 0 $ 0 $ 21,152 Total commercial real estate - construction 3,750 16,553 219 630 0 0 0 21,152 Commercial real estate - mortgages Pass 36,655 120,386 147,048 73,542 66,830 236,104 0 680,565 Special mention 0 0 7,822 0 0 1,032 0 8,854 Substandard 0 0 0 0 4,670 0 0 4,670 Total commercial real estate - mortgages 36,655 120,386 154,870 73,542 71,500 237,136 0 694,089 Land Pass 7,300 8,966 0 0 1,771 1,713 0 19,750 Total land 7,300 8,966 0 0 1,771 1,713 0 19,750 Farmland Pass 8,400 10,720 16,889 15,178 6,752 33,684 0 91,623 Total farmland 8,400 10,720 16,889 15,178 6,752 33,684 0 91,623 Commercial and industrial Pass 6,373 13,475 14,329 13,888 6,198 15,153 26 69,442 Special mention 0 0 0 174 67 1,540 0 1,781 Substandard 0 0 0 0 0 355 0 355 Total commercial and industrial 6,373 13,475 14,329 14,062 6,265 17,048 26 71,578 Consumer Pass 70 64 49 25 0 0 153 361 Substandard 0 0 0 0 0 18 0 18 Total consumer 70 64 49 25 0 18 153 379 Consumer residential Pass 758 5,070 4,534 3,030 1,878 7,978 7,497 30,745 Substandard 0 0 0 0 0 31 0 31 Total consumer residential 758 5,070 4,534 3,030 1,878 8,009 7,497 30,776 Agriculture Pass 383 4,481 4,687 3,560 385 7,645 0 21,141 Total agriculture 383 4,481 4,687 3,560 385 7,645 0 21,141 Total by Risk Category Pass 63,689 179,715 187,755 109,853 83,814 302,277 7,676 934,779 Special mention 0 0 7,822 174 67 2,572 0 10,635 Substandard 0 0 0 0 4,670 404 0 5,074 Total $ 63,689 $ 179,715 $ 195,577 $ 110,027 $ 88,551 $ 305,253 $ 7,676 $ 950,488 The following table summarizes loan risk grade totals by class and year of origination as of December 31, 2022. 1 4 As of December 31, 2022 (in thousands) Term Loans Amortized Cost Basis by Origination Year Risk Grade Ratings 2022 2021 2020 2019 2018 Prior Revolving Loans Total Commercial real estate - construction Pass $ 18,124 $ 11,723 $ 1,148 $ 0 $ 0 $ 262 $ 0 $ 31,257 Total commercial real estate - construction 18,124 11,723 1,148 0 0 262 0 31,257 Commercial real estate - mortgages Pass 102,254 141,187 77,673 68,466 66,662 180,209 0 636,451 Special mention 0 7,959 0 0 301 744 0 9,004 Substandard 0 0 0 4,725 0 0 0 4,725 Total commercial real estate - mortgages 102,254 149,146 77,673 73,191 66,963 180,953 0 650,180 Land Pass 8,977 0 0 1,791 0 1,771 0 12,539 Total land 8,977 0 0 1,791 0 1,771 0 12,539 Farmland Pass 10,831 17,202 15,804 7,375 9,114 25,663 0 85,989 Total farmland 10,831 17,202 15,804 7,375 9,114 25,663 0 85,989 Commercial and Industrial Pass 16,563 17,974 15,468 7,399 9,702 12,597 31 79,734 Special mention 0 0 208 90 47 2,177 0 2,522 Substandard 0 0 0 0 250 0 0 250 Total commercial and industrial 16,563 17,974 15,676 7,489 9,999 14,774 31 82,506 Consumer Pass 73 62 32 1 0 22 166 356 Substandard 0 0 0 0 0 19 19 Total consumer 73 62 32 1 0 41 166 375 Consumer residential Pass 5,158 4,640 3,381 1,915 2,307 6,144 8,284 31,829 Substandard 0 0 0 0 0 32 0 32 Total consumer residential 5,158 4,640 3,381 1,915 2,307 6,176 8,284 31,861 Agriculture Pass 3,716 5,791 3,994 387 464 6,699 0 21,051 Total agriculture 3,716 5,791 3,994 387 464 6,699 0 21,051 Total by Risk Category Pass 165,696 198,579 117,500 87,334 88,249 233,367 8,481 899,206 Special mention 0 7,959 208 90 348 2,921 0 11,526 Substandard 0 0 0 4,725 250 51 0 5,026 Total $ 165,696 $ 206,538 $ 117,708 $ 92,149 $ 88,847 $ 236,339 $ 8,481 $ 915,758 Allowance for Credit Losses ( “ ACL ” ). 2, 2016 13, January 1, 2023 2016 13, The DCF quantitative reserve methodology incorporates the consideration of probability of default (“PD”) and loss given default (“LGD”) estimates to estimate periodic losses. The PD estimates are derived through the application of reasonable and supportable economic forecasts to call code specific regression models, derived from the consideration of historical bank-specific and peer loss-rate data. The loss rate data has been regressed against benchmark economic indicators, for which reasonable and supportable forecasts exist, in the development of the call-code specific regression models. Regression models are generally refreshed on an annual basis, in order to pull in more recent loss rate data. Reasonable and supportable forecasts of the selected economic metric are then input into the regression model to calculate an expected default rate. The expected default rates are then applied to expected monthly loan balances estimated through the consideration of contractual repayment terms and expected prepayments. The Company utilizes a four four may third January 1, 2023, June 30, 2023, Management recognizes that there are additional factors impacting risk of loss in the loan portfolio beyond what is captured in the quantitative portion of reserves on collectively evaluated loans. As current and expected conditions, may may ● Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices ● Changes in international, regional and local economic and business conditions, and developments that affect the collectability of the portfolio, as reflected in forecasts of the California unemployment rate ● Changes in the nature and volume of the loan portfolio ● Changes in the experience, ability, and depth of lending management and other relevant staff ● Changes in the volume and severity of past due, watch loans and classified loans ● Changes in the quality of the Bank’s loan review processes ● Changes in the value of underlying collateral for loans not ● Changes in loan categorization concentrations ● Other external factors, which include, the regulatory risk ratings. The qualitative portion of the Company’s reserves on collectively evaluated loans are calculated using a combination of numeric frameworks and management judgement, to determine risk categorizations in each of the Q-factors presented above. The amount of qualitative reserves is also contingent upon the relative weighting of Q-factors according to management’s judgement. Loans identified as losses by management, internal loan review and/or bank examiners are charged-off. Furthermore, consumer loan accounts are charged-off automatically based on regulatory requirements. Accrued interest receivable for loans is included in the “Interest receivable and other assets” line item on the Company’s Consolidated Balance Sheet. The Company elected not The following table details activity in the ACL by portfolio segment for the three six June 30, 2023 2022. one not Allowance for Credit Losses For the Three and Six Months Ended June 30, 2023 and 2022 (in thousands) Three Months Ended June 30, 2023 Commercial Real Estate Commercial and Industrial Consumer Consumer Residential Agriculture Total Beginning balance $ 8,470 $ 677 $ 3 $ 199 $ 34 $ 9,383 Charge-offs 0 0 (9 ) 0 0 (9 ) Recoveries 34 2 1 0 37 Provision for (reversal of) credit losses 59 (76 ) 8 3 6 0 Ending balance $ 8,563 $ 601 $ 4 $ 203 $ 40 $ 9,411 Six Months Ended June 30, 2023 Beginning balance $ 8,373 $ 612 $ 5 $ 306 $ 172 $ 9,468 CECL day-one adjustments 500 102 (1 ) (118 ) (137 ) 346 Charge-offs 0 (12 ) (17 ) 0 0 (29 ) Recoveries 68 12 5 1 0 86 Provision for (reversal of) credit losses (378 ) (113 ) 12 14 5 (460 ) Ending balance $ 8,563 $ 601 $ 4 $ 203 $ 40 $ 9,411 Three Months Ended June 30, 2022 Beginning balance $ 9,539 $ 701 $ 6 $ 311 $ 205 $ 10,762 Charge-offs 0 0 (7 ) 0 0 (7 ) Recoveries 30 0 0 0 0 30 Provision for (reversal of) credit losses (25 ) (14 ) 7 6 26 0 Ending balance $ 9,544 $ 687 $ 6 $ 317 $ 231 10,785 Six Months Ended June 30, 2022 Beginning balance $ 9,404 $ 711 $ 6 $ 327 $ 290 $ 10,738 Charge-offs 0 0 (15 ) 0 0 (15 ) Recoveries 61 0 1 0 0 62 Provision for (reversal of) credit losses 79 (24 ) 14 (10 ) (59 ) 0 Ending balance $ 9,544 $ 687 $ 6 $ 317 $ 231 10,785 The following table details the ACL and ending gross loan balances as of June 30, 2023 December 31, 2022, (in thousands) June 30, 2023 Commercial Real Estate Commercial and Industrial Consumer Consumer Residential Agriculture Total Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 8,563 601 4 203 40 9,411 $ 8,563 $ 601 $ 4 $ 203 $ 40 $ 9,411 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 826,614 71,578 379 30,776 21,141 950,488 $ 826,614 $ 71,578 $ 379 $ 30,776 $ 21,141 $ 950,488 December 31, 2022 Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 8,373 612 5 306 172 9,468 $ 8,373 $ 612 $ 5 $ 306 $ 172 $ 9,468 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 779,965 82,506 375 31,861 21,051 915,758 $ 779,965 $ 82,506 $ 375 $ 31,861 $ 21,051 $ 915,758 The following table presents gross charge-offs for the three six June 30, 2023 Three months ended June 30, 2023 (in thousands) Term Loans Charged-off by Origination Year Chargeoffs 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - mortgages 0 0 0 0 0 0 0 0 Land 0 0 0 0 0 0 0 0 Farmland 0 0 0 0 0 0 0 0 Commercial and Industrial 0 0 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 9 9 Consumer residential 0 0 0 0 0 0 0 0 Agriculture 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9 $ 9 Six months ended June 30, 2023 (in thousands) Term Loans Charged-off by Origination Year Chargeoffs 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - mortgages 0 0 0 0 0 0 0 0 Land 0 0 0 0 0 0 0 0 Farmland 0 0 0 0 0 0 0 0 Commercial and Industrial 0 0 12 0 0 0 0 12 Consumer 0 0 0 0 0 0 17 17 Consumer residential 0 0 0 0 0 0 0 0 Agriculture 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 12 $ 0 $ 0 $ 0 $ 17 $ 29 Changes in the reserve for off-balance-sheet commitments were as follows: (in thousands) THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2023 2022 2023 2022 Balance, beginning of period $ 741 $ 463 $ 546 $ 469 CECL day-one adjustment 0 0 547 0 (Reversal of) Provision to Operations for Off Balance Sheet Commitments (70 ) 12 (422 ) 6 Balance, end of period $ 671 $ 475 $ 671 $ 475 The method for calculating the reserve for off-balance-sheet loan commitments is based on a historical funding rate applied to the undisbursed loan amount to estimate an average outstanding amount during the life of the loan commitment. Then, a historic loss rate as computed by our CECL model is applied to the estimated average outstanding balance to calculate the off-balance-sheet reserve amount. The funding rates, historic loss rates and resulting reserve amount for off-balance-sheet commitments are evaluated by management periodically as part of the CECL procedures. Reserves for off-balance-sheet commitments are recorded in interest payable and other liabilities on the condensed consolidated balance sheets. At June 30, 2023 December 31, 2022, |
Note 5 - Financial Instruments
Note 5 - Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 5 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair values of financial instruments June 30, 2023 December 31, 2022. not We determine the fair values of our financial instruments based on the fair value hierarchy established under applicable accounting guidance which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value: Level 1: Level 2: Level 3: In certain cases, the inputs used to measure fair value may no three six June 30, 2023 2022. The estimated fair values of the Company’s financial instruments not June 30, 2023 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 300,546 $ 300,546 1 Restricted equity securities 5,956 5,956 2 Loans, net 939,708 878,458 3 Interest receivable 7,915 7,915 2 Financial liabilities: Deposits (1,682,378 ) (1,681,250 ) 3 Interest payable (24 ) (24 ) 2 Off-balance-sheet liabilities: Commitments and standby letters of credit (2,053 ) 3 The estimated fair values of the Company’s financial instruments not December 31, 2022 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 429,633 $ 429,633 1 Restricted equity securities 5,236 5,236 2 Loans, net 905,035 853,224 3 Interest receivable 8,438 8,438 2 Financial liabilities: Deposits (1,814,297 ) (1,813,136 ) 3 Interest payable (22 ) (22 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (2,124 ) 3 The following table presents the carrying value of recurring and nonrecurring financial instruments that were measured at fair value and that were still held in the condensed consolidated balance sheets at each respective period end, by level within the fair value hierarchy as of June 30, 2023 December 31, 2022. Fair Value Measurements as of June 30, 2023 Using (in thousands) June 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 82,475 $ 0 $ 82,475 $ 0 Collateralized mortgage obligations 8,975 0 8,975 0 Municipalities 323,558 0 323,558 0 SBA pools 1,897 0 1,897 0 Corporate debt 42,707 0 42,707 0 Asset-backed securities 56,238 0 56,238 0 Equity Securities: Mutual fund $ 3,042 $ 3,042 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A Fair Value Measurements at December 31, 2022 Using (in thousands) December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 88,721 $ 0 $ 88,721 $ 0 Collateralized mortgage obligations 4,611 0 4,611 0 Municipalities 331,581 0 331,581 0 SBA pools 2,362 0 2,362 0 Corporate debt 42,060 0 42,060 0 Asset-backed securities 58,103 0 58,103 0 Equity Securities: Mutual fund $ 2,990 $ 2,990 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A Available-for-sale and equity securities - not 1 2 3 Loans Evaluated Individually not not 3. There have been no three six June 30, 2023. |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 6 EARNINGS PER SHARE Earnings per share (“EPS”) are based upon the weighted average number of common shares outstanding during each year. The following table shows: ( 1 2 3 two two not The Company’s calculation of basic and diluted EPS for the three six June 30, 2023 2022 THREE MONTHS ENDED (In thousands) JUNE 30, 2023 2022 BASIC EARNINGS PER SHARE Net income $ 8,404 $ 4,258 Weighted average shares outstanding 8,195 8,170 Net income per common share $ 1.03 $ 0.52 DILUTED EARNINGS PER SHARE Net income $ 8,404 $ 4,258 Weighted average shares outstanding 8,195 8,170 Effect of dilutive non-vested restricted shares 32 31 Weighted average shares of common stock and common stock equivalents 8,227 8,201 Net income per diluted common share $ 1.02 $ 0.52 SIX MONTHS ENDED (In thousands) JUNE 30, 2023 2022 BASIC EARNINGS PER SHARE Net income $ 17,629 $ 6,627 Weighted average shares outstanding 8,189 8,164 Net income per common share $ 2.15 $ 0.81 DILUTED EARNINGS PER SHARE Net income $ 17,629 $ 6,627 Weighted average shares outstanding 8,189 8,164 Effect of dilutive non-vested restricted shares 38 35 Weighted average shares of common stock and common stock equivalents 8,227 8,199 Net income per diluted common share $ 2.14 $ 0.81 |
Note 7 - Risks and Uncertaintie
Note 7 - Risks and Uncertainties | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Effect of Covid-19 Pandemic [Text Block] | NOTE 7 RISKS AND UNCERTAINTIES Actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may March 2023, three no not Inflation and rapid increases in interest rates have also led to a decline in the trading value of previously issued government securities with interest rates below current market interest rates. Additionally, there is no We may In spite of these inherent risks and uncertainties, we have experienced nominal negative impacts on liquidity in connection with these events and related concerns. The deposit decrease during the first six 2023 June 30, 2023. |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Debt Securities, Available-for-Sale [Table Text Block] | (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 87,985 $ 5 $ (5,514 ) $ 82,476 Collateralized mortgage obligations 9,595 0 (620 ) 8,975 Municipalities 347,871 1,358 (25,671 ) 323,558 SBA pools 1,895 6 (4 ) 1,897 Corporate debt 47,506 13 (4,812 ) 42,707 Asset backed securities 57,920 57 (1,739 ) 56,238 $ 552,772 $ 1,439 $ (38,360 ) $ 515,851 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 94,142 $ 18 $ (5,439 ) $ 88,721 Collateralized mortgage obligations 5,094 0 (483 ) 4,611 Municipalities 361,643 1,017 (31,079 ) 331,581 SBA pools 2,358 10 (6 ) 2,362 Corporate debt 47,512 0 (5,452 ) 42,060 Asset-backed securities 60,313 11 (2,221 ) 58,103 $ 571,062 $ 1,056 $ (44,680 ) $ 527,438 |
Schedule of Unrealized Loss on Investments [Table Text Block] | (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies 53 $ 39,826 $ (1,046 ) $ 39,987 (4,468 ) $ 79,813 $ (5,514 ) Collateralized mortgage obligations 6 4,825 (104 ) 4,151 (516 ) 8,976 (620 ) Municipalities 122 106,623 (1,649 ) 157,471 (24,022 ) 264,094 (25,671 ) SBA pools 4 0 0 759 (4 ) 759 (4 ) Corporate debt 13 0 0 40,694 (4,812 ) 40,694 (4,812 ) Asset backed securities 23 5,744 (54 ) 42,620 (1,685 ) 48,364 (1,739 ) Total temporarily impaired securities 221 $ 157,018 $ (2,853 ) $ 285,682 $ (35,507 ) $ 442,700 $ (38,360 ) (dollars in thousands) Less than 12 months 12 months or more Total Description of Securities Number of Securities Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss U.S. agencies 52 $ 81,936 (4,451 ) 3,972 (988 ) $ 85,908 $ (5,439 ) Collateralized mortgage obligations 5 4,278 (431 ) 333 (52 ) 4,611 (483 ) Municipalities 132 216,154 (16,782 ) 46,348 (14,297 ) 262,502 (31,079 ) SBA pools 4 0 0 975 (6 ) 975 (6 ) Corporate debt 14 30,971 (3,041 ) 11,089 (2,411 ) 42,060 (5,452 ) Asset backed securities 24 36,275 (1,669 ) 14,043 (552 ) 50,318 (2,221 ) Total temporarily impaired securities 231 $ 369,614 $ (26,374 ) $ 76,760 $ (18,306 ) $ 446,374 $ (44,680 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | (dollars in thousands) Amortized Cost Fair Value Available-for-sale securities: Due in one year or less 101,652 95,302 Due after one year through five years 116,321 113,951 Due after five years through ten years 251,518 228,844 Due after ten years 83,281 77,754 $ 552,772 $ 515,851 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) June 30, 2023 December 31, 2022 Commercial real estate: Commercial real estate- construction $ 21,152 $ 31,257 Commercial real estate- mortgages 694,089 650,180 Land 19,750 12,539 Farmland 91,623 85,989 Commercial and industrial 71,578 82,506 Consumer 379 375 Consumer residential 30,776 31,861 Agriculture 21,141 21,051 Total loans 950,488 915,758 Less: Deferred loan fees and costs, net (1,369 ) (1,255 ) Allowance for credit losses (9,411 ) (9,468 ) Net loans $ 939,708 $ 905,035 |
Financing Receivable, Past Due [Table Text Block] | June 30, 2023 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total 90 Days or More Past Due and Still Accruing Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 21,152 $ 21,152 $ 0 Commercial R.E. - mortgages 0 0 0 0 694,089 694,089 0 Land 0 0 0 0 19,750 19,750 0 Farmland 0 0 0 0 91,623 91,623 0 Commercial and industrial 0 0 0 0 71,578 71,578 0 Consumer 0 0 0 0 379 379 0 Consumer residential 0 0 0 0 30,776 30,776 0 Agriculture 0 0 0 0 21,141 21,141 0 Total $ 0 $ 0 $ 0 $ 0 $ 950,488 $ 950,488 $ 0 December 31, 2022 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total 90 Days or More Past Due and Still Accruing Commercial real estate: Commercial R.E. – construction $ 0 $ 0 $ 0 $ 0 $ 31,257 $ 31,257 $ 0 Commercial R.E. – mortgages 0 0 0 0 650,180 650,180 0 Land 0 0 0 0 12,539 12,539 0 Farmland 0 0 0 0 85,989 85,989 0 Commercial and industrial 0 0 0 0 82,506 82,506 0 Consumer 0 0 0 0 375 375 0 Consumer residential 0 0 0 0 31,861 31,861 0 Agriculture 0 0 0 0 21,051 21,051 0 Total $ 0 $ 0 $ 0 $ 0 $ 915,758 $ 915,758 $ 0 |
Impaired Financing Receivables [Table Text Block] | (in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment December 31, 2022 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 0 0 0 0 0 0 Land 0 0 0 0 0 0 Farmland 0 0 0 0 0 0 Commercial and Industrial 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Consumer residential 0 0 0 0 0 0 Agriculture 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 (in thousands) Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Average Recorded Investment June 30, 2022 Commercial real estate: Commercial R.E. - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial R.E. - mortgages 0 0 0 0 0 0 Land 0 0 0 0 0 0 Farmland 0 0 0 0 0 0 Commercial and Industrial 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 Consumer residential 0 0 0 0 0 0 Agriculture 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of June 30, 2023 (in thousands) Term Loans Amortized Cost Basis by Origination Year Risk Grade Ratings 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate - construction Pass $ 3,750 $ 16,553 $ 219 $ 630 $ 0 $ 0 $ 0 $ 21,152 Total commercial real estate - construction 3,750 16,553 219 630 0 0 0 21,152 Commercial real estate - mortgages Pass 36,655 120,386 147,048 73,542 66,830 236,104 0 680,565 Special mention 0 0 7,822 0 0 1,032 0 8,854 Substandard 0 0 0 0 4,670 0 0 4,670 Total commercial real estate - mortgages 36,655 120,386 154,870 73,542 71,500 237,136 0 694,089 Land Pass 7,300 8,966 0 0 1,771 1,713 0 19,750 Total land 7,300 8,966 0 0 1,771 1,713 0 19,750 Farmland Pass 8,400 10,720 16,889 15,178 6,752 33,684 0 91,623 Total farmland 8,400 10,720 16,889 15,178 6,752 33,684 0 91,623 Commercial and industrial Pass 6,373 13,475 14,329 13,888 6,198 15,153 26 69,442 Special mention 0 0 0 174 67 1,540 0 1,781 Substandard 0 0 0 0 0 355 0 355 Total commercial and industrial 6,373 13,475 14,329 14,062 6,265 17,048 26 71,578 Consumer Pass 70 64 49 25 0 0 153 361 Substandard 0 0 0 0 0 18 0 18 Total consumer 70 64 49 25 0 18 153 379 Consumer residential Pass 758 5,070 4,534 3,030 1,878 7,978 7,497 30,745 Substandard 0 0 0 0 0 31 0 31 Total consumer residential 758 5,070 4,534 3,030 1,878 8,009 7,497 30,776 Agriculture Pass 383 4,481 4,687 3,560 385 7,645 0 21,141 Total agriculture 383 4,481 4,687 3,560 385 7,645 0 21,141 Total by Risk Category Pass 63,689 179,715 187,755 109,853 83,814 302,277 7,676 934,779 Special mention 0 0 7,822 174 67 2,572 0 10,635 Substandard 0 0 0 0 4,670 404 0 5,074 Total $ 63,689 $ 179,715 $ 195,577 $ 110,027 $ 88,551 $ 305,253 $ 7,676 $ 950,488 As of December 31, 2022 (in thousands) Term Loans Amortized Cost Basis by Origination Year Risk Grade Ratings 2022 2021 2020 2019 2018 Prior Revolving Loans Total Commercial real estate - construction Pass $ 18,124 $ 11,723 $ 1,148 $ 0 $ 0 $ 262 $ 0 $ 31,257 Total commercial real estate - construction 18,124 11,723 1,148 0 0 262 0 31,257 Commercial real estate - mortgages Pass 102,254 141,187 77,673 68,466 66,662 180,209 0 636,451 Special mention 0 7,959 0 0 301 744 0 9,004 Substandard 0 0 0 4,725 0 0 0 4,725 Total commercial real estate - mortgages 102,254 149,146 77,673 73,191 66,963 180,953 0 650,180 Land Pass 8,977 0 0 1,791 0 1,771 0 12,539 Total land 8,977 0 0 1,791 0 1,771 0 12,539 Farmland Pass 10,831 17,202 15,804 7,375 9,114 25,663 0 85,989 Total farmland 10,831 17,202 15,804 7,375 9,114 25,663 0 85,989 Commercial and Industrial Pass 16,563 17,974 15,468 7,399 9,702 12,597 31 79,734 Special mention 0 0 208 90 47 2,177 0 2,522 Substandard 0 0 0 0 250 0 0 250 Total commercial and industrial 16,563 17,974 15,676 7,489 9,999 14,774 31 82,506 Consumer Pass 73 62 32 1 0 22 166 356 Substandard 0 0 0 0 0 19 19 Total consumer 73 62 32 1 0 41 166 375 Consumer residential Pass 5,158 4,640 3,381 1,915 2,307 6,144 8,284 31,829 Substandard 0 0 0 0 0 32 0 32 Total consumer residential 5,158 4,640 3,381 1,915 2,307 6,176 8,284 31,861 Agriculture Pass 3,716 5,791 3,994 387 464 6,699 0 21,051 Total agriculture 3,716 5,791 3,994 387 464 6,699 0 21,051 Total by Risk Category Pass 165,696 198,579 117,500 87,334 88,249 233,367 8,481 899,206 Special mention 0 7,959 208 90 348 2,921 0 11,526 Substandard 0 0 0 4,725 250 51 0 5,026 Total $ 165,696 $ 206,538 $ 117,708 $ 92,149 $ 88,847 $ 236,339 $ 8,481 $ 915,758 Three months ended June 30, 2023 (in thousands) Term Loans Charged-off by Origination Year Chargeoffs 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - mortgages 0 0 0 0 0 0 0 0 Land 0 0 0 0 0 0 0 0 Farmland 0 0 0 0 0 0 0 0 Commercial and Industrial 0 0 0 0 0 0 0 0 Consumer 0 0 0 0 0 0 9 9 Consumer residential 0 0 0 0 0 0 0 0 Agriculture 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9 $ 9 Six months ended June 30, 2023 (in thousands) Term Loans Charged-off by Origination Year Chargeoffs 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate - construction $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Commercial real estate - mortgages 0 0 0 0 0 0 0 0 Land 0 0 0 0 0 0 0 0 Farmland 0 0 0 0 0 0 0 0 Commercial and Industrial 0 0 12 0 0 0 0 12 Consumer 0 0 0 0 0 0 17 17 Consumer residential 0 0 0 0 0 0 0 0 Agriculture 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 12 $ 0 $ 0 $ 0 $ 17 $ 29 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses For the Three and Six Months Ended June 30, 2023 and 2022 (in thousands) Three Months Ended June 30, 2023 Commercial Real Estate Commercial and Industrial Consumer Consumer Residential Agriculture Total Beginning balance $ 8,470 $ 677 $ 3 $ 199 $ 34 $ 9,383 Charge-offs 0 0 (9 ) 0 0 (9 ) Recoveries 34 2 1 0 37 Provision for (reversal of) credit losses 59 (76 ) 8 3 6 0 Ending balance $ 8,563 $ 601 $ 4 $ 203 $ 40 $ 9,411 Six Months Ended June 30, 2023 Beginning balance $ 8,373 $ 612 $ 5 $ 306 $ 172 $ 9,468 CECL day-one adjustments 500 102 (1 ) (118 ) (137 ) 346 Charge-offs 0 (12 ) (17 ) 0 0 (29 ) Recoveries 68 12 5 1 0 86 Provision for (reversal of) credit losses (378 ) (113 ) 12 14 5 (460 ) Ending balance $ 8,563 $ 601 $ 4 $ 203 $ 40 $ 9,411 Three Months Ended June 30, 2022 Beginning balance $ 9,539 $ 701 $ 6 $ 311 $ 205 $ 10,762 Charge-offs 0 0 (7 ) 0 0 (7 ) Recoveries 30 0 0 0 0 30 Provision for (reversal of) credit losses (25 ) (14 ) 7 6 26 0 Ending balance $ 9,544 $ 687 $ 6 $ 317 $ 231 10,785 Six Months Ended June 30, 2022 Beginning balance $ 9,404 $ 711 $ 6 $ 327 $ 290 $ 10,738 Charge-offs 0 0 (15 ) 0 0 (15 ) Recoveries 61 0 1 0 0 62 Provision for (reversal of) credit losses 79 (24 ) 14 (10 ) (59 ) 0 Ending balance $ 9,544 $ 687 $ 6 $ 317 $ 231 10,785 (in thousands) June 30, 2023 Commercial Real Estate Commercial and Industrial Consumer Consumer Residential Agriculture Total Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 8,563 601 4 203 40 9,411 $ 8,563 $ 601 $ 4 $ 203 $ 40 $ 9,411 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 826,614 71,578 379 30,776 21,141 950,488 $ 826,614 $ 71,578 $ 379 $ 30,776 $ 21,141 $ 950,488 December 31, 2022 Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 8,373 612 5 306 172 9,468 $ 8,373 $ 612 $ 5 $ 306 $ 172 $ 9,468 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 779,965 82,506 375 31,861 21,051 915,758 $ 779,965 $ 82,506 $ 375 $ 31,861 $ 21,051 $ 915,758 |
Change in Allowance for Loan Losses [Table Text Block] | (in thousands) THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2023 2022 2023 2022 Balance, beginning of period $ 741 $ 463 $ 546 $ 469 CECL day-one adjustment 0 0 547 0 (Reversal of) Provision to Operations for Off Balance Sheet Commitments (70 ) 12 (422 ) 6 Balance, end of period $ 671 $ 475 $ 671 $ 475 |
Note 5 - Financial Instrument_2
Note 5 - Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 300,546 $ 300,546 1 Restricted equity securities 5,956 5,956 2 Loans, net 939,708 878,458 3 Interest receivable 7,915 7,915 2 Financial liabilities: Deposits (1,682,378 ) (1,681,250 ) 3 Interest payable (24 ) (24 ) 2 Off-balance-sheet liabilities: Commitments and standby letters of credit (2,053 ) 3 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 429,633 $ 429,633 1 Restricted equity securities 5,236 5,236 2 Loans, net 905,035 853,224 3 Interest receivable 8,438 8,438 2 Financial liabilities: Deposits (1,814,297 ) (1,813,136 ) 3 Interest payable (22 ) (22 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (2,124 ) 3 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements as of June 30, 2023 Using (in thousands) June 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 82,475 $ 0 $ 82,475 $ 0 Collateralized mortgage obligations 8,975 0 8,975 0 Municipalities 323,558 0 323,558 0 SBA pools 1,897 0 1,897 0 Corporate debt 42,707 0 42,707 0 Asset-backed securities 56,238 0 56,238 0 Equity Securities: Mutual fund $ 3,042 $ 3,042 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A Fair Value Measurements at December 31, 2022 Using (in thousands) December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 88,721 $ 0 $ 88,721 $ 0 Collateralized mortgage obligations 4,611 0 4,611 0 Municipalities 331,581 0 331,581 0 SBA pools 2,362 0 2,362 0 Corporate debt 42,060 0 42,060 0 Asset-backed securities 58,103 0 58,103 0 Equity Securities: Mutual fund $ 2,990 $ 2,990 $ 0 $ 0 Assets and liabilities measured on a non-recurring basis: N/A |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | THREE MONTHS ENDED (In thousands) JUNE 30, 2023 2022 BASIC EARNINGS PER SHARE Net income $ 8,404 $ 4,258 Weighted average shares outstanding 8,195 8,170 Net income per common share $ 1.03 $ 0.52 DILUTED EARNINGS PER SHARE Net income $ 8,404 $ 4,258 Weighted average shares outstanding 8,195 8,170 Effect of dilutive non-vested restricted shares 32 31 Weighted average shares of common stock and common stock equivalents 8,227 8,201 Net income per diluted common share $ 1.02 $ 0.52 SIX MONTHS ENDED (In thousands) JUNE 30, 2023 2022 BASIC EARNINGS PER SHARE Net income $ 17,629 $ 6,627 Weighted average shares outstanding 8,189 8,164 Net income per common share $ 2.15 $ 0.81 DILUTED EARNINGS PER SHARE Net income $ 17,629 $ 6,627 Weighted average shares outstanding 8,189 8,164 Effect of dilutive non-vested restricted shares 38 35 Weighted average shares of common stock and common stock equivalents 8,227 8,199 Net income per diluted common share $ 2.14 $ 0.81 |
Note 2 - Recent Accounting Pr_2
Note 2 - Recent Accounting Pronouncements (Details Textual) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss | $ 9,411,000 | $ 9,383,000 | $ 9,468,000 | $ 10,785,000 | $ 10,762,000 | $ 10,738,000 | |
Off-Balance-Sheet, Credit Loss, Liability | 671,000 | 741,000 | 546,000 | $ 475,000 | 463,000 | 469,000 | |
Retained Earnings (Accumulated Deficit) | $ 142,407,000 | 126,728,000 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | $ 346,000 | 9,468,000 | |||||
Off-Balance-Sheet, Credit Loss, Liability | $ 0 | 547,000 | $ 547,000 | $ 0 | $ 0 | ||
Retained Earnings (Accumulated Deficit) | (629,000) | ||||||
Deferred Tax Assets, Net of Valuation Allowance | $ 285,000 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Equity Securities, FV-NI, Current | $ 3,042,000 | $ 3,042,000 | $ 2,990,000 | ||
Equity Securities, FV-NI, Realized Gain (Loss), Total | 0 | $ 0 | 0 | $ 0 | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ (48,000) | $ (139,000) | $ (3,000) | $ (316,000) | |
Number of Debt Securities, Available-for-sale, Sold | 0 | 0 | 24 | 0 | |
Debt Securities, Available-for-Sale, Book Value of Securities Sold | $ 42,791,000 | $ 42,791,000 | |||
Debt Securities, Available-for-Sale, Realized Loss | 72,000 | ||||
Debt Securities, Available-for-Sale, Realized Gain | 215,000 | ||||
Debt Securities, Available-for-Sale, Realized Gain (Loss) | 0 | $ 0 | 143,000 | $ 0 | |
Asset Pledged as Collateral [Member] | Public Funds [Member] | |||||
Debt Securities | 289,092,000 | 289,092,000 | $ 242,023,000 | ||
Debt Securities, Called During The Period [member] | |||||
Debt Securities, Realized Gain (Loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Note 3 - Securities - Amortized
Note 3 - Securities - Amortized Cost and Estimated Fair Values of Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Available-for-sale securities, amortized cost | $ 552,772 | $ 571,062 |
Available-for-sale securities, gross unrealized gains | 1,439 | 1,056 |
Available-for-sale securities, gross unrealized losses | (38,360) | (44,680) |
Available-for-sale securities, fair market value | 515,851 | 527,438 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 87,985 | 94,142 |
Available-for-sale securities, gross unrealized gains | 5 | 18 |
Available-for-sale securities, gross unrealized losses | (5,514) | (5,439) |
Available-for-sale securities, fair market value | 82,476 | 88,721 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities, amortized cost | 9,595 | 5,094 |
Available-for-sale securities, gross unrealized gains | 0 | 0 |
Available-for-sale securities, gross unrealized losses | (620) | (483) |
Available-for-sale securities, fair market value | 8,975 | 4,611 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 347,871 | 361,643 |
Available-for-sale securities, gross unrealized gains | 1,358 | 1,017 |
Available-for-sale securities, gross unrealized losses | (25,671) | (31,079) |
Available-for-sale securities, fair market value | 323,558 | 331,581 |
SBA Pool [Member] | ||
Available-for-sale securities, amortized cost | 1,895 | 2,358 |
Available-for-sale securities, gross unrealized gains | 6 | 10 |
Available-for-sale securities, gross unrealized losses | (4) | (6) |
Available-for-sale securities, fair market value | 1,897 | 2,362 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 47,506 | 47,512 |
Available-for-sale securities, gross unrealized gains | 13 | 0 |
Available-for-sale securities, gross unrealized losses | (4,812) | (5,452) |
Available-for-sale securities, fair market value | 42,707 | 42,060 |
Asset-Backed Securities [Member] | ||
Available-for-sale securities, amortized cost | 57,920 | 60,313 |
Available-for-sale securities, gross unrealized gains | 57 | 11 |
Available-for-sale securities, gross unrealized losses | (1,739) | (2,221) |
Available-for-sale securities, fair market value | $ 56,238 | $ 58,103 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities in a Continuous Loss Position (Details) Pure in Thousands, $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Number of Securities | 221 | 231 |
Less than 12 months, fair value | $ (157,018) | $ (369,614) |
Less than 12 months, unrealized loss | (2,853) | (26,374) |
12 months or more, fair value | (285,682) | (76,760) |
12 months or more, unrealized loss | (35,507) | (18,306) |
Fair value | (442,700) | (446,374) |
Unrealized loss | $ (38,360) | $ (44,680) |
US Government Agencies Debt Securities [Member] | ||
Number of Securities | 53 | 52 |
Less than 12 months, fair value | $ (39,826) | $ (81,936) |
Less than 12 months, unrealized loss | (1,046) | (4,451) |
12 months or more, fair value | (39,987) | (3,972) |
12 months or more, unrealized loss | (4,468) | (988) |
Fair value | (79,813) | (85,908) |
Unrealized loss | $ (5,514) | $ (5,439) |
Collateralized Mortgage Obligations [Member] | ||
Number of Securities | 6 | 5 |
Less than 12 months, fair value | $ (4,825) | $ (4,278) |
Less than 12 months, unrealized loss | (104) | (431) |
12 months or more, fair value | (4,151) | (333) |
12 months or more, unrealized loss | (516) | (52) |
Fair value | (8,976) | (4,611) |
Unrealized loss | $ (620) | $ (483) |
US States and Political Subdivisions Debt Securities [Member] | ||
Number of Securities | 122 | 132 |
Less than 12 months, fair value | $ (106,623) | $ (216,154) |
Less than 12 months, unrealized loss | (1,649) | (16,782) |
12 months or more, fair value | (157,471) | (46,348) |
12 months or more, unrealized loss | (24,022) | (14,297) |
Fair value | (264,094) | (262,502) |
Unrealized loss | $ (25,671) | $ (31,079) |
SBA Pool [Member] | ||
Number of Securities | 4 | 4 |
Less than 12 months, fair value | $ 0 | $ 0 |
Less than 12 months, unrealized loss | 0 | 0 |
12 months or more, fair value | (759) | (975) |
12 months or more, unrealized loss | (4) | (6) |
Fair value | (759) | (975) |
Unrealized loss | $ (4) | $ (6) |
Corporate Debt Securities [Member] | ||
Number of Securities | 13 | 14 |
Less than 12 months, fair value | $ 0 | $ (30,971) |
Less than 12 months, unrealized loss | 0 | (3,041) |
12 months or more, fair value | (40,694) | (11,089) |
12 months or more, unrealized loss | (4,812) | (2,411) |
Fair value | (40,694) | (42,060) |
Unrealized loss | $ (4,812) | $ (5,452) |
Asset-Backed Securities [Member] | ||
Number of Securities | 23 | 24 |
Less than 12 months, fair value | $ (5,744) | $ (36,275) |
Less than 12 months, unrealized loss | (54) | (1,669) |
12 months or more, fair value | (42,620) | (14,043) |
12 months or more, unrealized loss | (1,685) | (552) |
Fair value | (48,364) | (50,318) |
Unrealized loss | $ (1,739) | $ (2,221) |
Note 3 - Securities - Contractu
Note 3 - Securities - Contractual Maturity or Call Date (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Due in one year or less, amortized cost | $ 101,652 | |
Due in one year or less, fair value | 95,302 | |
Due after one year through five years, amortized cost | 116,321 | |
Due after one year through five years, fair value | 113,951 | |
Due after five years through ten years, amortized cost | 251,518 | |
Due after five years through ten years, fair value | 228,844 | |
Due after ten years, amortized cost | 83,281 | |
Due after ten years, fair value | 77,754 | |
Amortized cost | 552,772 | $ 571,062 |
Fair Value | $ 515,851 | $ 527,438 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 30, 2022 | Jan. 01, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 950,488,000 | $ 915,758,000 | |||||||
Financing Receivable, Percentage of Outstanding Principal Balance Secured by Owner Occupied Properties | 36% | 38% | |||||||
Underwriting Standards, Loan to Value Percentage | 80% | ||||||||
Underwriting Standards, Housing Percentage | 36% | ||||||||
Underwriting Standards, Total Debt Ratio | 42% | ||||||||
Financing Receivable, Nonaccrual | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 0 | $ 0 | |||||||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | |||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | ||||||
Financing Receivable Modifications, Period Contractually Past Due for Loan to Be Considered in Payment Default (Day) | 90 days | ||||||||
Loans and Leases Receivable, Minimum Cash Collateral Percent | 110% | ||||||||
Financing Receivable, Allowance for Credit Loss | $ 9,383,000 | $ 10,785,000 | $ 9,411,000 | $ 10,785,000 | $ 9,468,000 | $ 10,762,000 | $ 10,738,000 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 950,488,000 | ||||||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss | 9,468,000 | $ 346,000 | |||||||
Unlikely to be Collected Financing Receivable [Member] | |||||||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 0 | 0 | |||||||
SBA CARES Act Paycheck Protection Program [Member] | |||||||||
Financing Receivable, Paid-off Through Forgiveness | 1,500,000 | 29,000,000 | |||||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 126,000 | 1,831,000 | |||||||
Commercial Real Estate Portfolio Segment [Member] | |||||||||
Financing Receivable, Gross Carrying Amount As Percentage of Total Loans | 87% | ||||||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 826,614,000 | 779,965,000 | |||||||
Financing Receivable, Allowance for Credit Loss | 8,470,000 | 9,544,000 | $ 8,563,000 | 9,544,000 | 8,373,000 | 9,539,000 | 9,404,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss | 500,000 | ||||||||
Commercial Portfolio Segment [Member] | |||||||||
Financing Receivable, Gross Carrying Amount As Percentage of Total Loans | 8% | ||||||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 71,578,000 | 82,506,000 | |||||||
Financing Receivable, Allowance for Credit Loss | 677,000 | 687,000 | $ 601,000 | 687,000 | 612,000 | 701,000 | 711,000 | ||
Commercial Portfolio Segment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss | 102,000 | ||||||||
Residential Real Estate and Other Consumer Loans [Member] | |||||||||
Financing Receivable, Gross Carrying Amount As Percentage of Total Loans | 3% | ||||||||
Agriculture [Member] | |||||||||
Financing Receivable, Gross Carrying Amount As Percentage of Total Loans | 2% | ||||||||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 21,141,000 | 21,051,000 | |||||||
Financing Receivable, Allowance for Credit Loss | $ 34,000 | $ 231,000 | $ 40,000 | $ 231,000 | $ 172,000 | $ 205,000 | $ 290,000 | ||
Agriculture [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||||
Financing Receivable, Allowance for Credit Loss | $ (137,000) |
Note 4 - Loans - Loans (Details
Note 4 - Loans - Loans (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | $ 950,488,000 | $ 915,758,000 | ||||
Deferred loan fees and costs, net | (1,369,000) | (1,255,000) | ||||
Allowance for credit losses | (9,411,000) | $ (9,383,000) | (9,468,000) | $ (10,785,000) | $ (10,762,000) | $ (10,738,000) |
Net loans | 939,708,000 | 905,035,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Loans | 826,614,000 | 779,965,000 | ||||
Allowance for credit losses | (8,563,000) | (8,470,000) | (8,373,000) | (9,544,000) | (9,539,000) | (9,404,000) |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans | 21,152,000 | 31,257,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||||||
Loans | 694,089,000 | 650,180,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||||||
Loans | 19,750,000 | 12,539,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||||||
Loans | 91,623,000 | 85,989,000 | ||||
Commercial Portfolio Segment [Member] | ||||||
Loans | 71,578,000 | 82,506,000 | ||||
Allowance for credit losses | (601,000) | (677,000) | (612,000) | (687,000) | (701,000) | (711,000) |
Consumer Portfolio Segment [Member] | ||||||
Loans | 379,000 | 375,000 | ||||
Allowance for credit losses | (4,000) | (3,000) | (5,000) | (6,000) | (6,000) | (6,000) |
Residential Portfolio Segment [Member] | ||||||
Loans | 30,776,000 | 31,861,000 | ||||
Allowance for credit losses | (203,000) | (199,000) | (306,000) | (317,000) | (311,000) | (327,000) |
Agriculture [Member] | ||||||
Loans | 21,141,000 | 21,051,000 | ||||
Allowance for credit losses | $ (40,000) | $ (34,000) | $ (172,000) | $ (231,000) | $ (205,000) | $ (290,000) |
Note 4 - Loans - Aging of Past
Note 4 - Loans - Aging of Past Due Loans (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Loans | $ 950,488,000 | $ 915,758,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, Not Past Due [Member] | ||
Loans | 950,488,000 | 915,758,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 826,614,000 | 779,965,000 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 21,152,000 | 31,257,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 21,152,000 | 31,257,000 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | ||
Loans | 694,089,000 | 650,180,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 694,089,000 | 650,180,000 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | ||
Loans | 19,750,000 | 12,539,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 19,750,000 | 12,539,000 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 91,623,000 | 85,989,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 91,623,000 | 85,989,000 |
Commercial Portfolio Segment [Member] | ||
Loans | 71,578,000 | 82,506,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 71,578,000 | 82,506,000 |
Consumer Portfolio Segment [Member] | ||
Loans | 379,000 | 375,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 379,000 | 375,000 |
Residential Portfolio Segment [Member] | ||
Loans | 30,776,000 | 31,861,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 30,776,000 | 31,861,000 |
Agriculture [Member] | ||
Loans | 21,141,000 | 21,051,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Agriculture [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Agriculture [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Agriculture [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Agriculture [Member] | Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Agriculture [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 21,141,000 | $ 21,051,000 |
Note 4 - Loans - Impaired Loans
Note 4 - Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2022 | |
Unpaid contractual principal (USD) | $ 0 | $ 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Residential Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Agriculture [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Construction Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Mortgage Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Land Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | 0 | 0 |
Farmland Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Unpaid contractual principal (USD) | 0 | 0 |
Recorded investment with no allowance (USD) | 0 | 0 |
Recorded investment with allowance | 0 | 0 |
Total recorded investment | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment | $ 0 | $ 0 |
Note 4 - Loans - Credit Quality
Note 4 - Loans - Credit Quality Indicators (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Year One | $ 63,689,000 | $ 63,689,000 | $ 165,696,000 | ||
Financing Receivable, Year Two | 179,715,000 | 179,715,000 | 206,538,000 | ||
Financing Receivable, Year Three | 195,577,000 | 195,577,000 | 117,708,000 | ||
Financing Receivable, Year Four | 110,027,000 | 110,027,000 | 92,149,000 | ||
Financing Receivable, Year Five | 88,551,000 | 88,551,000 | 88,847,000 | ||
Financing Receivable, Prior | 305,253,000 | 305,253,000 | 236,339,000 | ||
Financing Receivable, Revolving | 7,676,000 | 7,676,000 | 8,481,000 | ||
Loans | 950,488,000 | 950,488,000 | 915,758,000 | ||
loans write off, current | 0 | 0 | |||
loans write off, one year before | 0 | 0 | |||
loans write off, two years before | 0 | 12,000 | |||
loans write off, three years before | 0 | 0 | |||
loans write off, four years before | 0 | 0 | |||
loans write off, prior | 0 | 0 | |||
loans write off, revolving | 9,000 | 17,000 | |||
loans write off, total | 9,000 | $ 7,000 | 29,000 | $ 15,000 | |
Pass [Member] | |||||
Financing Receivable, Year One | 63,689,000 | 63,689,000 | 165,696,000 | ||
Financing Receivable, Year Two | 179,715,000 | 179,715,000 | 198,579,000 | ||
Financing Receivable, Year Three | 187,755,000 | 187,755,000 | 117,500,000 | ||
Financing Receivable, Year Four | 109,853,000 | 109,853,000 | 87,334,000 | ||
Financing Receivable, Year Five | 83,814,000 | 83,814,000 | 88,249,000 | ||
Financing Receivable, Prior | 302,277,000 | 302,277,000 | 233,367,000 | ||
Financing Receivable, Revolving | 7,676,000 | 7,676,000 | 8,481,000 | ||
Loans | 934,779,000 | 934,779,000 | 899,206,000 | ||
Special Mention [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 7,959,000 | ||
Financing Receivable, Year Three | 7,822,000 | 7,822,000 | 208,000 | ||
Financing Receivable, Year Four | 174,000 | 174,000 | 90,000 | ||
Financing Receivable, Year Five | 67,000 | 67,000 | 348,000 | ||
Financing Receivable, Prior | 2,572,000 | 2,572,000 | 2,921,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 10,635,000 | 10,635,000 | 11,526,000 | ||
Substandard [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 4,725,000 | ||
Financing Receivable, Year Five | 4,670,000 | 4,670,000 | 250,000 | ||
Financing Receivable, Prior | 404,000 | 404,000 | 51,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 5,074,000 | 5,074,000 | 5,026,000 | ||
Commercial Real Estate Portfolio Segment [Member] | |||||
Loans | 826,614,000 | 826,614,000 | 779,965,000 | ||
loans write off, total | 0 | 0 | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Financing Receivable, Year One | 3,750,000 | 3,750,000 | 18,124,000 | ||
Financing Receivable, Year Two | 16,553,000 | 16,553,000 | 11,723,000 | ||
Financing Receivable, Year Three | 219,000 | 219,000 | 1,148,000 | ||
Financing Receivable, Year Four | 630,000 | 630,000 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 0 | 0 | 262,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 21,152,000 | 21,152,000 | 31,257,000 | ||
loans write off, current | 0 | 0 | |||
loans write off, one year before | 0 | 0 | |||
loans write off, two years before | 0 | 0 | |||
loans write off, three years before | 0 | 0 | |||
loans write off, four years before | 0 | 0 | |||
loans write off, prior | 0 | 0 | |||
loans write off, revolving | 0 | 0 | |||
loans write off, total | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 3,750,000 | 3,750,000 | 18,124,000 | ||
Financing Receivable, Year Two | 16,553,000 | 16,553,000 | 11,723,000 | ||
Financing Receivable, Year Three | 219,000 | 219,000 | 1,148,000 | ||
Financing Receivable, Year Four | 630,000 | 630,000 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 0 | 0 | 262,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 21,152,000 | 21,152,000 | 31,257,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | |||||
Financing Receivable, Year One | 36,655,000 | 36,655,000 | 102,254,000 | ||
Financing Receivable, Year Two | 120,386,000 | 120,386,000 | 149,146,000 | ||
Financing Receivable, Year Three | 154,870,000 | 154,870,000 | 77,673,000 | ||
Financing Receivable, Year Four | 73,542,000 | 73,542,000 | 73,191,000 | ||
Financing Receivable, Year Five | 71,500,000 | 71,500,000 | 66,963,000 | ||
Financing Receivable, Prior | 237,136,000 | 237,136,000 | 180,953,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 694,089,000 | 694,089,000 | 650,180,000 | ||
loans write off, current | 0 | 0 | |||
loans write off, one year before | 0 | 0 | |||
loans write off, two years before | 0 | 0 | |||
loans write off, three years before | 0 | 0 | |||
loans write off, four years before | 0 | 0 | |||
loans write off, prior | 0 | 0 | |||
loans write off, revolving | 0 | 0 | |||
loans write off, total | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 36,655,000 | 36,655,000 | 102,254,000 | ||
Financing Receivable, Year Two | 120,386,000 | 120,386,000 | 141,187,000 | ||
Financing Receivable, Year Three | 147,048,000 | 147,048,000 | 77,673,000 | ||
Financing Receivable, Year Four | 73,542,000 | 73,542,000 | 68,466,000 | ||
Financing Receivable, Year Five | 66,830,000 | 66,830,000 | 66,662,000 | ||
Financing Receivable, Prior | 236,104,000 | 236,104,000 | 180,209,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 680,565,000 | 680,565,000 | 636,451,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Special Mention [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 7,959,000 | ||
Financing Receivable, Year Three | 7,822,000 | 7,822,000 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 301,000 | ||
Financing Receivable, Prior | 1,032,000 | 1,032,000 | 744,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 8,854,000 | 8,854,000 | 9,004,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Mortgage Loans [Member] | Substandard [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 4,725,000 | ||
Financing Receivable, Year Five | 4,670,000 | 4,670,000 | 0 | ||
Financing Receivable, Prior | 0 | 0 | 0 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 4,670,000 | 4,670,000 | 4,725,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | |||||
Financing Receivable, Year One | 7,300,000 | 7,300,000 | 8,977,000 | ||
Financing Receivable, Year Two | 8,966,000 | 8,966,000 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 1,791,000 | ||
Financing Receivable, Year Five | 1,771,000 | 1,771,000 | 0 | ||
Financing Receivable, Prior | 1,713,000 | 1,713,000 | 1,771,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 19,750,000 | 19,750,000 | 12,539,000 | ||
loans write off, current | 0 | 0 | |||
loans write off, one year before | 0 | 0 | |||
loans write off, two years before | 0 | 0 | |||
loans write off, three years before | 0 | 0 | |||
loans write off, four years before | 0 | 0 | |||
loans write off, prior | 0 | 0 | |||
loans write off, revolving | 0 | 0 | |||
loans write off, total | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Land Loans [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 7,300,000 | 7,300,000 | 8,977,000 | ||
Financing Receivable, Year Two | 8,966,000 | 8,966,000 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 1,791,000 | ||
Financing Receivable, Year Five | 1,771,000 | 1,771,000 | 0 | ||
Financing Receivable, Prior | 1,713,000 | 1,713,000 | 1,771,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 19,750,000 | 19,750,000 | 12,539,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||||
Financing Receivable, Year One | 8,400,000 | 8,400,000 | 10,831,000 | ||
Financing Receivable, Year Two | 10,720,000 | 10,720,000 | 17,202,000 | ||
Financing Receivable, Year Three | 16,889,000 | 16,889,000 | 15,804,000 | ||
Financing Receivable, Year Four | 15,178,000 | 15,178,000 | 7,375,000 | ||
Financing Receivable, Year Five | 6,752,000 | 6,752,000 | 9,114,000 | ||
Financing Receivable, Prior | 33,684,000 | 33,684,000 | 25,663,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 91,623,000 | 91,623,000 | 85,989,000 | ||
loans write off, current | 0 | 0 | |||
loans write off, one year before | 0 | 0 | |||
loans write off, two years before | 0 | 0 | |||
loans write off, three years before | 0 | 0 | |||
loans write off, four years before | 0 | 0 | |||
loans write off, prior | 0 | 0 | |||
loans write off, revolving | 0 | 0 | |||
loans write off, total | 0 | 0 | |||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 8,400,000 | 8,400,000 | 10,831,000 | ||
Financing Receivable, Year Two | 10,720,000 | 10,720,000 | 17,202,000 | ||
Financing Receivable, Year Three | 16,889,000 | 16,889,000 | 15,804,000 | ||
Financing Receivable, Year Four | 15,178,000 | 15,178,000 | 7,375,000 | ||
Financing Receivable, Year Five | 6,752,000 | 6,752,000 | 9,114,000 | ||
Financing Receivable, Prior | 33,684,000 | 33,684,000 | 25,663,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 91,623,000 | 91,623,000 | 85,989,000 | ||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Year One | 6,373,000 | 6,373,000 | 16,563,000 | ||
Financing Receivable, Year Two | 13,475,000 | 13,475,000 | 17,974,000 | ||
Financing Receivable, Year Three | 14,329,000 | 14,329,000 | 15,676,000 | ||
Financing Receivable, Year Four | 14,062,000 | 14,062,000 | 7,489,000 | ||
Financing Receivable, Year Five | 6,265,000 | 6,265,000 | 9,999,000 | ||
Financing Receivable, Prior | 17,048,000 | 17,048,000 | 14,774,000 | ||
Financing Receivable, Revolving | 26,000 | 26,000 | 31,000 | ||
Loans | 71,578,000 | 71,578,000 | 82,506,000 | ||
loans write off, current | 0 | 0 | |||
loans write off, one year before | 0 | 0 | |||
loans write off, two years before | 0 | 12,000 | |||
loans write off, three years before | 0 | 0 | |||
loans write off, four years before | 0 | 0 | |||
loans write off, prior | 0 | 0 | |||
loans write off, revolving | 0 | 0 | |||
loans write off, total | 0 | 0 | 12,000 | 0 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 6,373,000 | 6,373,000 | 16,563,000 | ||
Financing Receivable, Year Two | 13,475,000 | 13,475,000 | 17,974,000 | ||
Financing Receivable, Year Three | 14,329,000 | 14,329,000 | 15,468,000 | ||
Financing Receivable, Year Four | 13,888,000 | 13,888,000 | 7,399,000 | ||
Financing Receivable, Year Five | 6,198,000 | 6,198,000 | 9,702,000 | ||
Financing Receivable, Prior | 15,153,000 | 15,153,000 | 12,597,000 | ||
Financing Receivable, Revolving | 26,000 | 26,000 | 31,000 | ||
Loans | 69,442,000 | 69,442,000 | 79,734,000 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 208,000 | ||
Financing Receivable, Year Four | 174,000 | 174,000 | 90,000 | ||
Financing Receivable, Year Five | 67,000 | 67,000 | 47,000 | ||
Financing Receivable, Prior | 1,540,000 | 1,540,000 | 2,177,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 1,781,000 | 1,781,000 | 2,522,000 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 250,000 | ||
Financing Receivable, Prior | 355,000 | 355,000 | 0 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 355,000 | 355,000 | 250,000 | ||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Year One | 70,000 | 70,000 | 73,000 | ||
Financing Receivable, Year Two | 64,000 | 64,000 | 62,000 | ||
Financing Receivable, Year Three | 49,000 | 49,000 | 32,000 | ||
Financing Receivable, Year Four | 25,000 | 25,000 | 1,000 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 18,000 | 18,000 | 41,000 | ||
Financing Receivable, Revolving | 153,000 | 153,000 | 166,000 | ||
Loans | 379,000 | 379,000 | 375,000 | ||
loans write off, current | 0 | 0 | |||
loans write off, one year before | 0 | 0 | |||
loans write off, two years before | 0 | 0 | |||
loans write off, three years before | 0 | 0 | |||
loans write off, four years before | 0 | 0 | |||
loans write off, prior | 0 | 0 | |||
loans write off, revolving | 9,000 | 17,000 | |||
loans write off, total | 9,000 | 7,000 | 17,000 | 15,000 | |
Consumer Portfolio Segment [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 70,000 | 70,000 | 73,000 | ||
Financing Receivable, Year Two | 64,000 | 64,000 | 62,000 | ||
Financing Receivable, Year Three | 49,000 | 49,000 | 32,000 | ||
Financing Receivable, Year Four | 25,000 | 25,000 | 1,000 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 0 | 0 | 22,000 | ||
Financing Receivable, Revolving | 153,000 | 153,000 | 166,000 | ||
Loans | 361,000 | 361,000 | 356,000 | ||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 18,000 | 18,000 | 19,000 | ||
Financing Receivable, Revolving | 0 | 0 | |||
Loans | 18,000 | 18,000 | 19,000 | ||
Residential Portfolio Segment [Member] | |||||
Financing Receivable, Year One | 758,000 | 758,000 | 5,158,000 | ||
Financing Receivable, Year Two | 5,070,000 | 5,070,000 | 4,640,000 | ||
Financing Receivable, Year Three | 4,534,000 | 4,534,000 | 3,381,000 | ||
Financing Receivable, Year Four | 3,030,000 | 3,030,000 | 1,915,000 | ||
Financing Receivable, Year Five | 1,878,000 | 1,878,000 | 2,307,000 | ||
Financing Receivable, Prior | 8,009,000 | 8,009,000 | 6,176,000 | ||
Financing Receivable, Revolving | 7,497,000 | 7,497,000 | 8,284,000 | ||
Loans | 30,776,000 | 30,776,000 | 31,861,000 | ||
loans write off, current | 0 | 0 | |||
loans write off, one year before | 0 | 0 | |||
loans write off, two years before | 0 | 0 | |||
loans write off, three years before | 0 | 0 | |||
loans write off, four years before | 0 | 0 | |||
loans write off, prior | 0 | 0 | |||
loans write off, revolving | 0 | 0 | |||
loans write off, total | 0 | 0 | 0 | 0 | |
Residential Portfolio Segment [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 758,000 | 758,000 | 5,158,000 | ||
Financing Receivable, Year Two | 5,070,000 | 5,070,000 | 4,640,000 | ||
Financing Receivable, Year Three | 4,534,000 | 4,534,000 | 3,381,000 | ||
Financing Receivable, Year Four | 3,030,000 | 3,030,000 | 1,915,000 | ||
Financing Receivable, Year Five | 1,878,000 | 1,878,000 | 2,307,000 | ||
Financing Receivable, Prior | 7,978,000 | 7,978,000 | 6,144,000 | ||
Financing Receivable, Revolving | 7,497,000 | 7,497,000 | 8,284,000 | ||
Loans | 30,745,000 | 30,745,000 | 31,829,000 | ||
Residential Portfolio Segment [Member] | Substandard [Member] | |||||
Financing Receivable, Year One | 0 | 0 | 0 | ||
Financing Receivable, Year Two | 0 | 0 | 0 | ||
Financing Receivable, Year Three | 0 | 0 | 0 | ||
Financing Receivable, Year Four | 0 | 0 | 0 | ||
Financing Receivable, Year Five | 0 | 0 | 0 | ||
Financing Receivable, Prior | 31,000 | 31,000 | 32,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 31,000 | 31,000 | 32,000 | ||
Agriculture [Member] | |||||
Financing Receivable, Year One | 383,000 | 383,000 | 3,716,000 | ||
Financing Receivable, Year Two | 4,481,000 | 4,481,000 | 5,791,000 | ||
Financing Receivable, Year Three | 4,687,000 | 4,687,000 | 3,994,000 | ||
Financing Receivable, Year Four | 3,560,000 | 3,560,000 | 387,000 | ||
Financing Receivable, Year Five | 385,000 | 385,000 | 464,000 | ||
Financing Receivable, Prior | 7,645,000 | 7,645,000 | 6,699,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | 21,141,000 | 21,141,000 | 21,051,000 | ||
loans write off, current | 0 | 0 | |||
loans write off, one year before | 0 | 0 | |||
loans write off, two years before | 0 | 0 | |||
loans write off, three years before | 0 | 0 | |||
loans write off, four years before | 0 | 0 | |||
loans write off, prior | 0 | 0 | |||
loans write off, revolving | 0 | 0 | |||
loans write off, total | 0 | $ 0 | 0 | $ 0 | |
Agriculture [Member] | Pass [Member] | |||||
Financing Receivable, Year One | 383,000 | 383,000 | 3,716,000 | ||
Financing Receivable, Year Two | 4,481,000 | 4,481,000 | 5,791,000 | ||
Financing Receivable, Year Three | 4,687,000 | 4,687,000 | 3,994,000 | ||
Financing Receivable, Year Four | 3,560,000 | 3,560,000 | 387,000 | ||
Financing Receivable, Year Five | 385,000 | 385,000 | 464,000 | ||
Financing Receivable, Prior | 7,645,000 | 7,645,000 | 6,699,000 | ||
Financing Receivable, Revolving | 0 | 0 | 0 | ||
Loans | $ 21,141,000 | $ 21,141,000 | $ 21,051,000 |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 01, 2023 | Dec. 31, 2022 | |
Beginning balance | $ 9,383,000 | $ 10,762,000 | $ 9,468,000 | $ 10,738,000 | ||
Charge-offs | (9,000) | (7,000) | (29,000) | (15,000) | ||
Recoveries | 37,000 | 30,000 | 86,000 | 62,000 | ||
Reversal of provision for credit losses | 0 | 0 | (460,000) | 0 | ||
Ending balance | 9,411,000 | 10,785,000 | 9,411,000 | 10,785,000 | ||
Financing Receivable, Allowance for Credit Loss | 9,411,000 | 10,785,000 | 9,411,000 | 10,785,000 | $ 9,468,000 | |
Financing Receivable, Allowance for Credit Loss | 9,411,000 | 10,785,000 | 9,411,000 | 10,785,000 | 9,468,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 950,488,000 | 950,488,000 | 915,758,000 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Beginning balance | 9,468,000 | |||||
Financing Receivable, Allowance for Credit Loss | $ 346,000 | 9,468,000 | ||||
Financing Receivable, Allowance for Credit Loss | 346,000 | 9,468,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Beginning balance | 8,470,000 | 9,539,000 | 8,373,000 | 9,404,000 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 34,000 | 30,000 | 68,000 | 61,000 | ||
Reversal of provision for credit losses | 59,000 | (25,000) | (378,000) | 79,000 | ||
Ending balance | 8,563,000 | 9,544,000 | 8,563,000 | 9,544,000 | ||
Financing Receivable, Allowance for Credit Loss | 8,563,000 | 9,544,000 | 8,563,000 | 9,544,000 | 8,373,000 | |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 8,563,000 | 8,563,000 | 8,373,000 | |||
Financing Receivable, Allowance for Credit Loss | 8,563,000 | 9,544,000 | 8,563,000 | 9,544,000 | 8,373,000 | |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 826,614,000 | 826,614,000 | 779,965,000 | |||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 826,614,000 | 826,614,000 | 779,965,000 | |||
Commercial Real Estate Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss | 500,000 | |||||
Financing Receivable, Allowance for Credit Loss | 500,000 | |||||
Commercial Portfolio Segment [Member] | ||||||
Beginning balance | 677,000 | 701,000 | 612,000 | 711,000 | ||
Charge-offs | 0 | 0 | (12,000) | 0 | ||
Recoveries | 0 | 12,000 | 0 | |||
Reversal of provision for credit losses | (76,000) | (14,000) | (113,000) | (24,000) | ||
Ending balance | 601,000 | 687,000 | 601,000 | 687,000 | ||
Financing Receivable, Allowance for Credit Loss | 601,000 | 687,000 | 601,000 | 687,000 | 612,000 | |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 601,000 | 601,000 | 612,000 | |||
Financing Receivable, Allowance for Credit Loss | 601,000 | 687,000 | 601,000 | 687,000 | 612,000 | |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 71,578,000 | 71,578,000 | 82,506,000 | |||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 71,578,000 | 71,578,000 | 82,506,000 | |||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss | 102,000 | |||||
Financing Receivable, Allowance for Credit Loss | 102,000 | |||||
Consumer Portfolio Segment [Member] | ||||||
Beginning balance | 3,000 | 6,000 | 5,000 | 6,000 | ||
Charge-offs | (9,000) | (7,000) | (17,000) | (15,000) | ||
Recoveries | 2,000 | 0 | 5,000 | 1,000 | ||
Reversal of provision for credit losses | 8,000 | 7,000 | 12,000 | 14,000 | ||
Ending balance | 4,000 | 6,000 | 4,000 | 6,000 | ||
Financing Receivable, Allowance for Credit Loss | 4,000 | 6,000 | 4,000 | 6,000 | 5,000 | |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 4,000 | 4,000 | 5,000 | |||
Financing Receivable, Allowance for Credit Loss | 4,000 | 6,000 | 4,000 | 6,000 | 5,000 | |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 379,000 | 379,000 | 375,000 | |||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 379,000 | 379,000 | 375,000 | |||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss | (1,000) | |||||
Financing Receivable, Allowance for Credit Loss | (1,000) | |||||
Residential Portfolio Segment [Member] | ||||||
Beginning balance | 199,000 | 311,000 | 306,000 | 327,000 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 1,000 | 0 | 1,000 | 0 | ||
Reversal of provision for credit losses | 3,000 | 6,000 | 14,000 | (10,000) | ||
Ending balance | 203,000 | 317,000 | 203,000 | 317,000 | ||
Financing Receivable, Allowance for Credit Loss | 203,000 | 317,000 | 203,000 | 317,000 | 306,000 | |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 203,000 | 203,000 | 306,000 | |||
Financing Receivable, Allowance for Credit Loss | 203,000 | 317,000 | 203,000 | 317,000 | 306,000 | |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 30,776,000 | 30,776,000 | 31,861,000 | |||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 30,776,000 | 30,776,000 | 31,861,000 | |||
Residential Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss | (118,000) | |||||
Financing Receivable, Allowance for Credit Loss | (118,000) | |||||
Agriculture [Member] | ||||||
Beginning balance | 34,000 | 205,000 | 172,000 | 290,000 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Reversal of provision for credit losses | 6,000 | 26,000 | 5,000 | (59,000) | ||
Ending balance | 40,000 | 231,000 | 40,000 | 231,000 | ||
Financing Receivable, Allowance for Credit Loss | 40,000 | 231,000 | 40,000 | 231,000 | 172,000 | |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 40,000 | 40,000 | 172,000 | |||
Financing Receivable, Allowance for Credit Loss | 40,000 | $ 231,000 | 40,000 | $ 231,000 | 172,000 | |
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 21,141,000 | 21,141,000 | 21,051,000 | |||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 21,141,000 | 21,141,000 | 21,051,000 | |||
Agriculture [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||||
Financing Receivable, Allowance for Credit Loss | (137,000) | |||||
Financing Receivable, Allowance for Credit Loss | $ (137,000) | |||||
Unallocated Financing Receivables [Member] | ||||||
Beginning balance | 9,468,000 | |||||
Ending balance | 9,411,000 | 9,411,000 | ||||
Financing Receivable, Allowance for Credit Loss | 9,411,000 | 9,411,000 | 9,468,000 | |||
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 9,411,000 | 9,411,000 | 9,468,000 | |||
Financing Receivable, Allowance for Credit Loss | 9,411,000 | 9,411,000 | 9,468,000 | |||
Individually evaluated for impairment | 0 | 0 | 0 | |||
Collectively evaluated for impairment | 950,488,000 | 950,488,000 | 915,758,000 | |||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 950,488,000 | $ 950,488,000 | $ 915,758,000 |
Note 4 - Loans - Changes in the
Note 4 - Loans - Changes in the Allowance, Off-balance-sheet Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance, beginning of period | $ 741 | $ 463 | $ 546 | $ 469 |
(Reversal of) Provision to Operations for Off Balance Sheet Commitments | (70) | 12 | (422) | 6 |
Balance, end of period | 671 | 475 | 671 | 475 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance, beginning of period | $ 0 | $ 0 | $ 547 | $ 0 |
Note 5 - Financial Instrument_3
Note 5 - Financial Instruments and Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 300,546 | $ 429,633 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 300,546 | 429,633 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Restricted equity securities | 5,956 | 5,236 |
Interest receivable | 7,915 | 8,438 |
Interest payable | (24) | (22) |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Restricted equity securities | 5,956 | 5,236 |
Interest receivable | 7,915 | 8,438 |
Interest payable | (24) | (22) |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans, net | 939,708 | 905,035 |
Deposits | (1,682,378) | (1,814,297) |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans, net | 878,458 | 853,224 |
Deposits | (1,681,250) | (1,813,136) |
Commitments and standby letters of credit | $ (2,053) | $ (2,124) |
Note 5 - Financial Instrument_4
Note 5 - Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring and Non Recurring Basis (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Available-for-sale securities, fair market value | $ 515,851,000 | $ 527,438,000 |
Equity Securities | 3,042,000 | 2,990,000 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, fair market value | 82,476,000 | 88,721,000 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 82,475,000 | 88,721,000 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, fair market value | 82,475,000 | 88,721,000 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities, fair market value | 8,975,000 | 4,611,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 8,975,000 | 4,611,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, fair market value | 8,975,000 | 4,611,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, fair market value | 323,558,000 | 331,581,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 323,558,000 | 331,581,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, fair market value | 323,558,000 | 331,581,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
SBA Pool [Member] | ||
Available-for-sale securities, fair market value | 1,897,000 | 2,362,000 |
SBA Pool [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 1,897,000 | 2,362,000 |
SBA Pool [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
SBA Pool [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, fair market value | 1,897,000 | 2,362,000 |
SBA Pool [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, fair market value | 42,707,000 | 42,060,000 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 42,707,000 | 42,060,000 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, fair market value | 42,707,000 | 42,060,000 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
Asset-Backed Securities [Member] | ||
Available-for-sale securities, fair market value | 56,238,000 | 58,103,000 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 56,238,000 | 58,103,000 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities, fair market value | 56,238,000 | 58,103,000 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities, fair market value | 0 | 0 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | ||
Equity Securities | 3,042,000 | 2,990,000 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 3,042,000 | 2,990,000 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Equity Securities | 0 | 0 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Equity Securities | $ 0 | $ 0 |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) | 6 Months Ended |
Jun. 30, 2023 | |
Number Of Forms Of Outstanding Common Stock | 2 |
Note 6 - Earnings Per Share - E
Note 6 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income | $ 8,404 | $ 4,258 | $ 17,629 | $ 6,627 |
Weighted average shares outstanding (in shares) | 8,195 | 8,170 | 8,189 | 8,164 |
Net income per common share (in dollars per share) | $ 1.03 | $ 0.52 | $ 2.15 | $ 0.81 |
Effect of dilutive non-vested restricted shares (in shares) | 32 | 31 | 38 | 35 |
Weighted average shares of common stock and common stock equivalents (in shares) | 8,227 | 8,201 | 8,227 | 8,199 |
Net income per diluted common share (in dollars per share) | $ 1.02 | $ 0.52 | $ 2.14 | $ 0.81 |
Note 7 - Risks and Uncertaint_2
Note 7 - Risks and Uncertainties (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents, at Carrying Value | $ 300,546 | $ 429,633 |