Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Jun. 30, 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 | FY | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 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 North Third Avenue | |
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 Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Entity Shell Company | false | |
Entity Public Float | $ 167,000,000 | |
Entity Common Stock, Shares Outstanding | 8,293,168 | |
Auditor Name | RSM US LLP | |
Auditor Location | San Francisco, CA | |
Auditor Firm ID | 49 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 180,068,000 | $ 415,803,000 |
Federal funds sold | 36,500,000 | 13,830,000 |
Cash and cash equivalents | 216,568,000 | 429,633,000 |
Securities - available for sale | 518,078,000 | 527,438,000 |
Securities - equity investments | 3,132,000 | 2,990,000 |
Loans, net of allowance for credit losses of $10,896 and $9,468 at December 31, 2023 and 2022, respectively | 1,004,277,000 | 905,035,000 |
Cash surrender value of life insurance | 31,506,000 | 30,218,000 |
Bank premises and equipment, net | 15,865,000 | 15,300,000 |
Goodwill and other intangible assets, net | 3,473,000 | 3,558,000 |
Deferred tax asset | 13,247,000 | 17,134,000 |
Interest receivable and other assets | 36,276,000 | 37,040,000 |
Assets | 1,842,422,000 | 1,968,346,000 |
Deposits | 1,650,534,000 | 1,814,297,000 |
Interest payable and other liabilities | 25,796,000 | 27,423,000 |
Total liabilities | 1,676,330,000 | 1,841,720,000 |
Commitments and contingent liabilities (Note 13) | ||
Shareholders’ equity | ||
Common stock, no par value; 50,000,000 shares authorized, 8,293,168 and 8,257,894 shares issued and outstanding at December 31, 2023 and 2022, respectively | 25,435,000 | 25,435,000 |
Additional paid-in capital | 5,512,000 | 5,190,000 |
Retained earnings | 154,301,000 | 126,728,000 |
Accumulated other comprehensive loss, net of tax | (19,156,000) | (30,727,000) |
Total shareholders’ equity | 166,092,000 | 126,626,000 |
Liabilities and Equity | $ 1,842,422,000 | $ 1,968,346,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Allowance for Credit Loss | $ 10,896 | $ 9,468 | $ 10,738 |
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) | 8,293,168 | 8,257,894 | |
Common stock, shares outstanding (in shares) | 8,293,168 | 8,257,894 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 44,773 | $ 38,887 |
Interest on securities | 20,578 | 14,155 |
Interest on federal funds sold | 1,414 | 415 |
Interest on deposits with banks | 13,901 | 7,738 |
Total interest income | 80,666 | 61,195 |
INTEREST EXPENSE | ||
Deposits | 4,863 | 1,119 |
Federal funds purchased | 1 | 0 |
Total interest expense | 4,864 | 1,119 |
Net interest income | 75,802 | 60,076 |
Provision for (reversal of) credit losses | 970 | (1,350) |
Net interest income after provision for (reversal of) credit losses | 74,832 | 61,426 |
NON-INTEREST INCOME | ||
Earnings on cash surrender value of life insurance | 788 | 749 |
Gains on sales and calls of available-for-sale securities | 156 | 0 |
Other | 2,081 | 1,419 |
Total non-interest income | 6,631 | 5,571 |
NON-INTEREST EXPENSE | ||
Salaries and employee benefits | 26,109 | 23,045 |
Occupancy expenses | 4,541 | 4,151 |
Data processing fees | 2,729 | 2,343 |
Regulatory assessments (FDIC & DFPI) | 1,020 | 927 |
Other operating expenses | 6,758 | 6,842 |
Total non-interest expense | 41,157 | 37,308 |
Net income before provision for income taxes | 40,306 | 29,689 |
Total provision for income taxes | 9,458 | 6,787 |
Net Income | $ 30,848 | $ 22,902 |
Net income per share (in dollars per share) | $ 3.76 | $ 2.8 |
Net income per diluted share (in dollars per share) | $ 3.75 | $ 2.79 |
Deposit Account [Member] | ||
NON-INTEREST INCOME | ||
Other income | $ 1,813 | $ 1,596 |
Debit Card [Member] | ||
NON-INTEREST INCOME | ||
Other income | 1,773 | 1,734 |
Mortgage Banking [Member] | ||
NON-INTEREST INCOME | ||
Other income | $ 20 | $ 73 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income | $ 30,848 | $ 22,902 |
Other comprehensive income (loss): | ||
Unrealized holding gains (losses) arising during the period | 16,584 | (52,410) |
Less: reclassification for net gains included in net income | (156) | 0 |
Other comprehensive income (loss), before tax | 16,428 | (52,410) |
Tax (expense) benefit related to items of other comprehensive income | (4,857) | 15,495 |
Total other comprehensive income (loss) | 11,571 | (36,915) |
Comprehensive income (loss) | $ 42,419 | $ (14,013) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 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 | |||||
Restricted stock issued (in shares) | 27,047 | 27,047 | ||||||||
Restricted stock issued | $ 0 | 0 | 0 | 0 | $ 0 | |||||
Restricted stock forfeited (in shares) | (1,800) | |||||||||
Restricted stock forfeited | $ 0 | 0 | 0 | 0 | 0 | |||||
Restricted stock surrendered for tax withholding (in shares) | (6,452) | |||||||||
Restricted stock surrendered for tax withholding | $ 0 | 121 | 0 | 0 | 121 | |||||
Cash dividends declared | 0 | 0 | (2,474) | 0 | (2,474) | |||||
Stock based compensation | 0 | 622 | 0 | 0 | 622 | |||||
Other comprehensive gain | 0 | 0 | 0 | (36,915) | (36,915) | |||||
Net income | 0 | 0 | 22,902 | 0 | 22,902 | |||||
Restricted stock surrendered for tax withholding | $ 0 | (121) | 0 | 0 | (121) | |||||
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 | |||||
Restricted stock issued (in shares) | 43,446 | 43,446 | ||||||||
Restricted stock issued | $ 0 | 0 | 0 | 0 | $ 0 | |||||
Restricted stock forfeited (in shares) | (300) | |||||||||
Restricted stock forfeited | $ 0 | 0 | 0 | 0 | 0 | |||||
Restricted stock surrendered for tax withholding (in shares) | (7,872) | |||||||||
Restricted stock surrendered for tax withholding | $ 0 | (211) | 0 | 0 | (211) | |||||
Cash dividends declared | 0 | 0 | (2,646) | 0 | (2,646) | |||||
Stock based compensation | 0 | 533 | 0 | 0 | 533 | |||||
Other comprehensive gain | 0 | 0 | 0 | 11,571 | 11,571 | |||||
Net income | 0 | 0 | 30,848 | 0 | 30,848 | |||||
Restricted stock surrendered for tax withholding | $ 0 | 211 | 0 | 0 | 211 | |||||
Balances (in shares) at Dec. 31, 2023 | 8,293,168 | |||||||||
Balances at Dec. 31, 2023 | $ 25,435 | $ 5,512 | $ 154,301 | $ (19,156) | $ 166,092 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash dividends declared, per share (in dollars per share) | $ 0.32 | $ 0.3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 30,848,000 | $ 22,902,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for (reversal of) credit losses | 970,000 | (1,350,000) |
Increase (decrease) in deferred fees/costs, net | 151,000 | (197,000) |
Depreciation | 1,329,000 | 1,312,000 |
Amortization of investment securities, net | 1,151,000 | 1,328,000 |
Unrealized (gain) loss on equity securities | (41,000) | 475,000 |
Amortization of operating lease right-of-use asset | (231,000) | (161,000) |
Stock based compensation | 533,000 | 622,000 |
Gain on sales and calls of available for sale securities | (156,000) | 0 |
Earnings on cash surrender value of life insurance | (788,000) | (749,000) |
Increase (decrease) in deferred tax asset | 706,000 | (489,000) |
(Decrease) increase in interest payable and other liabilities | (1,411,000) | 875,000 |
Increase in interest receivable | (456,000) | (3,872,000) |
Decrease in other assets | 454,000 | 2,110,000 |
Net cash provided by operating activities | 33,059,000 | 22,806,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of available for sale securities | (40,660,000) | (358,845,000) |
Purchases of equity securities | (101,000) | (74,000) |
Proceeds from the sale of available-for-sale securities | 42,791,000 | 0 |
Proceeds from maturities, calls, and principal paydowns of securities available for sale | 22,662,000 | 40,558,000 |
Investment in LIHTC | (373,000) | (1,241,000) |
Net increase in loans | (100,709,000) | (55,641,000) |
Purchase of FHLB Stock | (720,000) | 0 |
Redemption of FHLB stock | 0 | 257,000 |
Purchase of BOLI policies | (500,000) | 0 |
Purchases of premises and equipment | (1,894,000) | (1,190,000) |
Net cash used in investing activities | (79,504,000) | (376,176,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Shareholder cash dividends paid | (2,646,000) | (2,474,000) |
Net (decrease) increase in demand deposits and savings accounts | (179,098,000) | 7,655,000 |
Net increase (decrease) in time deposits | 15,335,000 | (324,000) |
Tax withholding payments on vested restricted shares surrendered | (211,000) | (121,000) |
Net cash (used in) provided by financing activities | (166,620,000) | 4,736,000 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (213,065,000) | (348,634,000) |
CASH AND CASH EQUIVALENTS, beginning of period | 429,633,000 | 778,267,000 |
CASH AND CASH EQUIVALENTS, end of period | 216,568,000 | 429,633,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 4,715,000 | 1,119,000 |
Operating leases | 1,469,000 | 1,331,000 |
Income taxes | 10,449,000 | 3,910,000 |
NON-CASH INVESTING ACTIVITIES: | ||
Change in unrealized gain (loss) on securities | 16,428,000 | (52,410,000) |
Change in contributions payable to LIHTC limited partner investment | 0 | 10,500,000 |
Right-of-use asset obtained in exchange for new operating lease liability | (390,000) | (2,389,000) |
Federal Funds Purchased [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Federal funds advances | 1,855,000 | 0 |
Federal funds payments | $ (1,855,000) | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Dec. 31, 2023 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 9B. Insider Adoption or Termination of Trading Arrangements During the quarter ended December 31, 2023, no 16a 1 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Summary of Accounting
Note 1 - Summary of Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 1 SUMMARY OF ACCOUNTING POLICIES Nature of Operations 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. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no 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 (“U.S. 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, accounting for income taxes, fair value measurements and goodwill impairment. Actual results could differ from these estimates. A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows. Subsequent events December 31, 2023 Cash and cash equivalents three one Securities available for sale not Consistent with ASU 2016 01, 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 December 31, 2023. not not Other real estate owned not Loans originated Loan fees net of certain direct costs of origination are deferred and amortized, as an adjustment to interest yield, over the estimated life of the loan. Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest on loans is discontinued either when reasonable doubt exists as to the full and timely collection of interest or principal or when a loan becomes contractually past due by ninety not Allowance for credit losses ( ACL ) 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 calculate expected lifetime losses. The PD estimates are derived using reasonable and supportable economic forecasts and historical loss rate data from both the bank and a selected peer group. The historical loss rate data is compared to identified benchmark economic indicators to create a regression model that is updated annually. Reasonable and supportable forecasts for the identified economic indicators are then incorporated to arrive at expected default rates for the various loan categories. The reasonable and supportable forecasts are based on the National Unemployment Rate and Real Gross Domestic Product. The expected default rates are then applied to expected monthly loan balances estimated through the consideration of contractual terms and expected prepayments. The Company utilizes a four four may Management recognizes that there are additional factors impacting risk of loss in the loan portfolio beyond what is captured in the quantitative portion of collectively evaluated reserves. 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, matrices defining reserve rate based on specified metrics, 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 and internal loan review 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 method for calculating the allowance for unfunded loan commitments is based on applying an estimated funding rate to the unfunded loan commitment balance to determine a projected cashflow schedule. Then the quantitative loan loss rate from each loan pool as calculated in the DCF model described above is used to calculate the allowance for unfunded loan commitments which is recorded included in interest payable and other liabilities on the consolidated balance sheet. Premises and equipment Building (in years) 31.5 Equipment (in years) 3 – 12 Furniture and fixtures (in years) 3 – 7 Leasehold improvements (in years) 5 – 15 The Company adopted ASU No. 2016 02, Leases (Topic 842 January 1, 2019. January 1, 2019, January 1, 2019 January 1, 2019 Leasehold improvements are amortized over the lesser of the useful life of the asset or the remaining term of the lease. The straight-line method of depreciation is followed for all assets for financial reporting purposes, but accelerated methods are used for tax purposes. Deferred income taxes have been provided for the resulting temporary differences. Income taxes The Company files income tax returns in the U.S. federal jurisdiction, and the State of California. With few exceptions, the Company is no 2020 2019. Transfers of financial assets 1 2 3 not Advertising costs December 31, 2023 2022, Comprehensive income December 31, 2023 2022, Federal Reserve Bank Stock no 1 2 3 4 Federal Home Loan Bank Stock no 1 2 3 4 Earnings per common share ( EPS ) 12 1 2 3 two two not Stock based compensation 2023 2022, Fair values of financial instruments December 31, 2023 2022. not Fair value measurements may The Company has established and documented a process for determining fair value. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when developing fair value measurements. Whenever there is no Revenue recognition third third Reclassifications no Goodwill and other intangible assets December 31, 2023 December 31, 2022. may not not The core deposit intangible represents the estimated future benefits of acquired deposits and is booked separately from the related deposits. The value of the core deposit intangible asset was determined using a discounted cash flow approach to arrive at the cost differential between the core deposits (non-maturity deposits such as transaction, savings and money market accounts) and alternative funding sources. The core deposit intangible is amortized on an accelerated basis over an estimated ten No December 31, 2023. December 31, 2023, (in thousands) 2024 2025 Total Core deposit intangible amortization $ 82 $ 77 $ 159 The Company applies a qualitative analysis of conditions in order to determine if it is more likely than not may not no December 31, 2023. Recently Issued Accounting Standards 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 June 30, 2023, 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 2 - Cash and Due From Bank
Note 2 - Cash and Due From Banks | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 2 CASH AND DUE FROM BANKS Cash and due from banks includes balances with the Federal Reserve Bank and other correspondent banks. Prior to March 2020, March 26, 2020, zero December 31, 2023 2022, December 31, 2023. |
Note 3 - Securities
Note 3 - Securities | 12 Months Ended |
Dec. 31, 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 $3,132,000 and $2,990,000 at December 31, 2023 December 31, 2022, December 31, 2023 2022. 2016 01, December 31, 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 December 31, 2023 (dollars in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available-for-sale securities: U.S. agencies $ 84,678 $ 11 $ (4,430 ) $ 80,259 Collateralized mortgage obligations 9,108 0 (444 ) 8,664 Municipalities 345,981 2,792 (19,865 ) 328,908 SBA pools 1,394 3 (2 ) 1,395 Corporate debt 47,500 9 (3,992 ) 43,517 Asset backed securities 56,613 133 (1,411 ) 55,335 $ 545,274 $ 2,948 $ (30,144 ) $ 518,078 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, 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 51 $ 190 $ (3 ) $ 79,556 $ (4,427 ) $ 79,746 $ (4,430 ) Collateralized mortgage obligations 6 4,791 (1 ) 3,873 (443 ) 8,664 (444 ) Municipalities 106 44,859 (453 ) 178,812 (19,412 ) 223,671 (19,865 ) SBA pools 4 116 0 472 (2 ) 588 (2 ) Corporate debt 13 0 0 41,508 (3,992 ) 41,508 (3,992 ) Asset backed securities 19 2,123 (8 ) 32,535 (1,403 ) 34,658 (1,411 ) Total temporarily impaired securities 199 $ 52,079 $ (465 ) $ 336,756 $ (29,679 ) $ 388,835 $ (30,144 ) 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 December 31, 2023. not not The amortized cost and estimated fair value of debt securities at December 31, 2023, may (dollars in thousands) Amortized Fair Cost Value Available-for-sale securities: Due in one year or less $ 101,428 $ 96,439 Due after one year through five years 145,914 144,650 Due after five years through ten years 219,804 203,685 Due after ten years 78,128 73,304 $ 545,274 $ 518,078 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 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 gross realized gains of $13,000 and $0 during 2023 2022, 2023 2022. Securities carried at $288,199,000 and $242,023,000 at December 31, 2023 2022, |
Note 4 - Loans
Note 4 - Loans | 12 Months Ended |
Dec. 31, 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, Sacramento, Placer, Inyo, and Mono Counties. As of December 31, 2023, Loan totals were as follows: (in thousands) December 31, 2023 December 31, 2022 Commercial real estate: Construction and land $ 63,060 $ 44,423 Multi-family 54,045 52,665 Owner occupied 210,407 206,960 Non-owner occupied 470,052 402,077 Farmland 96,188 86,501 Commercial and industrial 65,218 68,364 Consumer 31,687 33,591 Agriculture 25,922 21,177 Total loans 1,016,579 915,758 Less: Deferred loan fees and costs, net (1,406 ) (1,255 ) Allowance for credit losses (10,896 ) (9,468 ) Net loans $ 1,004,277 $ 905,035 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 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 December 31, 2023, With respect to loans to developers and builders that are secured by non-owner occupied properties that the Company may may may The Company originates consumer loans utilizing a computer-based credit scoring analysis to supplement the underwriting process. 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 home equity loans follow bank policy, which include, but are not The Company maintains an independent loan review function that 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 Company’s policies and procedures. Non-Accrual and Past Due Loans. not may may not As of December 31, 2023 2022, The following table analyzes past due loans, segregated by class of loans, as of December 31, 2023 December 31, 2023 30-59 60-89 90 Days Total Current Total 90 Days Commercial real estate: Construction and land $ 0 $ 0 $ 0 $ 0 $ 63,060 $ 63,060 $ 0 Multi-family 0 0 0 0 54,045 54,045 0 Owner occupied 0 0 0 0 210,407 210,407 0 Non-owner occupied 0 0 0 0 470,052 470,052 0 Farmland 0 0 0 0 96,188 96,188 0 Commercial and industrial 0 0 0 0 65,218 65,218 0 Consumer 0 0 0 0 31,687 31,687 0 Agriculture 0 0 0 0 25,922 25,922 0 Total $ 0 $ 0 $ 0 $ 0 $ 1,016,579 $ 1,016,579 $ 0 The following table analyzes past due loans, segregated by class of loans, as of December 31, 2022 December 31, 2022 30-59 60-89 90 Days Total Current Total 90 Days Commercial real estate: Construction and land $ 0 $ 0 $ 0 $ 0 $ 44,423 $ 44,423 $ 0 Multi-family 0 0 0 0 52,665 52,665 0 Owner occupied 0 0 0 0 206,960 206,960 0 Non-owner occupied 0 0 0 0 402,077 402,077 0 Farmland 0 0 0 0 86,501 86,501 0 Commercial and industrial 0 0 0 0 68,364 68,364 0 Consumer 0 0 0 0 33,591 33,591 0 Agriculture 0 0 0 0 21,177 21,177 0 Total $ 0 $ 0 $ 0 $ 0 $ 915,758 $ 915,758 $ 0 Collateral Dependent Loans. January 1, 2023, no no December 31, 2023. 2016 13 January 1, 2023, no December 31, 2022. Loan Modification Disclosures Pursuant to ASU 2022 02 may no December 31, 2023. TDR Disclosures Prior to the Adoption of ASU 2022 02 December 31, 2022, no twelve twelve December 31, 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 25 40 65 A proper classification of such a credit would show 40 percent substandard, 25 percent doubtful, and 35 percent loss. A credit classified as doubtful should be resolved within a ‘reasonable’ period of time. Reasonable is generally defined as the period between examinations. In other words, a credit classified as doubtful at an examination should be cleared up before the next exam. However, there may 8. not not no not may not As of December 31, 2023 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 December 31, 2023. 1 4 As of December 31, 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 & land Pass $ 16,237 $ 42,670 $ 1,259 $ 0 $ 1,244 $ 1,650 $ 0 $ 63,060 Total commercial real estate - construction & land 16,237 42,670 1,259 0 1,244 1,650 0 63,060 Commercial real estate - Multi-family Pass 3,803 6,976 8,711 3,473 6,780 24,302 0 54,045 Total commercial real estate - multi-family 3,803 6,976 8,711 3,473 6,780 24,302 0 54,045 Commercial real estate - Owner occupied Pass 10,031 40,666 48,377 25,642 14,341 57,971 251 197,279 Special mention 0 0 7,683 0 0 289 530 8,502 Substandard 0 0 0 0 4,626 0 0 4,626 Total commercial real estate - owner occupied 10,031 40,666 56,060 25,642 18,967 58,260 781 210,407 Commercial real estate - Non-owner occupied Pass 78,417 71,236 81,386 43,531 44,413 145,073 1,879 465,935 Special mention 0 0 0 0 0 4,117 0 4,117 Total commercial real estate - non-owner occupied 78,417 71,236 81,386 43,531 44,413 149,190 1,879 470,052 Commercial real estate - Farmland Pass 14,377 10,393 1,667 15,392 6,551 31,610 15,717 95,707 Special mention 0 0 0 0 0 481 0 481 Total commercial real estate - farmland 14,377 10,393 1,667 15,392 6,551 32,091 15,717 96,188 Commercial and Industrial Pass 10,967 11,268 9,608 6,018 4,384 2,239 20,502 64,986 Special mention 0 0 0 139 0 6 0 145 Substandard 0 0 0 0 0 87 0 87 Total commercial and industrial 10,967 11,268 9,608 6,157 4,384 2,332 20,502 65,218 Consumer Pass 1,234 5,042 4,104 2,213 2,074 7,555 8,529 30,751 Special mention 0 0 0 0 0 0 890 890 Substandard 0 0 0 0 0 46 0 46 Total consumer 1,234 5,042 4,104 2,213 2,074 7,601 9,419 31,687 Agriculture Pass 3,032 1,707 1,309 0 214 488 18,984 25,734 Special mention 0 0 0 0 0 0 188 188 Total agriculture 3,032 1,707 1,309 0 214 488 19,172 25,922 Total by Risk Category Pass 138,098 189,958 156,421 96,269 80,001 270,888 65,862 997,497 Special mention 0 0 7,683 139 0 4,893 1,608 14,323 Substandard 0 0 0 0 4,626 133 0 4,759 Total $ 138,098 $ 189,958 $ 164,104 $ 96,408 $ 84,627 $ 275,914 $ 67,470 $ 1,016,579 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 & land Pass $ 27,101 $ 12,351 $ 1,148 $ 1,791 $ 0 $ 2,032 $ 0 $ 44,423 Total commercial real estate - construction & land 27,101 12,351 1,148 1,791 0 2,032 0 44,423 Commercial real estate - Multi-family Pass 7,115 9,285 4,335 6,962 3,874 21,094 0 52,665 Total commercial real estate - multi-family 7,115 9,285 4,335 6,962 3,874 21,094 0 52,665 Commercial real estate - Owner occupied Pass 41,709 49,820 26,969 14,891 14,122 50,689 500 198,700 Special mention 0 7,959 0 0 301 0 0 8,260 Total commercial real estate - owner occupied 41,709 57,779 26,969 14,891 14,423 50,689 500 206,960 Commercial real estate - Non-owner occupied Pass 55,503 82,180 46,911 46,613 51,557 111,324 2,521 396,609 Special mention 0 0 0 0 0 743 0 743 Substandard 0 0 0 4,725 0 0 0 4,725 Total commercial real estate - non-owner occupied 55,503 82,180 46,911 51,338 51,557 112,067 2,521 402,077 Commercial real estate - Farmland Pass 10,831 2,531 16,315 7,375 9,114 25,514 14,821 86,501 Total commercial real estate - farmland 10,831 2,531 16,315 7,375 9,114 25,514 14,821 86,501 Commercial and Industrial Pass 11,697 15,746 9,851 5,892 2,242 1,651 19,412 66,491 Special mention 0 0 208 90 47 123 1,155 1,623 Substandard 0 0 0 0 0 0 250 250 Total commercial and industrial 11,697 15,746 10,059 5,982 2,289 1,774 20,817 68,364 Consumer Pass 5,230 4,702 3,414 2,168 2,307 6,171 8,649 32,641 Special mention 0 0 0 0 0 0 899 899 Substandard 0 0 0 0 0 51 0 51 Total consumer 5,230 4,702 3,414 2,168 2,307 6,222 9,548 33,591 Agriculture Pass 1,676 1,850 0 387 0 651 16,613 21,177 Total agriculture 1,676 1,850 0 387 0 651 16,613 21,177 Total by Risk Category Pass 160,862 178,465 108,943 86,079 83,216 219,126 62,516 899,207 Special mention 0 7,959 208 90 348 866 2,054 11,525 Substandard 0 0 0 4,725 0 51 250 5,026 Total $ 160,862 $ 186,424 $ 109,151 $ 90,894 $ 83,564 $ 220,043 $ 64,820 $ 915,758 The following table details activity in the ACL by portfolio segment for the years ended December 31, 2023 2022. one not Allowance for Credit Losses For the Years Ended December 31, 2023 and 2022 (in thousands) Year Ended December 31, 2023 CRE & Land CRE family CRE occupied CRE owner occupied CRE Commercial and Industrial Consumer Agriculture Total Beginning balance $ 1,055 $ 479 $ 1,798 $ 4,211 $ 830 $ 612 $ 311 $ 172 $ 9,468 CECL day-one adjustments 338 23 103 25 12 102 (120 ) (137 ) 346 Charge-offs 0 0 0 0 0 (12 ) (40 ) 0 (52 ) Recoveries 139 0 0 0 0 12 13 0 164 Provision for (reversal of) credit losses (305 ) 165 (96 ) 569 626 (64 ) 63 12 970 Ending balance $ 1,227 $ 667 $ 1,805 $ 4,805 $ 1,468 $ 650 $ 227 $ 47 $ 10,896 Year Ended December 31, 2022 Beginning balance $ 728 $ 502 $ 2,141 $ 5,105 $ 858 $ 746 $ 352 $ 306 $ 10,738 Charge-offs 0 0 0 0 0 0 (53 ) 0 (53 ) Recoveries 123 0 0 0 0 0 10 0 133 Provision for (reversal of) credit losses 204 (23 ) (343 ) (894 ) (28 ) (134 ) 2 (134 ) (1,350 ) Ending balance $ 1,055 $ 479 $ 1,798 $ 4,211 $ 830 $ 612 $ 311 $ 172 $ 9,468 The following table details the allowance for credit losses and ending gross loan balances as of December 31, 2023 2022, (in thousands) December 31, 2023 CRE & Land CRE family CRE occupied CRE owner occupied CRE Commercial and Industrial Consumer Agriculture Total Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 1,227 667 1,805 4,805 1,468 650 227 47 10,896 $ 1,227 $ 667 $ 1,805 $ 4,805 $ 1,468 $ 650 $ 227 $ 47 $ 10,896 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 63,060 54,045 210,407 470,052 96,188 65,218 31,687 25,922 1,016,579 $ 63,060 $ 54,045 $ 210,407 $ 470,052 $ 96,188 $ 65,218 $ 31,687 $ 25,922 $ 1,016,579 December 31, 2022 Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 1,055 479 1,798 4,211 830 612 311 172 9,468 $ 1,055 $ 479 $ 1,798 $ 4,211 $ 830 $ 612 $ 311 $ 172 $ 9,468 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 44,423 52,665 206,960 402,077 86,501 68,364 33,591 21,177 915,758 $ 44,423 $ 52,665 $ 206,960 $ 402,077 $ 86,501 $ 68,364 $ 33,591 $ 21,177 $ 915,758 The following table presents gross charge-offs for the year ended December 31, 2023 Year ended December 31, 2023 (in thousands) Term Loans Charged-off by Origination Year Chargeoffs 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate: Construction & land $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Multi-family 0 0 0 0 0 0 0 0 Owner occupied 0 0 0 0 0 0 0 0 Non-owner occupied 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 40 40 Agriculture 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 12 $ 0 $ 0 $ 0 $ 40 $ 52 Changes in the allowance for undisbursed loan commitments were as follows: (in thousands) YEARS ENDED DECEMBER 31, 2023 2022 Balance, beginning of year $ 546 $ 469 CECL day-one adjustment 547 0 (Reversal of) provision charged to operations for off balance sheet (484 ) 77 Balance, end of year $ 609 $ 546 The method for calculating the allowance for unfunded loan commitments is based on applying an estimated funding rate to the unfunded loan commitment balance to determine a projected cashflow schedule. Then the quantitative loan loss rate from each loan pool, as calculated in the DCF model described above, is used to calculate the allowance for unfunded loan commitments which is recorded included in interest payable and other liabilities on the consolidated balance sheet. At December 31, 2023 2022, |
Note 5 - Premises and Equipment
Note 5 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 PREMISES AND EQUIPMENT Major classifications of premises and equipment are summarized as follows: ( DECEMBER 31, 2023 2022 Land $ 5,195 $ 5,195 Building 10,874 10,790 Leasehold improvements 5,417 5,357 Furniture, fixtures, and equipment 5,087 4,735 Branch construction work-in-process 1,494 239 28,067 26,316 Less accumulated depreciation (12,202 ) (11,016 ) $ 15,865 $ 15,300 Depreciation expense was $1,329,000 and $1,312,000 for the years ended December 31, 2023 2022, |
Note 6 - Interest Receivable an
Note 6 - Interest Receivable and Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | NOTE 6 INTEREST RECEIVABLE AND OTHER ASSETS Interest receivable and other assets are summarized as follows: ( DECEMBER 31, 2023 2022 Restricted equity securities $ 5,956 $ 5,236 Interest income receivable on loans 2,866 2,465 Interest income receivable on investments 5,520 5,465 Investments in limited partnerships 13,684 14,582 Lease right of use asset 6,853 7,755 Prepaid expenses and other 1,397 1,537 $ 36,276 $ 37,040 |
Note 7 - Deposits
Note 7 - Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 7 DEPOSITS Deposit totals were as follows: DECEMBER 31, (in thousands) 2023 2022 Demand $ 1,099,830 $ 1,202,321 Money market deposit accounts 363,386 405,797 Savings 131,796 165,994 Time deposits $250,000 and under 33,399 24,712 Time deposits over $250,000 22,123 15,473 Total deposits $ 1,650,534 $ 1,814,297 Time deposits issued and their remaining maturities at December 31, 2023, Year ending December 31, 2024 $ 49,275 2025 4,983 2026 985 2027 279 2028 0 $ 55,522 |
Note 8 - FHLB Advances
Note 8 - FHLB Advances | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 8 FHLB ADVANCES At December 31, 2023, December 31, 2023. December 31, 2023, At December 31, 2022, December 31, 2022. December 31, 2022, |
Note 9 - Interest on Deposits
Note 9 - Interest on Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 7 DEPOSITS Deposit totals were as follows: DECEMBER 31, (in thousands) 2023 2022 Demand $ 1,099,830 $ 1,202,321 Money market deposit accounts 363,386 405,797 Savings 131,796 165,994 Time deposits $250,000 and under 33,399 24,712 Time deposits over $250,000 22,123 15,473 Total deposits $ 1,650,534 $ 1,814,297 Time deposits issued and their remaining maturities at December 31, 2023, Year ending December 31, 2024 $ 49,275 2025 4,983 2026 985 2027 279 2028 0 $ 55,522 |
Interest Expense [Member] | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 9 INTEREST ON DEPOSITS Interest on deposits was comprised of the following: YEARS ENDED DECEMBER 31, (in thousands) 2023 2022 Savings and other deposits $ 4,266 $ 1,015 Time deposits over $250,000 222 46 Time deposits $250,000 and under 375 58 $ 4,863 $ 1,119 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 INCOME TAXES The provision for income taxes consists of the following: (in thousands) YEARS ENDED DECEMBER 31, 2023 2022 Current Federal $ 6,215 $ 3,364 State 4,213 2,934 10,428 6,298 Deferred Federal (739 ) 294 State (231 ) 195 (970 ) 489 $ 9,458 $ 6,787 The components of the Company’s deferred tax assets and liabilities (included in accrued interest and other assets on the consolidated balance sheets), is shown below: (in thousands) DECEMBER 31, 2023 2022 Deferred tax assets: Allowance for credit losses $ 3,221 $ 2,800 Restricted stock expense 106 129 Accrued vacation 167 184 Accrued salary continuation liability 1,717 1,600 Deferred compensation 77 78 Core deposit intangible 95 90 Merger Costs 55 63 Reserve for undisbursed commitments 180 162 State income tax 885 616 Holding company organization fees 1 1 Accumulated depreciation 49 0 Unrealized loss on securities available for sale 8,040 12,897 14,593 18,620 Deferred tax liabilities: Prepaid expenses (92 ) (79 ) FHLB dividends (144 ) (144 ) Accumulated depreciation 0 (193 ) Accrued bonus (6 ) (6 ) Deferred loan costs (347 ) (372 ) Goodwill Amortization (522 ) (457 ) Limited partner investment in small business equity fund (235 ) (235 ) (1,346 ) (1,486 ) Net deferred income tax asset $ 13,247 $ 17,134 Management has assessed the realizability of deferred tax assets and believes it is more likely than not not The Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities’ examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions. The Company had no liabilities for unrecognized tax benefits as of December 31, 2023 2022. The effective tax rate for 2023 2022 YEARS ENDED DECEMBER 31, 2023 2022 Federal statutory income tax rate 21.0 % 21.0 % State taxes, net of federal tax benefit 8.6 % 8.6 % Tax exempt interest on municipal securities and loans -5.0 % -5.9 % Other -1.1 % -0.8 % Effective tax rate 23.5 % 22.9 % Oak Valley Bancorp files a consolidated return in the U.S. Federal tax jurisdiction and a combined report in the State of California tax jurisdiction. None 2020 2019 |
Note 11 - Stock Option Plan
Note 11 - Stock Option Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 11 STOCK OPTION PLAN The Company currently has one equity based incentive plan, the Oak Valley Bancorp 2018 2018 2018 five no ten December 31, 2023, 2018 For the years ended December 31, 2023 2022, 2014 A summary of the status of the Company’s restricted stock and changes during the years ended December 31, 2023 2022 DECEMBER 31, 2023 DECEMBER 31, 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 82,023 $ 18.43 87,850 $ 18.50 Issued 43,446 $ 26.46 27,047 $ 18.86 Vested (32,178 ) $ 19.08 (31,074 ) $ 19.06 Forfeited (300 ) $ 17.85 (1,800 ) $ 17.69 Unvested at end of year 92,991 $ 21.96 82,023 $ 18.43 The Company issued 43,446 shares of restricted stock in 2023 December 31, 2023, December 31, 2023, 2023, The Company issued 27,047 shares of restricted stock in 2022 December 31, 2022, December 31, 2022, 2022, |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 12 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 EPS including basic EPS, which does not YEAR ENDED DECEMBER 31, 2023 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 30,848 8,193,874 $ 3.76 Effect of dilutive securities: Non-vested restricted stock — 37,018 Total dilutive shares 37,018 Diluted EPS: Net income per diluted share $ 30,848 8,230,892 $ 3.75 YEAR ENDED DECEMBER 31, 2022 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 22,902 8,169,078 $ 2.80 Effect of dilutive securities: Non-vested restricted stock — 35,691 Total dilutive shares 35,691 Diluted EPS: Net income per diluted share $ 22,902 8,204,769 $ 2.79 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 13 COMMITMENTS AND CONTINGENT LIABILITIES The Company is obligated for rental payments under certain operating lease agreements, some of which contain renewal options and escalation clauses that provide for increased rentals. Total rental expense for the years ended December 31, 2023 2022, We have historically entered into a number of lease arrangements under which we are the lessee. We have elected the practical expedient to rely on our original lease classification at the commencement of each lease contract, and not No. 2016 02, Leases (Topic 842 January 1, 2019. 1 2 $5,000 not not not twelve no January 1, 2019. Most of our office leases include one not not The Company determined the operating lease liability for new lease agreements and renewal options in 2022 2023 not December 31, 2023, December 31, 2022, December 31, 2023 2022, December 31, 2023 2022, At December 31, 2023, Year ending December 31, 2024 $ 1,400 2025 1,254 2026 1,025 2027 864 2028 828 Thereafter 2,892 $ 8,263 Reconciling items: Present value discount (1,104 ) Present value of lease liabilities $ 7,159 The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit in the form of loans or through standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the balance sheet. The contract amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Financial instruments at December 31, 2023 Contract (in thousands) Amount Undisbursed loan commitments $ 163,413 Checking reserve 1,334 Equity lines 17,973 Standby letters of credit 3,613 $ 186,333 Commitments to extend credit, including undisbursed loan commitments and equity lines, are agreements to lend to a customer as long as there is no may not may Checking reserves are lines of credit associated consumer deposit accounts that meet qualification standards for extension of credit if the deposit account were to become overdraft. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third |
Note 14 - Financial Instruments
Note 14 - Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | NOTE 14 FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair values of financial instruments December 31, 2023 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 December 31, 2023 2022. Following is a description of valuation methodologies used for assets and liabilities in the tables below: Restricted Equity Securities- 2 Deposit liabilities 3 Off-balance-sheet instruments 3 The estimated fair values of the Company’s financial instruments not December 31, 2023 Hierarchy (in thousands) Carrying Fair Valuation Amount Value Level Financial assets: Cash and cash equivalents $ 216,568 $ 216,568 1 Restricted equity securities 5,956 5,956 2 Loans, net 1,004,277 917,242 3 Interest receivable 8,386 8,386 2 Financial liabilities: Deposits (1,650,534 ) (1,649,808 ) 3 Interest payable (128 ) (128 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (1,863 ) 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 7,930 7,930 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 consolidated balance sheets at each respective period end, by level within the fair value hierarchy as of December 31, 2023 2022. Fair Value Measurements at December 31, 2023 Using (in thousands) December 31, 2023 Quoted Prices Significant Significant Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 80,259 $ 0 $ 80,259 $ 0 Collateralized mortgage obligations 8,664 0 8,664 0 Municipalities 328,908 0 328,908 0 SBA pools 1,395 0 1,395 0 Corporate debt 43,517 0 43,517 0 Asset backed securities 55,335 0 55,335 0 Equity Securities: Mutual fund $ 3,132 $ 3,132 $ 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 Significant Significant 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 December 31, 2023. |
Note 15 - Related Party Transac
Note 15 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 15 RELATED PARTY TRANSACTIONS The Company, in the normal course of business, makes loans and receives deposits from its directors, officers, principal shareholders, and their associates. In management’s opinion, these transactions are on substantially the same terms as comparable transactions with other customers of the Company. Loans to directors, officers, shareholders, and affiliates are summarized below: YEARS ENDED DECEMBER 31, (in thousands) 2023 2022 Aggregate amount outstanding, beginning of year $ 4,055 $ 5,622 New loans or advances during year 9,061 10,066 Repayments during year (2,070 ) (11,633 ) Aggregate amount outstanding, end of year $ 11,046 $ 4,055 Related party deposits totaled $10,533,000 and $13,564,000 at December 31, 2023 2022, From time to time, some of the Company’s Directors, directly or through affiliates, may 2023, 120, 2022, no 404 |
Note 16 - Profit Sharing Plan
Note 16 - Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Profit Sharing Plan [Text Block] | NOTE 16 PROFIT SHARING PLAN The profit sharing plan to which both the Company and eligible employees contribute was established in 1995. six December 31, 2023 2022, |
Note 17 - Restrictions on Divid
Note 17 - Restrictions on Dividends | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Dividend Payment Restrictions [Text Block] | NOTE 17 RESTRICTIONS ON DIVIDENDS Under current California State banking laws, the Bank may not three not may not |
Note 18 - Other Post-retirement
Note 18 - Other Post-retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 18 OTHER POST-RETIREMENT BENEFIT PLANS Certain officers have entered into salary continuation agreements with the Company (the “Salary Continuation Agreements”). Under the Salary Continuation Agreements, the participants will be provided with a fixed annual retirement benefit for ten twenty During December 2001, ten Future compensation under both types of arrangements is earned for services rendered through retirement. The Company accrues for the salary continuation liability based on anticipated years of service and vesting schedules provided under the arrangements. The Company’s current benefit liability is determined based on vesting and the present value of the benefits at a corresponding discount rate. The discount rate used is an equivalent rate for investment-grade bonds with lives matching those of the service periods remaining for the salary continuation contracts, which average approximately ten December 31, 2023 2022, The combined cash surrender value of all Bank-owned life insurance policies was $31,506,000 and $30,218,000 at December 31, 2023 2022, |
Note 19 - Regulatory Matters
Note 19 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 19 REGULATORY MATTERS The Company is regulated by the FRB and is subject to the securities registration and public reporting regulations of the Securities and Exchange Commission. As a California state-chartered bank, the Company’s banking subsidiary is subject to primary supervision, examination and regulation by the California Department of Financial Protection and Innovation (DFPI) and the Federal Reserve Board. The Federal Reserve Board is the primary federal regulator of state member banks. The Bank is also subject to regulation by the FDIC, which insures the Bank’s deposits as permitted by law. Management is not The U.S. Basel III rules contain capital standards regarding the composition of capital, minimum capital ratios and counter-party credit risk capital requirements. The Basel III rules also include a definition of common equity Tier 1 1 1 1 1 1 1 1 not January 1, 2019. Failure to meet minimum capital requirements can trigger regulatory actions that could have a material adverse effect on the Company’s financial statements and operations. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that rely on quantitative measures of assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Company’s and Bank’s amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The Company and Bank’s actual capital amounts and ratios at December 31, 2023 2022, (in thousands) Regulatory Actual Minimum Capital ratios for Bank: Amount Ratio Amount Ratio As of December 31, 2023 Total capital (to Risk- Weighted Assets) $ 193,005 14.7% $ 137,819 >10.5% Tier I capital (to Risk- Weighted Assets) $ 181,500 13.8% $ 111,567 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 181,500 13.8% $ 91,879 >7.0% Tier I capital (to Average Assets) $ 181,500 9.6% $ 75,303 >4.0% As of December 31, 2022 Total capital (to Risk- Weighted Assets) $ 163,593 12.4% $ 138,578 >10.5% Tier I capital (to Risk- Weighted Assets) $ 153,579 11.6% $ 112,182 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 153,579 11.6% $ 92,386 >7.0% Tier I capital (to Average Assets) $ 153,579 7.6% $ 81,286 >4.0% Capital ratios for the Company: As of December 31, 2023 Total capital (to Risk- Weighted Assets) $ 193,280 14.7% $ 137,835 >10.5% Tier I capital (to Risk- Weighted Assets) $ 181,775 13.9% $ 111,851 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 181,775 13.9% $ 91,890 >7.0% Tier I capital (to Average Assets) $ 181,775 9.7% $ 75,306 >4.0% As of December 31, 2022 Total capital (to Risk- Weighted Assets) $ 163,810 12.4% $ 138,584 >10.5% Tier I capital (to Risk- Weighted Assets) $ 153,796 11.7% $ 112,187 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 153,796 11.7% $ 92,389 >7.0% Tier I capital (to Average Assets) $ 153,796 7.6% $ 81,289 >4.0% |
Note 20 - Parent Only Condensed
Note 20 - Parent Only Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 20 PARENT ONLY CONDENSED FINANCIAL STATEMENTS CONDENSED BALANCE SHEETS (dollars in thousands) December 31, December 31, 2023 2022 ASSETS Cash $ 167 $ 165 Investment in bank subsidiary 165,817 126,409 Other assets 153 53 Total assets $ 166,137 $ 126,627 LIABILITIES AND SHAREHOLDERS EQUITY Other liabilities $ 45 $ 1 Total liabilities $ 45 $ 1 Shareholders’ equity Common stock, no 50,000,000 8,293,168 8,257,894 25,435 25,435 Additional paid-in capital 5,512 5,190 Retained earnings 154,301 126,728 Accumulated other comprehensive loss, net of tax (19,156 ) (30,727 ) Total shareholders’ equity 166,092 126,626 Total liabilities and shareholders' equity $ 166,137 $ 126,627 OAK VALLEY BANCORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 20 PARENT ONLY CONDENSED FINANCIAL STATEMENTS (CONTINUED) CONDENSED STATEMENTS OF INCOME Year Ended December 31, (dollars in thousands) 2023 2022 INCOME Dividends declared by subsidiary $ 2,896 $ 2,724 Total income 2,896 2,724 EXPENSES Salary expense 146 136 Employee benefit expense 533 623 Legal expense 62 44 Other operating expenses 91 108 Total expenses 832 911 Income before equity in undistributed income of subsidiary 2,064 1,813 Equity in undistributed net income of subsidiary 28,465 20,826 Income before income tax benefit 30,529 22,639 Income tax benefit 319 263 Net income $ 30,848 $ 22,902 OAK VALLEY BANCORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 20 PARENT ONLY CONDENSED FINANCIAL STATEMENTS (CONTINUED) CONDENSED STATEMENTS OF CASH FLOWS YEAR ENDED DECEMBER 31, (dollars in thousands) 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 30,848 $ 22,902 Adjustments to reconcile net income to net cash from operating activities: Undistributed net income of subsidiary (28,465 ) (20,826 ) Stock based compensation 533 623 Increase (decrease) in other liabilities 44 (1 ) Increase in other assets (101 ) (8 ) Net cash from operating activities 2,859 2,690 CASH FLOWS FROM FINANCING ACTIVITIES: Shareholder cash dividends paid (2,896 ) (2,724 ) Inter-company dividend from bank subsidiary 250 250 Tax withholding payments on vested restricted shares surrendered (211 ) (121 ) Net cash used in financing activities (2,857 ) (2,595 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 2 95 CASH AND CASH EQUIVALENTS, beginning of period 165 70 CASH AND CASH EQUIVALENTS, end of period $ 167 $ 165 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the year for income taxes $ 10,449 $ 3,910 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Subsequent Events, Policy [Policy Text Block] | Subsequent events December 31, 2023 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents three one |
Marketable Securities, Policy [Policy Text Block] | Securities available for sale not Consistent with ASU 2016 01, 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 December 31, 2023. not not |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other real estate owned not |
Financing Receivable [Policy Text Block] | Loans originated Loan fees net of certain direct costs of origination are deferred and amortized, as an adjustment to interest yield, over the estimated life of the loan. Loans on which the accrual of interest has been discontinued are designated as non-accrual loans. Accrual of interest on loans is discontinued either when reasonable doubt exists as to the full and timely collection of interest or principal or when a loan becomes contractually past due by ninety not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for credit losses ( ACL ) 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 calculate expected lifetime losses. The PD estimates are derived using reasonable and supportable economic forecasts and historical loss rate data from both the bank and a selected peer group. The historical loss rate data is compared to identified benchmark economic indicators to create a regression model that is updated annually. Reasonable and supportable forecasts for the identified economic indicators are then incorporated to arrive at expected default rates for the various loan categories. The reasonable and supportable forecasts are based on the National Unemployment Rate and Real Gross Domestic Product. The expected default rates are then applied to expected monthly loan balances estimated through the consideration of contractual terms and expected prepayments. The Company utilizes a four four may Management recognizes that there are additional factors impacting risk of loss in the loan portfolio beyond what is captured in the quantitative portion of collectively evaluated reserves. 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, matrices defining reserve rate based on specified metrics, 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 and internal loan review 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 method for calculating the allowance for unfunded loan commitments is based on applying an estimated funding rate to the unfunded loan commitment balance to determine a projected cashflow schedule. Then the quantitative loan loss rate from each loan pool as calculated in the DCF model described above is used to calculate the allowance for unfunded loan commitments which is recorded included in interest payable and other liabilities on the consolidated balance sheet. |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment Building (in years) 31.5 Equipment (in years) 3 – 12 Furniture and fixtures (in years) 3 – 7 Leasehold improvements (in years) 5 – 15 The Company adopted ASU No. 2016 02, Leases (Topic 842 January 1, 2019. January 1, 2019, January 1, 2019 January 1, 2019 Leasehold improvements are amortized over the lesser of the useful life of the asset or the remaining term of the lease. The straight-line method of depreciation is followed for all assets for financial reporting purposes, but accelerated methods are used for tax purposes. Deferred income taxes have been provided for the resulting temporary differences. |
Income Tax, Policy [Policy Text Block] | Income taxes The Company files income tax returns in the U.S. federal jurisdiction, and the State of California. With few exceptions, the Company is no 2020 2019. |
Transfers and Servicing of Financial Assets, Policy [Policy Text Block] | Transfers of financial assets 1 2 3 not |
Advertising Cost [Policy Text Block] | Advertising costs December 31, 2023 2022, |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive income December 31, 2023 2022, |
Federal Reserve Bank Stock, Policy [Policy Text Block] | Federal Reserve Bank Stock no 1 2 3 4 |
Federal Home Loan Bank Stock, Policy [Policy Text Block] | Federal Home Loan Bank Stock no 1 2 3 4 |
Earnings Per Share, Policy [Policy Text Block] | Earnings per common share ( EPS ) 12 1 2 3 two two not |
Share-Based Payment Arrangement [Policy Text Block] | Stock based compensation 2023 2022, |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair values of financial instruments December 31, 2023 2022. not |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurements may The Company has established and documented a process for determining fair value. The Company maximizes the use of observable inputs and minimizes the use of unobservable inputs when developing fair value measurements. Whenever there is no |
Revenue [Policy Text Block] | Revenue recognition third third |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and other intangible assets December 31, 2023 December 31, 2022. may not not The core deposit intangible represents the estimated future benefits of acquired deposits and is booked separately from the related deposits. The value of the core deposit intangible asset was determined using a discounted cash flow approach to arrive at the cost differential between the core deposits (non-maturity deposits such as transaction, savings and money market accounts) and alternative funding sources. The core deposit intangible is amortized on an accelerated basis over an estimated ten No December 31, 2023. December 31, 2023, (in thousands) 2024 2025 Total Core deposit intangible amortization $ 82 $ 77 $ 159 The Company applies a qualitative analysis of conditions in order to determine if it is more likely than not may not no December 31, 2023. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards 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 June 30, 2023, 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 1 - Summary of Accountin_2
Note 1 - Summary of Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property Plant and Equipment Estimated Useful Lives [Table Text Block] | Building (in years) 31.5 Equipment (in years) 3 – 12 Furniture and fixtures (in years) 3 – 7 Leasehold improvements (in years) 5 – 15 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (in thousands) 2024 2025 Total Core deposit intangible amortization $ 82 $ 77 $ 159 |
Note 3 - Securities (Tables)
Note 3 - Securities (Tables) | 12 Months Ended |
Dec. 31, 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 $ 84,678 $ 11 $ (4,430 ) $ 80,259 Collateralized mortgage obligations 9,108 0 (444 ) 8,664 Municipalities 345,981 2,792 (19,865 ) 328,908 SBA pools 1,394 3 (2 ) 1,395 Corporate debt 47,500 9 (3,992 ) 43,517 Asset backed securities 56,613 133 (1,411 ) 55,335 $ 545,274 $ 2,948 $ (30,144 ) $ 518,078 (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 |
Gain (Loss) on Securities [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 51 $ 190 $ (3 ) $ 79,556 $ (4,427 ) $ 79,746 $ (4,430 ) Collateralized mortgage obligations 6 4,791 (1 ) 3,873 (443 ) 8,664 (444 ) Municipalities 106 44,859 (453 ) 178,812 (19,412 ) 223,671 (19,865 ) SBA pools 4 116 0 472 (2 ) 588 (2 ) Corporate debt 13 0 0 41,508 (3,992 ) 41,508 (3,992 ) Asset backed securities 19 2,123 (8 ) 32,535 (1,403 ) 34,658 (1,411 ) Total temporarily impaired securities 199 $ 52,079 $ (465 ) $ 336,756 $ (29,679 ) $ 388,835 $ (30,144 ) (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 Fair Cost Value Available-for-sale securities: Due in one year or less $ 101,428 $ 96,439 Due after one year through five years 145,914 144,650 Due after five years through ten years 219,804 203,685 Due after ten years 78,128 73,304 $ 545,274 $ 518,078 |
Note 4 - Loans (Tables)
Note 4 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (in thousands) December 31, 2023 December 31, 2022 Commercial real estate: Construction and land $ 63,060 $ 44,423 Multi-family 54,045 52,665 Owner occupied 210,407 206,960 Non-owner occupied 470,052 402,077 Farmland 96,188 86,501 Commercial and industrial 65,218 68,364 Consumer 31,687 33,591 Agriculture 25,922 21,177 Total loans 1,016,579 915,758 Less: Deferred loan fees and costs, net (1,406 ) (1,255 ) Allowance for credit losses (10,896 ) (9,468 ) Net loans $ 1,004,277 $ 905,035 |
Financing Receivable, Past Due [Table Text Block] | December 31, 2023 30-59 60-89 90 Days Total Current Total 90 Days Commercial real estate: Construction and land $ 0 $ 0 $ 0 $ 0 $ 63,060 $ 63,060 $ 0 Multi-family 0 0 0 0 54,045 54,045 0 Owner occupied 0 0 0 0 210,407 210,407 0 Non-owner occupied 0 0 0 0 470,052 470,052 0 Farmland 0 0 0 0 96,188 96,188 0 Commercial and industrial 0 0 0 0 65,218 65,218 0 Consumer 0 0 0 0 31,687 31,687 0 Agriculture 0 0 0 0 25,922 25,922 0 Total $ 0 $ 0 $ 0 $ 0 $ 1,016,579 $ 1,016,579 $ 0 December 31, 2022 30-59 60-89 90 Days Total Current Total 90 Days Commercial real estate: Construction and land $ 0 $ 0 $ 0 $ 0 $ 44,423 $ 44,423 $ 0 Multi-family 0 0 0 0 52,665 52,665 0 Owner occupied 0 0 0 0 206,960 206,960 0 Non-owner occupied 0 0 0 0 402,077 402,077 0 Farmland 0 0 0 0 86,501 86,501 0 Commercial and industrial 0 0 0 0 68,364 68,364 0 Consumer 0 0 0 0 33,591 33,591 0 Agriculture 0 0 0 0 21,177 21,177 0 Total $ 0 $ 0 $ 0 $ 0 $ 915,758 $ 915,758 $ 0 |
Financing Receivable Credit Quality Indicators [Table Text Block] | As of December 31, 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 & land Pass $ 16,237 $ 42,670 $ 1,259 $ 0 $ 1,244 $ 1,650 $ 0 $ 63,060 Total commercial real estate - construction & land 16,237 42,670 1,259 0 1,244 1,650 0 63,060 Commercial real estate - Multi-family Pass 3,803 6,976 8,711 3,473 6,780 24,302 0 54,045 Total commercial real estate - multi-family 3,803 6,976 8,711 3,473 6,780 24,302 0 54,045 Commercial real estate - Owner occupied Pass 10,031 40,666 48,377 25,642 14,341 57,971 251 197,279 Special mention 0 0 7,683 0 0 289 530 8,502 Substandard 0 0 0 0 4,626 0 0 4,626 Total commercial real estate - owner occupied 10,031 40,666 56,060 25,642 18,967 58,260 781 210,407 Commercial real estate - Non-owner occupied Pass 78,417 71,236 81,386 43,531 44,413 145,073 1,879 465,935 Special mention 0 0 0 0 0 4,117 0 4,117 Total commercial real estate - non-owner occupied 78,417 71,236 81,386 43,531 44,413 149,190 1,879 470,052 Commercial real estate - Farmland Pass 14,377 10,393 1,667 15,392 6,551 31,610 15,717 95,707 Special mention 0 0 0 0 0 481 0 481 Total commercial real estate - farmland 14,377 10,393 1,667 15,392 6,551 32,091 15,717 96,188 Commercial and Industrial Pass 10,967 11,268 9,608 6,018 4,384 2,239 20,502 64,986 Special mention 0 0 0 139 0 6 0 145 Substandard 0 0 0 0 0 87 0 87 Total commercial and industrial 10,967 11,268 9,608 6,157 4,384 2,332 20,502 65,218 Consumer Pass 1,234 5,042 4,104 2,213 2,074 7,555 8,529 30,751 Special mention 0 0 0 0 0 0 890 890 Substandard 0 0 0 0 0 46 0 46 Total consumer 1,234 5,042 4,104 2,213 2,074 7,601 9,419 31,687 Agriculture Pass 3,032 1,707 1,309 0 214 488 18,984 25,734 Special mention 0 0 0 0 0 0 188 188 Total agriculture 3,032 1,707 1,309 0 214 488 19,172 25,922 Total by Risk Category Pass 138,098 189,958 156,421 96,269 80,001 270,888 65,862 997,497 Special mention 0 0 7,683 139 0 4,893 1,608 14,323 Substandard 0 0 0 0 4,626 133 0 4,759 Total $ 138,098 $ 189,958 $ 164,104 $ 96,408 $ 84,627 $ 275,914 $ 67,470 $ 1,016,579 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 & land Pass $ 27,101 $ 12,351 $ 1,148 $ 1,791 $ 0 $ 2,032 $ 0 $ 44,423 Total commercial real estate - construction & land 27,101 12,351 1,148 1,791 0 2,032 0 44,423 Commercial real estate - Multi-family Pass 7,115 9,285 4,335 6,962 3,874 21,094 0 52,665 Total commercial real estate - multi-family 7,115 9,285 4,335 6,962 3,874 21,094 0 52,665 Commercial real estate - Owner occupied Pass 41,709 49,820 26,969 14,891 14,122 50,689 500 198,700 Special mention 0 7,959 0 0 301 0 0 8,260 Total commercial real estate - owner occupied 41,709 57,779 26,969 14,891 14,423 50,689 500 206,960 Commercial real estate - Non-owner occupied Pass 55,503 82,180 46,911 46,613 51,557 111,324 2,521 396,609 Special mention 0 0 0 0 0 743 0 743 Substandard 0 0 0 4,725 0 0 0 4,725 Total commercial real estate - non-owner occupied 55,503 82,180 46,911 51,338 51,557 112,067 2,521 402,077 Commercial real estate - Farmland Pass 10,831 2,531 16,315 7,375 9,114 25,514 14,821 86,501 Total commercial real estate - farmland 10,831 2,531 16,315 7,375 9,114 25,514 14,821 86,501 Commercial and Industrial Pass 11,697 15,746 9,851 5,892 2,242 1,651 19,412 66,491 Special mention 0 0 208 90 47 123 1,155 1,623 Substandard 0 0 0 0 0 0 250 250 Total commercial and industrial 11,697 15,746 10,059 5,982 2,289 1,774 20,817 68,364 Consumer Pass 5,230 4,702 3,414 2,168 2,307 6,171 8,649 32,641 Special mention 0 0 0 0 0 0 899 899 Substandard 0 0 0 0 0 51 0 51 Total consumer 5,230 4,702 3,414 2,168 2,307 6,222 9,548 33,591 Agriculture Pass 1,676 1,850 0 387 0 651 16,613 21,177 Total agriculture 1,676 1,850 0 387 0 651 16,613 21,177 Total by Risk Category Pass 160,862 178,465 108,943 86,079 83,216 219,126 62,516 899,207 Special mention 0 7,959 208 90 348 866 2,054 11,525 Substandard 0 0 0 4,725 0 51 250 5,026 Total $ 160,862 $ 186,424 $ 109,151 $ 90,894 $ 83,564 $ 220,043 $ 64,820 $ 915,758 Year ended December 31, 2023 (in thousands) Term Loans Charged-off by Origination Year Chargeoffs 2023 2022 2021 2020 2019 Prior Revolving Loans Total Commercial real estate: Construction & land $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Multi-family 0 0 0 0 0 0 0 0 Owner occupied 0 0 0 0 0 0 0 0 Non-owner occupied 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 40 40 Agriculture 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 12 $ 0 $ 0 $ 0 $ 40 $ 52 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Allowance for Credit Losses For the Years Ended December 31, 2023 and 2022 (in thousands) Year Ended December 31, 2023 CRE & Land CRE family CRE occupied CRE owner occupied CRE Commercial and Industrial Consumer Agriculture Total Beginning balance $ 1,055 $ 479 $ 1,798 $ 4,211 $ 830 $ 612 $ 311 $ 172 $ 9,468 CECL day-one adjustments 338 23 103 25 12 102 (120 ) (137 ) 346 Charge-offs 0 0 0 0 0 (12 ) (40 ) 0 (52 ) Recoveries 139 0 0 0 0 12 13 0 164 Provision for (reversal of) credit losses (305 ) 165 (96 ) 569 626 (64 ) 63 12 970 Ending balance $ 1,227 $ 667 $ 1,805 $ 4,805 $ 1,468 $ 650 $ 227 $ 47 $ 10,896 Year Ended December 31, 2022 Beginning balance $ 728 $ 502 $ 2,141 $ 5,105 $ 858 $ 746 $ 352 $ 306 $ 10,738 Charge-offs 0 0 0 0 0 0 (53 ) 0 (53 ) Recoveries 123 0 0 0 0 0 10 0 133 Provision for (reversal of) credit losses 204 (23 ) (343 ) (894 ) (28 ) (134 ) 2 (134 ) (1,350 ) Ending balance $ 1,055 $ 479 $ 1,798 $ 4,211 $ 830 $ 612 $ 311 $ 172 $ 9,468 (in thousands) December 31, 2023 CRE & Land CRE family CRE occupied CRE owner occupied CRE Commercial and Industrial Consumer Agriculture Total Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 1,227 667 1,805 4,805 1,468 650 227 47 10,896 $ 1,227 $ 667 $ 1,805 $ 4,805 $ 1,468 $ 650 $ 227 $ 47 $ 10,896 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 63,060 54,045 210,407 470,052 96,188 65,218 31,687 25,922 1,016,579 $ 63,060 $ 54,045 $ 210,407 $ 470,052 $ 96,188 $ 65,218 $ 31,687 $ 25,922 $ 1,016,579 December 31, 2022 Allowance for credit losses for loans: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 1,055 479 1,798 4,211 830 612 311 172 9,468 $ 1,055 $ 479 $ 1,798 $ 4,211 $ 830 $ 612 $ 311 $ 172 $ 9,468 Ending gross loan balances: Individually evaluated for impairment $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Collectively evaluated for impairment 44,423 52,665 206,960 402,077 86,501 68,364 33,591 21,177 915,758 $ 44,423 $ 52,665 $ 206,960 $ 402,077 $ 86,501 $ 68,364 $ 33,591 $ 21,177 $ 915,758 |
Change in Allowance for Loan Losses [Table Text Block] | (in thousands) YEARS ENDED DECEMBER 31, 2023 2022 Balance, beginning of year $ 546 $ 469 CECL day-one adjustment 547 0 (Reversal of) provision charged to operations for off balance sheet (484 ) 77 Balance, end of year $ 609 $ 546 |
Note 5 - Premises and Equipme_2
Note 5 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | ( DECEMBER 31, 2023 2022 Land $ 5,195 $ 5,195 Building 10,874 10,790 Leasehold improvements 5,417 5,357 Furniture, fixtures, and equipment 5,087 4,735 Branch construction work-in-process 1,494 239 28,067 26,316 Less accumulated depreciation (12,202 ) (11,016 ) $ 15,865 $ 15,300 |
Note 6 - Interest Receivable _2
Note 6 - Interest Receivable and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | ( DECEMBER 31, 2023 2022 Restricted equity securities $ 5,956 $ 5,236 Interest income receivable on loans 2,866 2,465 Interest income receivable on investments 5,520 5,465 Investments in limited partnerships 13,684 14,582 Lease right of use asset 6,853 7,755 Prepaid expenses and other 1,397 1,537 $ 36,276 $ 37,040 |
Note 7 - Deposits (Tables)
Note 7 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Deposit Account Balances [Table Text Block] | DECEMBER 31, (in thousands) 2023 2022 Demand $ 1,099,830 $ 1,202,321 Money market deposit accounts 363,386 405,797 Savings 131,796 165,994 Time deposits $250,000 and under 33,399 24,712 Time deposits over $250,000 22,123 15,473 Total deposits $ 1,650,534 $ 1,814,297 |
Schedule of Maturities of Deposit [Table Text Block] | Year ending December 31, 2024 $ 49,275 2025 4,983 2026 985 2027 279 2028 0 $ 55,522 |
Note 9 - Interest on Deposits (
Note 9 - Interest on Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Interest Income and Interest Expense Disclosure [Table Text Block] | YEARS ENDED DECEMBER 31, (in thousands) 2023 2022 Savings and other deposits $ 4,266 $ 1,015 Time deposits over $250,000 222 46 Time deposits $250,000 and under 375 58 $ 4,863 $ 1,119 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (in thousands) YEARS ENDED DECEMBER 31, 2023 2022 Current Federal $ 6,215 $ 3,364 State 4,213 2,934 10,428 6,298 Deferred Federal (739 ) 294 State (231 ) 195 (970 ) 489 $ 9,458 $ 6,787 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (in thousands) DECEMBER 31, 2023 2022 Deferred tax assets: Allowance for credit losses $ 3,221 $ 2,800 Restricted stock expense 106 129 Accrued vacation 167 184 Accrued salary continuation liability 1,717 1,600 Deferred compensation 77 78 Core deposit intangible 95 90 Merger Costs 55 63 Reserve for undisbursed commitments 180 162 State income tax 885 616 Holding company organization fees 1 1 Accumulated depreciation 49 0 Unrealized loss on securities available for sale 8,040 12,897 14,593 18,620 Deferred tax liabilities: Prepaid expenses (92 ) (79 ) FHLB dividends (144 ) (144 ) Accumulated depreciation 0 (193 ) Accrued bonus (6 ) (6 ) Deferred loan costs (347 ) (372 ) Goodwill Amortization (522 ) (457 ) Limited partner investment in small business equity fund (235 ) (235 ) (1,346 ) (1,486 ) Net deferred income tax asset $ 13,247 $ 17,134 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | YEARS ENDED DECEMBER 31, 2023 2022 Federal statutory income tax rate 21.0 % 21.0 % State taxes, net of federal tax benefit 8.6 % 8.6 % Tax exempt interest on municipal securities and loans -5.0 % -5.9 % Other -1.1 % -0.8 % Effective tax rate 23.5 % 22.9 % |
Note 11 - Stock Option Plan (Ta
Note 11 - Stock Option Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | DECEMBER 31, 2023 DECEMBER 31, 2022 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 82,023 $ 18.43 87,850 $ 18.50 Issued 43,446 $ 26.46 27,047 $ 18.86 Vested (32,178 ) $ 19.08 (31,074 ) $ 19.06 Forfeited (300 ) $ 17.85 (1,800 ) $ 17.69 Unvested at end of year 92,991 $ 21.96 82,023 $ 18.43 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | YEAR ENDED DECEMBER 31, 2023 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 30,848 8,193,874 $ 3.76 Effect of dilutive securities: Non-vested restricted stock — 37,018 Total dilutive shares 37,018 Diluted EPS: Net income per diluted share $ 30,848 8,230,892 $ 3.75 YEAR ENDED DECEMBER 31, 2022 Weighted Avg (dollars in thousands) Income Shares Per-Share (Numerator) (Denominator) Amount Basic EPS: Net income $ 22,902 8,169,078 $ 2.80 Effect of dilutive securities: Non-vested restricted stock — 35,691 Total dilutive shares 35,691 Diluted EPS: Net income per diluted share $ 22,902 8,204,769 $ 2.79 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year ending December 31, 2024 $ 1,400 2025 1,254 2026 1,025 2027 864 2028 828 Thereafter 2,892 $ 8,263 Reconciling items: Present value discount (1,104 ) Present value of lease liabilities $ 7,159 |
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block] | Contract (in thousands) Amount Undisbursed loan commitments $ 163,413 Checking reserve 1,334 Equity lines 17,973 Standby letters of credit 3,613 $ 186,333 |
Note 14 - Financial Instrumen_2
Note 14 - Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 $ 216,568 $ 216,568 1 Restricted equity securities 5,956 5,956 2 Loans, net 1,004,277 917,242 3 Interest receivable 8,386 8,386 2 Financial liabilities: Deposits (1,650,534 ) (1,649,808 ) 3 Interest payable (128 ) (128 ) 2 Off-balance-sheet assets (liabilities): Commitments and standby letters of credit (1,863 ) 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 7,930 7,930 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 at December 31, 2023 Using (in thousands) December 31, 2023 Quoted Prices Significant Significant Assets and liabilities measured on a recurring basis: Available-for-sale securities: U.S. agencies $ 80,259 $ 0 $ 80,259 $ 0 Collateralized mortgage obligations 8,664 0 8,664 0 Municipalities 328,908 0 328,908 0 SBA pools 1,395 0 1,395 0 Corporate debt 43,517 0 43,517 0 Asset backed securities 55,335 0 55,335 0 Equity Securities: Mutual fund $ 3,132 $ 3,132 $ 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 Significant Significant 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 15 - Related Party Trans_2
Note 15 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | YEARS ENDED DECEMBER 31, (in thousands) 2023 2022 Aggregate amount outstanding, beginning of year $ 4,055 $ 5,622 New loans or advances during year 9,061 10,066 Repayments during year (2,070 ) (11,633 ) Aggregate amount outstanding, end of year $ 11,046 $ 4,055 |
Note 19 - Regulatory Matters (T
Note 19 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (in thousands) Regulatory Actual Minimum Capital ratios for Bank: Amount Ratio Amount Ratio As of December 31, 2023 Total capital (to Risk- Weighted Assets) $ 193,005 14.7% $ 137,819 >10.5% Tier I capital (to Risk- Weighted Assets) $ 181,500 13.8% $ 111,567 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 181,500 13.8% $ 91,879 >7.0% Tier I capital (to Average Assets) $ 181,500 9.6% $ 75,303 >4.0% As of December 31, 2022 Total capital (to Risk- Weighted Assets) $ 163,593 12.4% $ 138,578 >10.5% Tier I capital (to Risk- Weighted Assets) $ 153,579 11.6% $ 112,182 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 153,579 11.6% $ 92,386 >7.0% Tier I capital (to Average Assets) $ 153,579 7.6% $ 81,286 >4.0% Capital ratios for the Company: As of December 31, 2023 Total capital (to Risk- Weighted Assets) $ 193,280 14.7% $ 137,835 >10.5% Tier I capital (to Risk- Weighted Assets) $ 181,775 13.9% $ 111,851 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 181,775 13.9% $ 91,890 >7.0% Tier I capital (to Average Assets) $ 181,775 9.7% $ 75,306 >4.0% As of December 31, 2022 Total capital (to Risk- Weighted Assets) $ 163,810 12.4% $ 138,584 >10.5% Tier I capital (to Risk- Weighted Assets) $ 153,796 11.7% $ 112,187 >8.5% Common Equity Tier 1 Capital (to Risk Weighted Assets) $ 153,796 11.7% $ 92,389 >7.0% Tier I capital (to Average Assets) $ 153,796 7.6% $ 81,289 >4.0% |
Note 20 - Parent Only Condens_2
Note 20 - Parent Only Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (dollars in thousands) December 31, December 31, 2023 2022 ASSETS Cash $ 167 $ 165 Investment in bank subsidiary 165,817 126,409 Other assets 153 53 Total assets $ 166,137 $ 126,627 LIABILITIES AND SHAREHOLDERS EQUITY Other liabilities $ 45 $ 1 Total liabilities $ 45 $ 1 Shareholders’ equity Common stock, no 50,000,000 8,293,168 8,257,894 25,435 25,435 Additional paid-in capital 5,512 5,190 Retained earnings 154,301 126,728 Accumulated other comprehensive loss, net of tax (19,156 ) (30,727 ) Total shareholders’ equity 166,092 126,626 Total liabilities and shareholders' equity $ 166,137 $ 126,627 |
Condensed Income Statement [Table Text Block] | Year Ended December 31, (dollars in thousands) 2023 2022 INCOME Dividends declared by subsidiary $ 2,896 $ 2,724 Total income 2,896 2,724 EXPENSES Salary expense 146 136 Employee benefit expense 533 623 Legal expense 62 44 Other operating expenses 91 108 Total expenses 832 911 Income before equity in undistributed income of subsidiary 2,064 1,813 Equity in undistributed net income of subsidiary 28,465 20,826 Income before income tax benefit 30,529 22,639 Income tax benefit 319 263 Net income $ 30,848 $ 22,902 |
Condensed Cash Flow Statement [Table Text Block] | YEAR ENDED DECEMBER 31, (dollars in thousands) 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 30,848 $ 22,902 Adjustments to reconcile net income to net cash from operating activities: Undistributed net income of subsidiary (28,465 ) (20,826 ) Stock based compensation 533 623 Increase (decrease) in other liabilities 44 (1 ) Increase in other assets (101 ) (8 ) Net cash from operating activities 2,859 2,690 CASH FLOWS FROM FINANCING ACTIVITIES: Shareholder cash dividends paid (2,896 ) (2,724 ) Inter-company dividend from bank subsidiary 250 250 Tax withholding payments on vested restricted shares surrendered (211 ) (121 ) Net cash used in financing activities (2,857 ) (2,595 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 2 95 CASH AND CASH EQUIVALENTS, beginning of period 165 70 CASH AND CASH EQUIVALENTS, end of period $ 167 $ 165 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash paid during the year for income taxes $ 10,449 $ 3,910 |
Note 1 - Summary of Accountin_3
Note 1 - Summary of Accounting Policies (Details Textual) | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Jan. 01, 2023 USD ($) | Dec. 31, 2021 USD ($) | Jan. 01, 2019 USD ($) | |
Financing Receivable, Allowance for Credit Loss | $ 10,896,000 | $ 9,468,000 | $ 10,738,000 | ||
Advertising Expense | 371,000 | 355,000 | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | $ 110,000 | $ 0 | |||
Number of Forms of Outstanding Stock Awards | 2 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | shares | 43,446 | 27,047 | |||
Goodwill, Ending Balance | $ 3,313,000 | $ 3,313,000 | |||
Off-Balance-Sheet, Credit Loss, Liability | 609,000 | 546,000 | 469,000 | ||
Retained Earnings (Accumulated Deficit) | 154,301,000 | 126,728,000 | |||
Core Deposits [Member] | |||||
Finite-Lived Intangible Assets, Net | $ 159,000 | 245,000 | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | 0 | |||
Interest Payable and Other Liabilities [Member] | |||||
Operating Lease, Liability, Total | 7,159,000 | 8,007,000 | $ 5,246,000 | ||
Interest Receivable and Other Assets [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 6,853,000 | 7,755,000 | $ 4,817,000 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||
Financing Receivable, Allowance for Credit Loss | 346,000 | $ 346,000 | |||
Off-Balance-Sheet, Credit Loss, Liability | $ 547,000 | 547,000 | $ 0 | ||
Retained Earnings (Accumulated Deficit) | (629,000) | ||||
Deferred Tax Assets, Net of Valuation Allowance | $ 264,000 |
Note 1 - Summary of Accountin_4
Note 1 - Summary of Accounting Policies - Premises and Equipment Estimated Useful Lives (Details) | Dec. 31, 2023 |
Building [Member] | |
Property, plant, and equipment, useful life (Year) | 31 years 6 months |
Equipment [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 12 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 3 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, plant, and equipment, useful life (Year) | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, plant, and equipment, useful life (Year) | 15 years |
Note 1 - Summary of Accountin_5
Note 1 - Summary of Accounting Policies - Future Estimated Amortization Expense (Details) - Core Deposits [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
2023 | $ 82,000 | |
2024 | 77,000 | |
Finite-Lived Intangible Assets, Net | $ 159,000 | $ 245,000 |
Note 2 - Cash and Due From Ba_2
Note 2 - Cash and Due From Banks (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Cash Reserve Deposit Required and Made | $ 147,379,000 | $ 225,366,000 |
Cash, FDIC Insured Amount | 45,968,000 | |
Cash, Uninsured Amount | $ 23,221,000 |
Note 3 - Securities (Details Te
Note 3 - Securities (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Equity Securities, FV-NI, Current | $ 3,132,000 | $ 2,990,000 |
Equity Securities, FV-NI, Realized Gain (Loss), Total | 0 | 0 |
Equity Securities, FV-NI, Unrealized Gain (Loss) | $ 41,000 | $ (475,000) |
Number of Debt Securities, Available-for-sale, Sold | 24 | 0 |
Asset Pledged as Collateral [Member] | Public Funds [Member] | ||
Debt Securities | $ 288,199,000 | $ 242,023,000 |
Debt Securities, Called During The Period [member] | ||
Debt Securities, Realized Gain (Loss) | 13,000 | $ 0 |
Debt Securities Sold During Period [Member] | ||
Debt Securities, Available-for-Sale, Realized Gain (Loss) | $ 143,000 |
Note 3 - Securities - Amortized
Note 3 - Securities - Amortized Cost and Estimated Fair Values of Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale securities, amortized cost | $ 545,274 | $ 571,062 |
Available-for-sale securities, gross unrealized gains | 2,948 | 1,056 |
Available-for-sale securities, gross unrealized losses | (30,144) | (44,680) |
Available-for-sale securities, fair market value | 518,078 | 527,438 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 84,678 | 94,142 |
Available-for-sale securities, gross unrealized gains | 11 | 18 |
Available-for-sale securities, gross unrealized losses | (4,430) | (5,439) |
Available-for-sale securities, fair market value | 80,259 | 88,721 |
Collateralized Mortgage Obligations [Member] | ||
Available-for-sale securities, amortized cost | 9,108 | 5,094 |
Available-for-sale securities, gross unrealized gains | 0 | 0 |
Available-for-sale securities, gross unrealized losses | (444) | (483) |
Available-for-sale securities, fair market value | 8,664 | 4,611 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 345,981 | 361,643 |
Available-for-sale securities, gross unrealized gains | 2,792 | 1,017 |
Available-for-sale securities, gross unrealized losses | (19,865) | (31,079) |
Available-for-sale securities, fair market value | 328,908 | 331,581 |
SBA Pool [Member] | ||
Available-for-sale securities, amortized cost | 1,394 | 2,358 |
Available-for-sale securities, gross unrealized gains | 3 | 10 |
Available-for-sale securities, gross unrealized losses | (2) | (6) |
Available-for-sale securities, fair market value | 1,395 | 2,362 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities, amortized cost | 47,500 | 47,512 |
Available-for-sale securities, gross unrealized gains | 9 | 0 |
Available-for-sale securities, gross unrealized losses | (3,992) | (5,452) |
Available-for-sale securities, fair market value | 43,517 | 42,060 |
Asset-Backed Securities [Member] | ||
Available-for-sale securities, amortized cost | 56,613 | 60,313 |
Available-for-sale securities, gross unrealized gains | 133 | 11 |
Available-for-sale securities, gross unrealized losses | (1,411) | (2,221) |
Available-for-sale securities, fair market value | $ 55,335 | $ 58,103 |
Note 3 - Securities - Securitie
Note 3 - Securities - Securities in a Continuous Loss Position (Details) Pure in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Number of Securities | 199 | 231 |
Less than 12 months, fair value | $ (52,079) | $ (369,614) |
Less than 12 months, unrealized loss | (465) | (26,374) |
12 months or more, fair value | (336,756) | (76,760) |
12 months or more, unrealized loss | (29,679) | (18,306) |
Fair value | (388,835) | (446,374) |
Unrealized loss | $ (30,144) | $ (44,680) |
US Government Agencies Debt Securities [Member] | ||
Number of Securities | 51 | 52 |
Less than 12 months, fair value | $ (190) | $ (81,936) |
Less than 12 months, unrealized loss | (3) | (4,451) |
12 months or more, fair value | (79,556) | (3,972) |
12 months or more, unrealized loss | (4,427) | (988) |
Fair value | (79,746) | (85,908) |
Unrealized loss | $ (4,430) | $ (5,439) |
Collateralized Mortgage Obligations [Member] | ||
Number of Securities | 6 | 5 |
Less than 12 months, fair value | $ (4,791) | $ (4,278) |
Less than 12 months, unrealized loss | (1) | (431) |
12 months or more, fair value | (3,873) | (333) |
12 months or more, unrealized loss | (443) | (52) |
Fair value | (8,664) | (4,611) |
Unrealized loss | $ (444) | $ (483) |
US States and Political Subdivisions Debt Securities [Member] | ||
Number of Securities | 106 | 132 |
Less than 12 months, fair value | $ (44,859) | $ (216,154) |
Less than 12 months, unrealized loss | (453) | (16,782) |
12 months or more, fair value | (178,812) | (46,348) |
12 months or more, unrealized loss | (19,412) | (14,297) |
Fair value | (223,671) | (262,502) |
Unrealized loss | $ (19,865) | $ (31,079) |
SBA Pool [Member] | ||
Number of Securities | 4 | 4 |
Less than 12 months, fair value | $ (116) | $ 0 |
Less than 12 months, unrealized loss | 0 | 0 |
12 months or more, fair value | (472) | (975) |
12 months or more, unrealized loss | (2) | (6) |
Fair value | (588) | (975) |
Unrealized loss | $ (2) | $ (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 | (41,508) | (11,089) |
12 months or more, unrealized loss | (3,992) | (2,411) |
Fair value | (41,508) | (42,060) |
Unrealized loss | $ (3,992) | $ (5,452) |
Asset-Backed Securities [Member] | ||
Number of Securities | 19 | 24 |
Less than 12 months, fair value | $ (2,123) | $ (36,275) |
Less than 12 months, unrealized loss | (8) | (1,669) |
12 months or more, fair value | (32,535) | (14,043) |
12 months or more, unrealized loss | (1,403) | (552) |
Fair value | (34,658) | (50,318) |
Unrealized loss | $ (1,411) | $ (2,221) |
Note 3 - Securities - Contractu
Note 3 - Securities - Contractual Maturity or Call Date (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Due in one year or less, amortized cost | $ 101,428 | |
Due in one year or less, fair value | 96,439 | |
Due after one year through five years, amortized cost | 145,914 | |
Due after one year through five years, fair value | 144,650 | |
Due after five years through ten years, amortized cost | 219,804 | |
Due after five years through ten years, fair value | 203,685 | |
Due after ten years, amortized cost | 78,128 | |
Due after ten years, fair value | 73,304 | |
Amortized cost | 545,274 | $ 571,062 |
Fair Value | $ 518,078 | $ 527,438 |
Note 4 - Loans (Details Textual
Note 4 - Loans (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, Percentage of Outstanding Principal Balance Secured by Owner Occupied Properties | 35% | |
Underwriting Standards, Loan to Value Percentage | 80% | |
Underwriting Standards, Housing Percentage | 36% | |
Underwriting Standards, Total Debt Ratio | 42% | |
Financing Receivable, Nonaccrual | $ 0 | $ 0 |
Financing Receivable, Modifications, Number of Contracts | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 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, before Allowance for Credit Loss, Fee and Loan in Process | $ 1,016,579,000 | $ 915,758,000 |
Substandard [Member] | ||
Financing Receivable Rating Example, Percentage of Loans Classified in Rating Category | 40% | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 4,759,000 | 5,026,000 |
Doubtful [Member] | ||
Financing Receivable Rating Example, Percentage of Loans Classified in Rating Category | 25% | |
Unlikely to be Collected Financing Receivable [Member] | ||
Financing Receivable Rating Example, Percentage of Loans Classified in Rating Category | 35% | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 0 | 0 |
Minimum [Member] | ||
Financing Receivable, Rating Example Disbursement to Unsecured Creditors by Illusory Company in Liquidation, Percentage | 40% | |
Maximum [Member] | ||
Financing Receivable, Rating Example Disbursement to Unsecured Creditors by Illusory Company in Liquidation, Percentage | 65% | |
Commercial Real Estate Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, to Total, Percent | 88% | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, before Allowance for Credit Loss, to Total, Percent | 600% | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 65,218,000 | 68,364,000 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 87,000 | 250,000 |
Residential Real Estate and Other Consumer Loans [Member] | ||
Financing Receivable, before Allowance for Credit Loss, to Total, Percent | 3% | |
Agriculture [Member] | ||
Financing Receivable, before Allowance for Credit Loss, to Total, Percent | 3% | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | $ 25,922,000 | $ 21,177,000 |
Note 4 - Loans - Loans (Details
Note 4 - Loans - Loans (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | $ 1,016,579,000 | $ 915,758,000 | |
Deferred loan fees and costs, net | (1,406,000) | (1,255,000) | |
Allowance for credit losses | (10,896,000) | (9,468,000) | $ (10,738,000) |
Net loans | 1,004,277,000 | 905,035,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | |||
Loans | 63,060,000 | 44,423,000 | |
Allowance for credit losses | (1,227,000) | (1,055,000) | (728,000) |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Loans | 54,045,000 | 52,665,000 | |
Allowance for credit losses | (667,000) | (479,000) | (502,000) |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Loans | 210,407,000 | 206,960,000 | |
Allowance for credit losses | (1,805,000) | (1,798,000) | (2,141,000) |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | |||
Loans | 470,052,000 | 402,077,000 | |
Allowance for credit losses | (4,805,000) | (4,211,000) | (5,105,000) |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Loans | 96,188,000 | 86,501,000 | |
Allowance for credit losses | (1,468,000) | (830,000) | (858,000) |
Commercial Portfolio Segment [Member] | |||
Loans | 65,218,000 | 68,364,000 | |
Allowance for credit losses | (650,000) | (612,000) | (746,000) |
Consumer Portfolio Segment [Member] | |||
Loans | 31,687,000 | 33,591,000 | |
Allowance for credit losses | (227,000) | (311,000) | (352,000) |
Agriculture [Member] | |||
Loans | 25,922,000 | 21,177,000 | |
Allowance for credit losses | $ (47,000) | $ (172,000) | $ (306,000) |
Note 4 - Loans - Aging of Past
Note 4 - Loans - Aging of Past Due Loans (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Loans | $ 1,016,579,000 | $ 915,758,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Loans | 63,060,000 | 44,423,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 54,045,000 | 52,665,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||
Loans | 210,407,000 | 206,960,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | ||
Loans | 470,052,000 | 402,077,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 96,188,000 | 86,501,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 65,218,000 | 68,364,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 31,687,000 | 33,591,000 |
Greater than 90 days past due and still accruing | 0 | 0 |
Agriculture [Member] | ||
Loans | 25,922,000 | 21,177,000 |
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, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Loans | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||
Loans | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | ||
Loans | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, 30 to 59 Days Past Due [Member] | Agriculture [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, 60 to 89 Days Past Due [Member] | Agriculture [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Agriculture [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 0 | 0 |
Financial Asset, Past Due [Member] | Agriculture [Member] | ||
Loans | 0 | 0 |
Financial Asset, Not Past Due [Member] | ||
Loans | 1,016,579,000 | 915,758,000 |
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Loans | 63,060,000 | 44,423,000 |
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Loans | 54,045,000 | 52,665,000 |
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||
Loans | 210,407,000 | 206,960,000 |
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | ||
Loans | 470,052,000 | 402,077,000 |
Financial Asset, Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Loans | 96,188,000 | 86,501,000 |
Financial Asset, Not Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 65,218,000 | 68,364,000 |
Financial Asset, Not Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 31,687,000 | 33,591,000 |
Financial Asset, Not Past Due [Member] | Agriculture [Member] | ||
Loans | $ 25,922,000 | $ 21,177,000 |
Note 4 - Loans - Credit Quality
Note 4 - Loans - Credit Quality Indicators (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Year One | $ 138,098,000 | $ 160,862,000 |
Financing Receivable, Year Two | 189,958,000 | 186,424,000 |
Financing Receivable, Year Three | 164,104,000 | 109,151,000 |
Financing Receivable, Year Four | 96,408,000 | 90,894,000 |
Financing Receivable, Year Five | 84,627,000 | 83,564,000 |
Financing Receivable, Prior | 275,914,000 | 220,043,000 |
Financing Receivable, Revolving | 67,470,000 | 64,820,000 |
Loans | 1,016,579,000 | 915,758,000 |
Gross write offs, year one | 0 | |
Gross write offs, year two | 0 | |
Gross write offs, year three | 12,000 | |
Gross write offs, year four | 0 | |
Gross write offs, year five | 0 | |
Gross write offs, year prior | 0 | |
Gross write offs, revolving | 40,000 | |
Gross write offs | 52,000 | 53,000 |
Pass [Member] | ||
Financing Receivable, Year One | 138,098,000 | 160,862,000 |
Financing Receivable, Year Two | 189,958,000 | 178,465,000 |
Financing Receivable, Year Three | 156,421,000 | 108,943,000 |
Financing Receivable, Year Four | 96,269,000 | 86,079,000 |
Financing Receivable, Year Five | 80,001,000 | 83,216,000 |
Financing Receivable, Prior | 270,888,000 | 219,126,000 |
Financing Receivable, Revolving | 65,862,000 | 62,516,000 |
Loans | 997,497,000 | 899,207,000 |
Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 7,959,000 |
Financing Receivable, Year Three | 7,683,000 | 208,000 |
Financing Receivable, Year Four | 139,000 | 90,000 |
Financing Receivable, Year Five | 0 | 348,000 |
Financing Receivable, Prior | 4,893,000 | 866,000 |
Financing Receivable, Revolving | 1,608,000 | 2,054,000 |
Loans | 14,323,000 | 11,525,000 |
Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 4,725,000 |
Financing Receivable, Year Five | 4,626,000 | 0 |
Financing Receivable, Prior | 133,000 | 51,000 |
Financing Receivable, Revolving | 0 | 250,000 |
Loans | 4,759,000 | 5,026,000 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | ||
Financing Receivable, Year One | 16,237,000 | 27,101,000 |
Financing Receivable, Year Two | 42,670,000 | 12,351,000 |
Financing Receivable, Year Three | 1,259,000 | 1,148,000 |
Financing Receivable, Year Four | 0 | 1,791,000 |
Financing Receivable, Year Five | 1,244,000 | 0 |
Financing Receivable, Prior | 1,650,000 | 2,032,000 |
Financing Receivable, Revolving | 0 | 0 |
Loans | 63,060,000 | 44,423,000 |
Gross write offs, year one | 0 | |
Gross write offs, year two | 0 | |
Gross write offs, year three | 0 | |
Gross write offs, year four | 0 | |
Gross write offs, year five | 0 | |
Gross write offs, year prior | 0 | |
Gross write offs, revolving | 0 | |
Gross write offs | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Pass [Member] | ||
Financing Receivable, Year One | 16,237,000 | 27,101,000 |
Financing Receivable, Year Two | 42,670,000 | 12,351,000 |
Financing Receivable, Year Three | 1,259,000 | 1,148,000 |
Financing Receivable, Year Four | 0 | 1,791,000 |
Financing Receivable, Year Five | 1,244,000 | 0 |
Financing Receivable, Prior | 1,650,000 | 2,032,000 |
Financing Receivable, Revolving | 0 | 0 |
Loans | 63,060,000 | 44,423,000 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | ||
Financing Receivable, Year One | 3,803,000 | 7,115,000 |
Financing Receivable, Year Two | 6,976,000 | 9,285,000 |
Financing Receivable, Year Three | 8,711,000 | 4,335,000 |
Financing Receivable, Year Four | 3,473,000 | 6,962,000 |
Financing Receivable, Year Five | 6,780,000 | 3,874,000 |
Financing Receivable, Prior | 24,302,000 | 21,094,000 |
Financing Receivable, Revolving | 0 | 0 |
Loans | 54,045,000 | 52,665,000 |
Gross write offs, year one | 0 | |
Gross write offs, year two | 0 | |
Gross write offs, year three | 0 | |
Gross write offs, year four | 0 | |
Gross write offs, year five | 0 | |
Gross write offs, year prior | 0 | |
Gross write offs, revolving | 0 | |
Gross write offs | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Pass [Member] | ||
Financing Receivable, Year One | 3,803,000 | 7,115,000 |
Financing Receivable, Year Two | 6,976,000 | 9,285,000 |
Financing Receivable, Year Three | 8,711,000 | 4,335,000 |
Financing Receivable, Year Four | 3,473,000 | 6,962,000 |
Financing Receivable, Year Five | 6,780,000 | 3,874,000 |
Financing Receivable, Prior | 24,302,000 | 21,094,000 |
Financing Receivable, Revolving | 0 | 0 |
Loans | 54,045,000 | 52,665,000 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | ||
Financing Receivable, Year One | 10,031,000 | 41,709,000 |
Financing Receivable, Year Two | 40,666,000 | 57,779,000 |
Financing Receivable, Year Three | 56,060,000 | 26,969,000 |
Financing Receivable, Year Four | 25,642,000 | 14,891,000 |
Financing Receivable, Year Five | 18,967,000 | 14,423,000 |
Financing Receivable, Prior | 58,260,000 | 50,689,000 |
Financing Receivable, Revolving | 781,000 | 500,000 |
Loans | 210,407,000 | 206,960,000 |
Gross write offs, year one | 0 | |
Gross write offs, year two | 0 | |
Gross write offs, year three | 0 | |
Gross write offs, year four | 0 | |
Gross write offs, year five | 0 | |
Gross write offs, year prior | 0 | |
Gross write offs, revolving | 0 | |
Gross write offs | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Pass [Member] | ||
Financing Receivable, Year One | 10,031,000 | 41,709,000 |
Financing Receivable, Year Two | 40,666,000 | 49,820,000 |
Financing Receivable, Year Three | 48,377,000 | 26,969,000 |
Financing Receivable, Year Four | 25,642,000 | 14,891,000 |
Financing Receivable, Year Five | 14,341,000 | 14,122,000 |
Financing Receivable, Prior | 57,971,000 | 50,689,000 |
Financing Receivable, Revolving | 251,000 | 500,000 |
Loans | 197,279,000 | 198,700,000 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 7,959,000 |
Financing Receivable, Year Three | 7,683,000 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 301,000 |
Financing Receivable, Prior | 289,000 | 0 |
Financing Receivable, Revolving | 530,000 | 0 |
Loans | 8,502,000 | 8,260,000 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 0 | |
Financing Receivable, Year Five | 4,626,000 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Loans | 4,626,000 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | ||
Financing Receivable, Year One | 78,417,000 | 55,503,000 |
Financing Receivable, Year Two | 71,236,000 | 82,180,000 |
Financing Receivable, Year Three | 81,386,000 | 46,911,000 |
Financing Receivable, Year Four | 43,531,000 | 51,338,000 |
Financing Receivable, Year Five | 44,413,000 | 51,557,000 |
Financing Receivable, Prior | 149,190,000 | 112,067,000 |
Financing Receivable, Revolving | 1,879,000 | 2,521,000 |
Loans | 470,052,000 | 402,077,000 |
Gross write offs, year one | 0 | |
Gross write offs, year two | 0 | |
Gross write offs, year three | 0 | |
Gross write offs, year four | 0 | |
Gross write offs, year five | 0 | |
Gross write offs, year prior | 0 | |
Gross write offs, revolving | 0 | |
Gross write offs | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | Pass [Member] | ||
Financing Receivable, Year One | 78,417,000 | 55,503,000 |
Financing Receivable, Year Two | 71,236,000 | 82,180,000 |
Financing Receivable, Year Three | 81,386,000 | 46,911,000 |
Financing Receivable, Year Four | 43,531,000 | 46,613,000 |
Financing Receivable, Year Five | 44,413,000 | 51,557,000 |
Financing Receivable, Prior | 145,073,000 | 111,324,000 |
Financing Receivable, Revolving | 1,879,000 | 2,521,000 |
Loans | 465,935,000 | 396,609,000 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable, Prior | 4,117,000 | 743,000 |
Financing Receivable, Revolving | 0 | 0 |
Loans | 4,117,000 | 743,000 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 4,725,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 0 | |
Loans | 4,725,000 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | ||
Financing Receivable, Year One | 14,377,000 | 10,831,000 |
Financing Receivable, Year Two | 10,393,000 | 2,531,000 |
Financing Receivable, Year Three | 1,667,000 | 16,315,000 |
Financing Receivable, Year Four | 15,392,000 | 7,375,000 |
Financing Receivable, Year Five | 6,551,000 | 9,114,000 |
Financing Receivable, Prior | 32,091,000 | 25,514,000 |
Financing Receivable, Revolving | 15,717,000 | 14,821,000 |
Loans | 96,188,000 | 86,501,000 |
Gross write offs, year one | 0 | |
Gross write offs, year two | 0 | |
Gross write offs, year three | 0 | |
Gross write offs, year four | 0 | |
Gross write offs, year five | 0 | |
Gross write offs, year prior | 0 | |
Gross write offs, revolving | 0 | |
Gross write offs | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Pass [Member] | ||
Financing Receivable, Year One | 14,377,000 | 10,831,000 |
Financing Receivable, Year Two | 10,393,000 | 2,531,000 |
Financing Receivable, Year Three | 1,667,000 | 16,315,000 |
Financing Receivable, Year Four | 15,392,000 | 7,375,000 |
Financing Receivable, Year Five | 6,551,000 | 9,114,000 |
Financing Receivable, Prior | 31,610,000 | 25,514,000 |
Financing Receivable, Revolving | 15,717,000 | 14,821,000 |
Loans | 95,707,000 | 86,501,000 |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Year Two | 0 | |
Financing Receivable, Prior | 481,000 | |
Financing Receivable, Revolving | 0 | |
Loans | 481,000 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Year One | 10,967,000 | 11,697,000 |
Financing Receivable, Year Two | 11,268,000 | 15,746,000 |
Financing Receivable, Year Three | 9,608,000 | 10,059,000 |
Financing Receivable, Year Four | 6,157,000 | 5,982,000 |
Financing Receivable, Year Five | 4,384,000 | 2,289,000 |
Financing Receivable, Prior | 2,332,000 | 1,774,000 |
Financing Receivable, Revolving | 20,502,000 | 20,817,000 |
Loans | 65,218,000 | 68,364,000 |
Gross write offs, year one | 0 | |
Gross write offs, year two | 0 | |
Gross write offs, year three | 12,000 | |
Gross write offs, year four | 0 | |
Gross write offs, year five | 0 | |
Gross write offs, year prior | 0 | |
Gross write offs, revolving | 0 | |
Gross write offs | 12,000 | 0 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Year One | 10,967,000 | 11,697,000 |
Financing Receivable, Year Two | 11,268,000 | 15,746,000 |
Financing Receivable, Year Three | 9,608,000 | 9,851,000 |
Financing Receivable, Year Four | 6,018,000 | 5,892,000 |
Financing Receivable, Year Five | 4,384,000 | 2,242,000 |
Financing Receivable, Prior | 2,239,000 | 1,651,000 |
Financing Receivable, Revolving | 20,502,000 | 19,412,000 |
Loans | 64,986,000 | 66,491,000 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | |
Financing Receivable, Year Four | 139,000 | |
Financing Receivable, Year Five | 0 | |
Financing Receivable, Prior | 6,000 | 123,000 |
Financing Receivable, Revolving | 0 | 1,155,000 |
Loans | 145,000 | 1,623,000 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable, Prior | 87,000 | 0 |
Financing Receivable, Revolving | 0 | 250,000 |
Loans | 87,000 | 250,000 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Year One | 1,234,000 | 5,230,000 |
Financing Receivable, Year Two | 5,042,000 | 4,702,000 |
Financing Receivable, Year Three | 4,104,000 | 3,414,000 |
Financing Receivable, Year Four | 2,213,000 | 2,168,000 |
Financing Receivable, Year Five | 2,074,000 | 2,307,000 |
Financing Receivable, Prior | 7,601,000 | 6,222,000 |
Financing Receivable, Revolving | 9,419,000 | 9,548,000 |
Loans | 31,687,000 | 33,591,000 |
Gross write offs, year one | 0 | |
Gross write offs, year two | 0 | |
Gross write offs, year three | 0 | |
Gross write offs, year four | 0 | |
Gross write offs, year five | 0 | |
Gross write offs, year prior | 0 | |
Gross write offs, revolving | 40,000 | |
Gross write offs | 40,000 | 53,000 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Year One | 1,234,000 | 5,230,000 |
Financing Receivable, Year Two | 5,042,000 | 4,702,000 |
Financing Receivable, Year Three | 4,104,000 | 3,414,000 |
Financing Receivable, Year Four | 2,213,000 | 2,168,000 |
Financing Receivable, Year Five | 2,074,000 | 2,307,000 |
Financing Receivable, Prior | 7,555,000 | 6,171,000 |
Financing Receivable, Revolving | 8,529,000 | 8,649,000 |
Loans | 30,751,000 | 32,641,000 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable, Prior | 0 | 0 |
Financing Receivable, Revolving | 890,000 | 899,000 |
Loans | 890,000 | 899,000 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Year One | 0 | 0 |
Financing Receivable, Year Two | 0 | 0 |
Financing Receivable, Year Three | 0 | 0 |
Financing Receivable, Year Four | 0 | 0 |
Financing Receivable, Year Five | 0 | 0 |
Financing Receivable, Prior | 46,000 | 51,000 |
Financing Receivable, Revolving | 0 | 0 |
Loans | 46,000 | 51,000 |
Agriculture [Member] | ||
Financing Receivable, Year One | 3,032,000 | 1,676,000 |
Financing Receivable, Year Two | 1,707,000 | 1,850,000 |
Financing Receivable, Year Three | 1,309,000 | 0 |
Financing Receivable, Year Four | 0 | 387,000 |
Financing Receivable, Year Five | 214,000 | 0 |
Financing Receivable, Prior | 488,000 | 651,000 |
Financing Receivable, Revolving | 19,172,000 | 16,613,000 |
Loans | 25,922,000 | 21,177,000 |
Gross write offs, year one | 0 | |
Gross write offs, year two | 0 | |
Gross write offs, year three | 0 | |
Gross write offs, year four | 0 | |
Gross write offs, year five | 0 | |
Gross write offs, year prior | 0 | |
Gross write offs, revolving | 0 | |
Gross write offs | 0 | 0 |
Agriculture [Member] | Pass [Member] | ||
Financing Receivable, Year One | 3,032,000 | 1,676,000 |
Financing Receivable, Year Two | 1,707,000 | 1,850,000 |
Financing Receivable, Year Three | 1,309,000 | 0 |
Financing Receivable, Year Four | 0 | 387,000 |
Financing Receivable, Year Five | 214,000 | 0 |
Financing Receivable, Prior | 488,000 | 651,000 |
Financing Receivable, Revolving | 18,984,000 | 16,613,000 |
Loans | 25,734,000 | $ 21,177,000 |
Agriculture [Member] | Special Mention [Member] | ||
Financing Receivable, Prior | 0 | |
Financing Receivable, Revolving | 188,000 | |
Loans | $ 188,000 |
Note 4 - Loans - Allowance for
Note 4 - Loans - Allowance for Loan Losses (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2023 | |
Beginning balance | $ 9,468,000 | $ 10,738,000 | |
Charge-offs | (52,000) | (53,000) | |
Recoveries | 164,000 | 133,000 | |
Provision for (reversal of) credit losses | 970,000 | (1,350,000) | |
Ending balance | 10,896,000 | 9,468,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 10,896,000 | 9,468,000 | |
Financing Receivable, Allowance for Credit Loss | 10,896,000 | 9,468,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,016,579,000 | 915,758,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 1,016,579,000 | 915,758,000 | |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | 346,000 | ||
Ending balance | 346,000 | ||
Financing Receivable, Allowance for Credit Loss | 346,000 | $ 346,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | |||
Beginning balance | 1,055,000 | 728,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 139,000 | 123,000 | |
Provision for (reversal of) credit losses | (305,000) | 204,000 | |
Ending balance | 1,227,000 | 1,055,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,227,000 | 1,055,000 | |
Financing Receivable, Allowance for Credit Loss | 1,227,000 | 1,055,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 63,060,000 | 44,423,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 63,060,000 | 44,423,000 | |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | 338,000 | ||
Ending balance | 338,000 | ||
Financing Receivable, Allowance for Credit Loss | 338,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | |||
Beginning balance | 479,000 | 502,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for (reversal of) credit losses | 165,000 | (23,000) | |
Ending balance | 667,000 | 479,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 667,000 | 479,000 | |
Financing Receivable, Allowance for Credit Loss | 667,000 | 479,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 54,045,000 | 52,665,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 54,045,000 | 52,665,000 | |
Commercial Real Estate Portfolio Segment [Member] | Multifamily [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | 23,000 | ||
Ending balance | 23,000 | ||
Financing Receivable, Allowance for Credit Loss | 23,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | |||
Beginning balance | 1,798,000 | 2,141,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for (reversal of) credit losses | (96,000) | (343,000) | |
Ending balance | 1,805,000 | 1,798,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,805,000 | 1,798,000 | |
Financing Receivable, Allowance for Credit Loss | 1,805,000 | 1,798,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 210,407,000 | 206,960,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 210,407,000 | 206,960,000 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | 103,000 | ||
Ending balance | 103,000 | ||
Financing Receivable, Allowance for Credit Loss | 103,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | |||
Beginning balance | 4,211,000 | 5,105,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for (reversal of) credit losses | 569,000 | (894,000) | |
Ending balance | 4,805,000 | 4,211,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 4,805,000 | 4,211,000 | |
Financing Receivable, Allowance for Credit Loss | 4,805,000 | 4,211,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 470,052,000 | 402,077,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 470,052,000 | 402,077,000 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied [member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | 25,000 | ||
Ending balance | 25,000 | ||
Financing Receivable, Allowance for Credit Loss | 25,000 | ||
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | |||
Beginning balance | 830,000 | 858,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for (reversal of) credit losses | 626,000 | (28,000) | |
Ending balance | 1,468,000 | 830,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 1,468,000 | 830,000 | |
Financing Receivable, Allowance for Credit Loss | 1,468,000 | 830,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 96,188,000 | 86,501,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 96,188,000 | 86,501,000 | |
Commercial Real Estate Portfolio Segment [Member] | Farmland Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | 12,000 | ||
Ending balance | 12,000 | ||
Financing Receivable, Allowance for Credit Loss | 12,000 | ||
Commercial Portfolio Segment [Member] | |||
Beginning balance | 612,000 | 746,000 | |
Charge-offs | (12,000) | 0 | |
Recoveries | 12,000 | 0 | |
Provision for (reversal of) credit losses | (64,000) | (134,000) | |
Ending balance | 650,000 | 612,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 650,000 | 612,000 | |
Financing Receivable, Allowance for Credit Loss | 650,000 | 612,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 65,218,000 | 68,364,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 65,218,000 | 68,364,000 | |
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | 102,000 | ||
Ending balance | 102,000 | ||
Financing Receivable, Allowance for Credit Loss | 102,000 | ||
Consumer Portfolio Segment [Member] | |||
Beginning balance | 311,000 | 352,000 | |
Charge-offs | (40,000) | (53,000) | |
Recoveries | 13,000 | 10,000 | |
Provision for (reversal of) credit losses | 63,000 | 2,000 | |
Ending balance | 227,000 | 311,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 227,000 | 311,000 | |
Financing Receivable, Allowance for Credit Loss | 227,000 | 311,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 31,687,000 | 33,591,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 31,687,000 | 33,591,000 | |
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | (120,000) | ||
Ending balance | (120,000) | ||
Financing Receivable, Allowance for Credit Loss | (120,000) | ||
Agriculture [Member] | |||
Beginning balance | 172,000 | 306,000 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision for (reversal of) credit losses | 12,000 | (134,000) | |
Ending balance | 47,000 | 172,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 47,000 | 172,000 | |
Financing Receivable, Allowance for Credit Loss | 47,000 | 172,000 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | 25,922,000 | 21,177,000 | |
Financing Receivable, before Allowance for Credit Loss, Fee and Loan in Process | 25,922,000 | 21,177,000 | |
Agriculture [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||
Beginning balance | $ (137,000) | ||
Ending balance | (137,000) | ||
Financing Receivable, Allowance for Credit Loss | $ (137,000) |
Note 4 - Loans - Changes in the
Note 4 - Loans - Changes in the Allowance, Off-balance-sheet Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance, beginning of period (USD) | $ 546 | $ 469 |
(Reversal of) provision charged to operations for off balance sheet | (484) | 77 |
Balance, end of year | 609 | 546 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Balance, beginning of period (USD) | $ 547 | 0 |
Balance, end of year | $ 547 |
Note 5 - Premises and Equipme_3
Note 5 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation | $ 1,329,000 | $ 1,312,000 |
Note 5 - Premises and Equipme_4
Note 5 - Premises and Equipment - Classifications of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, plant, and equipment | $ 28,067 | $ 26,316 |
Less accumulated depreciation | (12,202) | (11,016) |
Property, Plant and Equipment, Net | 15,865 | 15,300 |
Land [Member] | ||
Property, plant, and equipment | 5,195 | 5,195 |
Building [Member] | ||
Property, plant, and equipment | 10,874 | 10,790 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment | 5,417 | 5,357 |
Furniture and Fixtures [Member] | ||
Property, plant, and equipment | 5,087 | 4,735 |
Construction in Progress [Member] | ||
Property, plant, and equipment | $ 1,494 | $ 239 |
Note 6 - Interest Receivable _3
Note 6 - Interest Receivable and Other Assets - Other Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2019 |
Restricted equity securities | $ 5,956,000 | $ 5,236,000 | |
Interest income receivable on loans | 2,866,000 | 2,465,000 | |
Interest income receivable on investments | 5,520,000 | 5,465,000 | |
Investments in limited partnerships | 13,684,000 | 14,582,000 | |
Prepaid expenses and other | 1,397,000 | 1,537,000 | |
Other Assets | 36,276,000 | 37,040,000 | |
Interest Receivable and Other Assets [Member] | |||
Lease right of use asset | $ 6,853,000 | $ 7,755,000 | $ 4,817,000 |
Note 7 - Deposits - Summary of
Note 7 - Deposits - Summary of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Demand | $ 1,099,830 | $ 1,202,321 |
Money market deposit accounts | 363,386 | 405,797 |
Savings | 131,796 | 165,994 |
Time deposits $250,000 and under | 33,399 | 24,712 |
Time deposits over $250,000 | 22,123 | 15,473 |
Total deposits | $ 1,650,534 | $ 1,814,297 |
Note 7 - Deposits - Certificate
Note 7 - Deposits - Certificates of Deposit Issued and Remaining Maturities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 49,275 |
2025 | 4,983 |
2026 | 985 |
2027 | 279 |
2028 | 0 |
Time Deposits | $ 55,522 |
Note 8 - FHLB Advances (Details
Note 8 - FHLB Advances (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Advance from Federal Home Loan Bank | $ 0 | $ 0 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | 333,083,000 | 322,369,000 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 1,016,579,000 | $ 915,758,000 |
Note 9 - Interest on Deposits -
Note 9 - Interest on Deposits - Interest on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Savings and other deposits | $ 4,266 | $ 1,015 |
Time deposits over $250,000 | 222 | 46 |
Time deposits $250,000 and under | 375 | 58 |
Interest Expense, Deposits | $ 4,863 | $ 1,119 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Open Tax Year | 2020 2021 2022 2023 | |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | ||
Open Tax Year | 2019 2020 2021 2022 2023 |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal, Current | $ 6,215 | $ 3,364 |
State, Current | 4,213 | 2,934 |
Current | 10,428 | 6,298 |
Federal, Deferred | (739) | 294 |
State, Deferred | (231) | 195 |
Deferred Federal, State and Local, Tax Expense (Benefit) | (970) | 489 |
Income Tax Expense (Benefit) | $ 9,458 | $ 6,787 |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Allowance for credit losses | $ 3,221 | $ 2,800 |
Restricted stock expense | 106 | 129 |
Accrued vacation | 167 | 184 |
Accrued salary continuation liability | 1,717 | 1,600 |
Deferred compensation | 77 | 78 |
Core deposit intangible | 95 | 90 |
Merger Costs | (55) | (63) |
Reserve for undisbursed commitments | 180 | 162 |
State income tax | 885 | 616 |
Holding company organization fees | 1 | 1 |
Accumulated depreciation | 49 | 0 |
Unrealized loss on securities available for sale | 8,040 | 12,897 |
Deferred Tax Assets, Gross, Total | 14,593 | 18,620 |
Prepaid expenses | (92) | (79) |
FHLB dividends | (144) | (144) |
Accumulated depreciation | 0 | (193) |
Accrued bonus | (6) | (6) |
Deferred loan costs | (347) | (372) |
Goodwill Amortization | (522) | (457) |
Limited partner investment in small business equity fund | (235) | (235) |
Deferred Tax Liabilities, Gross, Total | (1,346) | (1,486) |
Net deferred income tax asset | $ 13,247 | $ 17,134 |
Note 10 - Income Taxes - Effect
Note 10 - Income Taxes - Effective Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal statutory income tax rate | 21% | 21% |
State taxes, net of federal tax benefit | 8.60% | 8.60% |
Tax exempt interest on municipal securities and loans | (5.00%) | (5.90%) |
Other | (1.10%) | (0.80%) |
Effective tax rate | 23.50% | 22.90% |
Note 11 - Stock Option Plan (De
Note 11 - Stock Option Plan (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2019 shares | |
Share-based Compensation Arrangements by Share-based Payment Award, Number of Plans | 1 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | shares | 0 | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | shares | 0 | 0 | |
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ | $ 0 | $ 0 | |
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 43,446 | 27,047 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | $ 26.46 | $ 18.86 | |
Share-Based Payment Arrangement, Expense | $ | $ 533,000 | $ 622,000 | |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ | 158,000 | 184,000 | |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-Based Payment Arrangement, Amount | $ | 73,000 | 3,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ | $ 1,647,000 | $ 1,037,000 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 8 months 1 day | 3 years 2 months 23 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | shares | 32,178 | 31,074 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 861,000 | $ 582,000 | |
2018 Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares | 607,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares | 463,199 |
Note 11 - Stock Option Plan - R
Note 11 - Stock Option Plan - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unvested, Shares (in shares) | 82,023 | 87,850 |
Unvested, Weighted average grant date fair value (in dollars per share) | $ 18.43 | $ 18.5 |
Issued, shares (in shares) | 43,446 | 27,047 |
Issued, Weighted average grant date fair value (in dollars per share) | $ 26.46 | $ 18.86 |
Vested, Shares (in shares) | (32,178) | (31,074) |
Vested, Weighted average grant date fair value (in dollars per share) | $ 19.08 | $ 19.06 |
Forfeited, shares (in shares) | (300) | (1,800) |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ 17.85 | $ 17.69 |
Unvested, Shares (in shares) | 92,991 | 82,023 |
Unvested, Weighted average grant date fair value (in dollars per share) | $ 21.96 | $ 18.43 |
Note 12 - Earnings Per Share (D
Note 12 - Earnings Per Share (Details Textual) | 12 Months Ended |
Dec. 31, 2023 | |
Number Of Forms Of Outstanding Common Stock | 2 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income, Amount | $ 30,848 | $ 22,902 |
Net income, Weighted avg shares (in shares) | 8,193,874 | 8,169,078 |
Net income per share (in dollars per share) | $ 3.76 | $ 2.8 |
Non-vested restricted stock, Weighted avg shares (in shares) | 37,018 | 35,691 |
Total dilutive shares, Weighted avg shares (in shares) | 37,018 | 35,691 |
Net income per diluted share, Weighted avg shares (in shares) | 8,230,892 | 8,204,769 |
Net income per diluted share (in dollars per share) | $ 3.75 | $ 2.79 |
Net income | $ 30,848 | $ 22,902 |
Note 13 - Commitments and Con_3
Note 13 - Commitments and Contingent Liabilities (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2019 | |
Operating Lease, Expense | $ 1,523,000 | $ 1,295,000 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 7 years 6 months | 8 years 2 months 12 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 2.94% | 2.80% | |
Interest Payable and Other Liabilities [Member] | |||
Operating Lease, Liability, Total | $ 7,159,000 | $ 8,007,000 | $ 5,246,000 |
Interest Receivable and Other Assets [Member] | |||
Operating Lease, Right-of-Use Asset | $ 6,853,000 | $ 7,755,000 | $ 4,817,000 |
Note 13 - Commitments and Con_4
Note 13 - Commitments and Contingent Liabilities - Future Minimum Commitments Under Operating Leases (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2019 |
2024 | $ 1,400,000 | ||
2025 | 1,254,000 | ||
2026 | 1,025,000 | ||
2027 | 864,000 | ||
2028 | 828,000 | ||
Thereafter | 2,892,000 | ||
Lessee, Operating Lease, Liability, to be Paid | 8,263,000 | ||
Present value discount | (1,104,000) | ||
Interest Payable and Other Liabilities [Member] | |||
Present value of lease liabilities | $ 7,159,000 | $ 8,007,000 | $ 5,246,000 |
Note 13 - Commitments and Con_5
Note 13 - Commitments and Contingent Liabilities - Financial Instruments Whose Contract Amounts Represent Credit Risk (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Fair value of off-balance sheet risks | $ 186,333 |
Undisbursed Loan Commitments [Member] | |
Fair value of off-balance sheet risks | 163,413 |
Checking Reserve [Member] | |
Fair value of off-balance sheet risks | 1,334 |
Equity Line [Member] | |
Fair value of off-balance sheet risks | 17,973 |
Standby Letters of Credit [Member] | |
Fair value of off-balance sheet risks | $ 3,613 |
Note 14 - Financial Instrumen_3
Note 14 - Financial Instruments and Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | ||
Cash and cash equivalents | $ 216,568 | $ 429,633 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 216,568 | 429,633 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | ||
Restricted equity securities | 5,956 | 5,236 |
Interest receivable | 8,386 | 7,930 |
Interest payable | (128) | (22) |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Restricted equity securities | 5,956 | 5,236 |
Interest receivable | 8,386 | 7,930 |
Interest payable | (128) | (22) |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | ||
Loans, net | 1,004,277 | 905,035 |
Deposits | (1,650,534) | (1,814,297) |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Loans, net | 917,242 | 853,224 |
Deposits | (1,649,808) | (1,813,136) |
Commitments and standby letters of credit | $ (1,863) | $ (2,124) |
Note 14 - Financial Instrumen_4
Note 14 - Financial Instruments and Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring and Non Recurring Basis (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale securities, fair market value | $ 518,078,000 | $ 527,438,000 |
Equity Securities | 3,132,000 | 2,990,000 |
US Government Agencies Debt Securities [Member] | ||
Available-for-sale securities, fair market value | 80,259,000 | 88,721,000 |
US Government Agencies Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 80,259,000 | 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 | 80,259,000 | 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 | 8,664,000 | 4,611,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 8,664,000 | 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 | 8,664,000 | 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 | 328,908,000 | 331,581,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 328,908,000 | 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 | 328,908,000 | 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 | 1,395,000 | 2,362,000 |
SBA Pool [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 1,395,000 | 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 | 1,395,000 | 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 | 43,517,000 | 42,060,000 |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 43,517,000 | 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 | 43,517,000 | 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 | 55,335,000 | 58,103,000 |
Asset-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Available-for-sale securities, fair market value | 55,335,000 | 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 | 55,335,000 | 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 | 3,132,000 | 2,990,000 |
Mutual Fund [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Equity Securities | 3,132,000 | 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 15 - Related Party Trans_3
Note 15 - Related Party Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Deposit Liabilities | $ 10,533,000 | $ 13,564,000 |
Design Studio 120 [Member] | Construction, Renovation and Design Work [Member] | ||
Related Party Transaction, Amounts of Transaction | $ 250,000 | $ 782,000 |
Note 15 - Related Party Trans_4
Note 15 - Related Party Transactions - Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Aggregate amount outstanding | $ 4,055 | $ 5,622 |
New loans or advances during year | 9,061 | 10,066 |
Repayments during year | (2,070) | (11,633) |
Aggregate amount outstanding | $ 11,046 | $ 4,055 |
Note 16 - Profit Sharing Plan (
Note 16 - Profit Sharing Plan (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
The 401k, Profit Sharing Plan, Minimum Age Requirement | 21 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,060,000 | $ 921,000 |
Note 18 - Other Post-retireme_2
Note 18 - Other Post-retirement Benefit Plans (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2001 | Dec. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | |
Liability, Other Postretirement Defined Benefit Plan | $ 5,808,000 | $ 5,413,000 | ||
Bank Owned Life Insurance | $ 31,506,000 | $ 30,218,000 | ||
Director Retirement Plan [Member] | ||||
Other Postretirement Defined Benefit Plan Expected Annual Future Benefit Payments Period (Year) | 10 years | |||
Minimum [Member] | ||||
Other Postretirement Defined Benefit Plan Expected Annual Future Benefit Payments Period (Year) | 10 years | |||
Maximum [Member] | ||||
Other Postretirement Defined Benefit Plan Expected Annual Future Benefit Payments Period (Year) | 20 years |
Note 19 - Regulatory Matters (D
Note 19 - Regulatory Matters (Details Textual) | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2019 | Jul. 31, 2013 |
Common Equity Tier 1 Capital Required for Capital Adequacy to Risk Weighted Assets | 7% | 7% | 4.50% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.085 | 0.085 | 0.06 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.105 | 0.105 | 0.08 | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.04 | 0.04 | 0.04 | |
Capital Conservation Buffer | 2.50% |
Note 19 - Regulatory Matters -
Note 19 - Regulatory Matters - Company and Bank's Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jul. 31, 2013 |
Total capital (to Risk- Weighted Assets), Amount | $ 193,280 | $ 163,810 | |
Total capital (to Risk- Weighted Assets), Ratio | 0.147 | 0.124 | |
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | $ 137,835 | $ 138,584 | |
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | 0.105 | 0.105 | 0.08 |
Tier I capital (to Risk- Weighted Assets), Amount | $ 181,775 | $ 153,796 | |
Tier I capital (to Risk- Weighted Assets), Ratio | 0.139 | 0.117 | |
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | $ 111,851 | $ 112,187 | |
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | 0.085 | 0.085 | 0.06 |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Amount | $ 181,775 | $ 153,796 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Ratio | 13.90% | 11.70% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Amount | $ 91,890 | $ 92,389 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Ratio | 7% | 7% | 4.50% |
Tier I capital (to Average Assets), Amount | $ 181,775 | $ 153,796 | |
Tier I capital (to Average Assets), Ratio | 0.097 | 0.076 | |
Tier I capital (to Average Assets), Adequately capitalized threshold, Amount | $ 75,306 | $ 81,289 | |
Tier I capital (to Average Assets), Adequately capitalized threshold, Ratio | 0.04 | 0.04 | 0.04 |
Bank [Member] | |||
Total capital (to Risk- Weighted Assets), Amount | $ 193,005 | $ 163,593 | |
Total capital (to Risk- Weighted Assets), Ratio | 0.147 | 0.124 | |
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | $ 137,819 | $ 138,578 | |
Total capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | 0.105 | 0.105 | |
Tier I capital (to Risk- Weighted Assets), Amount | $ 181,500 | $ 153,579 | |
Tier I capital (to Risk- Weighted Assets), Ratio | 0.138 | 0.116 | |
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Amount | $ 111,567 | $ 112,182 | |
Tier I capital (to Risk- Weighted Assets), Adequately capitalized threshold, Ratio | 0.085 | 0.085 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Amount | $ 181,500 | $ 153,579 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Ratio | 13.80% | 11.60% | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Amount | $ 91,879 | $ 92,386 | |
Common Equity Tier 1 Capital (to Risk Weighted Assets), Adequately capitalized threshold, Ratio | 7% | 7% | |
Tier I capital (to Average Assets), Amount | $ 181,500 | $ 153,579 | |
Tier I capital (to Average Assets), Ratio | 0.096 | 0.076 | |
Tier I capital (to Average Assets), Adequately capitalized threshold, Amount | $ 75,303 | $ 81,286 | |
Tier I capital (to Average Assets), Adequately capitalized threshold, Ratio | 0.04 | 0.04 |
Note 20 - Parent Only Condens_3
Note 20 - Parent Only Condensed Financial Statements - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Other assets | $ 36,276 | $ 37,040 | |
Total assets | 1,842,422 | 1,968,346 | |
Other liabilities | 25,796 | 27,423 | |
Total liabilities | 1,676,330 | 1,841,720 | |
Common stock, no par value; 50,000,000 shares authorized, 8,293,168 and 8,257,894 shares issued and outstanding at December 31, 2023 and 2022, respectively | 25,435 | 25,435 | |
Retained earnings | 154,301 | 126,728 | |
Accumulated other comprehensive loss, net of tax | (19,156) | (30,727) | |
Total shareholders’ equity | 166,092 | 126,626 | $ 142,612 |
Total liabilities and shareholders' equity | 1,842,422 | 1,968,346 | |
Parent Company [Member] | |||
Cash | 167 | 165 | |
Investment in bank subsidiary | 165,817 | 126,409 | |
Other assets | 153 | 53 | |
Total assets | 166,137 | 126,627 | |
Other liabilities | 45 | 1 | |
Total liabilities | 45 | 1 | |
Common stock, no par value; 50,000,000 shares authorized, 8,293,168 and 8,257,894 shares issued and outstanding at December 31, 2023 and 2022, respectively | 25,435 | 25,435 | |
Additional paid-in capital | 5,512 | 5,190 | |
Retained earnings | 154,301 | 126,728 | |
Accumulated other comprehensive loss, net of tax | (19,156) | (30,727) | |
Total shareholders’ equity | 166,092 | 126,626 | |
Total liabilities and shareholders' equity | $ 166,137 | $ 126,627 |
Note 20 - Parent Only Condens_4
Note 20 - Parent Only Condensed Financial Statements - Condensed Balance Sheets (Details) (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
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) | 8,293,168 | 8,257,894 |
Common stock, shares outstanding (in shares) | 8,293,168 | 8,257,894 |
Parent Company [Member] | ||
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) | 8,293,168 | 8,257,894 |
Common stock, shares outstanding (in shares) | 8,293,168 | 8,257,894 |
Note 20 - Parent Only Condens_5
Note 20 - Parent Only Condensed Financial Statements - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total income | $ 80,666 | $ 61,195 |
Salary expense | 26,109 | 23,045 |
Other operating expenses | 6,758 | 6,842 |
Total expenses | 41,157 | 37,308 |
Income before income tax benefit | 40,306 | 29,689 |
Income tax benefit | (9,458) | (6,787) |
Net income | 30,848 | 22,902 |
Parent Company [Member] | ||
Dividends declared by subsidiary | 2,896 | 2,724 |
Total income | 2,896 | 2,724 |
Salary expense | 146 | 136 |
Employee benefit expense | 533 | 623 |
Legal expense | 62 | 44 |
Other operating expenses | 91 | 108 |
Total expenses | 832 | 911 |
Income before equity in undistributed income of subsidiary | 2,064 | 1,813 |
Equity in undistributed net income of subsidiary | 28,465 | 20,826 |
Income before income tax benefit | 30,529 | 22,639 |
Income tax benefit | 319 | 263 |
Net income | $ 30,848 | $ 22,902 |
Note 20 - Parent Only Condens_6
Note 20 - Parent Only Condensed Financial Statements - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income | $ 30,848 | $ 22,902 |
Stock based compensation | 533 | 622 |
Decrease in other assets | 454 | 2,110 |
Net cash from operating activities | 33,059 | 22,806 |
Tax withholding payments on vested restricted shares surrendered | (211) | (121) |
Net cash used in financing activities | (166,620) | 4,736 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (213,065) | (348,634) |
CASH AND CASH EQUIVALENTS, beginning of period | 429,633 | |
CASH AND CASH EQUIVALENTS, end of period | 216,568 | 429,633 |
Cash paid during the year for income taxes | 10,449 | 3,910 |
Parent Company [Member] | ||
Net income | 30,848 | 22,902 |
Undistributed net income of subsidiary | (28,465) | (20,826) |
Stock based compensation | 533 | 623 |
Increase (decrease) in other liabilities | 44 | (1) |
Decrease in other assets | (101) | (8) |
Net cash from operating activities | 2,859 | 2,690 |
Shareholder cash dividends paid | (2,896) | (2,724) |
Inter-company dividend from bank subsidiary | 250 | 250 |
Tax withholding payments on vested restricted shares surrendered | (211) | (121) |
Net cash used in financing activities | (2,857) | (2,595) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 2 | 95 |
CASH AND CASH EQUIVALENTS, beginning of period | 165 | 70 |
CASH AND CASH EQUIVALENTS, end of period | 167 | 165 |
Cash paid during the year for income taxes | $ 10,449 | $ 3,910 |