Document And Entity Information
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022shares | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001602658 | |
Entity Registrant Name | Investar Holding Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-36522 | |
Entity Incorporation, State or Country Code | LA | |
Entity Tax Identification Number | 27-1560715 | |
Entity Address, Address Line One | 10500 Coursey Boulevard | |
Entity Address, City or Town | Baton Rouge | |
Entity Address, State or Province | LA | |
Entity Address, Postal Zip Code | 70816 | |
City Area Code | 225 | |
Local Phone Number | 227-2222 | |
Title of 12(b) Security | Common stock, $1.00 par value per share | |
Trading Symbol | ISTR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,297,118 | |
Entity Number of Employees | 336 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 45,700 | $ 38,601 |
Interest-bearing balances due from other banks | 45,775 | 57,940 |
Federal funds sold | 130 | 500 |
Cash and cash equivalents | 91,605 | 97,041 |
Available for sale securities at fair value (amortized cost of $436,759 and $356,639, respectively) | 413,777 | 355,509 |
Held to maturity securities at amortized cost (estimated fair value of $9,900 and $10,727, respectively) | 9,926 | 10,255 |
Loans held for sale | 0 | 620 |
Loans, net of allowance for loan losses of $21,088 and $20,859, respectively | 1,856,356 | 1,851,153 |
Equity securities | 17,904 | 16,803 |
Bank premises and equipment, net of accumulated depreciation of $20,016 and $19,149, respectively | 55,204 | 58,080 |
Other real estate owned, net | 3,454 | 2,653 |
Accrued interest receivable | 11,168 | 11,355 |
Deferred tax asset | 6,600 | 2,239 |
Goodwill and other intangible assets, net | 43,804 | 44,036 |
Bank owned life insurance | 51,366 | 51,074 |
Other assets | 11,544 | 12,385 |
Total assets | 2,572,708 | 2,513,203 |
Deposits: | ||
Noninterest-bearing | 614,416 | 585,465 |
Interest-bearing | 1,571,588 | 1,534,801 |
Total deposits | 2,186,004 | 2,120,266 |
Advances from Federal Home Loan Bank | 78,500 | 78,500 |
Repurchase agreements | 1,305 | 5,783 |
Subordinated debt, net of unamortized issuance costs | 43,012 | 42,989 |
Junior subordinated debt | 8,420 | 8,384 |
Accrued taxes and other liabilities | 21,810 | 14,683 |
Total liabilities | 2,339,051 | 2,270,605 |
STOCKHOLDERS’ EQUITY | ||
Preferred stock, no par value per share; 5,000,000 shares authorized | 0 | 0 |
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 10,310,212 and 10,343,494 shares issued and outstanding, respectively | 10,310 | 10,343 |
Surplus | 153,531 | 154,932 |
Retained earnings | 85,387 | 76,160 |
Accumulated other comprehensive (loss) income | (15,571) | 1,163 |
Total stockholders’ equity | 233,657 | 242,598 |
Total liabilities and stockholders’ equity | $ 2,572,708 | $ 2,513,203 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available for sale securities, amortized cost | $ 436,759 | $ 356,639 |
Held to maturity securities, far value | 9,900 | 10,727 |
Allowance for loan losses | 21,088 | 20,859 |
Bank premises and equipment, accumulated depreciation | $ 20,016 | $ 19,149 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares outstanding (in shares) | 10,310,212 | 10,343,494 |
Common stock, shares issued (in shares) | 10,310,212 | 10,343,494 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
INTEREST INCOME | ||
Interest and fees on loans | $ 21,726 | $ 21,627 |
Interest on investment securities | 1,955 | 1,179 |
Other interest income | 186 | 163 |
Total interest income | 23,867 | 22,969 |
INTEREST EXPENSE | ||
Interest on deposits | 976 | 2,302 |
Interest on borrowings | 1,070 | 1,033 |
Total interest expense | 2,046 | 3,335 |
Net interest income | 21,821 | 19,634 |
Provision for loan losses | (449) | 400 |
Net interest income after provision for loan losses | 22,270 | 19,234 |
NONINTEREST INCOME | ||
Gain on call or sale of investment securities, net | 6 | 600 |
Gain (loss) on sale or disposition of fixed assets, net | 373 | (2) |
Gain on sale of other real estate owned, net | 41 | 0 |
Swap termination fee income | 3,344 | 0 |
Gain on sale of loans | 33 | 0 |
Income from bank owned life insurance | 292 | 223 |
Change in the fair value of equity securities | 11 | 65 |
Other operating income | 580 | 536 |
Total noninterest income | 5,866 | 2,365 |
Income before noninterest expense | 28,136 | 21,599 |
NONINTEREST EXPENSE | ||
Depreciation and amortization | 1,155 | 1,206 |
Salaries and employee benefits | 9,021 | 8,695 |
Occupancy | 641 | 637 |
Data processing | 1,006 | 746 |
Marketing | 21 | 41 |
Professional fees | 379 | 358 |
Acquisition expense | 0 | 361 |
Other operating expenses | 3,210 | 2,765 |
Total noninterest expense | 15,433 | 14,809 |
Income before income tax expense | 12,703 | 6,790 |
Income tax expense | 2,600 | 1,430 |
Net income | $ 10,103 | $ 5,360 |
EARNINGS PER SHARE | ||
Basic earnings per share (in dollars per share) | $ 0.98 | $ 0.51 |
Diluted earnings per share (in dollars per share) | 0.97 | 0.51 |
Cash dividends declared per common share (in dollars per share) | $ 0.085 | $ 0.07 |
Deposit Account [Member] | ||
NONINTEREST INCOME | ||
Noninterest income | $ 667 | $ 491 |
Bank Servicing [Member] | ||
NONINTEREST INCOME | ||
Noninterest income | 21 | 64 |
Credit and Debit Card [Member] | ||
NONINTEREST INCOME | ||
Noninterest income | $ 498 | $ 388 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 10,103 | $ 5,360 |
Unrealized loss on investment securities: | ||
Unrealized loss, available for sale, net of tax benefit of $4,587 and $372, respectively | (17,259) | (1,401) |
Reclassification of realized gain, available for sale, net of tax expense of $1 and $126, respectively | (5) | (474) |
Fair value of derivative financial instruments: | ||
Change in fair value of interest rate swaps designated as a cash flow hedge, net of tax expense of $843 and $1,612, respectively | 3,172 | 6,065 |
Reclassification of realized gain, interest rate swap termination, net of tax expense of $702 and $0, respectively | (2,642) | 0 |
Total other comprehensive (loss) income | (16,734) | 4,190 |
Total comprehensive (loss) income | $ (6,631) | $ 9,550 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Unrealized (loss) gain, available for sale, tax | $ 4,587 | $ 372 |
Unrealized loss, transfer from available for sale to held to maturity, tax benefit | 1 | 126 |
Change in fair value of interest rate swaps designated as a cash flow hedge, tax | 843 | 1,612 |
Reclassification of realized gain, interest rate swap termination, tax | $ 702 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2020 | $ 10,609 | $ 159,485 | $ 71,385 | $ 1,805 | $ 243,284 |
Surrendered shares | (19) | (337) | 0 | 0 | (356) |
Options exercised | 8 | 107 | 0 | 0 | 115 |
Dividends declared | 0 | 0 | (747) | 0 | (747) |
Stock-based compensation | 64 | 336 | 0 | 0 | 400 |
Shares repurchased | (226) | (3,769) | 0 | 0 | (3,995) |
Net income | 0 | 0 | 5,360 | 0 | 5,360 |
Net change | 0 | 0 | 0 | 4,190 | 4,190 |
Balance at Mar. 31, 2021 | 10,436 | 155,822 | 75,998 | 5,995 | 248,251 |
Balance at Dec. 31, 2021 | 10,343 | 154,932 | 76,160 | 1,163 | 242,598 |
Surrendered shares | (14) | (258) | 0 | 0 | (272) |
Dividends declared | 0 | 0 | (876) | 0 | (876) |
Stock-based compensation | 58 | 324 | 0 | 0 | 382 |
Shares repurchased | (77) | (1,467) | 0 | 0 | (1,544) |
Net income | 0 | 0 | 10,103 | 0 | 10,103 |
Net change | 0 | 0 | 0 | (16,734) | (16,734) |
Balance at Mar. 31, 2022 | $ 10,310 | $ 153,531 | $ 85,387 | $ (15,571) | $ 233,657 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Dividends per share declared (in dollars per share) | $ 0.085 | $ 0.07 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 10,103 | $ 5,360 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,155 | 1,206 |
Provision for loan losses | (449) | 400 |
Amortization of purchase accounting adjustments | (63) | (140) |
Net amortization of securities | 449 | 919 |
Gain on call or sale of investment securities, net | (6) | (600) |
(Gain) loss on sale or disposition of fixed assets, net | (373) | 2 |
Gain on sale of other real estate owned, net | (41) | 0 |
FHLB stock dividend | (9) | (11) |
Stock-based compensation | 382 | 400 |
Deferred taxes | 87 | 367 |
Net change in value of bank owned life insurance | (292) | (223) |
Amortization of subordinated debt issuance costs | 23 | 23 |
Change in the fair value of equity securities | (11) | (65) |
Originations | (624) | 0 |
Proceeds from sales | 1,277 | 0 |
Gain on sale of loans | (33) | 0 |
Net change in: | ||
Accrued interest receivable | 186 | 101 |
Other assets | 1,636 | 933 |
Accrued taxes and other liabilities | 6,814 | 782 |
Net cash provided by operating activities | 20,211 | 9,454 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available for sale | 0 | 17,123 |
Purchases of securities available for sale | (103,011) | (74,334) |
Proceeds from maturities, prepayments and calls of investment securities available for sale | 17,453 | 21,505 |
Proceeds from maturities, prepayments and calls of investment securities held to maturity | 323 | 458 |
Proceeds from redemption or sale of equity securities | 213 | 435 |
Purchases of equity securities | (1,293) | (523) |
Net (increase) decrease in loans | (1,166) | 13,789 |
Proceeds from sales of other real estate owned | 859 | 0 |
Purchases of other real estate owned | 0 | (501) |
Proceeds from sales of fixed assets | 2,510 | 0 |
Purchases of fixed assets | (317) | (1,429) |
Distributions from investments | 3 | 0 |
Net cash used in investing activities | (84,426) | (23,477) |
Cash flows from financing activities: | ||
Net increase in customer deposits | 65,630 | 122,074 |
Net decrease in repurchase agreements | (4,478) | (1,379) |
Net decrease in short-term FHLB advances | 0 | (38,000) |
Cash dividends paid on common stock | (829) | (693) |
Proceeds from stock options exercised | 0 | 115 |
Payments to repurchase common stock | (1,544) | (3,995) |
Net cash provided by financing activities | 58,779 | 78,122 |
Net change in cash and cash equivalents | (5,436) | 64,099 |
Cash and cash equivalents, beginning of period | 97,041 | 35,368 |
Cash and cash equivalents, end of period | $ 91,605 | $ 99,467 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation The accompanying unaudited consolidated financial statements of Investar Holding Corporation (the “Company”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10 10 X. not three March 31, 2022 not may December 31, 2021 10 March 9, 2022. Nature of Operations The Company, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, National Association (the “Bank”), a national bank, primarily to meet the needs of individuals, professionals and small to medium-sized businesses. The Company’s primary markets are in Louisiana, Texas and Alabama. At March 31, 2022 23 full service branches located in Louisiana, four full service branches located in Texas and six Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. While management uses available information to recognize losses on loans, future additions to the allowance may may may Other estimates that are susceptible to significant change in the near term relate to the allowance for off-balance sheet credit losses, the fair value of stock-based compensation awards, the determination of other-than-temporary impairments of securities, and the fair value of financial instruments and goodwill. The ongoing COVID- 19 Investment Securities The Company’s investments in debt securities are accounted for in accordance with applicable guidance contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), which requires the classification of securities into one • Securities available for sale (“AFS”): available for sale securities consist of bonds, notes, and debentures that are available to meet the Company’s operating needs. These securities are reported at fair value. • Securities to be held to maturity (“HTM”): bonds, notes, and debentures for which the Company has the positive intent and ability to hold to maturity are reported at cost, adjusted for premiums and discounts that are recognized in interest income using the interest method over the period to maturity. Unrealized holding gains and losses, net of tax, on AFS debt securities are reported as a net amount in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses on the sale of debt securities are determined using the specific-identification method. The Company follows FASB guidance related to the recognition and presentation of other-than-temporary impairment. The guidance specifies that if an entity does not not not not not not not Equity Securities The Company is a member of the Federal Home Loan Bank (“FHLB”) system. Members of the FHLB are required to own a certain amount of stock based on the level of borrowings and other factors, and may March 31, 2022 December 31, 2021 $16.3 million and $15.0 million, respectively. In addition, equity securities include marketable securities in corporate stocks and mutual funds. The estimated fair value of equity securities totaled $1.6 million March 31, 2022 December 31, 2021 Loans The Company’s loan portfolio categories include real estate, commercial and consumer loans. Real estate loans are further categorized into construction and development, 1 4 third Loans for which management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off are stated at unpaid principal balances, adjusted by an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. Loan origination fees, net of direct loan origination costs, and commitment fees, are deferred and amortized as an adjustment to yield over the life of the loan, or over the commitment period, as applicable. Loans are considered past due if the required principal and interest payments have not 90 may not may The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not not The Company follows the FASB accounting guidance on sales of financial assets, which includes participating interests in loans. For loan participations that are structured in accordance with this guidance, the sold portions are recorded as a reduction of the loan portfolio. Loan participations that do not Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value. For loans carried at the lower of cost or fair value, gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. At March 31, 2022 no December 31, 2021 Allowance for Loan Losses The allowance for loan losses is estimated through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the loan balance is uncollectible. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount that management believes will be adequate to absorb probable losses inherent in the loan portfolio as of the balance sheet date based on evaluations of the collectability of loans and prior loan loss experience. The evaluations take into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, and current economic conditions that may The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. Based on management’s review and observations made through qualitative review, management may may not third In the ordinary course of business, the Bank enters into commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan losses. The reserve for unfunded lending commitments is included in accrued taxes and other liabilities in the consolidated balance sheet. The reserve for unfunded loan commitments was $0.7 million at both March 31, 2022 December 31, 2021 Acquisition Accounting Business combinations are accounted for under the acquisition method of accounting. Purchased assets and assumed liabilities are recorded at their respective acquisition date fair values, and identifiable intangible assets are recorded at fair value. If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. If the fair value of the net assets received exceeds the consideration given, a bargain purchase gain is recognized. Fair values are subject to refinement for up to one Loans acquired in a business combination are recorded at their estimated fair value as of the acquisition date. The fair value of loans acquired is determined using a discounted cash flow model based on assumptions regarding the amount and timing of principal and interest prepayments, estimated payments, estimated default rates, estimated loss severity in the event of defaults, and current market rates. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not 310 30, not 310 30 The Company accounts for acquired impaired loans under ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality 310 30” 310 30 Reclassifications Certain reclassifications have been made to the 2021 2022 Concentrations of Credit Risk The Company’s loan portfolio consists of the various types of loans described in Note 5. not one Accounting Pronouncements Not FASB ASC Topic 326 Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments Update No. 2016 13. No. 2016 13 June 2016. 2016 13 2016 13 third 2016 13. The adoption of ASU 2016 13 2016 13 2016 13, This amendment was originally effective for fiscal years beginning after December 15, 2019, July 2019, October 2019, December 15, 2022, 2016 13 January 1, 2023. FASB ASC Topic 848 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting Update No. 2020 04. March 2020, 2020 04, March 12, 2020, may December 31, 2022. FASB ASC Topic 326 Financial Instruments – Credit Losses (Topic 326 Update No. 2022 02. No. 2022 02 March 2022. 2016 13 December 15, 2022, 2016 13 January 1, 2023. |
Note 2 - Business Combinations
Note 2 - Business Combinations | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. Cheaha Financial Group, Inc. On April 1, 2021, The table below shows the allocation of the consideration paid for Cheaha's common equity to the acquired identifiable assets and liabilities assumed and the goodwill generated from the transaction (dollars in thousands). The fair values listed below, primarily related to loans and deferred tax assets and liabilities, are subject to refinement for up to one Purchase price: Cash paid $ 41,067 Fair value of assets acquired: Cash and cash equivalents 49,179 Investment securities 60,938 Loans 120,395 Bank premises and equipment 5,407 Core deposit intangible asset 848 Bank owned life insurance 3,023 Other assets 1,012 Total assets acquired 240,802 Fair value of liabilities acquired: Deposits 206,986 Notes payable 2,327 Other liabilities 2,366 Total liabilities assumed 211,679 Fair value of net assets acquired 29,123 Goodwill $ 11,944 not Acquisition Expense There were no three March 31, 2022 three March 31, 2021 |
Note 3 - Earnings Per Share
Note 3 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 3. The following is a summary of the information used in the computation of basic and diluted earnings per share for the three March 31, 2022 2021 Three months ended March 31, 2022 2021 Earnings per common share - basic Net income $ 10,103 $ 5,360 Less: income allocated to participating securities (16 ) (20 ) Net income allocated to common shareholders 10,087 5,340 Weighted average basic shares outstanding 10,335,334 10,509,468 Basic earnings per common share $ 0.98 $ 0.51 Earnings per common share - diluted Net income allocated to common shareholders $ 10,087 $ 5,340 Weighted average basic shares outstanding 10,335,334 10,509,468 Dilutive effect of securities 70,449 57,705 Total weighted average diluted shares outstanding 10,405,783 10,567,173 Diluted earnings per common share $ 0.97 $ 0.51 The weighted average shares that have an antidilutive effect in the calculation of diluted earnings per common share and have been excluded from the computations above are shown below. Three months ended March 31, 2022 2021 Restricted stock awards 11 209 Restricted stock units 3,328 8,242 |
Note 4 - Investment Securities
Note 4 - Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. The amortized cost and approximate fair value of investment securities classified as AFS are summarized below as of the dates presented (dollars in thousands). Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value March 31, 2022 Obligations of U.S. government agencies and corporations $ 20,687 $ 102 $ (129 ) $ 20,660 Obligations of state and political subdivisions 27,871 30 (1,001 ) 26,900 Corporate bonds 26,475 61 (1,379 ) 25,157 Residential mortgage-backed securities 282,726 132 (17,563 ) 265,295 Commercial mortgage-backed securities 79,000 179 (3,414 ) 75,765 Total $ 436,759 $ 504 $ (23,486 ) $ 413,777 Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value December 31, 2021 Obligations of U.S. government agencies and corporations $ 21,143 $ 152 $ (27 ) $ 21,268 Obligations of state and political subdivisions 32,330 468 (213 ) 32,585 Corporate bonds 27,777 235 (345 ) 27,667 Residential mortgage-backed securities 200,696 711 (1,503 ) 199,904 Commercial mortgage-backed securities 74,693 369 (977 ) 74,085 Total $ 356,639 $ 1,935 $ (3,065 ) $ 355,509 Proceeds from sales of investment securities classified as AFS and gross gains and losses are summarized below for the periods presented (dollars in thousands). Three months ended March 31, 2022 2021 Proceeds from sale $ — $ 17,123 Gross gains $ — $ 602 Gross losses $ — $ (2 ) The amortized cost and approximate fair value of investment securities classified as HTM are summarized below as of the dates presented (dollars in thousands). Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value March 31, 2022 Obligations of state and political subdivisions $ 6,786 $ 15 $ — $ 6,801 Residential mortgage-backed securities 3,140 — (41 ) 3,099 Total $ 9,926 $ 15 $ (41 ) $ 9,900 Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value December 31, 2021 Obligations of state and political subdivisions $ 6,910 $ 367 $ — $ 7,277 Residential mortgage-backed securities 3,345 105 — 3,450 Total $ 10,255 $ 472 $ — $ 10,727 Securities are classified in the consolidated balance sheets according to management’s intent. The Company had no securities classified as trading as of March 31, 2022 December 31, 2021 The number of AFS securities, fair value, and unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized below as of the dates presented (amounts in thousands, except number of securities). Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses March 31, 2022 Obligations of U.S. government agencies and corporations 15 $ 3,948 $ (112 ) $ 1,445 $ (17 ) $ 5,393 $ (129 ) Obligations of state and political subdivisions 26 10,140 (949 ) 683 (52 ) 10,823 (1,001 ) Corporate bonds 45 18,377 (1,112 ) 2,233 (267 ) 20,610 (1,379 ) Residential mortgage-backed securities 409 237,279 (16,491 ) 10,984 (1,072 ) 248,263 (17,563 ) Commercial mortgage-backed securities 89 46,836 (3,012 ) 11,797 (402 ) 58,633 (3,414 ) Total 584 $ 316,580 $ (21,676 ) $ 27,142 $ (1,810 ) $ 343,722 $ (23,486 ) Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses December 31, 2021 Obligations of U.S. government agencies and corporations 8 $ 1,438 $ (25 ) $ 668 $ (2 ) $ 2,106 $ (27 ) Obligations of state and political subdivisions 12 10,803 (213 ) — — 10,803 (213 ) Corporate bonds 22 10,197 (254 ) 2,409 (91 ) 12,606 (345 ) Residential mortgage-backed securities 150 156,862 (1,503 ) — — 156,862 (1,503 ) Commercial mortgage-backed securities 64 44,055 (941 ) 6,284 (36 ) 50,339 (977 ) Total 256 $ 223,355 $ (2,936 ) $ 9,361 $ (129 ) $ 232,716 $ (3,065 ) The number of HTM securities, fair value, and unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are summarized below as of March 31, 2022 no December 31, 2021 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses March 31, 2022 Residential mortgage-backed securities 8 $ 3,043 $ (41 ) $ — $ — $ 3,043 $ (41 ) Total 8 $ 3,043 $ (41 ) $ — $ — $ 3,043 $ (41 ) Unrealized losses are generally due to changes in interest rates. The Company has the intent to hold these securities either until maturity or a forecasted recovery, and it is more likely than not not not March 31, 2022 December 31, 2021 The amortized cost and approximate fair value of investment debt securities, by contractual maturity, are shown below as of the dates presented (dollars in thousands). Actual maturities may may Securities Available For Sale Securities Held To Maturity Amortized Fair Amortized Fair Cost Value Cost Value March 31, 2022 Due within one year $ 280 $ 282 $ 870 $ 872 Due after one year through five years 13,462 13,293 1,875 1,881 Due after five years through ten years 48,009 46,880 4,041 4,048 Due after ten years 375,008 353,322 3,140 3,099 Total debt securities $ 436,759 $ 413,777 $ 9,926 $ 9,900 Securities Available For Sale Securities Held To Maturity Amortized Fair Amortized Fair Cost Value Cost Value December 31, 2021 Due within one year $ 726 $ 726 $ 870 $ 902 Due after one year through five years 14,189 14,327 1,875 2,018 Due after five years through ten years 51,988 52,376 4,165 4,356 Due after ten years 289,736 288,080 3,345 3,451 Total debt securities $ 356,639 $ 355,509 $ 10,255 $ 10,727 At March 31, 2022 December 31, 2021 |
Note 5 - Loans and Allowance fo
Note 5 - Loans and Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. The Company’s loan portfolio, excluding loans held for sale, consists of the following categories of loans as of the dates presented (dollars in thousands). March 31, 2022 December 31, 2021 Construction and development $ 201,222 $ 203,204 1-4 Family 367,520 364,307 Multifamily 52,500 59,570 Farmland 18,296 20,128 Commercial real estate 908,210 896,377 Total mortgage loans on real estate 1,547,748 1,543,586 Commercial and industrial 314,093 310,831 Consumer 15,603 17,595 Total loans $ 1,877,444 $ 1,872,012 Unamortized premiums and discounts on loans, included in the total loans balances above, were $1.1 million March 31, 2022 December 31, 2021 $1.5 million March 31, 2022 December 31, 2021 The table below provides an analysis of the aging of loans, excluding loans held for sale, as of the dates presented (dollars in thousands). March 31, 2022 Accruing Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Total Past Due & Nonaccrual Acquired Impaired Loans Total Loans Construction and development $ 200,950 $ — $ — $ — $ 272 $ 272 $ — $ 201,222 1-4 Family 361,695 4,867 83 — 548 5,498 327 367,520 Multifamily 52,500 — — — — — — 52,500 Farmland 17,545 20 — — 74 94 657 18,296 Commercial real estate 894,782 82 170 — 12,540 12,792 636 908,210 Total mortgage loans on real estate 1,527,472 4,969 253 — 13,434 18,656 1,620 1,547,748 Commercial and industrial 302,895 239 114 47 10,798 11,198 — 314,093 Consumer 15,170 132 54 — 186 372 61 15,603 Total loans $ 1,845,537 $ 5,340 $ 421 $ 47 $ 24,418 $ 30,226 $ 1,681 $ 1,877,444 December 31, 2021 Accruing Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Total Past Due & Nonaccrual Acquired Impaired Loans Total Loans Construction and development $ 202,850 $ 55 $ 11 $ — $ 288 $ 354 $ — $ 203,204 1-4 Family 360,434 1,933 182 — 1,410 3,525 348 364,307 Multifamily 59,570 — — — — — — 59,570 Farmland 18,348 — — — 79 79 1,701 20,128 Commercial real estate 881,575 170 86 — 13,910 14,166 636 896,377 Total mortgage loans on real estate 1,522,777 2,158 279 — 15,687 18,124 2,685 1,543,586 Commercial and industrial 295,323 4,044 57 53 11,354 15,508 — 310,831 Consumer 17,238 89 18 — 186 293 64 17,595 Total loans $ 1,835,338 $ 6,291 $ 354 $ 53 $ 27,227 $ 33,925 $ 2,749 $ 1,872,012 Nonaccrual and Past Due Loans Loans are considered past due if the required principal and interest payments have not may not may 90 not may not may six Loans Acquired with Deteriorated Credit Quality The Company accounts for certain loans acquired as acquired impaired loans under ASC 310 30 three March 31, 2022 2021 Portfolio Segment Risk Factors The following describes the risk characteristics relevant to each of the Company’s loan portfolio segments. Construction and Development - one 1 4 - 1 4 not Multifamily Farmland may Commercial Real Estate may one Commercial and Industrial may may, In the second 2020, 2020 19 100% 1% June 5, 2020, two June 5, 2020, five July 2020, June 30, 2020. July 6, 2020, August 8, 2020. December 27, 2020, $900 first second January 1, 2021 May 31, 2021. March 31, 2022 December 31, 2021 Consumer may Credit Quality Indicators Loans are categorized into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The following definitions are utilized for risk ratings, which are consistent with the definitions used in supervisory guidance: Pass not Special Mention may Substandard not Doubtful Loss not not no not The table below presents the Company’s loan portfolio, excluding loans held for sale, by category and credit quality indicator as of the dates presented (dollars in thousands). March 31, 2022 Special Pass Mention Substandard Doubtful Total Construction and development $ 198,808 $ 812 $ 1,602 $ — $ 201,222 1-4 Family 362,187 — 5,333 — 367,520 Multifamily 52,040 — 460 — 52,500 Farmland 17,564 — 732 — 18,296 Commercial real estate 888,686 3,838 15,686 — 908,210 Total mortgage loans on real estate 1,519,285 4,650 23,813 — 1,547,748 Commercial and industrial 299,985 1,079 12,542 487 314,093 Consumer 15,312 18 273 — 15,603 Total loans $ 1,834,582 $ 5,747 $ 36,628 $ 487 $ 1,877,444 December 31, 2021 Special Pass Mention Substandard Doubtful Total Construction and development $ 200,788 $ 818 $ 1,598 $ — $ 203,204 1-4 Family 358,062 38 6,207 — 364,307 Multifamily 59,113 — 457 — 59,570 Farmland 18,348 — 1,780 — 20,128 Commercial real estate 872,951 3,891 19,535 — 896,377 Total mortgage loans on real estate 1,509,262 4,747 29,577 — 1,543,586 Commercial and industrial 290,677 2,523 16,941 690 310,831 Consumer 17,269 19 307 — 17,595 Total loans $ 1,817,208 $ 7,289 $ 46,825 $ 690 $ 1,872,012 The Company had no loans that were classified as loss at March 31, 2022 December 31, 2021 Loan Participations and Sold Loans Loan participations and whole loans sold to and serviced for others are not $28.0 million March 31, 2022 December 31, 2021 $85.8 million March 31, 2022 December 31, 2021 Loans to Related Parties In the ordinary course of business, the Company makes loans to related parties including its executive officers, principal stockholders, directors and their immediate family members, as well as to companies in which these individuals are principal owners. Loans outstanding to such related party borrowers amounted to approximately $101.1 million and $97.6 million as of March 31, 2022 December 31, 2021 The table below shows the aggregate principal balance of loans to such related parties as of the dates presented (dollars in thousands). March 31, 2022 December 31, 2021 Balance, beginning of period $ 97,606 $ 96,390 New loans/changes in relationship 5,371 26,475 Repayments/changes in relationship (1,874 ) (25,259 ) Balance, end of period $ 101,103 $ 97,606 Allowance for Loan Losses The table below shows a summary of the activity in the allowance for loan losses for the three March 31, 2022 2021 Three months ended March 31, 2022 2021 Balance, beginning of period $ 20,859 $ 20,363 Provision for loan losses (449 ) 400 Loans charged off (329 ) (405 ) Recoveries 1,007 65 Balance, end of period $ 21,088 $ 20,423 The following tables outline the activity in the allowance for loan losses by collateral type for the three March 31, 2022 2021 March 31, 2022 2021 Three months ended March 31, 2022 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 2,347 $ 3,337 $ 673 $ 383 $ 9,354 $ 4,411 $ 354 $ 20,859 Provision 45 (3 ) (83 ) 13 256 (677 ) — (449 ) Charge-offs — — — (54 ) 58 (286 ) (47 ) (329 ) Recoveries 16 70 — — 1 908 12 1,007 Ending balance $ 2,408 $ 3,404 $ 590 $ 342 $ 9,669 $ 4,356 $ 319 $ 21,088 Ending allowance balance for loans individually evaluated for impairment — — — — — 468 74 542 Ending allowance balance for loans acquired with deteriorated credit quality — — — 156 — — — 156 Ending allowance balance for loans collectively evaluated for impairment 2,408 3,404 590 186 9,669 3,888 245 20,390 Loans receivable: Balance of loans individually evaluated for impairment 508 996 — 74 12,940 12,518 186 27,222 Balance of loans acquired with deteriorated credit quality — 327 — 657 636 — 61 1,681 Balance of loans collectively evaluated for impairment 200,714 366,197 52,500 17,565 894,634 301,575 15,356 1,848,541 Total period-end balance $ 201,222 $ 367,520 $ 52,500 $ 18,296 $ 908,210 $ 314,093 $ 15,603 $ 1,877,444 Three months ended March 31, 2021 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 2,375 $ 3,370 $ 589 $ 435 $ 8,496 $ 4,558 $ 540 $ 20,363 Provision (140 ) 127 107 (40 ) 547 (122 ) (79 ) 400 Charge-offs — (134 ) — — — (215 ) (56 ) (405 ) Recoveries 10 6 — — 2 5 42 65 Ending balance $ 2,245 $ 3,369 $ 696 $ 395 $ 9,045 $ 4,226 $ 447 $ 20,423 Ending allowance balance for loans individually evaluated for impairment — — — — 175 81 103 359 Ending allowance balance for loans acquired with deteriorated credit quality — — — 210 — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,245 3,369 696 185 8,870 4,145 344 19,854 Loans receivable: Balance of loans individually evaluated for impairment 774 1,532 — 302 6,654 8,159 298 17,719 Balance of loans acquired with deteriorated credit quality — 375 — 1,701 534 — 37 2,647 Balance of loans collectively evaluated for impairment 190,042 339,359 60,844 22,142 822,692 372,375 18,150 1,825,604 Total period-end balance $ 190,816 $ 341,266 $ 60,844 $ 24,145 $ 829,880 $ 380,534 $ 18,485 $ 1,845,970 Impaired Loans The Company considers a loan to be impaired when, based on current information and events, the Company determines that it is probable that it will not When the ultimate collectability of the total principal of an impaired loan is in doubt and the loan is on nonaccrual, all payments are applied to principal, under the cost recovery method. When the ultimate collectability of the total principal of an impaired loan is not The following tables contain information on the Company’s impaired loans, which include TDRs, discussed in more detail below, and nonaccrual loans individually evaluated for impairment for purposes of determining the allowance for loan losses (dollars in thousands). March 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Construction and development $ 508 $ 791 $ — 1-4 Family 996 1,087 — Farmland 74 79 — Commercial real estate 12,940 23,355 — Total mortgage loans on real estate 14,518 25,312 — Commercial and industrial 8,593 9,274 — Consumer 81 94 — Total 23,192 34,680 — With related allowance recorded: Commercial and industrial 3,925 9,618 468 Consumer 105 137 74 Total 4,030 9,755 542 Total loans: Construction and development 508 791 — 1-4 Family 996 1,087 — Farmland 74 79 — Commercial real estate 12,940 23,355 — Total mortgage loans on real estate 14,518 25,312 — Commercial and industrial 12,518 18,892 468 Consumer 186 231 74 Total $ 27,222 $ 44,435 $ 542 December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Construction and development $ 529 $ 812 $ — 1-4 Family 1,995 2,081 — Farmland 79 81 — Commercial real estate 16,685 27,139 — Total mortgage loans on real estate 19,288 30,113 — Commercial and industrial 9,395 10,941 — Consumer 55 69 — Total 28,738 41,123 — With related allowance recorded: Commercial and industrial 3,926 9,618 468 Consumer 127 164 96 Total 4,053 9,782 564 Total loans: Construction and development 529 812 — 1-4 Family 1,995 2,081 — Farmland 79 81 — Commercial real estate 16,685 27,139 — Total mortgage loans on real estate 19,288 30,113 — Commercial and industrial 13,321 20,559 468 Consumer 182 233 96 Total $ 32,791 $ 50,905 $ 564 Presented in the tables below are the average recorded investment of the impaired loans and the related amount of interest income recognized during the time within the period that the loans were impaired. The average balances are calculated based on the month-end balances of the loans during the periods reported (dollars in thousands). Three months ended March 31, 2022 2021 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Construction and development $ 511 $ 4 $ 777 $ 5 1-4 Family 1,013 6 1,541 9 Farmland 75 — 244 — Commercial real estate 12,806 6 5,370 46 Total mortgage loans on real estate 14,405 16 7,932 60 Commercial and industrial 8,463 26 8,067 42 Consumer 63 — 120 — Total 22,931 42 16,119 102 With related allowance recorded: Commercial real estate — — 1,326 — Total mortgage loans on real estate — — 1,326 — Commercial and industrial 3,926 — 202 — Consumer 108 — 177 — Total 4,034 — 1,705 — Total loans: Construction and development 511 4 777 5 1-4 Family 1,013 6 1,541 9 Farmland 75 — 244 — Commercial real estate 12,806 6 6,696 46 Total mortgage loans on real estate 14,405 16 9,258 60 Commercial and industrial 12,389 26 8,269 42 Consumer 171 — 297 — Total $ 26,965 $ 42 $ 17,824 $ 102 Troubled Debt Restructurings In situations where, for economic or legal reasons related to a borrower’s financial difficulties, the Company grants a concession for other than an insignificant period of time to the borrower that the Company would not may 1. Loans classified as TDRs, consisted of 24 credits, totaling approximately $7.4 million at March 31, 2022 , compared to 29 credits totaling approximately $10.5 million at December 31, 2021 . At March 31, 2022 , eleven seven four two As of March 31, 2022 December 31, 2021 none No TDRs defaulted on their modified terms during the three March 31, 2022 . There was one twelve three March 31, 2021 At March 31, 2022 December 31, 2021 e no a |
Note 6 - Stockholders' Equity
Note 6 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. EQUITY Accumulated Other Comprehensive Income (Loss) Activity within the balances in accumulated other comprehensive income (loss) Three months ended March 31, 2022 2021 Beginning of Period Net Change End of Period Beginning of Period Net Change End of Period Unrealized gain (loss), available for sale, net $ 4,882 $ (17,259 ) $ (12,377 ) $ 7,493 $ (1,401 ) $ 6,092 Reclassification of realized gain on investment securities, net (5,772 ) (5 ) (5,777 ) (3,939 ) (474 ) (4,413 ) Unrealized gain, transfer from available for sale to held to maturity, net 2 — 2 3 — 3 Change in fair value of interest rate swaps designated as cash flow hedges, net 3,501 3,172 6,673 (1,752 ) 6,065 4,313 Reclassification of realized gain on interest rate swap termination, net (1,450 ) (2,642 ) (4,092 ) — — — Accumulated other comprehensive income (loss) $ 1,163 $ (16,734 ) $ (15,571 ) $ 1,805 $ 4,190 $ 5,995 |
Note 7 - Derivative Financial I
Note 7 - Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. As part of its liability management, the Company utilizes pay-fixed interest rate swaps to manage exposure against the variability in the expected future cash flows (future interest payments) attributable to changes in the 1 1 March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 no two In the first 2022, March 31, 2022 three March 31, 2022 For the three March 31, 2022 three March 31, 2021 The fair value of the swap contracts consisted of gross assets of $3.3 million and no gross liabilities, netting to a fair value of $3.3 million March 31, 2022 December 31, 2021 March 31, 2022 not Customer Derivatives Interest Rate Swaps The Company enters into interest rate swaps that allow commercial loan customers to effectively convert a variable-rate commercial loan agreement to a fixed-rate commercial loan agreement. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to an interest rate swap agreement, which serves to effectively swap the customer’s variable-rate loan into a fixed-rate loan. The Company then enters into a corresponding swap agreement with a third third not 815, Derivatives and Hedging not may may 820, Fair Value Measurement and Disclosure 820” not three March 31, 2022 2021 |
Note 8 - Fair Values of Financi
Note 8 - Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 8. In accordance with ASC 820, not not may not not If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may Fair Value Hierarchy In accordance with ASC 820, three Level 1 Level 2 1, not Level 3 no A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following methods and assumptions were used by the Company in estimating fair value disclosures for financial instruments: Cash and Due from Banks 1 Federal Funds Sold 1 Investment Securities and Equity Securities 1 1 If quoted market prices are not 2 3. Based on market reference data, which may may March 31, 2022 December 31, 2021 3 3 may Loans 3 Loans held for sale are measured using quoted market prices when available. If quoted market prices are not may 3 Deposit Liabilities 2 3 Short-Term Borrowings 2 Long-Term Borrowings, including Junior Subordinated Debt Securities 3 Subordinated Debt Securities 2 Derivative Financial Instruments 2 Fair Value of Assets and Liabilities Measured on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis are summarized in the table below as of the dates indicated (dollars in thousands). Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Estimated Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2022 Assets: Obligations of U.S. government agencies and corporations $ 20,660 $ — $ 20,660 $ — Obligations of state and political subdivisions 26,900 — 10,888 16,012 Corporate bonds 25,157 — 24,652 505 Residential mortgage-backed securities 265,295 — 265,295 — Commercial mortgage-backed securities 75,765 — 75,765 — Equity securities 1,609 1,609 — — Derivative financial instruments 3,270 — 3,270 — Total assets $ 418,656 $ 1,609 $ 400,530 $ 16,517 December 31, 2021 Assets: Obligations of U.S. government agencies and corporations $ 21,268 $ — $ 21,268 $ — Obligations of state and political subdivisions 32,585 — 10,471 22,114 Corporate bonds 27,667 — 27,179 488 Residential mortgage-backed securities 199,904 — 199,904 — Commercial mortgage-backed securities 74,085 — 74,085 — Equity securities 1,810 1,810 — — Derivative financial instruments 2,599 — 2,599 — Total assets $ 359,918 $ 1,810 $ 335,506 $ 22,602 The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may 3 for the three March 31, 2022 2021 Obligations of State and Political Subdivisions Corporate Bonds Balance at December 31, 2021 $ 22,114 $ 488 Realized gains (losses) included in earnings — — Unrealized (losses) gains included in other comprehensive (loss) income (1,077 ) 17 Purchases — — Sales — — Maturities, prepayments, and calls (25 ) — Transfers into level 3 — — Transfers out of level 3 (5,000 ) — Balance at March 31, 2022 $ 16,012 $ 505 Obligations of State and Political Subdivisions Balance at December 31, 2020 $ 18,516 Realized gains (losses) included in earnings — Unrealized losses included in other comprehensive income (loss) (567 ) Purchases — Sales — Maturities, prepayments, and calls — Transfers into level 3 — Transfers out of level 3 — Balance at March 31, 2021 $ 17,949 There were no 3 March 31, 2022 December 31, 2021 three March 31, 2022 2021 no The following table provides quantitative information about significant unobservable inputs used in fair value measurements of level 3 March 31, 2022 December 31, 2021 Estimated Fair Value Valuation Technique Unobservable Inputs Range of Discounts March 31, 2022 Obligations of state and political subdivisions $ 16,012 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 5% Corporate bonds 505 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% December 31, 2021 Obligations of state and political subdivisions $ 22,114 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 2% Corporate bonds 488 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 2% ( 1 Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not 3 December 31, 2021. no March 31, 2022, no March 31, 2022 December 31, 2021 Estimated Weighted Average Fair Value Valuation Technique Unobservable Inputs Range of Discounts Discount December 31, 2021 Impaired loans $ 12,703 Discounted cash flows; underlying collateral value Collateral discounts and estimated costs to sell 10% - 100% 60% The estimated fair values of the Company’s financial instruments are summarized in the table below as of the dates indicated (dollars in thousands). March 31, 2022 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 91,475 $ 91,475 $ 91,475 $ — $ — Federal funds sold 130 130 130 — — Investment securities 423,703 423,677 — 400,359 23,318 Equity securities 17,904 17,904 1,609 16,295 — Loans, net of allowance 1,856,356 1,860,269 — — 1,860,269 Derivative financial instruments 3,270 3,270 — 3,270 — Financial liabilities: Deposits, noninterest-bearing $ 614,416 $ 614,416 $ — $ 614,416 $ — Deposits, interest-bearing 1,571,588 1,467,995 — — 1,467,995 Repurchase agreements 1,305 1,305 — 1,305 — FHLB long-term advances 78,500 71,524 — — 71,524 Junior subordinated debt 8,420 8,420 — — 8,420 Subordinated debt 43,600 39,195 — 39,195 — December 31, 2021 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 96,541 $ 96,541 $ 96,541 $ — $ — Federal funds sold 500 500 500 — — Investment securities 365,764 366,236 — 336,357 29,879 Equity securities 16,803 16,803 1,810 14,993 — Loans, net of allowance 1,851,153 1,866,657 — — 1,866,657 Loans held for sale 620 625 — — 625 Derivative financial instruments 2,599 2,599 — 2,599 — Financial liabilities: Deposits, noninterest-bearing $ 585,465 $ 585,465 $ — $ 585,465 $ — Deposits, interest-bearing 1,534,801 1,538,052 — — 1,538,052 Repurchase agreements 5,783 5,783 — 5,783 — FHLB long-term advances 78,500 77,229 — — 77,229 Junior subordinated debt 8,384 8,384 — — 8,384 Subordinated debt 43,600 38,545 — 38,545 — |
Note 9 - Income Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. The income tax expense and the effective tax rate included in the consolidated statements of income are shown in the table below for the periods presented (dollars in thousands). Three months ended March 31, 2022 2021 Income tax expense $ 2,600 $ 1,430 Effective tax rate 20.5 % 21.1 % For the three March 31, 2022 due to tax exempt interest income earned on certain investment securities and bank owned life insurance. the three March 31, 2021 21% due to an increase in state taxes and the impact of share-based compensation. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Unfunded Commitments The Company is a party to financial instruments with off-balance-sheet risk entered into in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit consisting of loan commitments and standby letters of credit, which are not March 31, 2022 December 31, 2021 Commitments to extend credit are agreements to lend money with fixed expiration dates or termination clauses. The Company applies the same credit standards used in the lending process when extending these commitments, and periodically reassesses the customer’s creditworthiness through ongoing credit reviews. Since some commitments are expected to expire without being drawn upon, the total commitment amounts do not one The table below shows the approximate amounts of the Company’s commitments to extend credit as of the dates presented (dollars in thousands). March 31, 2022 December 31, 2021 Loan commitments $ 368,056 $ 349,701 Standby letters of credit 15,965 18,259 Additionally, at March 31, 2022 |
Note 11 - Leases
Note 11 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 11. The Company’s primary leasing activities relate to certain real estate leases entered into in support of the Company’s branch operations. The Company’s branch locations operated under lease agreements have all been designated as operating leases. The Company does not The Company determines if an arrangement is a lease at inception. Operating leases, with the exception of short-term leases, are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in Bank premises and equipment, net and Accrued taxes and other liabilities, respectively, in the consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not may Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which the Company has elected to account for separately, as the non-lease component amounts are readily determinable. Quantitative information regarding the Company’s operating leases is presented below as of and for the three March 31, 2022 2021 March 31, 2022 2021 Total operating lease cost $ 152 $ 152 Weighted-average remaining lease term (in years) 7.6 8.4 Weighted-average discount rate 2.9 % 2.8 % At March 31, 2022 Future minimum lease payments due under non-cancelable operating leases at March 31, 2022 2022 $ 448 2023 595 2024 515 2025 476 2026 339 Thereafter 1,354 Total $ 3,727 At March 31, 2022 not not The Bank owns its corporate headquarters building, the first three March 31, 2022 2021 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. On April 6, 2022, 5.125% 2032 100% one not 4 2 1933, 506 The Notes were issued under an indenture, dated April 6, 2022 ( The Notes have a stated maturity date of April 15, 2032 April 6, 2022 April 15, 2027 April 15, 2027 three may three may April 15, 2027 not Principal and interest on the Notes are subject to acceleration only in limited circumstances in the case of certain bankruptcy and insolvency-related events with respect to the Company. The Notes are the unsecured, subordinated obligations of the Company and rank junior in right of payment to the Company’s current and future senior indebtedness and to the Company’s obligations to its general creditors. The Notes are intended to qualify as tier 2 On April 6, 2022, not 60 45 The Company expects to utilize the net proceeds from the sale of the Notes to refinance the Company’s subordinated debt securities issued in 2017, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements of Investar Holding Corporation (the “Company”) have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10 10 X. not three March 31, 2022 not may December 31, 2021 10 March 9, 2022. |
Nature of Operations Policy [Policy Text Block] | Nature of Operations The Company, headquartered in Baton Rouge, Louisiana, provides full banking services, excluding trust services, through its wholly-owned banking subsidiary, Investar Bank, National Association (the “Bank”), a national bank, primarily to meet the needs of individuals, professionals and small to medium-sized businesses. The Company’s primary markets are in Louisiana, Texas and Alabama. At March 31, 2022 23 full service branches located in Louisiana, four full service branches located in Texas and six |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. All significant intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could be material. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses. While management uses available information to recognize losses on loans, future additions to the allowance may may may Other estimates that are susceptible to significant change in the near term relate to the allowance for off-balance sheet credit losses, the fair value of stock-based compensation awards, the determination of other-than-temporary impairments of securities, and the fair value of financial instruments and goodwill. The ongoing COVID- 19 |
Investment, Policy [Policy Text Block] | Investment Securities The Company’s investments in debt securities are accounted for in accordance with applicable guidance contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), which requires the classification of securities into one • Securities available for sale (“AFS”): available for sale securities consist of bonds, notes, and debentures that are available to meet the Company’s operating needs. These securities are reported at fair value. • Securities to be held to maturity (“HTM”): bonds, notes, and debentures for which the Company has the positive intent and ability to hold to maturity are reported at cost, adjusted for premiums and discounts that are recognized in interest income using the interest method over the period to maturity. Unrealized holding gains and losses, net of tax, on AFS debt securities are reported as a net amount in other comprehensive income. Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses on the sale of debt securities are determined using the specific-identification method. The Company follows FASB guidance related to the recognition and presentation of other-than-temporary impairment. The guidance specifies that if an entity does not not not not not not not |
Marketable Securities, Policy [Policy Text Block] | Equity Securities The Company is a member of the Federal Home Loan Bank (“FHLB”) system. Members of the FHLB are required to own a certain amount of stock based on the level of borrowings and other factors, and may March 31, 2022 December 31, 2021 $16.3 million and $15.0 million, respectively. In addition, equity securities include marketable securities in corporate stocks and mutual funds. The estimated fair value of equity securities totaled $1.6 million March 31, 2022 December 31, 2021 |
Financing Receivable [Policy Text Block] | Loans The Company’s loan portfolio categories include real estate, commercial and consumer loans. Real estate loans are further categorized into construction and development, 1 4 third Loans for which management has the intent and ability to hold for the foreseeable future, or until maturity or pay-off are stated at unpaid principal balances, adjusted by an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amount outstanding. Loan origination fees, net of direct loan origination costs, and commitment fees, are deferred and amortized as an adjustment to yield over the life of the loan, or over the commitment period, as applicable. Loans are considered past due if the required principal and interest payments have not 90 may not may The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not not The Company follows the FASB accounting guidance on sales of financial assets, which includes participating interests in loans. For loan participations that are structured in accordance with this guidance, the sold portions are recorded as a reduction of the loan portfolio. Loan participations that do not |
Financing Receivable, Held for Sale [Policy Text Block] | Loans Held for Sale Loans originated and intended for sale in the secondary market are carried at the lower of cost or fair value. For loans carried at the lower of cost or fair value, gains and losses on loan sales (sales proceeds minus carrying value) are recorded in noninterest income, and direct loan origination costs and fees are deferred at origination of the loan and are recognized in noninterest income upon sale of the loan. At March 31, 2022 no December 31, 2021 |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is estimated through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the loan balance is uncollectible. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount that management believes will be adequate to absorb probable losses inherent in the loan portfolio as of the balance sheet date based on evaluations of the collectability of loans and prior loan loss experience. The evaluations take into consideration such factors as changes in the nature and volume of the loan portfolio, overall portfolio quality, review of specific problem loans, and current economic conditions that may The allowance consists of allocated and general components. The allocated component relates to loans that are classified as impaired. For loans that are classified as impaired, an allowance is established when the discounted cash flows (or collateral value or observable market price) of the impaired loan is lower than the carrying value of that loan. The general component covers non-classified loans and is based on historical loss experience adjusted for qualitative factors. Based on management’s review and observations made through qualitative review, management may may not third In the ordinary course of business, the Bank enters into commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the financial statements when they become payable. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for loan losses. The reserve for unfunded lending commitments is included in accrued taxes and other liabilities in the consolidated balance sheet. The reserve for unfunded loan commitments was $0.7 million at both March 31, 2022 December 31, 2021 |
Business Combinations Policy [Policy Text Block] | Acquisition Accounting Business combinations are accounted for under the acquisition method of accounting. Purchased assets and assumed liabilities are recorded at their respective acquisition date fair values, and identifiable intangible assets are recorded at fair value. If the consideration given exceeds the fair value of the net assets received, goodwill is recognized. If the fair value of the net assets received exceeds the consideration given, a bargain purchase gain is recognized. Fair values are subject to refinement for up to one Loans acquired in a business combination are recorded at their estimated fair value as of the acquisition date. The fair value of loans acquired is determined using a discounted cash flow model based on assumptions regarding the amount and timing of principal and interest prepayments, estimated payments, estimated default rates, estimated loss severity in the event of defaults, and current market rates. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not 310 30, not 310 30 The Company accounts for acquired impaired loans under ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality 310 30” 310 30 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to the 2021 2022 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk The Company’s loan portfolio consists of the various types of loans described in Note 5. not one |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Pronouncements Not FASB ASC Topic 326 Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments Update No. 2016 13. No. 2016 13 June 2016. 2016 13 2016 13 third 2016 13. The adoption of ASU 2016 13 2016 13 2016 13, This amendment was originally effective for fiscal years beginning after December 15, 2019, July 2019, October 2019, December 15, 2022, 2016 13 January 1, 2023. FASB ASC Topic 848 Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting Update No. 2020 04. March 2020, 2020 04, March 12, 2020, may December 31, 2022. FASB ASC Topic 326 Financial Instruments – Credit Losses (Topic 326 Update No. 2022 02. No. 2022 02 March 2022. 2016 13 December 15, 2022, 2016 13 January 1, 2023. |
Note 2 - Business Combinations
Note 2 - Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Purchase price: Cash paid $ 41,067 Fair value of assets acquired: Cash and cash equivalents 49,179 Investment securities 60,938 Loans 120,395 Bank premises and equipment 5,407 Core deposit intangible asset 848 Bank owned life insurance 3,023 Other assets 1,012 Total assets acquired 240,802 Fair value of liabilities acquired: Deposits 206,986 Notes payable 2,327 Other liabilities 2,366 Total liabilities assumed 211,679 Fair value of net assets acquired 29,123 Goodwill $ 11,944 |
Note 3 - Earnings Per Share (Ta
Note 3 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, 2022 2021 Earnings per common share - basic Net income $ 10,103 $ 5,360 Less: income allocated to participating securities (16 ) (20 ) Net income allocated to common shareholders 10,087 5,340 Weighted average basic shares outstanding 10,335,334 10,509,468 Basic earnings per common share $ 0.98 $ 0.51 Earnings per common share - diluted Net income allocated to common shareholders $ 10,087 $ 5,340 Weighted average basic shares outstanding 10,335,334 10,509,468 Dilutive effect of securities 70,449 57,705 Total weighted average diluted shares outstanding 10,405,783 10,567,173 Diluted earnings per common share $ 0.97 $ 0.51 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three months ended March 31, 2022 2021 Restricted stock awards 11 209 Restricted stock units 3,328 8,242 |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value March 31, 2022 Obligations of U.S. government agencies and corporations $ 20,687 $ 102 $ (129 ) $ 20,660 Obligations of state and political subdivisions 27,871 30 (1,001 ) 26,900 Corporate bonds 26,475 61 (1,379 ) 25,157 Residential mortgage-backed securities 282,726 132 (17,563 ) 265,295 Commercial mortgage-backed securities 79,000 179 (3,414 ) 75,765 Total $ 436,759 $ 504 $ (23,486 ) $ 413,777 Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value December 31, 2021 Obligations of U.S. government agencies and corporations $ 21,143 $ 152 $ (27 ) $ 21,268 Obligations of state and political subdivisions 32,330 468 (213 ) 32,585 Corporate bonds 27,777 235 (345 ) 27,667 Residential mortgage-backed securities 200,696 711 (1,503 ) 199,904 Commercial mortgage-backed securities 74,693 369 (977 ) 74,085 Total $ 356,639 $ 1,935 $ (3,065 ) $ 355,509 |
Debt Securities, Available-for-Sale [Table Text Block] | Three months ended March 31, 2022 2021 Proceeds from sale $ — $ 17,123 Gross gains $ — $ 602 Gross losses $ — $ (2 ) |
Debt Securities, Held-to-Maturity [Table Text Block] | Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value March 31, 2022 Obligations of state and political subdivisions $ 6,786 $ 15 $ — $ 6,801 Residential mortgage-backed securities 3,140 — (41 ) 3,099 Total $ 9,926 $ 15 $ (41 ) $ 9,900 Gross Gross Unrealized Unrealized Fair Amortized Cost Gains Losses Value December 31, 2021 Obligations of state and political subdivisions $ 6,910 $ 367 $ — $ 7,277 Residential mortgage-backed securities 3,345 105 — 3,450 Total $ 10,255 $ 472 $ — $ 10,727 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses March 31, 2022 Obligations of U.S. government agencies and corporations 15 $ 3,948 $ (112 ) $ 1,445 $ (17 ) $ 5,393 $ (129 ) Obligations of state and political subdivisions 26 10,140 (949 ) 683 (52 ) 10,823 (1,001 ) Corporate bonds 45 18,377 (1,112 ) 2,233 (267 ) 20,610 (1,379 ) Residential mortgage-backed securities 409 237,279 (16,491 ) 10,984 (1,072 ) 248,263 (17,563 ) Commercial mortgage-backed securities 89 46,836 (3,012 ) 11,797 (402 ) 58,633 (3,414 ) Total 584 $ 316,580 $ (21,676 ) $ 27,142 $ (1,810 ) $ 343,722 $ (23,486 ) Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses December 31, 2021 Obligations of U.S. government agencies and corporations 8 $ 1,438 $ (25 ) $ 668 $ (2 ) $ 2,106 $ (27 ) Obligations of state and political subdivisions 12 10,803 (213 ) — — 10,803 (213 ) Corporate bonds 22 10,197 (254 ) 2,409 (91 ) 12,606 (345 ) Residential mortgage-backed securities 150 156,862 (1,503 ) — — 156,862 (1,503 ) Commercial mortgage-backed securities 64 44,055 (941 ) 6,284 (36 ) 50,339 (977 ) Total 256 $ 223,355 $ (2,936 ) $ 9,361 $ (129 ) $ 232,716 $ (3,065 ) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value [Table Text Block] | Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses March 31, 2022 Residential mortgage-backed securities 8 $ 3,043 $ (41 ) $ — $ — $ 3,043 $ (41 ) Total 8 $ 3,043 $ (41 ) $ — $ — $ 3,043 $ (41 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available For Sale Securities Held To Maturity Amortized Fair Amortized Fair Cost Value Cost Value March 31, 2022 Due within one year $ 280 $ 282 $ 870 $ 872 Due after one year through five years 13,462 13,293 1,875 1,881 Due after five years through ten years 48,009 46,880 4,041 4,048 Due after ten years 375,008 353,322 3,140 3,099 Total debt securities $ 436,759 $ 413,777 $ 9,926 $ 9,900 Securities Available For Sale Securities Held To Maturity Amortized Fair Amortized Fair Cost Value Cost Value December 31, 2021 Due within one year $ 726 $ 726 $ 870 $ 902 Due after one year through five years 14,189 14,327 1,875 2,018 Due after five years through ten years 51,988 52,376 4,165 4,356 Due after ten years 289,736 288,080 3,345 3,451 Total debt securities $ 356,639 $ 355,509 $ 10,255 $ 10,727 |
Note 5 - Loans and Allowance _2
Note 5 - Loans and Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2022 December 31, 2021 Construction and development $ 201,222 $ 203,204 1-4 Family 367,520 364,307 Multifamily 52,500 59,570 Farmland 18,296 20,128 Commercial real estate 908,210 896,377 Total mortgage loans on real estate 1,547,748 1,543,586 Commercial and industrial 314,093 310,831 Consumer 15,603 17,595 Total loans $ 1,877,444 $ 1,872,012 |
Financing Receivable, Past Due [Table Text Block] | March 31, 2022 Accruing Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Total Past Due & Nonaccrual Acquired Impaired Loans Total Loans Construction and development $ 200,950 $ — $ — $ — $ 272 $ 272 $ — $ 201,222 1-4 Family 361,695 4,867 83 — 548 5,498 327 367,520 Multifamily 52,500 — — — — — — 52,500 Farmland 17,545 20 — — 74 94 657 18,296 Commercial real estate 894,782 82 170 — 12,540 12,792 636 908,210 Total mortgage loans on real estate 1,527,472 4,969 253 — 13,434 18,656 1,620 1,547,748 Commercial and industrial 302,895 239 114 47 10,798 11,198 — 314,093 Consumer 15,170 132 54 — 186 372 61 15,603 Total loans $ 1,845,537 $ 5,340 $ 421 $ 47 $ 24,418 $ 30,226 $ 1,681 $ 1,877,444 December 31, 2021 Accruing Current 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Nonaccrual Total Past Due & Nonaccrual Acquired Impaired Loans Total Loans Construction and development $ 202,850 $ 55 $ 11 $ — $ 288 $ 354 $ — $ 203,204 1-4 Family 360,434 1,933 182 — 1,410 3,525 348 364,307 Multifamily 59,570 — — — — — — 59,570 Farmland 18,348 — — — 79 79 1,701 20,128 Commercial real estate 881,575 170 86 — 13,910 14,166 636 896,377 Total mortgage loans on real estate 1,522,777 2,158 279 — 15,687 18,124 2,685 1,543,586 Commercial and industrial 295,323 4,044 57 53 11,354 15,508 — 310,831 Consumer 17,238 89 18 — 186 293 64 17,595 Total loans $ 1,835,338 $ 6,291 $ 354 $ 53 $ 27,227 $ 33,925 $ 2,749 $ 1,872,012 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2022 Special Pass Mention Substandard Doubtful Total Construction and development $ 198,808 $ 812 $ 1,602 $ — $ 201,222 1-4 Family 362,187 — 5,333 — 367,520 Multifamily 52,040 — 460 — 52,500 Farmland 17,564 — 732 — 18,296 Commercial real estate 888,686 3,838 15,686 — 908,210 Total mortgage loans on real estate 1,519,285 4,650 23,813 — 1,547,748 Commercial and industrial 299,985 1,079 12,542 487 314,093 Consumer 15,312 18 273 — 15,603 Total loans $ 1,834,582 $ 5,747 $ 36,628 $ 487 $ 1,877,444 December 31, 2021 Special Pass Mention Substandard Doubtful Total Construction and development $ 200,788 $ 818 $ 1,598 $ — $ 203,204 1-4 Family 358,062 38 6,207 — 364,307 Multifamily 59,113 — 457 — 59,570 Farmland 18,348 — 1,780 — 20,128 Commercial real estate 872,951 3,891 19,535 — 896,377 Total mortgage loans on real estate 1,509,262 4,747 29,577 — 1,543,586 Commercial and industrial 290,677 2,523 16,941 690 310,831 Consumer 17,269 19 307 — 17,595 Total loans $ 1,817,208 $ 7,289 $ 46,825 $ 690 $ 1,872,012 |
Schedule of Related Party Transactions [Table Text Block] | March 31, 2022 December 31, 2021 Balance, beginning of period $ 97,606 $ 96,390 New loans/changes in relationship 5,371 26,475 Repayments/changes in relationship (1,874 ) (25,259 ) Balance, end of period $ 101,103 $ 97,606 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three months ended March 31, 2022 2021 Balance, beginning of period $ 20,859 $ 20,363 Provision for loan losses (449 ) 400 Loans charged off (329 ) (405 ) Recoveries 1,007 65 Balance, end of period $ 21,088 $ 20,423 Three months ended March 31, 2022 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 2,347 $ 3,337 $ 673 $ 383 $ 9,354 $ 4,411 $ 354 $ 20,859 Provision 45 (3 ) (83 ) 13 256 (677 ) — (449 ) Charge-offs — — — (54 ) 58 (286 ) (47 ) (329 ) Recoveries 16 70 — — 1 908 12 1,007 Ending balance $ 2,408 $ 3,404 $ 590 $ 342 $ 9,669 $ 4,356 $ 319 $ 21,088 Ending allowance balance for loans individually evaluated for impairment — — — — — 468 74 542 Ending allowance balance for loans acquired with deteriorated credit quality — — — 156 — — — 156 Ending allowance balance for loans collectively evaluated for impairment 2,408 3,404 590 186 9,669 3,888 245 20,390 Loans receivable: Balance of loans individually evaluated for impairment 508 996 — 74 12,940 12,518 186 27,222 Balance of loans acquired with deteriorated credit quality — 327 — 657 636 — 61 1,681 Balance of loans collectively evaluated for impairment 200,714 366,197 52,500 17,565 894,634 301,575 15,356 1,848,541 Total period-end balance $ 201,222 $ 367,520 $ 52,500 $ 18,296 $ 908,210 $ 314,093 $ 15,603 $ 1,877,444 Three months ended March 31, 2021 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 2,375 $ 3,370 $ 589 $ 435 $ 8,496 $ 4,558 $ 540 $ 20,363 Provision (140 ) 127 107 (40 ) 547 (122 ) (79 ) 400 Charge-offs — (134 ) — — — (215 ) (56 ) (405 ) Recoveries 10 6 — — 2 5 42 65 Ending balance $ 2,245 $ 3,369 $ 696 $ 395 $ 9,045 $ 4,226 $ 447 $ 20,423 Ending allowance balance for loans individually evaluated for impairment — — — — 175 81 103 359 Ending allowance balance for loans acquired with deteriorated credit quality — — — 210 — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,245 3,369 696 185 8,870 4,145 344 19,854 Loans receivable: Balance of loans individually evaluated for impairment 774 1,532 — 302 6,654 8,159 298 17,719 Balance of loans acquired with deteriorated credit quality — 375 — 1,701 534 — 37 2,647 Balance of loans collectively evaluated for impairment 190,042 339,359 60,844 22,142 822,692 372,375 18,150 1,825,604 Total period-end balance $ 190,816 $ 341,266 $ 60,844 $ 24,145 $ 829,880 $ 380,534 $ 18,485 $ 1,845,970 |
Impaired Financing Receivables [Table Text Block] | March 31, 2022 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Construction and development $ 508 $ 791 $ — 1-4 Family 996 1,087 — Farmland 74 79 — Commercial real estate 12,940 23,355 — Total mortgage loans on real estate 14,518 25,312 — Commercial and industrial 8,593 9,274 — Consumer 81 94 — Total 23,192 34,680 — With related allowance recorded: Commercial and industrial 3,925 9,618 468 Consumer 105 137 74 Total 4,030 9,755 542 Total loans: Construction and development 508 791 — 1-4 Family 996 1,087 — Farmland 74 79 — Commercial real estate 12,940 23,355 — Total mortgage loans on real estate 14,518 25,312 — Commercial and industrial 12,518 18,892 468 Consumer 186 231 74 Total $ 27,222 $ 44,435 $ 542 December 31, 2021 Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Construction and development $ 529 $ 812 $ — 1-4 Family 1,995 2,081 — Farmland 79 81 — Commercial real estate 16,685 27,139 — Total mortgage loans on real estate 19,288 30,113 — Commercial and industrial 9,395 10,941 — Consumer 55 69 — Total 28,738 41,123 — With related allowance recorded: Commercial and industrial 3,926 9,618 468 Consumer 127 164 96 Total 4,053 9,782 564 Total loans: Construction and development 529 812 — 1-4 Family 1,995 2,081 — Farmland 79 81 — Commercial real estate 16,685 27,139 — Total mortgage loans on real estate 19,288 30,113 — Commercial and industrial 13,321 20,559 468 Consumer 182 233 96 Total $ 32,791 $ 50,905 $ 564 Three months ended March 31, 2022 2021 Average Interest Average Interest Recorded Income Recorded Income Investment Recognized Investment Recognized With no related allowance recorded: Construction and development $ 511 $ 4 $ 777 $ 5 1-4 Family 1,013 6 1,541 9 Farmland 75 — 244 — Commercial real estate 12,806 6 5,370 46 Total mortgage loans on real estate 14,405 16 7,932 60 Commercial and industrial 8,463 26 8,067 42 Consumer 63 — 120 — Total 22,931 42 16,119 102 With related allowance recorded: Commercial real estate — — 1,326 — Total mortgage loans on real estate — — 1,326 — Commercial and industrial 3,926 — 202 — Consumer 108 — 177 — Total 4,034 — 1,705 — Total loans: Construction and development 511 4 777 5 1-4 Family 1,013 6 1,541 9 Farmland 75 — 244 — Commercial real estate 12,806 6 6,696 46 Total mortgage loans on real estate 14,405 16 9,258 60 Commercial and industrial 12,389 26 8,269 42 Consumer 171 — 297 — Total $ 26,965 $ 42 $ 17,824 $ 102 |
Note 6 - Stockholders' Equity (
Note 6 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three months ended March 31, 2022 2021 Beginning of Period Net Change End of Period Beginning of Period Net Change End of Period Unrealized gain (loss), available for sale, net $ 4,882 $ (17,259 ) $ (12,377 ) $ 7,493 $ (1,401 ) $ 6,092 Reclassification of realized gain on investment securities, net (5,772 ) (5 ) (5,777 ) (3,939 ) (474 ) (4,413 ) Unrealized gain, transfer from available for sale to held to maturity, net 2 — 2 3 — 3 Change in fair value of interest rate swaps designated as cash flow hedges, net 3,501 3,172 6,673 (1,752 ) 6,065 4,313 Reclassification of realized gain on interest rate swap termination, net (1,450 ) (2,642 ) (4,092 ) — — — Accumulated other comprehensive income (loss) $ 1,163 $ (16,734 ) $ (15,571 ) $ 1,805 $ 4,190 $ 5,995 |
Note 8 - Fair Values of Finan_2
Note 8 - Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Estimated Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) March 31, 2022 Assets: Obligations of U.S. government agencies and corporations $ 20,660 $ — $ 20,660 $ — Obligations of state and political subdivisions 26,900 — 10,888 16,012 Corporate bonds 25,157 — 24,652 505 Residential mortgage-backed securities 265,295 — 265,295 — Commercial mortgage-backed securities 75,765 — 75,765 — Equity securities 1,609 1,609 — — Derivative financial instruments 3,270 — 3,270 — Total assets $ 418,656 $ 1,609 $ 400,530 $ 16,517 December 31, 2021 Assets: Obligations of U.S. government agencies and corporations $ 21,268 $ — $ 21,268 $ — Obligations of state and political subdivisions 32,585 — 10,471 22,114 Corporate bonds 27,667 — 27,179 488 Residential mortgage-backed securities 199,904 — 199,904 — Commercial mortgage-backed securities 74,085 — 74,085 — Equity securities 1,810 1,810 — — Derivative financial instruments 2,599 — 2,599 — Total assets $ 359,918 $ 1,810 $ 335,506 $ 22,602 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Obligations of State and Political Subdivisions Corporate Bonds Balance at December 31, 2021 $ 22,114 $ 488 Realized gains (losses) included in earnings — — Unrealized (losses) gains included in other comprehensive (loss) income (1,077 ) 17 Purchases — — Sales — — Maturities, prepayments, and calls (25 ) — Transfers into level 3 — — Transfers out of level 3 (5,000 ) — Balance at March 31, 2022 $ 16,012 $ 505 Obligations of State and Political Subdivisions Balance at December 31, 2020 $ 18,516 Realized gains (losses) included in earnings — Unrealized losses included in other comprehensive income (loss) (567 ) Purchases — Sales — Maturities, prepayments, and calls — Transfers into level 3 — Transfers out of level 3 — Balance at March 31, 2021 $ 17,949 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Estimated Fair Value Valuation Technique Unobservable Inputs Range of Discounts March 31, 2022 Obligations of state and political subdivisions $ 16,012 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 5% Corporate bonds 505 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% December 31, 2021 Obligations of state and political subdivisions $ 22,114 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 2% Corporate bonds 488 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 2% Estimated Weighted Average Fair Value Valuation Technique Unobservable Inputs Range of Discounts Discount December 31, 2021 Impaired loans $ 12,703 Discounted cash flows; underlying collateral value Collateral discounts and estimated costs to sell 10% - 100% 60% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2022 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 91,475 $ 91,475 $ 91,475 $ — $ — Federal funds sold 130 130 130 — — Investment securities 423,703 423,677 — 400,359 23,318 Equity securities 17,904 17,904 1,609 16,295 — Loans, net of allowance 1,856,356 1,860,269 — — 1,860,269 Derivative financial instruments 3,270 3,270 — 3,270 — Financial liabilities: Deposits, noninterest-bearing $ 614,416 $ 614,416 $ — $ 614,416 $ — Deposits, interest-bearing 1,571,588 1,467,995 — — 1,467,995 Repurchase agreements 1,305 1,305 — 1,305 — FHLB long-term advances 78,500 71,524 — — 71,524 Junior subordinated debt 8,420 8,420 — — 8,420 Subordinated debt 43,600 39,195 — 39,195 — December 31, 2021 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 96,541 $ 96,541 $ 96,541 $ — $ — Federal funds sold 500 500 500 — — Investment securities 365,764 366,236 — 336,357 29,879 Equity securities 16,803 16,803 1,810 14,993 — Loans, net of allowance 1,851,153 1,866,657 — — 1,866,657 Loans held for sale 620 625 — — 625 Derivative financial instruments 2,599 2,599 — 2,599 — Financial liabilities: Deposits, noninterest-bearing $ 585,465 $ 585,465 $ — $ 585,465 $ — Deposits, interest-bearing 1,534,801 1,538,052 — — 1,538,052 Repurchase agreements 5,783 5,783 — 5,783 — FHLB long-term advances 78,500 77,229 — — 77,229 Junior subordinated debt 8,384 8,384 — — 8,384 Subordinated debt 43,600 38,545 — 38,545 — |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Income Tax Expense (Benefit) and Effective Income Tax Rate [Table Text Block] | Three months ended March 31, 2022 2021 Income tax expense $ 2,600 $ 1,430 Effective tax rate 20.5 % 21.1 % |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Other Commitments [Table Text Block] | March 31, 2022 December 31, 2021 Loan commitments $ 368,056 $ 349,701 Standby letters of credit 15,965 18,259 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | March 31, 2022 2021 Total operating lease cost $ 152 $ 152 Weighted-average remaining lease term (in years) 7.6 8.4 Weighted-average discount rate 2.9 % 2.8 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2022 $ 448 2023 595 2024 515 2025 476 2026 339 Thereafter 1,354 Total $ 3,727 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Entity Number of Employees | 336 | |
Equity Securities, FV-NI, Cost | $ 17,904 | $ 16,803 |
Financing Receivable, Held-for-Sale | 0 | 620 |
Financing Receivable, Commitment to Lend | 700 | 700 |
Equity Securities, Held In Correspondent Banks [Member] | ||
Equity Securities, FV-NI, Cost | 16,300 | 15,000 |
Corporate Stock and Mutual Funds [Member] | ||
Equity Securities, FV-NI, Cost | $ 1,600 | $ 1,800 |
LOUISIANA | ||
Number of Stores | 23 | |
TEXAS | ||
Number of Stores | 4 |
Note 2 - Business Combination_2
Note 2 - Business Combinations (Details Textual) $ in Thousands | Apr. 01, 2021USD ($) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) |
Business Combination, Acquisition Related Costs | $ 0 | $ 361 | |
Cheaha Financial Group [Member] | |||
Payments to Acquire Businesses, Gross | $ 41,100 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 240,800 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Finance Receivables | 120,400 | ||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposits | 207,000 | ||
Goodwill, Ending Balance | $ 11,900 | ||
Number of Branch Locations | 4 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $ 134,800 | ||
Business Combination, Acquisition Related Costs | $ 0 | $ 400 | |
Cheaha Financial Group [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 200 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 200 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses | $ 100 |
Note 2 - Business Combination_3
Note 2 - Business Combinations - Acquired Identifiable Assets and Liabilities (Details) - Plains Capital Bank [Member] $ in Thousands | Apr. 01, 2021USD ($) |
Cash paid | $ 41,067 |
Cash and cash equivalents | 49,179 |
Investment securities | 60,938 |
Loans | 120,395 |
Bank premises and equipment | 5,407 |
Core deposit intangible asset | 848 |
Bank owned life insurance | 3,023 |
Other assets | 1,012 |
Total assets acquired | 240,802 |
Deposits | 206,986 |
Notes payable | 2,327 |
Other liabilities | 2,366 |
Total liabilities assumed | 211,679 |
Fair value of net assets acquired | 29,123 |
Goodwill | $ 11,944 |
Note 3 - Earnings Per Share - E
Note 3 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 10,103 | $ 5,360 |
Less: income allocated to participating securities | (16) | (20) |
Net income allocated to common shareholders | $ 10,087 | $ 5,340 |
Weighted average basic shares outstanding (in shares) | 10,335,334 | 10,509,468 |
Basic earnings per common share (in dollars per share) | $ 0.98 | $ 0.51 |
Net income allocated to common shareholders | $ 10,087 | $ 5,340 |
Dilutive effect of securities (in shares) | 70,449 | 57,705 |
Total weighted average diluted shares outstanding (in shares) | 10,405,783 | 10,567,173 |
Diluted earnings per common share (in dollars per share) | $ 0.97 | $ 0.51 |
Note 3 - Earnings Per Share - A
Note 3 - Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Stock [Member] | ||
Antidilutive Securities (in shares) | 11 | 209 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities (in shares) | 3,328 | 8,242 |
Note 4 - Investment Securitie_2
Note 4 - Investment Securities (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Trading, and Equity Securities, FV-NI, Total | $ 0 | $ 0 |
Asset Not Pledged as Collateral and Asset Pledged as Collateral without Right [Member] | ||
Debt Securities, Total | $ 158,900 | $ 118,200 |
Note 4 - Investment Securitie_3
Note 4 - Investment Securities - Amortized Cost and Fair Value of Investment Securities Classified as AFS (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | $ 436,759 | $ 356,639 |
Gross Unrealized Gains | 504 | 1,935 |
Gross Unrealized Losses | (23,486) | (3,065) |
Investment securities | 413,777 | 355,509 |
US Government Corporations and Agencies Securities [Member] | ||
Amortized Cost | 20,687 | 21,143 |
Gross Unrealized Gains | 102 | 152 |
Gross Unrealized Losses | (129) | (27) |
Investment securities | 20,660 | 21,268 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 27,871 | 32,330 |
Gross Unrealized Gains | 30 | 468 |
Gross Unrealized Losses | (1,001) | (213) |
Investment securities | 26,900 | 32,585 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 26,475 | 27,777 |
Gross Unrealized Gains | 61 | 235 |
Gross Unrealized Losses | (1,379) | (345) |
Investment securities | 25,157 | 27,667 |
Residential Mortgage-Backed Securities [Member] | ||
Amortized Cost | 282,726 | 200,696 |
Gross Unrealized Gains | 132 | 711 |
Gross Unrealized Losses | (17,563) | (1,503) |
Investment securities | 265,295 | 199,904 |
Commercial Mortgage-Backed Securities [Member] | ||
Amortized Cost | 79,000 | 74,693 |
Gross Unrealized Gains | 179 | 369 |
Gross Unrealized Losses | (3,414) | (977) |
Investment securities | $ 75,765 | $ 74,085 |
Note 4 - Investment Securitie_4
Note 4 - Investment Securities - Sales of Investments Classified as AFS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Proceeds from sale | $ 0 | $ 17,123 |
Gross gains | 0 | 602 |
Gross losses | $ 0 | $ (2) |
Note 4 - Investment Securitie_5
Note 4 - Investment Securities - Amortized Cost and Fair Value of Investment Securities Classified as HTM (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | $ 9,926 | $ 10,255 |
Gross Unrealized Gains | 15 | 472 |
Gross Unrealized Losses | (41) | 0 |
Fair Value | 9,900 | 10,727 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 6,786 | 6,910 |
Gross Unrealized Gains | 15 | 367 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 6,801 | 7,277 |
Residential Mortgage-Backed Securities [Member] | ||
Amortized Cost | 3,140 | 3,345 |
Gross Unrealized Gains | 0 | 105 |
Gross Unrealized Losses | (41) | 0 |
Fair Value | $ 3,099 | $ 3,450 |
Note 4 - Investment Securitie_6
Note 4 - Investment Securities - Summary of Continuous Unrealized Loss Position for Securities Classified as AFS (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
Count | 584 | 256 |
Less than 12 Months, Fair Value | $ 316,580 | $ 223,355 |
Less than 12 Months, Unrealized Losses | (21,676) | (2,936) |
12 Months or More, Fair Value | 27,142 | 9,361 |
12 Months or More, Unrealized Losses | (1,810) | (129) |
Fair Value | 343,722 | 232,716 |
Unrealized Losses | $ (23,486) | $ (3,065) |
US Government Corporations and Agencies Securities [Member] | ||
Count | 15 | 8 |
Less than 12 Months, Fair Value | $ 3,948 | $ 1,438 |
Less than 12 Months, Unrealized Losses | (112) | (25) |
12 Months or More, Fair Value | 1,445 | 668 |
12 Months or More, Unrealized Losses | (17) | (2) |
Fair Value | 5,393 | 2,106 |
Unrealized Losses | $ (129) | $ (27) |
US States and Political Subdivisions Debt Securities [Member] | ||
Count | 26 | 12 |
Less than 12 Months, Fair Value | $ 10,140 | $ 10,803 |
Less than 12 Months, Unrealized Losses | (949) | (213) |
12 Months or More, Fair Value | 683 | 0 |
12 Months or More, Unrealized Losses | (52) | 0 |
Fair Value | 10,823 | 10,803 |
Unrealized Losses | $ (1,001) | $ (213) |
Corporate Debt Securities [Member] | ||
Count | 45 | 22 |
Less than 12 Months, Fair Value | $ 18,377 | $ 10,197 |
Less than 12 Months, Unrealized Losses | (1,112) | (254) |
12 Months or More, Fair Value | 2,233 | 2,409 |
12 Months or More, Unrealized Losses | (267) | (91) |
Fair Value | 20,610 | 12,606 |
Unrealized Losses | $ (1,379) | $ (345) |
Residential Mortgage-Backed Securities [Member] | ||
Count | 409 | 150 |
Less than 12 Months, Fair Value | $ 237,279 | $ 156,862 |
Less than 12 Months, Unrealized Losses | (16,491) | (1,503) |
12 Months or More, Fair Value | 10,984 | 0 |
12 Months or More, Unrealized Losses | (1,072) | 0 |
Fair Value | 248,263 | 156,862 |
Unrealized Losses | $ (17,563) | $ (1,503) |
Commercial Mortgage-Backed Securities [Member] | ||
Count | 89 | 64 |
Less than 12 Months, Fair Value | $ 46,836 | $ 44,055 |
Less than 12 Months, Unrealized Losses | (3,012) | (941) |
12 Months or More, Fair Value | 11,797 | 6,284 |
12 Months or More, Unrealized Losses | (402) | (36) |
Fair Value | 58,633 | 50,339 |
Unrealized Losses | $ (3,414) | $ (977) |
Note 4 - Investment Securitie_7
Note 4 - Investment Securities - Summary of Continuous Unrealized Loss Position for Securities Classified as HTM (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Count | 8 |
Less than 12 months, fair value | $ 3,043 |
Less than 12 months, unrealized losses | (41) |
12 months or more, fair value | 0 |
12 months or more, unrealized losses | 0 |
Total, fair value | 3,043 |
Total, unrealized losses | $ (41) |
Residential Mortgage-Backed Securities [Member] | |
Count | 8 |
Less than 12 months, fair value | $ 3,043 |
Less than 12 months, unrealized losses | (41) |
12 months or more, fair value | 0 |
12 months or more, unrealized losses | 0 |
Total, fair value | 3,043 |
Total, unrealized losses | $ (41) |
Note 4 - Investment Securitie_8
Note 4 - Investment Securities - Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Due within one year, AFS, amortized cost | $ 280 | $ 726 |
Due within one year, AFS, fair value | 282 | 726 |
Due within one year, HTM, amortized cost | 870 | 870 |
Due within one year, HTM, fair value | 872 | 902 |
Due after one year through five years, AFS, amortized cost | 13,462 | 14,189 |
Due after one year through five years, AFS, fair value | 13,293 | 14,327 |
Due after one year through five years, HTM, amortized cost | 1,875 | 1,875 |
Due after one year through five years, HTM, fair value | 1,881 | 2,018 |
Due after five years through ten years, AFS, amortized cost | 48,009 | 51,988 |
Due after five years through ten years, AFS, fair value | 46,880 | 52,376 |
Due after five years through ten years, HTM, amortized cost | 4,041 | 4,165 |
Due after five years through ten years, HTM, fair value | 4,048 | 4,356 |
Due after ten years, AFS, amortized cost | 375,008 | 289,736 |
Due after ten years, AFS, fair value | 353,322 | 288,080 |
Due after ten years, HTM, amortized cost | 3,140 | 3,345 |
Due after ten years, HTM, fair value | 3,099 | 3,451 |
Total debt securities, AFS, amortized cost | 436,759 | 356,639 |
Total debt securities, AFS, fair value | 413,777 | 355,509 |
Total debt securities, HTM, amortized cost | 9,926 | 10,255 |
Total debt securities, HTM, fair value | $ 9,900 | $ 10,727 |
Note 5 - Loans and Allowance _3
Note 5 - Loans and Allowance for Loan Losses (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount), Total | $ 1,100 | $ 1,900 | ||
Financing Receivable, Deferred Commitment Fee | 1,500 | 1,800 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield | 0 | $ 0 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 1,877,444 | 1,872,012 | ||
Loan Participations and Whole Loans Sold to and Serviced for Others Not on Balance Sheet | 28,000 | 33,000 | ||
Loan Participations and Whole Loans Sold to and Serviced For Others Unpaid Principal Balance | 85,800 | 91,900 | ||
Loans and Leases Receivable, Related Parties, Ending Balance | $ 101,103 | $ 97,606 | $ 96,390 | |
Financing Receivable, Modifications, Number of Contracts | 24 | 29 | ||
Financing Receivable, Troubled Debt Restructuring | $ 7,400 | $ 10,500 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | 0 | ||
Extended Maturity [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 11 | |||
Contractual Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 7 | |||
Payment Deferral [Member] | ||||
Financing Receivable, Modifications, Number of Contracts | 4 | |||
Unlikely to be Collected Financing Receivable [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 0 | 0 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | 314,093 | 310,831 | ||
SBA CARES Act Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, before Allowance for Credit Loss, Total | $ 13,200 | $ 23,300 |
Note 5 - Loans and Allowance _4
Note 5 - Loans and Allowance for Loan Losses - Summary of Loans by Categories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | $ 1,877,444 | $ 1,872,012 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,547,748 | 1,543,586 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 201,222 | 203,204 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Loans | 367,520 | 364,307 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Loans | 52,500 | 59,570 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans | 18,296 | 20,128 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 908,210 | 896,377 |
Commercial Portfolio Segment [Member] | ||
Loans | 314,093 | 310,831 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 15,603 | $ 17,595 |
Note 5 - Loans and Allowance _5
Note 5 - Loans and Allowance for Loan Losses - Aging Analysis of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | $ 1,877,444 | $ 1,872,012 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 30,226 | 33,925 |
Nonaccrual | 24,418 | 27,227 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 1,845,537 | 1,835,338 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 5,340 | 6,291 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 421 | 354 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 47 | 53 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 1,681 | 2,749 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,547,748 | 1,543,586 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 18,656 | 18,124 |
Nonaccrual | 13,434 | 15,687 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 1,527,472 | 1,522,777 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 4,969 | 2,158 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 253 | 279 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 1,620 | 2,685 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 201,222 | 203,204 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 272 | 354 |
Nonaccrual | 272 | 288 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 200,950 | 202,850 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 55 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 11 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Loans | 367,520 | 364,307 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 5,498 | 3,525 |
Nonaccrual | 548 | 1,410 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 361,695 | 360,434 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 4,867 | 1,933 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 83 | 182 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 327 | 348 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Loans | 52,500 | 59,570 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 0 | 0 |
Nonaccrual | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 52,500 | 59,570 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans | 18,296 | 20,128 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 94 | 79 |
Nonaccrual | 74 | 79 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 17,545 | 18,348 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 20 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 657 | 1,701 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans | 908,210 | 896,377 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 12,792 | 14,166 |
Nonaccrual | 12,540 | 13,910 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 894,782 | 881,575 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 82 | 170 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 170 | 86 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 636 | 636 |
Commercial Portfolio Segment [Member] | ||
Loans | 314,093 | 310,831 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 11,198 | 15,508 |
Nonaccrual | 10,798 | 11,354 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 302,895 | 295,323 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 239 | 4,044 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 114 | 57 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 47 | 53 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 15,603 | 17,595 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 372 | 293 |
Nonaccrual | 186 | 186 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 15,170 | 17,238 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 132 | 89 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 54 | 18 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | $ 61 | $ 64 |
Note 5 - Loans and Allowance _6
Note 5 - Loans and Allowance for Loan Losses - Loan Portfolio by Category and Credit Quality Indicator (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans | $ 1,877,444 | $ 1,872,012 |
Pass [Member] | ||
Loans | 1,834,582 | 1,817,208 |
Special Mention [Member] | ||
Loans | 5,747 | 7,289 |
Substandard [Member] | ||
Loans | 36,628 | 46,825 |
Doubtful [Member] | ||
Loans | 487 | 690 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,547,748 | 1,543,586 |
Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 1,519,285 | 1,509,262 |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 4,650 | 4,747 |
Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 23,813 | 29,577 |
Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 201,222 | 203,204 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Loans | 198,808 | 200,788 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Loans | 812 | 818 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Loans | 1,602 | 1,598 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Loans | 367,520 | 364,307 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Pass [Member] | ||
Loans | 362,187 | 358,062 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Special Mention [Member] | ||
Loans | 0 | 38 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Substandard [Member] | ||
Loans | 5,333 | 6,207 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Loans | 52,500 | 59,570 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Pass [Member] | ||
Loans | 52,040 | 59,113 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Substandard [Member] | ||
Loans | 460 | 457 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans | 18,296 | 20,128 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Pass [Member] | ||
Loans | 17,564 | 18,348 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Special Mention [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Substandard [Member] | ||
Loans | 732 | 1,780 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 908,210 | 896,377 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Pass [Member] | ||
Loans | 888,686 | 872,951 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Special Mention [Member] | ||
Loans | 3,838 | 3,891 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Substandard [Member] | ||
Loans | 15,686 | 19,535 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 314,093 | 310,831 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 299,985 | 290,677 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 1,079 | 2,523 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 12,542 | 16,941 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 487 | 690 |
Consumer Portfolio Segment [Member] | ||
Loans | 15,603 | 17,595 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 15,312 | 17,269 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 18 | 19 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 273 | 307 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 0 | $ 0 |
Note 5 - Loans and Allowance _7
Note 5 - Loans and Allowance for Loan Losses - Loans to Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Balance, beginning of period | $ 97,606 | $ 96,390 |
New loans/changes in relationship | 5,371 | 26,475 |
Repayments/changes in relationship | (1,874) | (25,259) |
Balance, end of period | $ 101,103 | $ 97,606 |
Note 5 - Loans and Allowance _8
Note 5 - Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Balance, beginning of period | $ 20,859 | $ 20,363 | |
Provision for loan losses | (449) | 400 | |
Loans charged off | (329) | (405) | |
Recoveries | 1,007 | 65 | |
Balance, end of period | 21,088 | 20,423 | |
Ending allowance balance for loans individually evaluated for impairment | 542 | 359 | |
Allowance for loan losses | 21,088 | 20,423 | $ 20,859 |
Ending allowance balance for loans collectively evaluated for impairment | 20,390 | 19,854 | |
Balance of loans individually evaluated for impairment | 27,222 | 17,719 | |
Loans, net of allowance for loan losses of $21,088 and $20,859, respectively | 1,856,356 | 1,851,153 | |
Balance of loans collectively evaluated for impairment | 1,848,541 | 1,825,604 | |
Total period-end balance | 1,877,444 | 1,845,970 | |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, end of period | 156 | 210 | |
Allowance for loan losses | 156 | 210 | |
Loans, net of allowance for loan losses of $21,088 and $20,859, respectively | 1,681 | 2,647 | |
Commercial Portfolio Segment [Member] | |||
Balance, beginning of period | 4,411 | 4,558 | |
Provision for loan losses | (677) | (122) | |
Loans charged off | (286) | (215) | |
Recoveries | 908 | 5 | |
Balance, end of period | 4,356 | 4,226 | |
Ending allowance balance for loans individually evaluated for impairment | 468 | 81 | |
Allowance for loan losses | 4,356 | 4,226 | 4,411 |
Ending allowance balance for loans collectively evaluated for impairment | 3,888 | 4,145 | |
Balance of loans individually evaluated for impairment | 12,518 | 8,159 | |
Balance of loans collectively evaluated for impairment | 301,575 | 372,375 | |
Total period-end balance | 314,093 | 380,534 | |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, end of period | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Loans, net of allowance for loan losses of $21,088 and $20,859, respectively | 0 | 0 | |
Consumer Portfolio Segment [Member] | |||
Balance, beginning of period | 354 | 540 | |
Provision for loan losses | 0 | (79) | |
Loans charged off | (47) | (56) | |
Recoveries | 12 | 42 | |
Balance, end of period | 319 | 447 | |
Ending allowance balance for loans individually evaluated for impairment | 74 | 103 | |
Allowance for loan losses | 319 | 447 | 354 |
Ending allowance balance for loans collectively evaluated for impairment | 245 | 344 | |
Balance of loans individually evaluated for impairment | 186 | 298 | |
Balance of loans collectively evaluated for impairment | 15,356 | 18,150 | |
Total period-end balance | 15,603 | 18,485 | |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, end of period | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Loans, net of allowance for loan losses of $21,088 and $20,859, respectively | 61 | 37 | |
Construction Loans [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 2,347 | 2,375 | |
Provision for loan losses | 45 | (140) | |
Loans charged off | 0 | 0 | |
Recoveries | 16 | 10 | |
Balance, end of period | 2,408 | 2,245 | |
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses | 2,408 | 2,245 | 2,347 |
Ending allowance balance for loans collectively evaluated for impairment | 2,408 | 2,245 | |
Balance of loans individually evaluated for impairment | 508 | 774 | |
Balance of loans collectively evaluated for impairment | 200,714 | 190,042 | |
Total period-end balance | 201,222 | 190,816 | |
Construction Loans [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, end of period | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Loans, net of allowance for loan losses of $21,088 and $20,859, respectively | 0 | 0 | |
1-4 Family [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 3,337 | 3,370 | |
Provision for loan losses | (3) | 127 | |
Loans charged off | 0 | (134) | |
Recoveries | 70 | 6 | |
Balance, end of period | 3,404 | 3,369 | |
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses | 3,404 | 3,369 | 3,337 |
Ending allowance balance for loans collectively evaluated for impairment | 3,404 | 3,369 | |
Balance of loans individually evaluated for impairment | 996 | 1,532 | |
Balance of loans collectively evaluated for impairment | 366,197 | 339,359 | |
Total period-end balance | 367,520 | 341,266 | |
1-4 Family [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, end of period | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Loans, net of allowance for loan losses of $21,088 and $20,859, respectively | 327 | 375 | |
Multifamily Loans [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 673 | 589 | |
Provision for loan losses | (83) | 107 | |
Loans charged off | 0 | 0 | |
Recoveries | 0 | 0 | |
Balance, end of period | 590 | 696 | |
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses | 590 | 696 | 673 |
Ending allowance balance for loans collectively evaluated for impairment | 590 | 696 | |
Balance of loans individually evaluated for impairment | 0 | 0 | |
Balance of loans collectively evaluated for impairment | 52,500 | 60,844 | |
Total period-end balance | 52,500 | 60,844 | |
Multifamily Loans [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, end of period | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Loans, net of allowance for loan losses of $21,088 and $20,859, respectively | 0 | 0 | |
Farmland [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 383 | 435 | |
Provision for loan losses | 13 | (40) | |
Loans charged off | (54) | 0 | |
Recoveries | 0 | 0 | |
Balance, end of period | 342 | 395 | |
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | |
Allowance for loan losses | 342 | 395 | 383 |
Ending allowance balance for loans collectively evaluated for impairment | 186 | 185 | |
Balance of loans individually evaluated for impairment | 74 | 302 | |
Balance of loans collectively evaluated for impairment | 17,565 | 22,142 | |
Total period-end balance | 18,296 | 24,145 | |
Farmland [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, end of period | 156 | 210 | |
Allowance for loan losses | 156 | 210 | |
Loans, net of allowance for loan losses of $21,088 and $20,859, respectively | 657 | 1,701 | |
Commercial Real Estate Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 9,354 | 8,496 | |
Provision for loan losses | 256 | 547 | |
Loans charged off | (58) | 0 | |
Recoveries | 1 | 2 | |
Balance, end of period | 9,669 | 9,045 | |
Ending allowance balance for loans individually evaluated for impairment | 0 | 175 | |
Allowance for loan losses | 9,669 | 9,045 | $ 9,354 |
Ending allowance balance for loans collectively evaluated for impairment | 9,669 | 8,870 | |
Balance of loans individually evaluated for impairment | 12,940 | 6,654 | |
Balance of loans collectively evaluated for impairment | 894,634 | 822,692 | |
Total period-end balance | 908,210 | 829,880 | |
Commercial Real Estate Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, end of period | 0 | 0 | |
Allowance for loan losses | 0 | 0 | |
Loans, net of allowance for loan losses of $21,088 and $20,859, respectively | $ 636 | $ 534 |
Note 5 - Loans and Allowance _9
Note 5 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Recorded investment, with no related allowance recorded | $ 23,192 | $ 28,738 | |
Unpaid principal balance, with no related allowance recorded | 34,680 | 41,123 | |
Recorded investment, with related allowance recorded | 4,030 | 4,053 | |
Unpaid principal balance, with related allowance recorded | 9,755 | 9,782 | |
Related allowance | 542 | 564 | |
Recorded investment | 27,222 | 32,791 | |
Unpaid principal balance | 44,435 | 50,905 | |
Average recorded investment, with no related allowance recorded | 22,931 | $ 16,119 | |
Interest income recognized, with no related allowance recorded | 42 | 102 | |
Average recorded investment, with related allowance recorded | 4,034 | 1,705 | |
Interest income recognized, with related allowance recorded | 0 | 0 | |
Average recorded investment | 26,965 | 17,824 | |
Interest income recognized | 42 | 102 | |
Real Estate Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 14,518 | 19,288 | |
Unpaid principal balance, with no related allowance recorded | 25,312 | 30,113 | |
Related allowance | 0 | 0 | |
Recorded investment | 14,518 | 19,288 | |
Unpaid principal balance | 25,312 | 30,113 | |
Average recorded investment, with no related allowance recorded | 14,405 | 7,932 | |
Interest income recognized, with no related allowance recorded | 16 | 60 | |
Average recorded investment, with related allowance recorded | 0 | 1,326 | |
Interest income recognized, with related allowance recorded | 0 | 0 | |
Average recorded investment | 14,405 | 9,258 | |
Interest income recognized | 16 | 60 | |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Recorded investment, with no related allowance recorded | 508 | 529 | |
Unpaid principal balance, with no related allowance recorded | 791 | 812 | |
Related allowance | 0 | 0 | |
Recorded investment | 508 | 529 | |
Unpaid principal balance | 791 | 812 | |
Average recorded investment, with no related allowance recorded | 511 | 777 | |
Interest income recognized, with no related allowance recorded | 4 | 5 | |
Average recorded investment, with related allowance recorded | 0 | 1,326 | |
Interest income recognized, with related allowance recorded | 0 | 0 | |
Average recorded investment | 511 | 777 | |
Interest income recognized | 4 | 5 | |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | |||
Recorded investment, with no related allowance recorded | 996 | 1,995 | |
Unpaid principal balance, with no related allowance recorded | 1,087 | 2,081 | |
Related allowance | 0 | 0 | |
Recorded investment | 996 | 1,995 | |
Unpaid principal balance | 1,087 | 2,081 | |
Average recorded investment, with no related allowance recorded | 1,013 | 1,541 | |
Interest income recognized, with no related allowance recorded | 6 | 9 | |
Average recorded investment | 1,013 | 1,541 | |
Interest income recognized | 6 | 9 | |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Recorded investment, with no related allowance recorded | 74 | 79 | |
Unpaid principal balance, with no related allowance recorded | 79 | 81 | |
Related allowance | 0 | 0 | |
Recorded investment | 74 | 79 | |
Unpaid principal balance | 79 | 81 | |
Average recorded investment, with no related allowance recorded | 75 | 244 | |
Interest income recognized, with no related allowance recorded | 0 | 0 | |
Average recorded investment | 75 | 244 | |
Interest income recognized | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Recorded investment, with no related allowance recorded | 12,940 | 16,685 | |
Unpaid principal balance, with no related allowance recorded | 23,355 | 27,139 | |
Related allowance | 0 | 0 | |
Recorded investment | 12,940 | 16,685 | |
Unpaid principal balance | 23,355 | 27,139 | |
Average recorded investment, with no related allowance recorded | 12,806 | 5,370 | |
Interest income recognized, with no related allowance recorded | 6 | 46 | |
Average recorded investment | 12,806 | 6,696 | |
Interest income recognized | 6 | 46 | |
Commercial Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 8,593 | 9,395 | |
Unpaid principal balance, with no related allowance recorded | 9,274 | 10,941 | |
Recorded investment, with related allowance recorded | 3,925 | 3,926 | |
Unpaid principal balance, with related allowance recorded | 9,618 | 9,618 | |
Related allowance | 468 | 468 | |
Recorded investment | 12,518 | 13,321 | |
Unpaid principal balance | 18,892 | 20,559 | |
Average recorded investment, with no related allowance recorded | 8,463 | 8,067 | |
Interest income recognized, with no related allowance recorded | 26 | 42 | |
Average recorded investment, with related allowance recorded | 3,926 | 202 | |
Interest income recognized, with related allowance recorded | 0 | 0 | |
Average recorded investment | 12,389 | 8,269 | |
Interest income recognized | 26 | 42 | |
Consumer Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 81 | 55 | |
Unpaid principal balance, with no related allowance recorded | 94 | 69 | |
Recorded investment, with related allowance recorded | 105 | 127 | |
Unpaid principal balance, with related allowance recorded | 137 | 164 | |
Related allowance | 74 | 96 | |
Recorded investment | 186 | 182 | |
Unpaid principal balance | 231 | $ 233 | |
Average recorded investment, with no related allowance recorded | 63 | 120 | |
Interest income recognized, with no related allowance recorded | 0 | 0 | |
Average recorded investment, with related allowance recorded | 108 | 177 | |
Interest income recognized, with related allowance recorded | 0 | 0 | |
Average recorded investment | 171 | 297 | |
Interest income recognized | $ 0 | $ 0 |
Note 6 - Stockholders' Equity -
Note 6 - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Balance | $ 242,598 | $ 243,284 |
Net change | (16,734) | 4,190 |
Balance | 233,657 | 248,251 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||
Balance | 4,882 | 7,493 |
Net change | (17,259) | (1,401) |
Balance | (12,377) | 6,092 |
Reclassification of Realized Gain on Investment Securities, Net [Member] | ||
Balance | (5,772) | (3,939) |
Net change | (5) | (474) |
Balance | (5,777) | (4,413) |
Accumulated Net (Loss) On Transfer of Available For Sale Securities To Held To Maturity [Member] | ||
Balance | 2 | |
Unrealized Gain (Loss), Transfer from Available for Sale to Held to Maturity, Net [Member] | ||
Balance | 3 | |
Net change | 0 | 0 |
Balance | 2 | 3 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Before Reclassification, Parent [Member] | ||
Balance | 3,501 | (1,752) |
Net change | 3,172 | 6,065 |
Balance | 6,673 | 4,313 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Reclassification, Parent [Member] | ||
Balance | (1,450) | 0 |
Net change | (2,642) | 0 |
Balance | (4,092) | 0 |
AOCI Attributable to Parent [Member] | ||
Balance | 1,163 | 1,805 |
Net change | (16,734) | 4,190 |
Balance | $ (15,571) | $ 5,995 |
Note 7 - Derivative Financial_2
Note 7 - Derivative Financial Instruments (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 2,642,000 | $ 0 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | $ 702,000 | 0 | |
Interest Rate Swap [Member] | |||
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge (Year) | 7 years 4 months 24 days | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 3,200,000 | 6,100,000 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 800,000 | $ 1,600,000 | |
Interest Rate Swap [Member] | Swap Termination Fees [Member] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 2,600,000 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 700,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative, Notional Amount | 0 | $ 0 | |
Derivative, Terminated, Notional Amount | 55,000,000 | ||
Derivative Liability, Subject to Master Netting Arrangement, before Offset | 3,300,000 | 2,600,000 | |
Derivative Liability, Subject to Master Netting Arrangement, Asset Offset | 0 | 29,000 | |
Derivative Assets (Liabilities), at Fair Value, Net, Total | 3,300,000 | ||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 2,600,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Other Assets [Member] | |||
Derivative Assets (Liabilities), at Fair Value, Net, Total | 2,600,000 | ||
Forward Starting Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative, Notional Amount | $ 60,000,000 | $ 115,000,000 |
Note 8 - Fair Values of Finan_3
Note 8 - Fair Values of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investment securities | $ 413,777 | $ 355,509 |
Equity securities | 1,609 | 1,810 |
Derivative financial instruments | 3,270 | |
Total assets | 418,656 | 359,918 |
Derivative financial instruments | 2,599 | |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 1,609 | 1,810 |
Derivative financial instruments | 0 | |
Total assets | 1,609 | 1,810 |
Derivative financial instruments | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 3,270 | |
Total assets | 400,530 | 335,506 |
Derivative financial instruments | 2,599 | |
Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 0 | |
Total assets | 16,517 | 22,602 |
Derivative financial instruments | 0 | |
US Government Corporations and Agencies Securities [Member] | ||
Investment securities | 20,660 | 21,268 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities | 20,660 | 21,268 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities | 26,900 | 32,585 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities | 10,888 | 10,471 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities | 16,012 | 22,114 |
Corporate Debt Securities [Member] | ||
Investment securities | 25,157 | 27,667 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities | 24,652 | 27,179 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities | 505 | 488 |
Residential Mortgage-Backed Securities [Member] | ||
Investment securities | 265,295 | 199,904 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities | 265,295 | 199,904 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Investment securities | 75,765 | 74,085 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities | 75,765 | 74,085 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities | $ 0 | $ 0 |
Note 8 - Fair Values of Finan_4
Note 8 - Fair Values of Financial Instruments - Reconciliation for Assets Measured at Fair Value on Recurring Basis Using significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Unrealized (losses) gains included in other comprehensive (loss) income | $ (567) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Balance | $ 22,114 | 18,516 |
Realized gains (losses) included in earnings | 0 | 0 |
Unrealized (losses) gains included in other comprehensive (loss) income | (1,077) | |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Maturities, prepayments, and calls | (25) | 0 |
Transfers into level 3 | 0 | 0 |
Transfers out of level 3 | (5,000) | 0 |
Balance | 16,012 | $ 17,949 |
Corporate Debt Securities [Member] | ||
Balance | 488 | |
Realized gains (losses) included in earnings | 0 | |
Unrealized (losses) gains included in other comprehensive (loss) income | 17 | |
Purchases | 0 | |
Sales | 0 | |
Maturities, prepayments, and calls | 0 | |
Transfers into level 3 | 0 | |
Transfers out of level 3 | 0 | |
Balance | $ 505 |
Note 8 - Fair Values of Finan_5
Note 8 - Fair Values of Financial Instruments - Quantitative Information About Significant Unobservable Inputs Used in Fair Value Measurement (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | |
Investment securities | $ 413,777 | $ 355,509 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Investment securities | 26,900 | 32,585 | |
Corporate Debt Securities [Member] | |||
Investment securities | 25,157 | 27,667 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | |||
Investment securities | $ 488 | ||
Investment securities, measurement input | [1] | 2 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | US States and Political Subdivisions Debt Securities [Member] | |||
Investment securities | [1] | $ 16,012 | $ 22,114 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | US States and Political Subdivisions Debt Securities [Member] | Minimum [Member] | |||
Investment securities, measurement input | [1] | 0 | 0 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | US States and Political Subdivisions Debt Securities [Member] | Maximum [Member] | |||
Investment securities, measurement input | [1] | 0.05 | 2 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | Corporate Debt Securities [Member] | |||
Investment securities | [1] | $ 505 | |
Investment securities, measurement input | [1] | 0 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | |||
Impaired loans | $ 12,703 | ||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Minimum [Member] | |||
Impaired loans, measurement input | 0.10 | ||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Maximum [Member] | |||
Impaired loans, measurement input | 1 | ||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Weighted Average [Member] | |||
Impaired loans, measurement input | 0.60 | ||
[1] | Fair values determined through valuation analysis using coupon, yield (discount margin), liquidity and expected repayment dates. |
Note 8 - Fair Values of Finan_6
Note 8 - Fair Values of Financial Instruments - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investment securities | $ 413,777 | $ 355,509 |
Equity securities | 1,609 | 1,810 |
Derivative financial instruments | 3,270 | |
Junior subordinated debt | 8,420 | 8,384 |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 1,609 | 1,810 |
Derivative financial instruments | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 3,270 | |
Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 0 | |
Reported Value Measurement [Member] | ||
Cash and due from banks | 91,475 | 96,541 |
Federal funds sold | 130 | 500 |
Investment securities | 423,703 | 365,764 |
Equity securities | 17,904 | 16,803 |
Loans, net of allowance | 1,856,356 | 1,851,153 |
Derivative financial instruments | 3,270 | 2,599 |
Deposits, noninterest-bearing | 614,416 | 585,465 |
Deposits, interest-bearing | 1,571,588 | 1,534,801 |
Repurchase agreements | 1,305 | 5,783 |
FHLB long-term advances | 78,500 | 78,500 |
Junior subordinated debt | 8,420 | 8,384 |
Subordinated debt | 43,600 | 43,600 |
Loans held for sale | 620 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 91,475 | 96,541 |
Federal funds sold | 130 | 500 |
Investment securities | 423,677 | 366,236 |
Equity securities | 17,904 | 16,803 |
Loans, net of allowance | 1,860,269 | 1,866,657 |
Derivative financial instruments | 3,270 | 2,599 |
Deposits, noninterest-bearing | 614,416 | 585,465 |
Deposits, interest-bearing | 1,467,995 | 1,538,052 |
Repurchase agreements | 1,305 | 5,783 |
FHLB long-term advances | 71,524 | 77,229 |
Junior subordinated debt | 8,420 | 8,384 |
Subordinated debt | 39,195 | 38,545 |
Loans held for sale | 625 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 91,475 | 96,541 |
Federal funds sold | 130 | 500 |
Investment securities | 0 | 0 |
Equity securities | 1,609 | 1,810 |
Loans, net of allowance | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Deposits, noninterest-bearing | 0 | 0 |
Deposits, interest-bearing | 0 | 0 |
Repurchase agreements | 0 | 0 |
FHLB long-term advances | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Subordinated debt | 0 | 0 |
Loans held for sale | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Investment securities | 400,359 | 336,357 |
Equity securities | 16,295 | 14,993 |
Loans, net of allowance | 0 | 0 |
Derivative financial instruments | 3,270 | 2,599 |
Deposits, noninterest-bearing | 614,416 | 585,465 |
Deposits, interest-bearing | 0 | 0 |
Repurchase agreements | 1,305 | 5,783 |
FHLB long-term advances | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Subordinated debt | 39,195 | 38,545 |
Loans held for sale | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Investment securities | 23,318 | 29,879 |
Equity securities | 0 | 0 |
Loans, net of allowance | 1,860,269 | 1,866,657 |
Derivative financial instruments | 0 | 0 |
Deposits, noninterest-bearing | 0 | 0 |
Deposits, interest-bearing | 1,467,995 | 1,538,052 |
Repurchase agreements | 0 | 0 |
FHLB long-term advances | 71,524 | 77,229 |
Junior subordinated debt | 8,420 | 8,384 |
Subordinated debt | $ 0 | 0 |
Loans held for sale | $ 625 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Note 9 - Income Taxes - Expense
Note 9 - Income Taxes - Expense for Income Taxes and Effective Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income tax expense | $ 2,600 | $ 1,430 |
Effective tax rate | 20.50% | 21.10% |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Commitment to Lend | $ 0.7 | $ 0.7 |
Commitment to Fund Investment in SBIC Qualified Funds | 1.9 | |
Other Liabilities [Member] | ||
Financing Receivable, Commitment to Lend | $ 0.7 |
Note 10 - Commitments and Con_4
Note 10 - Commitments and Contingencies - Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit [Member] | ||
Commitments to extend credit | $ 368,056 | $ 349,701 |
Standby Letters of Credit [Member] | ||
Commitments to extend credit | $ 15,965 | $ 18,259 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Lease, Right-of-Use Asset | $ 3.2 | |
Operating Lease, Liability, Total | 3.3 | |
Operating Lease, Lease Income, Total | $ 85,000 | $ 79,000 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 2 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 10 years |
Note 11 - Leases - Quantitative
Note 11 - Leases - Quantitative Information Regarding Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total operating lease cost | $ 152 | $ 152 |
Weighted-average remaining lease term (in years) (Year) | 7 years 7 months 6 days | 8 years 4 months 24 days |
Weighted-average discount rate | 2.90% | 2.80% |
Note 11 - Leases - Future Minim
Note 11 - Leases - Future Minimum Lease Payment (Details) $ in Thousands | Mar. 31, 2022USD ($) |
2022 | $ 448 |
2023 | 595 |
2024 | 515 |
2025 | 476 |
2026 | 339 |
Thereafter | 1,354 |
Total | $ 3,727 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - The 5.125 Percent Subordinated Notes Due 2032 [Member] - Subordinated Notes Payable [Member] - USD ($) $ in Millions | Apr. 15, 2032 | Apr. 06, 2022 |
Forecast [Member] | ||
Debt Instrument, Maturity Date | Apr. 15, 2032 | |
Subsequent Event [Member] | ||
Debt Instrument, Face Amount | $ 20 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | |
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |
Subsequent Event [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate (Rate) | 2.77% |