Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 06, 2023 | Jun. 30, 2022 | |
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 | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 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 Blvd | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 204,400,000 | ||
Entity Common Stock, Shares Outstanding | 9,912,172 | ||
Auditor Name | HORNE LLP | ||
Auditor Firm ID | 171 | ||
Auditor Location | Baton Rouge, Louisiana |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 30,056 | $ 38,601 |
Interest-bearing balances due from other banks | 10,010 | 57,940 |
Federal funds sold | 193 | 500 |
Cash and cash equivalents | 40,259 | 97,041 |
Available for sale securities at fair value (amortized cost of $467,316 and $356,639, respectively) | 405,167 | 355,509 |
Held to maturity securities at amortized cost (estimated fair value of $7,922 and $10,727, respectively) | 8,305 | 10,255 |
Loans held for sale | 0 | 620 |
Loans, net of allowance for loan losses of $24,364 and $20,859, respectively | 2,080,403 | 1,851,153 |
Equity securities | 27,254 | 16,803 |
Bank premises and equipment, net of accumulated depreciation of $22,025 and $19,149, respectively | 49,587 | 58,080 |
Other real estate owned, net | 682 | 2,653 |
Accrued interest receivable | 12,749 | 11,355 |
Deferred tax asset | 16,438 | 2,239 |
Goodwill and other intangible assets, net | 43,147 | 44,036 |
Bank owned life insurance | 57,379 | 51,074 |
Other assets | 12,437 | 12,385 |
Total assets | 2,753,807 | 2,513,203 |
Deposits: | ||
Noninterest-bearing | 580,741 | 585,465 |
Interest-bearing | 1,501,624 | 1,534,801 |
Total deposits | 2,082,365 | 2,120,266 |
Advances from Federal Home Loan Bank | 387,000 | 78,500 |
Repurchase agreements | 0 | 5,783 |
Subordinated debt, net of unamortized issuance costs | 44,225 | 42,989 |
Junior subordinated debt | 8,515 | 8,384 |
Accrued taxes and other liabilities | 15,920 | 14,683 |
Total liabilities | 2,538,025 | 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; 9,901,847 and 10,343,494 shares issued and outstanding, respectively | 9,902 | 10,343 |
Surplus | 146,587 | 154,932 |
Retained earnings | 108,206 | 76,160 |
Accumulated other comprehensive (loss) income | (48,913) | 1,163 |
Total stockholders’ equity | 215,782 | 242,598 |
Total liabilities and stockholders’ equity | $ 2,753,807 | $ 2,513,203 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Available for sale securities, amortized cost | $ 467,316 | $ 356,639 |
Held to maturity securities, far value | 7,922 | 10,727 |
Allowance for loan losses | 24,364 | 20,859 |
Bank premises and equipment, accumulated depreciation | $ 22,025 | $ 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) | 9,901,847 | 10,343,494 |
Common stock, shares issued (in shares) | 9,901,847 | 10,343,494 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INTEREST INCOME | |||
Interest and fees on loans | $ 93,373 | $ 90,230 | $ 87,365 |
Interest on investment securities | 10,278 | 4,500 | 5,613 |
Other interest income | 918 | 812 | 816 |
Total interest income | 104,569 | 95,542 | 93,794 |
INTEREST EXPENSE | |||
Interest on deposits | 6,250 | 7,487 | 15,376 |
Interest on borrowings | 8,534 | 4,241 | 4,884 |
Total interest expense | 14,784 | 11,728 | 20,260 |
Net interest income | 89,785 | 83,814 | 73,534 |
Provision for loan losses | 2,922 | 22,885 | 11,160 |
Net interest income after provision for loan losses | 86,863 | 60,929 | 62,374 |
NONINTEREST INCOME | |||
Gain on call or sale of investment securities, net | 6 | 2,321 | 2,289 |
Loss on sale or disposition of fixed assets, net | (258) | (408) | (38) |
Gain (loss) on sale of other real estate owned, net | 9 | (5) | 12 |
Swap termination fee income | 8,077 | 1,835 | 0 |
Gain on sale of loans | 37 | 199 | 0 |
Income from bank owned life insurance | 1,305 | 1,146 | 894 |
Change in the fair value of equity securities | (90) | 214 | 268 |
Income from insurance proceeds | 1,384 | 0 | 0 |
Other operating income | 2,680 | 2,194 | 4,961 |
Total noninterest income | 18,350 | 12,042 | 12,096 |
Income before noninterest expense | 105,213 | 72,971 | 74,470 |
NONINTEREST EXPENSE | |||
Depreciation and amortization | 4,435 | 4,988 | 4,570 |
Salaries and employee benefits | 34,974 | 35,527 | 33,378 |
Occupancy | 2,915 | 2,753 | 2,236 |
Data processing | 3,600 | 3,112 | 3,069 |
Marketing | 262 | 275 | 333 |
Professional fees | 1,774 | 1,585 | 1,519 |
Loss on early extinguishment of subordinated debt | 222 | 0 | 0 |
Acquisition expense | 0 | 2,448 | 1,062 |
Other operating expenses | 12,683 | 12,374 | 10,964 |
Total noninterest expense | 60,865 | 63,062 | 57,131 |
Income before income tax expense | 44,348 | 9,909 | 17,339 |
Income tax expense | 8,639 | 1,909 | 3,450 |
Net income | $ 35,709 | $ 8,000 | $ 13,889 |
EARNINGS PER SHARE | |||
Basic earnings per share (in dollars per share) | $ 3.54 | $ 0.77 | $ 1.27 |
Diluted earnings per share (in dollars per share) | 3.50 | 0.76 | 1.27 |
Cash dividends declared per common share (in dollars per share) | $ 0.365 | $ 0.31 | $ 0.25 |
Deposit Account [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | $ 3,090 | $ 2,422 | $ 1,917 |
Bank Servicing [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | 74 | 204 | 379 |
Credit and Debit Card [Member] | |||
NONINTEREST INCOME | |||
Noninterest income | $ 2,036 | $ 1,920 | $ 1,414 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 35,709 | $ 8,000 | $ 13,889 |
Investment securities: | |||
Unrealized (loss) gain, available for sale, net of tax (benefit) expense of ($12,993), ($694), and $1,068, respectively | (48,019) | (2,611) | 4,017 |
Reclassification of realized gain, available for sale, net of tax expense of $1, $488, and $481, respectively | (5) | (1,833) | (1,808) |
Unrealized loss, transfer from available for sale to held to maturity, net of tax benefit of $0 for all respective periods | (1) | (1) | (1) |
Derivative financial instruments: | |||
Change in fair value of interest rate swaps designated as cash flow hedges, net of tax expense (benefit) of $1,151, $1,396, and ($610), respectively | 4,329 | 5,253 | (2,294) |
Reclassification of realized gain, interest rate swap termination, net of tax expense of $1,697, $385, and $0, respectively | (6,380) | (1,450) | 0 |
Total other comprehensive loss | (50,076) | (642) | (86) |
Total comprehensive (loss) income | $ (14,367) | $ 7,358 | $ 13,803 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Unrealized (loss) gain, available for sale, tax | $ (12,993) | $ (694) | $ 1,068 |
Reclassification of realized gain, tax | 1 | 488 | 481 |
Unrealized loss, transfer from available for sale to held to maturity, tax benefit | 0 | 0 | 0 |
Change in fair value of interest rate swaps designated as a cash flow hedge, tax | 1,151 | 1,396 | (610) |
Reclassification of realized gain, interest rate swap termination, tax | $ 1,697 | $ 385 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2019 | $ 11,229 | $ 168,658 | $ 60,198 | $ 1,891 | $ 241,976 |
Stock issuance costs | 0 | (57) | 0 | 0 | (57) |
Surrendered shares | (15) | (299) | 0 | 0 | (314) |
Shares repurchased | (662) | (10,450) | 0 | 0 | (11,112) |
Options exercised | 3 | 43 | 0 | 0 | 46 |
Dividends declared | 0 | 0 | (2,702) | 0 | (2,702) |
Stock-based compensation | 54 | 1,590 | 0 | 0 | 1,644 |
Net income | 0 | 0 | 13,889 | 0 | 13,889 |
Net change | 0 | 0 | 0 | (86) | (86) |
Balance at Dec. 31, 2020 | 10,609 | 159,485 | 71,385 | 1,805 | 243,284 |
Surrendered shares | (19) | (348) | 0 | 0 | (367) |
Shares repurchased | (359) | (6,566) | 0 | 0 | (6,925) |
Options exercised | 47 | 685 | 0 | 0 | 732 |
Dividends declared | 0 | 0 | (3,225) | 0 | (3,225) |
Stock-based compensation | 65 | 1,676 | 0 | 0 | 1,741 |
Net income | 0 | 0 | 8,000 | 0 | 8,000 |
Net change | 0 | 0 | 0 | (642) | (642) |
Balance at Dec. 31, 2021 | 10,343 | 154,932 | 76,160 | 1,163 | 242,598 |
Surrendered shares | (24) | (462) | 0 | 0 | (486) |
Shares repurchased | (519) | (10,021) | 0 | 0 | (10,540) |
Options exercised | 10 | 123 | 0 | 0 | 133 |
Dividends declared | 0 | 0 | (3,663) | 0 | (3,663) |
Stock-based compensation | 92 | 2,015 | 0 | 0 | 2,107 |
Net income | 0 | 0 | 35,709 | 0 | 35,709 |
Net change | 0 | 0 | 0 | (50,076) | (50,076) |
Balance at Dec. 31, 2022 | $ 9,902 | $ 146,587 | $ 108,206 | $ (48,913) | $ 215,782 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Dividends per share declared (in dollars per share) | $ 0.365 | $ 0.31 | $ 0.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income | $ 35,709 | $ 8,000 | $ 13,889 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,435 | 4,988 | 4,570 |
Provision for loan losses | 2,922 | 22,885 | 11,160 |
Amortization of purchase accounting adjustments | (95) | (1,560) | (1,112) |
Provision for other real estate owned | 0 | 0 | 30 |
Net amortization of securities | 972 | 3,484 | 2,825 |
Gain on call or sale of investment securities, net | (6) | (2,321) | (2,289) |
Loss on sale or disposition of fixed assets, net | 258 | 408 | 38 |
(Gain) loss on sale of other real estate owned, net | (9) | 5 | (12) |
Loss on early extinguishment of subordinated debt | 222 | 0 | 0 |
FHLB stock dividend | (152) | (40) | (134) |
Stock-based compensation | 2,107 | 1,741 | 1,644 |
Deferred taxes | (655) | (547) | (1,388) |
Net change in value of bank owned life insurance | (1,305) | (1,143) | (894) |
Amortization of subordinated debt issuance costs | 66 | 92 | 71 |
Change in the fair value of equity securities | 90 | (214) | (268) |
Originations | (624) | (10,235) | 0 |
Proceeds from sales | 1,281 | 9,814 | 0 |
Gain on sale of loans | (37) | (199) | 0 |
Net change in: | |||
Accrued interest receivable | (1,394) | 2,451 | (5,056) |
Other assets | (1,732) | (3,086) | (953) |
Accrued taxes and other liabilities | 695 | (1,042) | (4,372) |
Net cash provided by operating activities | 42,748 | 33,481 | 17,749 |
Cash flows from investing activities | |||
Proceeds from sales of investment securities available for sale | 0 | 137,803 | 56,466 |
Purchases of securities available for sale | (181,636) | (255,455) | (127,123) |
Proceeds from maturities, prepayments and calls of investment securities available for sale | 60,173 | 84,729 | 64,348 |
Proceeds from maturities, prepayments and calls of investment securities held to maturity | 1,933 | 2,149 | 1,938 |
Proceeds from redemption or sale of equity securities | 1,225 | 574 | 9,283 |
Purchases of equity securities | (11,615) | (523) | (6,165) |
Net (increase) decrease in loans | (225,090) | 86,967 | (124,736) |
Proceeds from sales of other real estate owned | 6,071 | 878 | 158 |
Purchases of other real estate owned | 0 | (501) | 0 |
Proceeds from insurance claims | 0 | 0 | 232 |
Proceeds from sales of fixed assets | 4,692 | 194 | 0 |
Purchases of fixed assets | (1,056) | (3,318) | (7,590) |
Purchases of bank owned life insurance | (5,000) | (8,000) | (6,000) |
Purchases of other investments | (718) | (233) | 0 |
Proceeds from sales of other investments | 0 | 0 | 1,762 |
Distributions from investments | 34 | 23 | 93 |
Net cash (used in) provided by investing activities | (350,987) | 53,399 | (148,143) |
Cash flows from financing activities | |||
Net (decrease) increase in customer deposits | (38,249) | 25,946 | 143,318 |
Net (decrease) increase in repurchase agreements | (5,783) | 130 | 2,658 |
Net increase (decrease) in short-term FHLB advances | 333,500 | (42,000) | (8,000) |
Repayment of long-term FHLB advances | (25,000) | 0 | (3,100) |
Cash dividends paid on common stock | (3,552) | (3,090) | (2,686) |
Payments to repurchase common stock | (10,540) | (6,925) | (11,112) |
Proceeds from stock options exercised | 133 | 732 | 46 |
Proceeds from subordinated debt, net of issuance costs | 19,548 | 0 | 0 |
Payments of stock issuance costs | 0 | 0 | (57) |
Extinguishment of subordinated debt | (18,600) | 0 | 0 |
Net cash provided by (used in) financing activities | 251,457 | (25,207) | 121,067 |
Net (decrease) increase in cash and cash equivalents | (56,782) | 61,673 | (9,327) |
Cash and cash equivalents, beginning of period | 97,041 | 35,368 | 44,695 |
Cash and cash equivalents, end of period | 40,259 | 97,041 | 35,368 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Income taxes | 8,887 | 4,207 | 4,336 |
Interest on deposits and borrowings | 14,409 | 11,817 | 20,702 |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING ACTIVITIES | |||
Transfer from loans to other real estate owned | 3,327 | 521 | 41 |
Transfer from bank premises and equipment to other real estate owned | 525 | 1,850 | 665 |
Plains Capital Bank [Member] | |||
Cash flows from investing activities | |||
Cash paid for acquisition of business, net of cash acquired | 0 | 0 | (10,809) |
Cheaha Financial Group [Member] | |||
Cash flows from operating activities | |||
Net income | 3,600 | ||
Cash flows from investing activities | |||
Cash paid for acquisition of business, net of cash acquired | $ 0 | $ 8,112 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Nature of Operations Investar Holding Corporation (the “Company”) is a financial holding company headquartered in Baton Rouge, Louisiana, that provides, through its wholly-owned subsidiary, Investar Bank, National Association (the “Bank”), full banking services, excluding trust services, tailored primarily to meet the needs of individuals, professionals, and small to medium-sized businesses throughout its markets in south Louisiana, southeast Texas and Alabama. Basis of Presentation The consolidated financial statements of Investar Holding Corporation and its wholly-owned subsidiary, the Bank, have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and to generally accepted practices within the banking industry. Segments All of the Company’s banking operations are considered by management to be aggregated in one no 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 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 2016 13 January 1, 2023, may first 2023 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 2022 2023, Investment Securities The Company’s investments in 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 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. • 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. Unrealized holding gains and losses, net of tax, on available for sale 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 and equity securities are determined using the specific-identification method and average price method, respectively. 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 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 that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at the unpaid principal balance outstanding, net of purchase premiums or discounts, deferred income (net of costs), any direct principal charge-offs, and an allowance for loan losses. Interest on loans is calculated by using the effective interest rate 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 See Treatment of Loan Modifications Pursuant to the CARES Act and Interagency Statement 1 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 See Acquisition Accounting Acquired Impaired Loans Employee Retention Credit The CARES Act also provided for an Employee Retention Credit (“ERC”), which is a broad based refundable payroll tax credit that incentivized businesses to retain employees on the payroll during the COVID- 19 March 12, 2020 December 31, 2020. 2021, September 30, 2021. 19 In the fourth 2022, second 2021, fourth 2021, first 2021, in noninter December 31, 2022 2021 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 (sale 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 December 31, 2022 , December 31, 2021 , Allowance for Loan Losses The adequacy of the allowance for loan losses is determined in accordance with GAAP. 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 uncollectable. 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 loan commitments is included in “Accrued taxes and other liabilities” in the accompanying consolidated balance sheets. At December 31, 2022 2021 The Company will adopt ASU 2016 13 January 1, 2023, 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 December 31, 2022 2021 In addition, equity securities include marketable securities in corporate stocks and mutual funds and totaled $1.2 million and $1.8 million at December 31, 2022 2021 Bank Premises and Equipment Bank premises and equipment are stated at cost, less accumulated depreciation, with the exception of land, which is stated at cost. Depreciation expense is computed using the straight-line method and is charged to expense over the estimated useful lives of 39 years for buildings, five three seven one five The Company leases certain branch locations under operating lease agreements. The Company also leases certain office facilities to outside parties under operating lessor agreements; however, such leases are not not may Other Real Estate Owned Real estate acquired through foreclosure, or other real estate owned on the consolidated balance sheets, is initially recorded at fair value at the time of foreclosure, less estimated selling cost, and any related write down is charged to the allowance for loan losses. Valuations are periodically performed by management and provisions for estimated losses on other real estate owned are charged to expense when fair value is determined to be less than the carrying value. Costs relative to the development and improvement of properties are capitalized to the extent realizable, whereas ordinary upkeep disbursements are charged to expense. The ability of the Company to recover the carrying value of real estate is based upon future sales of the other real estate owned. The ability to affect such sales is subject to market conditions and other factors, many of which are beyond the Company’s control. Operating income and expense of such properties is included in other operating income or expense, respectively, on the accompanying consolidated statements of income. Gain or loss on the disposition of such properties is included in noninterest income on the consolidated statements of income. Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill and other intangible assets deemed to have an indefinite useful life are not 350, Intangibles Goodwill and Other Intangible assets with estimable useful lives are amortized over their respective estimated useful lives and reviewed for impairment in accordance with FASB ASC Topic 360, Property, Plant, and Equipment. December 31, 2022 8. Bank Owned Life Insurance The Company invests in bank owned life insurance (“BOLI”) policies that provide earnings to help cover the cost of employee benefit plans. The Company is the owner and beneficiary of the life insurance policies it purchased directly on a chosen group of employees. The policies are carried on the Company’s consolidated balance sheet at their cash surrender value and are subject to regulatory capital requirements. The determination of the cash surrender value includes a full evaluation of the contractual terms of each policy and assumes the surrender of policies on an individual-life by individual-life basis. Additionally, the Company periodically reviews the creditworthiness of the insurance companies that have underwritten the policies. Earnings accruing to the Company are derived from the general account investments of the insurance companies. Increases in the net cash surrender value of BOLI policies and insurance proceeds received are not Repurchase Agreements Securities sold under agreements to repurchase are secured borrowings treated as financing activities and are carried at the amounts at which the securities will be subsequently reacquired as specified in the respective agreements. Stock-Based Compensation The Company accounts for stock-based compensation under the provisions of ASC Topic 718, Compensation - Stock Compensation 15. Off-Balance Sheet Credit-Related Financial Instruments The Company accounts for its guarantees in accordance with the provisions of ASC Topic 460, Guarantees Derivative Financial Instruments ASC Topic 815, Derivatives and Hedging not In the course of its business operations, the Company is exposed to certain risks, including interest rate, liquidity and credit risk. The Company manages its risks through the use of derivative financial instruments, primarily through management of exposure due to the receipt or payment of future cash amounts based on interest rates. The Company’s derivative financial instruments manage the differences in the timing, amount and duration of expected cash receipts and payments. Derivatives which are designated and qualify as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. The effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. In applying hedge accounting for derivatives, the Company establishes a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. These methods are consistent with the Company’s approach to managing risk. Note 13. Income Taxes The provision for income taxes is based on amounts reported in the consolidated statements of income after exclusion of nontaxable income such as interest on state and municipal securities. Also, certain items of income and expenses are recognized in different time periods for financial statement purposes than for income tax purposes. Thus, provisions for deferred taxes are recorded in recognition of such temporary differences. Deferred taxes are determined utilizing a liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not The Company has adopted accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Company recognizes interest and penalties on income taxes as a component of income tax expense. Revenue Recognition The Company recognizes revenue in the consolidated statements of income as it is earned and when collectability is reasonably assured. The primary source of revenue is interest income from interest-earning assets, which is recognized on the accrual basis of accounting using the effective interest method. The recognition of revenues from interest-earning assets is based upon formulas from underlying loan agreements, securities contracts, or other similar contracts. Noninterest income is recognized on the accrual basis of accounting as services are provided or as transactions occur. Noninterest income includes fees from deposit accounts, merchant services, ATM and debit card fees, servicing fees, interchange fees, and other miscellaneous services and transactions. Earnings Per Share Basic earnings per share is calculated using the two two not Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the exercise of stock options and warrants) were issued during the period, computed using the treasury stock method. Statements of Cash Flows For purposes of the statements of cash flows, cash and cash equivalents include cash and amounts due from banks and federal funds sold due to the short-term nature of these items. Comprehensive Income Comprehensive income includes net income and other comprehensive income or loss, which in the case of the Company includes unrealized gains and losses on securities, changes in the fair value of interest rate swaps, and the reclassification of realized gains on AFS securities and interest rate swap terminations to net income, net of related income taxes. Troubled Debt Restructurings The Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and minimize the risk of loss. These concessions may 2011 2, Receivables (Topic 310 s Determination of Whether a Restructuring is a Troubled Debt Restructuring not not not If the Company concludes that both a concession has been granted and the concession was granted to a customer experiencing financial difficulties, the Company identifies the loan as a TDR. For purposes of the determination of an allowance for loan losses on these TDRs, the loan is reviewed for specific impairment in accordance with the Company’s allowance for loan loss methodology. If it is determined that losses are probable on such TDRs, either because of delinquency or other credit quality indicators, the Company establishes specific reserves for these loans. 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. The fair value adjustment for performing acquired loans is accreted over the life of the loan using the effective interest method. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not Acquired Impaired Loans The Company accounts for acquired impaired loans under FASB ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality 310 30” 310 30, The excess of expected cash flows at acquisition over the initial fair value of acquired impaired loans is referred to as the “accretable yield” and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. As required by ASC 310 30, not Share Repurchases The Louisiana Business Corporation Act does not December 31, 2022, 2021 2020 Reclassifications Certain reclassifications have been made to the 2021 2020 2022 Recent Accounting Pronouncements This section briefly describes accounting standards that have been issued, but are not FASB ASC Topic 326 Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments Update No. 2016 13. 2016 13 June 2016. 2016 13 2016 13 not 2016 13 not 2016 13 As previously disclosed, the Company formed a cross-functional working group, which is comprised of individuals from various functional areas including credit, risk management, finance and information technology. The Company utilized a third 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. Upon adoption of ASU 2016 13, one not January 1, 2023 . The adjustment to allowance for credit losses is an estimate and subject to refinement based on updates to quantitative or qualitative input assumptions or loss estimation factors. The accounting model for loans acquired with more than insignificant impairment was replaced by the purchase credit deteriorated ( ) accounting model. For PCD assets, an initial CECL estimate will be recognized through the allowance for credit losses with an offset that increases the amortized cost basis of the PCD asset. Assets currently accounted for under ASC 310 30 January 1, 2023. not The Company's HTM and AFS securities portfolio were not 2016 13 not 2016 13 FASB ASC Topic 848 “ Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting ” Update No. 2020 04 848 “ Reference Rate Reform: Deferral of the Sunset Date ” Update No. 2022 06. In March 2020, 2020 04, December 2022, 2022 06, December 31, 2022 December 31, 2024. March 12, 2020, may December 31, 2024. FASB ASC Topic 326 “ Financial Instruments – Credit Losses, Troubled Debt Restructurings and Vintage Disclosures ” Update No. 2022 02. Th 2022 02 March 2022. 2016 13 December 15, 2022, 2022 02 January 1, 2023. 2022 02 not |
Note 2 - Business Combinations
Note 2 - Business Combinations | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 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). 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 The fair value of net assets acquired includes a fair value adjustment to loans as of the acquisition date. The adjustment for the acquired loan portfolio is based on current market interest rates at the time of acquisition, and the Company’s initial evaluation of credit losses identified. The contractually required principal and interest payments of the loans acquired from Cheaha total $134.8 million. Loans acquired from Cheaha that are considered to be purchased credit impaired loans had a balance of $0.2 million at the time of acquisition. The contractually required principal and interest payments of these loans total $0.2 million, of which $0.1 million is not The $0.9 million decrease in goodwill and other intangible assets at December 31, 2022 December 31, 2021 December 31, 2021 December 31, 2020 8. Supplemental Unaudited Pro Forma Information The following unaudited supplemental pro forma information is presented to show estimated results assuming Cheaha was acquired as of January 1, 2020. not January 1, 2020 not December 31, 2021 Unaudited pro forma for the years ended December 31, (dollars in thousands) 2021 2020 Interest income $ 98,223 $ 104,656 Noninterest income 12,567 13,257 Net income 10,670 17,320 For the year ended December 31, 2021, Acquisition Expense There were no acquisition expenses recorded in the year ended December 31, 2022 December 31, 2021 |
Note 3 - Investment Securities
Note 3 - Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3. 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 Amortized Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Obligations of the U.S Treasury and U.S. government agencies and corporations $ 30,370 $ 134 $ (699 ) $ 29,805 Obligations of state and political subdivisions 21,098 7 (2,727 ) 18,378 Corporate bonds 33,477 — (3,535 ) 29,942 Residential mortgage-backed securities 298,867 10 (47,026 ) 251,851 Commercial mortgage-backed securities 83,504 179 (8,492 ) 75,191 Total $ 467,316 $ 330 $ (62,479 ) $ 405,167 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Obligations of the U.S Treasury and 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 realized gains and losses are summarized below for the periods presented (dollars in thousands). Twelve months ended December 31, 2022 2021 2020 Proceeds from sales $ — $ 137,803 $ 56,466 Gross gains $ — $ 2,323 $ 2,300 Gross losses $ — $ (2 ) $ (11 ) 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 Amortized Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Obligations of state and political subdivisions $ 5,538 $ 1 $ (127 ) $ 5,412 Residential mortgage-backed securities 2,767 — (257 ) 2,510 Total $ 8,305 $ 1 $ (384 ) $ 7,922 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value 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 December 31, 2022 December 31, 2021 The approximate fair value of AFS securities and unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized below as of the dates presented (dollars in thousands). Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized December 31, 2022 Fair Value Losses Fair Value Losses Fair Value Losses Obligations of the U.S Treasury and U.S. government agencies and corporations $ 16,017 $ (688 ) $ 1,013 $ (11 ) $ 17,030 $ (699 ) Obligations of state and political subdivisions 13,695 (1,427 ) 4,524 (1,300 ) 18,219 (2,727 ) Corporate bonds 19,606 (1,170 ) 10,085 (2,365 ) 29,691 (3,535 ) Residential mortgage-backed securities 134,419 (18,122 ) 116,132 (28,904 ) 250,551 (47,026 ) Commercial mortgage-backed securities 27,181 (2,632 ) 32,432 (5,860 ) 59,613 (8,492 ) Total $ 210,918 $ (24,039 ) $ 164,186 $ (38,440 ) $ 375,104 $ (62,479 ) Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized December 31, 2021 Fair Value Losses Fair Value Losses Fair Value Losses Obligations of the U.S Treasury and U.S. government agencies and corporations $ 1,438 $ (25 ) $ 668 $ (2 ) $ 2,106 $ (27 ) Obligations of state and political subdivisions 10,803 (213 ) — — 10,803 (213 ) Corporate bonds 10,197 (254 ) 2,409 (91 ) 12,606 (345 ) Residential mortgage-backed securities 156,862 (1,503 ) — — 156,862 (1,503 ) Commercial mortgage-backed securities 44,055 (941 ) 6,284 (36 ) 50,339 (977 ) Total $ 223,355 $ (2,936 ) $ 9,361 $ (129 ) $ 232,716 $ (3,065 ) The approximate fair value of HTM securities and unrealized losses, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position, are summarized below as of December 31, 2022 no December 31, 2021 Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized December 31, 2022 Fair Value Losses Fair Value Losses Fair Value Losses Obligations of state and political subdivisions $ 3,536 $ (127 ) $ — $ — $ 3,536 $ (127 ) Residential mortgage-backed securities 2,510 (257 ) — — 2,510 (257 ) Total $ 6,046 $ (384 ) $ — $ — $ 6,046 $ (384 ) 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 December 31, 2022 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 December 31, 2022 Cost Value Cost Value Due within one year $ 1,082 $ 1,072 $ 915 $ 915 Due after one year through five years 32,452 31,394 960 961 Due after five years through ten years 52,093 48,229 3,663 3,536 Due after ten years 381,689 324,472 2,767 2,510 Total debt securities $ 467,316 $ 405,167 $ 8,305 $ 7,922 Securities Available For Sale Securities Held to Maturity Amortized Fair Amortized Fair December 31, 2021 Cost Value Cost Value 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 December 31, 2022 December 31, 2021 |
Note 4 - Loans and Allowance fo
Note 4 - Loans and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTE 4. 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). December 31, 2022 2021 Construction and development $ 201,633 $ 203,204 1-4 Family 401,377 364,307 Multifamily 81,812 59,570 Farmland 12,877 20,128 Commercial real estate 958,243 896,377 Total mortgage loans on real estate 1,655,942 1,543,586 Commercial and industrial 435,093 310,831 Consumer 13,732 17,595 Total loans $ 2,104,767 $ 1,872,012 Unamortized premiums and discounts on loans, included in the total loans balances above, were $0.8 million and $1.9 million at December 31, 2022 2021 , respectively. Unearned income, or deferred fees, on loans was $1.3 million December 31, 2022 2021 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 The tables below provide an analysis of the aging of loans, excluding loans held for sale, as of the dates presented (dollars in thousands). December 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 $ 201,048 $ 101 $ — $ 112 $ 372 $ 585 $ — $ 201,633 1-4 Family 394,846 2,614 1,220 1,188 1,207 6,229 302 401,377 Multifamily 81,812 — — — — — — 81,812 Farmland 12,601 152 62 — 62 276 — 12,877 Commercial real estate 951,908 181 22 — 5,523 5,726 609 958,243 Total mortgage loans on real estate 1,642,215 3,048 1,304 1,300 7,164 12,816 911 1,655,942 Commercial and industrial 432,438 406 15 51 2,183 2,655 — 435,093 Consumer 13,347 171 27 — 130 328 57 13,732 Total loans $ 2,088,000 $ 3,625 $ 1,346 $ 1,351 $ 9,477 $ 15,799 $ 968 $ 2,104,767 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 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, Commercial and industrial loans also include public finance loans made to governmental entities, which can be taxable or tax-exempt, and are generally repaid using pledged revenue sources including income tax, property tax, sales tax, and utility revenue, among other sources. 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. December 31, 2022 2021 Consumer. may Concentrations of Credit Substantially all of the Company’s loans and commitments have been granted to customers in the Company’s market areas in south Louisiana, southeast Texas and Alabama. The distribution of commitments to extend credit approximates the distribution of loans outstanding. 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 – Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loss – Loans classified as loss are considered uncollectible and of such little value that their continuance as recorded assets is not not no not The tables below present a summary of the Company’s loan portfolio, excluding loans held for sale, by category and credit quality indicator as of the dates presented (dollars in thousands). December 31, 2022 Special Pass Mention Substandard Doubtful Total Construction and development $ 198,967 $ 1,593 $ 1,073 $ — $ 201,633 1-4 Family 399,143 — 2,234 — 401,377 Multifamily 81,812 — — — 81,812 Farmland 12,815 — 62 — 12,877 Commercial real estate 942,927 6,101 9,215 — 958,243 Total mortgage loans on real estate 1,635,664 7,694 12,584 — 1,655,942 Commercial and industrial 427,430 5,140 2,336 187 435,093 Consumer 13,636 — 96 — 13,732 Total loans $ 2,076,730 $ 12,834 $ 15,016 $ 187 $ 2,104,767 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 December 31, 2022 2021 Loan Participations and Sold Loans Loa n participations and whole loans sold to and serviced for others are not December 31, 2022 2021 , respectively. The unpaid principal balances of these loans were approximately $92.9 million and $91.9 million at December 31, 2022 2021 , respectively. Loans to Related Parties In the ordinary course of business, the Company makes loans to related parties including its executive officers, principal shareholders, 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 $97.0 million December 31, 2022 December 31, 2021 The table below shows the aggregate principal balance of loans to such related parties for the years ended December 31, 2022 2021 December 31, 2022 2021 Balance, beginning of period $ 97,606 $ 96,390 New loans/changes in relationship 14,570 26,475 Repayments/changes in relationship (15,199 ) (25,259 ) Balance, end of period $ 96,977 $ 97,606 Loans Acquired with Deteriorated Credit Quality The Company accounts for certain loans acquired as acquired impaired loans under ASC 310 30 There were no changes in the accretable yield on acquired impaired loans for the years ended December 31, 2022 2021 Allowance for Loan Losses The table below shows a summary of the activity in the allowance for loan losses for the years ended December 31, 2022, 2021 2020 December 31, 2022 2021 2020 Balance, beginning of period $ 20,859 $ 20,363 $ 10,700 Provision for loan losses 2,922 22,885 11,160 Loans charged-off (633 ) (22,636 ) (1,754 ) Recoveries 1,216 247 257 Balance, end of period $ 24,364 $ 20,859 $ 20,363 For the year ended December 31, 2021, one The following tables outline the activity in the allowance for loan losses by collateral type for the years ended December 31, 2022, 2021 2020 December 31, 2022, 2021 2020 December 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 Charge-offs — (11 ) — (54 ) 29 (397 ) (200 ) (633 ) Recoveries 48 114 — 67 4 932 51 1,216 Provision 160 477 326 (283 ) 1,331 797 114 2,922 Ending balance $ 2,555 $ 3,917 $ 999 $ 113 $ 10,718 $ 5,743 $ 319 $ 24,364 Ending allowance balance for loans individually evaluated for impairment 26 46 — — 36 112 63 283 Ending allowance balance for loans acquired with deteriorated credit quality — — — — — — — — Ending allowance balance for loans collectively evaluated for impairment 2,529 3,871 999 113 10,682 5,631 256 24,081 Loans receivable: Balance of loans individually evaluated for impairment 591 1,479 — 62 5,936 2,241 130 10,439 Balance of loans acquired with deteriorated credit quality — 302 — — 609 — 57 968 Balance of loans collectively evaluated for impairment 201,042 399,596 81,812 12,815 951,698 432,852 13,545 2,093,360 Total period-end balance $ 201,633 $ 401,377 $ 81,812 $ 12,877 $ 958,243 $ 435,093 $ 13,732 $ 2,104,767 December 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 Charge-offs (283 ) (188 ) — (13 ) (10,280 ) (11,713 ) (159 ) (22,636 ) Recoveries 36 32 — — 6 72 101 247 Provision 219 123 84 (39 ) 11,132 11,494 (128 ) 22,885 Ending balance $ 2,347 $ 3,337 $ 673 $ 383 $ 9,354 $ 4,411 $ 354 $ 20,859 Ending allowance balance for loans individually evaluated for impairment — — — — — 468 96 564 Ending allowance balance for loans acquired with deteriorated credit quality — — — 210 — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,347 3,337 673 173 9,354 3,943 258 20,085 Loans receivable: Balance of loans individually evaluated for impairment 529 1,995 — 79 16,685 13,321 182 32,791 Balance of loans acquired with deteriorated credit quality — 348 — 1,701 636 — 64 2,749 Balance of loans collectively evaluated for impairment 202,675 361,964 59,570 18,348 879,056 297,510 17,349 1,836,472 Total period-end balance $ 203,204 $ 364,307 $ 59,570 $ 20,128 $ 896,377 $ 310,831 $ 17,595 $ 1,872,012 December 31, 2020 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,201 $ 1,490 $ 387 $ 101 $ 4,424 $ 2,609 $ 488 $ 10,700 Charge-offs — (173 ) — — (51 ) (1,195 ) (335 ) (1,754 ) Recoveries 47 74 — — 8 50 78 257 Provision 1,127 1,979 202 334 4,115 3,094 309 11,160 Ending balance $ 2,375 $ 3,370 $ 589 $ 435 $ 8,496 $ 4,558 $ 540 $ 20,363 Ending allowance balance for loans individually evaluated for impairment — — — — — 80 130 210 Ending allowance balance for loans acquired with deteriorated credit quality — — — 210 — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,375 3,370 589 225 8,496 4,478 410 19,943 Loans receivable: Balance of loans individually evaluated for impairment 782 2,280 — — 6,666 9,102 347 19,177 Balance of loans acquired with deteriorated credit quality — 381 — 1,701 1,791 246 38 4,157 Balance of loans collectively evaluated for impairment 205,229 336,864 60,724 24,846 803,938 385,149 20,234 1,836,984 Total period-end balance $ 206,011 $ 339,525 $ 60,724 $ 26,547 $ 812,395 $ 394,497 $ 20,619 $ 1,860,318 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. The average recorded investment is calculated based on the month-end balances of the loans during the period reported (dollars in thousands). As of and for the year ended December 31, 2022 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 366 $ 375 $ — $ 300 $ 15 1-4 Family 1,005 1,082 — 821 17 Farmland 62 70 — 68 — Commercial real estate 5,746 21,016 — 10,515 28 Total mortgage loans on real estate 7,179 22,543 — 11,704 60 Commercial and industrial 1,996 2,530 — 6,868 70 Consumer 34 45 — 56 — Total 9,209 25,118 — 18,628 130 With related allowance recorded: Construction and development 225 498 26 225 — 1-4 Family 474 484 46 205 — Commercial real estate 190 190 36 32 — Total mortgage loans on real estate 889 1,172 108 462 — Commercial and industrial 245 292 112 421 — Consumer 96 123 63 96 — Total 1,230 1,587 283 979 — Total loans: Construction and development 591 873 26 525 15 1-4 Family 1,479 1,566 46 1,026 17 Farmland 62 70 — 68 — Commercial real estate 5,936 21,206 36 10,547 28 Total mortgage loans on real estate 8,068 23,715 108 12,166 60 Commercial and industrial 2,241 2,822 112 7,289 70 Consumer 130 168 63 152 — Total $ 10,439 $ 26,705 $ 283 $ 19,607 $ 130 As of and for the year ended December 31, 2021 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 529 $ 812 $ — $ 731 $ 17 1-4 Family 1,995 2,081 — 1,965 30 Farmland 79 81 — 193 — Commercial real estate 16,685 27,139 — 10,790 181 Total mortgage loans on real estate 19,288 30,113 — 13,679 228 Commercial and industrial 9,395 10,941 — 9,166 152 Consumer 55 69 — 96 — Total 28,738 41,123 — 22,941 380 With related allowance recorded: Commercial and industrial 3,926 9,618 468 1,311 24 Consumer 127 164 96 146 — Total 4,053 9,782 564 1,457 24 Total loans: Construction and development 529 812 — 731 17 1-4 Family 1,995 2,081 — 1,965 30 Farmland 79 81 — 193 — Commercial real estate 16,685 27,139 — 10,790 181 Total mortgage loans on real estate 19,288 30,113 — 13,679 228 Commercial and industrial 13,321 20,559 468 10,477 176 Consumer 182 233 96 242 — Total $ 32,791 $ 50,905 $ 564 $ 24,398 $ 404 As of and for the year ended December 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 782 $ 800 $ — $ 887 $ 13 1-4 Family 2,280 2,353 — 2,172 26 Commercial real estate 6,666 6,721 — 3,456 126 Total mortgage loans on real estate 9,728 9,874 — 6,515 165 Commercial and industrial 8,841 9,953 — 4,614 31 Consumer 126 143 — 227 1 Total 18,695 19,970 — 11,356 197 With related allowance recorded: Commercial and industrial 261 260 80 22 — Consumer 221 265 130 256 1 Total 482 525 210 278 1 Total loans: Construction and development 782 800 — 887 13 1-4 Family 2,280 2,353 — 2,172 26 Commercial real estate 6,666 6,721 — 3,456 126 Total mortgage loans on real estate 9,728 9,874 — 6,515 165 Commercial and industrial 9,102 10,213 80 4,636 31 Consumer 347 408 130 483 2 Total $ 19,177 $ 20,495 $ 210 $ 11,634 $ 198 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 Loans classified as TDRs consisted of 20 credits, totaling approximately $3.0 million at December 31, 2022 December 31, 2021 December 31, 2022 2021 none At December 31, 2022 2021 The table below presents the TDR pre- and post-modification outstanding recorded investments by loan category for loans modified during the years ended December 31, 2022 2021 December 31, 2022 December 31, 2021 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled debt restructurings Contracts Investment Investment Contracts Investment Investment Commercial real estate 1 $ 186 $ 186 1 $ 28 $ 28 Commercial and industrial 2 58 58 3 586 586 $ 244 $ 244 $ 614 $ 614 There were no twelve December 31, 2022 The following is a summary of accruing and nonaccrual TDRs and the related allowance by portfolio type as of the dates presented (dollars in thousands). TDRs Related Accruing Nonaccrual Total Allowance December 31, 2022 Construction and development $ 219 $ — $ 219 $ — 1-4 Family 271 127 398 — Commercial real estate 413 804 1,217 — Commercial and industrial 58 1,092 1,150 — Total $ 961 $ 2,023 $ 2,984 $ — December 31, 2021 Construction and development $ 242 $ — $ 242 $ — 1-4 Family 585 145 730 — Commercial real estate 2,775 915 3,690 — Commercial and industrial 1,976 3,885 5,861 — Total $ 5,578 $ 4,945 $ 10,523 $ — The table below includes the average recorded investment and interest income recognized for TDRs for the years ended December 31, 2022, 2021 2020 TDRs Average Recorded Investment Interest Income Recognized December 31, 2022 Construction and development $ 230 $ 15 1-4 Family 489 16 Commercial real estate 1,249 28 Commercial and industrial 3,511 70 Total $ 5,479 $ 129 December 31, 2021 Construction and development $ 251 $ 17 1-4 Family 775 28 Commercial real estate 5,358 174 Commercial and industrial 6,698 149 Total $ 13,082 $ 368 December 31, 2020 Construction and development $ 438 $ 14 1-4 Family 936 35 Commercial real estate 2,778 126 Commercial and industrial 1,075 53 Total $ 5,227 $ 228 |
Note 5 - Other Real Estate Owne
Note 5 - Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | NOTE 5. The table below shows the activity in other real estate owned for the years ended December 31, 2022 2021 Year ended Year ended December 31, 2022 December 31, 2021 Balance, beginning of period $ 2,653 $ 663 Additions 3,327 1,023 Transfers from bank premises and equipment 525 1,850 Sales of other real estate owned (5,823 ) (883 ) Balance, end of period $ 682 $ 2,653 For the years ended December 31, 2022 2021 2022, two one not 2021, two 2022. December 31, 2022 2021 1 4 |
Note 6 - Bank Premises and Equi
Note 6 - Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6. Bank premises and equipment consisted of the following as of the dates indicated (dollars in thousands). December 31, 2022 2021 Land $ 11,490 $ 15,319 Buildings and improvements 40,799 41,962 Furniture and equipment 13,569 13,792 Software 2,334 2,319 Construction-in-progress 575 483 Right-of-use asset 2,845 3,354 Less: Accumulated depreciation and amortization (22,025 ) (19,149 ) Bank premises and equipment, net $ 49,587 $ 58,080 Depreciation and amortization related to bank premises and equipment charged to noninterest expense million and $3.6 million for the years ended December 31, 2022, 2021 2020 , respectively. During the year ended December 31, 2022, two three “B ank premises and equipment, net” to “O ther real estate owned, net” in the accompanying consolidated balance sheets. During the year ended December 31, 2022, “L oss on sale or disposition of fixed assets, net” in the accompanying consolidated statements of income. During the year ended December 31, 2021, “L oss on sale or disposition of fixed assets, net” in the accompanying consolidated statements of income. |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 7. 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 lea se liabilities in “Bank premises a n ” “ ” 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 years ended December 31, 2022 2021 December 31, 2022 2021 Total operating lease cost $ 610 $ 610 Weighted average remaining lease term (in years) 7.0 7.8 Weighted average discount rate 2.9 % 2.8 % At December 31, 2022 Future minimum lease payments due under non-cancelable operating leases at December 31, 2022 2023 $ 595 2024 515 2025 476 2026 339 2027 341 Thereafter 1,012 Total $ 3,278 At December 31, 2022 not not On May 29, 2020, first December 31, 2022 2021 |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 8. The Company’s intangible assets consist of goodwill, core deposit intangible assets arising from acquisitions, and a trademark intangible. At December 31, 2022 2021 Additions and adjustments to goodwill were recorded during the year ended December 31, 2021 2. December 31, 2022 2021 December 31, 2022 2021 In accordance with ASC Topic 350, Intangibles Goodwill and Other October 31, 2022 no Core deposit intangibles have finite lives and are being amortized on an accelerated basis over their estimated useful lives, which range from 10 to 15 years. The table below shows a summary of the core deposit intangible assets as of the dates presented (dollars in thousands). December 31, Core deposit intangibles 2022 2021 Gross carrying amount $ 7,486 $ 7,486 Accumulated amortization (4,527 ) (3,638 ) Net carrying amount $ 2,959 $ 3,848 Amortization expense for the core deposit intangible assets recorded in “Depreciation and amortization ” December 31, 2022, 2021 2020 The future amortization schedule for the Company’s core deposit intangible assets is displayed in the table below (dollars in thousands). The weighted average amortization period remaining for core deposit intangibles is 6.4 years. 2023 761 2024 643 2025 528 2026 411 2027 288 Thereafter 328 $ 2,959 |
Note 9 - Deposits
Note 9 - Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 9. Deposits consisted of the following as of the dates presented (dollars in thousands). December 31, 2022 2021 Noninterest-bearing demand deposits $ 580,741 $ 585,465 Interest-bearing demand deposits 565,598 650,868 Money market deposit accounts 208,596 255,501 Savings accounts 155,176 180,837 Time deposits 572,254 447,595 Total deposits $ 2,082,365 $ 2,120,266 The table below summarizes outstanding time deposits as of the dates indicated (dollars in thousands). December 31, 2022 2021 $0 to $99,999 $ 150,041 $ 151,963 $100,000 to $249,999 266,456 203,922 $250,000 and above 155,757 91,710 $ 572,254 $ 447,595 The contractual maturities of outstanding time deposits of $100,000 December 31, 2022 2021 Time remaining until maturity: Three months or less $ 147,477 $ 71,728 Over three months through six months 43,695 52,784 Over six months through twelve months 176,874 97,370 Over one year through three years 49,278 63,453 Over three years 4,889 10,297 $ 422,213 $ 295,632 The approximate scheduled maturities of time deposits for each of the next five 2023 $ 485,317 2024 68,052 2025 10,364 2026 5,293 2027 3,228 $ 572,254 Public fund deposits as of December 31, 2022 2021 December 31, 2022 2021 As of December 31, 2022 2021 ely $29.9 million an |
Note 10 - Securities Sold Under
Note 10 - Securities Sold Under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | NOTE 10. The Company utilizes securities sold under agreements to repurchase (“repurchase agreements”) to facilitate the needs of our customers and to facilitate secured short-term funding needs. Repurchase agreements are stated at the amount of cash received in connection with the transaction. The Company monitors collateral levels on a continuous basis and may Repurchase agreements mature on a daily basis. At December 31, 2022 December 31, 2021 December 31, 2021 December 31, 2022, 2021 2020 |
Note 11 - Subordinated Debt Sec
Note 11 - Subordinated Debt Securities | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 11. On April 6, 2022, 2032 “2032 100% 2032 2032 April 6, 2022 ( The 2032 April 15, 2032 April 6, 2022 April 15, 2027 April 15, 2027 2032 three 2032 2032 may three 2032 may April 15, 2027 not 100% Principal and interest on the 2032 2032 2032 2 The Company used the majority of the net proceeds to redeem its 6.00% Fixed-to-Floating Rate Subordinated Notes due 2027 “2027 June 2022 On November 12, 2019, “2029 December 30, 2029. December 30, 2024, may 2029 2029 December 30, 2024, three 2029 three On March 24, 2017, 2027 March 30, 2027. March 30, 2022, 2027 2027 March 30, 2022, June 2022, 2027 100% June 30, 2022 2027 no The carrying value of subordinated debt was $44.2 million and $43.0 million at December 31, 2022 2021 December 31, 2022 2021 |
Note 12 - Other Borrowed Funds
Note 12 - Other Borrowed Funds | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12. Federal Home Loan Bank Advances FHLB advances and weighted average interest rates at the end of the period by contractual maturity are summarized as of the dates presented (dollars in thousands). Amount Weighted Average Rate December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Fixed rate advances maturing: 2023 $ 333,500 $ — 4.55 % — % 2024 23,500 23,500 1.81 1.81 2028 — 25,000 — 1.77 2033 30,000 30,000 1.88 1.88 $ 387,000 $ 78,500 4.18 % 1.82 % As of December 31, 2022 December 31, 2022 At December 31, 2022 2021 2033 may December 31, 2021 2028 December 31, 2022. Lines of Credit The Company has outstanding unsecured lines of credit with its correspondent banks available to assist in the management of short-term liquidity. Any balances drawn on these lines of credit mature daily. At December 31, 2022 2021 Junior Subordinated Debt The following table provides a summary of the Company’s junior subordinated debentures (dollars in thousands). Face Value Carrying Value Maturity Date Variable Interest Rate Interest Rate at December 31, 2022 First Community Louisiana Statutory Trust I $ 3,609 $ 3,609 June 2036 3-month LIBOR + 1.77% 6.54 % BOJ Bancshares Statutory Trust I 3,093 2,450 December 2034 3-month LIBOR + 1.90% 6.67 % Cheaha Statutory Trust I 3,093 2,456 September 2035 3-month LIBOR + 1.70% 6.47 % $ 9,795 $ 8,515 These debentures are unsecured obligations due to trusts that are unconsolidated subsidiaries. The debentures were issued in conjunction with the trusts’ issuances of obligated capital securities. The trusts used the proceeds from the issuances of their capital securities to buy floating rate junior subordinated deferrable interest debentures that bear the same interest rate and terms as the capital securities. These debentures are the trusts’ only assets and the interest payments from the debentures finance the distributions paid on the capital securities. These debentures rank junior and are subordinate in the right of payment to all other debt of the Company. As part of the purchase accounting adjustments made with the BOJ Bancshares Inc. acquisition on December 1, 2017, April 1, 2021, The debentures may not 20 no may The debentures are included on the consolidated balance sheets as liabilities; however, for regulatory purposes, the carrying values of these obligations are eligible for inclusion in Tier I regulatory capital, subject to certain limitations. The total carrying values of $8.5 million and $8.4 million were allowed in the calculation of Tier I regulatory capital at December 31, 2022 2021 |
Note 13 - Derivative Financial
Note 13 - Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 13. As part of its liability management, the Company has utilized 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 December 31, 2022 December 31, 2021 no two During the year ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 For the year ended December 31, 2022 December 31, 2021 December 31, 2020 There were no December 31, 2022 December 31, 2021 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 other operating income re December 31, 2022, 2021 2020 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 14. EQUITY Preferred Stock The Company’s Articles of Incorporation give the Company’s board of directors the authority to issue up to 5,000,000 shares of preferred stock. At December 31, 2022 no Common Stock The Company’s Articles of Incorporation give the Company’s board of directors the authority to issue up to 40,000,000 shares of common stock. At December 31, 2022 December 31, 2021 2020 In addition, the Company repurchased 518,978, 359,138, and 661,504 shares of its common stock through its stock repurchase program at an average price of $20.27, $19.24, and $16.75 per share during the years ended December 31, 2022, 2021 2020 Dividend Restrictions. may may two may not Under the terms of the junior subordinated debentures, assumed through acquisition, the Company has the right at any time during the term of the debentures to defer the payment of interest. In the event that the Company elects to defer interest on the debentures, it may not, Under the terms of the Company’s 5.125% Fixed-to-Floating Rate Subordinated Notes due 2029, may not not Under the terms of the Company’s 5.125% Fixed-to-Floating Rate Subordinated Notes due 2032, These restrictions do not, not Accumulated Other Comprehensive Income (Loss) Activity within the balances in accumulated other comprehensive income (loss), net is shown in the tables below (dollars in thousands). For the years ended December 31, 2022 2021 2020 Beginning of Period Net Change End of Period 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 $ (48,019 ) $ (43,137 ) $ 7,493 $ (2,611 ) $ 4,882 $ 3,476 $ 4,017 $ 7,493 Reclassification of realized gain, available for sale, net (5,772 ) (5 ) (5,777 ) (3,939 ) (1,833 ) (5,772 ) (2,131 ) (1,808 ) (3,939 ) Unrealized gain (loss), transfer from available for sale to held to maturity, net 2 (1 ) 1 3 (1 ) 2 4 (1 ) 3 Change in fair value of interest rate swaps designated as cash flow hedges, net 3,501 4,329 7,830 (1,752 ) 5,253 3,501 542 (2,294 ) (1,752 ) Reclassification of realized gain, interest rate swap termination, net (1,450 ) (6,380 ) (7,830 ) — (1,450 ) (1,450 ) — — — Accumulated other comprehensive income (loss) $ 1,163 $ (50,076 ) $ (48,913 ) $ 1,805 $ (642 ) $ 1,163 $ 1,891 $ (86 ) $ 1,805 |
Note 15 - Stock-based Compensat
Note 15 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 15. Equity Incentive Plan. 2017 2021, may may December 31, 2022 Stock Options During the years ended December 31, 2022, 2021 2020 one fifth first five The table below summarizes the Company’s stock option activity for the periods indicated. Shares Weighted Average Price Weighted Average Remaining Contractual Term (Years) Outstanding at December 31, 2019 357,214 $ 16.96 5.93 Granted 58,993 16.96 Forfeited (4,585 ) 21.36 Exercised (3,334 ) 14.00 Outstanding at December 31, 2020 408,288 17.66 5.57 Granted 38,450 20.72 Forfeited (30,869 ) 19.56 Exercised (47,388 ) 15.44 Outstanding at December 31, 2021 368,481 18.10 5.05 Granted 34,379 18.92 Forfeited (42,930 ) 21.36 Exercised (9,500 ) 14.00 Outstanding at December 31, 2022 350,430 17.89 4.19 Exercisable at December 31, 2022 280,550 $ 17.14 3.38 The aggregate intrinsic value of stock options is calculated as the aggregate difference between the exercise price of the stock options and the fair market value of the Company’s common stock for those stock options having an exercise price lower than the fair market value of the Company’s common stock. At December 31, 2022 The Company uses a Black-Scholes option pricing model to estimate the fair value of stock-based awards. The Black-Scholes option pricing model incorporates various subjective assumptions, including expected term and expected volatility. Expected volatility was determined based on the historical volatilities of the Company. Stock option expense of $0.2 million is included in “Salaries and employee benefits” in the accompanying consolidated statements of income for the years ended December 31, 2022, 2021 2020 December 31, 2022 The table below shows the assumptions used for the stock options granted during the years ended December 31, 2022 2021 2022 2021 Dividend yield 1.70 % 1.35 % Expected volatility 38.74 % 39.23 % Risk-free interest rate 2.50 % 1.25 % Expected term (in years) 6.5 6.5 Weighted average grant date fair value $ 6.69 $ 7.23 Restricted Stock and Restricted Stock Units Under the Plan, the Company may may not not five two Historically, the Company has granted restricted stock awards to Plan participants. Beginning in 2019, two five The Company granted a total of 134,524 RSUs to employees and directors for the year ended December 31, 2022 2022 five two The Company granted a total of 129,082 RSUs to employees and directors for the year ended December 31, 2021 2021 five two The Company granted a total of 102,953 RSUs to employees and directors for the year ended December 31, 2020 2020 five two Compensation expense related to restricted stock and RSUs included in the accompanying consolidated statements of income for the years ended December 31, 2022, 2021 2020 December 31, 2022 The following table summarizes the restricted stock and RSU activity for the years ended December 31, 2022 December 31, 2021 December 31, 2022 2021 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance, beginning of period 241,070 $ 21.16 207,146 $ 22.23 Granted 134,524 19.09 129,082 19.91 Forfeited (30,169 ) 20.34 (29,642 ) 21.79 Earned and issued (91,937 ) 21.14 (65,516 ) 21.64 Balance, end of period 253,488 $ 20.19 241,070 $ 21.16 |
Note 16 - Employee Benefit Plan
Note 16 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans, Other than Share-Based Compensation [Text Block] | NOTE 16. The Company maintains a 401 “401 twenty-one three 401 401 401 December 31, 2022, 2021 2020 The 401 401 The Company made Company stock contributions of $0.1 million and $0.2 million in the years ended December 31, 2022 December 31, 2020, five two six 100% The Bank has entered into Salary Continuation Agreements (“SCA”) with certain officers of the Company. The SCAs represent unfunded, non-qualified deferred compensation arrangements under the Internal Revenue Code of 1986, 65, 10 The Company maintained a deferred compensation plan for a former employee of First Community Bank, a bank acquired by the Company in 2013. ough 2020. 2017. May 2030. April 1, 2021. 2018 2032. November 3, 2022, s then-current Chief Financial Officer notified the Company of his intent to separate from all positions at the Company and the Bank, to be effective November 4, 2022. November 4, 2022, fourth 2022, December 31, 2022 2021 , the Company had a liability of $5.2 million and $4.3 million, respectively, included in “Accrued taxes and other liabilities” on the accompanying consolidated balance sheets related to these deferred compensation plans. Deferred compensation expenses related to these plans recognized for the December 31, 2022 2021 2020 |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 17. The income tax expense included in the consolidated statements of income is displayed in the table below for the years ended December 31, 2022, 2021 2020 December 31, 2022 2021 2020 Current federal income tax expense $ 9,075 $ 2,315 $ 4,805 Current state income tax expense 219 141 33 Deferred federal income tax expense (655 ) (547 ) (1,388 ) Total income tax expense $ 8,639 $ 1,909 $ 3,450 The provision for federal income taxes differs from that computed by applying the federal statutory rate of 21% as indicated in the following analysis for the years ended December 31, 2022, 2021 2020 December 31, 2022 2021 2020 Tax based on statutory rate $ 9,313 $ 2,081 $ 3,641 (Decrease) increase resulting from: Effect of tax-exempt income (873 ) (348 ) (299 ) Acquisition costs — 72 — Historical tax credits — (54 ) 29 State taxes 219 141 33 Other (20 ) 17 46 Total income tax expense $ 8,639 $ 1,909 $ 3,450 Effective rate 19.5 % 19.3 % 19.9 % The Company records deferred income tax on the tax effect of changes in timing differences. The net deferred tax asset was comprised of the following items as of the dates indicated (dollars in thousands). December 31, 2022 2021 Deferred tax liabilities: Depreciation $ (3,441 ) $ (4,024 ) FHLB stock dividend (103 ) (71 ) Unrealized gain on available for sale securities — (309 ) Basis difference in acquired assets and liabilities (1,129 ) (1,233 ) Operating lease right-of-use asset (598 ) (704 ) Other (46 ) (167 ) Gross deferred tax liability (5,317 ) (6,508 ) Deferred tax assets: Allowance for loan losses 5,180 4,502 Unrealized loss on available for sale securities 13,235 — Net operating loss carryforward 193 316 Deferred compensation 1,099 903 Basis difference in acquired assets and liabilities 440 709 Employee and director stock awards 576 553 Operating lease liability 619 725 Unearned loan fees 269 379 Employee Retention Credit — 498 Other 144 162 Gross deferred tax asset 21,755 8,747 Net deferred tax asset $ 16,438 $ 2,239 The Company acquired net operating loss (“NOL”) carryforwards through tax free acquisitions. As of December 31, 2022 December 31, 2021 December 31, 2022 2033 2039, 2024, not December 31, 2022 The Company files income tax returns under U.S. federal jurisdiction and the states of Alabama, Florida, Texas and Louisiana, although the state of Louisiana does not December 31, 2019 December 31, 2022; December 31, 2018 December 31, 2022. |
Note 18 - Fair Values of Financ
Note 18 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 18. 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 The Company also holds Small Business Investment Company qualified funds and other investment funds that do not 820, not December 31, 2022 December 31, 2021 In accordance with ASC 820, three Fair Value Hierarchy 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 At December 31, 2022 , the majority of our level 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 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 below as of the dates indicated (dollars in thousands). Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) December 31, 2022 Assets: Obligations of the U.S Treasury and U.S. government agencies and corporations $ 29,805 $ — $ 29,805 $ — Obligations of state and political subdivisions 18,378 — 12,413 5,965 Corporate bonds 29,942 — 29,463 479 Residential mortgage-backed securities 251,851 — 251,851 — Commercial mortgage-backed securities 75,191 — 75,191 — Equity securities 1,245 1,245 — — Total assets $ 406,412 $ 1,245 $ 398,723 $ 6,444 December 31, 2021 Assets: Obligations of the U.S Treasury and 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 Equity securities balances in the table above do not The Company reviews fair value hierarchy classifications on a quarterly basis. Changes in the Company’s ability to observe inputs to the valuation may third 2021, 2 3 a. 3 Obligations of State and Political Corporate Subdivisions Bonds Total Balance at December 31, 2020 $ 18,516 $ — $ 18,516 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive loss (1,014 ) (4 ) (1,018 ) Purchases 5,000 — 5,000 Sales — — — Maturities, prepayments, and calls (388 ) — (388 ) Transfers into Level 3 — 492 492 Transfers out of Level 3 — — — Balance at December 31, 2021 $ 22,114 $ 488 $ 22,602 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive loss (1,474 ) (9 ) (1,483 ) Purchases — — — Sales — — — Maturities, prepayments, and calls (4,840 ) — (4,840 ) Transfers into Level 3 — — — Transfers out of Level 3 (9,835 ) — (9,835 ) Balance at December 31, 2022 $ 5,965 $ 479 $ 6,444 There were no 3 December 31, 2022 2021 December 31, 2022, 2021 2020 no The following table provides quantitative information about significant unobservable inputs used in fair value measurements of level 3 December 31, 2022 2021 Estimated Range of Fair Value Valuation Technique Unobservable Inputs Discounts December 31, 2022 Obligations of state and political subdivisions $ 5,965 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 12% Corporate bonds 479 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 4% 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 values determined through valuation analysis using coupon, yield (discount margin), liquidity and expected repayment dates. Fair Value of Assets Measured on a Nonrecurring Basis Quantitative information about assets measured at fair value on a nonrecurring basis based on significant unobservable inputs (level 3 no December 31, 2022 2021 Estimated Range of Weighted Average Fair Value Valuation Technique Unobservable Inputs Discounts Discount December 31, 2022 Impaired loans $ 4,033 Discounted cash flows, underlying collateral value Collateral discounts and estimated costs to sell 4% - 100% 53% 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 at December 31, 2022 December 31, 2021 December 31, 2022 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 40,066 $ 40,066 $ 40,066 $ — $ — Federal funds sold 193 193 193 — — Investment securities 413,472 413,089 — 401,233 11,856 Equity securities 27,254 27,254 1,245 26,009 — Loans, net of allowance 2,080,403 1,997,287 — — 1,997,287 Financial liabilities: Deposits, noninterest-bearing $ 580,741 $ 580,741 $ — $ 580,741 $ — Deposits, interest-bearing 1,501,624 1,314,407 — — 1,314,407 FHLB short-term advances 333,500 333,500 — 333,500 — FHLB long-term advances 53,500 52,147 — — 52,147 Junior subordinated debt 8,515 8,515 — — 8,515 Subordinated debt 45,000 42,980 — 42,980 — 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 19 - Regulatory Matters
Note 19 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 19. The Company and Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the financial statements. Under capital adequacy guidelines, the Company and Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios (set forth in the table below) of total, Common Equity Tier 1, 1 1 As of December 31, 2022 2021 1 not no The Company’s and the Bank’s actual capital amounts and ratios as of December 31, 2022 December 31, 2021 Actual Capital Adequacy * Well Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Tier 1 leverage capital Investar Holding Corporation $ 231,048 8.53 % $ 108,405 4.00 % NA NA Investar Bank 267,603 9.89 108,275 4.00 $ 135,344 5.00 % Common Equity Tier 1 risk-based capital Investar Holding Corporation 221,548 9.79 158,457 7.00 NA NA Investar Bank 267,603 11.83 158,355 7.00 147,044 6.50 Tier 1 risk-based capital Investar Holding Corporation 231,048 10.21 192,412 8.50 NA NA Investar Bank 267,603 11.83 192,288 8.50 180,977 8.00 Total risk-based capital Investar Holding Corporation 300,009 13.25 237,685 10.50 NA NA Investar Bank 292,339 12.92 237,532 10.50 226,221 10.00 December 31, 2021 Tier 1 leverage capital Investar Holding Corporation $ 206,899 8.12 % $ 101,983 4.00 % NA NA Investar Bank 244,541 9.60 101,851 4.00 $ 127,313 5.00 % Common Equity Tier 1 risk-based capital Investar Holding Corporation 197,399 9.45 146,291 7.00 NA NA Investar Bank 244,541 11.72 146,086 7.00 135,651 6.50 Tier 1 risk-based capital Investar Holding Corporation 206,899 9.90 177,639 8.50 NA NA Investar Bank 244,541 11.72 177,390 8.50 166,956 8.00 Total risk-based capital Investar Holding Corporation 271,416 12.99 219,436 10.50 NA NA Investar Bank 266,069 12.75 219,129 10.50 208,694 10.00 *The minimum ratios and amounts under the column for Capital Adequacy for December 31, 2022 December 31, 2021 Applicable Federal statutes, regulations, and guidance impose restrictions on the amounts of dividends that may 2029 2032 Common Stock Dividend Restrictions 14. |
Note 20 - Commitments and Conti
Note 20 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 20. 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 December 31, 2022 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 amounts of the Company’s commitments to extend credit as of the dates presented (dollars in thousands). December 31, 2022 December 31, 2021 Loan commitments $ 333,040 $ 349,701 Standby letters of credit 11,379 18,259 Additionally, at December 31, 2022 Insurance The Company is obligated for certain costs associated with its insurance program for employee health. The Company is self-insured for a substantial portion of its potential claims. The Company recognizes its obligation associated with these costs, up to specified deductible limits, in the period in which a claim is incurred, including with respect to both reported claims and claims incurred but not Employment Agreements On August 1, 2020, August 1, 2023 one ninety 90 On August 1, 2020, November 3, 2022, November 4, 2022. On November 4, 2022, November 4, 2022. Legal Proceedings The nature of the business of the Company’s banking and other subsidiaries ordinarily results in a certain amount of claims, litigation, investigations, and legal and administrative cases and proceedings, which are considered incidental to the normal conduct of business. Some of these claims are against entities which the Company acquired in business acquisitions. The Company has asserted defenses to these claims and, with respect to such legal proceedings, intends to continue to defend itself, litigating or settling cases according to management’s judgment as to what is in the best interest of the Company and its shareholders. The Company assesses its liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, the Company records a liability in its consolidated financial statements. These legal reserves may not not not not may not may As of the date of this filing, the Company believes the amount of losses associated with legal proceedings that it is reasonably possible to incur is not |
Note 21 - Transactions with Rel
Note 21 - Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 21. The Bank has made and expects in the future to continue to make in the ordinary course of business, loans to directors and executive officers of the Company and the Bank, their affiliated companies, and other related persons. In management’s opinion, these loans were made in the ordinary course of business at normal credit terms, including interest rate and collateral requirements, and do not 4. During 2022 2021 9. The Company has participated in transactions with related parties for which the Company believes the terms and conditions are comparable to terms that would have been available from a third January 1, 2020 one On May 29, 2020, first 10500 one 2022. second third first The Company has engaged in a number of transactions with Joffrion Commercial Division, LLC (“JCD”), a commercial construction company owned and managed by Gordon H. Joffrion, one not December 31, 2022. December 31, 2021 December 31, 2020, |
Note 22 - Parent Company Only F
Note 22 - Parent Company Only Financial Statements | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 22. BALANCE SHEETS December 31, (dollars in thousands) 2022 2021 ASSETS Cash and due from banks $ 6,153 $ 3,193 Equity securities 823 1,333 Due from bank subsidiary 937 968 Investment in bank subsidiary 261,737 289,640 Investment in trust 295 295 Trademark intangible 100 100 Other assets 518 299 Total assets $ 270,563 $ 295,828 LIABILITIES Subordinated debt, net of unamortized issuance costs $ 44,225 $ 42,989 Junior subordinated debt 8,515 8,384 Accounts payable 253 87 Accrued interest payable 567 609 Dividend payable 941 829 Deferred tax liability 280 332 Total liabilities 54,781 53,230 STOCKHOLDERS’ EQUITY Common stock 9,902 10,343 Surplus 146,587 154,932 Retained earnings 108,206 76,160 Accumulated other comprehensive (loss) income (48,913 ) 1,163 Total stockholders’ equity 215,782 242,598 Total liabilities and stockholders’ equity $ 270,563 $ 295,828 STATEMENTS OF INCOME For the years ended December 31, (dollars in thousands) 2022 2021 REVENUE Dividends received from bank subsidiary $ 17,000 $ 35,000 Dividends on corporate stock 19 29 Change in the fair value of equity securities (35 ) 228 Interest income from investment in trust 11 5 Total revenue 16,995 35,262 EXPENSE Interest on borrowings 3,137 2,777 Management fees to bank subsidiary 360 360 Loss on early extinguishment of subordinated debt 222 — Acquisition expense — 22 Other expense 666 411 Total expense 4,385 3,570 Income before income taxes and equity in undistributed income (loss) of bank subsidiary 12,610 31,692 Equity in undistributed income (loss) of bank subsidiary 22,172 (24,440 ) Income tax benefit 927 748 Net income $ 35,709 $ 8,000 STATEMENTS OF CASH FLOWS For the years ended December 31, (dollars in thousands) 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 35,709 $ 8,000 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of bank subsidiary (22,172 ) 24,440 Change in the fair value of equity securities 35 (228 ) Amortization of subordinated debt issuance costs and purchase accounting adjustments 197 200 Loss on early extinguishment of subordinated debt 222 — Net change in: Due from bank subsidiary 31 (59 ) Other assets 5 18 Deferred tax asset (52 ) 180 Accrued other liabilities 1,746 1,341 Net cash provided by operating activities 15,721 33,892 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of equity securities (750 ) (500 ) Proceeds from the sale of equity securities 1,225 574 Purchases of other investments (225 ) (233 ) Cash paid for acquisition of Cheaha Financial Group, net of cash acquired — (40,935 ) Net cash provided by (used in) investing activities 250 (41,094 ) CASH FLOWS FROM FINANCING ACTIVITIES Cash dividends paid on common stock (3,552 ) (3,090 ) Payments to repurchase common stock (10,540 ) (6,925 ) Proceeds from stock options exercised 133 732 Proceeds from subordinated debt, net of issuance costs 19,548 — Extinguishment of subordinated debt (18,600 ) — Net cash used in financing activities (13,011 ) (9,283 ) Net increase (decrease) in cash 2,960 (16,485 ) Cash and cash equivalents, beginning of period 3,193 19,678 Cash and cash equivalents, end of period $ 6,153 $ 3,193 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash payments for: Interest on borrowings $ 3,179 $ 2,774 |
Note 23 - Earnings Per Share
Note 23 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 23. The following is a summary of the information used in the computation of basic and diluted earnings per common share for the years ended December 31, 2022, 2021 2020 December 31, 2022 2021 2020 Earnings per common share - basic Net income $ 35,709 $ 8,000 $ 13,889 Less: income allocated to participating securities (33 ) (21 ) (73 ) Net income allocated to common shareholders 35,676 7,979 13,816 Weighted average basic shares outstanding 10,085,758 10,416,145 10,850,936 Basic earnings per common share $ 3.54 $ 0.77 $ 1.27 Earnings per common share - diluted Net income allocated to common shareholders $ 35,676 $ 7,979 $ 13,816 Weighted average basic shares outstanding 10,085,758 10,416,145 10,850,936 Dilutive effect of securities 94,951 84,157 14,911 Total weighted average diluted shares outstanding 10,180,709 10,500,302 10,865,847 Diluted earnings per common share $ 3.50 $ 0.76 $ 1.27 The weighted average number of 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. December 31, 2022 2021 2020 Stock options 15,361 869 71 Restricted stock awards 135 431 10,968 Restricted stock units 15,176 20,828 62,754 |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 24. On January 27, 2023, Management has evaluated all subsequent events and transactions that occurred after December 31, 2022 no No |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations Policy [Policy Text Block] | Nature of Operations Investar Holding Corporation (the “Company”) is a financial holding company headquartered in Baton Rouge, Louisiana, that provides, through its wholly-owned subsidiary, Investar Bank, National Association (the “Bank”), full banking services, excluding trust services, tailored primarily to meet the needs of individuals, professionals, and small to medium-sized businesses throughout its markets in south Louisiana, southeast Texas and Alabama. |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The consolidated financial statements of Investar Holding Corporation and its wholly-owned subsidiary, the Bank, have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and to generally accepted practices within the banking industry. |
Segment Reporting, Policy [Policy Text Block] | Segments All of the Company’s banking operations are considered by management to be aggregated in one no |
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 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 2016 13 January 1, 2023, may first 2023 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 2022 2023, |
Investment, Policy [Policy Text Block] | Investment Securities The Company’s investments in 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 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. • 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. Unrealized holding gains and losses, net of tax, on available for sale 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 and equity securities are determined using the specific-identification method and average price method, respectively. 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 |
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 that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at the unpaid principal balance outstanding, net of purchase premiums or discounts, deferred income (net of costs), any direct principal charge-offs, and an allowance for loan losses. Interest on loans is calculated by using the effective interest rate 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 See Treatment of Loan Modifications Pursuant to the CARES Act and Interagency Statement 1 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 See Acquisition Accounting Acquired Impaired Loans |
Employee Retention Credit [Policy Text Block] | Employee Retention Credit The CARES Act also provided for an Employee Retention Credit (“ERC”), which is a broad based refundable payroll tax credit that incentivized businesses to retain employees on the payroll during the COVID- 19 March 12, 2020 December 31, 2020. 2021, September 30, 2021. 19 In the fourth 2022, second 2021, fourth 2021, first 2021, in noninter December 31, 2022 2021 |
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 (sale 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 December 31, 2022 , December 31, 2021 , |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The adequacy of the allowance for loan losses is determined in accordance with GAAP. 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 uncollectable. 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 loan commitments is included in “Accrued taxes and other liabilities” in the accompanying consolidated balance sheets. At December 31, 2022 2021 The Company will adopt ASU 2016 13 January 1, 2023, |
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 December 31, 2022 2021 In addition, equity securities include marketable securities in corporate stocks and mutual funds and totaled $1.2 million and $1.8 million at December 31, 2022 2021 |
Property, Plant and Equipment, Policy [Policy Text Block] | Bank Premises and Equipment Bank premises and equipment are stated at cost, less accumulated depreciation, with the exception of land, which is stated at cost. Depreciation expense is computed using the straight-line method and is charged to expense over the estimated useful lives of 39 years for buildings, five three seven one five The Company leases certain branch locations under operating lease agreements. The Company also leases certain office facilities to outside parties under operating lessor agreements; however, such leases are not not may |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other Real Estate Owned Real estate acquired through foreclosure, or other real estate owned on the consolidated balance sheets, is initially recorded at fair value at the time of foreclosure, less estimated selling cost, and any related write down is charged to the allowance for loan losses. Valuations are periodically performed by management and provisions for estimated losses on other real estate owned are charged to expense when fair value is determined to be less than the carrying value. Costs relative to the development and improvement of properties are capitalized to the extent realizable, whereas ordinary upkeep disbursements are charged to expense. The ability of the Company to recover the carrying value of real estate is based upon future sales of the other real estate owned. The ability to affect such sales is subject to market conditions and other factors, many of which are beyond the Company’s control. Operating income and expense of such properties is included in other operating income or expense, respectively, on the accompanying consolidated statements of income. Gain or loss on the disposition of such properties is included in noninterest income on the consolidated statements of income. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill and other intangible assets deemed to have an indefinite useful life are not 350, Intangibles Goodwill and Other Intangible assets with estimable useful lives are amortized over their respective estimated useful lives and reviewed for impairment in accordance with FASB ASC Topic 360, Property, Plant, and Equipment. December 31, 2022 8. |
Bank Owned Life Insurance [Policy Text Block] | Bank Owned Life Insurance The Company invests in bank owned life insurance (“BOLI”) policies that provide earnings to help cover the cost of employee benefit plans. The Company is the owner and beneficiary of the life insurance policies it purchased directly on a chosen group of employees. The policies are carried on the Company’s consolidated balance sheet at their cash surrender value and are subject to regulatory capital requirements. The determination of the cash surrender value includes a full evaluation of the contractual terms of each policy and assumes the surrender of policies on an individual-life by individual-life basis. Additionally, the Company periodically reviews the creditworthiness of the insurance companies that have underwritten the policies. Earnings accruing to the Company are derived from the general account investments of the insurance companies. Increases in the net cash surrender value of BOLI policies and insurance proceeds received are not |
Repurchase Agreements, Valuation, Policy [Policy Text Block] | Repurchase Agreements Securities sold under agreements to repurchase are secured borrowings treated as financing activities and are carried at the amounts at which the securities will be subsequently reacquired as specified in the respective agreements. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based compensation under the provisions of ASC Topic 718, Compensation - Stock Compensation 15. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Credit-Related Financial Instruments The Company accounts for its guarantees in accordance with the provisions of ASC Topic 460, Guarantees |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments ASC Topic 815, Derivatives and Hedging not In the course of its business operations, the Company is exposed to certain risks, including interest rate, liquidity and credit risk. The Company manages its risks through the use of derivative financial instruments, primarily through management of exposure due to the receipt or payment of future cash amounts based on interest rates. The Company’s derivative financial instruments manage the differences in the timing, amount and duration of expected cash receipts and payments. Derivatives which are designated and qualify as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. The effective portion of the derivative’s gain or loss is initially reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or when the hedge is terminated. The ineffective portion of the gain or loss is reported in earnings immediately. In applying hedge accounting for derivatives, the Company establishes a method for assessing the effectiveness of the hedging derivative and a measurement approach for determining the ineffective aspect of the hedge upon the inception of the hedge. These methods are consistent with the Company’s approach to managing risk. Note 13. |
Income Tax, Policy [Policy Text Block] | Income Taxes The provision for income taxes is based on amounts reported in the consolidated statements of income after exclusion of nontaxable income such as interest on state and municipal securities. Also, certain items of income and expenses are recognized in different time periods for financial statement purposes than for income tax purposes. Thus, provisions for deferred taxes are recorded in recognition of such temporary differences. Deferred taxes are determined utilizing a liability method whereby deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not The Company has adopted accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions. The Company recognizes interest and penalties on income taxes as a component of income tax expense. |
Revenue [Policy Text Block] | Revenue Recognition The Company recognizes revenue in the consolidated statements of income as it is earned and when collectability is reasonably assured. The primary source of revenue is interest income from interest-earning assets, which is recognized on the accrual basis of accounting using the effective interest method. The recognition of revenues from interest-earning assets is based upon formulas from underlying loan agreements, securities contracts, or other similar contracts. Noninterest income is recognized on the accrual basis of accounting as services are provided or as transactions occur. Noninterest income includes fees from deposit accounts, merchant services, ATM and debit card fees, servicing fees, interchange fees, and other miscellaneous services and transactions. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic earnings per share is calculated using the two two not Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the exercise of stock options and warrants) were issued during the period, computed using the treasury stock method. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Statements of Cash Flows For purposes of the statements of cash flows, cash and cash equivalents include cash and amounts due from banks and federal funds sold due to the short-term nature of these items. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income includes net income and other comprehensive income or loss, which in the case of the Company includes unrealized gains and losses on securities, changes in the fair value of interest rate swaps, and the reclassification of realized gains on AFS securities and interest rate swap terminations to net income, net of related income taxes. |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings The Company periodically grants concessions to its customers in an attempt to protect as much of its investment as possible and minimize the risk of loss. These concessions may 2011 2, Receivables (Topic 310 s Determination of Whether a Restructuring is a Troubled Debt Restructuring not not not If the Company concludes that both a concession has been granted and the concession was granted to a customer experiencing financial difficulties, the Company identifies the loan as a TDR. For purposes of the determination of an allowance for loan losses on these TDRs, the loan is reviewed for specific impairment in accordance with the Company’s allowance for loan loss methodology. If it is determined that losses are probable on such TDRs, either because of delinquency or other credit quality indicators, the Company establishes specific reserves for these loans. |
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. The fair value adjustment for performing acquired loans is accreted over the life of the loan using the effective interest method. Estimated credit losses are included in the determination of fair value; therefore, an allowance for loan losses is not |
Certain Loans and Debt Securities Acquired in Transfer, Recognizing Interest Income on Impaired Loans, Policy [Policy Text Block] | Acquired Impaired Loans The Company accounts for acquired impaired loans under FASB ASC Topic 310 30, Loans and Debt Securities Acquired with Deteriorated Credit Quality 310 30” 310 30, The excess of expected cash flows at acquisition over the initial fair value of acquired impaired loans is referred to as the “accretable yield” and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. As required by ASC 310 30, not |
Stockholders' Equity, Policy [Policy Text Block] | Share Repurchases The Louisiana Business Corporation Act does not December 31, 2022, 2021 2020 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made to the 2021 2020 2022 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements This section briefly describes accounting standards that have been issued, but are not FASB ASC Topic 326 Financial Instruments Credit Losses: Measurement of Credit Losses on Financial Instruments Update No. 2016 13. 2016 13 June 2016. 2016 13 2016 13 not 2016 13 not 2016 13 As previously disclosed, the Company formed a cross-functional working group, which is comprised of individuals from various functional areas including credit, risk management, finance and information technology. The Company utilized a third 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. Upon adoption of ASU 2016 13, one not January 1, 2023 . The adjustment to allowance for credit losses is an estimate and subject to refinement based on updates to quantitative or qualitative input assumptions or loss estimation factors. The accounting model for loans acquired with more than insignificant impairment was replaced by the purchase credit deteriorated ( ) accounting model. For PCD assets, an initial CECL estimate will be recognized through the allowance for credit losses with an offset that increases the amortized cost basis of the PCD asset. Assets currently accounted for under ASC 310 30 January 1, 2023. not The Company's HTM and AFS securities portfolio were not 2016 13 not 2016 13 FASB ASC Topic 848 “ Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting ” Update No. 2020 04 848 “ Reference Rate Reform: Deferral of the Sunset Date ” Update No. 2022 06. In March 2020, 2020 04, December 2022, 2022 06, December 31, 2022 December 31, 2024. March 12, 2020, may December 31, 2024. FASB ASC Topic 326 “ Financial Instruments – Credit Losses, Troubled Debt Restructurings and Vintage Disclosures ” Update No. 2022 02. Th 2022 02 March 2022. 2016 13 December 15, 2022, 2022 02 January 1, 2023. 2022 02 not |
Note 2 - Business Combinations
Note 2 - Business Combinations (Tables) | 12 Months Ended |
Dec. 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 |
Business Acquisition, Pro Forma Information [Table Text Block] | Unaudited pro forma for the years ended December 31, (dollars in thousands) 2021 2020 Interest income $ 98,223 $ 104,656 Noninterest income 12,567 13,257 Net income 10,670 17,320 |
Note 3 - Investment Securities
Note 3 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Obligations of the U.S Treasury and U.S. government agencies and corporations $ 30,370 $ 134 $ (699 ) $ 29,805 Obligations of state and political subdivisions 21,098 7 (2,727 ) 18,378 Corporate bonds 33,477 — (3,535 ) 29,942 Residential mortgage-backed securities 298,867 10 (47,026 ) 251,851 Commercial mortgage-backed securities 83,504 179 (8,492 ) 75,191 Total $ 467,316 $ 330 $ (62,479 ) $ 405,167 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value Obligations of the U.S Treasury and 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] | Twelve months ended December 31, 2022 2021 2020 Proceeds from sales $ — $ 137,803 $ 56,466 Gross gains $ — $ 2,323 $ 2,300 Gross losses $ — $ (2 ) $ (11 ) |
Debt Securities, Held-to-Maturity [Table Text Block] | Gross Gross Amortized Unrealized Unrealized Fair December 31, 2022 Cost Gains Losses Value Obligations of state and political subdivisions $ 5,538 $ 1 $ (127 ) $ 5,412 Residential mortgage-backed securities 2,767 — (257 ) 2,510 Total $ 8,305 $ 1 $ (384 ) $ 7,922 Gross Gross Amortized Unrealized Unrealized Fair December 31, 2021 Cost Gains Losses Value 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 December 31, 2022 Fair Value Losses Fair Value Losses Fair Value Losses Obligations of the U.S Treasury and U.S. government agencies and corporations $ 16,017 $ (688 ) $ 1,013 $ (11 ) $ 17,030 $ (699 ) Obligations of state and political subdivisions 13,695 (1,427 ) 4,524 (1,300 ) 18,219 (2,727 ) Corporate bonds 19,606 (1,170 ) 10,085 (2,365 ) 29,691 (3,535 ) Residential mortgage-backed securities 134,419 (18,122 ) 116,132 (28,904 ) 250,551 (47,026 ) Commercial mortgage-backed securities 27,181 (2,632 ) 32,432 (5,860 ) 59,613 (8,492 ) Total $ 210,918 $ (24,039 ) $ 164,186 $ (38,440 ) $ 375,104 $ (62,479 ) Less than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized December 31, 2021 Fair Value Losses Fair Value Losses Fair Value Losses Obligations of the U.S Treasury and U.S. government agencies and corporations $ 1,438 $ (25 ) $ 668 $ (2 ) $ 2,106 $ (27 ) Obligations of state and political subdivisions 10,803 (213 ) — — 10,803 (213 ) Corporate bonds 10,197 (254 ) 2,409 (91 ) 12,606 (345 ) Residential mortgage-backed securities 156,862 (1,503 ) — — 156,862 (1,503 ) Commercial mortgage-backed securities 44,055 (941 ) 6,284 (36 ) 50,339 (977 ) Total $ 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 December 31, 2022 Fair Value Losses Fair Value Losses Fair Value Losses Obligations of state and political subdivisions $ 3,536 $ (127 ) $ — $ — $ 3,536 $ (127 ) Residential mortgage-backed securities 2,510 (257 ) — — 2,510 (257 ) Total $ 6,046 $ (384 ) $ — $ — $ 6,046 $ (384 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available For Sale Securities Held to Maturity Amortized Fair Amortized Fair December 31, 2022 Cost Value Cost Value Due within one year $ 1,082 $ 1,072 $ 915 $ 915 Due after one year through five years 32,452 31,394 960 961 Due after five years through ten years 52,093 48,229 3,663 3,536 Due after ten years 381,689 324,472 2,767 2,510 Total debt securities $ 467,316 $ 405,167 $ 8,305 $ 7,922 Securities Available For Sale Securities Held to Maturity Amortized Fair Amortized Fair December 31, 2021 Cost Value Cost Value 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 4 - Loans and Allowance _2
Note 4 - Loans and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2022 2021 Construction and development $ 201,633 $ 203,204 1-4 Family 401,377 364,307 Multifamily 81,812 59,570 Farmland 12,877 20,128 Commercial real estate 958,243 896,377 Total mortgage loans on real estate 1,655,942 1,543,586 Commercial and industrial 435,093 310,831 Consumer 13,732 17,595 Total loans $ 2,104,767 $ 1,872,012 |
Financing Receivable, Past Due [Table Text Block] | December 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 $ 201,048 $ 101 $ — $ 112 $ 372 $ 585 $ — $ 201,633 1-4 Family 394,846 2,614 1,220 1,188 1,207 6,229 302 401,377 Multifamily 81,812 — — — — — — 81,812 Farmland 12,601 152 62 — 62 276 — 12,877 Commercial real estate 951,908 181 22 — 5,523 5,726 609 958,243 Total mortgage loans on real estate 1,642,215 3,048 1,304 1,300 7,164 12,816 911 1,655,942 Commercial and industrial 432,438 406 15 51 2,183 2,655 — 435,093 Consumer 13,347 171 27 — 130 328 57 13,732 Total loans $ 2,088,000 $ 3,625 $ 1,346 $ 1,351 $ 9,477 $ 15,799 $ 968 $ 2,104,767 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] | December 31, 2022 Special Pass Mention Substandard Doubtful Total Construction and development $ 198,967 $ 1,593 $ 1,073 $ — $ 201,633 1-4 Family 399,143 — 2,234 — 401,377 Multifamily 81,812 — — — 81,812 Farmland 12,815 — 62 — 12,877 Commercial real estate 942,927 6,101 9,215 — 958,243 Total mortgage loans on real estate 1,635,664 7,694 12,584 — 1,655,942 Commercial and industrial 427,430 5,140 2,336 187 435,093 Consumer 13,636 — 96 — 13,732 Total loans $ 2,076,730 $ 12,834 $ 15,016 $ 187 $ 2,104,767 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] | December 31, 2022 2021 Balance, beginning of period $ 97,606 $ 96,390 New loans/changes in relationship 14,570 26,475 Repayments/changes in relationship (15,199 ) (25,259 ) Balance, end of period $ 96,977 $ 97,606 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | December 31, 2022 2021 2020 Balance, beginning of period $ 20,859 $ 20,363 $ 10,700 Provision for loan losses 2,922 22,885 11,160 Loans charged-off (633 ) (22,636 ) (1,754 ) Recoveries 1,216 247 257 Balance, end of period $ 24,364 $ 20,859 $ 20,363 December 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 Charge-offs — (11 ) — (54 ) 29 (397 ) (200 ) (633 ) Recoveries 48 114 — 67 4 932 51 1,216 Provision 160 477 326 (283 ) 1,331 797 114 2,922 Ending balance $ 2,555 $ 3,917 $ 999 $ 113 $ 10,718 $ 5,743 $ 319 $ 24,364 Ending allowance balance for loans individually evaluated for impairment 26 46 — — 36 112 63 283 Ending allowance balance for loans acquired with deteriorated credit quality — — — — — — — — Ending allowance balance for loans collectively evaluated for impairment 2,529 3,871 999 113 10,682 5,631 256 24,081 Loans receivable: Balance of loans individually evaluated for impairment 591 1,479 — 62 5,936 2,241 130 10,439 Balance of loans acquired with deteriorated credit quality — 302 — — 609 — 57 968 Balance of loans collectively evaluated for impairment 201,042 399,596 81,812 12,815 951,698 432,852 13,545 2,093,360 Total period-end balance $ 201,633 $ 401,377 $ 81,812 $ 12,877 $ 958,243 $ 435,093 $ 13,732 $ 2,104,767 December 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 Charge-offs (283 ) (188 ) — (13 ) (10,280 ) (11,713 ) (159 ) (22,636 ) Recoveries 36 32 — — 6 72 101 247 Provision 219 123 84 (39 ) 11,132 11,494 (128 ) 22,885 Ending balance $ 2,347 $ 3,337 $ 673 $ 383 $ 9,354 $ 4,411 $ 354 $ 20,859 Ending allowance balance for loans individually evaluated for impairment — — — — — 468 96 564 Ending allowance balance for loans acquired with deteriorated credit quality — — — 210 — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,347 3,337 673 173 9,354 3,943 258 20,085 Loans receivable: Balance of loans individually evaluated for impairment 529 1,995 — 79 16,685 13,321 182 32,791 Balance of loans acquired with deteriorated credit quality — 348 — 1,701 636 — 64 2,749 Balance of loans collectively evaluated for impairment 202,675 361,964 59,570 18,348 879,056 297,510 17,349 1,836,472 Total period-end balance $ 203,204 $ 364,307 $ 59,570 $ 20,128 $ 896,377 $ 310,831 $ 17,595 $ 1,872,012 December 31, 2020 Construction & Commercial Commercial & Development 1-4 Family Multifamily Farmland Real Estate Industrial Consumer Total Allowance for loan losses: Beginning balance $ 1,201 $ 1,490 $ 387 $ 101 $ 4,424 $ 2,609 $ 488 $ 10,700 Charge-offs — (173 ) — — (51 ) (1,195 ) (335 ) (1,754 ) Recoveries 47 74 — — 8 50 78 257 Provision 1,127 1,979 202 334 4,115 3,094 309 11,160 Ending balance $ 2,375 $ 3,370 $ 589 $ 435 $ 8,496 $ 4,558 $ 540 $ 20,363 Ending allowance balance for loans individually evaluated for impairment — — — — — 80 130 210 Ending allowance balance for loans acquired with deteriorated credit quality — — — 210 — — — 210 Ending allowance balance for loans collectively evaluated for impairment 2,375 3,370 589 225 8,496 4,478 410 19,943 Loans receivable: Balance of loans individually evaluated for impairment 782 2,280 — — 6,666 9,102 347 19,177 Balance of loans acquired with deteriorated credit quality — 381 — 1,701 1,791 246 38 4,157 Balance of loans collectively evaluated for impairment 205,229 336,864 60,724 24,846 803,938 385,149 20,234 1,836,984 Total period-end balance $ 206,011 $ 339,525 $ 60,724 $ 26,547 $ 812,395 $ 394,497 $ 20,619 $ 1,860,318 |
Impaired Financing Receivables [Table Text Block] | As of and for the year ended December 31, 2022 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 366 $ 375 $ — $ 300 $ 15 1-4 Family 1,005 1,082 — 821 17 Farmland 62 70 — 68 — Commercial real estate 5,746 21,016 — 10,515 28 Total mortgage loans on real estate 7,179 22,543 — 11,704 60 Commercial and industrial 1,996 2,530 — 6,868 70 Consumer 34 45 — 56 — Total 9,209 25,118 — 18,628 130 With related allowance recorded: Construction and development 225 498 26 225 — 1-4 Family 474 484 46 205 — Commercial real estate 190 190 36 32 — Total mortgage loans on real estate 889 1,172 108 462 — Commercial and industrial 245 292 112 421 — Consumer 96 123 63 96 — Total 1,230 1,587 283 979 — Total loans: Construction and development 591 873 26 525 15 1-4 Family 1,479 1,566 46 1,026 17 Farmland 62 70 — 68 — Commercial real estate 5,936 21,206 36 10,547 28 Total mortgage loans on real estate 8,068 23,715 108 12,166 60 Commercial and industrial 2,241 2,822 112 7,289 70 Consumer 130 168 63 152 — Total $ 10,439 $ 26,705 $ 283 $ 19,607 $ 130 As of and for the year ended December 31, 2021 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 529 $ 812 $ — $ 731 $ 17 1-4 Family 1,995 2,081 — 1,965 30 Farmland 79 81 — 193 — Commercial real estate 16,685 27,139 — 10,790 181 Total mortgage loans on real estate 19,288 30,113 — 13,679 228 Commercial and industrial 9,395 10,941 — 9,166 152 Consumer 55 69 — 96 — Total 28,738 41,123 — 22,941 380 With related allowance recorded: Commercial and industrial 3,926 9,618 468 1,311 24 Consumer 127 164 96 146 — Total 4,053 9,782 564 1,457 24 Total loans: Construction and development 529 812 — 731 17 1-4 Family 1,995 2,081 — 1,965 30 Farmland 79 81 — 193 — Commercial real estate 16,685 27,139 — 10,790 181 Total mortgage loans on real estate 19,288 30,113 — 13,679 228 Commercial and industrial 13,321 20,559 468 10,477 176 Consumer 182 233 96 242 — Total $ 32,791 $ 50,905 $ 564 $ 24,398 $ 404 As of and for the year ended December 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Construction and development $ 782 $ 800 $ — $ 887 $ 13 1-4 Family 2,280 2,353 — 2,172 26 Commercial real estate 6,666 6,721 — 3,456 126 Total mortgage loans on real estate 9,728 9,874 — 6,515 165 Commercial and industrial 8,841 9,953 — 4,614 31 Consumer 126 143 — 227 1 Total 18,695 19,970 — 11,356 197 With related allowance recorded: Commercial and industrial 261 260 80 22 — Consumer 221 265 130 256 1 Total 482 525 210 278 1 Total loans: Construction and development 782 800 — 887 13 1-4 Family 2,280 2,353 — 2,172 26 Commercial real estate 6,666 6,721 — 3,456 126 Total mortgage loans on real estate 9,728 9,874 — 6,515 165 Commercial and industrial 9,102 10,213 80 4,636 31 Consumer 347 408 130 483 2 Total $ 19,177 $ 20,495 $ 210 $ 11,634 $ 198 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | December 31, 2022 December 31, 2021 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded Troubled debt restructurings Contracts Investment Investment Contracts Investment Investment Commercial real estate 1 $ 186 $ 186 1 $ 28 $ 28 Commercial and industrial 2 58 58 3 586 586 $ 244 $ 244 $ 614 $ 614 |
Summary of Accruing and Nonaccrual Troubled Debt Restructurings and Related Loan Losses By Portfolio Type Table [Table Text Block] | TDRs Related Accruing Nonaccrual Total Allowance December 31, 2022 Construction and development $ 219 $ — $ 219 $ — 1-4 Family 271 127 398 — Commercial real estate 413 804 1,217 — Commercial and industrial 58 1,092 1,150 — Total $ 961 $ 2,023 $ 2,984 $ — December 31, 2021 Construction and development $ 242 $ — $ 242 $ — 1-4 Family 585 145 730 — Commercial real estate 2,775 915 3,690 — Commercial and industrial 1,976 3,885 5,861 — Total $ 5,578 $ 4,945 $ 10,523 $ — |
Schedule of Average Recorded Investment and Interest Income Recognized For Troubled Debt Restructurings [Table Text Block | TDRs Average Recorded Investment Interest Income Recognized December 31, 2022 Construction and development $ 230 $ 15 1-4 Family 489 16 Commercial real estate 1,249 28 Commercial and industrial 3,511 70 Total $ 5,479 $ 129 December 31, 2021 Construction and development $ 251 $ 17 1-4 Family 775 28 Commercial real estate 5,358 174 Commercial and industrial 6,698 149 Total $ 13,082 $ 368 December 31, 2020 Construction and development $ 438 $ 14 1-4 Family 936 35 Commercial real estate 2,778 126 Commercial and industrial 1,075 53 Total $ 5,227 $ 228 |
Note 5 - Other Real Estate Ow_2
Note 5 - Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Other Real Estate, Roll Forward [Table Text Block] | Year ended Year ended December 31, 2022 December 31, 2021 Balance, beginning of period $ 2,653 $ 663 Additions 3,327 1,023 Transfers from bank premises and equipment 525 1,850 Sales of other real estate owned (5,823 ) (883 ) Balance, end of period $ 682 $ 2,653 |
Note 6 - Bank Premises and Eq_2
Note 6 - Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2022 2021 Land $ 11,490 $ 15,319 Buildings and improvements 40,799 41,962 Furniture and equipment 13,569 13,792 Software 2,334 2,319 Construction-in-progress 575 483 Right-of-use asset 2,845 3,354 Less: Accumulated depreciation and amortization (22,025 ) (19,149 ) Bank premises and equipment, net $ 49,587 $ 58,080 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2022 2021 Total operating lease cost $ 610 $ 610 Weighted average remaining lease term (in years) 7.0 7.8 Weighted average discount rate 2.9 % 2.8 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2023 $ 595 2024 515 2025 476 2026 339 2027 341 Thereafter 1,012 Total $ 3,278 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, Core deposit intangibles 2022 2021 Gross carrying amount $ 7,486 $ 7,486 Accumulated amortization (4,527 ) (3,638 ) Net carrying amount $ 2,959 $ 3,848 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 761 2024 643 2025 528 2026 411 2027 288 Thereafter 328 $ 2,959 |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | December 31, 2022 2021 Noninterest-bearing demand deposits $ 580,741 $ 585,465 Interest-bearing demand deposits 565,598 650,868 Money market deposit accounts 208,596 255,501 Savings accounts 155,176 180,837 Time deposits 572,254 447,595 Total deposits $ 2,082,365 $ 2,120,266 |
Summary of Outstanding Time Deposits Table [Table Text Block] | December 31, 2022 2021 $0 to $99,999 $ 150,041 $ 151,963 $100,000 to $249,999 266,456 203,922 $250,000 and above 155,757 91,710 $ 572,254 $ 447,595 |
Time Deposit Maturities [Table Text Block] | December 31, 2022 2021 Time remaining until maturity: Three months or less $ 147,477 $ 71,728 Over three months through six months 43,695 52,784 Over six months through twelve months 176,874 97,370 Over one year through three years 49,278 63,453 Over three years 4,889 10,297 $ 422,213 $ 295,632 |
Scheduled Maturities of Time Deposits Table [Table Text Block] | 2023 $ 485,317 2024 68,052 2025 10,364 2026 5,293 2027 3,228 $ 572,254 |
Note 12 - Other Borrowed Funds
Note 12 - Other Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Federal Home Loan Bank, Advances [Table Text Block] | Amount Weighted Average Rate December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Fixed rate advances maturing: 2023 $ 333,500 $ — 4.55 % — % 2024 23,500 23,500 1.81 1.81 2028 — 25,000 — 1.77 2033 30,000 30,000 1.88 1.88 $ 387,000 $ 78,500 4.18 % 1.82 % |
Schedule of Subordinated Borrowing [Table Text Block] | Face Value Carrying Value Maturity Date Variable Interest Rate Interest Rate at December 31, 2022 First Community Louisiana Statutory Trust I $ 3,609 $ 3,609 June 2036 3-month LIBOR + 1.77% 6.54 % BOJ Bancshares Statutory Trust I 3,093 2,450 December 2034 3-month LIBOR + 1.90% 6.67 % Cheaha Statutory Trust I 3,093 2,456 September 2035 3-month LIBOR + 1.70% 6.47 % $ 9,795 $ 8,515 |
Note 14 - Stockholders' Equity
Note 14 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | For the years ended December 31, 2022 2021 2020 Beginning of Period Net Change End of Period 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 $ (48,019 ) $ (43,137 ) $ 7,493 $ (2,611 ) $ 4,882 $ 3,476 $ 4,017 $ 7,493 Reclassification of realized gain, available for sale, net (5,772 ) (5 ) (5,777 ) (3,939 ) (1,833 ) (5,772 ) (2,131 ) (1,808 ) (3,939 ) Unrealized gain (loss), transfer from available for sale to held to maturity, net 2 (1 ) 1 3 (1 ) 2 4 (1 ) 3 Change in fair value of interest rate swaps designated as cash flow hedges, net 3,501 4,329 7,830 (1,752 ) 5,253 3,501 542 (2,294 ) (1,752 ) Reclassification of realized gain, interest rate swap termination, net (1,450 ) (6,380 ) (7,830 ) — (1,450 ) (1,450 ) — — — Accumulated other comprehensive income (loss) $ 1,163 $ (50,076 ) $ (48,913 ) $ 1,805 $ (642 ) $ 1,163 $ 1,891 $ (86 ) $ 1,805 |
Note 15 - Stock-based Compens_2
Note 15 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Shares Weighted Average Price Weighted Average Remaining Contractual Term (Years) Outstanding at December 31, 2019 357,214 $ 16.96 5.93 Granted 58,993 16.96 Forfeited (4,585 ) 21.36 Exercised (3,334 ) 14.00 Outstanding at December 31, 2020 408,288 17.66 5.57 Granted 38,450 20.72 Forfeited (30,869 ) 19.56 Exercised (47,388 ) 15.44 Outstanding at December 31, 2021 368,481 18.10 5.05 Granted 34,379 18.92 Forfeited (42,930 ) 21.36 Exercised (9,500 ) 14.00 Outstanding at December 31, 2022 350,430 17.89 4.19 Exercisable at December 31, 2022 280,550 $ 17.14 3.38 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2022 2021 Dividend yield 1.70 % 1.35 % Expected volatility 38.74 % 39.23 % Risk-free interest rate 2.50 % 1.25 % Expected term (in years) 6.5 6.5 Weighted average grant date fair value $ 6.69 $ 7.23 |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | December 31, 2022 2021 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Balance, beginning of period 241,070 $ 21.16 207,146 $ 22.23 Granted 134,524 19.09 129,082 19.91 Forfeited (30,169 ) 20.34 (29,642 ) 21.79 Earned and issued (91,937 ) 21.14 (65,516 ) 21.64 Balance, end of period 253,488 $ 20.19 241,070 $ 21.16 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | December 31, 2022 2021 2020 Current federal income tax expense $ 9,075 $ 2,315 $ 4,805 Current state income tax expense 219 141 33 Deferred federal income tax expense (655 ) (547 ) (1,388 ) Total income tax expense $ 8,639 $ 1,909 $ 3,450 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, 2022 2021 2020 Tax based on statutory rate $ 9,313 $ 2,081 $ 3,641 (Decrease) increase resulting from: Effect of tax-exempt income (873 ) (348 ) (299 ) Acquisition costs — 72 — Historical tax credits — (54 ) 29 State taxes 219 141 33 Other (20 ) 17 46 Total income tax expense $ 8,639 $ 1,909 $ 3,450 Effective rate 19.5 % 19.3 % 19.9 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2022 2021 Deferred tax liabilities: Depreciation $ (3,441 ) $ (4,024 ) FHLB stock dividend (103 ) (71 ) Unrealized gain on available for sale securities — (309 ) Basis difference in acquired assets and liabilities (1,129 ) (1,233 ) Operating lease right-of-use asset (598 ) (704 ) Other (46 ) (167 ) Gross deferred tax liability (5,317 ) (6,508 ) Deferred tax assets: Allowance for loan losses 5,180 4,502 Unrealized loss on available for sale securities 13,235 — Net operating loss carryforward 193 316 Deferred compensation 1,099 903 Basis difference in acquired assets and liabilities 440 709 Employee and director stock awards 576 553 Operating lease liability 619 725 Unearned loan fees 269 379 Employee Retention Credit — 498 Other 144 162 Gross deferred tax asset 21,755 8,747 Net deferred tax asset $ 16,438 $ 2,239 |
Note 18 - Fair Values of Fina_2
Note 18 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) December 31, 2022 Assets: Obligations of the U.S Treasury and U.S. government agencies and corporations $ 29,805 $ — $ 29,805 $ — Obligations of state and political subdivisions 18,378 — 12,413 5,965 Corporate bonds 29,942 — 29,463 479 Residential mortgage-backed securities 251,851 — 251,851 — Commercial mortgage-backed securities 75,191 — 75,191 — Equity securities 1,245 1,245 — — Total assets $ 406,412 $ 1,245 $ 398,723 $ 6,444 December 31, 2021 Assets: Obligations of the U.S Treasury and 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 Corporate Subdivisions Bonds Total Balance at December 31, 2020 $ 18,516 $ — $ 18,516 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive loss (1,014 ) (4 ) (1,018 ) Purchases 5,000 — 5,000 Sales — — — Maturities, prepayments, and calls (388 ) — (388 ) Transfers into Level 3 — 492 492 Transfers out of Level 3 — — — Balance at December 31, 2021 $ 22,114 $ 488 $ 22,602 Realized gains (losses) included in net income — — — Unrealized losses included in other comprehensive loss (1,474 ) (9 ) (1,483 ) Purchases — — — Sales — — — Maturities, prepayments, and calls (4,840 ) — (4,840 ) Transfers into Level 3 — — — Transfers out of Level 3 (9,835 ) — (9,835 ) Balance at December 31, 2022 $ 5,965 $ 479 $ 6,444 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Estimated Range of Fair Value Valuation Technique Unobservable Inputs Discounts December 31, 2022 Obligations of state and political subdivisions $ 5,965 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 0% - 12% Corporate bonds 479 Option-adjusted discounted cash flow model; present value of expected future cash flow model Bond appraisal adjustment (1) 4% 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 Range of Weighted Average Fair Value Valuation Technique Unobservable Inputs Discounts Discount December 31, 2022 Impaired loans $ 4,033 Discounted cash flows, underlying collateral value Collateral discounts and estimated costs to sell 4% - 100% 53% 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] | December 31, 2022 Carrying Estimated Amount Fair Value Level 1 Level 2 Level 3 Financial assets: Cash and due from banks $ 40,066 $ 40,066 $ 40,066 $ — $ — Federal funds sold 193 193 193 — — Investment securities 413,472 413,089 — 401,233 11,856 Equity securities 27,254 27,254 1,245 26,009 — Loans, net of allowance 2,080,403 1,997,287 — — 1,997,287 Financial liabilities: Deposits, noninterest-bearing $ 580,741 $ 580,741 $ — $ 580,741 $ — Deposits, interest-bearing 1,501,624 1,314,407 — — 1,314,407 FHLB short-term advances 333,500 333,500 — 333,500 — FHLB long-term advances 53,500 52,147 — — 52,147 Junior subordinated debt 8,515 8,515 — — 8,515 Subordinated debt 45,000 42,980 — 42,980 — 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 19 - Regulatory Matters (T
Note 19 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Capital Adequacy * Well Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2022 Tier 1 leverage capital Investar Holding Corporation $ 231,048 8.53 % $ 108,405 4.00 % NA NA Investar Bank 267,603 9.89 108,275 4.00 $ 135,344 5.00 % Common Equity Tier 1 risk-based capital Investar Holding Corporation 221,548 9.79 158,457 7.00 NA NA Investar Bank 267,603 11.83 158,355 7.00 147,044 6.50 Tier 1 risk-based capital Investar Holding Corporation 231,048 10.21 192,412 8.50 NA NA Investar Bank 267,603 11.83 192,288 8.50 180,977 8.00 Total risk-based capital Investar Holding Corporation 300,009 13.25 237,685 10.50 NA NA Investar Bank 292,339 12.92 237,532 10.50 226,221 10.00 December 31, 2021 Tier 1 leverage capital Investar Holding Corporation $ 206,899 8.12 % $ 101,983 4.00 % NA NA Investar Bank 244,541 9.60 101,851 4.00 $ 127,313 5.00 % Common Equity Tier 1 risk-based capital Investar Holding Corporation 197,399 9.45 146,291 7.00 NA NA Investar Bank 244,541 11.72 146,086 7.00 135,651 6.50 Tier 1 risk-based capital Investar Holding Corporation 206,899 9.90 177,639 8.50 NA NA Investar Bank 244,541 11.72 177,390 8.50 166,956 8.00 Total risk-based capital Investar Holding Corporation 271,416 12.99 219,436 10.50 NA NA Investar Bank 266,069 12.75 219,129 10.50 208,694 10.00 |
Note 20 - Commitments and Con_2
Note 20 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Other Commitments [Table Text Block] | December 31, 2022 December 31, 2021 Loan commitments $ 333,040 $ 349,701 Standby letters of credit 11,379 18,259 |
Note 22 - Parent Company Only_2
Note 22 - Parent Company Only Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | BALANCE SHEETS December 31, (dollars in thousands) 2022 2021 ASSETS Cash and due from banks $ 6,153 $ 3,193 Equity securities 823 1,333 Due from bank subsidiary 937 968 Investment in bank subsidiary 261,737 289,640 Investment in trust 295 295 Trademark intangible 100 100 Other assets 518 299 Total assets $ 270,563 $ 295,828 LIABILITIES Subordinated debt, net of unamortized issuance costs $ 44,225 $ 42,989 Junior subordinated debt 8,515 8,384 Accounts payable 253 87 Accrued interest payable 567 609 Dividend payable 941 829 Deferred tax liability 280 332 Total liabilities 54,781 53,230 STOCKHOLDERS’ EQUITY Common stock 9,902 10,343 Surplus 146,587 154,932 Retained earnings 108,206 76,160 Accumulated other comprehensive (loss) income (48,913 ) 1,163 Total stockholders’ equity 215,782 242,598 Total liabilities and stockholders’ equity $ 270,563 $ 295,828 |
Condensed Income Statement [Table Text Block] | STATEMENTS OF INCOME For the years ended December 31, (dollars in thousands) 2022 2021 REVENUE Dividends received from bank subsidiary $ 17,000 $ 35,000 Dividends on corporate stock 19 29 Change in the fair value of equity securities (35 ) 228 Interest income from investment in trust 11 5 Total revenue 16,995 35,262 EXPENSE Interest on borrowings 3,137 2,777 Management fees to bank subsidiary 360 360 Loss on early extinguishment of subordinated debt 222 — Acquisition expense — 22 Other expense 666 411 Total expense 4,385 3,570 Income before income taxes and equity in undistributed income (loss) of bank subsidiary 12,610 31,692 Equity in undistributed income (loss) of bank subsidiary 22,172 (24,440 ) Income tax benefit 927 748 Net income $ 35,709 $ 8,000 |
Condensed Cash Flow Statement [Table Text Block] | STATEMENTS OF CASH FLOWS For the years ended December 31, (dollars in thousands) 2022 2021 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 35,709 $ 8,000 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of bank subsidiary (22,172 ) 24,440 Change in the fair value of equity securities 35 (228 ) Amortization of subordinated debt issuance costs and purchase accounting adjustments 197 200 Loss on early extinguishment of subordinated debt 222 — Net change in: Due from bank subsidiary 31 (59 ) Other assets 5 18 Deferred tax asset (52 ) 180 Accrued other liabilities 1,746 1,341 Net cash provided by operating activities 15,721 33,892 CASH FLOWS FROM INVESTING ACTIVITIES Purchases of equity securities (750 ) (500 ) Proceeds from the sale of equity securities 1,225 574 Purchases of other investments (225 ) (233 ) Cash paid for acquisition of Cheaha Financial Group, net of cash acquired — (40,935 ) Net cash provided by (used in) investing activities 250 (41,094 ) CASH FLOWS FROM FINANCING ACTIVITIES Cash dividends paid on common stock (3,552 ) (3,090 ) Payments to repurchase common stock (10,540 ) (6,925 ) Proceeds from stock options exercised 133 732 Proceeds from subordinated debt, net of issuance costs 19,548 — Extinguishment of subordinated debt (18,600 ) — Net cash used in financing activities (13,011 ) (9,283 ) Net increase (decrease) in cash 2,960 (16,485 ) Cash and cash equivalents, beginning of period 3,193 19,678 Cash and cash equivalents, end of period $ 6,153 $ 3,193 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: Cash payments for: Interest on borrowings $ 3,179 $ 2,774 |
Note 23 - Earnings Per Share (T
Note 23 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | December 31, 2022 2021 2020 Earnings per common share - basic Net income $ 35,709 $ 8,000 $ 13,889 Less: income allocated to participating securities (33 ) (21 ) (73 ) Net income allocated to common shareholders 35,676 7,979 13,816 Weighted average basic shares outstanding 10,085,758 10,416,145 10,850,936 Basic earnings per common share $ 3.54 $ 0.77 $ 1.27 Earnings per common share - diluted Net income allocated to common shareholders $ 35,676 $ 7,979 $ 13,816 Weighted average basic shares outstanding 10,085,758 10,416,145 10,850,936 Dilutive effect of securities 94,951 84,157 14,911 Total weighted average diluted shares outstanding 10,180,709 10,500,302 10,865,847 Diluted earnings per common share $ 3.50 $ 0.76 $ 1.27 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | December 31, 2022 2021 2020 Stock options 15,361 869 71 Restricted stock awards 135 431 10,968 Restricted stock units 15,176 20,828 62,754 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | |||||
Jan. 01, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Number of Reportable Segments | 1 | ||||||
Maximum Retention Credit Per Employee | $ 5,000 | ||||||
Retention Credit Per Employee Per Quarter | $ 7,000 | $ 7,000 | |||||
Retention Credit Per Quarter, Percentage of Wages | 70% | 70% | |||||
Maximum Amount of Wages Per Quarter Qualified for Retention Credit | $ 10,000 | $ 10,000 | |||||
Financing Receivable, Held-for-Sale | $ 0 | 620,000 | $ 0 | 620,000 | |||
Financing Receivable, Commitment to Lend | 400,000 | 700,000 | 400,000 | 700,000 | |||
Equity Securities, FV-NI, Cost | 27,254,000 | 16,803,000 | 27,254,000 | 16,803,000 | |||
Goodwill and Intangible Asset Impairment, Total | 0 | 0 | |||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 24,364,000 | 20,859,000 | $ 24,364,000 | 20,859,000 | $ 20,363,000 | $ 10,700,000 | |
Minimum [Member] | Accounting Standards Update 2016-13 [Member] | Subsequent Event [Member] | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 4,800,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Percentage Change | 20% | ||||||
Minimum [Member] | Core Deposits [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||
Maximum [Member] | Accounting Standards Update 2016-13 [Member] | Subsequent Event [Member] | |||||||
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 7,200,000 | ||||||
Financing Receivable, Allowance for Credit Loss, Percentage Change | 30% | ||||||
Maximum [Member] | Core Deposits [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||
Building [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||||||
Building Improvements [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||
Building Improvements [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||||||
Furniture and Fixtures [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||||
Furniture and Fixtures [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | ||||||
Computer Equipment [Member] | Minimum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 1 year | ||||||
Computer Equipment [Member] | Maximum [Member] | |||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||||||
Equity Securities, Held In Correspondent Banks [Member] | |||||||
Equity Securities, FV-NI, Cost | 26,000,000 | 15,000,000 | $ 26,000,000 | 15,000,000 | |||
Corporate Stock and Mutual Funds [Member] | |||||||
Equity Securities, FV-NI, Cost | 1,200,000 | 1,800,000 | $ 1,200,000 | $ 1,800,000 | |||
NonInterest Expense [Member] | |||||||
Payroll Taxes Reduction Amount | $ 2,300,000 | $ 1,900,000 |
Note 2 - Business Combination_2
Note 2 - Business Combinations (Details Textual) $ in Thousands | 12 Months Ended | |||
Apr. 01, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Goodwill, Ending Balance | $ 40,100 | $ 40,100 | ||
Business Combination, Acquisition Related Costs | 0 | 2,448 | $ 1,062 | |
Interest and Dividend Income, Operating, Total | 104,569 | 95,542 | 93,794 | |
Noninterest Income, Total | 18,350 | 12,042 | 12,096 | |
Net Income (Loss) Attributable to Parent, Total | 35,709 | 8,000 | $ 13,889 | |
Cheaha Financial Group [Member] | ||||
Payments to Acquire Businesses, Gross | $ 41,067 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 240,802 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Finance Receivables | 120,395 | |||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed, Deposits | 206,986 | |||
Goodwill, Ending Balance | $ 11,944 | |||
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 | |||
Goodwill, Period Increase (Decrease), Total | $ 900 | |||
Business Combination, Acquisition Related Costs | 2,400 | |||
Interest and Dividend Income, Operating, Total | 6,000 | |||
Noninterest Income, Total | 800 | |||
Net Income (Loss) Attributable to Parent, Total | $ 3,600 | |||
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) - USD ($) $ in Thousands | Apr. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill | $ 40,100 | $ 40,100 | |
Cheaha Financial Group [Member] | |||
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 2 - Business Combination_4
Note 2 - Business Combinations - Pro Forma Information (Details) - Cheaha Financial Group [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | $ 98,223 | $ 104,656 |
Noninterest income | 12,567 | 13,257 |
Net income | $ 10,670 | $ 17,320 |
Note 3 - Investment Securitie_2
Note 3 - Investment Securities (Details Textual) - USD ($) $ in Thousands | Dec. 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 | $ 165,700 | $ 118,200 |
Note 3 - Investment Securitie_3
Note 3 - Investment Securities - Amortized Cost and Fair Value of Investment Securities Classified as AFS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | $ 467,316 | $ 356,639 |
Gross Unrealized Gains | 330 | 1,935 |
Gross Unrealized Losses | (62,479) | (3,065) |
Fair Value | 405,167 | 355,509 |
US Government Corporations and Agencies Securities [Member] | ||
Amortized Cost | 30,370 | 21,143 |
Gross Unrealized Gains | 134 | 152 |
Gross Unrealized Losses | (699) | (27) |
Fair Value | 29,805 | 21,268 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 21,098 | 32,330 |
Gross Unrealized Gains | 7 | 468 |
Gross Unrealized Losses | (2,727) | (213) |
Fair Value | 18,378 | 32,585 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 33,477 | 27,777 |
Gross Unrealized Gains | 0 | 235 |
Gross Unrealized Losses | (3,535) | (345) |
Fair Value | 29,942 | 27,667 |
Residential Mortgage-Backed Securities [Member] | ||
Amortized Cost | 298,867 | 200,696 |
Gross Unrealized Gains | 10 | 711 |
Gross Unrealized Losses | (47,026) | (1,503) |
Fair Value | 251,851 | 199,904 |
Commercial Mortgage-Backed Securities [Member] | ||
Amortized Cost | 83,504 | 74,693 |
Gross Unrealized Gains | 179 | 369 |
Gross Unrealized Losses | (8,492) | (977) |
Fair Value | $ 75,191 | $ 74,085 |
Note 3 - Investment Securitie_4
Note 3 - Investment Securities - Sales of Investments Classified as AFS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Proceeds from sales | $ 0 | $ 137,803 | $ 56,466 |
Gross gains | 0 | 2,323 | 2,300 |
Gross losses | $ 0 | $ (2) | $ (11) |
Note 3 - Investment Securitie_5
Note 3 - Investment Securities - Amortized Cost and Fair Value of Investment Securities Classified as HTM (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | $ 8,305 | $ 10,255 |
Gross Unrealized Gains | 1 | 472 |
Gross Unrealized Losses | (384) | 0 |
Fair Value | 7,922 | 10,727 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized Cost | 5,538 | 6,910 |
Gross Unrealized Gains | 1 | 367 |
Gross Unrealized Losses | (127) | 0 |
Fair Value | 5,412 | 7,277 |
Residential Mortgage-Backed Securities [Member] | ||
Amortized Cost | 2,767 | 3,345 |
Gross Unrealized Gains | 0 | 105 |
Gross Unrealized Losses | (257) | 0 |
Fair Value | $ 2,510 | $ 3,450 |
Note 3 - Investment Securitie_6
Note 3 - Investment Securities - Summary of Continuous Unrealized Loss Position for Securities Classified as AFS (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Less than 12 Months, Fair Value | $ 210,918,000 | $ 223,355 |
Less than 12 Months, Unrealized Losses | 24,039,000 | 2,936,000 |
12 Months or More, Fair Value | 164,186,000 | 9,361,000 |
12 Months or More, Unrealized Losses | (38,440,000) | (129,000) |
Fair Value | 375,104,000 | 232,716,000 |
Unrealized Losses | (62,479,000) | (3,065,000) |
Less than 12 Months, Unrealized Losses | (24,039,000) | (2,936,000) |
12 Months or More, Fair Value | 38,440,000 | 129,000 |
US Government Corporations and Agencies Securities [Member] | ||
Less than 12 Months, Fair Value | 16,017,000 | 1,438 |
Less than 12 Months, Unrealized Losses | 688,000 | 25,000 |
12 Months or More, Fair Value | 1,013,000 | 668,000 |
12 Months or More, Unrealized Losses | (11,000) | (2,000) |
Fair Value | 17,030,000 | 2,106,000 |
Unrealized Losses | (699,000) | (27,000) |
Less than 12 Months, Unrealized Losses | (688,000) | (25,000) |
12 Months or More, Fair Value | 11,000 | 2,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 Months, Fair Value | 13,695,000 | 10,803,000 |
Less than 12 Months, Unrealized Losses | 1,427,000 | 213,000 |
12 Months or More, Fair Value | 4,524,000 | 0 |
12 Months or More, Unrealized Losses | (1,300,000) | 0 |
Fair Value | 18,219,000 | 10,803,000 |
Unrealized Losses | (2,727,000) | (213,000) |
Less than 12 Months, Unrealized Losses | (1,427,000) | (213,000) |
12 Months or More, Fair Value | 1,300,000 | 0 |
Corporate Debt Securities [Member] | ||
Less than 12 Months, Fair Value | 19,606,000 | 10,197 |
Less than 12 Months, Unrealized Losses | 1,170,000 | 254,000 |
12 Months or More, Fair Value | 10,085,000 | 2,409,000 |
12 Months or More, Unrealized Losses | (2,365,000) | (91,000) |
Fair Value | 29,691,000 | 12,606,000 |
Unrealized Losses | (3,535,000) | (345,000) |
Less than 12 Months, Unrealized Losses | (1,170,000) | (254,000) |
12 Months or More, Fair Value | 2,365,000 | 91,000 |
Residential Mortgage-Backed Securities [Member] | ||
Less than 12 Months, Fair Value | 134,419,000 | 156,862 |
Less than 12 Months, Unrealized Losses | 18,122,000 | 1,503,000 |
12 Months or More, Fair Value | 116,132,000 | 0 |
12 Months or More, Unrealized Losses | (28,904,000) | 0 |
Fair Value | 250,551,000 | 156,862,000 |
Unrealized Losses | (47,026,000) | (1,503,000) |
Less than 12 Months, Unrealized Losses | (18,122,000) | (1,503,000) |
12 Months or More, Fair Value | 28,904,000 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Less than 12 Months, Fair Value | 27,181,000 | 44,055 |
Less than 12 Months, Unrealized Losses | 2,632,000 | 941,000 |
12 Months or More, Fair Value | 32,432,000 | 6,284,000 |
12 Months or More, Unrealized Losses | (5,860,000) | (36,000) |
Fair Value | 59,613,000 | 50,339,000 |
Unrealized Losses | (8,492,000) | (977,000) |
Less than 12 Months, Unrealized Losses | (2,632,000) | (941,000) |
12 Months or More, Fair Value | $ 5,860,000 | $ 36,000 |
Note 3 - Investment Securitie_7
Note 3 - Investment Securities - Summary of Continuous Unrealized Loss Position for Securities Classified as HTM (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Less than 12 months, fair value | $ 6,046 |
Less than 12 months, unrealized losses | (384) |
12 months or more, fair value | 0 |
12 months or more, unrealized losses | 0 |
Total, fair value | 6,046 |
Total, unrealized losses | (384) |
US States and Political Subdivisions Debt Securities [Member] | |
Less than 12 months, fair value | 3,536 |
Less than 12 months, unrealized losses | (127) |
12 months or more, fair value | 0 |
12 months or more, unrealized losses | 0 |
Total, fair value | 3,536 |
Total, unrealized losses | (127) |
Residential Mortgage-Backed Securities [Member] | |
Less than 12 months, fair value | 2,510 |
Less than 12 months, unrealized losses | (257) |
12 months or more, fair value | 0 |
12 months or more, unrealized losses | 0 |
Total, fair value | 2,510 |
Total, unrealized losses | $ (257) |
Note 3 - Investment Securitie_8
Note 3 - Investment Securities - Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Due within one year, AFS, amortized cost | $ 1,082 | $ 726 |
Due within one year, AFS, fair value | 1,072 | 726 |
Due within one year, HTM, amortized cost | 915 | 870 |
Due within one year, HTM, fair value | 915 | 902 |
Due after one year through five years, AFS, amortized cost | 32,452 | 14,189 |
Due after one year through five years, AFS, fair value | 31,394 | 14,327 |
Due after one year through five years, HTM, amortized cost | 960 | 1,875 |
Due after one year through five years, HTM, fair value | 961 | 2,018 |
Due after five years through ten years, AFS, amortized cost | 52,093 | 51,988 |
Due after five years through ten years, AFS, fair value | 48,229 | 52,376 |
Due after five years through ten years, HTM, amortized cost | 3,663 | 4,165 |
Due after five years through ten years, HTM, fair value | 3,536 | 4,356 |
Due after ten years, AFS, amortized cost | 381,689 | 289,736 |
Due after ten years, AFS, fair value | 324,472 | 288,080 |
Due after ten years, HTM, amortized cost | 2,767 | 3,345 |
Due after ten years, HTM, fair value | 2,510 | 3,451 |
Total debt securities, AFS, amortized cost | 467,316 | 356,639 |
Total debt securities, AFS, fair value | 405,167 | 355,509 |
Total debt securities, HTM, amortized cost | 8,305 | 10,255 |
Total debt securities, HTM, fair value | $ 7,922 | $ 10,727 |
Note 4 - Loans and Allowance _3
Note 4 - Loans and Allowance for Loan Losses (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount), Total | $ 800 | $ 1,900 | |
Financing Receivable, Deferred Commitment Fee | 1,300 | 1,800 | |
Financing Receivable, before Allowance for Credit Loss, Total | 2,104,767 | 1,872,012 | |
Loan Participations and Whole Loans Sold to and Serviced for Others Not on Balance Sheet | 16,900 | 33,000 | |
Loan Participations and Whole Loans Sold to and Serviced For Others Unpaid Principal Balance | 92,900 | 91,900 | |
Loans and Leases Receivable, Related Parties, Ending Balance | 96,977 | 97,606 | $ 96,390 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | $ 0 | $ 0 | |
Financing Receivable, Modifications, Number of Contracts | 20 | 29 | |
Financing Receivable, Troubled Debt Restructuring | $ 2,984 | $ 10,523 | |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 0 | 0 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | ||
Extended Maturity [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 4 | ||
Contractual Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 3 | ||
Payment Deferral [Member] | |||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Hurricane Ida [Member] | |||
Provision for Loan and Lease Losses, Total | 21,600 | ||
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 | $ 435,093 | $ 310,831 | |
Financing Receivable, Modifications, Number of Contracts | 2 | 3 | |
Financing Receivable, Troubled Debt Restructuring | $ 1,150 | $ 5,861 | |
SBA CARES Act Paycheck Protection Program [Member] | Commercial Portfolio Segment [Member] | |||
Financing Receivable, before Allowance for Credit Loss, Total | $ 1,700 | $ 23,300 |
Note 4 - Loans and Allowance _4
Note 4 - Loans and Allowance for Loan Losses - Summary of Loans by Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | $ 2,104,767 | $ 1,872,012 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,655,942 | 1,543,586 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 201,633 | 203,204 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | ||
Loans | 401,377 | 364,307 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Loans | 81,812 | 59,570 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans | 12,877 | 20,128 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Loans | 958,243 | 896,377 |
Commercial Portfolio Segment [Member] | ||
Loans | 435,093 | 310,831 |
Consumer Portfolio Segment [Member] | ||
Loans | $ 13,732 | $ 17,595 |
Note 4 - Loans and Allowance _5
Note 4 - Loans and Allowance for Loan Losses - Aging Analysis of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | $ 2,104,767 | $ 1,872,012 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 15,799 | 33,925 |
Nonaccrual | 9,477 | 27,227 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 2,088,000 | 1,835,338 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 3,625 | 6,291 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 1,346 | 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 | 1,351 | 53 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 968 | 2,749 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,655,942 | 1,543,586 |
Real Estate Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 12,816 | 18,124 |
Nonaccrual | 7,164 | 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 | 1,642,215 | 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 | 3,048 | 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 | 1,304 | 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 | 1,300 | 0 |
Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 911 | 2,685 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 201,633 | 203,204 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 585 | 354 |
Nonaccrual | 372 | 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 | 201,048 | 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 | 101 | 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 | 112 | 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 | 401,377 | 364,307 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 6,229 | 3,525 |
Nonaccrual | 1,207 | 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 | 394,846 | 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 | 2,614 | 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 | 1,220 | 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 | 1,188 | 0 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 302 | 348 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | ||
Loans | 81,812 | 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 | 81,812 | 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 | 12,877 | 20,128 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 276 | 79 |
Nonaccrual | 62 | 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 | 12,601 | 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 | 152 | 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 | 62 | 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 | 0 | 1,701 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans | 958,243 | 896,377 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 5,726 | 14,166 |
Nonaccrual | 5,523 | 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 | 951,908 | 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 | 181 | 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 | 22 | 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 | 609 | 636 |
Commercial Portfolio Segment [Member] | ||
Loans | 435,093 | 310,831 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 2,655 | 15,508 |
Nonaccrual | 2,183 | 11,354 |
Commercial Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 432,438 | 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 | 406 | 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 | 15 | 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 | 51 | 53 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Loans | 13,732 | 17,595 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 328 | 293 |
Nonaccrual | 130 | 186 |
Consumer Portfolio Segment [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 13,347 | 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 | 171 | 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 | 27 | 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 | $ 57 | $ 64 |
Note 4 - Loans and Allowance _6
Note 4 - Loans and Allowance for Loan Losses - Loan Portfolio by Category and Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans | $ 2,104,767 | $ 1,872,012 |
Pass [Member] | ||
Loans | 2,076,730 | 1,817,208 |
Special Mention [Member] | ||
Loans | 12,834 | 7,289 |
Substandard [Member] | ||
Loans | 15,016 | 46,825 |
Doubtful [Member] | ||
Loans | 187 | 690 |
Real Estate Portfolio Segment [Member] | ||
Loans | 1,655,942 | 1,543,586 |
Real Estate Portfolio Segment [Member] | Pass [Member] | ||
Loans | 1,635,664 | 1,509,262 |
Real Estate Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 7,694 | 4,747 |
Real Estate Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 12,584 | 29,577 |
Real Estate Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 201,633 | 203,204 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | ||
Loans | 198,967 | 200,788 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | ||
Loans | 1,593 | 818 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | ||
Loans | 1,073 | 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 | 401,377 | 364,307 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | Pass [Member] | ||
Loans | 399,143 | 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 | 2,234 | 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 | 81,812 | 59,570 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Pass [Member] | ||
Loans | 81,812 | 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 | 0 | 457 |
Real Estate Portfolio Segment [Member] | Multifamily Loans [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | ||
Loans | 12,877 | 20,128 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | Pass [Member] | ||
Loans | 12,815 | 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 | 62 | 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 | 958,243 | 896,377 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Pass [Member] | ||
Loans | 942,927 | 872,951 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Special Mention [Member] | ||
Loans | 6,101 | 3,891 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Substandard [Member] | ||
Loans | 9,215 | 19,535 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | Doubtful [Member] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | ||
Loans | 435,093 | 310,831 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Loans | 427,430 | 290,677 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 5,140 | 2,523 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 2,336 | 16,941 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | 187 | 690 |
Consumer Portfolio Segment [Member] | ||
Loans | 13,732 | 17,595 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Loans | 13,636 | 17,269 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Loans | 0 | 19 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ||
Loans | 96 | 307 |
Consumer Portfolio Segment [Member] | Doubtful [Member] | ||
Loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance _7
Note 4 - Loans and Allowance for Loan Losses - Loans to Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, beginning of period | $ 97,606 | $ 96,390 |
New loans/changes in relationship | 14,570 | 26,475 |
Repayments/changes in relationship | (15,199) | (25,259) |
Balance, end of period | $ 96,977 | $ 97,606 |
Note 4 - Loans and Allowance _8
Note 4 - Loans and Allowance for Loan Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance, beginning of period | $ 20,859 | $ 20,363 | $ 10,700 |
Provision for loan losses | 2,922 | 22,885 | 11,160 |
Loans charged-off | (633) | (22,636) | (1,754) |
Recoveries | 1,216 | 247 | 257 |
Balance, end of period | 24,364 | 20,859 | 20,363 |
Ending allowance balance for loans individually evaluated for impairment | 283 | 564 | 210 |
Allowance for loan losses | 24,364 | 20,859 | 20,363 |
Ending allowance balance for loans collectively evaluated for impairment | 24,081 | 20,085 | 19,943 |
Balance of loans individually evaluated for impairment | 10,439 | 32,791 | 19,177 |
Loans, net of allowance for loan losses of $24,364 and $20,859, respectively | 2,080,403 | 1,851,153 | |
Balance of loans collectively evaluated for impairment | 2,093,360 | 1,836,472 | 1,836,984 |
Total period-end balance | 2,104,767 | 1,872,012 | 1,860,318 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 210 | 210 | |
Balance, end of period | 0 | 210 | 210 |
Allowance for loan losses | 0 | 210 | 210 |
Loans, net of allowance for loan losses of $24,364 and $20,859, respectively | 968 | 2,749 | 4,157 |
Commercial Portfolio Segment [Member] | |||
Balance, beginning of period | 4,411 | 4,558 | 2,609 |
Provision for loan losses | 797 | 11,494 | 3,094 |
Loans charged-off | (397) | (11,713) | (1,195) |
Recoveries | 932 | 72 | 50 |
Balance, end of period | 5,743 | 4,411 | 4,558 |
Ending allowance balance for loans individually evaluated for impairment | 112 | 468 | 80 |
Allowance for loan losses | 5,743 | 4,411 | 4,558 |
Ending allowance balance for loans collectively evaluated for impairment | 5,631 | 3,943 | 4,478 |
Balance of loans individually evaluated for impairment | 2,241 | 13,321 | 9,102 |
Balance of loans collectively evaluated for impairment | 432,852 | 297,510 | 385,149 |
Total period-end balance | 435,093 | 310,831 | 394,497 |
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $24,364 and $20,859, respectively | 0 | 0 | 246 |
Consumer Portfolio Segment [Member] | |||
Balance, beginning of period | 354 | 540 | 488 |
Provision for loan losses | 114 | (128) | 309 |
Loans charged-off | (200) | (159) | (335) |
Recoveries | 51 | 101 | 78 |
Balance, end of period | 319 | 354 | 540 |
Ending allowance balance for loans individually evaluated for impairment | 63 | 96 | 130 |
Allowance for loan losses | 319 | 354 | 540 |
Ending allowance balance for loans collectively evaluated for impairment | 256 | 258 | 410 |
Balance of loans individually evaluated for impairment | 130 | 182 | 347 |
Balance of loans collectively evaluated for impairment | 13,545 | 17,349 | 20,234 |
Total period-end balance | 13,732 | 17,595 | 20,619 |
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $24,364 and $20,859, respectively | 57 | 64 | 38 |
Construction Loans [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 2,347 | 2,375 | 1,201 |
Provision for loan losses | 160 | 219 | 1,127 |
Loans charged-off | 0 | (283) | 0 |
Recoveries | 48 | 36 | 47 |
Balance, end of period | 2,555 | 2,347 | 2,375 |
Ending allowance balance for loans individually evaluated for impairment | 26 | 0 | 0 |
Allowance for loan losses | 2,555 | 2,347 | 2,375 |
Ending allowance balance for loans collectively evaluated for impairment | 2,529 | 2,347 | 2,375 |
Balance of loans individually evaluated for impairment | 591 | 529 | 782 |
Balance of loans collectively evaluated for impairment | 201,042 | 202,675 | 205,229 |
Total period-end balance | 201,633 | 203,204 | 206,011 |
Construction Loans [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $24,364 and $20,859, respectively | 0 | 0 | 0 |
1-4 Family [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 3,337 | 3,370 | 1,490 |
Provision for loan losses | 477 | 123 | 1,979 |
Loans charged-off | (11) | (188) | (173) |
Recoveries | 114 | 32 | 74 |
Balance, end of period | 3,917 | 3,337 | 3,370 |
Ending allowance balance for loans individually evaluated for impairment | 46 | 0 | 0 |
Allowance for loan losses | 3,917 | 3,337 | 3,370 |
Ending allowance balance for loans collectively evaluated for impairment | 3,871 | 3,337 | 3,370 |
Balance of loans individually evaluated for impairment | 1,479 | 1,995 | 2,280 |
Balance of loans collectively evaluated for impairment | 399,596 | 361,964 | 336,864 |
Total period-end balance | 401,377 | 364,307 | 339,525 |
1-4 Family [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $24,364 and $20,859, respectively | 302 | 348 | 381 |
Multifamily Loans [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 673 | 589 | 387 |
Provision for loan losses | 326 | 84 | 202 |
Loans charged-off | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Balance, end of period | 999 | 673 | 589 |
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | 0 |
Allowance for loan losses | 999 | 673 | 589 |
Ending allowance balance for loans collectively evaluated for impairment | 999 | 673 | 589 |
Balance of loans individually evaluated for impairment | 0 | 0 | 0 |
Balance of loans collectively evaluated for impairment | 81,812 | 59,570 | 60,724 |
Total period-end balance | 81,812 | 59,570 | 60,724 |
Multifamily Loans [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $24,364 and $20,859, respectively | 0 | 0 | 0 |
Farmland [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 383 | 435 | 101 |
Provision for loan losses | (283) | (39) | 334 |
Loans charged-off | (54) | (13) | 0 |
Recoveries | 67 | 0 | 0 |
Balance, end of period | 113 | 383 | 435 |
Ending allowance balance for loans individually evaluated for impairment | 0 | 0 | 0 |
Allowance for loan losses | 113 | 383 | 435 |
Ending allowance balance for loans collectively evaluated for impairment | 113 | 173 | 225 |
Balance of loans individually evaluated for impairment | 62 | 79 | 0 |
Balance of loans collectively evaluated for impairment | 12,815 | 18,348 | 24,846 |
Total period-end balance | 12,877 | 20,128 | 26,547 |
Farmland [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 210 | 210 | |
Balance, end of period | 0 | 210 | 210 |
Allowance for loan losses | 0 | 210 | 210 |
Loans, net of allowance for loan losses of $24,364 and $20,859, respectively | 0 | 1,701 | 1,701 |
Commercial Real Estate Loan [Member] | Real Estate Portfolio Segment [Member] | |||
Balance, beginning of period | 9,354 | 8,496 | 4,424 |
Provision for loan losses | 1,331 | 11,132 | 4,115 |
Loans charged-off | (10,280) | (51) | |
Recoveries | 4 | 6 | 8 |
Balance, end of period | 10,718 | 9,354 | 8,496 |
Charge-offs | 29 | ||
Ending allowance balance for loans individually evaluated for impairment | 36 | 0 | 0 |
Allowance for loan losses | 10,718 | 9,354 | 8,496 |
Ending allowance balance for loans collectively evaluated for impairment | 10,682 | 9,354 | 8,496 |
Balance of loans individually evaluated for impairment | 5,936 | 16,685 | 6,666 |
Balance of loans collectively evaluated for impairment | 951,698 | 879,056 | 803,938 |
Total period-end balance | 958,243 | 896,377 | 812,395 |
Commercial Real Estate Loan [Member] | Real Estate Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||
Balance, beginning of period | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 |
Allowance for loan losses | 0 | 0 | 0 |
Loans, net of allowance for loan losses of $24,364 and $20,859, respectively | $ 609 | $ 636 | $ 1,791 |
Note 4 - Loans and Allowance _9
Note 4 - Loans and Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Recorded investment, with no related allowance recorded | $ 9,209 | $ 28,738 | $ 18,695 |
Unpaid principal balance, with no related allowance recorded | 25,118 | 41,123 | 19,970 |
With no related allowance recorded, Average Recorded Investment | 18,628 | 22,941 | 11,356 |
With no related allowance recorded, Interest Income Recognized | 130 | 380 | 197 |
Recorded investment, with related allowance recorded | 1,230 | 4,053 | 482 |
Unpaid principal balance, with related allowance recorded | 1,587 | 9,782 | 525 |
Related allowance | 283 | 564 | 210 |
With related allowance recorded, Average Recorded Investment | 979 | 1,457 | 278 |
With related allowance recorded, Interest Income Recognized | 0 | 24 | 1 |
Recorded investment | 10,439 | 32,791 | 19,177 |
Unpaid principal balance | 26,705 | 50,905 | 20,495 |
Average Recorded Investment | 19,607 | 24,398 | 11,634 |
Interest Income Recognized | 130 | 404 | 198 |
Real Estate Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 7,179 | 19,288 | 9,728 |
Unpaid principal balance, with no related allowance recorded | 22,543 | 30,113 | 9,874 |
With no related allowance recorded, Average Recorded Investment | 11,704 | 13,679 | 6,515 |
With no related allowance recorded, Interest Income Recognized | 60 | 228 | 165 |
Recorded investment, with related allowance recorded | 889 | ||
Unpaid principal balance, with related allowance recorded | 1,172 | ||
Related allowance | 108 | 0 | 0 |
With related allowance recorded, Average Recorded Investment | 462 | ||
With related allowance recorded, Interest Income Recognized | 0 | ||
Recorded investment | 8,068 | 19,288 | 9,728 |
Unpaid principal balance | 23,715 | 30,113 | 9,874 |
Average Recorded Investment | 12,166 | 13,679 | 6,515 |
Interest Income Recognized | 60 | 228 | 165 |
Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Recorded investment, with no related allowance recorded | 366 | 529 | 782 |
Unpaid principal balance, with no related allowance recorded | 375 | 812 | 800 |
With no related allowance recorded, Average Recorded Investment | 300 | 731 | 887 |
With no related allowance recorded, Interest Income Recognized | 15 | 17 | 13 |
Recorded investment, with related allowance recorded | 225 | ||
Unpaid principal balance, with related allowance recorded | 498 | ||
Related allowance | 26 | 0 | 0 |
With related allowance recorded, Average Recorded Investment | 225 | ||
With related allowance recorded, Interest Income Recognized | 0 | ||
Recorded investment | 591 | 529 | 782 |
Unpaid principal balance | 873 | 812 | 800 |
Average Recorded Investment | 525 | 731 | 887 |
Interest Income Recognized | 15 | 17 | 13 |
Real Estate Portfolio Segment [Member] | 1-4 Family [Member] | |||
Recorded investment, with no related allowance recorded | 1,005 | 1,995 | 2,280 |
Unpaid principal balance, with no related allowance recorded | 1,082 | 2,081 | 2,353 |
With no related allowance recorded, Average Recorded Investment | 821 | 1,965 | 2,172 |
With no related allowance recorded, Interest Income Recognized | 17 | 30 | 26 |
Recorded investment, with related allowance recorded | 474 | ||
Unpaid principal balance, with related allowance recorded | 484 | ||
Related allowance | 46 | 0 | 0 |
With related allowance recorded, Average Recorded Investment | 205 | ||
With related allowance recorded, Interest Income Recognized | 0 | ||
Recorded investment | 1,479 | 1,995 | 2,280 |
Unpaid principal balance | 1,566 | 2,081 | 2,353 |
Average Recorded Investment | 1,026 | 1,965 | 2,172 |
Interest Income Recognized | 17 | 30 | 26 |
Real Estate Portfolio Segment [Member] | Farmland [Member] | |||
Recorded investment, with no related allowance recorded | 62 | 79 | |
Unpaid principal balance, with no related allowance recorded | 70 | 81 | |
With no related allowance recorded, Average Recorded Investment | 68 | 193 | |
With no related allowance recorded, Interest Income Recognized | 0 | 0 | |
Related allowance | 0 | 0 | |
Recorded investment | 62 | 79 | |
Unpaid principal balance | 70 | 81 | |
Average Recorded Investment | 68 | 193 | |
Interest Income Recognized | 0 | 0 | |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | |||
Recorded investment, with no related allowance recorded | 5,746 | 16,685 | 6,666 |
Unpaid principal balance, with no related allowance recorded | 21,016 | 27,139 | 6,721 |
With no related allowance recorded, Average Recorded Investment | 10,515 | 10,790 | 3,456 |
With no related allowance recorded, Interest Income Recognized | 28 | 181 | 126 |
Recorded investment, with related allowance recorded | 190 | ||
Unpaid principal balance, with related allowance recorded | 190 | ||
Related allowance | 36 | 0 | 0 |
With related allowance recorded, Average Recorded Investment | 32 | ||
With related allowance recorded, Interest Income Recognized | 0 | ||
Recorded investment | 5,936 | 16,685 | 6,666 |
Unpaid principal balance | 21,206 | 27,139 | 6,721 |
Average Recorded Investment | 10,547 | 10,790 | 3,456 |
Interest Income Recognized | 28 | 181 | 126 |
Commercial Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 1,996 | 9,395 | 8,841 |
Unpaid principal balance, with no related allowance recorded | 2,530 | 10,941 | 9,953 |
With no related allowance recorded, Average Recorded Investment | 6,868 | 9,166 | 4,614 |
With no related allowance recorded, Interest Income Recognized | 70 | 152 | 31 |
Recorded investment, with related allowance recorded | 245 | 3,926 | 261 |
Unpaid principal balance, with related allowance recorded | 292 | 9,618 | 260 |
Related allowance | 112 | 468 | 80 |
With related allowance recorded, Average Recorded Investment | 421 | 1,311 | 22 |
With related allowance recorded, Interest Income Recognized | 0 | 24 | 0 |
Recorded investment | 2,241 | 13,321 | 9,102 |
Unpaid principal balance | 2,822 | 20,559 | 10,213 |
Average Recorded Investment | 7,289 | 10,477 | 4,636 |
Interest Income Recognized | 70 | 176 | 31 |
Consumer Portfolio Segment [Member] | |||
Recorded investment, with no related allowance recorded | 34 | 55 | 126 |
Unpaid principal balance, with no related allowance recorded | 45 | 69 | 143 |
With no related allowance recorded, Average Recorded Investment | 56 | 96 | 227 |
With no related allowance recorded, Interest Income Recognized | 0 | 0 | 1 |
Recorded investment, with related allowance recorded | 96 | 127 | 221 |
Unpaid principal balance, with related allowance recorded | 123 | 164 | 265 |
Related allowance | 63 | 96 | 130 |
With related allowance recorded, Average Recorded Investment | 96 | 146 | 256 |
With related allowance recorded, Interest Income Recognized | 0 | 0 | 1 |
Recorded investment | 130 | 182 | 347 |
Unpaid principal balance | 168 | 233 | 408 |
Average Recorded Investment | 152 | 242 | 483 |
Interest Income Recognized | $ 0 | $ 0 | $ 2 |
Note 4 - Loans And Allowance_10
Note 4 - Loans And Allowance For Loan Losses - Summary of TDR Pre- and Post-modification Outstanding Recorded Investments by Loan Categories (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Contracts | 20 | 29 |
Pre- Modification Outstanding Recorded Investment | $ 244 | $ 614 |
Post- Modification Outstanding Recorded Investment | $ 244 | $ 614 |
Real Estate Portfolio Segment [Member] | Commercial Real Estate Loan [Member] | ||
Number of Contracts | 1 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 186 | $ 28 |
Post- Modification Outstanding Recorded Investment | $ 186 | $ 28 |
Commercial Portfolio Segment [Member] | ||
Number of Contracts | 2 | 3 |
Pre- Modification Outstanding Recorded Investment | $ 58 | $ 586 |
Post- Modification Outstanding Recorded Investment | $ 58 | $ 586 |
Note 4 - Loans and Allowance_11
Note 4 - Loans and Allowance for Loan Losses - Summary of Accruing and Nonaccrual TDRs (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
TDRs loans | $ 2,984 | $ 10,523 |
Construction Loans [Member] | ||
TDRs loans | 219 | 242 |
1-4 Family [Member] | ||
TDRs loans | 398 | 730 |
Commercial Real Estate Portfolio Segment [Member] | ||
TDRs loans | 1,217 | 3,690 |
Commercial Portfolio Segment [Member] | ||
TDRs loans | 1,150 | 5,861 |
Accruing Troubled Debt Restructurings [Member] | ||
TDRs loans | 961 | 5,578 |
Accruing Troubled Debt Restructurings [Member] | Construction Loans [Member] | ||
TDRs loans | 219 | 242 |
Accruing Troubled Debt Restructurings [Member] | 1-4 Family [Member] | ||
TDRs loans | 271 | 585 |
Accruing Troubled Debt Restructurings [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
TDRs loans | 413 | 2,775 |
Accruing Troubled Debt Restructurings [Member] | Commercial Portfolio Segment [Member] | ||
TDRs loans | 58 | 1,976 |
Nonaccrual Troubled Debt Restructurings [Member] | ||
TDRs loans | 2,023 | 4,945 |
Nonaccrual Troubled Debt Restructurings [Member] | Construction Loans [Member] | ||
TDRs loans | 0 | 0 |
Nonaccrual Troubled Debt Restructurings [Member] | 1-4 Family [Member] | ||
TDRs loans | 127 | 145 |
Nonaccrual Troubled Debt Restructurings [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
TDRs loans | 804 | 915 |
Nonaccrual Troubled Debt Restructurings [Member] | Commercial Portfolio Segment [Member] | ||
TDRs loans | 1,092 | 3,885 |
Related Allowance [Member] | ||
TDRs loans | 0 | 0 |
Related Allowance [Member] | Construction Loans [Member] | ||
TDRs loans | 0 | 0 |
Related Allowance [Member] | 1-4 Family [Member] | ||
TDRs loans | 0 | 0 |
Related Allowance [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
TDRs loans | 0 | 0 |
Related Allowance [Member] | Commercial Portfolio Segment [Member] | ||
TDRs loans | $ 0 | $ 0 |
Note 4 - Loans and Allowance_12
Note 4 - Loans and Allowance For Loan Losses - Summary of Average Recorded Investment and Interest Income Recognized for TDRs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Average Recorded Investment | $ 19,607 | $ 24,398 | $ 11,634 |
Interest Income Recognized | 130 | 404 | 198 |
Commercial Portfolio Segment [Member] | |||
Average Recorded Investment | 7,289 | 10,477 | 4,636 |
Interest Income Recognized | 70 | 176 | 31 |
TDR [Member] | |||
Average Recorded Investment | 5,479 | 13,082 | 5,227 |
Interest Income Recognized | 129 | 368 | 228 |
TDR [Member] | Commercial Real Estate Portfolio Segment [Member] | |||
Average Recorded Investment | 1,249 | 5,358 | 2,778 |
Interest Income Recognized | 28 | 174 | 126 |
TDR [Member] | Commercial Portfolio Segment [Member] | |||
Average Recorded Investment | 3,511 | 6,698 | 1,075 |
Interest Income Recognized | 70 | 149 | 53 |
Construction Loans [Member] | TDR [Member] | |||
Average Recorded Investment | 230 | 251 | 438 |
Interest Income Recognized | 15 | 17 | 14 |
1-4 Family [Member] | TDR [Member] | |||
Average Recorded Investment | 489 | 775 | 936 |
Interest Income Recognized | $ 16 | $ 28 | $ 35 |
Note 5 - Other Real Estate Ow_3
Note 5 - Other Real Estate Owned (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Repossessed Assets, Total | $ 682 | $ 2,653 |
Mortgage Loans in Process of Foreclosure, Amount | 600 | 1,300 |
Acquired Loans [Member] | ||
Repossessed Assets, Total | $ 1,700 | $ 100 |
Note 5 - Other Real Estate Ow_4
Note 5 - Other Real Estate Owned - Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, beginning of period | $ 2,653 | $ 663 |
Additions | 3,327 | 1,023 |
Transfers from bank premises and equipment | 525 | 1,850 |
Sales of other real estate owned | (5,823) | (883) |
Balance, end of period | $ 682 | $ 2,653 |
Note 6 - Bank Premises and Eq_3
Note 6 - Bank Premises and Equipment (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 4,435 | $ 4,988 | $ 4,570 |
Gain (Loss) on Disposition of Property Plant Equipment, Total | $ (258) | $ (408) | (38) |
Discontinued Operations, Disposed of by Means Other than Sale [Member] | |||
Number of Bank Branches Closed | 2 | 2 | |
Property, Plant and Equipment, Gross, Ending Balance | $ 500 | $ 1,900 | |
Gain (Loss) on Disposition of Property Plant Equipment, Total | 300 | (400) | |
Bank Premises and Equipment [Member] | |||
Depreciation, Depletion and Amortization, Nonproduction, Total | $ 3,500 | $ 4,000 | $ 3,600 |
Note 6 - Bank Premises and Eq_4
Note 6 - Bank Premises and Equipment - Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Right-of-use asset, gross | $ 2,845 | $ 3,354 |
Less: Accumulated depreciation and amortization | (22,025) | (19,149) |
Bank premises and equipment, net | 49,587 | 58,080 |
Land [Member] | ||
Bank premises and equipment, gross | 11,490 | 15,319 |
Building and Building Improvements [Member] | ||
Bank premises and equipment, gross | 40,799 | 41,962 |
Furniture and Fixtures [Member] | ||
Bank premises and equipment, gross | 13,569 | 13,792 |
Software and Software Development Costs [Member] | ||
Bank premises and equipment, gross | 2,334 | 2,319 |
Construction in Progress [Member] | ||
Bank premises and equipment, gross | $ 575 | $ 483 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Lease Income, Total | $ 0.3 | $ 0.3 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 9 years | |
Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | $ 2.8 | |
Other Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 2.9 |
Note 7 - Leases - Quantitative
Note 7 - Leases - Quantitative Information Regarding Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Total operating lease cost | $ 610 | $ 610 |
Weighted average remaining lease term (in years) (Year) | 7 years | 7 years 9 months 18 days |
Weighted average discount rate | 2.90% | 2.80% |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Lease Payment (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | $ 595 |
2024 | 515 |
2025 | 476 |
2026 | 339 |
2027 | 341 |
Thereafter | 1,012 |
Total | $ 3,278 |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets, Net (Including Goodwill), Total | $ 43,147 | $ 44,036 | |
Goodwill and Intangible Asset Impairment, Total | 0 | 0 | |
Goodwill, Ending Balance | 40,100 | 40,100 | |
Indefinite-Lived Trademarks | 100 | 100 | |
Depreciation and Amortization [Member] | |||
Amortization of Intangible Assets | $ 900 | $ 1,000 | $ 1,000 |
Core Deposits [Member] | |||
Finite-Lived Intangible Assets, Remaining Amortization Period (Year) | 6 years 4 months 24 days | ||
Minimum [Member] | Core Deposits [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||
Maximum [Member] | Core Deposits [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years |
Note 8 - Goodwill and Other I_4
Note 8 - Goodwill and Other Intangible Assets - Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Gross carrying amount | $ 7,486 | $ 7,486 |
Accumulated amortization | (4,527) | (3,638) |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 2,959 | $ 3,848 |
Note 8 - Goodwill and Other I_5
Note 8 - Goodwill and Other Intangible Assets - Amortization Schedule for Core Deposit Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 2,959 | $ 3,848 |
Core Deposits [Member] | ||
2023 | 761 | |
2024 | 643 | |
2025 | 528 | |
2026 | 411 | |
2027 | 288 | |
Thereafter | 328 | |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 2,959 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits Public Funds Amount | $ 167,500 | $ 117,800 |
Debt Securities, Available-for-Sale, Total | 405,167 | 355,509 |
Related Party Deposit Liabilities | 29,900 | 49,400 |
Asset Pledged as Collateral [Member] | Deposits [Member] | ||
Debt Securities, Available-for-Sale, Total | $ 165,500 | $ 107,200 |
Note 9 - Deposits - Deposits (D
Note 9 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Noninterest-bearing | $ 580,741 | $ 585,465 |
Interest-bearing demand deposits | 565,598 | 650,868 |
Money market deposit accounts | 208,596 | 255,501 |
Savings accounts | 155,176 | 180,837 |
Time deposits | 572,254 | 447,595 |
Total deposits | $ 2,082,365 | $ 2,120,266 |
Note 9 - Deposits - Summarizes
Note 9 - Deposits - Summarizes Outstanding Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
$0 to $99,999 | $ 150,041 | $ 151,963 |
$100,000 to $249,999 | 266,456 | 203,922 |
$250,000 and above | 155,757 | 91,710 |
Time Deposits, Total | $ 572,254 | $ 447,595 |
Note 9 - Deposits - Contractual
Note 9 - Deposits - Contractual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Three months or less | $ 147,477 | $ 71,728 |
Over three months through six months | 43,695 | 52,784 |
Over six months through twelve months | 176,874 | 97,370 |
Over one year through three years | 49,278 | 63,453 |
Over three years | 4,889 | 10,297 |
Time Deposits, $100,000 or More, Total | $ 422,213 | $ 295,632 |
Note 9 - Deposits - Scheduled M
Note 9 - Deposits - Scheduled Maturates of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 485,317 | |
2024 | 68,052 | |
2025 | 10,364 | |
2026 | 5,293 | |
2027 | 3,228 | |
Time Deposits, Total | $ 572,254 | $ 447,595 |
Note 10 - Securities Sold Und_2
Note 10 - Securities Sold Under Agreements to Repurchase (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Securities Sold under Agreements to Repurchase, Total | $ 0 | $ 5,783 | |
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 11,000 | ||
Assets Sold under Agreements to Repurchase, Interest Rate | 0.15% | ||
Assets Sold under Agreements to Repurchase, Weighted Average Interest Rate | 0.15% | 0.21% | 0.30% |
Note 11 - Subordinated Debt S_2
Note 11 - Subordinated Debt Securities (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Apr. 06, 2022 | Nov. 12, 2019 | May 24, 2017 | Dec. 31, 2022 | Dec. 31, 2021 |
Subordinated Debt, Ending Balance | $ 44,225 | $ 42,989 | ||||
Subordinated Debt [Member] | ||||||
Debt Instrument, Face Amount | $ 20,000 | $ 25,000 | $ 18,600 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | 6% | 5.125% | ||
Extinguishment of Debt, Amount | $ 18,600 | |||||
Subordinated Debt, Ending Balance | $ 44,200 | 43,000 | ||||
Debt Issuance Costs, Net, Total | $ 800 | $ 600 | ||||
Subordinated Debt [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.77% | |||||
Subordinated Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.49% | 3.945% |
Note 12 - Other Borrowed Fund_2
Note 12 - Other Borrowed Funds (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, General Debt Obligations, Amount of Available, Unused Funds | $ 533,100 | |
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | 8,515 | $ 8,384 |
Secured Debt [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | 60,000 | 60,000 |
Long-term Line of Credit, Total | 0 | $ 0 |
Loan Portfolio [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 930,100 | |
Securities Investment [Member] | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 600 |
Note 12 - Other Borrowed Fund_3
Note 12 - Other Borrowed Funds - Federal Home Loan Bank Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 333,500 | $ 0 |
2023, weighted average rate | 4.55% | 0% |
2024 | $ 23,500 | $ 23,500 |
2024, weighted average rate | 1.81% | 1.81% |
2028 | $ 0 | $ 25,000 |
2028, weighted average rate | 0% | 1.77% |
2033 | $ 30,000 | $ 30,000 |
2033, weighted average rate | 1.88% | 1.88% |
Advance from Federal Home Loan Bank, Total | $ 387,000 | $ 78,500 |
Weighted average rate | 4.18% | 1.82% |
Note 12 - Other Borrowing Funds
Note 12 - Other Borrowing Funds - Junior Subordinated Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Face Value | $ 9,795 | |
Carrying Value | 8,515 | $ 8,384 |
First Community Louisiana Statutory Trust I [Member] | ||
Face Value | 3,609 | |
Carrying Value | $ 3,609 | |
Interest rate | 6.54% | |
First Community Louisiana Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Variable Interest Rate | 1.77% | |
BOJ Bancshares Statutory Trust I [Member] | ||
Face Value | $ 3,093 | |
Carrying Value | $ 2,450 | |
Interest rate | 6.67% | |
BOJ Bancshares Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Variable Interest Rate | 1.90% | |
Cheaha Statutory Trust I [Member] | ||
Face Value | $ 3,093 | |
Carrying Value | $ 2,456 | |
Interest rate | 6.47% | |
Cheaha Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Variable Interest Rate | 1.70% |
Note 13 - Derivative Financia_2
Note 13 - Derivative Financial Instruments (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ 6,380,000 | $ 1,450,000 | $ 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1,697,000 | 385,000 | 0 |
Interest Rate Swap [Member] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 4,300,000 | 5,300,000 | (2,300,000) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | 1,200,000 | 1,400,000 | $ (600,000) |
Interest Rate Swap [Member] | Swap Termination Fees [Member] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 6,400,000 | 1,400,000 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 1,700,000 | 400,000 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative, Notional Amount | 0 | 0 | |
Derivative, Terminated, Notional Amount | 150,000,000 | ||
Derivative Liability, Fair Value, Gross Liability, Total | 2,600,000 | ||
Derivative Liability, Fair Value, Gross Asset | 29,000 | ||
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 | 0 | $ 115,000,000 | |
Derivative, Terminated, Notional Amount | $ 115,000,000 |
Note 14 - Stockholders' Equit_2
Note 14 - Stockholders' Equity (Details Textual) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 06, 2022 | Nov. 12, 2019 | May 24, 2017 | |
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | 5,000,000 | ||||
Common Stock, Shares Authorized (in shares) | 40,000,000 | 40,000,000 | ||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 9,901,847 | 10,343,494 | 10,608,869 | |||
Subordinated Debt [Member] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.125% | 5.125% | 5.125% | 6% | ||
Common Stock [Member] | ||||||
Stock Repurchased During Period, Shares (in shares) | 518,978 | 359,138 | 661,504 | |||
Shares Issued, Price Per Share (in dollars per share) | $ 20.27 | $ 19.24 | $ 16.75 |
Note 14 - Stockholders' Equit_3
Note 14 - Stockholders' Equity - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance | $ 242,598 | $ 243,284 | $ 241,976 |
Net change | (50,076) | (642) | (86) |
Balance | 215,782 | 242,598 | 243,284 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | 4,882 | 7,493 | 3,476 |
Net change | (48,019) | (2,611) | 4,017 |
Balance | (43,137) | 4,882 | 7,493 |
Accumulated Net Realized Gain (Loss) On Reclassification [Member] | |||
Balance | (5,772) | (3,939) | (2,131) |
Net change | (5) | (1,833) | (1,808) |
Balance | (5,777) | (5,772) | (3,939) |
Accumulated Net (Loss) On Transfer of Available For Sale Securities To Held To Maturity [Member] | |||
Balance | 2 | 3 | 4 |
Net change | (1) | (1) | (1) |
Balance | 1 | 2 | 3 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | 3,501 | (1,752) | 542 |
Net change | 4,329 | 5,253 | (2,294) |
Balance | 7,830 | 3,501 | (1,752) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Reclassification, Parent [Member] | |||
Balance | (1,450) | 0 | 0 |
Net change | (6,380) | (1,450) | 0 |
Balance | (7,830) | (1,450) | 0 |
AOCI Attributable to Parent [Member] | |||
Balance | 1,163 | 1,805 | 1,891 |
Net change | (50,076) | (642) | (86) |
Balance | $ (48,913) | $ 1,163 | $ 1,805 |
Note 15 - Stock-based Compens_3
Note 15 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 34,379 | 38,450 | 58,993 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 1.4 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | 1.3 | ||
Stock or Unit Option Plan Expense | 0.2 | ||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0.3 | ||
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 1 month 6 days | ||
Restricted Stock and Restricted Stock Units [Member] | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 3 months 18 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 134,524 | 129,082 | |
Share-Based Payment Arrangement, Expense | $ 2 | $ 1.6 | $ 1.4 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 3.7 | ||
Key Personnel [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 34,379 | 38,450 | 58,993 |
Key Personnel [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20% | ||
Key Personnel [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20% | ||
Key Personnel [Member] | Share-Based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Four [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20% | ||
Key Personnel [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20% | ||
Key Personnel [Member] | Share-Based Payment Arrangement, Option [Member] | Share-based Payment Arrangement, Tranche Five [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 20% | ||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 5 years | ||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | ||
Employees [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | ||
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period (Year) | 2 years | ||
Employees and Directors [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 134,524 | 129,082 | 102,953 |
Employees and Directors [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 5 years | 5 years | 5 years |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 114,554 | 105,294 | 91,268 |
Employees and Directors [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | 2 years | 2 years |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 19,970 | 23,788 | 11,685 |
A 2017 Long Term Incentive Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,200,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 600,000 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 627,958 |
Note 15 - Stock-based Compens_4
Note 15 - Stock-based Compensation - Schedule of Stock Option Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Outstanding, shares (in shares) | 368,481 | 408,288 | 357,214 | |
Outstanding, weighted average price (in dollars per share) | $ 18.10 | $ 17.66 | $ 16.96 | |
Outstanding, weighted average remaining contractual term (Year) | 4 years 2 months 8 days | 5 years 18 days | 5 years 6 months 25 days | 5 years 11 months 4 days |
Granted, shares (in shares) | 34,379 | 38,450 | 58,993 | |
Granted, weighted average price (in dollars per share) | $ 18.92 | $ 20.72 | $ 16.96 | |
Forfeited, shares (in shares) | (42,930) | (30,869) | (4,585) | |
Forfeited, weighted average price (in dollars per share) | $ 21.36 | $ 19.56 | $ 21.36 | |
Exercised, shares (in shares) | (9,500) | (47,388) | (3,334) | |
Exercised, weighted average price (in dollars per share) | $ 14 | $ 15.44 | $ 14 | |
Outstanding, shares (in shares) | 350,430 | 368,481 | 408,288 | 357,214 |
Outstanding, weighted average price (in dollars per share) | $ 17.89 | $ 18.10 | $ 17.66 | $ 16.96 |
Exercisable, shares (in shares) | 280,550 | |||
Exercisable, weighted average price (in dollars per share) | $ 17.14 | |||
Exercisable, weighted average remaining contractual term (Year) | 3 years 4 months 17 days |
Note 15 - Stock-Based Compens_5
Note 15 - Stock-Based Compensation - Restricted Stock and Restricted Stock Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Dividend yield | 1.70% | 1.35% |
Expected volatility | 38.74% | 39.23% |
Risk-free interest rate | 2.50% | 1.25% |
Expected term (in years) (Year) | 6 years 6 months | 6 years 6 months |
Weighted average grant date fair value (in dollars per share) | $ 6.69 | $ 7.23 |
Note 15 - Stock-based Compens_6
Note 15 - Stock-based Compensation Summarizes Restricted Stock and RSU Activity (Details) - Restricted Stock and Restricted Stock Units [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, shares (in shares) | 241,070 | 207,146 |
Balance, beginning of period, weighted average grant date fair value (in dollars per share) | $ 21.16 | $ 22.23 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 134,524 | 129,082 |
Granted, weighted average grant date fair value (in dollars per share) | $ 19.09 | $ 19.91 |
Forfeited, shares (in shares) | (30,169) | (29,642) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 20.34 | $ 21.79 |
Earned and issued, shares (in shares) | (91,937) | (65,516) |
Earned and issued, weighted average grant date fair value (in dollars per share) | $ 21.14 | $ 21.64 |
Balance, shares (in shares) | 253,488 | 241,070 |
Balance, end of period, weighted average grant date fair value (in dollars per share) | $ 20.19 | $ 21.16 |
Note 16 - Employee Benefit Pl_2
Note 16 - Employee Benefit Plans (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Apr. 01, 2021 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Eligibility For Participation Requisite Age Of Employees (Year) | 21 years | ||||
Minimum Service Period for Participation in Defined Benefit Plan (Month) | 3 months | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% | ||||
Defined Contribution Plan, Cost | $ 1 | $ 1 | $ 0.9 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.1 | 0.2 | |||
Defined Contribution Plan, Employers Discretionary Contribution, Annual Vesting Percentage | 20% | 20% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount, Award Vesting Period (Year) | 5 years | ||||
Defined Contribution Plan, Award Requisite Service Period (Year) | 2 years | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount Total Award Vesting Period (Year) | 6 years | ||||
Deferred Compensation Arrangement With Individual, Requisite Age Of Employees (Year) | 65 years | ||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term (Month) | 120 months | ||||
Deferred Compensation Arrangement With Individual, Reduced Payments, Maximum Age Upon Termination (Year) | 65 years | ||||
Deferred Compensation Arrangement With Individual, Monthly Distribution | $ 2 | $ 2 | |||
Deferred Compensation Liability, Current and Noncurrent, Total | 5.2 | 5.2 | 4.3 | ||
Deferred Compensation Arrangement with Individual, Allocated Share-Based Compensation Expense | 0.2 | ||||
Salaries and Employee Benefits [Member] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | 1 | $ 0.7 | $ 0.4 | ||
Citizens Bancshares Inc [Member] | |||||
Deferred Compensation Arrangement With Individual, Monthly Distribution | $ 2 | $ 2 | |||
Cheaha Financial Group [Member] | |||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term (Month) | 15 years | ||||
Deferred Compensation Liability, Current and Noncurrent, Total | $ 1.7 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% |
Operating Loss Carryforwards | $ 0.9 | $ 1.5 | |
Tax Year 2033 [Member] | |||
Operating Loss Carryforwards Subject to Expiration | 0.1 | ||
Tax Year 2039 [Member] | |||
Operating Loss Carryforwards Subject to Expiration | $ 0.8 |
Note 17 - Income Taxes - Income
Note 17 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current federal income tax expense | $ 9,075 | $ 2,315 | $ 4,805 |
Current state income tax expense | 219 | 141 | 33 |
Deferred federal income tax expense | (655) | (547) | (1,388) |
Total income tax expense | $ 8,639 | $ 1,909 | $ 3,450 |
Note 17 - Income Taxes - Summar
Note 17 - Income Taxes - Summary of Provision for Federal Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax based on statutory rate | $ 9,313 | $ 2,081 | $ 3,641 |
Effect of tax-exempt income | (873) | (348) | (299) |
Acquisition costs | 0 | 72 | 0 |
Historical tax credits | 0 | (54) | 29 |
State taxes | 219 | 141 | 33 |
Other | (20) | 17 | 46 |
Total income tax expense | $ 8,639 | $ 1,909 | $ 3,450 |
Effective rate | 19.50% | 19.30% | 19.90% |
Note 17 - Income Taxes - Summ_2
Note 17 - Income Taxes - Summary of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Depreciation | $ (3,441) | $ (4,024) |
FHLB stock dividend | (103) | (71) |
Unrealized gain on available for sale securities | 0 | (309) |
Basis difference in acquired assets and liabilities | (1,129) | (1,233) |
Operating lease right-of-use asset | (598) | (704) |
Other | (46) | (167) |
Gross deferred tax liability | (5,317) | (6,508) |
Allowance for loan losses | 5,180 | 4,502 |
Unrealized loss on available for sale securities | 13,235 | 0 |
Net operating loss carryforward | 193 | 316 |
Deferred compensation | 1,099 | 903 |
Basis difference in acquired assets and liabilities | 440 | 709 |
Employee and director stock awards | 576 | 553 |
Operating lease liability | 619 | 725 |
Unearned loan fees | 269 | 379 |
Employee Retention Credit | 0 | 498 |
Other | 144 | 162 |
Gross deferred tax asset | 21,755 | 8,747 |
Net deferred tax asset | $ 16,438 | $ 2,239 |
Note 18 - Fair Values of Fina_3
Note 18 - Fair Values of Financial Instruments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 9,835 | $ 0 | |
Corporate Debt Securities [Member] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 500 | ||
Small Business Investment Company Qualified funds and Other Investment Funds [Member] | Other Assets [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||
Investments, Fair Value Disclosure, Total | $ 2,800 | $ 1,800 |
Note 18 - Fair Values of Fina_4
Note 18 - Fair Values of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value | $ 405,167 | $ 355,509 |
Equity securities | 1,245 | 1,810 |
Total assets | 406,412 | 359,918 |
Derivative financial instruments | 2,599 | |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 1,245 | 1,810 |
Total assets | 1,245 | 1,810 |
Derivative financial instruments | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Total assets | 398,723 | 335,506 |
Derivative financial instruments | 2,599 | |
Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Total assets | 6,444 | 22,602 |
Derivative financial instruments | 0 | |
US Government Corporations and Agencies Securities [Member] | ||
Fair Value | 29,805 | 21,268 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 29,805 | 21,268 |
US Government Corporations and Agencies Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value | 18,378 | 32,585 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 12,413 | 10,471 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 5,965 | 22,114 |
Corporate Debt Securities [Member] | ||
Fair Value | 29,942 | 27,667 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 29,463 | 27,179 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 479 | 488 |
Residential Mortgage-Backed Securities [Member] | ||
Fair Value | 251,851 | 199,904 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 251,851 | 199,904 |
Residential Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value | 75,191 | 74,085 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value | 75,191 | 74,085 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value | $ 0 | $ 0 |
Note 18 - Fair Values of Fina_5
Note 18 - Fair Values of Financial Instruments - Reconciliation for Assets Measured at Fair Value on Recurring Basis Using significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 22,602 | $ 18,516 |
Realized gains (losses) included in net income | 0 | 0 |
Unrealized losses included in other comprehensive loss | (1,483) | (1,018) |
Purchases | 0 | 5,000 |
Sales | 0 | 0 |
Maturities, prepayments, and calls | (4,840) | (388) |
Transfers into Level 3 | 0 | 492 |
Transfers out of Level 3 | (9,835) | 0 |
Balance | 6,444 | 22,602 |
US States and Political Subdivisions Debt Securities [Member] | ||
Balance | 22,114 | 18,516 |
Realized gains (losses) included in net income | 0 | 0 |
Unrealized losses included in other comprehensive loss | (1,474) | (1,014) |
Purchases | 0 | 5,000 |
Sales | 0 | 0 |
Maturities, prepayments, and calls | (4,840) | (388) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (9,835) | 0 |
Balance | 5,965 | 22,114 |
Corporate Debt Securities [Member] | ||
Balance | 488 | 0 |
Realized gains (losses) included in net income | 0 | 0 |
Unrealized losses included in other comprehensive loss | (9) | (4) |
Purchases | 0 | 0 |
Sales | 0 | 0 |
Maturities, prepayments, and calls | 0 | 0 |
Transfers into Level 3 | 0 | 492 |
Transfers out of Level 3 | 0 | 0 |
Balance | $ 479 | $ 488 |
Note 18 - Fair Values of Fina_6
Note 18 - Fair Values of Financial Instruments - Quantitative Information About Significant Unobservable Inputs Used in Fair Value Measurement (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | ||
Fair Value | $ 405,167 | $ 355,509 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Fair Value | 18,378 | 32,585 | ||
Corporate Debt Securities [Member] | ||||
Fair Value | 29,942 | 27,667 | ||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | US States and Political Subdivisions Debt Securities [Member] | ||||
Fair Value | [1] | $ 5,965 | $ 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] | 0.12 | 0.02 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Appraised Value [Member] | Corporate Debt Securities [Member] | ||||
Fair Value | $ 479 | [1] | $ 488 | |
Investment securities, measurement input | 0.04 | [1] | 0.02 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | ||||
Impaired loans | $ 4,033 | $ 12,703 | ||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Minimum [Member] | ||||
Impaired loans, measurement input | 0.04 | 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 | 1 | ||
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Collateral Discounts and Estimated Costs to Sell [Member] | Weighted Average [Member] | ||||
Impaired loans, measurement input | 0.53 | 0.60 | ||
[1]Fair values determined through valuation analysis using coupon, yield (discount margin), liquidity and expected repayment dates. |
Note 18 - Fair Values of Fina_7
Note 18 - Fair Values of Financial Instruments - Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value | $ 405,167 | $ 355,509 |
Equity securities | 1,245 | 1,810 |
Junior subordinated debt | 8,515 | 8,384 |
Derivative financial instruments | 2,599 | |
Fair Value, Inputs, Level 1 [Member] | ||
Equity securities | 1,245 | 1,810 |
Derivative financial instruments | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 2,599 | |
Fair Value, Inputs, Level 3 [Member] | ||
Equity securities | 0 | 0 |
Derivative financial instruments | 0 | |
Reported Value Measurement [Member] | ||
Cash and due from banks | 40,066 | 96,541 |
Federal funds sold | 193 | 500 |
Fair Value | 413,472 | 365,764 |
Equity securities | 27,254 | 16,803 |
Loans, net of allowance | 2,080,403 | 1,851,153 |
Deposits, noninterest-bearing | 580,741 | 585,465 |
Deposits, interest-bearing | 1,501,624 | 1,534,801 |
FHLB short-term advances | 333,500 | 5,783 |
FHLB long-term advances | 53,500 | 78,500 |
Junior subordinated debt | 8,515 | 8,384 |
Subordinated debt | 45,000 | 43,600 |
Loans held for sale | 620 | |
Derivative financial instruments | 2,599 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 40,066 | 96,541 |
Federal funds sold | 193 | 500 |
Fair Value | 413,089 | 366,236 |
Equity securities | 27,254 | 16,803 |
Loans, net of allowance | 1,997,287 | 1,866,657 |
Deposits, noninterest-bearing | 580,741 | 585,465 |
Deposits, interest-bearing | 1,314,407 | 1,538,052 |
FHLB short-term advances | 333,500 | 5,783 |
FHLB long-term advances | 52,147 | 77,229 |
Junior subordinated debt | 8,515 | 8,384 |
Subordinated debt | 42,980 | 38,545 |
Loans held for sale | 625 | |
Derivative financial instruments | 2,599 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 40,066 | 96,541 |
Federal funds sold | 193 | 500 |
Fair Value | 0 | 0 |
Equity securities | 1,245 | 1,810 |
Loans, net of allowance | 0 | 0 |
Deposits, noninterest-bearing | 0 | 0 |
Deposits, interest-bearing | 0 | 0 |
FHLB short-term advances | 0 | 0 |
FHLB long-term advances | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Subordinated debt | 0 | 0 |
Loans held for sale | 0 | |
Derivative financial instruments | 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 |
Fair Value | 401,233 | 336,357 |
Equity securities | 26,009 | 14,993 |
Loans, net of allowance | 0 | 0 |
Deposits, noninterest-bearing | 580,741 | 585,465 |
Deposits, interest-bearing | 0 | 0 |
FHLB short-term advances | 333,500 | 5,783 |
FHLB long-term advances | 0 | 0 |
Junior subordinated debt | 0 | 0 |
Subordinated debt | 42,980 | 38,545 |
Loans held for sale | 0 | |
Derivative financial instruments | 2,599 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Federal funds sold | 0 | 0 |
Fair Value | 11,856 | 29,879 |
Equity securities | 0 | 0 |
Loans, net of allowance | 1,997,287 | 1,866,657 |
Deposits, noninterest-bearing | 0 | 0 |
Deposits, interest-bearing | 1,314,407 | 1,538,052 |
FHLB short-term advances | 0 | 0 |
FHLB long-term advances | 52,147 | 77,229 |
Junior subordinated debt | 8,515 | 8,384 |
Subordinated debt | $ 0 | 0 |
Loans held for sale | 625 | |
Derivative financial instruments | $ 0 |
Note 19 - Regulatory Matters (D
Note 19 - Regulatory Matters (Details Textual) | Dec. 31, 2022 | Dec. 31, 2021 |
Banking Regulation, Capital Conservation Buffer, Capital Conserved, Minimum | 0.025 | 0.025 |
Note 19 - Regulatory Matters -
Note 19 - Regulatory Matters - Summary of Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Parent Company [Member] | |||
Tier 1 leverage capital, actual amount | $ 231,048 | $ 206,899 | |
Tier 1 leverage capital, actual ratio | 0.0853 | 0.0812 | |
Tier 1 leverage capital, capital adequacy amount | [1] | $ 108,405 | $ 101,983 |
Tier 1 leverage capital, capital adequacy ratio | [1] | 4% | 4% |
Common Equity Tier 1 risk-based capital, actual amount | $ 221,548 | $ 197,399 | |
Common Equity Tier 1 risk-based capital, actual ratio | 0.0979 | 0.0945 | |
Common Equity Tier 1 risk-based capital, capital adequacy amount | [1] | $ 158,457 | $ 146,291 |
Common Equity Tier 1 risk-based capital, capital adequacy ratio | [1] | 7% | 7% |
Tier 1 risk-based capital, actual amount | $ 231,048 | $ 206,899 | |
Tier 1 risk-based capital, actual ratio | 0.1021 | 0.0990 | |
Tier 1 risk-based capital, capital adequacy amount | [1] | $ 192,412 | $ 177,639 |
Tier 1 risk-based capital, capital adequacy ratio | [1] | 8.50% | 8.50% |
Total risk-based capital, actual amount | $ 300,009 | $ 271,416 | |
Total risk-based capital, actual ratio | 0.1325 | 0.1299 | |
Total risk-based capital, capital adequacy amount | [1] | $ 237,685 | $ 219,436 |
Total risk-based capital, capital adequacy ratio | [1] | 10.50% | 10.50% |
Subsidiaries [Member] | |||
Tier 1 leverage capital, actual amount | $ 267,603 | $ 244,541 | |
Tier 1 leverage capital, actual ratio | 0.0989 | 0.0960 | |
Tier 1 leverage capital, capital adequacy amount | [1] | $ 108,275 | $ 101,851 |
Tier 1 leverage capital, capital adequacy ratio | [1] | 4% | 4% |
Tier 1 leverage capital, well capitalized amount | $ 135,344 | $ 127,313 | |
Tier 1 leverage capital, well capitalized ratio | 0.0500 | 0.0500 | |
Common Equity Tier 1 risk-based capital, actual amount | $ 267,603 | $ 244,541 | |
Common Equity Tier 1 risk-based capital, actual ratio | 0.1183 | 0.1172 | |
Common Equity Tier 1 risk-based capital, capital adequacy amount | [1] | $ 158,355 | $ 146,086 |
Common Equity Tier 1 risk-based capital, capital adequacy ratio | [1] | 7% | 7% |
Common Equity Tier 1 risk-based capital, well capitalized amount | $ 147,044 | $ 135,651 | |
Common Equity Tier 1 risk-based capital, well capitalized ratio | 0.0650 | 0.0650 | |
Tier 1 risk-based capital, actual amount | $ 267,603 | $ 244,541 | |
Tier 1 risk-based capital, actual ratio | 0.1183 | 0.1172 | |
Tier 1 risk-based capital, capital adequacy amount | [1] | $ 192,288 | $ 177,390 |
Tier 1 risk-based capital, capital adequacy ratio | [1] | 8.50% | 8.50% |
Tier 1 risk-based capital, well capitalized amount | $ 180,977 | $ 166,956 | |
Tier 1 risk-based capital, well capitalized ratio | 0.0800 | 0.0800 | |
Total risk-based capital, actual amount | $ 292,339 | $ 266,069 | |
Total risk-based capital, actual ratio | 0.1292 | 0.1275 | |
Total risk-based capital, capital adequacy amount | [1] | $ 237,532 | $ 219,129 |
Total risk-based capital, capital adequacy ratio | [1] | 10.50% | 10.50% |
Total risk-based capital, well capitalized amount | $ 226,221 | $ 208,694 | |
Total risk-based capital, well capitalized ratio | 0.1000 | 0.1000 | |
[1]The minimum ratios and amounts under the column for Capital Adequacy for December 31, 2021 and December 31, 2020 reflect the minimum regulatory capital ratios imposed under Basel III plus the fully phased-in capital conservation buffer of 2.5%. |
Note 20 - Commitments and Con_3
Note 20 - Commitments and Contingencies (Details Textual) - USD ($) | Aug. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Commitment to Lend | $ 400,000 | $ 700,000 | |
Commitment to Fund Investment in SBIC Qualified Funds | 1,900,000 | ||
Chief Executive Officer [Member] | |||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 510,000 | ||
Chief Financial Officer [Member] | |||
Salary and Wage, Officer, Excluding Cost of Good and Service Sold | $ 285,000 | ||
Other Liabilities [Member] | |||
Financing Receivable, Commitment to Lend | $ 400,000 | $ 700,000 |
Note 20 - Commitments and Con_4
Note 20 - Commitments and Contingencies - Commitments to Extend Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to Extend Credit [Member] | ||
Commitments to extend credit | $ 333,040 | $ 349,701 |
Standby Letters of Credit [Member] | ||
Commitments to extend credit | $ 11,379 | $ 18,259 |
Note 21 - Transactions with R_2
Note 21 - Transactions with Related Parties (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
May 29, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Court Plaza Investments, LLC [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 1,800 | |||
Joffrion Commercial Division, LLC (JCD) [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 0 | $ 100 | $ 900 |
Note 22 - Parent Company Only_3
Note 22 - Parent Company Only Financial Statements - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||||
Cash and due from banks | $ 30,056 | $ 38,601 | ||
Equity securities | 27,254 | 16,803 | ||
Trademark intangible | 100 | 100 | ||
Other assets | 12,437 | 12,385 | ||
Total assets | 2,753,807 | 2,513,203 | ||
LIABILITIES | ||||
Subordinated debt, net of unamortized issuance costs | 44,225 | 42,989 | ||
Carrying Value | 8,515 | 8,384 | ||
Total liabilities | 2,538,025 | 2,270,605 | ||
STOCKHOLDERS’ EQUITY | ||||
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 9,901,847 and 10,343,494 shares issued and outstanding, respectively | 9,902 | 10,343 | ||
Retained earnings | 108,206 | 76,160 | ||
Accumulated other comprehensive (loss) income | (48,913) | 1,163 | ||
Total stockholders’ equity | 215,782 | 242,598 | $ 243,284 | $ 241,976 |
Total liabilities and stockholders’ equity | 2,753,807 | 2,513,203 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Cash and due from banks | 6,153 | 3,193 | ||
Equity securities | 823 | 1,333 | ||
Due from bank subsidiary | 937 | 968 | ||
Investment in bank subsidiary | 261,737 | 289,640 | ||
Investment in trust | 295 | 295 | ||
Trademark intangible | 100 | 100 | ||
Other assets | 518 | 299 | ||
Total assets | 270,563 | 295,828 | ||
LIABILITIES | ||||
Subordinated debt, net of unamortized issuance costs | 44,225 | 42,989 | ||
Carrying Value | 8,515 | 8,384 | ||
Accounts payable | 253 | 87 | ||
Accrued interest payable | 567 | 609 | ||
Dividend payable | 941 | 829 | ||
Deferred tax liability | 280 | 332 | ||
Total liabilities | 54,781 | 53,230 | ||
STOCKHOLDERS’ EQUITY | ||||
Common stock, $1.00 par value per share; 40,000,000 shares authorized; 9,901,847 and 10,343,494 shares issued and outstanding, respectively | 9,902 | 10,343 | ||
Surplus | 146,587 | 154,932 | ||
Retained earnings | 108,206 | 76,160 | ||
Accumulated other comprehensive (loss) income | (48,913) | 1,163 | ||
Total stockholders’ equity | 215,782 | 242,598 | ||
Total liabilities and stockholders’ equity | $ 270,563 | $ 295,828 |
Note 22 - Parent Company Only_4
Note 22 - Parent Company Only Financial Statements - Statements of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUE | |||
Change in the fair value of equity securities | $ (90) | $ 214 | $ 268 |
EXPENSE | |||
Interest on borrowings | 8,534 | 4,241 | 4,884 |
Loss on early extinguishment of subordinated debt | 222 | 0 | 0 |
Acquisition expense | 0 | 2,448 | 1,062 |
Income tax benefit | (8,639) | (1,909) | (3,450) |
Net income | 35,709 | 8,000 | $ 13,889 |
Parent Company [Member] | |||
REVENUE | |||
Dividends received from bank subsidiary | 17,000 | 35,000 | |
Dividends on corporate stock | 19 | 29 | |
Change in the fair value of equity securities | (35) | 228 | |
Interest income from investment in trust | 11 | 5 | |
Total revenue | 16,995 | 35,262 | |
EXPENSE | |||
Interest on borrowings | 3,137 | 2,777 | |
Management fees to bank subsidiary | 360 | 360 | |
Loss on early extinguishment of subordinated debt | 222 | 0 | |
Acquisition expense | 0 | 22 | |
Other expense | 666 | 411 | |
Total expense | 4,385 | 3,570 | |
Income before income taxes and equity in undistributed income (loss) of bank subsidiary | 12,610 | 31,692 | |
Equity in undistributed income (loss) of bank subsidiary | 22,172 | (24,440) | |
Income tax benefit | 927 | 748 | |
Net income | $ 35,709 | $ 8,000 |
Note 22 - Parent Company Only_5
Note 22 - Parent Company Only Financial Statements - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 35,709 | $ 8,000 | $ 13,889 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Change in the fair value of equity securities | 90 | (214) | (268) |
Amortization of subordinated debt issuance costs | 66 | 92 | 71 |
Loss on early extinguishment of subordinated debt | 222 | 0 | 0 |
Net change in: | |||
Other assets | (1,732) | (3,086) | (953) |
Accrued other liabilities | 695 | (1,042) | (4,372) |
Net cash provided by operating activities | 42,748 | 33,481 | 17,749 |
Cash flows from investing activities | |||
Purchases of equity securities | (11,615) | (523) | (6,165) |
Purchases of other investments | (718) | (233) | 0 |
Net cash (used in) provided by investing activities | (350,987) | 53,399 | (148,143) |
Cash flows from financing activities | |||
Cash dividends paid on common stock | (3,552) | (3,090) | (2,686) |
Payments to repurchase common stock | (10,540) | (6,925) | (11,112) |
Proceeds from stock options exercised | 133 | 732 | 46 |
Proceeds from subordinated debt, net of issuance costs | 19,548 | 0 | 0 |
Extinguishment of subordinated debt | (18,600) | 0 | 0 |
Net cash provided by (used in) financing activities | 251,457 | (25,207) | 121,067 |
Net (decrease) increase in cash and cash equivalents | (56,782) | 61,673 | (9,327) |
Cash and cash equivalents, beginning of period | 97,041 | 35,368 | 44,695 |
Cash and cash equivalents, end of period | 40,259 | 97,041 | 35,368 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest on deposits and borrowings | 14,409 | 11,817 | 20,702 |
Parent Company [Member] | |||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | 35,709 | 8,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of bank subsidiary | (22,172) | 24,440 | |
Change in the fair value of equity securities | 35 | (228) | |
Amortization of subordinated debt issuance costs | 197 | 200 | |
Loss on early extinguishment of subordinated debt | 222 | 0 | |
Net change in: | |||
Due from bank subsidiary | 31 | (59) | |
Other assets | 5 | 18 | |
Deferred tax asset | (52) | 180 | |
Accrued other liabilities | 1,746 | 1,341 | |
Net cash provided by operating activities | 15,721 | 33,892 | |
Cash flows from investing activities | |||
Purchases of equity securities | (750) | (500) | |
Proceeds from the sale of equity securities | 1,225 | 574 | |
Purchases of other investments | (225) | (233) | |
Cash paid for acquisition of Cheaha Financial Group, net of cash acquired | 0 | (40,935) | |
Net cash (used in) provided by investing activities | 250 | (41,094) | |
Cash flows from financing activities | |||
Cash dividends paid on common stock | (3,552) | (3,090) | |
Payments to repurchase common stock | (10,540) | (6,925) | |
Proceeds from stock options exercised | 133 | 732 | |
Proceeds from subordinated debt, net of issuance costs | 19,548 | 0 | |
Extinguishment of subordinated debt | (18,600) | 0 | |
Net cash provided by (used in) financing activities | (13,011) | (9,283) | |
Net (decrease) increase in cash and cash equivalents | 2,960 | (16,485) | |
Cash and cash equivalents, beginning of period | 3,193 | 19,678 | |
Cash and cash equivalents, end of period | 6,153 | 3,193 | $ 19,678 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||
Interest on deposits and borrowings | $ 3,179 | $ 2,774 |
Note 23 - Earnings Per Share -
Note 23 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income | $ 35,709 | $ 8,000 | $ 13,889 |
Less: income allocated to participating securities | (33) | (21) | (73) |
Net income allocated to common shareholders | $ 35,676 | $ 7,979 | $ 13,816 |
Weighted average basic shares outstanding (in shares) | 10,085,758 | 10,416,145 | 10,850,936 |
Basic earnings per common share (in dollars per share) | $ 3.54 | $ 0.77 | $ 1.27 |
Net income allocated to common shareholders | $ 35,676 | $ 7,979 | $ 13,816 |
Dilutive effect of securities (in shares) | 94,951 | 84,157 | 14,911 |
Total weighted average diluted shares outstanding (in shares) | 10,180,709 | 10,500,302 | 10,865,847 |
Diluted earnings per common share (in dollars per share) | $ 3.50 | $ 0.76 | $ 1.27 |
Note 23 - Earnings Per Share _2
Note 23 - Earnings Per Share - Antidilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement, Option [Member] | |||
Antidilutive Securities (in shares) | 15,361 | 869 | 71 |
Restricted Stock [Member] | |||
Antidilutive Securities (in shares) | 135 | 431 | 10,968 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities (in shares) | 15,176 | 20,828 | 62,754 |
Note 24 - Subsequent Events (De
Note 24 - Subsequent Events (Details Textual) - USD ($) $ in Thousands | Jan. 27, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, after Allowance for Credit Loss, Total | $ 2,080,403 | $ 1,851,153 | |
Deposits, Total | $ 2,082,365 | $ 2,120,266 | |
Subsequent Event [Member] | |||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (800) | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Subsequent Event [Member] | |||
Financing Receivable, after Allowance for Credit Loss, Total | 13,900 | ||
Deposits, Total | 14,500 | ||
Gain (Loss) on Termination of Lease | (300) | ||
Other Nonoperating Expense | $ 300 |