Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 19, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | Parkway Acquisition Corp. | ||
Entity Central Index Key | 0001657642 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,067,275 | ||
Entity Public Float | $ 68,457,628 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 8,388 | $ 8,858 |
Interest-bearing deposits with banks | 34,861 | 12,159 |
Federal funds sold | 1,138 | 18,990 |
Investment securities available for sale | 32,881 | 45,428 |
Restricted equity securities | 2,394 | 2,053 |
Loans, net of allowance for loan losses of $3,893 at December 31, 2019 and $3,495 at December 31, 2018 | 566,460 | 532,970 |
Cash value of life insurance | 17,855 | 17,413 |
Foreclosed assets | 753 | |
Properties and equipment, net | 23,437 | 20,685 |
Accrued interest receivable | 2,072 | 2,084 |
Core deposit intangible | 3,070 | 3,892 |
Goodwill | 3,257 | 3,198 |
Deferred tax assets, net | 985 | 1,853 |
Other assets | 9,492 | 9,948 |
706,290 | 680,284 | |
Liabilities | ||
Noninterest-bearing | 165,900 | 160,166 |
Interest-bearing | 445,311 | 441,702 |
Total deposits | 611,211 | 601,868 |
FHLB Advances | 10,000 | |
Accrued interest payable | 132 | 89 |
Other liabilities | 3,519 | 2,705 |
624,862 | 604,662 | |
Commitments and contingencies (Note 18) | ||
Stockholders’ Equity | ||
Preferred stock, no par value; 5,000,000 shares authorized, none issued | ||
Common stock, no par value; 25,000,000 shares authorized, 6,137,275 and 6,213,275 issued and outstanding at December 31, 2019 and 2018, respectively | ||
Surplus | 40,752 | 41,660 |
Retained earnings | 41,600 | 35,929 |
Accumulated other comprehensive loss | (924) | (1,967) |
81,428 | 75,622 | |
$ 706,290 | $ 680,284 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for loan losses | $ 3,893 | $ 3,495 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, no par value (in dollars per share) | $ 0 | $ 0 |
Common stock, authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, issued (in shares) | 6,137,275 | 6,213,275 |
Common stock, outstanding (in shares) | 6,137,275 | 6,213,275 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | ||
Loans and fees on loans | $ 29,177 | $ 24,574 |
Interest-bearing deposits with banks | 288 | 106 |
Federal funds sold | 249 | 228 |
Interest on taxable securities | 967 | 1,181 |
Dividends | 121 | 97 |
30,802 | 26,186 | |
Interest expense | ||
Deposits | 2,852 | 1,867 |
Interest on borrowings | 17 | 34 |
2,869 | 1,901 | |
Net interest income | 27,933 | 24,285 |
Provision for loan losses | 655 | 325 |
Net interest income after provision for loan losses | 27,278 | 23,960 |
Noninterest income | ||
Net realized gains on securities | 49 | 5 |
Increase in cash value of life insurance | 442 | 433 |
Life insurance income | 303 | |
Other income | 309 | 122 |
4,915 | 4,637 | |
Noninterest expenses | ||
Salaries and employee benefits | 13,245 | 11,802 |
Occupancy and equipment | 2,953 | 2,671 |
Foreclosed asset expense, net | 3 | 32 |
Data processing expense | 1,546 | 1,353 |
FDIC Assessments | 50 | 231 |
Advertising | 603 | 569 |
Bank franchise tax | 438 | 438 |
Director fees | 356 | 370 |
Professional fees | 667 | 452 |
Telephone expense | 371 | 415 |
Core deposit intangible amortization | 822 | 578 |
Merger related expenses | 1,978 | |
Other expense | 2,204 | 1,968 |
23,258 | 22,857 | |
Income before income taxes | 8,935 | 5,740 |
Income tax expense | 1,780 | 1,214 |
Net income | $ 7,155 | $ 4,526 |
Basic earnings per share (in dollars per share) | $ 1.16 | $ 0.81 |
Weighted average shares outstanding (in shares) | 6,184,133 | 5,622,224 |
Dividends declared per share (in dollars per share) | $ 0.24 | $ 0.20 |
Deposit Account [Member] | ||
Noninterest income | ||
Noninterest income | $ 1,652 | $ 1,538 |
Financial Service, Other [Member] | ||
Noninterest income | ||
Noninterest income | 2,004 | 1,840 |
Mortgage Banking [Member] | ||
Noninterest income | ||
Noninterest income | $ 459 | $ 396 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 7,155 | $ 4,526 |
Net change in pension reserve: | ||
Change in pension reserve during the year | 79 | (64) |
Tax related to change in pension reserve | (16) | 13 |
Unrealized gains (losses) on investment securities available for sale: | ||
Unrealized gains (losses) arising during the year | 1,290 | (509) |
Tax related to unrealized (gains) losses | (271) | 107 |
Reclassification of net realized gains during the year | (49) | (5) |
Tax related to realized gains | 10 | 1 |
Total other comprehensive income (loss) | 1,043 | (457) |
Total comprehensive income | $ 8,198 | $ 4,069 |
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 (in shares) at Dec. 31, 2017 | 5,021,376 | ||||
Balance at Dec. 31, 2017 | $ 26,166 | $ 32,526 | $ (1,510) | $ 57,182 | |
Net income | 4,526 | 4,526 | |||
Other comprehensive income (loss) | (457) | (457) | |||
Issuance of common stock in connection with acquisition of Great State Bank (in shares) | 1,191,899 | ||||
Issuance of common stock in connection with acquisition of Great State Bank | 15,495 | 15,495 | |||
Redemption of fractional shares Issued in acquisition of Great State Bank | (1) | (1) | |||
Dividends paid | (1,123) | $ (1,123) | |||
Balance (in shares) at Dec. 31, 2018 | 6,213,275 | 6,213,275 | |||
Balance at Dec. 31, 2018 | 41,660 | 35,929 | (1,967) | $ 75,622 | |
Net income | 7,155 | 7,155 | |||
Other comprehensive income (loss) | 1,043 | 1,043 | |||
Dividends paid | (1,484) | (1,484) | |||
Common stock repurchased (in shares) | (76,000) | ||||
Common stock repurchased | (908) | $ (908) | |||
Balance (in shares) at Dec. 31, 2019 | 6,137,275 | 6,137,275 | |||
Balance at Dec. 31, 2019 | $ 40,752 | $ 41,600 | $ (924) | $ 81,428 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends paid per share (in dollars per share) | $ 0.24 | $ 0.20 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 7,155 | $ 4,526 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 1,224 | 1,187 |
Amortization of core deposit intangible | 822 | 578 |
Accretion of loan discount and deposit premium, net | (2,175) | (1,539) |
Provision for loan losses | 655 | 325 |
Deferred income taxes | 591 | 1,589 |
Net realized gains on securities | (49) | (5) |
Accretion of discount on securities, net of amortization of premiums | 411 | 521 |
Deferred compensation | (10) | 19 |
Gains on sale of properties and equipment | (122) | |
Net realized loss on foreclosed assets | 10 | |
Life insurance income | (303) | |
Changes in assets and liabilities: | ||
Cash value of life insurance | (442) | (434) |
Accrued interest receivable | 12 | (13) |
Other assets | 1,206 | (210) |
Accrued interest payable | 43 | 3 |
Other liabilities | 95 | 25 |
Net cash provided by operating activities | 9,416 | 6,279 |
Cash flows from investing activities | ||
Purchases | (1,037) | |
Sales | 8,914 | 18,366 |
Maturities/calls/paydowns | 5,548 | 5,252 |
Purchases of restricted equity securities | (341) | (142) |
Net increase in loans | (32,354) | (16,785) |
Proceeds from life insurance contracts | 672 | |
Proceeds from the sale of foreclosed assets | 753 | 480 |
Purchases of property and equipment, net of sales | (3,854) | (2,830) |
Cash received in business combination | 25,761 | |
Net cash (used in) provided by investing activities | (22,371) | 30,774 |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | 9,727 | (16,797) |
Net change in FHLB advances | 10,000 | (2,000) |
Cash paid for fractional shares | (1) | |
Common stock repurchased | (908) | |
Dividends paid | (1,484) | (1,123) |
Net cash provided by (used in) financing activities | 17,335 | (19,921) |
Net increase in cash and cash equivalents | 4,380 | 17,132 |
Cash and cash equivalents, beginning | 40,007 | 22,875 |
Cash and cash equivalents, ending | 44,387 | 40,007 |
Supplemental disclosure of cash flow information | ||
Interest paid | 2,826 | 1,858 |
Taxes paid | 850 | 135 |
Supplemental disclosure of noncash investing activities | ||
Effect on equity of change in net unrealized loss on available for sale securities | 980 | (406) |
Effect on equity of change in unfunded pension liability | 63 | (51) |
Right-of-use assets obtained in exchange for new operating lease liabilities | 729 | |
Transfers of loans to foreclosed properties | 1,163 | |
Business combinations | ||
Assets acquired | 145,455 | |
Liabilities assumed | 132,960 | |
Net assets | 12,495 | |
Goodwill recorded | 59 | 3,198 |
Stock issued to acquire Great State Bank | $ 15,495 |
Note 1 - Organization and Summa
Note 1 - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Organization Parkway Acquisition Corp. (“Parkway” or the “Company”) was incorporated as a Virginia corporation on November 2, 2015. November 6, 2015, 1.76 1.30 60% 40% July 1, 2016. March 13, 2017, On March 1, 2018, July 1, 2018. 1.21 1,191,899 $15.5 $145.5 $95.1 $133.0 $130.6 July 1, 2018. The Bank was organized under the laws of the United States in 1900 twenty two three Critical Accounting Policies Management believes the policies with respect to the methodology for the determination of the allowance for loan losses, and asset impairment judgments involve a higher degree of complexity and require management to make difficult and subjective judgments, such as the recoverability of intangible assets and other-than-temporary impairment of investment securities, involve a higher degree of complexity and require management to make difficult and subjective judgements that often require assumptions or estimates about highly uncertain matters. Changes in these judgments, assumptions or estimates could cause reported results to differ materially. These critical policies and their application are periodically reviewed with the Audit Committee and the Board of Directors. Principles of Consolidation The consolidated financial statements include the accounts of the Company and the Bank, which is wholly owned. All significant, intercompany transactions and balances have been eliminated in consolidation. Business Segments The Company reports its activities as a single business segment. In determining the appropriateness of segment definition, the Company considers components of the business about which financial information is available and regularly evaluated relative to resource allocation and performance assessment. Business Combinations Generally, acquisitions are accounted for under the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, one one not No Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowances for loan and foreclosed real estate losses, management obtains independent appraisals for significant properties. Substantially all of the Bank’s loan portfolio consists of loans in its market area. Accordingly, the ultimate collectability of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. The regional economy is diverse, but influenced to an extent by the manufacturing and agricultural segments. While management uses available information to recognize loan and foreclosed real estate losses, future additions to the allowances may may may The Company seeks strategies that minimize the tax effect of implementing their business strategies. As such, judgments are made regarding the ultimate consequence of long-term tax planning strategies, including the likelihood of future recognition of deferred tax benefits. The Company’s tax returns are subject to examination by both Federal and State authorities. Such examinations may Accounting for pension benefits, costs and related liabilities are developed using actuarial valuations. These valuations include key assumptions determined by management, including the discount rate and expected long-term rate of return on plan assets. Material changes in pension costs may Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents includes cash and amounts due from banks (including cash items in process of collection), interest-bearing deposits with banks and federal funds sold. Trading Securities The Company does not not Securities Held to Maturity 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. The Company does not Securities Available for Sale Available for sale securities are reported at fair value and consist of bonds, notes, debentures, and certain equity securities not Unrealized holding gains and losses, net of tax, on available for sale securities are reported as a net amount in a separate component of accumulated other comprehensive income. Realized gains and losses on the sale of available for sale securities are determined using the specific-identification method. Premiums and discounts are recognized in interest income using the interest method over the period to earliest call date. Declines in the fair value of individual held to maturity and available for sale securities below cost that are other than temporary are reflected as write-downs of the individual securities to fair value. Related write-downs are included in earnings as realized losses. Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal amount adjusted for any charge-offs and the allowance for loan losses. Loan origination costs are capitalized and recognized as an adjustment to yield over the life of the related loan. Interest is accrued and credited to income based on the principal amount outstanding. The accrual of interest on impaired loans is discontinued when, in management’s opinion, the borrower may first Purchased Performing Loans – no Purchased Credit-Impaired (PCI) Loans not may not Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance, or portion thereof, is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of specific, general and unallocated components. The specific component is calculated on an individual basis for larger-balance, non-homogeneous loans, which are considered impaired. A specific allowance is established when the discounted cash flows, collateral value (less disposal costs), or observable market price of the impaired loan is lower than its carrying value. The specific component of the allowance for smaller- balance loans whose terms have been modified in a troubled debt restructuring (TDR) is calculated on a pooled basis considering historical experience adjusted for qualitative factors. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when 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 Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not Troubled Debt Restructurings Under GAAP, the Bank is required to account for certain loan modifications or restructurings as “troubled debt restructurings” or "troubled debt restructured loans." In general, the modification or restructuring of a debt constitutes a troubled debt restructuring if the Bank for economic or legal reasons related to the borrower’s financial difficulties grants a concession to the borrower that the Bank would not not not Property and Equipment Land is carried at cost. Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed principally by the straight-line method over the following estimated useful lives: Years Buildings and improvements 10 - 40 Furniture and equipment 5 - 12 Foreclosed Assets Real estate properties acquired through, or in lieu of, loan foreclosure are to be sold and are initially recorded at fair value less anticipated cost to sell at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in foreclosure expense on the consolidated statements of income. Pension Plan Prior to the Cardinal merger, both Grayson National Bank (Grayson) and Bank of Floyd (Floyd) had qualified noncontributory defined benefit pension plans in place which covered substantially all of each bank’s employees. The benefits in each plan are primarily based on years of service and earnings. Both Grayson and Floyd plans were amended to freeze benefit accruals for all eligible employees prior to the effective date of the Cardinal merger. Grayson’s plan is a single-employer plan, the funded status of which is measured as the difference between the fair value of plan assets and the projected benefit obligation. Floyd’s plan is a multi-employer plan for accounting purposes and is a multiple-employer plan under the Employee Retirement Income Security Act of 1974 Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not Goodwill and Other Intangible A ssets Goodwill arises from business combinations and is generally determined as the excess of fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquire, over the fair value of the nets assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not July 1 July 1, 2019, no Other intangible assets consist of core deposit intangibles that represent the value of long-term deposit relationships acquired in a business combination. Core deposit intangibles are amortized over the estimated useful lives of the deposit accounts acquired. The core deposit intangible as a result of the Cardinal merger, is amortized over an estimated useful life of twenty seven Revenue Recognition On January 1, 2018, 2014 9, Revenue from Contracts with Customers (“ASU Topic 606” 2014 09 not 2014 09 not 2014 09 January 1, 2018 no not 606 Service Charges on Deposit Accounts - Other Service Charges and Fees - O Credit and Debit Card Fees - Insurance and Investment - Income Taxes Provision for income taxes is based on amounts reported in the statements of income (after exclusion of non-taxable income such as interest on state and municipal securities) and consists of taxes currently due plus deferred taxes on temporary differences in the recognition of income and expense for tax and financial statement purposes. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale and changes in the funded status of the pension plan which are also recognized as separate components of equity. The accumulated balances related to each component of other comprehensive income (loss) are as follows: (dollars in thousands) Unrealized Gains And Losses On Available for Sale Securities Defined Benefit Pension Items Total Balance, December 31, 201 7 $ (523 ) $ (987 ) $ (1,510 ) Other comprehensive income (loss) before reclassifications (402 ) (51 ) (453 ) Amounts reclassified from accumulated other comprehensive loss (4 ) - (4 ) Balance, December 31, 201 8 $ (929 ) $ (1,038 ) $ (1,967 ) Balance, December 31, 201 8 $ (929 ) $ (1,038 ) $ (1,967 ) Other comprehensive income (loss) before Reclassifications 1,019 63 1,082 Amounts reclassified from accumulated other comprehensive loss (39 ) - (39 ) Balance, December 31, 201 9 $ 51 $ (975 ) $ (924 ) Advertising Expense The Company expenses advertising costs as they are incurred. Advertising expense for the years ended December 31, 2019 2018 $603 $569 Basic Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period, after giving retroactive effect to stock splits and dividends. Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under line of credit arrangements, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded when they are funded. Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 14. Reclassification Certain reclassifications have been made to the prior years’ financial statements to place them on a comparable basis with the current presentation. Net income and stockholders’ equity previously reported were not Recent Accounting Pronouncements The following accounting standards may In February 2016, December 15, 2018, Effective January 1, 2019, not 10 In June 2016, No. 2016 13 July 2019, December 31, 2022, October 16, 2019 In November 2019, 2016 13, Financial Instruments—Credit Losses (Topic 326 not 2016 13, December 15, 2022, 2016 13. not In January 2017, not 2 not December 15, 2019 . January 1, 2017. not In August 2018, December 15, 2019. not In August 2018, Conceptual Framework for Financial Reporting—Chapter 8: December 15, 2019. not In March 2019, December 15, 2019 . not In April 2019, December 15, 2019. December 15, 2019, December 15, 2020. December 15, 2019, not In May 2019, 2016 13, December 15, 2022. not In July 2019, not In November 2019, not December 15, 2022, In December 2019, 740 December 15, 2020, not Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not |
Note 2 - Business Combinations
Note 2 - Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. On July 1, 2018, 1. 1.21 1,191,899 third one The following table presents the Great State assets acquired and liabilities assumed as of July 1, 2018 (dollars in thousands) As Reported by Fair Value As Reported by Great State Adjustments Parkway Assets Cash and cash equivalents $ 25,761 $ - - $ 25,761 Investment securities 19,630 (229 ) (a) 19,401 Restricted equity securities 523 - - 523 Loans 97,549 (2,441 ) (b) 95,108 Allowance for loan losses (1,436 ) 1,436 (c) - Property and equipment 1,207 189 (d) 1,396 Intangible assets - 2,425 (e) 2,425 Accrued interest receivable 334 - - 334 Other assets 599 (151 ) (f) 448 Total assets acquired $ 144,167 $ 1,229 $ 145,396 Liabilities Deposits $ 129,611 $ 940 (g) $ 130,551 Borrowings 2,000 - - 2,000 Accrued interest payable 40 - - 40 Other liabilities 352 17 (h) 369 Total liabilities acquired $ 132,003 $ 957 $ 132,960 Net assets acquired 12,436 Elimination of Company’s existing investment in Great State 198 Stock consideration 15,495 Goodwill $ 3,257 Explanation of fair value adjustments: (a) Reflects the opening fair value of securities portfolio, which was established as the new book basis of the portfolio. (b) Reflects the fair value adjustment based on the Company’s third (c) Existing allowance for loan losses eliminated to reflect accounting guidance. (d) Estimated adjustment to Great State’s real property based upon third (e) Reflects the recording of the estimated core deposit intangible based on the Company’s third (f) Recording of deferred tax asset generated by the net fair value adjustments (tax rate = 21% (g) Estimated fair value adjustment to time deposits based on the Company’s third (h) Reflects the fair value adjustment based on the Company’s evaluation of acquired other liabilities. The merger was accounted for under the acquisition method of accounting. The assets and liabilities of Great State have been recorded at their estimated fair values and added to those of Parkway for periods following the merger date. Valuations of acquired Great State assets and liabilities were subject to refinement for up to one There are two 310 30. 310 20. In determining the fair values of acquired loans without evidence of credit deterioration at the date of acquisition, management includes (i) no To the extent that current information indicates it is probable that the Company will collect all amounts according to the contractual terms thereof, such loan is not not not Subsequent to the acquisition date, increases in cash flows expected to be received in excess of the Company’s initial estimates are reclassified from nonaccretable difference to accretable yield and are accreted into interest income on a level-yield basis over the remaining life of the loan. Decreases in cash flows expected to be collected are recognized as impairment through the provision for loan losses. Supplemental Pro Forma Information (dollars in thousands except per share data) The table below presents supplemental pro forma information as if the Great State acquisition had occurred at the beginning of the earliest period presented, which was January 1, 2018. not not $2.0 December 31, 2018 not Year Ended December 31, 2018 (Unaudited) Net interest income $ 24,262 Net income (a) $ 4,508 Basic and diluted weighted average shares outstanding (b) 6,213,275 Basic and diluted earnings per common share $ 1.07 (a) Supplemental pro forma net income includes the impact of certain fair value adjustments. Supplemental pro forma net income does not (b) Weighted average shares outstanding includes the full effect of the common stock issued in connection with the Great State acquisition as of the earliest reporting date. It is impractical to disclose the net interest income, non-interest income, and net income of Great State from the acquisition date of July 1, 2018 December 31, 2018 September 7, 2018, |
Note 3 - Restrictions on Cash
Note 3 - Restrictions on Cash | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 3. To comply with banking regulations, the Bank is required to maintain certain average cash reserve balances. At December 31, 2019, no December 31, 2018 $6.3 |
Note 4 - Investment Securities
Note 4 - Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4. Debt and equity securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost of securities and their approximate fair values at December 31 (dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value 201 9 Available for sale: U.S. Government Agencies $ - $ - $ - $ - Mortgage-backed securities 19,540 61 (97 ) 19,504 Corporate securities 1,500 - (67 ) 1,433 State and municipal securities 11,777 168 (1 ) 11,944 $ 32,817 $ 229 $ (165 ) $ 32,881 2018 Available for sale: U.S. Government Agencies $ 244 $ 1 $ - $ 245 Mortgage-backed securities 25,627 1 (865 ) 24,763 Corporate securities 2,970 - (181 ) 2,789 State and municipal securities 17,764 31 (164 ) 17,631 $ 46,605 $ 33 $ (1,210 ) $ 45,428 Restricted equity securities were $2.4 $2.1 December 31, 2019 2018, may The following tables details unrealized losses and related fair values in the Company’s held to maturity and available for sale investment securities portfolios. This information is aggregated by the length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2019 2018. Less Than 12 Months 12 Months or More Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 201 9 Available for sale: Mortgage-backed securities $ 8,625 $ (97 ) $ - $ - $ 8,625 $ (97 ) Corporate securities - - 1,433 (67 ) 1,433 (67 ) State and municipal securities 1,010 (1 ) - - 1,010 (1 ) Total securities available for sale $ 9,635 $ (98 ) $ 1,433 $ (67 ) $ 11,068 $ (165 ) 2018 Available for sale: Mortgage-backed securities $ 450 $ (1 ) $ 24,227 $ (864 ) $ 24,677 $ (865 ) Corporate securities - - 2,789 (181 ) 2,789 (181 ) State and municipal securities 5,518 (19 ) 6,834 (145 ) 12,352 (164 ) Total securities available for sale $ 5,968 $ (20 ) $ 33,850 $ (1,190 ) $ 39,818 $ (1,210 ) At December 31, 2019, 7 1.47 not not none December 31, 2019. no not Proceeds from the sales of investment securities available for sale were $8.9 $18.4 December 31, 2019 2018, $2.2 $1.1 December 31, 2019 2018, December 31 (dollars in thousands) 201 9 201 8 Realized gains $ 92 $ 9 Realized losses (43 ) (4 ) $ 49 $ 5 There were no may The scheduled maturities of securities available for sale at December 31, 2019, (dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 1,289 $ 1,290 Due after one year through five years 7,176 7,214 Due after five years through ten years 15,014 14,987 Due after ten years 9,338 9,390 $ 32,817 $ 32,881 Maturities of mortgage backed securities are based on contractual amounts. Actual maturity will vary as loans underlying the securities are prepaid. Investment securities with amortized cost of approximately $15.5 $13.9 December 31, 2019 2018 |
Note 5 - Loans Receivable
Note 5 - Loans Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5. The major components of loans in the consolidated balance sheets at December 31, 2019 December 31, 2018 (dollars in thousands) 2019 2018 Construction & development $ 39,649 $ 33,449 Farmland 34,166 33,291 Residential 253,674 235,689 Commercial mortgage 190,817 176,192 Commercial & agricultural 32,426 37,491 Consumer & other 19,621 20,353 Total loans 570,353 536,465 Allowance for loan losses (3,893 ) (3,495 ) Loans, net of allowance for loan losses $ 566,460 $ 532,970 The major components of loans, net of fair value adjustments, acquired from Great State Bank as of July 1, 2018, (dollars in thousands) Construction & development $ 7,496 Farmland 720 Residential 26,006 Commercial mortgage 47,953 Commercial & agricultural 11,793 Consumer & other 1,140 Total loans acquired $ 95,108 As of December 31, 2019 2018, 1 4 |
Note 6 - Allowance for Loan Los
Note 6 - Allowance for Loan Losses and Impaired Loans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 6. Allowance for Loan Losses The allowance for loan losses is maintained at a level believed to be sufficient to provide for estimated loan losses based on evaluating known and inherent risks in the loan portfolio. The allowance is provided based upon management’s comprehensive analysis of the pertinent factors underlying the quality of the loan portfolio. These factors include changes in the amount and composition of the loan portfolio, delinquency levels, actual loss experience, current economic conditions, and detailed analysis of individual loans for which the full collectability may not A provision for loan losses is charged against operations and is added to the allowance for loan losses based on quarterly comprehensive analyses of the loan portfolio. The allowance for loan losses is allocated to certain loan categories based on the relative risk characteristics, asset classifications and actual loss experience of the loan portfolio. While management has allocated the allowance for loan losses to various loan portfolio segments, the allowance is general in nature and is available for the loan portfolio in its entirety. The following table presents activity in the allowance by loan category and information on the loans evaluated individually for impairment and collectively evaluated for impairment as of December 31, 2019 December 31, 2018: Allowance for Loan Losses and Recorded Investment in Loans (dollars in thousands) Construction & Development Farmland Residential Commercial Mortgage Commercial & Agricultural Consumer & Other Total December 31, 2019 Allowance for loan losses: Beginning Balance $ 246 $ 385 $ 1,807 $ 682 $ 281 $ 94 $ 3,495 Charge-offs - (13 ) (55 ) (41 ) (77 ) (212 ) (398 ) Recoveries - - 8 69 10 54 141 Provision 59 115 62 214 (3 ) 208 655 Ending Balance $ 305 $ 487 $ 1,822 $ 924 $ 211 $ 144 $ 3,893 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 305 $ 487 $ 1,822 $ 924 $ 211 $ 144 $ 3,893 Loans outstanding: Ending Balance $ 39,649 $ 34,166 $ 253,674 $ 190,817 $ 32,426 $ 19,621 $ 570,353 Ending balance: individually evaluated for impairment $ - $ 3,240 $ 909 $ - $ - $ - $ 4,149 Ending balance: collectively evaluated for impairment $ 39,649 $ 30,926 $ 252,765 $ 190,817 $ 32,426 $ 19,621 $ 566,204 December 31, 2018 Allowance for loan losses: Beginning Balance $ 239 $ 358 $ 1,875 $ 619 $ 282 $ 80 $ 3,453 Charge-offs (20 ) - (117 ) (142 ) (23 ) (175 ) (477 ) Recoveries - 34 44 69 9 38 194 Provision 27 (7 ) 5 136 13 151 325 Ending Balance $ 246 $ 385 $ 1,807 $ 682 $ 281 $ 94 $ 3,495 Ending balance: individually evaluated for impairment $ - $ 29 $ 12 $ - $ - $ - $ 41 Ending balance: collectively evaluated for impairment $ 246 $ 356 $ 1,795 $ 682 $ 281 $ 94 $ 3,454 Loans outstanding: Ending Balance $ 33,449 $ 33,291 $ 235,689 $ 176,192 $ 37,491 $ 20,353 $ 536,465 Ending balance: individually evaluated for impairment $ - $ 4,552 $ 1,018 $ - $ - $ - $ 5,570 Ending balance: collectively evaluated for impairment $ 33,449 $ 28,739 $ 234,671 $ 176,192 $ 37,491 $ 20,353 $ 530,895 As of December 31, 2019 December 31, 2018, no Management closely monitors the quality of the loan portfolio and has established a loan review process designed to help grade the quality of the Bank’s loan portfolio. The Bank’s loan ratings coincide with the “Substandard,” “Doubtful” and “Loss” classifications used by federal regulators in their examination of financial institutions. Generally, an asset is considered Substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. Substandard assets include those characterized by the distinct possibility that the insured financial institution will sustain some loss if the deficiencies are not not not one December 31, 2019 December 31, 2018, no The following table lists the loan grades utilized by the Bank and the corresponding total of outstanding loans in each category as of December 31, 2019 December 31, 2018: Credit Risk Profile by Internally Assigned Grades Loan Grades (dollars in thousands) Pass Watch Special Mention Substandard Total December 31, 2019 Real Estate Secured: Construction & development $ 34,701 $ 4,801 $ - $ 147 $ 39,649 Farmland 22,969 4,059 673 6,465 34,166 Residential 231,629 19,887 176 1,982 253,674 Commercial mortgage 163,584 21,960 930 4,343 190,817 Non-Real Estate Secured: Commercial & agricultural 27,503 4,346 103 474 32,426 Consumer & other 19,314 300 - 7 19,621 Total $ 499,700 $ 55,353 $ 1,882 $ 13,418 $ 570,353 December 31, 2018 Real Estate Secured: Construction & development $ 31,237 $ 2,044 $ 147 $ 21 $ 33,449 Farmland 23,250 4,933 750 4,358 33,291 Residential 213,670 18,794 299 2,926 235,689 Commercial mortgage 148,179 23,468 1,212 3,333 176,192 Non-Real Estate Secured: Commercial & agricultural 33,537 2,908 70 976 37,491 Consumer & other 18,975 1,364 - 14 20,353 Total $ 468,848 $ 53,511 $ 2,478 $ 11,628 $ 536,465 Loans may may first The following table presents an age analysis of nonaccrual and past due loans by category as of December 31, 2019 December 31, 2018: (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans 90+ Days Past Due and Still Accruing Nonaccrual Loans December 31, 2019 Real Estate Secured: Construction & development $ - $ - $ 10 $ 10 $ 39,639 $ 39,649 $ - $ 10 Farmland 893 - 971 1,864 32,302 34,166 - 4,192 Residential 292 48 365 705 252,969 253,674 - 412 Commercial mortgage 185 - - 185 190,632 190,817 - 198 Non-Real Estate Secured: Commercial & agricultural 135 8 163 306 32,120 32,426 - 165 Consumer & other 2 6 2 10 19,611 19,621 - 2 Total $ 1,507 $ 62 $ 1,511 $ 3,080 $ 567,273 $ 570,353 $ - $ 4,979 December 31, 2018 Real Estate Secured: Construction & development $ 29 $ - $ - $ 29 $ 33,420 $ 33,449 $ - $ - Farmland 71 100 989 1,160 32,131 33,291 - 3,914 Residential 762 145 241 1,148 234,541 235,689 - 653 Commercial mortgage - - 604 604 175,588 176,192 - 740 Non-Real Estate Secured: Commercial & agricultural 7 - 264 271 37,220 37,491 - 264 Consumer & other 12 18 8 38 20,315 20,353 - 8 Total $ 881 $ 263 $ 2,106 $ 3,250 $ 533,215 $ 536,465 $ - $ 5,579 Impaired Loans A loan is considered impaired when it is probable that the Bank will be unable to collect all contractual principal and interest payments due in accordance with the original or modified terms of the loan agreement. Smaller balance homogenous loans may not may third third may As of December 31, 2019 December 31, 2018, $7.8 $10.3 December 31, 2019 December 31, 2018, $2.9 $2.8 December 31, 2019 December 31, 2018, $4.1 $3.4 not $4.8 $7.3 December 31, 2019 December 31, 2018, The categories of non-accrual loans and impaired loans overlap, although they are not In 2015, $250,000 December 31, 2019 December 31, 2018, $3.6 $4.7 $174 $259 The following table is a summary of information related to impaired loans as of December 31, 2019 December 31, 2018: Impaired Loans (dollars in thousands) Recorded Investment 1 Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2019 With no related allowance recorded: Construction & development $ - $ - $ - $ - $ - Farmland 3,240 3,240 - 3,505 25 Residential 909 909 - 921 40 Commercial mortgage - - - - - Commercial & agricultural - - - - - Consumer & other - - - - - Subtotal 4,149 4,149 - 4,426 65 With an allowance recorded: Construction & development 72 72 3 76 6 Farmland 150 150 2 1,545 70 Residential 3,345 3,495 166 4,161 225 Commercial mortgage 11 56 1 268 11 Commercial & agricultural 31 31 1 34 2 Consumer & other 3 3 1 4 - Subtotal 3,612 3,807 174 6,088 314 Totals: Construction & development 72 72 3 76 6 Farmland 3,390 3,390 2 5,050 95 Residential 4,254 4,404 166 5,082 265 Commercial mortgage 11 56 1 268 11 Commercial & agricultural 31 31 1 34 2 Consumer & other 3 3 1 4 - Total $ 7,761 $ 7,956 $ 174 $ 10,514 $ 379 1 (dollars in thousands) Recorded Investment 1 Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2018 With no related allowance recorded: Construction & development $ - $ - $ - $ - $ - Farmland 3,284 3,284 - 3,523 23 Residential 85 85 - 448 13 Commercial mortgage - - - - - Commercial & agricultural - 24 - - - Consumer & other - - - - - Subtotal 3,369 3,393 - 3,971 36 With an allowance recorded: Construction & development 69 69 4 306 11 Farmland 1,539 1,539 38 1,568 86 Residential 5,005 5,162 241 5,348 266 Commercial mortgage 275 358 15 522 27 Commercial & agricultural 37 37 2 47 3 Consumer & other 4 4 - 4 - Subtotal 6,929 7,169 300 7,795 393 Totals: Construction & development 69 69 4 306 11 Farmland 4,823 4,823 38 5,091 109 Residential 5,090 5,247 241 5,796 279 Commercial mortgage 275 358 15 522 27 Commercial & agricultural 37 61 2 47 3 Consumer & other 4 4 - 4 - Total $ 10,298 $ 10,562 $ 300 $ 11,766 $ 429 1 Troubled Debt Restructuring A troubled debt restructured loan is a loan for which the Bank, for reasons related to the borrower’s financial difficulties, grants a concession to the borrower that the Bank would not The loan terms which have been modified or restructured due to a borrower’s financial difficulty, include but are not $4.8 $7.3 December 31, 2019 December 31, 2018, The following table sets forth information with respect to the Bank’s troubled debt restructurings as of December 31, 2019 December 31, 2018: TDRs identified during the period TDRs identified in the last twelve months that subsequently defaulted (1) (dollars in thousands) Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment December 31, 2019 Construction & development 1 $ 9 $ 11 - $ - $ - Farmland 1 38 37 - - - Residential 1 117 128 - - - Commercial mortgage - - - - - - Commercial & agricultural - - - - - - Consumer & other - - - - - - Total 3 $ 164 $ 176 - $ - $ - During the twelve December 31, 2019, three two No twelve December 31, 2019. ( 1 30 TDRs identified during the period TDRs identified in the last twelve months that subsequently defaulted (1) (dollars in thousands) Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment December 31, 2018 Construction & development - $ - $ - - $ - $ - Farmland - - - - - - Residential 2 80 95 - - - Commercial mortgage - - - - - - Commercial & agricultural - - - - - - Consumer & other 1 5 4 - - - Total 3 $ 85 $ 99 - $ - $ - During the twelve December 31, 2018, three No twelve December 31, 2018. ( 1 30 Purchased Credit Impaired Loans During 2018, not December 31, 2019 December 31, 2018 (dollars in thousands) 2019 2018 Residential $ 150 $ 167 Commercial mortgage 321 347 Commercial & agricultural 146 200 Outstanding balance $ 617 $ 714 Carrying amount $ 617 $ 714 There was no There were no December 31, 2019. December 31, 2018 not (dollars in thousands) December 31, 2018 Contractually required payments receivable of loans purchased during the year: Residential $ 233 Commercial mortgage 1,724 Commercial & agricultural 221 $ 2,178 Cash flows expected to be collected at acquisition $ 1,781 Fair value of acquired loans at acquisition $ 1,781 Income is not December 31, 2019 December 31, 2018 (dollars in thousands) 2019 2018 Loans at beginning of year $ 714 $ - Loans purchased during the year $ - $ 1,781 Loans at end of period $ 617 $ 714 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7. Components of property and equipment and total accumulated depreciation at December 31, 2019 2018, (dollars in thousands) 201 9 201 8 Land $ 5,747 $ 4,935 Buildings and improvements 19,352 17,493 Furniture and equipment 12,482 11,228 37,581 33,656 Less accumulated depreciation (14,144 ) (12,971 ) $ 23,437 $ 20,685 Depreciation expense for the years ended December 31, 2019 2018 $1.2 $1.2 |
Note 8 - Cash Value of Life Ins
Note 8 - Cash Value of Life Insurance | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Life Insurance, Corporate or Bank Owned [Text Block] | Note 8. The Bank is owner and beneficiary of life insurance policies on certain employees and directors. Policy cash values totaled approximately $17.9 $17.4 December 31, 2019 2018, |
Note 9 - Goodwill and Intangibl
Note 9 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 9. The change in goodwill during the years ended December 31, 2019 2018 (dollars in thousands) 2019 2018 Beginning of year $ 3,198 $ - Acquired goodwill as result of Great State merger - 3,198 Measurement period adjustment 59 - Impairment - - End of the period $ 3,257 $ 3,198 Intangible Assets The following table presents the activity for the Company’s core deposit intangible assets, which are the only identifiable intangible assets subject to amortization. Core deposit intangibles at December 31, 2019 2018 (dollars in thousands) 2019 2018 Balance at beginning of year, net $ 3,892 $ 2,045 Core deposit intangible as result of Great State merger - 2,425 Amortization expense (822 ) (578 ) Net book value $ 3,070 $ 3,892 |
Note 10 - Leases
Note 10 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 10 . Leases On January 1, 2019, No. 2016 02 “Leases (Topic 842 842. Contracts that commence subsequent to adoption are evaluated to determine whether they are or contain a lease in accordance with Topic 842. 842 not not 12 Lease liabilities represent the Company’s obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company’s incremental borrowing rate in effect at the commencement date of the lease. For our incremental borrowing rate, we used the Federal Home Loan Bank available at the time of the lease. The right-of-use assets represent the Company’s right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The contracts in which the Company is lessee are with parties external to the Company and not (dollars in thousands) 201 9 Lease liabilities $ 729 Right-of-use assets $ 729 Weighted average remaining lease term (years) 8.06 Weighted average discount rate 2.39 % (dollars in thousands) 201 9 Lease Expense Operating lease expense $ 73 Short-term lease expense 97 Total lease expense $ 170 Cash paid for amounts included in lease liabilities $ 73 The following table presents a maturity schedule of undiscounted cash flows that contribute to the lease liabilities: (dollars in thousands) Twelve months ending December 31, 2020 $ 123 Twelve months ending December 31, 2021 128 Twelve months ending December 31, 2022 97 Twelve months ending December 31, 2023 66 Twelve months ending December 31, 2024 68 Thereafter 330 Total undiscounted cash flows $ 812 Less discount (83 ) Lease liabilities $ 729 |
Note 11 - Deposits
Note 11 - Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 1 1 . Deposits The aggregate amount of time deposits in denominations of more than $250 December 31, 2019 2018 $38.7 $30.6 December 31, 2019, (dollars in thousands) 2020 $ 61,499 2021 78,377 2022 27,141 2023 12,359 2024 12,612 After Five Years - Total $ 191,988 |
Note 12 - Short-term Debt
Note 12 - Short-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | Note 1 2 . Short-Term Debt At December 31, 2019 2018 no At December 31, 2019, $52.5 $163.5 |
Note 13 - Long-term Debt
Note 13 - Long-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 1 3 . Long-Term Debt At December 31, 2019, $10.0 1 4 December 6, 2029. 0.819 March 6, 2020. At December 31, 2018 no |
Note 14 - Financial Instruments
Note 14 - Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | Note 1 4 . Financial Instruments FASB ASC 825, not not not 825 not The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Company’s financial instruments as of December 31, 2019 December 31, 2018. no For loans, the carrying amount is net of unearned income and the allowance for loan losses. In accordance with the prospective adoption of ASU No. 2016 01, December 31, 2019 2018 Fair Value Measurements (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Financial Instruments – Assets Net Loans $ 566,460 $ 557,054 $ - $ 556,851 $ 203 Financial Instruments – Liabilities Time Deposits 191,988 192,365 - 192,365 - FHLB Advances 10,000 10,021 10,021 - - December 31, 2018 Financial Instruments – Assets Net Loans $ 532,970 $ 529,155 $ - $ 528,784 $ 371 Financial Instruments – Liabilities Time Deposits 180,143 176,188 - 176,188 - The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Securities available for sale and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may Fair Value Hierarchy Under FASB ASC 820, three Level 1 Level 2 not Level 3 one not may Following is a description of valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities Available for Sale Investment securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not 1 2 3 Loans The Company does not not one not December 31, 2019, 2. no 3. Derivative Assets and Liabilities Derivative instruments held or issued by the Company for risk management purposes are traded in over-the-counter markets where quoted market prices are not third 2. 2 No December 31, 2019 2018. Foreclosed Assets Foreclosed assets are adjusted to fair value upon transfer of the loans to foreclosed assets. Subsequently, foreclosed assets are carried at the lower of carrying value or fair value. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral. When the fair value of the collateral is based on an observable market price the Company records the foreclosed asset as nonrecurring Level 2. no 3. Assets Recorded at Fair Value on a Recurring Basis (dollars in thousands) Total Level 1 Level 2 Level 3 December 31, 2019 Investment securities available for sale U.S. Government Agencies $ - $ - $ - $ - Mortgage-backed securities 19,504 - 19,504 - Corporate securities 1,433 - 1,433 - State and municipal securities 11,944 - 11,944 - Total assets at fair value $ 32,881 $ - $ 32,881 $ - December 31, 2018 Investment securities available for sale U.S. Government Agencies $ 245 $ - $ 245 $ - Mortgage-backed securities 24,763 - 24,763 - Corporate securities 2,789 - 2,789 - State and municipal securities 17,631 - 17,631 - Total assets at fair value $ 45,428 $ - $ 45,428 $ - No December 31, 2019 2018. no December 31, 2019 2018. Assets Recorded at Fair Value on a Nonrecurring Basis The Company may No December 31, 2019 2018. (dollars in thousands) Total Level 1 Level 2 Level 3 December 31, 2019 Impaired loans $ 203 $ - $ - $ 203 Total assets at fair value $ 203 $ - $ - $ 203 (dollars in thousands) Total Level 1 Level 2 Level 3 December 31, 2018 Impaired loans $ 371 $ - $ - $ 371 Foreclosed assets 753 - - 753 Total assets at fair value $ 1,124 $ - $ - $ 1,124 For Level 3 December 31, 2019 2018, Fair Value at December 31, 2019 Fair Value at December 31, 2018 Valuation Technique Significant Unobservable Inputs General Range of Significant Unobservable Input Values Impaired Loans $ 203 $ 371 Appraised Value/Discounted Cash Flows/Market Value of Note Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 0 – 10% Other Real Estate Owned $ - $ 753 Appraised Value/Comparable Sales/Other Estimates from Independent Sources Discounts to reflect current market conditions and estimated costs to sell 0 – 0% |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 1 5 . Employee Benefit Plans Prior to the merger, both Grayson National Bank (Grayson) and Bank of Floyd (Floyd) had qualified noncontributory defined benefit pension plans in place which covered substantially all of each bank’s employees. The benefits in each plan are primarily based on years of service and earnings. Both Grayson and Floyd plans were amended to freeze benefit accruals for all eligible employees prior to the effective date of the merger. A summary of each plan follows: Grayson Plan The following is a summary of the plan’s funded status as of December 31: (dollars in thousands) 2019 2018 Change in benefit obligation Benefit obligation at beginning of year $ 4,493 $ 5,223 Interest cost 182 173 Actuarial (gain) loss 827 (824 ) Benefits paid (267 ) (79 ) Settlement (gain) loss (13 ) - Benefit obligation at end of year 5,222 4,493 Change in plan assets Fair value of plan assets at beginning of year 8,092 8,513 Actual return on plan assets 1,332 (342 ) Benefits paid (267 ) (79 ) Fair value of plan assets at end of year 9,157 8,092 Funded status at the end of the year $ 3,935 $ 3,599 (dollars in thousands) 2019 2018 Amounts recognized in the Balance Sheet Plan benefit cost $ 5,169 $ 4,912 Unrecognized net actuarial loss (1,234 ) (1,313 ) Amount recognized in other assets $ 3,935 $ 3,599 Amounts recognized in accumulated comprehensive income (loss) Unrecognized net actuarial loss $ (1,234 ) $ (1,313 ) Deferred taxes 259 275 Amount recognized in accumulated comprehensive income (loss), net $ (975 ) $ (1,038 ) Prepaid benefit detail Benefit obligation $ (5,222 ) $ (4,493 ) Fair value of assets 9,157 8,092 Unrecognized net actuarial loss 1,234 1,313 Prepaid benefit cost 5,169 4,912 Components of net periodic pension cost Interest cost $ 182 $ 173 Expected return on plan assets (551 ) (576 ) Recognized net loss due to settlement 71 - Recognized net actuarial loss 41 30 Net periodic benefit expense (257 ) (373 ) Additional disclosure information Accumulated benefit obligation $ 5,222 $ 4,493 Vested benefit obligation $ 5,222 $ 4,493 Discount rate used for net periodic pension cost 4.25 % 3.50 % Discount rate used for disclosure 3.25 % 4.25 % Expected return on plan assets 7.00 % 7.00 % Rate of compensation increase N/A N/A Average remaining service (years) 11 12 Using the same fair value hierarchy described in Note 14, (dollars in thousands) Total Level 1 Level 2 Level 3 December 31, 2019 Cash equivalents and short term investments $ - $ - $ - $ - Mutual funds – equities 4,749 4,749 - - Mutual funds – fixed income 4,408 4,408 - - Total assets at fair value $ 9,157 $ 9,157 $ - $ - December 31, 2018 Cash equivalents and short term investments $ - $ - $ - $ - Mutual funds – equities 3,848 3,848 - - Mutual funds – fixed income 4,244 4,244 - - Total assets at fair value $ 8,092 $ 8,092 $ - $ - Estimated Future Benefit Payments (dollars in thousands) Pension Benefits 2020 $ 430 2021 275 2022 230 2023 1,206 2024 425 2025 – 2029 1,303 $ 3,869 Funding Policy It has been Bank practice to contribute the maximum tax-deductible amount each year as determined by the plan administrator. As a result of prior year contributions exceeding the minimum requirements, a Prefunding Balance existed as of December 31, 2019 no 2020. not 2020. Long-Term Rate of Return The plan sponsor selects the expected long-term rate-of-return-on-assets assumption in consultation with their investment advisors and actuary. This rate is intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed – especially with respect to real rates of return (net of inflation) – for the major asset classes held, or anticipated to be held by the trust, and for the trust itself. Undue weight is not may not Because assets are held in a qualified trust, anticipated returns are not not not Asset Allocation The pension plan’s weighted-average asset allocations at December 31, 2019 2018, 2019 2018 Mutual funds – fixed income 48 % 52 % Mutual funds – equity 52 % 48 % Cash and equivalents 0 % 0 % Total 100 % 100 % The trust fund is sufficiently diversified to maintain a reasonable level of risk without imprudently sacrificing return, with a targeted asset allocation of 50 50 It is the responsibility of the Trustee to administer the investments of the Trust within reasonable costs, being careful to avoid sacrificing quality. These costs include, but are not Floyd Plan The Company participates in the Pentegra Defined Benefit Plan for Financial Institutions (“The Pentegra DB Plan”), a tax-qualified defined-benefit pension plan. The Pentegra DB Plan operates as a multi-employer plan for accounting purposes and is a multiple-employer plan under the Employee Retirement Income Security Act of 1974 no The Pentegra DB Plan is a single plan under Internal Revenue Code Section 413 may Funded Status (market value of plan assets divided by funding target) as of July 1 , 2019 Valuation 2018 Valuation Source Report Report Bank of Floyd Plan 103.97 % 106.44 % Employer Contributions Plan expenses paid by the Company totaled approximately $64 $54 December 31, 2019 2018, |
Note 16 - Deferred Compensation
Note 16 - Deferred Compensation and Supplemental Executive Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans, Other than Share-based Compensation [Text Block] | Note 16. Deferred compensation plans have been adopted for certain executive officers and members of the Board of Directors for future compensation upon retirement. Under plan provisions aggregate annual payments ranging from $1,992 $37,200 ten 65. $209 $258 December 31, 2019 2018, $18 $23 2019 2018, 8 Supplemental executive retirement plans for certain executive officers were adopted in 2017. $12,875 $80,000, $222 $143 December 31, 2019 2018, $79 $107 2019 2018, Prior to the Cardinal merger, the Bank of Floyd had adopted supplemental executive plans to provide benefits for two $69 20 4.00%. $728 $768 December 31, 2019 2018, $29 $32 2019 2018, |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 17. Current and Deferred Income Tax Components The components of income tax expense (benefit) (substantially all Federal) are as follows: (dollars in thousands) 2019 2018 Current $ 1,189 $ (375 ) Deferred 591 1,589 $ 1,780 $ 1,214 Rate Reconciliation A reconciliation of income tax expense computed at the statutory federal income tax rate to income tax expense (benefit) included in the statements of income follows: (dollars in thousands) 2019 2018 Tax at statutory federal rate $ 1,877 $ 1,205 Tax exempt interest income (52 ) (49 ) Tax exempt insurance income (92 ) (155 ) State income tax, net of federal benefit 48 21 Merger expenses - 162 Other (1 ) 30 Deferred tax asset re-measurement - - $ 1,780 $ 1,214 Deferred Income Tax Analysis The significant components of net deferred tax assets (all Federal) at December 31, 2019 2018 (dollars in thousands) 2019 2018 Deferred tax assets Allowance for loan losses $ 838 $ 603 Acquired loan credit mark 684 1,061 Deferred compensation 315 322 Investment impairment charge recorded directly to stockholders’ equity as a component of other comprehensive income 47 57 Minimum pension liability 259 276 Net operating loss carryforward 1,666 1,738 Alternative minimum tax credit carryforward - 294 Net unrealized losses on securities available for sale - 247 Nonaccrual interest income 445 206 Purchase accounting adjustments 1 144 Other 103 216 $ 4,358 $ 5,164 Deferred tax liabilities Deferred loan origination costs 365 635 Core deposit intangible 661 831 Accrued pension costs 1,113 1,049 Depreciation 1,059 795 Merger expenses 161 - Net unrealized losses on securities available for sale 14 - Accretion of discount on investment securities, net - 1 $ 3,373 $ 3,311 Net deferred tax asset $ 985 $ 1,853 The Bank has analyzed the tax positions taken or expected to be taken in its tax returns and concluded it has no 2016 Deferred tax assets or liabilities are initially recognized for differences between the financial statement carrying amount and the tax basis of assets and liabilities which will result in future deductible or taxable amounts and operating loss and tax credit carry-forwards. A valuation allowance is then established, as applicable, to reduce the deferred tax asset to the level at which it is “more likely than not” may 1 2 3 no December 31, 2019 2018. $7.9 not 2031. not. |
Note 18 - Commitments and Conti
Note 18 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 18. Litigation In the normal course of business the Bank is involved in various legal proceedings. After consultation with legal counsel, management believes that any liability resulting from such proceedings will not Financial Instruments with Off-Balance Sheet Risk The Bank is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, credit risk in excess of the amount recognized in the consolidated balance sheets. The Bank’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as for on-balance sheet instruments. A summary of the Bank’s commitments at December 31, 2019 2018 (dollars in thousands) 2019 2018 Commitments to extend credit $ 95,190 $ 76,977 Standby letters of credit 1,313 1,227 $ 96,503 $ 78,204 Commitments to extend credit are agreements to lend to a customer as long as there is no may not may Standby letters of credit are conditional commitments issued by the Bank to guarantee the performance of a customer to a third Concentrations of Credit Risk Substantially all of the Bank’s loans, commitments to extend credit, and standby letters of credit have been granted to customers in the Bank’s market area and such customers are generally depositors of the Bank. Investments in state and municipal securities involve governmental entities within and outside the Bank’s market area. The concentrations of credit by type of loan are set forth in Note 5. not $5,000,000. |
Note 19 - Transactions With Rel
Note 19 - Transactions With Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 19. The Bank has entered into transactions with its directors, significant stockholders and their affiliates (related parties). Such transactions were made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other customers, and did not, Aggregate 2019 2018 (dollars in thousands) 2019 2018 Balance, beginning $ 7,549 $ 4,769 New loans 2,053 2,662 Repayments (2,735 ) (2,502 ) Change in relationship 102 2,620 Balance, ending $ 6,969 $ 7,549 The Company has accepted deposits during the ordinary course of business from certain directors and executive officers of the Company and from their affiliates and associates. The total amount of these deposits outstanding was $8.6 $8.2 December 31, 2019 2018, |
Note 20 - Regulatory Restrictio
Note 20 - Regulatory Restrictions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 20. Dividends The Company’s dividend payments are generally made from dividends received from the Bank. Under applicable federal law, the Comptroller of the Currency restricts national bank total dividend payments in any calendar year to net profits of that year, as defined, combined with retained net profits for the two Intercompany Transactions The Bank’s legal lending limit on loans to the Company is governed by Federal Reserve Act 23A, may 10 20 10 not $7.9 December 31, 2019. No 23A December 31, 2019. Capital Requirements The Bank is subject to various regulatory capital requirements administered by federal and state 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 Bank's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Effective January 1, 2015, 1 4.5% 1 6% 8% 4% January 1, 2019, 1 4.5%, 2.5% 4.5% 1 1 7% 1 6.0%, 2.5% 6.0% 1 1 8.5% 8.0%, 2.5% 8.0% 10.5% 4%, 1 Under Basel III Capital requirements, a capital conservation buffer of 0.625% January 1, 2016. January 1, 2019 2.50%. 5.53% December 31, 2019. The rules also revised the prompt corrective action framework, which is designed to place restrictions on insured depository institutions if their capital levels begin to show signs of weakness. Under the prompt corrective action requirements, which are designed to complement the capital conservation buffer, insured depository institutions are required to meet the following capital level requirements in order to qualify as “well capitalized:” a common equity Tier 1 6.5%; 1 8%; 10%; 1 5%. The Company meets eligibility criteria of a small bank holding company in accordance with the Federal Reserve Board’s Small Bank Holding Company Policy Statement, and is not December 31, 2019 2018. January 1, 2015. Actual For Capital Adequacy Purposes To Be Well- Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2019 Total Capital (to risk weighted assets) $ 78,652 13.53 % $ 46,499 8.00 % $ 58,124 10.00 % Tier 1 Capital (to risk weighted assets) $ 74,726 12.86 % $ 34,874 6.00 % $ 46,499 8.00 % Common Equity Tier 1 (to risk weighted assets) $ 74,726 12.86 % $ 26,156 4.50 % $ 37,780 6.50 % Tier 1 Capital (to average total assets) $ 74,726 10.80 % $ 27,680 4.00 % $ 34,599 5.00 % December 31, 2018 Total Capital (to risk weighted assets) $ 71,424 13.00 % $ 43,943 8.00 % $ 54,929 10.00 % Tier 1 Capital (to risk weighted assets) $ 67,899 12.36 % $ 32,958 6.00 % $ 43,943 8.00 % Common Equity Tier 1 (to risk weighted assets) $ 67,899 12.36 % $ 24,718 4.50 % $ 35,704 6.50 % Tier 1 Capital (to average total assets) $ 67,899 10.08 % $ 26,932 4.00 % $ 33,664 5.00 % On September 17, 2019 In order to qualify for the CBLR framework, a community banking organization must have a Tier 1 9.00%, $10.0 not The CBLR framework will be available for banks to use in their March 31, 2020, |
Note 21 - Parent Company Financ
Note 21 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 2 1 . Parent Company Financial Information Condensed financial information of Parkway Acquisition Corp. is presented as follows: Balance Sheets December 31, 2019 2018 (dollars in thousands) 2019 2018 Assets Cash and due from banks $ 52 $ 1,409 Federal funds sold 532 - Investment in affiliate bank 80,587 73,813 Other assets 326 468 Total assets $ 81,497 $ 75,690 Liabilities Other liabilities $ 69 $ 68 Stockholders’ Equity Common stock - - Surplus 40,752 41,660 Retained earnings 41,600 35,929 Accumulated other comprehensive loss (924 ) (1,967 ) Total stockholders’ equity 81,428 75,622 Total liabilities and stockholders’ equity $ 81,497 $ 75,690 Statements of Income For the years ended December 31, 2019 2018 (dollars in thousands) 2019 2018 Income Dividends from affiliate bank $ 1,484 $ 1,123 Federal funds sold 3 - Other income - 1 1,487 1,124 Expenses Management and professional fees 74 68 Other expenses 5 8 79 76 Income before tax benefit and equity in undistributed income of affiliate 1,408 1,048 Federal income tax benefit 16 16 Income before equity in undistributed income of affiliate 1,424 1,064 Equity in undistributed income of affiliate 5,731 3,462 Net income $ 7,155 $ 4,526 Statements of Cash Flows For the years ended December 31, 2019 2018 (dollars in thousands) 2019 2018 Cash flows from operating activities Net income $ 7,155 $ 4,526 Adjustments to reconcile net income to net cash provided by operations: Equity in undistributed income of affiliate (5,731 ) (3,462 ) Change in other assets 142 (80 ) Change in other liabilities 1 31 Net cash provided by operating activities 1,567 1,015 Cash flows from investing activities Net decrease in loans - - Cash received in business combination - - Net cash provided by investing activities - - Cash flows from financing activities Cash paid for fractional shares - (1 ) Common stock repurchased (908 ) - Dividends paid (1,484 ) (1,123 ) Net cash used by financing activities (2,392 ) (1,124 ) Net decrease in cash and cash equivalents (825 ) (109 ) Cash and cash equivalents, beginning 1,409 1,518 Cash and cash equivalents, ending $ 584 $ 1,409 Business combinations Elimination of Company’s existing investment in Great State Bank $ - $ 198 Stock issued to acquire Great State Bank $ - $ 15,495 |
Note 22 - Subsequent Events
Note 22 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 2 2 . Subsequent Events Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not no The 2019 19” may 19 December 2019 January 2020, 10 1.00% March 3, 2020 first may may March 3, 2020, 50 1.00% 1.25%. March 16, 2020, 100 0.00% 0.25%. 19 may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Critical Accounting Policies Management believes the policies with respect to the methodology for the determination of the allowance for loan losses, and asset impairment judgments involve a higher degree of complexity and require management to make difficult and subjective judgments, such as the recoverability of intangible assets and other-than-temporary impairment of investment securities, involve a higher degree of complexity and require management to make difficult and subjective judgements that often require assumptions or estimates about highly uncertain matters. Changes in these judgments, assumptions or estimates could cause reported results to differ materially. These critical policies and their application are periodically reviewed with the Audit Committee and the Board of Directors. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and the Bank, which is wholly owned. All significant, intercompany transactions and balances have been eliminated in consolidation. |
Segment Reporting, Policy [Policy Text Block] | Business Segments The Company reports its activities as a single business segment. In determining the appropriateness of segment definition, the Company considers components of the business about which financial information is available and regularly evaluated relative to resource allocation and performance assessment. |
Business Combinations Policy [Policy Text Block] | Business Combinations Generally, acquisitions are accounted for under the acquisition method of accounting in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, one one not No |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan losses and the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans. In connection with the determination of the allowances for loan and foreclosed real estate losses, management obtains independent appraisals for significant properties. Substantially all of the Bank’s loan portfolio consists of loans in its market area. Accordingly, the ultimate collectability of a substantial portion of the Bank’s loan portfolio and the recovery of a substantial portion of the carrying amount of foreclosed real estate are susceptible to changes in local market conditions. The regional economy is diverse, but influenced to an extent by the manufacturing and agricultural segments. While management uses available information to recognize loan and foreclosed real estate losses, future additions to the allowances may may may The Company seeks strategies that minimize the tax effect of implementing their business strategies. As such, judgments are made regarding the ultimate consequence of long-term tax planning strategies, including the likelihood of future recognition of deferred tax benefits. The Company’s tax returns are subject to examination by both Federal and State authorities. Such examinations may Accounting for pension benefits, costs and related liabilities are developed using actuarial valuations. These valuations include key assumptions determined by management, including the discount rate and expected long-term rate of return on plan assets. Material changes in pension costs may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of reporting cash flows, cash and cash equivalents includes cash and amounts due from banks (including cash items in process of collection), interest-bearing deposits with banks and federal funds sold. |
Marketable Securities, Trading Securities [Policy Text Block] | Trading Securities The Company does not not |
Marketable Securities, Held-to-maturity Securities [Policy Text Block] | Securities Held to Maturity 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. The Company does not |
Marketable Securities, Available-for-sale Securities [Policy Text Block] | Securities Available for Sale Available for sale securities are reported at fair value and consist of bonds, notes, debentures, and certain equity securities not Unrealized holding gains and losses, net of tax, on available for sale securities are reported as a net amount in a separate component of accumulated other comprehensive income. Realized gains and losses on the sale of available for sale securities are determined using the specific-identification method. Premiums and discounts are recognized in interest income using the interest method over the period to earliest call date. Declines in the fair value of individual held to maturity and available for sale securities below cost that are other than temporary are reflected as write-downs of the individual securities to fair value. Related write-downs are included in earnings as realized losses. |
Policy Loans Receivable, Policy [Policy Text Block] | Loans Receivable Loans receivable that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal amount adjusted for any charge-offs and the allowance for loan losses. Loan origination costs are capitalized and recognized as an adjustment to yield over the life of the related loan. Interest is accrued and credited to income based on the principal amount outstanding. The accrual of interest on impaired loans is discontinued when, in management’s opinion, the borrower may first Purchased Performing Loans – no Purchased Credit-Impaired (PCI) Loans not may not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to earnings. Loan losses are charged against the allowance when management believes the uncollectability of a loan balance, or portion thereof, is confirmed. Subsequent recoveries, if any, are credited to the allowance. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of the loans in light of historical experience, the nature and volume of the loan portfolio, adverse situations that may The allowance consists of specific, general and unallocated components. The specific component is calculated on an individual basis for larger-balance, non-homogeneous loans, which are considered impaired. A specific allowance is established when the discounted cash flows, collateral value (less disposal costs), or observable market price of the impaired loan is lower than its carrying value. The specific component of the allowance for smaller- balance loans whose terms have been modified in a troubled debt restructuring (TDR) is calculated on a pooled basis considering historical experience adjusted for qualitative factors. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. A loan is considered impaired when, based on current information and events, it is probable that we will be unable to collect the scheduled payments of principal or interest when 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 Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Bank does not |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings Under GAAP, the Bank is required to account for certain loan modifications or restructurings as “troubled debt restructurings” or "troubled debt restructured loans." In general, the modification or restructuring of a debt constitutes a troubled debt restructuring if the Bank for economic or legal reasons related to the borrower’s financial difficulties grants a concession to the borrower that the Bank would not not not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Land is carried at cost. Bank premises, furniture and equipment are carried at cost, less accumulated depreciation and amortization computed principally by the straight-line method over the following estimated useful lives: Years Buildings and improvements 10 - 40 Furniture and equipment 5 - 12 |
Financing Receivable, Held-for-investment, Foreclosed Asset [Policy Text Block] | Foreclosed Assets Real estate properties acquired through, or in lieu of, loan foreclosure are to be sold and are initially recorded at fair value less anticipated cost to sell at the date of foreclosure, establishing a new cost basis. After foreclosure, valuations are periodically performed by management and the real estate is carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in foreclosure expense on the consolidated statements of income. |
Pension and Other Postretirement Plans, Pensions, Policy [Policy Text Block] | Pension Plan Prior to the Cardinal merger, both Grayson National Bank (Grayson) and Bank of Floyd (Floyd) had qualified noncontributory defined benefit pension plans in place which covered substantially all of each bank’s employees. The benefits in each plan are primarily based on years of service and earnings. Both Grayson and Floyd plans were amended to freeze benefit accruals for all eligible employees prior to the effective date of the Cardinal merger. Grayson’s plan is a single-employer plan, the funded status of which is measured as the difference between the fair value of plan assets and the projected benefit obligation. Floyd’s plan is a multi-employer plan for accounting purposes and is a multiple-employer plan under the Employee Retirement Income Security Act of 1974 |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales, when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible A ssets Goodwill arises from business combinations and is generally determined as the excess of fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquire, over the fair value of the nets assets acquired and liabilities assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not July 1 July 1, 2019, no Other intangible assets consist of core deposit intangibles that represent the value of long-term deposit relationships acquired in a business combination. Core deposit intangibles are amortized over the estimated useful lives of the deposit accounts acquired. The core deposit intangible as a result of the Cardinal merger, is amortized over an estimated useful life of twenty seven |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition On January 1, 2018, 2014 9, Revenue from Contracts with Customers (“ASU Topic 606” 2014 09 not 2014 09 not 2014 09 January 1, 2018 no not 606 Service Charges on Deposit Accounts - Other Service Charges and Fees - O Credit and Debit Card Fees - Insurance and Investment - |
Income Tax, Policy [Policy Text Block] | Income Taxes Provision for income taxes is based on amounts reported in the statements of income (after exclusion of non-taxable income such as interest on state and municipal securities) and consists of taxes currently due plus deferred taxes on temporary differences in the recognition of income and expense for tax and financial statement purposes. Deferred tax assets and liabilities are included in the financial statements at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be realized or settled. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Deferred income tax expense results from changes in deferred tax assets and liabilities between periods. Deferred tax assets are recognized if it is more likely than not, not 50 not 50 not not not not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on securities available for sale and changes in the funded status of the pension plan which are also recognized as separate components of equity. The accumulated balances related to each component of other comprehensive income (loss) are as follows: (dollars in thousands) Unrealized Gains And Losses On Available for Sale Securities Defined Benefit Pension Items Total Balance, December 31, 201 7 $ (523 ) $ (987 ) $ (1,510 ) Other comprehensive income (loss) before reclassifications (402 ) (51 ) (453 ) Amounts reclassified from accumulated other comprehensive loss (4 ) - (4 ) Balance, December 31, 201 8 $ (929 ) $ (1,038 ) $ (1,967 ) Balance, December 31, 201 8 $ (929 ) $ (1,038 ) $ (1,967 ) Other comprehensive income (loss) before Reclassifications 1,019 63 1,082 Amounts reclassified from accumulated other comprehensive loss (39 ) - (39 ) Balance, December 31, 201 9 $ 51 $ (975 ) $ (924 ) |
Advertising Cost [Policy Text Block] | Advertising Expense The Company expenses advertising costs as they are incurred. Advertising expense for the years ended December 31, 2019 2018 $603 $569 |
Earnings Per Share, Policy [Policy Text Block] | Basic Earnings per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding during the period, after giving retroactive effect to stock splits and dividends. |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Credit Related Financial Instruments In the ordinary course of business, the Company has entered into commitments to extend credit, including commitments under line of credit arrangements, commercial letters of credit, and standby letters of credit. Such financial instruments are recorded when they are funded. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions, as more fully disclosed in Note 14. |
Reclassification, Policy [Policy Text Block] | Reclassification Certain reclassifications have been made to the prior years’ financial statements to place them on a comparable basis with the current presentation. Net income and stockholders’ equity previously reported were not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The following accounting standards may In February 2016, December 15, 2018, Effective January 1, 2019, not 10 In June 2016, No. 2016 13 July 2019, December 31, 2022, October 16, 2019 In November 2019, 2016 13, Financial Instruments—Credit Losses (Topic 326 not 2016 13, December 15, 2022, 2016 13. not In January 2017, not 2 not December 15, 2019 . January 1, 2017. not In August 2018, December 15, 2019. not In August 2018, Conceptual Framework for Financial Reporting—Chapter 8: December 15, 2019. not In March 2019, December 15, 2019 . not In April 2019, December 15, 2019. December 15, 2019, December 15, 2020. December 15, 2019, not In May 2019, 2016 13, December 15, 2022. not In July 2019, not In November 2019, not December 15, 2022, In December 2019, 740 December 15, 2020, not Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies are not |
Note 1 - Organization and Sum_2
Note 1 - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Useful Lives of Property, Plant and Equipment [Table Text Block] | Years Buildings and improvements 10 - 40 Furniture and equipment 5 - 12 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (dollars in thousands) Unrealized Gains And Losses On Available for Sale Securities Defined Benefit Pension Items Total Balance, December 31, 201 7 $ (523 ) $ (987 ) $ (1,510 ) Other comprehensive income (loss) before reclassifications (402 ) (51 ) (453 ) Amounts reclassified from accumulated other comprehensive loss (4 ) - (4 ) Balance, December 31, 201 8 $ (929 ) $ (1,038 ) $ (1,967 ) Balance, December 31, 201 8 $ (929 ) $ (1,038 ) $ (1,967 ) Other comprehensive income (loss) before Reclassifications 1,019 63 1,082 Amounts reclassified from accumulated other comprehensive loss (39 ) - (39 ) Balance, December 31, 201 9 $ 51 $ (975 ) $ (924 ) |
Note 2 - Business Combinations
Note 2 - Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (dollars in thousands) As Reported by Fair Value As Reported by Great State Adjustments Parkway Assets Cash and cash equivalents $ 25,761 $ - - $ 25,761 Investment securities 19,630 (229 ) (a) 19,401 Restricted equity securities 523 - - 523 Loans 97,549 (2,441 ) (b) 95,108 Allowance for loan losses (1,436 ) 1,436 (c) - Property and equipment 1,207 189 (d) 1,396 Intangible assets - 2,425 (e) 2,425 Accrued interest receivable 334 - - 334 Other assets 599 (151 ) (f) 448 Total assets acquired $ 144,167 $ 1,229 $ 145,396 Liabilities Deposits $ 129,611 $ 940 (g) $ 130,551 Borrowings 2,000 - - 2,000 Accrued interest payable 40 - - 40 Other liabilities 352 17 (h) 369 Total liabilities acquired $ 132,003 $ 957 $ 132,960 Net assets acquired 12,436 Elimination of Company’s existing investment in Great State 198 Stock consideration 15,495 Goodwill $ 3,257 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2018 (Unaudited) Net interest income $ 24,262 Net income (a) $ 4,508 Basic and diluted weighted average shares outstanding (b) 6,213,275 Basic and diluted earnings per common share $ 1.07 |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | (dollars in thousands) Amortized Cost Unrealized Gains Unrealized Losses Fair Value 201 9 Available for sale: U.S. Government Agencies $ - $ - $ - $ - Mortgage-backed securities 19,540 61 (97 ) 19,504 Corporate securities 1,500 - (67 ) 1,433 State and municipal securities 11,777 168 (1 ) 11,944 $ 32,817 $ 229 $ (165 ) $ 32,881 2018 Available for sale: U.S. Government Agencies $ 244 $ 1 $ - $ 245 Mortgage-backed securities 25,627 1 (865 ) 24,763 Corporate securities 2,970 - (181 ) 2,789 State and municipal securities 17,764 31 (164 ) 17,631 $ 46,605 $ 33 $ (1,210 ) $ 45,428 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less Than 12 Months 12 Months or More Total (dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses 201 9 Available for sale: Mortgage-backed securities $ 8,625 $ (97 ) $ - $ - $ 8,625 $ (97 ) Corporate securities - - 1,433 (67 ) 1,433 (67 ) State and municipal securities 1,010 (1 ) - - 1,010 (1 ) Total securities available for sale $ 9,635 $ (98 ) $ 1,433 $ (67 ) $ 11,068 $ (165 ) 2018 Available for sale: Mortgage-backed securities $ 450 $ (1 ) $ 24,227 $ (864 ) $ 24,677 $ (865 ) Corporate securities - - 2,789 (181 ) 2,789 (181 ) State and municipal securities 5,518 (19 ) 6,834 (145 ) 12,352 (164 ) Total securities available for sale $ 5,968 $ (20 ) $ 33,850 $ (1,190 ) $ 39,818 $ (1,210 ) |
Schedule of Realized Gain (Loss) [Table Text Block] | (dollars in thousands) 201 9 201 8 Realized gains $ 92 $ 9 Realized losses (43 ) (4 ) $ 49 $ 5 |
Investments Classified by Contractual Maturity Date [Table Text Block] | (dollars in thousands) Amortized Cost Fair Value Due in one year or less $ 1,289 $ 1,290 Due after one year through five years 7,176 7,214 Due after five years through ten years 15,014 14,987 Due after ten years 9,338 9,390 $ 32,817 $ 32,881 |
Note 5 - Loans Receivable (Tabl
Note 5 - Loans Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (dollars in thousands) 2019 2018 Construction & development $ 39,649 $ 33,449 Farmland 34,166 33,291 Residential 253,674 235,689 Commercial mortgage 190,817 176,192 Commercial & agricultural 32,426 37,491 Consumer & other 19,621 20,353 Total loans 570,353 536,465 Allowance for loan losses (3,893 ) (3,495 ) Loans, net of allowance for loan losses $ 566,460 $ 532,970 |
Summary of Loans Acquired in Acquisition [Table Text Block] | (dollars in thousands) Construction & development $ 7,496 Farmland 720 Residential 26,006 Commercial mortgage 47,953 Commercial & agricultural 11,793 Consumer & other 1,140 Total loans acquired $ 95,108 |
Note 6 - Allowance for Loan L_2
Note 6 - Allowance for Loan Losses and Impaired Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (dollars in thousands) Construction & Development Farmland Residential Commercial Mortgage Commercial & Agricultural Consumer & Other Total December 31, 2019 Allowance for loan losses: Beginning Balance $ 246 $ 385 $ 1,807 $ 682 $ 281 $ 94 $ 3,495 Charge-offs - (13 ) (55 ) (41 ) (77 ) (212 ) (398 ) Recoveries - - 8 69 10 54 141 Provision 59 115 62 214 (3 ) 208 655 Ending Balance $ 305 $ 487 $ 1,822 $ 924 $ 211 $ 144 $ 3,893 Ending balance: individually evaluated for impairment $ - $ - $ - $ - $ - $ - $ - Ending balance: collectively evaluated for impairment $ 305 $ 487 $ 1,822 $ 924 $ 211 $ 144 $ 3,893 Loans outstanding: Ending Balance $ 39,649 $ 34,166 $ 253,674 $ 190,817 $ 32,426 $ 19,621 $ 570,353 Ending balance: individually evaluated for impairment $ - $ 3,240 $ 909 $ - $ - $ - $ 4,149 Ending balance: collectively evaluated for impairment $ 39,649 $ 30,926 $ 252,765 $ 190,817 $ 32,426 $ 19,621 $ 566,204 December 31, 2018 Allowance for loan losses: Beginning Balance $ 239 $ 358 $ 1,875 $ 619 $ 282 $ 80 $ 3,453 Charge-offs (20 ) - (117 ) (142 ) (23 ) (175 ) (477 ) Recoveries - 34 44 69 9 38 194 Provision 27 (7 ) 5 136 13 151 325 Ending Balance $ 246 $ 385 $ 1,807 $ 682 $ 281 $ 94 $ 3,495 Ending balance: individually evaluated for impairment $ - $ 29 $ 12 $ - $ - $ - $ 41 Ending balance: collectively evaluated for impairment $ 246 $ 356 $ 1,795 $ 682 $ 281 $ 94 $ 3,454 Loans outstanding: Ending Balance $ 33,449 $ 33,291 $ 235,689 $ 176,192 $ 37,491 $ 20,353 $ 536,465 Ending balance: individually evaluated for impairment $ - $ 4,552 $ 1,018 $ - $ - $ - $ 5,570 Ending balance: collectively evaluated for impairment $ 33,449 $ 28,739 $ 234,671 $ 176,192 $ 37,491 $ 20,353 $ 530,895 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Loan Grades (dollars in thousands) Pass Watch Special Mention Substandard Total December 31, 2019 Real Estate Secured: Construction & development $ 34,701 $ 4,801 $ - $ 147 $ 39,649 Farmland 22,969 4,059 673 6,465 34,166 Residential 231,629 19,887 176 1,982 253,674 Commercial mortgage 163,584 21,960 930 4,343 190,817 Non-Real Estate Secured: Commercial & agricultural 27,503 4,346 103 474 32,426 Consumer & other 19,314 300 - 7 19,621 Total $ 499,700 $ 55,353 $ 1,882 $ 13,418 $ 570,353 December 31, 2018 Real Estate Secured: Construction & development $ 31,237 $ 2,044 $ 147 $ 21 $ 33,449 Farmland 23,250 4,933 750 4,358 33,291 Residential 213,670 18,794 299 2,926 235,689 Commercial mortgage 148,179 23,468 1,212 3,333 176,192 Non-Real Estate Secured: Commercial & agricultural 33,537 2,908 70 976 37,491 Consumer & other 18,975 1,364 - 14 20,353 Total $ 468,848 $ 53,511 $ 2,478 $ 11,628 $ 536,465 |
Financing Receivable, Past Due [Table Text Block] | (dollars in thousands) 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total Loans 90+ Days Past Due and Still Accruing Nonaccrual Loans December 31, 2019 Real Estate Secured: Construction & development $ - $ - $ 10 $ 10 $ 39,639 $ 39,649 $ - $ 10 Farmland 893 - 971 1,864 32,302 34,166 - 4,192 Residential 292 48 365 705 252,969 253,674 - 412 Commercial mortgage 185 - - 185 190,632 190,817 - 198 Non-Real Estate Secured: Commercial & agricultural 135 8 163 306 32,120 32,426 - 165 Consumer & other 2 6 2 10 19,611 19,621 - 2 Total $ 1,507 $ 62 $ 1,511 $ 3,080 $ 567,273 $ 570,353 $ - $ 4,979 December 31, 2018 Real Estate Secured: Construction & development $ 29 $ - $ - $ 29 $ 33,420 $ 33,449 $ - $ - Farmland 71 100 989 1,160 32,131 33,291 - 3,914 Residential 762 145 241 1,148 234,541 235,689 - 653 Commercial mortgage - - 604 604 175,588 176,192 - 740 Non-Real Estate Secured: Commercial & agricultural 7 - 264 271 37,220 37,491 - 264 Consumer & other 12 18 8 38 20,315 20,353 - 8 Total $ 881 $ 263 $ 2,106 $ 3,250 $ 533,215 $ 536,465 $ - $ 5,579 |
Impaired Financing Receivables [Table Text Block] | (dollars in thousands) Recorded Investment 1 Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2019 With no related allowance recorded: Construction & development $ - $ - $ - $ - $ - Farmland 3,240 3,240 - 3,505 25 Residential 909 909 - 921 40 Commercial mortgage - - - - - Commercial & agricultural - - - - - Consumer & other - - - - - Subtotal 4,149 4,149 - 4,426 65 With an allowance recorded: Construction & development 72 72 3 76 6 Farmland 150 150 2 1,545 70 Residential 3,345 3,495 166 4,161 225 Commercial mortgage 11 56 1 268 11 Commercial & agricultural 31 31 1 34 2 Consumer & other 3 3 1 4 - Subtotal 3,612 3,807 174 6,088 314 Totals: Construction & development 72 72 3 76 6 Farmland 3,390 3,390 2 5,050 95 Residential 4,254 4,404 166 5,082 265 Commercial mortgage 11 56 1 268 11 Commercial & agricultural 31 31 1 34 2 Consumer & other 3 3 1 4 - Total $ 7,761 $ 7,956 $ 174 $ 10,514 $ 379 (dollars in thousands) Recorded Investment 1 Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized December 31, 2018 With no related allowance recorded: Construction & development $ - $ - $ - $ - $ - Farmland 3,284 3,284 - 3,523 23 Residential 85 85 - 448 13 Commercial mortgage - - - - - Commercial & agricultural - 24 - - - Consumer & other - - - - - Subtotal 3,369 3,393 - 3,971 36 With an allowance recorded: Construction & development 69 69 4 306 11 Farmland 1,539 1,539 38 1,568 86 Residential 5,005 5,162 241 5,348 266 Commercial mortgage 275 358 15 522 27 Commercial & agricultural 37 37 2 47 3 Consumer & other 4 4 - 4 - Subtotal 6,929 7,169 300 7,795 393 Totals: Construction & development 69 69 4 306 11 Farmland 4,823 4,823 38 5,091 109 Residential 5,090 5,247 241 5,796 279 Commercial mortgage 275 358 15 522 27 Commercial & agricultural 37 61 2 47 3 Consumer & other 4 4 - 4 - Total $ 10,298 $ 10,562 $ 300 $ 11,766 $ 429 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | TDRs identified during the period TDRs identified in the last twelve months that subsequently defaulted (1) (dollars in thousands) Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment December 31, 2019 Construction & development 1 $ 9 $ 11 - $ - $ - Farmland 1 38 37 - - - Residential 1 117 128 - - - Commercial mortgage - - - - - - Commercial & agricultural - - - - - - Consumer & other - - - - - - Total 3 $ 164 $ 176 - $ - $ - TDRs identified during the period TDRs identified in the last twelve months that subsequently defaulted (1) (dollars in thousands) Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment Number of contracts Pre- modification outstanding recorded investment Post- modification outstanding recorded investment December 31, 2018 Construction & development - $ - $ - - $ - $ - Farmland - - - - - - Residential 2 80 95 - - - Commercial mortgage - - - - - - Commercial & agricultural - - - - - - Consumer & other 1 5 4 - - - Total 3 $ 85 $ 99 - $ - $ - |
Schedule of Business Acquisition, Carrying Amount of Acquired Loans [Table Text Block] | (dollars in thousands) 2019 2018 Residential $ 150 $ 167 Commercial mortgage 321 347 Commercial & agricultural 146 200 Outstanding balance $ 617 $ 714 Carrying amount $ 617 $ 714 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | (dollars in thousands) December 31, 2018 Contractually required payments receivable of loans purchased during the year: Residential $ 233 Commercial mortgage 1,724 Commercial & agricultural 221 $ 2,178 Cash flows expected to be collected at acquisition $ 1,781 Fair value of acquired loans at acquisition $ 1,781 |
Carrying Amount of Purchased Credit Impaired Loans [Table Text Block] | (dollars in thousands) 2019 2018 Loans at beginning of year $ 714 $ - Loans purchased during the year $ - $ 1,781 Loans at end of period $ 617 $ 714 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (dollars in thousands) 201 9 201 8 Land $ 5,747 $ 4,935 Buildings and improvements 19,352 17,493 Furniture and equipment 12,482 11,228 37,581 33,656 Less accumulated depreciation (14,144 ) (12,971 ) $ 23,437 $ 20,685 |
Note 9 - Goodwill and Intangi_2
Note 9 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | (dollars in thousands) 2019 2018 Beginning of year $ 3,198 $ - Acquired goodwill as result of Great State merger - 3,198 Measurement period adjustment 59 - Impairment - - End of the period $ 3,257 $ 3,198 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | (dollars in thousands) 2019 2018 Balance at beginning of year, net $ 3,892 $ 2,045 Core deposit intangible as result of Great State merger - 2,425 Amortization expense (822 ) (578 ) Net book value $ 3,070 $ 3,892 |
Note 10 - Leases (Tables)
Note 10 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | (dollars in thousands) 201 9 Lease liabilities $ 729 Right-of-use assets $ 729 Weighted average remaining lease term (years) 8.06 Weighted average discount rate 2.39 % (dollars in thousands) 201 9 Lease Expense Operating lease expense $ 73 Short-term lease expense 97 Total lease expense $ 170 Cash paid for amounts included in lease liabilities $ 73 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (dollars in thousands) Twelve months ending December 31, 2020 $ 123 Twelve months ending December 31, 2021 128 Twelve months ending December 31, 2022 97 Twelve months ending December 31, 2023 66 Twelve months ending December 31, 2024 68 Thereafter 330 Total undiscounted cash flows $ 812 Less discount (83 ) Lease liabilities $ 729 |
Note 11 - Deposits (Tables)
Note 11 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | 2020 $ 61,499 2021 78,377 2022 27,141 2023 12,359 2024 12,612 After Five Years - Total $ 191,988 |
Note 14 - Financial Instrumen_2
Note 14 - Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements (dollars in thousands) Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Financial Instruments – Assets Net Loans $ 566,460 $ 557,054 $ - $ 556,851 $ 203 Financial Instruments – Liabilities Time Deposits 191,988 192,365 - 192,365 - FHLB Advances 10,000 10,021 10,021 - - December 31, 2018 Financial Instruments – Assets Net Loans $ 532,970 $ 529,155 $ - $ 528,784 $ 371 Financial Instruments – Liabilities Time Deposits 180,143 176,188 - 176,188 - |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (dollars in thousands) Total Level 1 Level 2 Level 3 December 31, 2019 Investment securities available for sale U.S. Government Agencies $ - $ - $ - $ - Mortgage-backed securities 19,504 - 19,504 - Corporate securities 1,433 - 1,433 - State and municipal securities 11,944 - 11,944 - Total assets at fair value $ 32,881 $ - $ 32,881 $ - December 31, 2018 Investment securities available for sale U.S. Government Agencies $ 245 $ - $ 245 $ - Mortgage-backed securities 24,763 - 24,763 - Corporate securities 2,789 - 2,789 - State and municipal securities 17,631 - 17,631 - Total assets at fair value $ 45,428 $ - $ 45,428 $ - |
Fair Value Measurements, Nonrecurring [Table Text Block] | (dollars in thousands) Total Level 1 Level 2 Level 3 December 31, 2019 Impaired loans $ 203 $ - $ - $ 203 Total assets at fair value $ 203 $ - $ - $ 203 (dollars in thousands) Total Level 1 Level 2 Level 3 December 31, 2018 Impaired loans $ 371 $ - $ - $ 371 Foreclosed assets 753 - - 753 Total assets at fair value $ 1,124 $ - $ - $ 1,124 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value at December 31, 2019 Fair Value at December 31, 2018 Valuation Technique Significant Unobservable Inputs General Range of Significant Unobservable Input Values Impaired Loans $ 203 $ 371 Appraised Value/Discounted Cash Flows/Market Value of Note Discounts to reflect current market conditions, ultimate collectability, and estimated costs to sell 0 – 10% Other Real Estate Owned $ - $ 753 Appraised Value/Comparable Sales/Other Estimates from Independent Sources Discounts to reflect current market conditions and estimated costs to sell 0 – 0% |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | (dollars in thousands) 2019 2018 Change in benefit obligation Benefit obligation at beginning of year $ 4,493 $ 5,223 Interest cost 182 173 Actuarial (gain) loss 827 (824 ) Benefits paid (267 ) (79 ) Settlement (gain) loss (13 ) - Benefit obligation at end of year 5,222 4,493 Change in plan assets Fair value of plan assets at beginning of year 8,092 8,513 Actual return on plan assets 1,332 (342 ) Benefits paid (267 ) (79 ) Fair value of plan assets at end of year 9,157 8,092 Funded status at the end of the year $ 3,935 $ 3,599 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | (dollars in thousands) 2019 2018 Amounts recognized in the Balance Sheet Plan benefit cost $ 5,169 $ 4,912 Unrecognized net actuarial loss (1,234 ) (1,313 ) Amount recognized in other assets $ 3,935 $ 3,599 Amounts recognized in accumulated comprehensive income (loss) Unrecognized net actuarial loss $ (1,234 ) $ (1,313 ) Deferred taxes 259 275 Amount recognized in accumulated comprehensive income (loss), net $ (975 ) $ (1,038 ) Prepaid benefit detail Benefit obligation $ (5,222 ) $ (4,493 ) Fair value of assets 9,157 8,092 Unrecognized net actuarial loss 1,234 1,313 Prepaid benefit cost 5,169 4,912 Components of net periodic pension cost Interest cost $ 182 $ 173 Expected return on plan assets (551 ) (576 ) Recognized net loss due to settlement 71 - Recognized net actuarial loss 41 30 Net periodic benefit expense (257 ) (373 ) Additional disclosure information Accumulated benefit obligation $ 5,222 $ 4,493 Vested benefit obligation $ 5,222 $ 4,493 Discount rate used for net periodic pension cost 4.25 % 3.50 % Discount rate used for disclosure 3.25 % 4.25 % Expected return on plan assets 7.00 % 7.00 % Rate of compensation increase N/A N/A Average remaining service (years) 11 12 |
Schedule of Allocation of Plan Assets [Table Text Block] | (dollars in thousands) Total Level 1 Level 2 Level 3 December 31, 2019 Cash equivalents and short term investments $ - $ - $ - $ - Mutual funds – equities 4,749 4,749 - - Mutual funds – fixed income 4,408 4,408 - - Total assets at fair value $ 9,157 $ 9,157 $ - $ - December 31, 2018 Cash equivalents and short term investments $ - $ - $ - $ - Mutual funds – equities 3,848 3,848 - - Mutual funds – fixed income 4,244 4,244 - - Total assets at fair value $ 8,092 $ 8,092 $ - $ - |
Schedule of Expected Benefit Payments [Table Text Block] | (dollars in thousands) Pension Benefits 2020 $ 430 2021 275 2022 230 2023 1,206 2024 425 2025 – 2029 1,303 $ 3,869 |
Schedule of Weighted Average Number of Shares [Table Text Block] | 2019 2018 Mutual funds – fixed income 48 % 52 % Mutual funds – equity 52 % 48 % Cash and equivalents 0 % 0 % Total 100 % 100 % |
Schedule of Net Funded Status [Table Text Block] | 2019 Valuation 2018 Valuation Source Report Report Bank of Floyd Plan 103.97 % 106.44 % |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (dollars in thousands) 2019 2018 Current $ 1,189 $ (375 ) Deferred 591 1,589 $ 1,780 $ 1,214 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (dollars in thousands) 2019 2018 Tax at statutory federal rate $ 1,877 $ 1,205 Tax exempt interest income (52 ) (49 ) Tax exempt insurance income (92 ) (155 ) State income tax, net of federal benefit 48 21 Merger expenses - 162 Other (1 ) 30 Deferred tax asset re-measurement - - $ 1,780 $ 1,214 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (dollars in thousands) 2019 2018 Deferred tax assets Allowance for loan losses $ 838 $ 603 Acquired loan credit mark 684 1,061 Deferred compensation 315 322 Investment impairment charge recorded directly to stockholders’ equity as a component of other comprehensive income 47 57 Minimum pension liability 259 276 Net operating loss carryforward 1,666 1,738 Alternative minimum tax credit carryforward - 294 Net unrealized losses on securities available for sale - 247 Nonaccrual interest income 445 206 Purchase accounting adjustments 1 144 Other 103 216 $ 4,358 $ 5,164 Deferred tax liabilities Deferred loan origination costs 365 635 Core deposit intangible 661 831 Accrued pension costs 1,113 1,049 Depreciation 1,059 795 Merger expenses 161 - Net unrealized losses on securities available for sale 14 - Accretion of discount on investment securities, net - 1 $ 3,373 $ 3,311 Net deferred tax asset $ 985 $ 1,853 |
Note 18 - Commitments and Con_2
Note 18 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | (dollars in thousands) 2019 2018 Commitments to extend credit $ 95,190 $ 76,977 Standby letters of credit 1,313 1,227 $ 96,503 $ 78,204 |
Note 19 - Transactions With R_2
Note 19 - Transactions With Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | (dollars in thousands) 2019 2018 Balance, beginning $ 7,549 $ 4,769 New loans 2,053 2,662 Repayments (2,735 ) (2,502 ) Change in relationship 102 2,620 Balance, ending $ 6,969 $ 7,549 |
Note 20 - Regulatory Restrict_2
Note 20 - Regulatory Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy Purposes To Be Well- Capitalized Amount Ratio Amount Ratio Amount Ratio December 31, 2019 Total Capital (to risk weighted assets) $ 78,652 13.53 % $ 46,499 8.00 % $ 58,124 10.00 % Tier 1 Capital (to risk weighted assets) $ 74,726 12.86 % $ 34,874 6.00 % $ 46,499 8.00 % Common Equity Tier 1 (to risk weighted assets) $ 74,726 12.86 % $ 26,156 4.50 % $ 37,780 6.50 % Tier 1 Capital (to average total assets) $ 74,726 10.80 % $ 27,680 4.00 % $ 34,599 5.00 % December 31, 2018 Total Capital (to risk weighted assets) $ 71,424 13.00 % $ 43,943 8.00 % $ 54,929 10.00 % Tier 1 Capital (to risk weighted assets) $ 67,899 12.36 % $ 32,958 6.00 % $ 43,943 8.00 % Common Equity Tier 1 (to risk weighted assets) $ 67,899 12.36 % $ 24,718 4.50 % $ 35,704 6.50 % Tier 1 Capital (to average total assets) $ 67,899 10.08 % $ 26,932 4.00 % $ 33,664 5.00 % |
Note 21 - Parent Company Fina_2
Note 21 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | (dollars in thousands) 2019 2018 Assets Cash and due from banks $ 52 $ 1,409 Federal funds sold 532 - Investment in affiliate bank 80,587 73,813 Other assets 326 468 Total assets $ 81,497 $ 75,690 Liabilities Other liabilities $ 69 $ 68 Stockholders’ Equity Common stock - - Surplus 40,752 41,660 Retained earnings 41,600 35,929 Accumulated other comprehensive loss (924 ) (1,967 ) Total stockholders’ equity 81,428 75,622 Total liabilities and stockholders’ equity $ 81,497 $ 75,690 |
Condensed Income Statement [Table Text Block] | (dollars in thousands) 2019 2018 Income Dividends from affiliate bank $ 1,484 $ 1,123 Federal funds sold 3 - Other income - 1 1,487 1,124 Expenses Management and professional fees 74 68 Other expenses 5 8 79 76 Income before tax benefit and equity in undistributed income of affiliate 1,408 1,048 Federal income tax benefit 16 16 Income before equity in undistributed income of affiliate 1,424 1,064 Equity in undistributed income of affiliate 5,731 3,462 Net income $ 7,155 $ 4,526 |
Condensed Cash Flow Statement [Table Text Block] | (dollars in thousands) 2019 2018 Cash flows from operating activities Net income $ 7,155 $ 4,526 Adjustments to reconcile net income to net cash provided by operations: Equity in undistributed income of affiliate (5,731 ) (3,462 ) Change in other assets 142 (80 ) Change in other liabilities 1 31 Net cash provided by operating activities 1,567 1,015 Cash flows from investing activities Net decrease in loans - - Cash received in business combination - - Net cash provided by investing activities - - Cash flows from financing activities Cash paid for fractional shares - (1 ) Common stock repurchased (908 ) - Dividends paid (1,484 ) (1,123 ) Net cash used by financing activities (2,392 ) (1,124 ) Net decrease in cash and cash equivalents (825 ) (109 ) Cash and cash equivalents, beginning 1,409 1,518 Cash and cash equivalents, ending $ 584 $ 1,409 Business combinations Elimination of Company’s existing investment in Great State Bank $ - $ 198 Stock issued to acquire Great State Bank $ - $ 15,495 |
Note 1 - Organization and Sum_3
Note 1 - Organization and Summary of Significant Accounting Policies (Details Textual) $ in Thousands | Jul. 01, 2019USD ($) | Jul. 01, 2018USD ($)shares | Jul. 01, 2016 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Stock Issued During Period, Value, Acquisitions | $ 15,495 | ||||
Goodwill, Impairment Loss | $ 0 | ||||
Advertising Expense | $ 603 | $ 569 | |||
Grayson Bankshares, Inc [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Exchange Ratio | 1.76 | ||||
Grayson Bankshares, Inc [Member] | Parkway Acquisition Corp. [Member] | |||||
Ownership Percentage in Newly Issued Shares | 60.00% | ||||
Cardinal Bankshares Corporation [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Exchange Ratio | 1.3 | ||||
Cardinal Bankshares Corporation [Member] | Core Deposits [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 20 years | ||||
Cardinal Bankshares Corporation [Member] | Parkway Acquisition Corp. [Member] | |||||
Ownership Percentage in Newly Issued Shares | 40.00% | ||||
Great State Bank [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Exchange Ratio | 1.21 | ||||
Stock Issued During Period, Shares, Acquisitions | shares | 1,191,899 | ||||
Stock Issued During Period, Value, Acquisitions | $ 15,500 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 145,396 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed Loans | 95,100 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | 132,960 | ||||
Business Combinations, Recognized Identifiable Assets Acquired And Liability Assumed Of Deposits | $ 130,600 | ||||
Great State Bank [Member] | Core Deposits [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 7 years |
Note 1 - Organization and Sum_4
Note 1 - Organization and Summary of Significant Accounting Policies - Property and Equipment Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property and equipment useful life (Year) | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property and equipment useful life (Year) | 40 years |
Furniture and Equipment [Member] | Minimum [Member] | |
Property and equipment useful life (Year) | 5 years |
Furniture and Equipment [Member] | Maximum [Member] | |
Property and equipment useful life (Year) | 12 years |
Note 1 - Organization and Sum_5
Note 1 - Organization and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 75,622 | $ 57,182 |
Balance | 81,428 | 75,622 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | (929) | (523) |
Other comprehensive income (loss) before reclassifications | 1,019 | (402) |
Amounts reclassified from accumulated other comprehensive loss | (39) | (4) |
Balance | 51 | (929) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (1,038) | (987) |
Other comprehensive income (loss) before reclassifications | 63 | (51) |
Amounts reclassified from accumulated other comprehensive loss | ||
Balance | (975) | (1,038) |
AOCI Attributable to Parent [Member] | ||
Balance | (1,967) | (1,510) |
Other comprehensive income (loss) before reclassifications | 1,082 | (453) |
Amounts reclassified from accumulated other comprehensive loss | (39) | (4) |
Balance | $ (924) | $ (1,967) |
Note 2 - Business Combination_2
Note 2 - Business Combinations (Details Textual) - USD ($) $ in Thousands | Jul. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Combination, Acquisition Related Costs | $ 1,978 | ||
As Reported by Acquiror [Member] | |||
Business Combination, Acquisition Related Costs | $ 2,000 | ||
Parkway Acquisition Corporation [Member] | |||
Business Acquisition, Equity Interest Issued or Issuable, Exchange Ratio | 121.00% | ||
Stock Issued During Period, Shares, Acquisitions | 1,191,899 |
Note 2 - Business Combination_3
Note 2 - Business Combinations - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jul. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock issued to acquire Great State Bank | $ 15,495 | ||||
Goodwill | $ 3,257 | $ 3,198 | |||
Great State Bank [Member] | |||||
Cash and cash equivalents | $ 25,761 | ||||
Investment securities | 19,401 | ||||
Restricted equity securities | 523 | ||||
Loans | 95,108 | ||||
Allowance for loan losses | |||||
Property and equipment | [1] | 1,396 | |||
Intangible assets | 2,425 | ||||
Accrued interest receivable | 334 | ||||
Other assets | 448 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 145,396 | ||||
Deposits | 130,551 | ||||
Borrowings | 2,000 | ||||
Accrued interest payable | 40 | ||||
Other liabilities | 369 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | 132,960 | ||||
Net assets acquired | 12,436 | ||||
Elimination of Company’s existing investment in Great State Bank | 198 | ||||
Stock issued to acquire Great State Bank | 15,495 | ||||
Goodwill | 3,257 | ||||
Great State Bank [Member] | Reported Value by Acquiree [Member] | |||||
Cash and cash equivalents | 25,761 | ||||
Investment securities | 19,630 | ||||
Restricted equity securities | 523 | ||||
Loans | 97,549 | ||||
Allowance for loan losses | (1,436) | ||||
Property and equipment | [1] | 1,207 | |||
Intangible assets | |||||
Accrued interest receivable | 334 | ||||
Other assets | 599 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 144,167 | ||||
Deposits | 129,611 | ||||
Borrowings | 2,000 | ||||
Accrued interest payable | 40 | ||||
Other liabilities | 352 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | 132,003 | ||||
Great State Bank [Member] | Fair Value Adjustments [Member] | |||||
Cash and cash equivalents | |||||
Investment securities | [2] | (229) | |||
Restricted equity securities | |||||
Loans | [3] | (2,441) | |||
Allowance for loan losses | [4] | 1,436 | |||
Property and equipment | [1] | 189 | |||
Intangible assets | [5] | 2,425 | |||
Accrued interest receivable | |||||
Other assets | [6] | (151) | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | 1,229 | ||||
Deposits | [7] | 940 | |||
Borrowings | |||||
Accrued interest payable | |||||
Other liabilities | [8] | 17 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | $ 957 | ||||
[1] | Estimated adjustment to Great State’s real property based upon third-party appraisals and the Company’s evaluation of equipment and other fixed assets. | ||||
[2] | Reflects the opening fair value of securities portfolio, which was established as the new book basis of the portfolio. | ||||
[3] | Reflects the fair value adjustment based on the Company's third party valuation report. | ||||
[4] | Existing allowance for loan losses eliminated to reflect accounting guidance. | ||||
[5] | Reflects the recording of the estimated core deposit intangible based on the Company's third party valuation report. | ||||
[6] | Recording of deferred tax asset generated by the net fair value adjustments (tax rate = 21%). | ||||
[7] | Estimated fair value adjustment to time deposits based on the Company's third party valuation report on deposits assumed. | ||||
[8] | Reflects the fair value adjustment based on the Company's evaluation of acquired other liabilities. |
Note 2 - Business Combination_4
Note 2 - Business Combinations - Pro Forma Information (Details) - Great State Bank [Member] $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)$ / sharesshares | ||
Net interest income | $ 24,262 | |
Net income (a) | $ 4,508 | [1] |
Basic and diluted weighted average shares outstanding (b) (in shares) | shares | 6,213,275 | [2] |
Basic and diluted earnings per common share (in dollars per share) | $ / shares | $ 1.07 | |
[1] | Supplemental pro forma net income includes the impact of certain fair value adjustments. Supplemental pro forma net income does not include assumptions on cost savings or the impact of merger-related expenses. | |
[2] | Weighted average shares outstanding includes the full effect of the common stock issued in connection with the Great State acquisition as of the earliest reporting date. |
Note 3 - Restrictions on Cash (
Note 3 - Restrictions on Cash (Details Textual) $ in Millions | Dec. 31, 2018USD ($) |
Cash Reserve Deposit Required and Made | $ 6.3 |
Note 4 - Investment Securitie_2
Note 4 - Investment Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Investments | $ 2,394 | $ 2,053 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 7 | |
Percentage of Debt Securities with Unrealized Losses Depreciated | 1.47% | |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 8,900 | 18,400 |
Proceeds from Maturities, Prepayments and Calls of Securities, Operating Activities | 2,200 | 1,100 |
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 15,500 | $ 13,900 |
Note 4 - Investment Securitie_3
Note 4 - Investment Securities - Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized cost | $ 32,817 | $ 46,605 |
Unrealized gains | 229 | 33 |
Unrealized losses | (165) | (1,210) |
Investment securities available for sale | 32,881 | 45,428 |
Unrealized losses | 165 | 1,210 |
US Government Agencies Debt Securities [Member] | ||
Amortized cost | 244 | |
Unrealized gains | 1 | |
Unrealized losses | ||
Investment securities available for sale | 245 | |
Unrealized losses | ||
Collateralized Mortgage Backed Securities [Member] | ||
Amortized cost | 19,540 | 25,627 |
Unrealized gains | 61 | 1 |
Unrealized losses | (97) | (865) |
Investment securities available for sale | 19,504 | 24,763 |
Unrealized losses | 97 | 865 |
Corporate Debt Securities [Member] | ||
Amortized cost | 1,500 | 2,970 |
Unrealized gains | ||
Unrealized losses | (67) | (181) |
Investment securities available for sale | 1,433 | 2,789 |
Unrealized losses | 67 | 181 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost | 11,777 | 17,764 |
Unrealized gains | 168 | 31 |
Unrealized losses | (1) | (164) |
Investment securities available for sale | 11,944 | 17,631 |
Unrealized losses | $ 1 | $ 164 |
Note 4 - Investment Securitie_4
Note 4 - Investment Securities - Continuous Unrealized Loss Positions (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Less than 12 months, fair value | $ 9,635 | $ 5,968 |
Less than 12 months, unrealized losses | (98) | (20) |
12 months or more, fair value | 1,433 | 33,850 |
12 months or more, unrealized losses | (67) | (1,190) |
Fair value | 11,068 | 39,818 |
Unrealized losses | (165) | (1,210) |
Collateralized Mortgage Backed Securities [Member] | ||
Less than 12 months, fair value | 8,625 | 450 |
Less than 12 months, unrealized losses | (97) | (1) |
12 months or more, fair value | 24,227 | |
12 months or more, unrealized losses | (864) | |
Fair value | 8,625 | 24,677 |
Unrealized losses | (97) | (865) |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value | ||
Less than 12 months, unrealized losses | ||
12 months or more, fair value | 1,433 | 2,789 |
12 months or more, unrealized losses | (67) | (181) |
Fair value | 1,433 | 2,789 |
Unrealized losses | (67) | (181) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value | 1,010 | 5,518 |
Less than 12 months, unrealized losses | (1) | (19) |
12 months or more, fair value | 6,834 | |
12 months or more, unrealized losses | (145) | |
Fair value | 1,010 | 12,352 |
Unrealized losses | $ (1) | $ (164) |
Note 4 - Investment Securitie_5
Note 4 - Investment Securities - Realized Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Realized gains | $ 92 | $ 9 |
Realized losses | (43) | (4) |
$ 49 | $ 5 |
Note 4 - Investment Securitie_6
Note 4 - Investment Securities - Maturities of Securities Available for Sale (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Due in one year or less, amortized cost | $ 1,289 |
Due in one year or less, fair value | 1,290 |
Due after one year through five years, amortized cost | 7,176 |
Due after one year through five years, fair value | 7,214 |
Due after five years through ten years, amortized cost | 15,014 |
Due after five years through ten years, fair value | 14,987 |
Due after ten years, amortized cost | 9,338 |
Due after ten years, fair value | 9,390 |
Amortized cost | 32,817 |
Fair value | $ 32,881 |
Note 5 - Loans Receivable - Com
Note 5 - Loans Receivable - Components of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans receivable | $ 570,353 | $ 536,465 | |
Allowance for loan losses | (3,893) | (3,495) | $ (3,453) |
Loans, net of allowance for loan losses | 566,460 | 532,970 | |
Construction and Development Loan [Member] | |||
Loans receivable | 39,649 | 33,449 | |
Allowance for loan losses | (305) | (246) | (239) |
Farmland Loan [Member] | |||
Loans receivable | 34,166 | 33,291 | |
Allowance for loan losses | (487) | (385) | (358) |
Residential Loan [Member] | |||
Loans receivable | 253,674 | 235,689 | |
Allowance for loan losses | (1,822) | (1,807) | (1,875) |
Commercial Mortgage Loan [Member] | |||
Loans receivable | 190,817 | 176,192 | |
Allowance for loan losses | (924) | (682) | (619) |
Commercial and Agricultural Loan [Member] | |||
Loans receivable | 32,426 | 37,491 | |
Allowance for loan losses | (211) | (281) | (282) |
Consumer and Other Loan [Member] | |||
Loans receivable | 19,621 | 20,353 | |
Allowance for loan losses | $ (144) | $ (94) | $ (80) |
Note 5 - Loans Receivable - Maj
Note 5 - Loans Receivable - Major Components of Loans, Net of Fair Value Adjustments, Acquired From Business Acquisition (Details) - Great State Bank [Member] $ in Thousands | Jul. 01, 2018USD ($) |
Loans acquired | $ 95,108 |
Construction and Development Loan [Member] | |
Loans acquired | 7,496 |
Farmland Loan [Member] | |
Loans acquired | 720 |
Residential Loan [Member] | |
Loans acquired | 26,006 |
Commercial Mortgage Loan [Member] | |
Loans acquired | 47,953 |
Commercial and Agricultural Loan [Member] | |
Loans acquired | 11,793 |
Consumer and Other Loan [Member] | |
Loans acquired | $ 1,140 |
Note 6 - Allowance for Loan L_3
Note 6 - Allowance for Loan Losses and Impaired Loans (Details Textual) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2015USD ($) | ||
Provision for Loan and Lease Losses, Total | $ 655,000 | $ 325,000 | ||
Loans and Leases Receivable, Gross, Total | 570,353,000 | 536,465,000 | ||
Impaired Financing Receivable, Recorded Investment, Total | 7,761,000 | 10,298,000 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,149,000 | 3,369,000 | ||
Financing Receivable, Troubled Debt Restructuring | 4,800,000 | 7,300,000 | ||
Financing Receivable, Troubled Debt Restructuring, Collectively Evaluated for impairment | 3,600,000 | 4,700,000 | ||
Financing Receivable, Troubled Debt Restructuring, Related Allowance | 174,000 | 259,000 | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 4,800,000 | $ 7,300,000 | ||
Financing Receivable, Modifications, Number of Contracts | 3 | 3 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | [1] | 0 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Ending Balance | $ 0 | |||
Purchase Credit Impaired Loans | 0 | |||
Additional Funds Advanced Loans [Member] | ||||
Financing Receivable, Number of Loans | 2 | |||
Maximum [Member] | ||||
Financing Receivable, Troubled Debt Restructuring | $ 250,000 | |||
Collateral Pledged [Member] | ||||
Impaired Financing Receivable, Recorded Investment, Total | $ 2,900,000 | 2,800,000 | ||
Doubtful [Member] | ||||
Loans and Leases Receivable, Gross, Total | 0 | 0 | ||
Unlikely to be Collected Financing Receivable [Member] | ||||
Loans and Leases Receivable, Gross, Total | 0 | 0 | ||
Unallocated Financing Receivables [Member] | ||||
Provision for Loan and Lease Losses, Total | $ 0 | $ 0 | ||
[1] | Loans past due 30 days or more are considered to be in default. |
Note 6 - Allowance for Loan L_4
Note 6 - Allowance for Loan Losses and Impaired Loans - Allowance for Loan Losses and Recorded Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning | $ 3,495 | $ 3,453 |
Charge-offs | (398) | (477) |
Recoveries | 141 | 194 |
Provision for Loan and Lease Losses, Total | 655 | 325 |
Balance | 3,893 | 3,495 |
Ending balance: individually evaluated for impairment | 41 | |
Ending balance: collectively evaluated for impairment | 3,893 | 3,454 |
Loans and Leases Receivable, Gross, Total | 570,353 | 536,465 |
Allowance for loan losses, ending balance: individually evaluated for impairment | 4,149 | 5,570 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 566,204 | 530,895 |
Ending balance: individually evaluated for impairment | 41 | |
Ending balance: collectively evaluated for impairment | 3,893 | 3,454 |
Loans outstanding, ending balance | 570,353 | 536,465 |
Loans outstanding, ending balance: individually evaluated for impairment | 4,149 | 5,570 |
Loans outstanding, ending balance: collectively evaluated for impairment | 566,204 | 530,895 |
Construction and Development Loan [Member] | ||
Beginning | 246 | 239 |
Charge-offs | (20) | |
Recoveries | ||
Provision for Loan and Lease Losses, Total | 59 | 27 |
Balance | 305 | 246 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 305 | 246 |
Loans and Leases Receivable, Gross, Total | 39,649 | 33,449 |
Allowance for loan losses, ending balance: individually evaluated for impairment | ||
Allowance for loan losses, ending balance: collectively evaluated for impairment | 39,649 | 33,449 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 305 | 246 |
Loans outstanding, ending balance | 39,649 | 33,449 |
Loans outstanding, ending balance: individually evaluated for impairment | ||
Loans outstanding, ending balance: collectively evaluated for impairment | 39,649 | 33,449 |
Farmland Loan [Member] | ||
Beginning | 385 | 358 |
Charge-offs | (13) | |
Recoveries | 34 | |
Provision for Loan and Lease Losses, Total | 115 | (7) |
Balance | 487 | 385 |
Ending balance: individually evaluated for impairment | 29 | |
Ending balance: collectively evaluated for impairment | 487 | 356 |
Loans and Leases Receivable, Gross, Total | 34,166 | 33,291 |
Allowance for loan losses, ending balance: individually evaluated for impairment | 3,240 | 4,552 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 30,926 | 28,739 |
Ending balance: individually evaluated for impairment | 29 | |
Ending balance: collectively evaluated for impairment | 487 | 356 |
Loans outstanding, ending balance | 34,166 | 33,291 |
Loans outstanding, ending balance: individually evaluated for impairment | 3,240 | 4,552 |
Loans outstanding, ending balance: collectively evaluated for impairment | 30,926 | 28,739 |
Residential Loan [Member] | ||
Beginning | 1,807 | 1,875 |
Charge-offs | (55) | (117) |
Recoveries | 8 | 44 |
Provision for Loan and Lease Losses, Total | 62 | 5 |
Balance | 1,822 | 1,807 |
Ending balance: individually evaluated for impairment | 12 | |
Ending balance: collectively evaluated for impairment | 1,822 | 1,795 |
Loans and Leases Receivable, Gross, Total | 253,674 | 235,689 |
Allowance for loan losses, ending balance: individually evaluated for impairment | 909 | 1,018 |
Allowance for loan losses, ending balance: collectively evaluated for impairment | 252,765 | 234,671 |
Ending balance: individually evaluated for impairment | 12 | |
Ending balance: collectively evaluated for impairment | 1,822 | 1,795 |
Loans outstanding, ending balance | 253,674 | 235,689 |
Loans outstanding, ending balance: individually evaluated for impairment | 909 | 1,018 |
Loans outstanding, ending balance: collectively evaluated for impairment | 252,765 | 234,671 |
Commercial Mortgage Loan [Member] | ||
Beginning | 682 | 619 |
Charge-offs | (41) | (142) |
Recoveries | 69 | 69 |
Provision for Loan and Lease Losses, Total | 214 | 136 |
Balance | 924 | 682 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 924 | 682 |
Loans and Leases Receivable, Gross, Total | 190,817 | 176,192 |
Allowance for loan losses, ending balance: individually evaluated for impairment | ||
Allowance for loan losses, ending balance: collectively evaluated for impairment | 190,817 | 176,192 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 924 | 682 |
Loans outstanding, ending balance | 190,817 | 176,192 |
Loans outstanding, ending balance: individually evaluated for impairment | ||
Loans outstanding, ending balance: collectively evaluated for impairment | 190,817 | 176,192 |
Commercial and Agricultural Loan [Member] | ||
Beginning | 281 | 282 |
Charge-offs | (77) | (23) |
Recoveries | 10 | 9 |
Provision for Loan and Lease Losses, Total | (3) | 13 |
Balance | 211 | 281 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 211 | 281 |
Loans and Leases Receivable, Gross, Total | 32,426 | 37,491 |
Allowance for loan losses, ending balance: individually evaluated for impairment | ||
Allowance for loan losses, ending balance: collectively evaluated for impairment | 32,426 | 37,491 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 211 | 281 |
Loans outstanding, ending balance | 32,426 | 37,491 |
Loans outstanding, ending balance: individually evaluated for impairment | ||
Loans outstanding, ending balance: collectively evaluated for impairment | 32,426 | 37,491 |
Consumer and Other Loan [Member] | ||
Beginning | 94 | 80 |
Charge-offs | (212) | (175) |
Recoveries | 54 | 38 |
Provision for Loan and Lease Losses, Total | 208 | 151 |
Balance | 144 | 94 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 144 | 94 |
Loans and Leases Receivable, Gross, Total | 19,621 | 20,353 |
Allowance for loan losses, ending balance: individually evaluated for impairment | ||
Allowance for loan losses, ending balance: collectively evaluated for impairment | 19,621 | 20,353 |
Ending balance: individually evaluated for impairment | ||
Ending balance: collectively evaluated for impairment | 144 | 94 |
Loans outstanding, ending balance | 19,621 | 20,353 |
Loans outstanding, ending balance: individually evaluated for impairment | ||
Loans outstanding, ending balance: collectively evaluated for impairment | $ 19,621 | $ 20,353 |
Note 6 - Allowance for Loan L_5
Note 6 - Allowance for Loan Losses and Impaired Loans - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans receivable | $ 570,353 | $ 536,465 |
Construction and Development Loan [Member] | ||
Loans receivable | 39,649 | 33,449 |
Farmland Loan [Member] | ||
Loans receivable | 34,166 | 33,291 |
Residential Loan [Member] | ||
Loans receivable | 253,674 | 235,689 |
Commercial Mortgage Loan [Member] | ||
Loans receivable | 190,817 | 176,192 |
Commercial and Agricultural Loan [Member] | ||
Loans receivable | 32,426 | 37,491 |
Consumer and Other Loan [Member] | ||
Loans receivable | 19,621 | 20,353 |
Pass [Member] | ||
Loans receivable | 499,700 | 468,848 |
Pass [Member] | Construction and Development Loan [Member] | ||
Loans receivable | 34,701 | 31,237 |
Pass [Member] | Farmland Loan [Member] | ||
Loans receivable | 22,969 | 23,250 |
Pass [Member] | Residential Loan [Member] | ||
Loans receivable | 231,629 | 213,670 |
Pass [Member] | Commercial Mortgage Loan [Member] | ||
Loans receivable | 163,584 | 148,179 |
Pass [Member] | Commercial and Agricultural Loan [Member] | ||
Loans receivable | 27,503 | 33,537 |
Pass [Member] | Consumer and Other Loan [Member] | ||
Loans receivable | 19,314 | 18,975 |
Watch [Member] | ||
Loans receivable | 55,353 | 53,511 |
Watch [Member] | Construction and Development Loan [Member] | ||
Loans receivable | 4,801 | 2,044 |
Watch [Member] | Farmland Loan [Member] | ||
Loans receivable | 4,059 | 4,933 |
Watch [Member] | Residential Loan [Member] | ||
Loans receivable | 19,887 | 18,794 |
Watch [Member] | Commercial Mortgage Loan [Member] | ||
Loans receivable | 21,960 | 23,468 |
Watch [Member] | Commercial and Agricultural Loan [Member] | ||
Loans receivable | 4,346 | 2,908 |
Watch [Member] | Consumer and Other Loan [Member] | ||
Loans receivable | 300 | 1,364 |
Special Mention [Member] | ||
Loans receivable | 1,882 | 2,478 |
Special Mention [Member] | Construction and Development Loan [Member] | ||
Loans receivable | 147 | |
Special Mention [Member] | Farmland Loan [Member] | ||
Loans receivable | 673 | 750 |
Special Mention [Member] | Residential Loan [Member] | ||
Loans receivable | 176 | 299 |
Special Mention [Member] | Commercial Mortgage Loan [Member] | ||
Loans receivable | 930 | 1,212 |
Special Mention [Member] | Commercial and Agricultural Loan [Member] | ||
Loans receivable | 103 | 70 |
Special Mention [Member] | Consumer and Other Loan [Member] | ||
Loans receivable | ||
Substandard [Member] | ||
Loans receivable | 13,418 | 11,628 |
Substandard [Member] | Construction and Development Loan [Member] | ||
Loans receivable | 147 | 21 |
Substandard [Member] | Farmland Loan [Member] | ||
Loans receivable | 6,465 | 4,358 |
Substandard [Member] | Residential Loan [Member] | ||
Loans receivable | 1,982 | 2,926 |
Substandard [Member] | Commercial Mortgage Loan [Member] | ||
Loans receivable | 4,343 | 3,333 |
Substandard [Member] | Commercial and Agricultural Loan [Member] | ||
Loans receivable | 474 | 976 |
Substandard [Member] | Consumer and Other Loan [Member] | ||
Loans receivable | $ 7 | $ 14 |
Note 6 - Allowance for Loan L_6
Note 6 - Allowance for Loan Losses and Impaired Loans - Analysis of Past Due and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Past due | $ 3,080 | $ 3,250 |
Current | 567,273 | 533,215 |
Loans receivable | 570,353 | 536,465 |
Past due and still accruing | ||
Nonaccrual loans | 4,979 | 5,579 |
Construction and Development Loan [Member] | ||
Past due | 10 | 29 |
Current | 39,639 | 33,420 |
Loans receivable | 39,649 | 33,449 |
Past due and still accruing | ||
Nonaccrual loans | 10 | |
Farmland Loan [Member] | ||
Past due | 1,864 | 1,160 |
Current | 32,302 | 32,131 |
Loans receivable | 34,166 | 33,291 |
Past due and still accruing | ||
Nonaccrual loans | 4,192 | 3,914 |
Residential Loan [Member] | ||
Past due | 705 | 1,148 |
Current | 252,969 | 234,541 |
Loans receivable | 253,674 | 235,689 |
Past due and still accruing | ||
Nonaccrual loans | 412 | 653 |
Commercial Mortgage Loan [Member] | ||
Past due | 185 | 604 |
Current | 190,632 | 175,588 |
Loans receivable | 190,817 | 176,192 |
Past due and still accruing | ||
Nonaccrual loans | 198 | 740 |
Commercial and Agricultural Loan [Member] | ||
Past due | 306 | 271 |
Current | 32,120 | 37,220 |
Loans receivable | 32,426 | 37,491 |
Past due and still accruing | ||
Nonaccrual loans | 165 | 264 |
Consumer and Other Loan [Member] | ||
Past due | 10 | 38 |
Current | 19,611 | 20,315 |
Loans receivable | 19,621 | 20,353 |
Past due and still accruing | ||
Nonaccrual loans | 2 | 8 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Past due | 1,507 | 881 |
Financial Asset, 30 to 59 Days Past Due [Member] | Construction and Development Loan [Member] | ||
Past due | 29 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Farmland Loan [Member] | ||
Past due | 893 | 71 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Loan [Member] | ||
Past due | 292 | 762 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Mortgage Loan [Member] | ||
Past due | 185 | |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial and Agricultural Loan [Member] | ||
Past due | 135 | 7 |
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer and Other Loan [Member] | ||
Past due | 2 | 12 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Past due | 62 | 263 |
Financial Asset, 60 to 89 Days Past Due [Member] | Construction and Development Loan [Member] | ||
Past due | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Farmland Loan [Member] | ||
Past due | 100 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Loan [Member] | ||
Past due | 48 | 145 |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Mortgage Loan [Member] | ||
Past due | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial and Agricultural Loan [Member] | ||
Past due | 8 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer and Other Loan [Member] | ||
Past due | 6 | 18 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Past due | 1,511 | 2,106 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Construction and Development Loan [Member] | ||
Past due | 10 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Farmland Loan [Member] | ||
Past due | 971 | 989 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Loan [Member] | ||
Past due | 365 | 241 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Mortgage Loan [Member] | ||
Past due | 604 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial and Agricultural Loan [Member] | ||
Past due | 163 | 264 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer and Other Loan [Member] | ||
Past due | $ 2 | $ 8 |
Note 6 - Allowance for Loan L_7
Note 6 - Allowance for Loan Losses and Impaired Loans - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Recorded investment with no related allowance | $ 4,149 | $ 3,369 | |
Unpaid principal balance with no related allowance | 4,149 | 3,393 | |
Average recorded investment with no related allowance | 4,426 | 3,971 | |
Interest income recognized with no related allowance | 65 | 36 | |
Recorded investment with related allowance | [1] | 3,612 | 6,929 |
Unpaid principal balance with related allowance | 3,807 | 7,169 | |
Related allowance | 174 | 300 | |
Average recorded investment with related allowance | 6,088 | 7,795 | |
Interest income recognized with related allowance | 314 | 393 | |
Recorded investment | 7,761 | 10,298 | |
Unpaid principal balance | 7,956 | 10,562 | |
Average recorded investment | 10,514 | 11,766 | |
Interest income recognized | 379 | 429 | |
Construction and Development Loan [Member] | |||
Recorded investment with no related allowance | [1] | ||
Unpaid principal balance with no related allowance | |||
Average recorded investment with no related allowance | |||
Interest income recognized with no related allowance | |||
Recorded investment with related allowance | [1] | 72 | 69 |
Unpaid principal balance with related allowance | 72 | 69 | |
Related allowance | 3 | 4 | |
Average recorded investment with related allowance | 76 | 306 | |
Interest income recognized with related allowance | 6 | 11 | |
Recorded investment | [1] | 72 | 69 |
Unpaid principal balance | 72 | 69 | |
Average recorded investment | 76 | 306 | |
Interest income recognized | 6 | 11 | |
Farmland Loan [Member] | |||
Recorded investment with no related allowance | [1] | 3,240 | 3,284 |
Unpaid principal balance with no related allowance | 3,240 | 3,284 | |
Average recorded investment with no related allowance | 3,505 | 3,523 | |
Interest income recognized with no related allowance | 25 | 23 | |
Recorded investment with related allowance | [1] | 150 | 1,539 |
Unpaid principal balance with related allowance | 150 | 1,539 | |
Related allowance | 2 | 38 | |
Average recorded investment with related allowance | 1,545 | 1,568 | |
Interest income recognized with related allowance | 70 | 86 | |
Recorded investment | [1] | 3,390 | 4,823 |
Unpaid principal balance | 3,390 | 4,823 | |
Average recorded investment | 5,050 | 5,091 | |
Interest income recognized | 95 | 109 | |
Residential Loan [Member] | |||
Recorded investment with no related allowance | [1] | 909 | 85 |
Unpaid principal balance with no related allowance | 909 | 85 | |
Average recorded investment with no related allowance | 921 | 448 | |
Interest income recognized with no related allowance | 40 | 13 | |
Recorded investment with related allowance | [1] | 3,345 | 5,005 |
Unpaid principal balance with related allowance | 3,495 | 5,162 | |
Related allowance | 166 | 241 | |
Average recorded investment with related allowance | 4,161 | 5,348 | |
Interest income recognized with related allowance | 225 | 266 | |
Recorded investment | [1] | 4,254 | 5,090 |
Unpaid principal balance | 4,404 | 5,247 | |
Average recorded investment | 5,082 | 5,796 | |
Interest income recognized | 265 | 279 | |
Commercial Mortgage Loan [Member] | |||
Recorded investment with no related allowance | [1] | ||
Unpaid principal balance with no related allowance | |||
Average recorded investment with no related allowance | |||
Interest income recognized with no related allowance | |||
Recorded investment with related allowance | [1] | 11 | 275 |
Unpaid principal balance with related allowance | 56 | 358 | |
Related allowance | 1 | 15 | |
Average recorded investment with related allowance | 268 | 522 | |
Interest income recognized with related allowance | 11 | 27 | |
Recorded investment | [1] | 11 | 275 |
Unpaid principal balance | 56 | 358 | |
Average recorded investment | 268 | 522 | |
Interest income recognized | 11 | 27 | |
Commercial and Agricultural Loan [Member] | |||
Recorded investment with no related allowance | [1] | ||
Unpaid principal balance with no related allowance | 24 | ||
Average recorded investment with no related allowance | |||
Interest income recognized with no related allowance | |||
Recorded investment with related allowance | [1] | 31 | 37 |
Unpaid principal balance with related allowance | 31 | 37 | |
Related allowance | 1 | 2 | |
Average recorded investment with related allowance | 34 | 47 | |
Interest income recognized with related allowance | 2 | 3 | |
Recorded investment | [1] | 31 | 37 |
Unpaid principal balance | 31 | 61 | |
Average recorded investment | 34 | 47 | |
Interest income recognized | 2 | 3 | |
Consumer and Other Loan [Member] | |||
Recorded investment with no related allowance | [1] | ||
Unpaid principal balance with no related allowance | |||
Average recorded investment with no related allowance | |||
Interest income recognized with no related allowance | |||
Recorded investment with related allowance | [1] | 3 | 4 |
Unpaid principal balance with related allowance | 3 | 4 | |
Related allowance | 1 | ||
Average recorded investment with related allowance | 4 | 4 | |
Interest income recognized with related allowance | |||
Recorded investment | [1] | 3 | 4 |
Unpaid principal balance | 3 | 4 | |
Average recorded investment | 4 | 4 | |
Interest income recognized | |||
[1] | Recorded investment is the loan balance, net of any charge-offs |
Note 6 - Allowance for Loan L_8
Note 6 - Allowance for Loan Losses and Impaired Loans - Troubled Debt Restructuring (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |||
Number of contracts | 3 | 3 | ||
Premodification | $ 164 | $ 85 | ||
Postmodification | $ 176 | $ 99 | ||
Number of contracts, subsequently defaulted | [1] | 0 | ||
Premodification, subsequently defaulted | [1] | |||
Postmodification, subsequently defaulted | [1] | |||
Construction and Development Loan [Member] | ||||
Number of contracts | 1 | |||
Premodification | $ 9 | |||
Postmodification | $ 11 | |||
Number of contracts, subsequently defaulted | [1] | |||
Premodification, subsequently defaulted | [1] | |||
Postmodification, subsequently defaulted | [1] | |||
Farmland Loan [Member] | ||||
Number of contracts | 1 | |||
Premodification | $ 38 | |||
Postmodification | $ 37 | |||
Number of contracts, subsequently defaulted | [1] | |||
Premodification, subsequently defaulted | [1] | |||
Postmodification, subsequently defaulted | [1] | |||
Residential Loan [Member] | ||||
Number of contracts | 1 | 2 | ||
Premodification | $ 117 | $ 80 | ||
Postmodification | $ 128 | $ 95 | ||
Number of contracts, subsequently defaulted | [1] | |||
Premodification, subsequently defaulted | [1] | |||
Postmodification, subsequently defaulted | [1] | |||
Commercial Mortgage Loan [Member] | ||||
Number of contracts | ||||
Premodification | ||||
Postmodification | ||||
Number of contracts, subsequently defaulted | [1] | |||
Premodification, subsequently defaulted | [1] | |||
Postmodification, subsequently defaulted | [1] | |||
Commercial and Agricultural Loan [Member] | ||||
Number of contracts | ||||
Premodification | ||||
Postmodification | ||||
Number of contracts, subsequently defaulted | [1] | |||
Premodification, subsequently defaulted | [1] | |||
Postmodification, subsequently defaulted | [1] | |||
Consumer and Other Loan [Member] | ||||
Number of contracts | 1 | |||
Premodification | $ 5 | |||
Postmodification | $ 4 | |||
Number of contracts, subsequently defaulted | [1] | |||
Premodification, subsequently defaulted | [1] | |||
Postmodification, subsequently defaulted | [1] | |||
[1] | Loans past due 30 days or more are considered to be in default. |
Note 6 - Allowance for Loan L_9
Note 6 - Allowance for Loan Losses and Impaired Loans - Carrying Amount of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Outstanding balance | $ 617 | $ 714 |
Carrying amount | 617 | 714 |
Residential Loan [Member] | ||
Outstanding balance | 150 | 167 |
Commercial Mortgage Loan [Member] | ||
Outstanding balance | 321 | 347 |
Commercial and Agricultural Loan [Member] | ||
Outstanding balance | $ 146 | $ 200 |
Note 6 - Allowance for Loan _10
Note 6 - Allowance for Loan Losses and Impaired Loans - Purchased Credit Impaired Loans (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Contractually required payments receivable of loans | $ 2,178 |
Cash flows expected to be collected at acquisition | 1,781 |
Fair value of acquired loans at acquisition | 1,781 |
Residential Loan [Member] | |
Contractually required payments receivable of loans | 233 |
Commercial Mortgage Loan [Member] | |
Contractually required payments receivable of loans | 1,724 |
Commercial and Agricultural Loan [Member] | |
Contractually required payments receivable of loans | $ 221 |
Note 6 - Allowance for Loan _11
Note 6 - Allowance for Loan Losses and Impaired Loans - Summary of Carrying Amount of Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans | $ 714 | |
Loans | 617 | $ 714 |
Financial Asset Acquired with Credit Deterioration [Member] | ||
Loans | 714 | |
Loans purchased during the year | 1,781 | |
Loans | $ 617 | $ 714 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 1,224 | $ 1,187 |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment - Components of Property and Equipment and Total Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property and equipment, gross | $ 37,581 | $ 33,656 |
Less accumulated depreciation | (14,144) | (12,971) |
Property and equipment, net | 23,437 | 20,685 |
Land [Member] | ||
Property and equipment, gross | 5,747 | 4,935 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | 19,352 | 17,493 |
Furniture and Equipment [Member] | ||
Property and equipment, gross | $ 12,482 | $ 11,228 |
Note 8 - Cash Value of Life I_2
Note 8 - Cash Value of Life Insurance (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash Surrender Value of Life Insurance | $ 17,855 | $ 17,413 |
Note 9 - Goodwill and Intangi_3
Note 9 - Goodwill and Intangible Assets - Change in Goodwill (Details) - USD ($) $ in Thousands | Jul. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Beginning of year | $ 3,198 | ||
Acquired goodwill as result of Great State merger | 3,198 | ||
Measurement period adjustment | 59 | ||
Impairment | $ 0 | ||
End of the period | $ 3,257 | $ 3,198 |
Note 9 - Goodwill and Intangi_4
Note 9 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net book value, balance | $ 3,892 | |
Net book value, balance | 3,070 | $ 3,892 |
Core Deposits [Member] | ||
Net book value, balance | 3,892 | 2,045 |
Core deposit intangible as result of Great State merger | 2,425 | |
Amortization expense | (822) | (578) |
Net book value, balance | $ 3,070 | $ 3,892 |
Note 10 - Leases - Present Info
Note 10 - Leases - Present Information About Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Right-of-use assets | $ 729 |
Weighted average remaining lease term (years) (Year) | 8 years 21 days |
Weighted average discount rate | 2.39% |
Operating lease expense | $ 73 |
Short-term lease expense | 97 |
Total lease expense | 170 |
Cash paid for amounts included in lease liabilities | 73 |
Other Liabilities [Member] | |
Lease liabilities | $ 729 |
Note 10 - Lease - Maturity Sche
Note 10 - Lease - Maturity Schedule of Undiscounted Cash flow (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Twelve months ending December 31, 2020 | $ 123 |
Twelve months ending December 31, 2021 | 128 |
Twelve months ending December 31, 2022 | 97 |
Twelve months ending December 31, 2023 | 66 |
Twelve months ending December 31, 2024 | 68 |
Thereafter | 330 |
Total undiscounted cash flows | 812 |
Less discount | (83) |
Other Liabilities [Member] | |
Lease liabilities | $ 729 |
Note 11 - Deposits (Details Tex
Note 11 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Time Deposits, at or Above FDIC Insurance Limit | $ 38.7 | $ 30.6 |
Note 11 - Deposits - Scheduled
Note 11 - Deposits - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 61,499 |
2021 | 78,377 |
2022 | 27,141 |
2023 | 12,359 |
2024 | 12,612 |
After Five Years | |
Total | $ 191,988 |
Note 12 - Short-term Debt (Deta
Note 12 - Short-term Debt (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term Debt, Total | $ 0 | $ 0 |
Unsecured Lines of Credit [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | 52,500 | |
Unsecured Lines of Credit [Member] | Federal Home Loan Bank [Member] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 163,500 |
Note 13 - Long-term Debt (Detai
Note 13 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Advances from Federal Home Loan Banks, Total | $ 10,000 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.819% | |
Long-term Debt, Total | $ 0 |
Note 14 - Financial Instrumen_3
Note 14 - Financial Instruments (Details Textual) xbrli-pure in Thousands, $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Number of Derivative Instruments Held | 0 | 0 |
Fair Value, Recurring [Member] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Fair Value, Nonrecurring [Member] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 |
Note 14 - Financial Instrumen_4
Note 14 - Financial Instruments - Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Reported Value Measurement [Member] | ||
Net Loans | $ 566,460 | $ 532,970 |
Time Deposits | 191,988 | 180,143 |
FHLB Advances | 10,000 | |
Estimate of Fair Value Measurement [Member] | ||
Net Loans | 557,054 | 529,155 |
Time Deposits | 192,365 | 176,188 |
FHLB Advances | 10,021 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Net Loans | ||
Time Deposits | ||
FHLB Advances | 10,021 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Net Loans | 556,851 | 528,784 |
Time Deposits | 192,365 | 176,188 |
FHLB Advances | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Net Loans | 203 | 371 |
Time Deposits | ||
FHLB Advances |
Note 14 - Financial Instrumen_5
Note 14 - Financial Instruments - Assets Recorded at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment securities available for sale | $ 32,881 | $ 45,428 |
Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 32,881 | 45,428 |
Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
US Government Agencies Debt Securities [Member] | ||
Investment securities available for sale | 245 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 245 | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Collateralized Mortgage Backed Securities [Member] | ||
Investment securities available for sale | 19,504 | 24,763 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 19,504 | 24,763 |
Collateralized Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
Corporate Debt Securities [Member] | ||
Investment securities available for sale | 1,433 | 2,789 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 1,433 | 2,789 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale | 11,944 | 17,631 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment securities available for sale | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment securities available for sale | 11,944 | 17,631 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investment securities available for sale |
Note 14 - Financial Instrumen_6
Note 14 - Financial Instruments - Assets Recorded at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Impaired Loans [Member] | ||
Assets at fair value | $ 203 | $ 371 |
Fair Value, Nonrecurring [Member] | ||
Assets at fair value | 203 | 1,124 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets at fair value | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets at fair value | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value | 203 | 1,124 |
Fair Value, Nonrecurring [Member] | Impaired Loans [Member] | ||
Assets at fair value | 203 | 371 |
Fair Value, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets at fair value | ||
Fair Value, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets at fair value | ||
Fair Value, Nonrecurring [Member] | Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value | $ 203 | 371 |
Fair Value, Nonrecurring [Member] | Foreclosed Assets [Member] | ||
Assets at fair value | 753 | |
Fair Value, Nonrecurring [Member] | Foreclosed Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets at fair value | ||
Fair Value, Nonrecurring [Member] | Foreclosed Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets at fair value | ||
Fair Value, Nonrecurring [Member] | Foreclosed Assets [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets at fair value | $ 753 |
Note 14 - Financial Instrumen_7
Note 14 - Financial Instruments - Significant Unobservable Inputs Used Fair Value Measurements (Details) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Minimum [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans, significant unobservable inputs | 0 | |
Other real estate owned, significant unobservable inputs | 0 | |
Maximum [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans, significant unobservable inputs | 0.1 | |
Other real estate owned, significant unobservable inputs | 0 | |
Impaired Loans [Member] | ||
Assets at fair value | $ 203 | $ 371 |
Other Real Estate Owned [Member] | ||
Assets at fair value | $ 753 |
Note 15 - Employee Benefit Pl_3
Note 15 - Employee Benefit Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | 100.00% |
Bank of Floyd Plan [Member] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 64 | $ 54 |
Fixed Income Securities [Member] | Mutual Fund [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 48.00% | 52.00% |
Equity Securities [Member] | Mutual Fund [Member] | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 52.00% | 48.00% |
Note 15 - Employee Benefit Pl_4
Note 15 - Employee Benefit Plans - Summary of Plan's Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Benefit obligation at beginning of year | $ 4,493 | $ 5,223 |
Interest cost | 182 | 173 |
Actuarial (gain) loss | 827 | (824) |
Benefits paid | (267) | (79) |
Settlement (gain) loss | (13) | |
Fair value of plan assets at beginning of year | 8,092 | 8,513 |
Actual return on plan assets | 1,332 | (342) |
Benefits paid | (267) | (79) |
Fair value of plan assets at end of year | 9,157 | 8,092 |
Funded status at the end of the year | $ 3,935 | $ 3,599 |
Note 15 - Employee Benefit Pl_5
Note 15 - Employee Benefit Plans - Amounts Recognized in Balance Sheet (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Benefit obligation | $ 5,222 | $ 4,493 | $ 5,223 |
Fair value of assets | 9,157 | 8,092 | $ 8,513 |
Interest cost | 182 | 173 | |
Grayson Plan [Member] | |||
Plan benefit cost | 5,169 | 4,912 | |
Unrecognized net actuarial loss | (1,234) | (1,313) | |
Amount recognized in other assets | 3,935 | 3,599 | |
Unrecognized net actuarial loss | (1,234) | (1,313) | |
Deferred taxes | 259 | 275 | |
Amount recognized in accumulated comprehensive income (loss), net | (975) | (1,038) | |
Benefit obligation | 5,222 | 4,493 | |
Fair value of assets | 9,157 | 8,092 | |
Unrecognized net actuarial loss | 1,234 | 1,313 | |
Prepaid benefit cost | 5,169 | 4,912 | |
Interest cost | 182 | 173 | |
Expected return on plan assets | (551) | (576) | |
Recognized net loss due to settlement | 71 | ||
Recognized net actuarial loss | 41 | 30 | |
Net periodic benefit expense | (257) | (373) | |
Accumulated benefit obligation | 5,222 | 4,493 | |
Vested benefit obligation | $ 5,222 | $ 4,493 | |
Discount rate used for net periodic pension cost | 4.25% | 3.50% | |
Discount rate used for disclosure | 3.25% | 4.25% | |
Expected return on plan assets | 7.00% | 7.00% | |
Rate of compensation increase |
Note 15 - Employee Benefit Pl_6
Note 15 - Employee Benefit Plans - Fair Values of Pension Plan Assets, by Asset Category (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Plan assets at fair value | $ 9,157 | $ 8,092 | $ 8,513 |
Fair Value, Inputs, Level 1 [Member] | |||
Plan assets at fair value | 9,157 | 8,092 | |
Fair Value, Inputs, Level 2 [Member] | |||
Plan assets at fair value | |||
Fair Value, Inputs, Level 3 [Member] | |||
Plan assets at fair value | |||
Defined Benefit Plan, Cash Equivalents and Short-term Investments [Member] | |||
Plan assets at fair value | |||
Defined Benefit Plan, Cash Equivalents and Short-term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Plan assets at fair value | |||
Defined Benefit Plan, Cash Equivalents and Short-term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Plan assets at fair value | |||
Defined Benefit Plan, Cash Equivalents and Short-term Investments [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Plan assets at fair value | |||
Mutual Fund [Member] | Equity Securities [Member] | |||
Plan assets at fair value | 4,749 | 3,848 | |
Mutual Fund [Member] | Fixed Income Securities [Member] | |||
Plan assets at fair value | 4,408 | ||
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |||
Plan assets at fair value | 4,749 | 3,848 | |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities [Member] | |||
Plan assets at fair value | 4,408 | ||
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Plan assets at fair value | |||
Mutual Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | |||
Plan assets at fair value | |||
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | |||
Plan assets at fair value | |||
Mutual Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Income Securities [Member] | |||
Plan assets at fair value | |||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fixed Income Securities [Member] | |||
Plan assets at fair value | 4,244 | ||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Fixed Income Securities [Member] | |||
Plan assets at fair value | 4,244 | ||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Fixed Income Securities [Member] | |||
Plan assets at fair value | |||
Defined Benefit Plan, Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | Fixed Income Securities [Member] | |||
Plan assets at fair value |
Note 15 - Employee Benefit Pl_7
Note 15 - Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 430 |
2021 | 275 |
2022 | 230 |
2023 | 1,206 |
2024 | 425 |
2025 – 2029 | 1,303 |
$ 3,869 |
Note 15 - Employee Benefit Pl_8
Note 15 - Employee Benefit Plans - Pension Plan's Weighted-Average Asset Allocations, by Asset Category (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined benefit plan target asset allocations | 100.00% | 100.00% |
Mutual Fund [Member] | Fixed Income Securities [Member] | ||
Defined benefit plan target asset allocations | 48.00% | 52.00% |
Mutual Fund [Member] | Equity Securities [Member] | ||
Defined benefit plan target asset allocations | 52.00% | 48.00% |
Defined Benefit Plan, Cash and Cash Equivalents [Member] | ||
Defined benefit plan target asset allocations | 0.00% | 0.00% |
Note 15 - Employee Benefit Pl_9
Note 15 - Employee Benefit Plans (Funded Status - Market Value of Plan Assets Divided by Funding Target) as of July 1 (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Bank of Floyd Plan [Member] | ||
Funded status (market value of plan assets divided by funding target) as of July 1 | 103.97% | 106.44% |
Note 16 - Deferred Compensati_2
Note 16 - Deferred Compensation and Supplemental Executive Retirement Plans (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Certain Executive Officers and Members of The Board of Directors [Member] | Deferred Compensation Plans [Member] | ||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 10 years | |
Deferred Compensation Arrangement with Individual, Employee's Age Limit for Payments | 65 | |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 209,000 | $ 258,000 |
Certain Executive Officers and Members of The Board of Directors [Member] | Deferred Compensation Plans [Member] | Salary and Benefits Expense [Member] | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 18,000 | $ 23,000 |
Deferred Compensation Arrangement with Individual, Present Value of Future Cash Flows, Discount Rate | 8.00% | 8.00% |
Executive Officer [Member] | Skyline National Bank [Member]] | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 222,000 | $ 143,000 |
Executive Officer [Member] | Skyline National Bank [Member]] | Salary and Benefits Expense [Member] | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | 79,000 | 107,000 |
Former Members of Management [Member] | Supplemental Executive Plans of Bank of Floyd [Member] | ||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 69,000 | |
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 20 years | |
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 728,000 | 768,000 |
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 29,000 | $ 32,000 |
Deferred Compensation Arrangement with Individual, Present Value of Future Cash Flows, Discount Rate | 4.00% | |
Deferred Compensation Arrangement with Individual, Number of Employees Covered | 2 | |
Minimum [Member] | Certain Executive Officers and Members of The Board of Directors [Member] | Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | ||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 1,992 | |
Minimum [Member] | Chief Executive Officer [Member] | Skyline National Bank [Member]] | ||
Deferred Compensation Arrangement with Individual, Contributions by Employer | 12,875 | |
Maximum [Member] | Certain Executive Officers and Members of The Board of Directors [Member] | Deferred Compensation Arrangement with Individual, by Type of Compensation, Pension and Other Postretirement Benefits [Member] | ||
Deferred Compensation Arrangement with Individual, Contributions by Employer | 37,200 | |
Maximum [Member] | Chief Executive Officer [Member] | Skyline National Bank [Member]] | ||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 80,000 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Liability for Uncertainty in Income Taxes, Current | $ 0 | |
Deferred Tax Assets, Valuation Allowance, Total | 0 | $ 0 |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | $ 7,900 | |
Earliest Tax Year [Member] | ||
Operating Loss Carryforwards, Expiration Year | 2031 |
Note 17 - Income Taxes - Compon
Note 17 - Income Taxes - Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current | $ 1,189 | $ (375) |
Deferred | 591 | 1,589 |
$ 1,780 | $ 1,214 |
Note 17 - Income Taxes - Reconc
Note 17 - Income Taxes - Reconciliation of Income Tax Expense Computed at Statutory Federal Income Tax Rate to Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Tax at statutory federal rate | $ 1,877 | $ 1,205 |
Tax exempt interest income | (52) | (49) |
Tax exempt insurance income | (92) | (155) |
State income tax, net of federal benefit | 48 | 21 |
Merger expenses | 162 | |
Other | (1) | 30 |
Deferred tax asset re-measurement | ||
$ 1,780 | $ 1,214 |
Note 17 - Income Taxes - Signif
Note 17 - Income Taxes - Significant Components of Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for loan losses | $ 838 | $ 603 |
Acquired loan credit mark | 684 | 1,061 |
Deferred compensation | 315 | 322 |
Investment impairment charge recorded directly to stockholders’ equity as a component of other comprehensive income | 47 | 57 |
Minimum pension liability | 259 | 276 |
Net operating loss carryforward | 1,666 | 1,738 |
Alternative minimum tax credit carryforward | 294 | |
Net unrealized losses on securities available for sale | 247 | |
Nonaccrual interest income | 445 | 206 |
Purchase accounting adjustments | 1 | 144 |
Other | 103 | 216 |
4,358 | 5,164 | |
Deferred loan origination costs | 365 | 635 |
Core deposit intangible | 661 | 831 |
Accrued pension costs | 1,113 | 1,049 |
Depreciation | 1,059 | 795 |
Merger expenses | 161 | |
Net unrealized losses on securities available for sale | 14 | |
Accretion of discount on investment securities, net | 1 | |
3,373 | 3,311 | |
Net deferred tax asset | $ 985 | $ 1,853 |
Note 18 - Commitments and Con_3
Note 18 - Commitments and Contingencies (Details Textual) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | $ 5,000,000 |
Note 18 - Commitments and Con_4
Note 18 - Commitments and Contingencies - Summary of Bank's Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial instruments with off balance sheet risk | $ 96,503 | $ 78,204 |
Commitments to Extend Credit [Member] | ||
Financial instruments with off balance sheet risk | 95,190 | 76,977 |
Standby Letters of Credit [Member] | ||
Financial instruments with off balance sheet risk | $ 1,313 | $ 1,227 |
Note 19 - Transactions With R_3
Note 19 - Transactions With Related Parties (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits, Total | $ 611,211 | $ 601,868 |
Directors and Executive Officers [Member] | ||
Deposits, Total | $ 8,600 | $ 8,200 |
Note 19 - Transactions With R_4
Note 19 - Transactions With Related Parties - Loan Transactions with Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, beginning | $ 7,549 | $ 4,769 |
New loans | 2,053 | 2,662 |
Repayments | (2,735) | (2,502) |
Change in relationship | 102 | 2,620 |
Balance, ending | $ 6,969 | $ 7,549 |
Note 20 - Regulatory Restrict_3
Note 20 - Regulatory Restrictions (Details Textual) - USD ($) $ in Millions | Jan. 01, 2015 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2016 |
Percentage of Aggregate Transfer of Capital and Surplus by Banking Subsidiaries | 10.00% | ||||
Collateral Requirements, Minimum Percentage Collateral to Fair Value of Securities Loaned from Subsidiary Under Security Lending Transactions | 20.00% | ||||
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% | |||
Legal Limit on Loans to an Affiliate | $ 7.9 | ||||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% | |||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 6.00% | |||
Tier One Leverage Capital to Average Assets | 12.86% | 12.36% | |||
Common Equity Tier One Capital Ratio | 12.86% | 12.36% | |||
Tier One Risk Based Capital to Risk Weighted Assets | 13.53% | 13.00% | |||
Capital to Risk Weighted Assets | 10.80% | ||||
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% | |||
Common Equity Tier One Capital Required to Be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% | |||
Federal Home Loan Bank, Leverage Ratio, Actual | 9.00% | ||||
FDIC Indemnification Asset, Ending Balance | $ 10 | ||||
Basel III [Member] | |||||
Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | ||||
Common Equity Tier One Capital Required to Be Well Capitalized to Risk Weighted Assets | 5.53% | 6.50% | |||
Basel III [Member] | Current Regulatory Requirements [Member] | |||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | ||||
Capital Conservation Buffer | 0.625% | ||||
Basel III [Member] | Fully Phased-in Period Regulatory Requirements [Member] | |||||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | ||||
Capital Conservation Buffer | 2.50% | 2.50% | |||
Basel III [Member] | Minimum [Member] | |||||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | ||||
Basel III [Member] | Minimum [Member] | Current Regulatory Requirements [Member] | |||||
Capital Conservation Buffer Percentage, at Fully Phased-in Stage | 8.00% | ||||
Tier One Leverage Capital to Average Assets | 4.00% | ||||
Basel III [Member] | Minimum [Member] | Fully Phased-in Period Regulatory Requirements [Member] | |||||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 7.00% | ||||
Common Equity Tier One Capital Ratio | 4.50% | ||||
Common Equity, Tier One Risk Based Capital To Risk Weighted Assets, Capital Conservation Buffer | 2.50% | ||||
Tier One Risk Based Capital to Risk Weighted Assets | 8.50% | ||||
Capital to Risk Weighted Assets | 8.00% | 8.00% | |||
Tier One Risk Based Capital to Risk Weighted Assets, Capital Conversion Buffer | 2.50% | ||||
Capital Required for Capital Adequacy to Risk Weighted Assets | 10.50% | ||||
FDIA [Member] | Minimum [Member] | |||||
Common Equity Tier One Capital Required to Be Well Capitalized to Risk Weighted Assets | 10.00% | ||||
FDIA [Member] | Minimum [Member] | Current Regulatory Requirements [Member] | |||||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 5.00% |
Note 20 - Regulatory Restrict_4
Note 20 - Regulatory Restrictions - Capital Requirements Actual Capital Amounts and Ratios (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Tier 1 Capital to Risk Weighted Assets, Actual Amount | $ 78,652 | $ 71,424 |
Tier 1 Capital to Risk Weighted Assets, Actual Ratio | 13.53% | 13.00% |
Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Adequacy Purposes Amount | $ 46,499 | $ 43,943 |
Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Amount | $ 58,124 | $ 54,929 |
Total Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Ratio | 10.00% | 10.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual Amount | $ 74,726 | $ 67,899 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Actual Ratio | 12.86% | 12.36% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Adequacy Purposes Amount | $ 34,874 | $ 32,958 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum For Capital Adequacy Purposes Ratio | 6.00% | 6.00% |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Amount | $ 46,499 | $ 43,943 |
Tier 1 Capital to Average Assets, Actual Amount | $ 74,726 | $ 67,899 |
Tier 1 Capital to Average Assets, Actual Ratio | 12.86% | 12.36% |
Tier 1 Capital to Average Assets, Minimum For Capital Adequacy Purposes Amount | $ 26,156 | $ 24,718 |
Tier 1 Capital to Average Assets, Minimum For Capital Adequacy Purposes Ratio | 4.50% | 4.50% |
Tier 1 Capital to Average Assets, Minimum To Be Well Capitalized Under Amount | $ 37,780 | $ 35,704 |
Common Equity Tier 1 Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Ratio | 6.50% | 6.50% |
Total Capital to Risk Weighted Assets, Actual Amount | $ 74,726 | |
Total Capital to Risk Weighted Assets, Actual Ratio | 10.80% | |
Total Capital to Risk Weighted Assets, Minimum For Capital Adequacy Purposes Amount | $ 27,680 | |
Total Capital to Risk Weighted Assets, Minimum For Capital Adequacy Purposes Ratio | 4.00% | 4.00% |
Total Capital to Risk Weighted Assets, Minimum To Be Well Capitalized Amount | $ 34,599 | |
Tier 1 Capital to Average Assets, Minimum To Be Well Capitalized Ratio | 5.00% | 5.00% |
Note 21 - Parent Company Fina_3
Note 21 - Parent Company Financial Information - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and due from banks | $ 8,388 | $ 8,858 | |
Federal funds sold | 1,138 | 18,990 | |
Other assets | 9,492 | 9,948 | |
Total assets | 706,290 | 680,284 | |
Other liabilities | 3,519 | 2,705 | |
Common stock | |||
Surplus | 40,752 | 41,660 | |
Retained earnings | 41,600 | 35,929 | |
Accumulated other comprehensive loss | (924) | (1,967) | |
Total stockholders’ equity | 81,428 | 75,622 | $ 57,182 |
Total liabilities and stockholders’ equity | 706,290 | 680,284 | |
Parent Company [Member] | |||
Cash and due from banks | 52 | 1,409 | |
Federal funds sold | 532 | ||
Investment in affiliate bank | 80,587 | 73,813 | |
Other assets | 326 | 468 | |
Total assets | 81,497 | 75,690 | |
Other liabilities | 69 | 68 | |
Common stock | |||
Surplus | 40,752 | 41,660 | |
Retained earnings | 41,600 | 35,929 | |
Accumulated other comprehensive loss | (924) | (1,967) | |
Total stockholders’ equity | 81,428 | 75,622 | |
Total liabilities and stockholders’ equity | $ 81,497 | $ 75,690 |
Note 21 - Parent Company Fina_4
Note 21 - Parent Company Financial Information - Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends | $ 121 | $ 97 |
Federal funds sold | 249 | 228 |
Other income | 309 | 122 |
Professional fees | 667 | 452 |
Other expense | 2,204 | 1,968 |
Federal income tax benefit | (1,780) | (1,214) |
Net income | 7,155 | 4,526 |
Parent Company [Member] | ||
Dividends | 1,484 | 1,123 |
Federal funds sold | 3 | |
Other income | 1 | |
1,487 | 1,124 | |
Professional fees | 74 | 68 |
Other expense | 5 | 8 |
79 | 76 | |
Income before tax benefit and equity in undistributed income of affiliate | 1,408 | 1,048 |
Federal income tax benefit | 16 | 16 |
Income before equity in undistributed income of affiliate | 1,424 | 1,064 |
Equity in undistributed income of affiliate | 5,731 | 3,462 |
Net income | $ 7,155 | $ 4,526 |
Note 21 - Parent Company Fina_5
Note 21 - Parent Company Financial Information - Statements of Cash Flow (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 7,155 | $ 4,526 |
Change in other assets | 1,206 | (210) |
Other liabilities | 95 | 25 |
Net cash provided by operating activities | 9,416 | 6,279 |
Net decrease in loans | 32,354 | 16,785 |
Cash received in business combination | 25,761 | |
Net cash provided by investing activities | (22,371) | 30,774 |
Cash paid for fractional shares | (1) | |
Common stock repurchased | (908) | |
Dividends paid | (1,484) | (1,123) |
Net cash used by financing activities | 17,335 | (19,921) |
Net decrease in cash and cash equivalents | 4,380 | 17,132 |
Cash and cash equivalents, beginning | 40,007 | 22,875 |
Cash and cash equivalents, ending | 44,387 | 40,007 |
Stock issued to acquire Great State Bank | 15,495 | |
Parent Company [Member] | ||
Net income | 7,155 | 4,526 |
Equity in undistributed income of affiliate | (5,731) | (3,462) |
Change in other assets | 142 | (80) |
Other liabilities | 1 | 31 |
Net cash provided by operating activities | 1,567 | 1,015 |
Net decrease in loans | ||
Cash received in business combination | ||
Net cash provided by investing activities | ||
Cash paid for fractional shares | (1) | |
Common stock repurchased | (908) | |
Dividends paid | (1,484) | (1,123) |
Net cash used by financing activities | (2,392) | (1,124) |
Net decrease in cash and cash equivalents | (825) | (109) |
Cash and cash equivalents, beginning | 1,409 | 1,518 |
Cash and cash equivalents, ending | 584 | 1,409 |
Elimination of Company’s existing investment in Great State Bank | 198 | |
Stock issued to acquire Great State Bank | $ 15,495 |