Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 08, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | FIRST NATIONAL CORP /VA/ | |
Entity Central Index Key | 0000719402 | |
Trading Symbol | fxnc | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 4,968,277 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | [1] |
Assets | |||
Cash and due from banks | $ 11,885 | $ 13,378 | |
Interest-bearing deposits in banks | 18,488 | 15,240 | |
Securities available for sale, at fair value | 114,568 | 99,857 | |
Securities held to maturity, at amortized cost (fair value, 2019, $18,259; 2018, $42,394) | 18,222 | 43,408 | |
Restricted securities, at cost | 1,806 | 1,688 | |
Loans held for sale | 1,098 | 419 | |
Loans, net of allowance for loan losses, 2019, $4,912; 2018, $5,009 | 566,341 | 537,847 | |
Premises and equipment, net | 19,946 | 20,066 | |
Accrued interest receivable | 2,053 | 2,113 | |
Bank owned life insurance | 17,324 | 13,991 | |
Core deposit intangibles, net | 231 | 472 | |
Other assets | 5,231 | 4,490 | |
Total assets | 777,193 | 752,969 | |
Liabilities | |||
Noninterest-bearing demand deposits | 189,797 | 181,964 | |
Savings and interest-bearing demand deposits | 376,047 | 369,383 | |
Time deposits | 119,777 | 119,219 | |
Total deposits | 685,621 | 670,566 | |
Subordinated debt | 4,978 | 4,965 | |
Junior subordinated debt | 9,279 | 9,279 | |
Accrued interest payable and other liabilities | 1,999 | 1,485 | |
Total liabilities | 701,877 | 686,295 | |
Shareholders’ Equity | |||
Preferred stock, par value $1.25 per share; authorized 1,000,000 shares; none issued and outstanding | |||
Common stock, par value $1.25 per share; authorized 8,000,000 shares; issued and outstanding, 2019, 4,968,277 shares; 2018, 4,957,694 shares | 6,210 | 6,197 | |
Surplus | 7,648 | 7,471 | |
Retained earnings | 60,314 | 54,814 | |
Accumulated other comprehensive income (loss), net | 1,144 | (1,808) | |
Total shareholders’ equity | 75,316 | 66,674 | |
Total liabilities and shareholders’ equity | $ 777,193 | $ 752,969 | |
[1] | Derived from audited consolidated financial statements. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Securities, fair value | $ 18,259 | $ 42,394 |
Allowance for loan losses | $ 4,912 | $ 5,009 |
Preferred stock, par value (in dollars per share) | $ 1.25 | $ 1.25 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1.25 | $ 1.25 |
Common stock, shares authorized (in shares) | 8,000,000 | 8,000,000 |
Common stock, shares issued (in shares) | 4,968,277 | 4,957,694 |
Common stock, shares outstanding (in shares) | 4,968,277 | 4,957,694 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Interest and Dividend Income | ||||
Interest and fees on loans | $ 7,429 | $ 6,917 | $ 21,625 | $ 19,768 |
Interest on deposits in banks | 97 | 88 | 340 | 434 |
Interest and dividends on securities: | ||||
Taxable interest | 645 | 797 | 2,078 | 2,253 |
Tax-exempt interest | 157 | 156 | 472 | 457 |
Dividends | 26 | 23 | 76 | 67 |
Total interest and dividend income | 8,354 | 7,981 | 24,591 | 22,979 |
Interest Expense | ||||
Interest on deposits | 1,089 | 702 | 3,062 | 1,957 |
Interest on federal funds purchased | 1 | 1 | ||
Interest on subordinated debt | 90 | 91 | 269 | 269 |
Interest on junior subordinated debt | 103 | 105 | 322 | 292 |
Interest on other borrowings | 2 | |||
Total interest expense | 1,283 | 898 | 3,656 | 2,518 |
Net interest income | 7,071 | 7,083 | 20,935 | 20,461 |
Provision for loan losses | 200 | 100 | ||
Net interest income after provision for loan losses | 7,071 | 7,083 | 20,735 | 20,361 |
Noninterest Income | ||||
Noninterest income | 1,997 | 1,924 | 5,726 | 5,664 |
Income from bank owned life insurance | 131 | 107 | 333 | 743 |
Net gains on sale of loans | 34 | 39 | 81 | 63 |
Other operating income | 29 | 108 | 71 | 408 |
Total noninterest income | 2,191 | 2,178 | 6,211 | 6,878 |
Noninterest Expense | ||||
Salaries and employee benefits | 3,556 | 3,371 | 10,374 | 9,981 |
Occupancy | 398 | 387 | 1,237 | 1,174 |
Equipment | 410 | 396 | 1,239 | 1,239 |
Marketing | 143 | 123 | 523 | 393 |
Supplies | 86 | 75 | 250 | 243 |
Legal and professional fees | 231 | 229 | 775 | 643 |
ATM and check card expense | 225 | 217 | 666 | 631 |
FDIC assessment, refund | (6) | |||
FDIC assessment, premium | 78 | 98 | 226 | |
Bank franchise tax | 136 | 118 | 402 | 351 |
Telecommunications expense | 82 | 83 | 244 | 217 |
Data processing expense | 174 | 168 | 526 | 500 |
Postage expense | 43 | 42 | 135 | 145 |
Amortization expense | 71 | 108 | 241 | 359 |
Other real estate owned expense (income), net | 2 | (20) | ||
Net losses on disposal of premises and equipment | 2 | 2 | ||
Other operating expense | 637 | 551 | 1,804 | 1,596 |
Total noninterest expense | 6,186 | 5,950 | 18,514 | 17,680 |
Income before income taxes | 3,076 | 3,311 | 8,432 | 9,559 |
Income tax expense | 583 | 635 | 1,592 | 1,745 |
Net income | $ 2,493 | $ 2,676 | $ 6,840 | $ 7,814 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 0.50 | $ 0.54 | $ 1.38 | $ 1.58 |
Diluted (in dollars per share) | $ 0.50 | $ 0.54 | $ 1.38 | $ 1.58 |
Deposit Account [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 757 | $ 818 | $ 2,173 | $ 2,364 |
Credit and Debit Card [Member] | ||||
Noninterest Income | ||||
Noninterest income | 586 | 540 | 1,676 | 1,614 |
Asset Management [Member] | ||||
Noninterest Income | ||||
Noninterest income | 477 | 423 | 1,372 | 1,239 |
Financial Service, Other [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 177 | $ 143 | $ 505 | $ 447 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 2,493 | $ 2,676 | $ 6,840 | $ 7,814 |
Other comprehensive income (loss), net of tax, | ||||
Unrealized holding gains (losses) on available for sale securities, net of tax $99 and ($139) for the three months and $875 and ($443) for the nine months ended September 30, 2019 and 2018, respectively | 375 | (521) | 3,292 | (1,667) |
Unrealized holding losses on securities transferred from held to maturity to available for sale, net of tax $0 and $0 for the three months and ($91) and $0 for the nine months ended September 30, 2019 and 2018, respectively | (340) | |||
Pension liability adjustment, net of tax $0 and $0 for the three months and $0 and ($27) for the nine months ended September 30, 2019 and 2018, respectively | (99) | |||
Other comprehensive income (loss) | 375 | (521) | 2,952 | (1,766) |
Total comprehensive income | $ 2,868 | $ 2,155 | $ 9,792 | $ 6,048 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Unrealized holding gains (losses) on available for sale securities, tax | $ 99 | $ (139) | $ 875 | $ (443) |
Unrealized holding losses on securities transferred from held to maturity to available for sale, tax | 0 | 0 | (91) | 0 |
Pension liability adjustment, tax | $ 0 | $ 0 | $ 0 | $ (27) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash Flows from Operating Activities | ||
Net income | $ 6,840 | $ 7,814 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 1,003 | 1,006 |
Amortization of core deposit intangibles | 241 | 359 |
Amortization of debt issuance costs | 13 | 13 |
Origination of loans held for sale | (7,497) | (3,804) |
Proceeds from sale of loans held for sale | 6,899 | 3,789 |
Net gains on sales of loans held for sale | (81) | (63) |
Provision for loan losses | 200 | 100 |
Net gains on sale of other real estate owned | (22) | |
Increase in cash value of bank owned life insurance | (333) | (274) |
Accretion of discounts and amortization of premiums on securities, net | 447 | 420 |
Accretion of premium on time deposits | (46) | (64) |
Stock-based compensation | 159 | 170 |
Excess tax benefits on stock-based compensation | (2) | (7) |
Losses on disposal of premises and equipment | 2 | |
Deferred income tax (benefit) expense | (97) | 72 |
Changes in assets and liabilities: | ||
Decrease (increase) in interest receivable | 60 | (222) |
(Increase) decrease in other assets | (1,122) | 1,384 |
Increase (decrease) in accrued expenses and other liabilities | 210 | (390) |
Net cash provided by operating activities | 6,894 | 10,283 |
Cash Flows from Investing Activities | ||
Proceeds from maturities, calls, and principal payments of securities available for sale | 14,431 | 11,264 |
Proceeds from maturities, calls, and principal payments of securities held to maturity | 1,669 | 3,828 |
Purchases of securities available for sale | (2,336) | (27,146) |
Net purchase of restricted securities | (118) | (20) |
Purchase of premises and equipment | (883) | (689) |
Proceeds from sale of premises and equipment | 15 | |
Proceeds from sale of other real estate owned | 416 | |
Purchase of bank owned life insurance | (3,000) | |
Proceeds from cash value of bank owned life insurance | 347 | |
Net increase in loans | (28,694) | (18,313) |
Net cash used in investing activities | (18,931) | (30,298) |
Cash Flows from Financing Activities | ||
Net increase in demand deposits and savings accounts | 14,497 | 4,952 |
Net increase (decrease) in time deposits | 604 | (2,764) |
Cash dividends paid on common stock, net of reinvestment | (1,257) | (697) |
Net cash provided by financing activities | 13,792 | 1,467 |
Increase (decrease) in cash and cash equivalents | 1,755 | (18,548) |
Cash and Cash Equivalents | ||
Beginning | 28,618 | 39,986 |
Ending | 30,373 | 21,438 |
Supplemental Disclosures of Cash Flow Information | ||
Interest | 3,658 | 2,557 |
Income taxes | 1,576 | 709 |
Supplemental Disclosures of Noncash Investing and Financing Activities | ||
Unrealized gains (losses) on securities available for sale | 4,167 | (2,110) |
Unrealized losses on securities transferred from held to maturity to available for sale | (431) | |
Fair value of securities transferred from held to maturity to available for sale | 23,036 | |
Change in pension liability | (126) | |
Transfer from loans to other real estate owned | 68 | |
Issuance of common stock, dividend reinvestment plan | 83 | 46 |
First National Corporation 2014 Stock Incentive Plan [Member] | ||
Cash Flows from Financing Activities | ||
Repurchase of common stock | (20) | (24) |
Employee Stock Ownership Plan [Member] | ||
Cash Flows from Financing Activities | ||
Repurchase of common stock | $ (32) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Employee Stock Ownership Plan [Member]Common Stock [Member] | Employee Stock Ownership Plan [Member]Additional Paid-in Capital [Member] | Employee Stock Ownership Plan [Member]Retained Earnings [Member] | Employee Stock Ownership Plan [Member]AOCI Attributable to Parent [Member] | Employee Stock Ownership Plan [Member] | First National Corporation 2014 Stock Incentive Plan [Member]Common Stock [Member] | First National Corporation 2014 Stock Incentive Plan [Member]Additional Paid-in Capital [Member] | First National Corporation 2014 Stock Incentive Plan [Member]Retained Earnings [Member] | First National Corporation 2014 Stock Incentive Plan [Member]AOCI Attributable to Parent [Member] | First National Corporation 2014 Stock Incentive Plan [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total | |
Balance at Dec. 31, 2017 | $ 6,182 | $ 7,260 | $ 45,670 | $ (958) | $ 58,154 | |||||||||||
Net income | 7,814 | 7,814 | ||||||||||||||
Other comprehensive income (loss) | (1,766) | (1,766) | ||||||||||||||
Cash dividends on common stock | (743) | (743) | ||||||||||||||
Stock-based compensation | 170 | 170 | ||||||||||||||
Issuance of common stock, dividend reinvestment plan | 3 | 43 | 46 | |||||||||||||
Issuance of common stock, stock incentive plan | 12 | (12) | ||||||||||||||
Repurchase of common stock | $ (1) | $ (23) | $ (24) | |||||||||||||
Balance at Sep. 30, 2018 | 6,196 | 7,438 | 52,741 | (2,724) | 63,651 | |||||||||||
Balance at Jun. 30, 2018 | 6,192 | 7,346 | 50,313 | (2,203) | 61,648 | |||||||||||
Net income | 2,676 | 2,676 | ||||||||||||||
Other comprehensive income (loss) | (521) | (521) | ||||||||||||||
Cash dividends on common stock | (248) | (248) | ||||||||||||||
Stock-based compensation | 81 | 81 | ||||||||||||||
Issuance of common stock, dividend reinvestment plan | 1 | 14 | 15 | |||||||||||||
Issuance of common stock, stock incentive plan | 3 | (3) | ||||||||||||||
Balance at Sep. 30, 2018 | 6,196 | 7,438 | 52,741 | (2,724) | 63,651 | |||||||||||
Balance at Dec. 31, 2018 | 6,197 | 7,471 | 54,814 | (1,808) | 66,674 | [1] | ||||||||||
Net income | 6,840 | 6,840 | ||||||||||||||
Other comprehensive income (loss) | 2,952 | 2,952 | ||||||||||||||
Cash dividends on common stock | (1,340) | (1,340) | ||||||||||||||
Stock-based compensation | 159 | 159 | ||||||||||||||
Issuance of common stock, dividend reinvestment plan | 5 | 78 | 83 | |||||||||||||
Issuance of common stock, stock incentive plan | 12 | (12) | ||||||||||||||
Repurchase of common stock | $ (2) | $ (30) | $ (32) | $ (2) | $ (18) | $ (20) | ||||||||||
Balance at Sep. 30, 2019 | 6,210 | 7,648 | 60,314 | 1,144 | 75,316 | |||||||||||
Balance at Jun. 30, 2019 | 6,206 | 7,566 | 58,268 | 769 | 72,809 | |||||||||||
Net income | 2,493 | 2,493 | ||||||||||||||
Other comprehensive income (loss) | 375 | 375 | ||||||||||||||
Cash dividends on common stock | (447) | (447) | ||||||||||||||
Stock-based compensation | 91 | 91 | ||||||||||||||
Issuance of common stock, dividend reinvestment plan | 1 | 26 | 27 | |||||||||||||
Issuance of common stock, stock incentive plan | 5 | (5) | ||||||||||||||
Repurchase of common stock | $ (2) | $ (30) | $ (32) | |||||||||||||
Balance at Sep. 30, 2019 | $ 6,210 | $ 7,648 | $ 60,314 | $ 1,144 | $ 75,316 | |||||||||||
[1] | Derived from audited consolidated financial statements. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Stock Ownership Plan [Member] | ||||
Repurchase of common stock shares (in shares) | 1,545 | 1,545 | ||
First National Corporation 2014 Stock Incentive Plan [Member] | ||||
Repurchase of common stock shares (in shares) | 1,006 | 1,317 | ||
Cash dividends on common stock, per share (in dollars per share) | $ 0.09 | $ 0.05 | $ 0.27 | $ 0.15 |
Issuance of common stock, dividend reinvestment plan, shares (in shares) | 1,498 | 719 | 4,232 | 2,351 |
Issuance of common stock, stock incentive plan, shares (in shares) | 3,500 | 2,850 | 8,902 | 10,189 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. The accompanying unaudited consolidated financial statements of First National Corporation (the Company) and its subsidiary, First Bank (the Bank), have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information. Accordingly, they do not September 30, 2019 December 31, 2018 three nine September 30, 2019 2018 nine September 30, 2019 2018 three nine September 30, 2019 2018. 10 December 31, 2018 three nine September 30, 2019 not may December 31, 2019 Adoption of New Accounting Standards On January 1, 2019, No. 2016 02, 842 2016 02, 1 2 606, not may not 842 2018 10 842, 2018 11 842 2018 11 840, not 16. On January 1, 2019, No. 2017 08, 310 20 2017 08 not no On January 1, 2019, No. 2017 12, 815 2017 12 not January 1, 2019, $23.4 $431 Recent Accounting Pronouncements In June 2016, No. 2016 13, 326 October 16, 2019 December 15, 2019. December 15, 2022. 2016 13 may |
Note 2 - Securities
Note 2 - Securities | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 2. The Company invests in U.S. agency and mortgage-backed securities, obligations of state and political subdivisions, and corporate debt securities. Amortized costs and fair values of securities at September 30, 2019 December 31, 2018 September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. agency and mortgage-backed securities $ 87,004 $ 1,112 $ (184 ) $ 87,932 Obligations of states and political subdivisions 26,118 519 (1 ) 26,636 Total securities available for sale $ 113,122 $ 1,631 $ (185 ) $ 114,568 Securities held to maturity: U.S. agency and mortgage-backed securities $ 13,119 $ 21 $ (71 ) $ 13,069 Obligations of states and political subdivisions 3,603 67 — 3,670 Corporate debt securities 1,500 20 — 1,520 Total securities held to maturity $ 18,222 $ 108 $ (71 ) $ 18,259 Total securities $ 131,344 $ 1,739 $ (256 ) $ 132,827 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. agency and mortgage-backed securities $ 86,944 $ 44 $ (2,066 ) $ 84,922 Obligations of states and political subdivisions 15,203 31 (299 ) 14,935 Total securities available for sale $ 102,147 $ 75 $ (2,365 ) $ 99,857 Securities held to maturity: U.S. agency and mortgage-backed securities $ 27,420 $ — $ (869 ) $ 26,551 Obligations of states and political subdivisions 14,488 20 (174 ) 14,334 Corporate debt securities 1,500 9 — 1,509 Total securities held to maturity $ 43,408 $ 29 $ (1,043 ) $ 42,394 Total securities $ 145,555 $ 104 $ (3,408 ) $ 142,251 At September 30, 2019 December 31, 2018 September 30, 2019 Less than 12 months 12 months or more Total Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Securities available for sale: U.S. agency and mortgage-backed securities $ 13,786 $ (45 ) $ 14,185 $ (139 ) $ 27,971 $ (184 ) Obligations of states and political subdivisions 230 (1 ) — — 230 (1 ) Total securities available for sale $ 14,016 $ (46 ) $ 14,185 $ (139 ) $ 28,201 $ (185 ) Securities held to maturity: U.S. agency and mortgage-backed securities $ — $ — $ 7,692 $ (71 ) $ 7,692 $ (71 ) Total securities held to maturity $ — $ — $ 7,692 $ (71 ) $ 7,692 $ (71 ) Total securities $ 14,016 $ (46 ) $ 21,877 $ (210 ) $ 35,893 $ (256 ) December 31, 2018 Less than 12 months 12 months or more Total Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Securities available for sale: U.S. agency and mortgage-backed securities $ 26,350 $ (215 ) $ 49,652 $ (1,851 ) $ 76,002 $ (2,066 ) Obligations of states and political subdivisions 3,761 (25 ) 5,127 (274 ) 8,888 (299 ) Total securities available for sale $ 30,111 $ (240 ) $ 54,779 $ (2,125 ) $ 84,890 $ (2,365 ) Securities held to maturity: U.S. agency and mortgage-backed securities $ — $ — $ 26,551 $ (869 ) $ 26,551 $ (869 ) Obligations of states and political subdivisions 5,326 (37 ) 6,115 (137 ) 11,441 (174 ) Total securities held to maturity $ 5,326 $ (37 ) $ 32,666 $ (1,006 ) $ 37,992 $ (1,043 ) Total securities $ 35,437 $ (277 ) $ 87,445 $ (3,131 ) $ 122,882 $ (3,408 ) The tables above provide information about securities that have been in an unrealized loss position for less than twelve twelve 1 2 not 3 not not not At September 30, 2019 thirty-three ninety one eighty-one 3.5 September 30, 2019 December 31, 2018 eighty-three ninety fifty-six eighty-two December 31, 2018 4.6 December 31, 2018 September 30, 2019 not The amortized cost and fair value of securities at September 30, 2019 may Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 2,034 $ 2,042 $ 437 $ 437 Due after one year through five years 7,732 7,768 4,741 4,795 Due after five years through ten years 29,875 30,591 3,415 3,445 Due after ten years 73,481 74,167 9,629 9,582 $ 113,122 $ 114,568 $ 18,222 $ 18,259 On January 1, 2019, No. 2017 12 $23.0 $431 Federal Home Loan Bank, Federal Reserve Bank, and Community Bankers’ Bank stock are generally viewed as long-term investments and as restricted securities, which are carried at cost, because there is a minimal market for the stock. Therefore, when evaluating restricted securities for impairment, their value is based on the ultimate recoverability of the par value rather than by recognizing temporary declines in value. The Company does not September 30, 2019 no The composition of restricted securities at September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Federal Home Loan Bank stock $ 776 $ 763 Federal Reserve Bank stock 980 875 Community Bankers’ Bank stock 50 50 $ 1,806 $ 1,688 |
Note 3 - Loans
Note 3 - Loans | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables, Excluding Allowance for Credit Losses [Text Block] | Note 3. Loans at September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Real estate loans: Construction and land development $ 45,193 $ 45,867 Secured by 1-4 family residential 226,828 215,945 Other real estate loans 233,067 219,553 Commercial and industrial loans 50,557 44,605 Consumer and other loans 15,608 16,886 Total loans $ 571,253 $ 542,856 Allowance for loan losses (4,912 ) (5,009 ) Loans, net $ 566,341 $ 537,847 Net deferred loan fees included in the above loan categories were $288 $274 September 30, 2019 December 31, 2018 $263 $275 September 30, 2019 December 31, 2018 Risk characteristics of each loan portfolio class that are considered by the Company include: • 1 4 • Real estate construction and land development loans carry risks that the project may not may not may, may may not may • Other real estate loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because repayment of these loans may • Commercial and industrial loans carry risks associated with the successful operation of a business because repayment of these loans may may • Consumer and other loans carry risk associated with the continued creditworthiness of the borrower and the value of the collateral, if any. These loans are typically either unsecured or secured by rapidly depreciating assets such as automobiles. They are also likely to be immediately and adversely affected by job loss, divorce, illness, personal bankruptcy, or other changes in circumstances. Consumer and other loans also include purchased consumer loans which could have been originated outside of the Company's market area. The following tables provide a summary of loan classes and an aging of past due loans as of September 30, 2019 December 31, 2018 September 30, 2019 30-59 Days Past Due 60-89 Days Past Due > 90 Days Past Due Total Past Due Current Total Loans Non-accrual Loans 90 Days or More Past Due and Accruing Real estate loans: Construction and land development $ 50 $ — $ — $ 50 $ 45,143 $ 45,193 $ 376 $ — Secured by 1-4 family residential 612 253 156 1,021 225,807 226,828 690 67 Other real estate loans 49 — 425 474 232,593 233,067 500 — Commercial and industrial 46 — — 46 50,511 50,557 — — Consumer and other loans 62 25 46 133 15,475 15,608 — 46 Total $ 819 $ 278 $ 627 $ 1,724 $ 569,529 $ 571,253 $ 1,566 $ 113 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due > 90 Days Past Due Total Past Due Current Total Loans Non-accrual Loans 90 Days or More Past Due and Accruing Real estate loans: Construction and land development $ 88 $ 80 $ — $ 168 $ 45,699 $ 45,867 $ 327 $ — Secured by 1-4 family residential 747 393 423 1,563 214,382 215,945 663 — Other real estate loans 145 36 2,207 2,388 217,165 219,553 1,985 222 Commercial and industrial — 25 210 235 44,370 44,605 197 13 Consumer and other loans 90 — — 90 16,796 16,886 — — Total $ 1,070 $ 534 $ 2,840 $ 4,444 $ 538,412 $ 542,856 $ 3,172 $ 235 Credit Quality Indicators As part of the ongoing monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to the risk grading of specified classes of loans. The Company utilizes a risk grading matrix to assign a rating to each of its loans. The loan ratings are summarized into the following categories: pass, special mention, substandard, doubtful and loss. Pass rated loans include all risk rated credits other than those included in special mention, substandard or doubtful. Loans classified as loss are charged-off. Loan officers assign risk grades to loans at origination and as renewals arise. The Bank’s Credit Administration department reviews risk grades for accuracy on a quarterly basis and as credit issues arise. In addition, a certain amount of loans are reviewed each year through the Company’s internal and external loan review process. A description of the general characteristics of the loan grading categories is as follows: Pass – Special Mention – may Substandard – not Doubtful – Loss – not The following tables provide an analysis of the credit risk profile of each loan class as of September 30, 2019 December 31, 2018 September 30, 2019 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 44,575 $ 79 $ 539 $ — $ 45,193 Secured by 1-4 family residential 225,349 529 950 — 226,828 Other real estate loans 229,377 837 2,853 — 233,067 Commercial and industrial 49,562 13 982 — 50,557 Consumer and other loans 15,608 — — — 15,608 Total $ 564,471 $ 1,458 $ 5,324 $ — $ 571,253 December 31, 2018 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 45,054 $ 235 $ 578 $ — $ 45,867 Secured by 1-4 family residential 214,089 924 932 — 215,945 Other real estate loans 213,681 900 4,972 — 219,553 Commercial and industrial 44,373 19 213 — 44,605 Consumer and other loans 16,886 — — — 16,886 Total $ 534,083 $ 2,078 $ 6,695 $ — $ 542,856 |
Note 4 - Allowance for Loan Los
Note 4 - Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 4. The following tables present, as of September 30, 2019 December 31, 2018 September 30, 2018 September 30, 2019 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, December 31, 2018 $ 561 $ 895 $ 2,160 $ 464 $ 929 $ 5,009 Charge-offs — (58 ) — (2 ) (543 ) (603 ) Recoveries 50 8 — 6 242 306 Provision for (recovery of) loan losses (119 ) (71 ) 166 98 126 200 Ending Balance, September 30, 2019 $ 492 $ 774 $ 2,326 $ 566 $ 754 $ 4,912 Ending Balance: Individually evaluated for impairment 31 16 27 — — 74 Collectively evaluated for impairment 461 758 2,299 566 754 4,838 Loans: Ending Balance $ 45,193 $ 226,828 $ 233,067 $ 50,557 $ 15,608 $ 571,253 Individually evaluated for impairment 376 690 500 — — 1,566 Collectively evaluated for impairment 44,817 226,138 232,567 50,557 15,608 569,687 December 31, 2018 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, At December 31, 2017 $ 414 $ 775 $ 2,948 $ 418 $ 771 $ 5,326 Charge-offs — (55 ) — (10 ) (1,104 ) (1,169 ) Recoveries — 13 5 8 226 252 Provision for (recovery of) loan losses 147 162 (793 ) 48 1,036 600 Ending Balance, December 31, 2018 $ 561 $ 895 $ 2,160 $ 464 $ 929 $ 5,009 Ending Balance: Individually evaluated for impairment 71 172 — — — 243 Collectively evaluated for impairment 490 723 2,160 464 929 4,766 Loans: Ending Balance $ 45,867 $ 215,945 $ 219,553 $ 44,605 $ 16,886 $ 542,856 Individually evaluated for impairment 327 663 2,249 197 — 3,436 Collectively evaluated for impairment 45,540 215,282 217,304 44,408 16,886 539,420 September 30, 2018 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, At December 31, 2017 $ 414 $ 775 $ 2,948 $ 418 $ 771 $ 5,326 Charge-offs — (56 ) — (8 ) (731 ) (795 ) Recoveries — 11 1 6 152 170 Provision for (recovery of) loan losses 128 (5 ) (677 ) 26 628 100 Ending Balance, September 30, 2018 $ 542 $ 725 $ 2,272 $ 442 $ 820 $ 4,801 Ending Balance: Individually evaluated for impairment 87 20 — — — 107 Collectively evaluated for impairment 455 705 2,272 442 820 4,694 Loans: Ending Balance $ 42,982 $ 211,938 $ 224,903 $ 42,861 $ 17,137 $ 539,821 Individually evaluated for impairment 343 438 2,029 197 — 3,007 Collectively evaluated for impairment 42,639 211,500 222,874 42,664 17,137 536,814 Impaired loans and the related allowance at September 30, 2019 December 31, 2018 September 30, 2018 September 30, 2019 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ 403 $ — $ 376 $ 376 $ 31 $ 368 $ 1 Secured by 1-4 family 781 543 147 690 16 800 1 Other real estate loans 515 473 27 500 27 858 3 Commercial and industrial — — — — — 30 — Total $ 1,699 $ 1,016 $ 550 $ 1,566 $ 74 $ 2,056 $ 5 December 31, 2018 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ 336 $ — $ 327 $ 327 $ 71 $ 758 $ 12 Secured by 1-4 family 720 356 307 663 172 966 22 Other real estate loans 2,290 2,249 — 2,249 — 1,585 51 Commercial and industrial 200 197 — 197 — 146 — Total $ 3,546 $ 2,802 $ 634 $ 3,436 $ 243 $ 3,455 $ 85 September 30, 2018 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ 343 $ — $ 343 $ 343 $ 87 $ 900 $ 12 Secured by 1-4 family 511 287 151 438 20 1,172 5 Other real estate loans 2,069 2,029 — 2,029 — 1,433 37 Commercial and industrial 200 197 — 197 — 129 — Total $ 3,123 $ 2,513 $ 494 $ 3,007 $ 107 $ 3,634 $ 54 The “Recorded Investment” amounts in the table above represent the outstanding principal balance on each loan represented in the table. The “Unpaid Principal Balance” represents the outstanding principal balance on each loan represented in the table plus any amounts that have been charged off on each loan and/or payments that have been applied towards principal on non-accrual loans. Only loan classes with balances are included in the tables above. As of September 30, 2019 $371 September 30, 2019 none $467 December 31, 2018 $264 may no three September 30, 2019. one 1 4 nine September 30, 2019 not September 30, 2019 one 1 4 three nine September 30, 2018 2018 $19 September 30, 2018. For the three nine September 30, 2019 2018 no twelve ninety twelve |
Note 5 - Other Real Estate Owne
Note 5 - Other Real Estate Owned (OREO) | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Real Estate Owned [Text Block] | Note 5. Changes in the balance for OREO are as follows (in thousands): Nine Months Ended Year Ended September 30, 2019 December 31, 2018 Balance at the beginning of year, gross $ — $ 326 Transfers in — 68 Sales proceeds — (416 ) Gain on disposition — 22 Balance at the end of period, gross $ — $ — Less: valuation allowance — — Balance at the end of period, net $ — $ — There were no September 30, 2019 December 31, 2018 not September 30, 2019 The Bank did not nine September 30, 2019 $2 nine September 30, 2018 December 31, 2018 |
Note 6 - Other Borrowings
Note 6 - Other Borrowings | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Other Borrowings [Text Block] | Note 6. The Company had an unsecured line of credit totaling $5.0 September 30, 2019 no September 30, 2019 0.25% March 28, 2025. The Bank had unused lines of credit totaling $212.4 $128.5 September 30, 2019 December 31, 2018 19% $138.9 September 30, 2019 September 30, 2019 December 31, 2018 $187.0 $110.8 $776 $763 not September 30, 2019 December 31, 2018 |
Note 7 - Capital Requirements
Note 7 - Capital Requirements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | Note 7. The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the 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 their assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. Prompt corrective action provisions are not The final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (Basel III rules) became effective January 1, 2015, January 1, 2019. 1 four January 1, 2016 January 1, 2019. Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios (set forth in the following table) of total (as defined in the regulations), Tier 1 1 1 September 30, 2019 December 31, 2018 As of September 30, 2019 no A comparison of the capital of the Bank at September 30, 2019 December 31, 2018 Actual Minimum Capital Requirement Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2019 Total Capital (to Risk-Weighted Assets) $ 83,591 14.57 % $ 45,903 8.00 % $ 57,379 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 78,679 13.71 % $ 34,428 6.00 % $ 45,903 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 78,679 13.71 % $ 25,821 4.50 % $ 37,296 6.50 % Tier 1 Capital (to Average Assets) $ 78,679 10.09 % $ 31,205 4.00 % $ 39,006 5.00 % December 31, 2018 Total Capital (to Risk-Weighted Assets) $ 74,697 13.62 % $ 43,859 8.00 % $ 54,824 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 69,688 12.71 % $ 32,894 6.00 % $ 43,859 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 69,688 12.71 % $ 24,671 4.50 % $ 35,635 6.50 % Tier 1 Capital (to Average Assets) $ 69,688 9.26 % $ 30,100 4.00 % $ 37,625 5.00 % In addition to the regulatory minimum risk-based capital amounts presented above, the Bank must maintain a capital conservation buffer as required by the Basel III final rules. The buffer began applying to the Bank on January 1, 2016, 2016 2019 0.625%. 2.50% 1.875% September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 6.57% 5.62%, |
Note 8 - Subordinated Debt
Note 8 - Subordinated Debt | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 8. On October 30, 2015, 2025 $5.0 6.75% 2 September 30, 2019 2 $22 $35 September 30, 2019 December 31, 2018 The Note has a maturity date of October 1, 2025. may October 30, 2020. The Note is not may not |
Note 9 - Junior Subordinated De
Note 9 - Junior Subordinated Debt | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 9. On June 8, 2004, June 17, 2004, $5.0 September 30, 2019 December 31, 2018 4.74% 5.39%, June 17, 2034, September 17, 2009. $5.2 On July 24, 2006, July 31, 2006, $4.0 September 30, 2019 December 31, 2018 3.92% 4.00%, October 1, 2036, October 1, 2011. $4.1 While these securities are debt obligations of the Company, they are included in capital for regulatory capital ratio calculations. Under present regulations, the junior subordinated debt may 1 not 25% 1 not 1 may 2 September 30, 2019 December 31, 2018 1 |
Note 10 - Benefit Plans
Note 10 - Benefit Plans | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10. The Company maintains a 401 may first one fifty two six one thousand nineteen two nine September 30, 2019 2018 $631 $596 On March 15, 2019, three 180 $155 nine September 30, 2019 See Note 13 10 December 31, 2018 |
Note 11 - Earnings Per Common S
Note 11 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 11. Basic earnings per common share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The following table presents the computation of basic and diluted earnings per share for the three nine September 30, 2019 2018 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 (Numerator): Net income $ 2,493 $ 2,676 $ 6,840 $ 7,814 (Denominator): Weighted average shares outstanding – basic 4,966,641 4,955,162 4,963,571 4,952,351 Potentially dilutive common shares – restricted stock units 2,485 3,000 2,813 2,604 Weighted average shares outstanding – diluted 4,969,126 4,958,162 4,966,384 4,954,955 Income per common share Basic $ 0.50 $ 0.54 $ 1.38 $ 1.58 Diluted $ 0.50 $ 0.54 $ 1.38 $ 1.58 |
Note 12 - Fair Value Measuremen
Note 12 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 12. The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. In accordance with the “Fair Value Measurement and Disclosures” topic of FASB ASC, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no not may not The fair value guidance provides a consistent definition of fair value, which focuses on exit price in an orderly transaction (that is, not may Fair Value Hierarchy In accordance with this guidance, the Company groups its assets and liabilities generally measured at fair value in three Level 1 Valuation is based on quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 Level 2 Valuation is based on inputs other than quoted prices included within Level 1 may not Level 3 Valuation is based on unobservable inputs that are supported by little or no 3 An instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a recurring basis in the financial statements: Securities available for sale Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1 not may 2 The following tables present the balances of assets measured at fair value on a recurring basis as of September 30, 2019 December 31, 2018 Fair Value Measurements at September 30, 2019 Description Balance as of September 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale U.S. agency and mortgage-backed securities $ 87,932 $ — $ 87,932 $ — Obligations of states and political subdivisions 26,636 — 26,636 — $ 114,568 $ — $ 114,568 $ — Fair Value Measurements at December 31, 2018 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale U.S. agency and mortgage-backed securities $ 84,922 $ — $ 84,922 $ — Obligations of states and political subdivisions 14,935 — 14,935 — $ 99,857 $ — $ 99,857 $ — Certain assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the financial statements: Loans held for sale Loans held for sale are carried at the lower of cost or market value. These loans currently consist of one four not 2 No nine September 30, 2019 December 31, 2018 Impaired Loans Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreements will not may 2 twelve one not 3 one not 3 Other real estate owned Loans are transferred to other real estate owned when the collateral securing them is foreclosed on or acquired through a deed in lieu of foreclosure. The measurement of loss associated with other real estate owned is based on the appraisal documents and assessed the same way as impaired loans described above. Any fair value adjustments are recorded in the period incurred as other real estate owned expense (income) on the Consolidated Statements of Income. The following tables summarize the Company’s assets that were measured at fair value on a nonrecurring basis during the periods (dollars in thousands): Fair Value Measurements at September 30, 2019 Description Balance as of September 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net $ 476 $ — $ — $ 476 Fair Value Measurements at December 31, 2018 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net $ 391 $ — $ — $ 391 Quantitative information about Level 3 Fair Value Measurements for September 30, 2019 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans, net $ 476 Property appraisals Selling cost 10 % Quantitative information about Level 3 Fair Value Measurements for December 31, 2018 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans, net $ 391 Property appraisals Selling cost 10 % Accounting guidance requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not September 30, 2019 December 31, 2018 Fair Value Measurements at September 30, 2019 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Fair Value Financial Assets Cash and short-term investments $ 30,373 $ 30,373 $ — $ — $ 30,373 Securities available for sale 114,568 — 114,568 — 114,568 Securities held to maturity 18,222 — 16,739 1,520 18,259 Restricted securities 1,806 — 1,806 — 1,806 Loans held for sale 1,098 — 1,098 — 1,098 Loans, net 566,341 — — 573,697 573,697 Bank owned life insurance 17,324 — 17,324 — 17,324 Accrued interest receivable 2,053 — 2,053 — 2,053 Financial Liabilities Deposits $ 685,621 $ — $ 565,844 $ 118,956 $ 684,800 Subordinated debt 4,978 — — 5,335 5,335 Junior subordinated debt 9,279 — — 9,391 9,391 Accrued interest payable 184 — 184 — 184 Fair Value Measurements at December 31, 2018 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Fair Value Financial Assets Cash and short-term investments $ 28,618 $ 28,618 $ — $ — $ 28,618 Securities available for sale 99,857 — 99,857 — 99,857 Securities held to maturity 43,408 — 40,885 1,509 42,394 Restricted securities 1,688 — 1,688 — 1,688 Loans held for sale 419 — 419 — 419 Loans, net 537,847 — — 528,643 528,643 Bank owned life insurance 13,991 — 13,991 — 13,991 Accrued interest receivable 2,113 — 2,113 — 2,113 Financial Liabilities Deposits $ 670,566 $ — $ 551,347 $ 117,220 $ 668,567 Subordinated debt 4,965 — — 5,035 5,035 Junior subordinated debt 9,279 — — 7,952 7,952 Accrued interest payable 139 — 139 — 139 The Company assumes interest rate risk (the risk that general interest rate levels will change) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments will change when interest rate levels change and that change may |
Note 13 - Stock Compensation Pl
Note 13 - Stock Compensation Plans | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 13. On May 13, 2014, 2014 240,000 Stock Awards Whenever the Company deems it appropriate to grant a stock award, the recipient receives a specified number of unrestricted shares of employer stock. Stock awards may may During the third 2019, 3,500 $67 $62 nine September 30, 2019 2018 Restricted Stock Units Restricted stock units are an award of units that correspond in number and value to a specified number of shares of employer stock which the recipient receives according to a vesting plan and distribution schedule after achieving required performance milestones or upon remaining with the employer for a particular length of time. Each restricted stock unit that vests entitles the recipient to receive one In the first 2019 8,692 1,235 2,457 two one 5,000 five fifth not A summary of the activity for the Company’s restricted stock units for the period indicated is presented in the following table: Nine Months Ended September 30, 2019 Shares Weighted Average Grant Date Fair Value Unvested, beginning of year 7,103 $ 17.93 Granted 8,692 19.56 Vested (5,402 ) 17.99 Forfeited — — Unvested, end of period 10,393 $ 19.26 At September 30, 2019 $139 2024. nine September 30, 2019 2018 $92 $108 |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 14. Changes in each component of accumulated other comprehensive income (loss) were as follows (in thousands): Net Unrealized Gains (Losses) on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2017 $ (1,057 ) $ 99 $ (958 ) Unrealized holding losses (net of tax, ($443)) (1,667 ) — (1,667 ) Pension liability adjustment (net of tax, ($27)) — (99 ) (99 ) Change during period (1,667 ) (99 ) (1,766 ) Balance at September 30, 2018 $ (2,724 ) $ — $ (2,724 ) Balance at December 31, 2018 $ (1,808 ) $ — $ (1,808 ) Unrealized holding gains (net of tax, $875) 3,292 — 3,292 Unrealized holding losses transferred from held to maturity to available for sale (net of tax, ($91)) (340 ) — (340 ) Change during period 2,952 — 2,952 Balance at September 30, 2019 $ 1,144 $ — $ 1,144 The Company did not three nine September 30, 2019 2018 |
Note 15 - Revenue Recognition
Note 15 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 15. On January 1, 2018, No. 2014 09, 606" 606. 606 Service charges on deposit accounts Service charges on deposit accounts consist of monthly service fees, overdraft and nonsufficient funds fees, and other deposit account related fees. The Company's performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers' accounts. Overdraft and nonsufficient funds fees and other deposit account related fees are transactional based, and therefore, the Company's performance obligation is satisfied, and related revenue recognized, at a point in time. ATM and check card fees ATM fees are primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a Company ATM. ATM fees are transactional based, and therefore, the Company's performance obligation is satisfied, and related revenue recognized, at a point in time. Check card fees are primarily comprised of interchange fee income. Interchange fees are earned whenever the Company's debit cards are processed through card payment networks, such as Visa. The Company's performance obligation for interchange fee income is largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. In compliance with Topic 606, Wealth management fees Wealth management fees are primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Company's performance obligation is generally satisfied over time and the resulting fees are primarily recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month-end through a direct charge to customers' accounts. Estate management fees are based upon the size of the estate. Revenue for estate management fees are recorded periodically, according to a fee schedule, and are based on the services that have been provided. Fees for other customer services Fees for other customer services include check ordering charges, merchant services income, safe deposit box rental fees, and other service charges. Check ordering charges are transactional based, and therefore, the Company's performance obligation is satisfied, and related revenue recognized, at a point in time. Merchant services income mainly represent fees charged to merchants to process their debit and credit card transactions. The Company's performance obligation for merchant services income is largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is recognized on a basis consistent with the duration of the performance obligation. The following table presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, three nine September 30, 2019 2018 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Noninterest Income Service charges on deposit accounts $ 757 $ 818 $ 2,173 $ 2,364 ATM and check card fees 586 540 1,676 1,614 Wealth management fees 477 423 1,372 1,239 Fees for other customer services 177 143 505 447 Noninterest income (in-scope of Topic 606) $ 1,997 $ 1,924 $ 5,726 $ 5,664 Noninterest income (out-of-scope of Topic 606) 194 254 485 1,214 Total noninterest income $ 2,191 $ 2,178 $ 6,211 $ 6,878 |
Note 16 - Leases
Note 16 - Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 16. On January 1, 2019, No. 2016 02, 842 842. No. 2018 11 not 842. no not not not $390 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 not 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. 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. Lease payments Lease payments for short-term leases are recognized as lease expense on a straight-line basis over the lease term, or for variable lease payments, in the period in which the obligation was incurred. Payments for leases with terms longer than twelve may not not Options to extend, residual value guarantees, and restrictions and covenants Of the Company's six five None none The following table presents the operating lease right-of-use asset and operating lease liability as of September 30, 2019 Classification in the Consolidated Balance Sheet September 30, 2019 Operating lease right-of-use asset Other assets $ 298 Operating lease liability Accrued interest payable and other liabilities 296 The following table presents the weighted average remaining operating lease term and the weighted average discount rate for operating leases as of September 30, 2019 September 30, 2019 Weighted average remaining lease term, in years 2.9 Weighted average discount rate 2.79 % The following table presents the components of operating lease expense and supplemental cash flow information for the three nine September 30, 2019 Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Lease Expense Operating lease expense $ 33 $ 99 Short-term lease expense 1 4 Total lease expense (1) $ 34 $ 103 Cash paid for amounts included in lease liability $ 34 $ 102 ( 1 Included in occupancy expense in the Company's consolidated statements of income. The following table presents a maturity schedule of undiscounted cash flows that contribute to the operating lease liability as of September 30, 2019 September 30, 2019 Three months ending December 31, 2019 $ 34 Twelve months ending December 31, 2020 112 Twelve months ending December 31, 2021 89 Twelve months ending December 31, 2022 65 Twelve months ending December 31, 2023 8 Total undiscounted cash flows $ 308 Less: discount (12 ) Operating lease liability $ 296 The contracts in which the Company is lessee are with parties external to the Company and not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Standards On January 1, 2019, No. 2016 02, 842 2016 02, 1 2 606, not may not 842 2018 10 842, 2018 11 842 2018 11 840, not 16. On January 1, 2019, No. 2017 08, 310 20 2017 08 not no On January 1, 2019, No. 2017 12, 815 2017 12 not January 1, 2019, $23.4 $431 Recent Accounting Pronouncements In June 2016, No. 2016 13, 326 October 16, 2019 December 15, 2019. December 15, 2022. 2016 13 may |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Available-for-sale and Held-to-maturity Reconciliation [Table Text Block] | September 30, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. agency and mortgage-backed securities $ 87,004 $ 1,112 $ (184 ) $ 87,932 Obligations of states and political subdivisions 26,118 519 (1 ) 26,636 Total securities available for sale $ 113,122 $ 1,631 $ (185 ) $ 114,568 Securities held to maturity: U.S. agency and mortgage-backed securities $ 13,119 $ 21 $ (71 ) $ 13,069 Obligations of states and political subdivisions 3,603 67 — 3,670 Corporate debt securities 1,500 20 — 1,520 Total securities held to maturity $ 18,222 $ 108 $ (71 ) $ 18,259 Total securities $ 131,344 $ 1,739 $ (256 ) $ 132,827 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. agency and mortgage-backed securities $ 86,944 $ 44 $ (2,066 ) $ 84,922 Obligations of states and political subdivisions 15,203 31 (299 ) 14,935 Total securities available for sale $ 102,147 $ 75 $ (2,365 ) $ 99,857 Securities held to maturity: U.S. agency and mortgage-backed securities $ 27,420 $ — $ (869 ) $ 26,551 Obligations of states and political subdivisions 14,488 20 (174 ) 14,334 Corporate debt securities 1,500 9 — 1,509 Total securities held to maturity $ 43,408 $ 29 $ (1,043 ) $ 42,394 Total securities $ 145,555 $ 104 $ (3,408 ) $ 142,251 |
Schedule of Temporary Impairment Losses, Investments [Table Text Block] | September 30, 2019 Less than 12 months 12 months or more Total Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Securities available for sale: U.S. agency and mortgage-backed securities $ 13,786 $ (45 ) $ 14,185 $ (139 ) $ 27,971 $ (184 ) Obligations of states and political subdivisions 230 (1 ) — — 230 (1 ) Total securities available for sale $ 14,016 $ (46 ) $ 14,185 $ (139 ) $ 28,201 $ (185 ) Securities held to maturity: U.S. agency and mortgage-backed securities $ — $ — $ 7,692 $ (71 ) $ 7,692 $ (71 ) Total securities held to maturity $ — $ — $ 7,692 $ (71 ) $ 7,692 $ (71 ) Total securities $ 14,016 $ (46 ) $ 21,877 $ (210 ) $ 35,893 $ (256 ) December 31, 2018 Less than 12 months 12 months or more Total Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Fair Value Unrealized (Loss) Securities available for sale: U.S. agency and mortgage-backed securities $ 26,350 $ (215 ) $ 49,652 $ (1,851 ) $ 76,002 $ (2,066 ) Obligations of states and political subdivisions 3,761 (25 ) 5,127 (274 ) 8,888 (299 ) Total securities available for sale $ 30,111 $ (240 ) $ 54,779 $ (2,125 ) $ 84,890 $ (2,365 ) Securities held to maturity: U.S. agency and mortgage-backed securities $ — $ — $ 26,551 $ (869 ) $ 26,551 $ (869 ) Obligations of states and political subdivisions 5,326 (37 ) 6,115 (137 ) 11,441 (174 ) Total securities held to maturity $ 5,326 $ (37 ) $ 32,666 $ (1,006 ) $ 37,992 $ (1,043 ) Total securities $ 35,437 $ (277 ) $ 87,445 $ (3,131 ) $ 122,882 $ (3,408 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 2,034 $ 2,042 $ 437 $ 437 Due after one year through five years 7,732 7,768 4,741 4,795 Due after five years through ten years 29,875 30,591 3,415 3,445 Due after ten years 73,481 74,167 9,629 9,582 $ 113,122 $ 114,568 $ 18,222 $ 18,259 |
Marketable Securities [Table Text Block] | September 30, 2019 December 31, 2018 Federal Home Loan Bank stock $ 776 $ 763 Federal Reserve Bank stock 980 875 Community Bankers’ Bank stock 50 50 $ 1,806 $ 1,688 |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2019 December 31, 2018 Real estate loans: Construction and land development $ 45,193 $ 45,867 Secured by 1-4 family residential 226,828 215,945 Other real estate loans 233,067 219,553 Commercial and industrial loans 50,557 44,605 Consumer and other loans 15,608 16,886 Total loans $ 571,253 $ 542,856 Allowance for loan losses (4,912 ) (5,009 ) Loans, net $ 566,341 $ 537,847 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2019 30-59 Days Past Due 60-89 Days Past Due > 90 Days Past Due Total Past Due Current Total Loans Non-accrual Loans 90 Days or More Past Due and Accruing Real estate loans: Construction and land development $ 50 $ — $ — $ 50 $ 45,143 $ 45,193 $ 376 $ — Secured by 1-4 family residential 612 253 156 1,021 225,807 226,828 690 67 Other real estate loans 49 — 425 474 232,593 233,067 500 — Commercial and industrial 46 — — 46 50,511 50,557 — — Consumer and other loans 62 25 46 133 15,475 15,608 — 46 Total $ 819 $ 278 $ 627 $ 1,724 $ 569,529 $ 571,253 $ 1,566 $ 113 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due > 90 Days Past Due Total Past Due Current Total Loans Non-accrual Loans 90 Days or More Past Due and Accruing Real estate loans: Construction and land development $ 88 $ 80 $ — $ 168 $ 45,699 $ 45,867 $ 327 $ — Secured by 1-4 family residential 747 393 423 1,563 214,382 215,945 663 — Other real estate loans 145 36 2,207 2,388 217,165 219,553 1,985 222 Commercial and industrial — 25 210 235 44,370 44,605 197 13 Consumer and other loans 90 — — 90 16,796 16,886 — — Total $ 1,070 $ 534 $ 2,840 $ 4,444 $ 538,412 $ 542,856 $ 3,172 $ 235 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2019 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 44,575 $ 79 $ 539 $ — $ 45,193 Secured by 1-4 family residential 225,349 529 950 — 226,828 Other real estate loans 229,377 837 2,853 — 233,067 Commercial and industrial 49,562 13 982 — 50,557 Consumer and other loans 15,608 — — — 15,608 Total $ 564,471 $ 1,458 $ 5,324 $ — $ 571,253 December 31, 2018 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 45,054 $ 235 $ 578 $ — $ 45,867 Secured by 1-4 family residential 214,089 924 932 — 215,945 Other real estate loans 213,681 900 4,972 — 219,553 Commercial and industrial 44,373 19 213 — 44,605 Consumer and other loans 16,886 — — — 16,886 Total $ 534,083 $ 2,078 $ 6,695 $ — $ 542,856 |
Note 4 - Allowance for Loan L_2
Note 4 - Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | September 30, 2019 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, December 31, 2018 $ 561 $ 895 $ 2,160 $ 464 $ 929 $ 5,009 Charge-offs — (58 ) — (2 ) (543 ) (603 ) Recoveries 50 8 — 6 242 306 Provision for (recovery of) loan losses (119 ) (71 ) 166 98 126 200 Ending Balance, September 30, 2019 $ 492 $ 774 $ 2,326 $ 566 $ 754 $ 4,912 Ending Balance: Individually evaluated for impairment 31 16 27 — — 74 Collectively evaluated for impairment 461 758 2,299 566 754 4,838 Loans: Ending Balance $ 45,193 $ 226,828 $ 233,067 $ 50,557 $ 15,608 $ 571,253 Individually evaluated for impairment 376 690 500 — — 1,566 Collectively evaluated for impairment 44,817 226,138 232,567 50,557 15,608 569,687 December 31, 2018 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, At December 31, 2017 $ 414 $ 775 $ 2,948 $ 418 $ 771 $ 5,326 Charge-offs — (55 ) — (10 ) (1,104 ) (1,169 ) Recoveries — 13 5 8 226 252 Provision for (recovery of) loan losses 147 162 (793 ) 48 1,036 600 Ending Balance, December 31, 2018 $ 561 $ 895 $ 2,160 $ 464 $ 929 $ 5,009 Ending Balance: Individually evaluated for impairment 71 172 — — — 243 Collectively evaluated for impairment 490 723 2,160 464 929 4,766 Loans: Ending Balance $ 45,867 $ 215,945 $ 219,553 $ 44,605 $ 16,886 $ 542,856 Individually evaluated for impairment 327 663 2,249 197 — 3,436 Collectively evaluated for impairment 45,540 215,282 217,304 44,408 16,886 539,420 September 30, 2018 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for loan losses: Beginning Balance, At December 31, 2017 $ 414 $ 775 $ 2,948 $ 418 $ 771 $ 5,326 Charge-offs — (56 ) — (8 ) (731 ) (795 ) Recoveries — 11 1 6 152 170 Provision for (recovery of) loan losses 128 (5 ) (677 ) 26 628 100 Ending Balance, September 30, 2018 $ 542 $ 725 $ 2,272 $ 442 $ 820 $ 4,801 Ending Balance: Individually evaluated for impairment 87 20 — — — 107 Collectively evaluated for impairment 455 705 2,272 442 820 4,694 Loans: Ending Balance $ 42,982 $ 211,938 $ 224,903 $ 42,861 $ 17,137 $ 539,821 Individually evaluated for impairment 343 438 2,029 197 — 3,007 Collectively evaluated for impairment 42,639 211,500 222,874 42,664 17,137 536,814 |
Impaired Financing Receivables [Table Text Block] | September 30, 2019 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ 403 $ — $ 376 $ 376 $ 31 $ 368 $ 1 Secured by 1-4 family 781 543 147 690 16 800 1 Other real estate loans 515 473 27 500 27 858 3 Commercial and industrial — — — — — 30 — Total $ 1,699 $ 1,016 $ 550 $ 1,566 $ 74 $ 2,056 $ 5 December 31, 2018 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ 336 $ — $ 327 $ 327 $ 71 $ 758 $ 12 Secured by 1-4 family 720 356 307 663 172 966 22 Other real estate loans 2,290 2,249 — 2,249 — 1,585 51 Commercial and industrial 200 197 — 197 — 146 — Total $ 3,546 $ 2,802 $ 634 $ 3,436 $ 243 $ 3,455 $ 85 September 30, 2018 Unpaid Principal Balance Recorded Investment with No Allowance Recorded Investment with Allowance Total Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Real estate loans: Construction and land development $ 343 $ — $ 343 $ 343 $ 87 $ 900 $ 12 Secured by 1-4 family 511 287 151 438 20 1,172 5 Other real estate loans 2,069 2,029 — 2,029 — 1,433 37 Commercial and industrial 200 197 — 197 — 129 — Total $ 3,123 $ 2,513 $ 494 $ 3,007 $ 107 $ 3,634 $ 54 |
Note 5 - Other Real Estate Ow_2
Note 5 - Other Real Estate Owned (OREO) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Real Estate Investment Financial Statements, Disclosure [Table Text Block] | Nine Months Ended Year Ended September 30, 2019 December 31, 2018 Balance at the beginning of year, gross $ — $ 326 Transfers in — 68 Sales proceeds — (416 ) Gain on disposition — 22 Balance at the end of period, gross $ — $ — Less: valuation allowance — — Balance at the end of period, net $ — $ — |
Note 7 - Capital Requirements (
Note 7 - Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual Minimum Capital Requirement Minimum To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio September 30, 2019 Total Capital (to Risk-Weighted Assets) $ 83,591 14.57 % $ 45,903 8.00 % $ 57,379 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 78,679 13.71 % $ 34,428 6.00 % $ 45,903 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 78,679 13.71 % $ 25,821 4.50 % $ 37,296 6.50 % Tier 1 Capital (to Average Assets) $ 78,679 10.09 % $ 31,205 4.00 % $ 39,006 5.00 % December 31, 2018 Total Capital (to Risk-Weighted Assets) $ 74,697 13.62 % $ 43,859 8.00 % $ 54,824 10.00 % Tier 1 Capital (to Risk-Weighted Assets) $ 69,688 12.71 % $ 32,894 6.00 % $ 43,859 8.00 % Common Equity Tier 1 Capital (to Risk-Weighted Assets) $ 69,688 12.71 % $ 24,671 4.50 % $ 35,635 6.50 % Tier 1 Capital (to Average Assets) $ 69,688 9.26 % $ 30,100 4.00 % $ 37,625 5.00 % |
Note 11 - Earnings Per Common_2
Note 11 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 (Numerator): Net income $ 2,493 $ 2,676 $ 6,840 $ 7,814 (Denominator): Weighted average shares outstanding – basic 4,966,641 4,955,162 4,963,571 4,952,351 Potentially dilutive common shares – restricted stock units 2,485 3,000 2,813 2,604 Weighted average shares outstanding – diluted 4,969,126 4,958,162 4,966,384 4,954,955 Income per common share Basic $ 0.50 $ 0.54 $ 1.38 $ 1.58 Diluted $ 0.50 $ 0.54 $ 1.38 $ 1.58 |
Note 12 - Fair Value Measurem_2
Note 12 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at September 30, 2019 Description Balance as of September 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale U.S. agency and mortgage-backed securities $ 87,932 $ — $ 87,932 $ — Obligations of states and political subdivisions 26,636 — 26,636 — $ 114,568 $ — $ 114,568 $ — Fair Value Measurements at December 31, 2018 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Securities available for sale U.S. agency and mortgage-backed securities $ 84,922 $ — $ 84,922 $ — Obligations of states and political subdivisions 14,935 — 14,935 — $ 99,857 $ — $ 99,857 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at September 30, 2019 Description Balance as of September 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net $ 476 $ — $ — $ 476 Fair Value Measurements at December 31, 2018 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Impaired loans, net $ 391 $ — $ — $ 391 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative information about Level 3 Fair Value Measurements for September 30, 2019 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans, net $ 476 Property appraisals Selling cost 10 % Quantitative information about Level 3 Fair Value Measurements for December 31, 2018 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) Impaired loans, net $ 391 Property appraisals Selling cost 10 % |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at September 30, 2019 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Fair Value Financial Assets Cash and short-term investments $ 30,373 $ 30,373 $ — $ — $ 30,373 Securities available for sale 114,568 — 114,568 — 114,568 Securities held to maturity 18,222 — 16,739 1,520 18,259 Restricted securities 1,806 — 1,806 — 1,806 Loans held for sale 1,098 — 1,098 — 1,098 Loans, net 566,341 — — 573,697 573,697 Bank owned life insurance 17,324 — 17,324 — 17,324 Accrued interest receivable 2,053 — 2,053 — 2,053 Financial Liabilities Deposits $ 685,621 $ — $ 565,844 $ 118,956 $ 684,800 Subordinated debt 4,978 — — 5,335 5,335 Junior subordinated debt 9,279 — — 9,391 9,391 Accrued interest payable 184 — 184 — 184 Fair Value Measurements at December 31, 2018 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets Level 1 Significant Other Observable Inputs Level 2 Significant Unobservable Inputs Level 3 Fair Value Financial Assets Cash and short-term investments $ 28,618 $ 28,618 $ — $ — $ 28,618 Securities available for sale 99,857 — 99,857 — 99,857 Securities held to maturity 43,408 — 40,885 1,509 42,394 Restricted securities 1,688 — 1,688 — 1,688 Loans held for sale 419 — 419 — 419 Loans, net 537,847 — — 528,643 528,643 Bank owned life insurance 13,991 — 13,991 — 13,991 Accrued interest receivable 2,113 — 2,113 — 2,113 Financial Liabilities Deposits $ 670,566 $ — $ 551,347 $ 117,220 $ 668,567 Subordinated debt 4,965 — — 5,035 5,035 Junior subordinated debt 9,279 — — 7,952 7,952 Accrued interest payable 139 — 139 — 139 |
Note 13 - Stock Compensation _2
Note 13 - Stock Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Nine Months Ended September 30, 2019 Shares Weighted Average Grant Date Fair Value Unvested, beginning of year 7,103 $ 17.93 Granted 8,692 19.56 Vested (5,402 ) 17.99 Forfeited — — Unvested, end of period 10,393 $ 19.26 |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Net Unrealized Gains (Losses) on Securities Adjustments Related to Pension Benefits Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2017 $ (1,057 ) $ 99 $ (958 ) Unrealized holding losses (net of tax, ($443)) (1,667 ) — (1,667 ) Pension liability adjustment (net of tax, ($27)) — (99 ) (99 ) Change during period (1,667 ) (99 ) (1,766 ) Balance at September 30, 2018 $ (2,724 ) $ — $ (2,724 ) Balance at December 31, 2018 $ (1,808 ) $ — $ (1,808 ) Unrealized holding gains (net of tax, $875) 3,292 — 3,292 Unrealized holding losses transferred from held to maturity to available for sale (net of tax, ($91)) (340 ) — (340 ) Change during period 2,952 — 2,952 Balance at September 30, 2019 $ 1,144 $ — $ 1,144 |
Note 15 - Revenue Recognition (
Note 15 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2019 September 30, 2018 September 30, 2019 September 30, 2018 Noninterest Income Service charges on deposit accounts $ 757 $ 818 $ 2,173 $ 2,364 ATM and check card fees 586 540 1,676 1,614 Wealth management fees 477 423 1,372 1,239 Fees for other customer services 177 143 505 447 Noninterest income (in-scope of Topic 606) $ 1,997 $ 1,924 $ 5,726 $ 5,664 Noninterest income (out-of-scope of Topic 606) 194 254 485 1,214 Total noninterest income $ 2,191 $ 2,178 $ 6,211 $ 6,878 |
Note 16 - Leases (Tables)
Note 16 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Assets and Liabilities, Lessee [Table Text Block] | Classification in the Consolidated Balance Sheet September 30, 2019 Operating lease right-of-use asset Other assets $ 298 Operating lease liability Accrued interest payable and other liabilities 296 |
Lease, Cost [Table Text Block] | September 30, 2019 Weighted average remaining lease term, in years 2.9 Weighted average discount rate 2.79 % Three Months Ended Nine Months Ended September 30, 2019 September 30, 2019 Lease Expense Operating lease expense $ 33 $ 99 Short-term lease expense 1 4 Total lease expense (1) $ 34 $ 103 Cash paid for amounts included in lease liability $ 34 $ 102 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | September 30, 2019 Three months ending December 31, 2019 $ 34 Twelve months ending December 31, 2020 112 Twelve months ending December 31, 2021 89 Twelve months ending December 31, 2022 65 Twelve months ending December 31, 2023 8 Total undiscounted cash flows $ 308 Less: discount (12 ) Operating lease liability $ 296 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) - USD ($) $ in Thousands | Jan. 01, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | [1] |
Debt Securities, Held-to-maturity, Total | $ 18,222 | ||||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, before Tax | (431) | ||||
Debt Securities, Available-for-sale, Total | $ 114,568 | $ 99,857 | |||
Accounting Standards Update 2017-12 [Member] | |||||
Debt Securities, Held-to-maturity, Total | $ (23,400) | ||||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, before Tax | 431 | ||||
Debt Securities, Available-for-sale, Total | $ 23,400 | ||||
[1] | Derived from audited consolidated financial statements. |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | Jan. 01, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Weighted Average Re-pricing Term | 3 years 182 days | 4 years 219 days | |||
Debt Securities, Held-to-maturity, Fair Value, Total | $ 18,259 | $ 42,394 | |||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, before Tax | (431) | ||||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | 0 | ||||
Debt Securities, Available-for-sale, Total | $ 114,568 | $ 99,857 | [1] | ||
Accounting Standards Update 2017-12 [Member] | |||||
Debt Securities, Held-to-maturity, Fair Value, Total | $ 23,000 | ||||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, before Tax | 431 | ||||
Debt Securities, Available-for-sale, Total | $ 23,400 | ||||
US Agency and Mortgage-backed Securities [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 33 | 83 | |||
Available-for-Sale Securities, Number of Securities | 90 | 90 | |||
Debt Securities, Held-to-maturity, Fair Value, Total | $ 13,069 | $ 26,551 | |||
Debt Securities, Available-for-sale, Total | $ 87,932 | $ 84,922 | |||
Municipal Bonds [Member] | |||||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Total | 1 | 56 | |||
Available-for-Sale Securities, Number of Securities | 81 | 82 | |||
Debt Securities, Held-to-maturity, Fair Value, Total | $ 3,670 | $ 14,334 | |||
Debt Securities, Available-for-sale, Total | $ 26,636 | $ 14,935 | |||
[1] | Derived from audited consolidated financial statements. |
Note 2 - Securities - Summary o
Note 2 - Securities - Summary of Amortized Costs and Fair Values of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Securities available for sale: | |||
Amortized cost, available for sale securities | $ 113,122 | $ 102,147 | |
Gross unrealized gains, available for sale securities | 1,631 | 75 | |
Gross unrealized losses, available for sale securities | (185) | (2,365) | |
Debt Securities, Available-for-sale, Total | 114,568 | 99,857 | [1] |
Securities held to maturity: | |||
Amortized cost, held to maturity securities | 18,222 | 43,408 | [1] |
Gross unrealized gains, held to maturity securities | 108 | 29 | |
Gross unrealized losses, held to maturity securities | (71) | (1,043) | |
Debt Securities, Held-to-maturity, Fair Value, Total | 18,259 | 42,394 | |
Gross unrealized losses, held to maturity securities | 71 | 1,043 | |
Amortized cost, total securities | 131,344 | 145,555 | |
Gross unrealized gains, total securities | 1,739 | 104 | |
Gross unrealized losses, total securities | (256) | (3,408) | |
Total securities | 132,827 | 142,251 | |
US Agency and Mortgage-backed Securities [Member] | |||
Securities available for sale: | |||
Amortized cost, available for sale securities | 87,004 | 86,944 | |
Gross unrealized gains, available for sale securities | 1,112 | 44 | |
Gross unrealized losses, available for sale securities | (184) | (2,066) | |
Debt Securities, Available-for-sale, Total | 87,932 | 84,922 | |
Securities held to maturity: | |||
Amortized cost, held to maturity securities | 13,119 | 27,420 | |
Gross unrealized gains, held to maturity securities | 21 | ||
Gross unrealized losses, held to maturity securities | (71) | (869) | |
Debt Securities, Held-to-maturity, Fair Value, Total | 13,069 | 26,551 | |
Gross unrealized losses, held to maturity securities | 71 | 869 | |
Municipal Bonds [Member] | |||
Securities available for sale: | |||
Amortized cost, available for sale securities | 26,118 | 15,203 | |
Gross unrealized gains, available for sale securities | 519 | 31 | |
Gross unrealized losses, available for sale securities | (1) | (299) | |
Debt Securities, Available-for-sale, Total | 26,636 | 14,935 | |
Securities held to maturity: | |||
Amortized cost, held to maturity securities | 3,603 | 14,488 | |
Gross unrealized gains, held to maturity securities | 67 | 20 | |
Gross unrealized losses, held to maturity securities | (174) | ||
Debt Securities, Held-to-maturity, Fair Value, Total | 3,670 | 14,334 | |
Gross unrealized losses, held to maturity securities | 174 | ||
Corporate Debt Securities [Member] | |||
Securities held to maturity: | |||
Amortized cost, held to maturity securities | 1,500 | 1,500 | |
Gross unrealized gains, held to maturity securities | 20 | 9 | |
Gross unrealized losses, held to maturity securities | |||
Debt Securities, Held-to-maturity, Fair Value, Total | 1,520 | 1,509 | |
Gross unrealized losses, held to maturity securities | |||
[1] | Derived from audited consolidated financial statements. |
Note 2 - Securities - Investmen
Note 2 - Securities - Investments in an Unrealized Loss Position That Were Temporarily Impaired (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Securities available for sale: | ||
Less than 12 months, fair value, available for sale securities | $ 14,016 | $ 30,111 |
Less than 12 months, unrealized (loss), available for sale securities | (46) | (240) |
12 months or more, fair value, available for sale securities | 14,185 | 54,779 |
12 months or more, unrealized (loss), available for sale securities | (139) | (2,125) |
Total, fair value, available for sale securities | 28,201 | 84,890 |
Total, unrealized (loss), available for sale securities | (185) | (2,365) |
Securities held to maturity: | ||
Less than 12 months, fair value, held to maturity securities | 5,326 | |
Less than 12 months, unrealized (loss), held to maturity securities | (37) | |
12 months or more, fair value, held to maturity securities | 7,692 | 32,666 |
12 months or more, unrealized (loss), held to maturity securities | (71) | (1,006) |
Total, fair value, held to maturity securities | 7,692 | 37,992 |
Total, unrealized (loss), held to maturity securities | (71) | (1,043) |
Less than 12 months, fair value, total securities | 14,016 | 35,437 |
Less than 12 months, unrealized (loss), total securities | (46) | (277) |
12 months or more, fair value, total securities | 21,877 | 87,445 |
12 months or more, unrealized (loss), total securities | (210) | (3,131) |
Total, fair value, total securities | 35,893 | 122,882 |
Total, unrealized (loss), total securities | (256) | (3,408) |
US Agency and Mortgage-backed Securities [Member] | ||
Securities available for sale: | ||
Less than 12 months, fair value, available for sale securities | 13,786 | 26,350 |
Less than 12 months, unrealized (loss), available for sale securities | (45) | (215) |
12 months or more, fair value, available for sale securities | 14,185 | 49,652 |
12 months or more, unrealized (loss), available for sale securities | (139) | (1,851) |
Total, fair value, available for sale securities | 27,971 | 76,002 |
Total, unrealized (loss), available for sale securities | (184) | (2,066) |
Securities held to maturity: | ||
Less than 12 months, fair value, held to maturity securities | ||
Less than 12 months, unrealized (loss), held to maturity securities | ||
12 months or more, fair value, held to maturity securities | 7,692 | 26,551 |
12 months or more, unrealized (loss), held to maturity securities | (71) | (869) |
Total, fair value, held to maturity securities | 7,692 | 26,551 |
Total, unrealized (loss), held to maturity securities | (71) | (869) |
Municipal Bonds [Member] | ||
Securities available for sale: | ||
Less than 12 months, fair value, available for sale securities | 230 | 3,761 |
Less than 12 months, unrealized (loss), available for sale securities | (1) | (25) |
12 months or more, fair value, available for sale securities | 5,127 | |
12 months or more, unrealized (loss), available for sale securities | (274) | |
Total, fair value, available for sale securities | 230 | 8,888 |
Total, unrealized (loss), available for sale securities | $ (1) | (299) |
Securities held to maturity: | ||
Less than 12 months, fair value, held to maturity securities | 5,326 | |
Less than 12 months, unrealized (loss), held to maturity securities | (37) | |
12 months or more, fair value, held to maturity securities | 6,115 | |
12 months or more, unrealized (loss), held to maturity securities | (137) | |
Total, fair value, held to maturity securities | 11,441 | |
Total, unrealized (loss), held to maturity securities | $ (174) |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Due within one year, amortized cost, available for sale securities | $ 2,034 | ||
Due within one year, fair value, available for sale securities | 2,042 | ||
Due within one year, amortized cost, held to maturity securities | 437 | ||
Due within one year, fair value, held to maturity securities | 437 | ||
Due after one year through five years, amortized cost, available for sale securities | 7,732 | ||
Due after one year through five years, fair value, available for sale securities | 7,768 | ||
Due after one year through five years, amortized cost, held to maturity securities | 4,741 | ||
Due after one year through five years, fair value, held to maturity securities | 4,795 | ||
Due after five years through ten years, amortized cost, available for sale securities | 29,875 | ||
Due after five years through ten years, fair value, available for sale securities | 30,591 | ||
Due after five years through ten years, amortized cost, held to maturity securities | 3,415 | ||
Due after five years through ten years, fair value, held to maturity securities | 3,445 | ||
Due after ten years, amortized cost, available for sale securities | 73,481 | ||
Due after ten years, fair value, available for sale securities | 74,167 | ||
Due after ten years, amortized cost, held to maturity securities | 9,629 | ||
Due after ten years, fair value, held to maturity securities | 9,582 | ||
Amortized cost, available for sale securities | 113,122 | $ 102,147 | |
Debt Securities, Available-for-sale, Total | 114,568 | 99,857 | [1] |
Debt Securities, Held-to-maturity, Total | 18,222 | ||
Debt Securities, Held-to-maturity, Fair Value, Total | $ 18,259 | $ 42,394 | |
[1] | Derived from audited consolidated financial statements. |
Note 2 - Securities - Compositi
Note 2 - Securities - Composition of Restricted Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Federal Home Loan Bank stock | $ 776 | $ 763 | |
Federal Reserve Bank stock | 980 | 875 | |
Community Bankers’ Bank stock | 50 | 50 | |
Total restricted securities | $ 1,806 | $ 1,688 | [1] |
[1] | Derived from audited consolidated financial statements. |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | $ 288 | $ 274 | |
Loans and Leases Receivable, Gross, Total | 571,253 | 542,856 | $ 539,821 |
Consumer and Other Loans [Member] | |||
Loans and Leases Receivable, Gross, Total | 15,608 | 16,886 | $ 17,137 |
Consumer and Other Loans [Member] | Demand Deposit Overdrafts [Member] | |||
Loans and Leases Receivable, Gross, Total | $ 263 | $ 275 |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Loans | $ 571,253 | $ 542,856 | $ 539,821 | ||
Allowance for loan losses | (4,912) | (5,009) | (4,801) | $ (5,326) | |
Loans, net | 566,341 | 537,847 | [1] | ||
Commercial and Industrial Loans [Member] | |||||
Loans | 50,557 | 44,605 | 42,861 | ||
Allowance for loan losses | (566) | (464) | (442) | (418) | |
Consumer and Other Loans [Member] | |||||
Loans | 15,608 | 16,886 | 17,137 | ||
Allowance for loan losses | (754) | (929) | (820) | (771) | |
Construction and Land Development [Member] | Real Estate 1 [Member] | |||||
Loans | 45,193 | 45,867 | 42,982 | ||
Allowance for loan losses | (492) | (561) | (542) | (414) | |
Secured by Multi-family Residential Properties [Member] | Real Estate 1 [Member] | |||||
Loans | 226,828 | 215,945 | 211,938 | ||
Allowance for loan losses | (774) | (895) | (725) | (775) | |
Other Real Estate Loans [Member] | Real Estate 1 [Member] | |||||
Loans | 233,067 | 219,553 | 224,903 | ||
Allowance for loan losses | $ (2,326) | (2,160) | $ (2,272) | $ (2,948) | |
Consumer and Other Loans [Member] | Consumer and Other Loans [Member] | |||||
Loans | $ 16,886 | ||||
[1] | Derived from audited consolidated financial statements. |
Note 3 - Loans - Summary of L_2
Note 3 - Loans - Summary of Loan Classes and an Aging of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Total past due | $ 1,724 | $ 4,444 | |
Current | 569,529 | 538,412 | |
Loans | 571,253 | 542,856 | $ 539,821 |
Non-accrual loans | 1,566 | 3,172 | |
Accruing loans past due 90 days or more amounted | 113 | 235 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Total past due | 819 | 1,070 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Total past due | 278 | 534 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Total past due | 627 | 2,840 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Total past due | 50 | 168 | |
Current | 45,143 | 45,699 | |
Loans | 45,193 | 45,867 | 42,982 |
Non-accrual loans | 376 | 327 | |
Accruing loans past due 90 days or more amounted | |||
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Total past due | 50 | 88 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Total past due | 80 | ||
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Total past due | |||
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Total past due | 1,021 | 1,563 | |
Current | 225,807 | 214,382 | |
Loans | 226,828 | 215,945 | 211,938 |
Non-accrual loans | 690 | 663 | |
Accruing loans past due 90 days or more amounted | 67 | ||
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Total past due | 612 | 747 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Total past due | 253 | 393 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Total past due | 156 | 423 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Total past due | 474 | 2,388 | |
Current | 232,593 | 217,165 | |
Loans | 233,067 | 219,553 | 224,903 |
Non-accrual loans | 500 | 1,985 | |
Accruing loans past due 90 days or more amounted | 222 | ||
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Total past due | 49 | 145 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Total past due | 36 | ||
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Total past due | 425 | 2,207 | |
Commercial and Industrial Loans [Member] | |||
Total past due | 46 | 235 | |
Current | 50,511 | 44,370 | |
Loans | 50,557 | 44,605 | 42,861 |
Non-accrual loans | 197 | ||
Accruing loans past due 90 days or more amounted | 13 | ||
Commercial and Industrial Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Total past due | 46 | ||
Commercial and Industrial Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Total past due | 25 | ||
Commercial and Industrial Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Total past due | 210 | ||
Consumer and Other Loans [Member] | |||
Total past due | 133 | 90 | |
Current | 15,475 | 16,796 | |
Loans | 15,608 | 16,886 | $ 17,137 |
Non-accrual loans | |||
Accruing loans past due 90 days or more amounted | 46 | ||
Consumer and Other Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Total past due | 62 | 90 | |
Consumer and Other Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Total past due | 25 | ||
Consumer and Other Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Total past due | $ 46 |
Note 3 - Loans - Analysis of th
Note 3 - Loans - Analysis of the Credit Risk Profile of Each Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Loans | $ 571,253 | $ 542,856 | $ 539,821 |
Pass [Member] | |||
Loans | 564,471 | 534,083 | |
Special Mention [Member] | |||
Loans | 1,458 | 2,078 | |
Substandard [Member] | |||
Loans | 5,324 | 6,695 | |
Doubtful [Member] | |||
Loans | |||
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 45,193 | 45,867 | 42,982 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Pass [Member] | |||
Loans | 44,575 | 45,054 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Special Mention [Member] | |||
Loans | 79 | 235 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Substandard [Member] | |||
Loans | 539 | 578 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Doubtful [Member] | |||
Loans | |||
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 226,828 | 215,945 | 211,938 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Pass [Member] | |||
Loans | 225,349 | 214,089 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Special Mention [Member] | |||
Loans | 529 | 924 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Substandard [Member] | |||
Loans | 950 | 932 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Doubtful [Member] | |||
Loans | |||
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 233,067 | 219,553 | 224,903 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Pass [Member] | |||
Loans | 229,377 | 213,681 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Special Mention [Member] | |||
Loans | 837 | 900 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Substandard [Member] | |||
Loans | 2,853 | 4,972 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Doubtful [Member] | |||
Loans | |||
Commercial and Industrial Loans [Member] | |||
Loans | 50,557 | 44,605 | 42,861 |
Commercial and Industrial Loans [Member] | Pass [Member] | |||
Loans | 49,562 | 44,373 | |
Commercial and Industrial Loans [Member] | Special Mention [Member] | |||
Loans | 13 | 19 | |
Commercial and Industrial Loans [Member] | Substandard [Member] | |||
Loans | 982 | 213 | |
Commercial and Industrial Loans [Member] | Doubtful [Member] | |||
Loans | |||
Consumer and Other Loans [Member] | |||
Loans | 15,608 | 16,886 | $ 17,137 |
Consumer and Other Loans [Member] | Pass [Member] | |||
Loans | 15,608 | 16,886 | |
Consumer and Other Loans [Member] | Special Mention [Member] | |||
Loans | |||
Consumer and Other Loans [Member] | Substandard [Member] | |||
Loans | |||
Consumer and Other Loans [Member] | Doubtful [Member] | |||
Loans |
Note 4 - Allowance for Loan L_3
Note 4 - Allowance for Loan Losses (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019USD ($) | Jun. 30, 2019 | Sep. 30, 2018USD ($) | Jun. 30, 2019 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Financing Receivable, Troubled Debt Restructuring | $ 371 | $ 371 | $ 467 | ||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | 1 | ||||
Financing Receivable, Increase (Decrease) in Allowance for Credit Loss Due to TDR Loans | $ 19 | $ 19 | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 0 | $ 0 | 0 | $ 0 | |||
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||||||
Financing Receivable, Modifications, Number of Contracts | 1 | ||||||
Performing Financial Instruments [Member] | |||||||
Financing Receivable, Troubled Debt Restructuring | $ 0 | $ 0 | $ 264 |
Note 4 - Allowance for Loan L_4
Note 4 - Allowance for Loan Losses - Allowance by Impairment Methodology and Loans by Impairment Methodology (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Beginning balance | $ 5,009 | $ 5,326 | $ 5,326 |
Charge-offs | (603) | (795) | (1,169) |
Recoveries | 306 | 170 | 252 |
Provision for (recovery of) loan losses | 200 | 100 | 600 |
Ending balance | 4,912 | 4,801 | 5,009 |
Individually evaluated for impairment, allowance | 74 | 107 | 243 |
Collectively evaluated for impairment, allowance | 4,838 | 4,694 | 4,766 |
Loans | 571,253 | 539,821 | 542,856 |
Individually evaluated for impairment, loans | 1,566 | 3,007 | 3,436 |
Collectively evaluated for impairment, loans | 569,687 | 536,814 | 539,420 |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Beginning balance | 561 | 414 | 414 |
Charge-offs | |||
Recoveries | 50 | ||
Provision for (recovery of) loan losses | (119) | 128 | 147 |
Ending balance | 492 | 542 | 561 |
Individually evaluated for impairment, allowance | 31 | 87 | 71 |
Collectively evaluated for impairment, allowance | 461 | 455 | 490 |
Loans | 45,193 | 42,982 | 45,867 |
Individually evaluated for impairment, loans | 376 | 343 | 327 |
Collectively evaluated for impairment, loans | 44,817 | 42,639 | 45,540 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Beginning balance | 895 | 775 | 775 |
Charge-offs | (58) | (56) | (55) |
Recoveries | 8 | 11 | 13 |
Provision for (recovery of) loan losses | (71) | (5) | 162 |
Ending balance | 774 | 725 | 895 |
Individually evaluated for impairment, allowance | 16 | 20 | 172 |
Collectively evaluated for impairment, allowance | 758 | 705 | 723 |
Loans | 226,828 | 211,938 | 215,945 |
Individually evaluated for impairment, loans | 690 | 438 | 663 |
Collectively evaluated for impairment, loans | 226,138 | 211,500 | 215,282 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Beginning balance | 2,160 | 2,948 | 2,948 |
Charge-offs | |||
Recoveries | 1 | 5 | |
Provision for (recovery of) loan losses | 166 | (677) | (793) |
Ending balance | 2,326 | 2,272 | 2,160 |
Individually evaluated for impairment, allowance | 27 | ||
Collectively evaluated for impairment, allowance | 2,299 | 2,272 | 2,160 |
Loans | 233,067 | 224,903 | 219,553 |
Individually evaluated for impairment, loans | 500 | 2,029 | 2,249 |
Collectively evaluated for impairment, loans | 232,567 | 222,874 | 217,304 |
Commercial and Industrial Loans [Member] | |||
Beginning balance | 464 | 418 | 418 |
Charge-offs | (2) | (8) | (10) |
Recoveries | 6 | 6 | 8 |
Provision for (recovery of) loan losses | 98 | 26 | 48 |
Ending balance | 566 | 442 | 464 |
Individually evaluated for impairment, allowance | |||
Collectively evaluated for impairment, allowance | 566 | 442 | 464 |
Loans | 50,557 | 42,861 | 44,605 |
Individually evaluated for impairment, loans | 197 | 197 | |
Collectively evaluated for impairment, loans | 50,557 | 42,664 | 44,408 |
Consumer and Other Loans [Member] | |||
Beginning balance | 929 | 771 | 771 |
Charge-offs | (543) | (731) | (1,104) |
Recoveries | 242 | 152 | 226 |
Provision for (recovery of) loan losses | 126 | 628 | 1,036 |
Ending balance | 754 | 820 | 929 |
Individually evaluated for impairment, allowance | |||
Collectively evaluated for impairment, allowance | 754 | 820 | 929 |
Loans | 15,608 | 17,137 | 16,886 |
Individually evaluated for impairment, loans | |||
Collectively evaluated for impairment, loans | $ 15,608 | $ 17,137 | $ 16,886 |
Note 4 - Allowance for Loan L_5
Note 4 - Allowance for Loan Losses - Impaired Loans and Related Allowances (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Impaired loans, unpaid principal balance | $ 1,699 | $ 3,123 | $ 3,546 |
Impaired loans, recorded investment with no allowance | 1,016 | 2,513 | 2,802 |
Impaired loans, recorded investment with allowance | 550 | 494 | 634 |
Impaired loans, total recorded investment | 1,566 | 3,007 | 3,436 |
Impaired loans, related allowance | 74 | 107 | 243 |
Impaired loans, average recorded investment | 2,056 | 3,634 | 3,455 |
Impaired loans, interest income recognized | 5 | 54 | 85 |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Impaired loans, unpaid principal balance | 403 | 343 | 336 |
Impaired loans, recorded investment with no allowance | |||
Impaired loans, recorded investment with allowance | 376 | 343 | 327 |
Impaired loans, total recorded investment | 376 | 343 | 327 |
Impaired loans, related allowance | 31 | 87 | 71 |
Impaired loans, average recorded investment | 368 | 900 | 758 |
Impaired loans, interest income recognized | 1 | 12 | 12 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Impaired loans, unpaid principal balance | 781 | 511 | 720 |
Impaired loans, recorded investment with no allowance | 543 | 287 | 356 |
Impaired loans, recorded investment with allowance | 147 | 151 | 307 |
Impaired loans, total recorded investment | 690 | 438 | 663 |
Impaired loans, related allowance | 16 | 20 | 172 |
Impaired loans, average recorded investment | 800 | 1,172 | 966 |
Impaired loans, interest income recognized | 1 | 5 | 22 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Impaired loans, unpaid principal balance | 515 | 2,069 | 2,290 |
Impaired loans, recorded investment with no allowance | 473 | 2,029 | 2,249 |
Impaired loans, recorded investment with allowance | 27 | ||
Impaired loans, total recorded investment | 500 | 2,029 | 2,249 |
Impaired loans, related allowance | 27 | ||
Impaired loans, average recorded investment | 858 | 1,433 | 1,585 |
Impaired loans, interest income recognized | 3 | 37 | 51 |
Commercial and Industrial Loans [Member] | |||
Impaired loans, unpaid principal balance | 200 | 200 | |
Impaired loans, recorded investment with no allowance | 197 | 197 | |
Impaired loans, recorded investment with allowance | |||
Impaired loans, total recorded investment | 197 | 197 | |
Impaired loans, related allowance | |||
Impaired loans, average recorded investment | 30 | 129 | 146 |
Impaired loans, interest income recognized |
Note 5 - Other Real Estate Ow_3
Note 5 - Other Real Estate Owned (OREO) (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Real Estate, Ending Balance | $ 326 | |||
Mortgage Loans in Process of Foreclosure, Amount | 0 | |||
Other Real Estate Owned, Expenses | 0 | $ 2 | 2 | |
Residential Real Estate Properties [Member] | ||||
Other Real Estate, Ending Balance | $ 0 | $ 0 |
Note 5 - Other Real Estate Ow_4
Note 5 - Other Real Estate Owned (OREO) - Changes in the balance for OREO (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Balance at the beginning of year, gross | $ 326 | |
Transfers in | 68 | |
Sales proceeds | (416) | |
Gain on disposition | 22 | |
Balance at the end of period, gross | ||
Less: valuation allowance | ||
Balance at the end of period, net |
Note 6 - Other Borrowings (Deta
Note 6 - Other Borrowings (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 212,400 | $ 128,500 |
Percentage of Assets, Maximum Borrowing Capacity from FHLB | 19.00% | |
Loans Pledged as Collateral | $ 187,000 | 110,800 |
Federal Home Loan Bank Stock | 776 | 763 |
Advances from Federal Home Loan Banks, Total | 0 | $ 0 |
FHLB Loans [Member] | ||
Line of Credit Facility, Remaining Borrowing Capacity | 138,900 | |
Line of Credit [Member] | Unsecured Line of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 5,000 | |
Long-term Line of Credit, Total | $ 0 | |
Line of Credit [Member] | Unsecured Line of Credit [Member] | Prime Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% |
Note 7 - Capital Requirements_2
Note 7 - Capital Requirements (Details Textual) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Capital Conservation Buffer Phase, Period | 4 years | |
Capital Conservation Buffer Percentage, Annual Installment | 0.625% | |
Capital Conservation Buffer, Percentage | 2.50% | 1.875% |
Capital Conservation Buffer Percentage, Maintained at Bank | 6.57% | 5.62% |
Note 7 - Capital Requirements -
Note 7 - Capital Requirements - Comparison of Capital of Company and Bank with Minimum Regulatory Guidelines (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Total Capital (to Risk-Weighted Assets), actual amount | $ 83,591 | $ 74,697 |
Total Capital (to Risk-Weighted Assets), actual ratio | 14.57% | 13.62% |
Total Capital (to Risk-Weighted Assets), minimum capital requirement amount | $ 45,903 | $ 43,859 |
Total Capital (to Risk-Weighted Assets), minimum capital requirement ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, amount | $ 57,379 | $ 54,824 |
Total Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), actual amount | $ 78,679 | $ 69,688 |
Tier 1 Capital (to Risk-Weighted Assets), actual ratio | 13.71% | 12.71% |
Tier 1 Capital (to Risk-Weighted Assets), minimum capital requirement amount | $ 34,428 | $ 32,894 |
Tier 1 Capital (to Risk-Weighted Assets), minimum capital requirement ratio | 6.00% | 6.00% |
Tier 1 Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, amount | $ 45,903 | $ 43,859 |
Tier 1 Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 8.00% | 8.00% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), actual amount | $ 78,679 | $ 69,688 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), actual ratio | 13.71% | 12.71% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), minimum capital requirement amount | $ 25,821 | $ 24,671 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), minimum capital requirement ratio | 4.50% | 4.50% |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, amount | $ 37,296 | $ 35,635 |
Common Equity Tier 1 Capital (to Risk-Weighted Assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 6.50% | 6.50% |
Tier 1 Capital (to Average Assets), actual amount | $ 78,679 | $ 69,688 |
Tier 1 Capital (to Average Assets), actual ratio | 10.09% | 9.26% |
Tier 1 Capital (to Average Assets), minimum capital requirement amount | $ 31,205 | $ 30,100 |
Tier 1 Capital (to Average Assets), minimum capital requirement ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average Assets), minimum to be well capitalized under prompt corrective action provisions, amount | $ 39,006 | $ 37,625 |
Tier 1 Capital (to Average Assets), minimum to be well capitalized under prompt corrective action provisions, ratio | 5.00% | 5.00% |
Note 8 - Subordinated Debt (Det
Note 8 - Subordinated Debt (Details Textual) - Subordinated Loan Agreement Note [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | Oct. 30, 2015 |
Debt Instrument, Face Amount | $ 5,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.75% | ||
Unamortized Debt Issuance Expense | $ 22 | $ 35 |
Note 9 - Junior Subordinated _2
Note 9 - Junior Subordinated Debt (Details Textual) - USD ($) $ in Millions | Jul. 31, 2006 | Jun. 17, 2004 | Sep. 30, 2019 | Dec. 31, 2018 |
First National (VA) Statutory Trust II [Member] | ||||
Proceeds from Issuance of Trust Preferred Securities | $ 5 | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.74% | 5.39% | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 5.2 | |||
First National (VA) Statutory Trust III [Member] | ||||
Proceeds from Issuance of Trust Preferred Securities | $ 4 | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.92% | 4.00% | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 4.1 | |||
Maximum Junior Subordinated Debt for Tier One Capital Adequacy | 25.00% |
Note 10 - Benefit Plans (Detail
Note 10 - Benefit Plans (Details Textual) $ in Thousands | Mar. 15, 2019 | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 1.00% | ||
Defined Contribution Plan, Employer Matching Contribution for Employee's Contribution Between Two and Six Percent, Percent of Match | 50.00% | ||
Defined Contribution Plan, Minimum Age for Eligibility | 19 years | ||
Defined Contribution Plan, Employer Matching Contribution, Vesting Period | 2 years | ||
The 401(k) Plan [Member] | |||
Defined Contribution Plan, Cost | $ 631 | $ 596 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Contribution Plan, Cost | $ 155 | ||
Defined Contribution Plan, Number of Employees | 3 | ||
Defined Contribution Plan, Retirement Benefits Payable, Number of Monthly Payments | 180 |
Note 11 - Earnings Per Common_3
Note 11 - Earnings Per Common Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 2,493 | $ 2,676 | $ 6,840 | $ 7,814 |
Weighted average shares outstanding – basic (in shares) | 4,966,641 | 4,955,162 | 4,963,571 | 4,952,351 |
Potentially dilutive common shares – restricted stock units (in shares) | 2,485 | 3,000 | 2,813 | 2,604 |
Weighted average shares outstanding – diluted (in shares) | 4,969,126 | 4,958,162 | 4,966,384 | 4,954,955 |
Income per common share | ||||
Basic (in dollars per share) | $ 0.50 | $ 0.54 | $ 1.38 | $ 1.58 |
Diluted (in dollars per share) | $ 0.50 | $ 0.54 | $ 1.38 | $ 1.58 |
Note 12 - Fair Value Measurem_3
Note 12 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Loans Held for Sale [Member] | Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Adjustment | $ 0 | $ 0 |
Note 12 - Fair Value Measurem_4
Note 12 - Fair Value Measurements - Balances of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Securities available for sale | $ 114,568 | $ 99,857 | [1] |
Fair Value, Recurring [Member] | |||
Securities available for sale | 114,568 | 99,857 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 114,568 | 99,857 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | |||
US Agency and Mortgage-backed Securities [Member] | |||
Securities available for sale | 87,932 | 84,922 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 87,932 | 84,922 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | |||
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 87,932 | 84,922 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | |||
Municipal Bonds [Member] | |||
Securities available for sale | 26,636 | 14,935 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | |||
Securities available for sale | 26,636 | 14,935 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Securities available for sale | |||
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Securities available for sale | 26,636 | 14,935 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Securities available for sale | |||
[1] | Derived from audited consolidated financial statements. |
Note 12 - Fair Value Measurem_5
Note 12 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Impaired Loans [Member] - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Impaired loans, net | $ 476 | $ 391 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans, net | ||
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans, net | ||
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, net | $ 476 | $ 391 |
Note 12 - Fair Value Measurem_6
Note 12 - Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Details) - Impaired Loans [Member] - Fair Value, Nonrecurring [Member] $ in Thousands | Sep. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Impaired loans, net | $ 476 | $ 391 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, net | $ 476 | $ 391 |
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans, net, range (weighted average) | 0.1 | 0.1 |
Note 12 - Fair Value Measurem_7
Note 12 - Fair Value Measurements - Carrying Values and Estimated Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Financial Assets | |||
Debt Securities, Available-for-sale, Total | $ 114,568 | $ 99,857 | [1] |
Debt Securities, Held-to-maturity, Total | 18,222 | ||
Restricted securities | 1,806 | 1,688 | [1] |
Bank owned life insurance | 17,324 | 13,991 | [1] |
Reported Value Measurement [Member] | |||
Financial Assets | |||
Cash and short-term investments | 30,373 | 28,618 | |
Debt Securities, Available-for-sale, Total | 114,568 | 99,857 | |
Debt Securities, Held-to-maturity, Total | 18,222 | 43,408 | |
Restricted securities | 1,806 | 1,688 | |
Loans held for sale | 1,098 | 419 | |
Loans, net | 566,341 | 537,847 | |
Bank owned life insurance | 17,324 | 13,991 | |
Accrued interest receivable | 2,053 | 2,113 | |
Financial Liabilities | |||
Deposits | 685,621 | 670,566 | |
Subordinated debt | 4,978 | 4,965 | |
Junior subordinated debt | 9,279 | 9,279 | |
Accrued interest payable | 184 | 139 | |
Estimate of Fair Value Measurement [Member] | |||
Financial Assets | |||
Cash and short-term investments | 30,373 | 28,618 | |
Debt Securities, Available-for-sale, Total | 114,568 | 99,857 | |
Debt Securities, Held-to-maturity, Total | 18,259 | 42,394 | |
Restricted securities | 1,806 | 1,688 | |
Loans held for sale | 1,098 | 419 | |
Loans, net | 573,697 | 528,643 | |
Bank owned life insurance | 17,324 | 13,991 | |
Accrued interest receivable | 2,053 | 2,113 | |
Financial Liabilities | |||
Deposits | 684,800 | 668,567 | |
Subordinated debt | 5,335 | 5,035 | |
Junior subordinated debt | 9,391 | 7,952 | |
Accrued interest payable | 184 | 139 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Financial Assets | |||
Cash and short-term investments | 30,373 | 28,618 | |
Debt Securities, Available-for-sale, Total | |||
Debt Securities, Held-to-maturity, Total | |||
Restricted securities | |||
Loans held for sale | |||
Loans, net | |||
Bank owned life insurance | |||
Accrued interest receivable | |||
Financial Liabilities | |||
Deposits | |||
Subordinated debt | |||
Junior subordinated debt | |||
Accrued interest payable | |||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Financial Assets | |||
Cash and short-term investments | |||
Debt Securities, Available-for-sale, Total | 114,568 | 99,857 | |
Debt Securities, Held-to-maturity, Total | 16,739 | 40,885 | |
Restricted securities | 1,806 | 1,688 | |
Loans held for sale | 1,098 | 419 | |
Loans, net | |||
Bank owned life insurance | 17,324 | 13,991 | |
Accrued interest receivable | 2,053 | 2,113 | |
Financial Liabilities | |||
Deposits | 565,844 | 551,347 | |
Subordinated debt | |||
Junior subordinated debt | |||
Accrued interest payable | 184 | 139 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Financial Assets | |||
Cash and short-term investments | |||
Debt Securities, Available-for-sale, Total | |||
Debt Securities, Held-to-maturity, Total | 1,520 | 1,509 | |
Restricted securities | |||
Loans held for sale | |||
Loans, net | 573,697 | 528,643 | |
Bank owned life insurance | |||
Accrued interest receivable | |||
Financial Liabilities | |||
Deposits | 118,956 | 117,220 | |
Subordinated debt | 5,335 | 5,035 | |
Junior subordinated debt | 9,391 | 7,952 | |
Accrued interest payable | |||
[1] | Derived from audited consolidated financial statements. |
Note 13 - Stock Compensation _3
Note 13 - Stock Compensation Plans (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019USD ($)shares | Mar. 31, 2019shares | Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | May 13, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 8,692 | ||||
Restricted Stock [Member] | |||||
Restricted Stock, Vested, Conversion Ratio | 1 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 8,692 | ||||
Restricted Stock [Member] | Vesting Immediately [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,235 | ||||
Restricted Stock [Member] | Vesting One Half Each Year for Two Years [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 2,457 | ||||
Restricted Stock [Member] | Vesting in Five Years [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 5,000 | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Payment Arrangement, Expense | $ | $ 92 | $ 108 | |||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ | $ 139 | 139 | |||
Board of Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 3,500 | ||||
Share-based Payment Arrangement, Expense | $ | $ 67 | $ 62 | |||
First National Corporation 2014 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 240,000 |
Note 13 - Stock Compensation _4
Note 13 - Stock Compensation Plan - Summary of Restricted Stock Unit Activity (Details) | 9 Months Ended |
Sep. 30, 2019$ / sharesshares | |
Unvested, beginning of year, shares (in shares) | shares | 7,103 |
Unvested, beginning of year, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.93 |
Granted, shares (in shares) | shares | 8,692 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.56 |
Vested, shares (in shares) | shares | (5,402) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 17.99 |
Forfeited, shares (in shares) | shares | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | |
Unvested, end of period, shares (in shares) | shares | 10,393 |
Unvested, end of period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 19.26 |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ 0 | $ 0 | $ 0 | $ 0 |
Note 14 - Accumulated Other C_4
Note 14 - Accumulated Other Comprehensive Income (Loss) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Balance | $ 72,809 | $ 61,648 | $ 66,674 | [1] | $ 58,154 |
Unrealized holding losses (net of tax, ($443)) | 375 | (521) | 3,292 | (1,667) | |
Pension liability adjustment (net of tax, ($27)) | (99) | ||||
Change during period | 375 | (521) | 2,952 | (1,766) | |
Unrealized holding losses transferred from held to maturity to available for sale (net of tax, ($91)) | (340) | ||||
Balance | 75,316 | 63,651 | 75,316 | 63,651 | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||||
Balance | (1,808) | (1,057) | |||
Unrealized holding losses (net of tax, ($443)) | 3,292 | (1,667) | |||
Pension liability adjustment (net of tax, ($27)) | |||||
Change during period | 2,952 | (1,667) | |||
Unrealized holding losses transferred from held to maturity to available for sale (net of tax, ($91)) | (340) | ||||
Balance | 1,144 | (2,724) | 1,144 | (2,724) | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Balance | 99 | ||||
Unrealized holding losses (net of tax, ($443)) | |||||
Pension liability adjustment (net of tax, ($27)) | (99) | ||||
Change during period | (99) | ||||
Unrealized holding losses transferred from held to maturity to available for sale (net of tax, ($91)) | |||||
Balance | |||||
AOCI Attributable to Parent [Member] | |||||
Balance | 769 | (2,203) | (1,808) | (958) | |
Unrealized holding losses (net of tax, ($443)) | 3,292 | (1,667) | |||
Pension liability adjustment (net of tax, ($27)) | (99) | ||||
Change during period | 375 | (521) | 2,952 | (1,766) | |
Unrealized holding losses transferred from held to maturity to available for sale (net of tax, ($91)) | (340) | ||||
Balance | $ 1,144 | $ (2,724) | $ 1,144 | $ (2,724) | |
[1] | Derived from audited consolidated financial statements. |
Note 14 - Accumulated Other C_5
Note 14 - Accumulated Other Comprehensive Income (Loss) - Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Details) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Unrealized holding losses, tax | $ 99 | $ (139) | $ 875 | $ (443) |
Pension liability adjustment, tax | 0 | 0 | 0 | 27 |
Unrealized holding losses transferred from held to maturity to available for sale, tax | $ 0 | $ 0 | (91) | 0 |
AOCI Attributable to Parent [Member] | ||||
Pension liability adjustment, tax | $ (27) | |||
Unrealized holding losses transferred from held to maturity to available for sale, tax | $ (91) |
Note 15 - Revenue Recognition -
Note 15 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Noninterest income | $ 1,997 | $ 1,924 | $ 5,726 | $ 5,664 |
Noninterest income (out-of-scope of Topic 606) | 194 | 254 | 485 | 1,214 |
Total noninterest income | 2,191 | 2,178 | 6,211 | 6,878 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income | 757 | 818 | 2,173 | 2,364 |
ATM and Check Card Fees [Member] | ||||
Noninterest income | 586 | 540 | 1,676 | 1,614 |
Wealth Management Fees [Member] | ||||
Noninterest income | 477 | 423 | 1,372 | 1,239 |
Fees for Other Customer Services [Member] | ||||
Noninterest income | $ 177 | $ 143 | $ 505 | $ 447 |
Note 16 - Leases (Details Textu
Note 16 - Leases (Details Textual) $ in Thousands | Sep. 30, 2019USD ($) | Jan. 01, 2019USD ($) |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 0 | |
Operating Lease, Right-of-Use Asset | $ 298 | |
Number of Leases | 6 | |
Operating Lease, Liability, Total | $ 296 | |
Leases With Option to Extend the Lease [Member] | ||
Number of Leases | 5 | |
Accounting Standards Update 2016-02 [Member] | ||
Operating Lease, Right-of-Use Asset | 390 | |
Operating Lease, Liability, Total | $ 390 |
Note 16 - Leases - Operating Le
Note 16 - Leases - Operating Lease Right-of-Use Asset and Operating Lease Liability (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating lease right-of-use asset | $ 298 |
Operating lease liability | $ 296 |
Note 16 - Leases - Schedule of
Note 16 - Leases - Schedule of Lease Cost and Additional Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | ||
Weighted average remaining lease term, in years (Year) | 2 years 328 days | ||
Weighted average discount rate | 2.79% | ||
Operating lease expense | $ 33 | $ 99 | |
Short-term lease expense | 1 | 4 | |
Total lease expense | [1] | 34 | 103 |
Cash paid for amounts included in lease liability | $ 34 | $ 102 | |
[1] | Included in occupancy expense in the Company's consolidated statements of income. |
Note 16 - Leases - Schedule o_2
Note 16 - Leases - Schedule of Undiscounted Cash Flows that Contribute to the Operating Lease Liability (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Three months ending December 31, 2019 | $ 34 |
Twelve months ending December 31, 2020 | 112 |
Twelve months ending December 31, 2021 | 89 |
Twelve months ending December 31, 2022 | 65 |
Twelve months ending December 31, 2023 | 8 |
Total undiscounted cash flows | 308 |
Less: discount | (12) |
Operating lease liability | $ 296 |