Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000719402 | |
Entity Registrant Name | FIRST NATIONAL CORP /VA/ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-38874 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1232965 | |
Entity Address, Address Line One | 112 West King Street | |
Entity Address, City or Town | Strasburg | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 22657 | |
City Area Code | 540 | |
Local Phone Number | 465-9121 | |
Title of 12(b) Security | Common stock, par value $1.25 per share | |
Trading Symbol | FXNC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,260,934 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 17,168 | $ 20,784 |
Interest-bearing deposits in banks | 32,931 | 46,130 |
Securities available for sale, at fair value | 148,175 | 162,907 |
Securities held to maturity, at amortized cost (net of allowance for credit losses of $131 at September 30, 2023) | 149,948 | 153,158 |
Restricted securities, at cost | 2,077 | 1,908 |
Loans, net of allowance for credit losses, 2023, $8,896; 2022, $7,446 | 943,603 | 913,077 |
Other real estate owned, net of valuation allowance | 0 | 184 |
Premises and equipment, net | 21,363 | 21,876 |
Accrued interest receivable | 4,502 | 4,543 |
Bank owned life insurance | 24,734 | 24,531 |
Goodwill | 3,030 | 3,030 |
Core deposit intangibles, net | 122 | 136 |
Other assets | 18,567 | 17,119 |
Total assets | 1,366,220 | 1,369,383 |
Liabilities | ||
Noninterest-bearing demand deposits | 403,774 | 427,344 |
Savings and interest-bearing demand deposits | 646,980 | 677,139 |
Time deposits | 184,419 | 136,849 |
Total deposits | 1,235,173 | 1,241,332 |
Subordinated debt, net of issuance cost | 4,997 | 4,995 |
Junior subordinated debt | 9,279 | 9,279 |
Accrued interest payable and other liabilities | 4,792 | 5,417 |
Total liabilities | 1,254,241 | 1,261,023 |
Commitments and contingencies | ||
Shareholders’ Equity | ||
Preferred stock, par value $1.25 per share; authorized 1,000,000 shares; none issued and outstanding | 0 | 0 |
Common stock, par value $1.25 per share; authorized 8,000,000 shares; issued and outstanding, 2023, 6,260,934 shares; 2022, 6,264,912 shares | 7,826 | 7,831 |
Surplus | 32,840 | 32,716 |
Retained earnings | 95,988 | 90,284 |
Accumulated other comprehensive loss, net | (24,675) | (22,471) |
Total shareholders’ equity | 111,979 | 108,360 |
Total liabilities and shareholders’ equity | $ 1,366,220 | $ 1,369,383 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Held-to-Maturity, Allowance for Credit Loss | $ 131 | $ 0 |
Allowance for Credit Loss | $ 8,896 | $ 7,446 |
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) | 6,260,934 | 6,264,912 |
Common stock, shares outstanding (in shares) | 6,260,934 | 6,264,912 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest and Dividend Income | ||||
Interest and fees on loans | $ 12,640 | $ 10,759 | $ 36,038 | $ 30,218 |
Interest on deposits in banks | 338 | 380 | 1,441 | 701 |
Interest and dividends on securities: | ||||
Taxable interest | 1,323 | 1,323 | 3,968 | 3,750 |
Tax-exempt interest | 304 | 307 | 917 | 921 |
Dividends | 26 | 23 | 81 | 65 |
Total interest and dividend income | 14,631 | 12,792 | 42,445 | 35,655 |
Interest Expense | ||||
Interest on deposits | 3,810 | 927 | 9,428 | 1,680 |
Interest on subordinated debt | 69 | 70 | 207 | 208 |
Interest on junior subordinated debt | 69 | 68 | 203 | 202 |
Interest on other borrowings | 0 | 0 | 3 | 0 |
Total interest expense | 3,948 | 1,065 | 9,841 | 2,090 |
Net interest income | 10,683 | 11,727 | 32,604 | 33,565 |
Provision for credit losses | 100 | 200 | 200 | 600 |
Net interest income after provision for credit losses | 10,583 | 11,527 | 32,404 | 32,965 |
Noninterest Income | ||||
Noninterest income | 2,855 | 2,614 | 8,092 | 7,604 |
Income from bank owned life insurance | 175 | 166 | 459 | 441 |
Other operating income | 198 | 247 | 623 | 473 |
Total noninterest income | 3,053 | 3,027 | 8,715 | 8,518 |
Noninterest Expense | ||||
Salaries and employee benefits | 5,505 | 5,174 | 16,040 | 15,384 |
Occupancy | 534 | 539 | 1,586 | 1,656 |
Equipment | 598 | 546 | 1,756 | 1,725 |
Marketing | 204 | 211 | 720 | 585 |
Supplies | 128 | 117 | 423 | 384 |
Legal and professional fees | 439 | 361 | 1,204 | 1,075 |
ATM and check card expense | 440 | 332 | 1,265 | 982 |
FDIC assessment | 161 | 109 | 479 | 393 |
Bank franchise tax | 262 | 238 | 778 | 692 |
Data processing expense | 266 | 243 | 720 | 700 |
Amortization expense | 5 | 6 | 14 | 15 |
Other real estate owned (income) expense, net | 15 | 14 | (201) | 83 |
Other operating expense | 1,227 | 1,193 | 3,358 | 2,971 |
Total noninterest expense | 9,784 | 9,083 | 28,142 | 26,645 |
Income before income taxes | 3,852 | 5,471 | 12,977 | 14,838 |
Income tax expense | 731 | 1,017 | 2,502 | 2,820 |
Net income | $ 3,121 | $ 4,454 | $ 10,475 | $ 12,018 |
Earnings per common share | ||||
Basic (in dollars per share) | $ 0.5 | $ 0.71 | $ 1.67 | $ 1.92 |
Diluted (in dollars per share) | $ 0.5 | $ 0.71 | $ 1.67 | $ 1.92 |
Deposit Account [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 733 | $ 708 | $ 2,062 | $ 2,015 |
Credit and Debit Card [Member] | ||||
Noninterest Income | ||||
Noninterest income | 976 | 915 | 2,624 | 2,462 |
Asset Management [Member] | ||||
Noninterest Income | ||||
Noninterest income | 811 | 739 | 2,336 | 2,302 |
Financial Service, Other [Member] | ||||
Noninterest Income | ||||
Noninterest income | 122 | 180 | 538 | 601 |
Mortgage Banking [Member] | ||||
Noninterest Income | ||||
Noninterest income | $ 38 | $ 72 | $ 73 | $ 224 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 3,121 | $ 4,454 | $ 10,475 | $ 12,018 |
Other comprehensive income (loss), net of tax, | ||||
Unrealized holding (losses) gains on available for sale securities, net of tax ($1,080) and $155 for the three months and ($925) and ($6,225) for the nine months ended September 30, 2023 and 2022, respectively | (4,063) | 581 | (3,480) | (23,424) |
Unrealized holding losses on securities transferred from available for sale to held to maturity, net of tax ($1,605) for the three months and nine months ended September 31, 2022 | 0 | (6,036) | 0 | (6,036) |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity, net of tax of $86 and $0 for the three months and $258 and $0 for the nine months ended September 30, 2023 and 2022, respectively | 323 | 0 | 972 | 0 |
Change in fair value of cash flow hedges, net of tax $113 and $106 for the three months and $82 and $373 for the nine months ended September 30, 2023 and 2022, respectively | 424 | 404 | 304 | 1,409 |
Total other comprehensive (loss) | (3,316) | (5,051) | (2,204) | (28,051) |
Total comprehensive (loss) income | $ (195) | $ (597) | $ 8,271 | $ (16,033) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Unrealized holding gains, tax | $ (1,080) | $ 155 | $ (925) | $ (6,225) |
Unrealized holding losses on securities transferred from available for sale to held to maturity, tax | (1,065) | (1,065) | ||
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment, Amortization | 86 | 0 | 258 | 0 |
Change in fair value of cash flow hedges, tax | $ 113 | $ 106 | $ 82 | $ 373 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Cash Flows from Operating Activities | |||||
Net income | $ 3,121 | $ 4,454 | $ 10,475 | $ 12,018 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization of premises and equipment | 1,195 | 1,118 | |||
Amortization of core deposit intangibles | 14 | 14 | |||
Amortization of debt issuance costs | 2 | 2 | |||
Provision for credit losses on loans | 166 | 600 | $ 1,850 | ||
(Recovery of) credit losses on securities held to maturity | (2) | 0 | |||
Provision for credit losses on unfunded commitments | 36 | 0 | |||
Net (gain) loss on sale of other real estate owned | (233) | 33 | |||
Increase in cash value of bank owned life insurance | (459) | (441) | |||
Accretion of discounts and amortization of premiums on securities, net | 746 | 891 | |||
Accretion of premium on time deposits | (68) | (159) | |||
Accretion of certain acquisition-related loan discounts, net | (510) | (1,013) | |||
Stock-based compensation | 681 | 728 | |||
Excess tax benefits on stock-based compensation | 4 | 3 | |||
(Gain) loss on disposal of premises and equipment, net | (3) | 4 | |||
Deferred income tax expense | 323 | 46 | |||
Changes in assets and liabilities: | |||||
Decrease (increase) in interest receivable | 41 | (344) | |||
(Increase) decrease in other assets | (284) | 3,513 | |||
(Decrease) in accrued interest payable and other liabilities | (814) | (176) | |||
Net cash provided by operating activities | 11,310 | 16,837 | |||
Cash Flows from Investing Activities | |||||
Proceeds from maturities, calls, and principal payments of securities available for sale | 9,623 | 21,556 | |||
Proceeds from maturities, calls, and principal payments of securities held to maturity | 6,359 | 7,086 | |||
Purchases of securities available for sale | 0 | (21,147) | |||
Purchases of restricted securities | (274) | 0 | |||
Purchases of securities held to maturity | (2,092) | (54,038) | |||
Net redemption (purchase) of restricted securities | 105 | (95) | |||
Purchase of premises and equipment | (682) | (596) | |||
Proceeds from sale of premises and equipment | 3 | 0 | |||
Proceeds from sale of other real estate owned | 417 | 421 | |||
Proceeds from cash value of bank owned life insurance | 256 | 360 | |||
Net (increase) in loans | (32,368) | (80,401) | |||
Net cash (used in) investing activities | (18,653) | (126,854) | |||
Cash Flows from Financing Activities | |||||
Net (decrease) increase in demand deposits and savings accounts | (53,729) | 29,090 | |||
Net increase (decrease) in time deposits | 47,638 | (11,637) | |||
Repayment of subordinated debt | 0 | (5,000) | |||
Cash dividends paid on common stock, net of reinvestment | (2,699) | (2,474) | |||
Repurchase of common stock | (568) | 0 | |||
Net cash (used in) provided by financing activities | (9,472) | 9,796 | |||
Decrease in cash and cash equivalents | (16,815) | (100,221) | |||
Cash and Cash Equivalents | |||||
Beginning | 66,914 | 176,006 | 176,006 | ||
Ending | $ 50,099 | $ 75,785 | 50,099 | 75,785 | $ 66,914 |
Supplemental Disclosures of Cash Flow Information | |||||
Interest | 9,405 | 2,285 | |||
Income taxes | 2,726 | 2,265 | |||
Supplemental Disclosures of Noncash Investing and Financing Activities | |||||
Unrealized losses on securities available for sale | (4,405) | (29,649) | |||
Unrealized losses on securities transferred from available for sale to held to maturity | 0 | (7,641) | |||
Fair value of securities transferred from available for sale to held to maturity | 0 | 74,416 | |||
Change in fair value of cash flow hedges | 386 | 1,782 | |||
Transfer from premises and equipment to other real estate owned, net | 0 | (184) | |||
Issuance of common stock, dividend reinvestment plan | 120 | 152 | |||
First National Corporation 2014 Stock Incentive Plan [Member] | |||||
Cash Flows from Financing Activities | |||||
Repurchase of common stock | $ (114) | $ (183) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Stock Repurchase Plan [Member] Common Stock [Member] | Stock Repurchase Plan [Member] Additional Paid-in Capital [Member] | Stock Repurchase Plan [Member] Retained Earnings [Member] | Stock Repurchase Plan [Member] AOCI Attributable to Parent [Member] | Stock Repurchase 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, 2021 | $ 7,785 | $ 31,966 | $ 76,990 | $ 298 | $ 117,039 | |||||||||||||||
Net income | 0 | 0 | 12,018 | 0 | 12,018 | |||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (28,051) | (28,051) | |||||||||||||||
Cash dividends on common stock | 0 | 0 | (2,626) | 0 | (2,626) | |||||||||||||||
Stock-based compensation | 0 | 728 | 0 | 0 | 728 | |||||||||||||||
Issuance of common stock, dividend reinvestment plan | 10 | 142 | 0 | 0 | 152 | |||||||||||||||
Issuance of common stock, stock incentive plan | 43 | (43) | 0 | 0 | 0 | |||||||||||||||
Repurchase of 3,674 shares of common stock, stock repurchase plan | $ (10) | $ (173) | $ 0 | $ 0 | $ (183) | |||||||||||||||
Balance at Sep. 30, 2022 | 7,828 | 32,620 | 86,382 | (27,753) | 99,077 | |||||||||||||||
Balance at Jun. 30, 2022 | 7,815 | 32,398 | 82,804 | (22,702) | 100,315 | |||||||||||||||
Net income | 0 | 0 | 4,454 | 0 | 4,454 | |||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (5,051) | (5,051) | |||||||||||||||
Cash dividends on common stock | 0 | 0 | (876) | 0 | (876) | |||||||||||||||
Stock-based compensation | 0 | 187 | 0 | 0 | 187 | |||||||||||||||
Issuance of common stock, dividend reinvestment plan | 4 | 44 | 0 | 0 | 48 | |||||||||||||||
Issuance of common stock, stock incentive plan | 9 | (9) | 0 | 0 | 0 | |||||||||||||||
Balance at Sep. 30, 2022 | 7,828 | 32,620 | 86,382 | (27,753) | 99,077 | |||||||||||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ (1,952) | $ 0 | $ (1,952) | |||||||||||||||
Balance at Dec. 31, 2022 | 7,831 | 32,716 | 90,284 | (22,471) | 108,360 | |||||||||||||||
Net income | 0 | 0 | 10,475 | 0 | 10,475 | |||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (2,204) | (2,204) | |||||||||||||||
Cash dividends on common stock | 0 | 0 | (2,819) | 0 | (2,819) | |||||||||||||||
Stock-based compensation | 0 | 681 | 0 | 0 | 681 | |||||||||||||||
Issuance of common stock, dividend reinvestment plan | 9 | 111 | 0 | 0 | 120 | |||||||||||||||
Issuance of common stock, stock incentive plan | 41 | (41) | 0 | 0 | 0 | |||||||||||||||
Repurchase of 3,674 shares of common stock, stock repurchase plan | $ (8) | $ (106) | $ 0 | $ 0 | $ (114) | (47) | (521) | 0 | 0 | (568) | ||||||||||
Balance at Sep. 30, 2023 | 7,826 | 32,840 | 95,988 | (24,675) | 111,979 | |||||||||||||||
Balance at Jun. 30, 2023 | 7,813 | 32,601 | 93,805 | (21,359) | 112,860 | |||||||||||||||
Net income | 0 | 0 | 3,121 | 0 | 3,121 | |||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | (3,316) | (3,316) | |||||||||||||||
Cash dividends on common stock | 0 | 0 | (938) | 0 | (938) | |||||||||||||||
Stock-based compensation | 0 | 274 | 0 | 0 | 274 | |||||||||||||||
Issuance of common stock, dividend reinvestment plan | 3 | 37 | 0 | 0 | 40 | |||||||||||||||
Issuance of common stock, stock incentive plan | 15 | (15) | 0 | 0 | 0 | |||||||||||||||
Repurchase of 3,674 shares of common stock, stock repurchase plan | $ (5) | $ (57) | $ 0 | $ 0 | $ (62) | |||||||||||||||
Balance at Sep. 30, 2023 | $ 7,826 | $ 32,840 | $ 95,988 | $ (24,675) | $ 111,979 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Retained Earnings [Member] | ||||
Cash dividends on common stock, per share (in dollars per share) | $ 0.15 | $ 0.14 | $ 0.45 | $ 0.42 |
Common Stock [Member] | ||||
Issuance of common stock, dividend reinvestment plan, shares (in shares) | 2,295 | 2,733 | 7,047 | 7,853 |
Issuance of common stock, stock incentive plan, shares (in shares) | 33,002 | 34,634 | ||
Stock Repurchase Plan [Member] | ||||
Repurchase of common stock shares (in shares) | 3,674 | |||
First National Corporation 2014 Stock Incentive Plan [Member] | ||||
Repurchase of common stock shares (in shares) | 6,495 | 8,283 | ||
Issuance of common stock, stock incentive plan, shares (in shares) | 6,495 | 7,500 | ||
Repurchase of common stock shares (in shares) | 37,532 |
Note 1 - General
Note 1 - General | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Basis of Presentation 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 and in accordance with guidance provided by the Securities and Exchange Commission (SEC). Accordingly, they do not September 30, 2023 and December 31, 2022 , the statements of income and comprehensive income (loss) for the three nine September 30, 2023 2022 , the cash flows for the nine September 30, 2023 2022 , and the changes in shareholders’ equity for the three nine September 30, 2023 2022 . The statements should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10 December 31, 2022 . Operating results for the three nine September 30, 2023 are not may December 31, 2023 . no Significant Accounting Policies and Estimates Application of the principles of GAAP and practices within the banking industry requires management to make estimates, assumptions, and judgements that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgements are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements may may Material estimates that are particularly The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 1 December 31, 2022 2022 10 no December 31, 2022, Adoption of New Accounting Pronouncements ASU 2016 13: On January 1, 2023, No. 2016 13, 326 326 In addition, CECL made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities if management does not not not The Company adopted ASC 326 January 1, 2023 January 1, 2023 January 1, 2023 The Company adopted ASC 326 310 30. not September 30, 2023 no The Company adopted ASC 326 January 1, 2023. December 31, 2022, not 326, not The Company elected not 90 January 1, 2023 December 31, 2022 As reported Under Pre-ASC 326 Impact of ASC (dollars in thousands) ASC 326 Adoption 326 Adoption Assets: Allowance for credit losses on held to maturity securities: Corporate securities 132 - 132 Allowance for credit losses on loans: - Construction and land development 233 546 (313 ) Secured by 1-4 family residential 2,517 1,108 1,409 Other real estate loans 5,311 3,609 1,702 Commercial and industrial loans 1,487 1,874 (387 ) Consumer and other loans 84 309 (225 ) Allowance for credit losses on loans 9,632 7,446 2,186 Liabilities: Allowance for credit losses for unfunded commitments 153 - 153 Allowance for Credit Losses – Held-to-Maturity Securities The Company estimates expected credit losses on held-to-maturity securities on an individual basis based on a Probability of Default/Loss Given Default (“PD/LGD”) methodology primarily using security-level credit ratings. The primary indicators of credit quality for the Company’s held-to-maturity portfolio are security type and credit ratings, which are influenced by a number of factors including obligor cash flow, geography, seniority, among other factors. The Company’s held-to-maturity securities with credit risk are municipal bonds and corporate debt securities. All other held-to-maturity securities are covered by the explicit or implied guarantee of the United States government or one Changes in the allowance for credit loss are recorded as provision for (or recovery of) credit losses in the Consolidated Statements of Income. The Company recorded an allowance for credit losses on held-to-maturity securities of $132 thousand upon adoption of ASC 326. three September 30, 2023 , the Company recorded a recovery of credit losses on held-to-maturity securities of $12 thousand. The allowance for credit losses on held-to-maturity securities was $131 as of September 30, 2023 . Allowance for Credit Losses – Available-for-Sale Securities Management evaluates all available-for-sale securities in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not If either of the above criteria is not may not Changes in the allowance for credit loss are recorded as a provision for (or recovery of) credit losses in the Consolidated Statements of Income. Losses are charged against the allowance for credit loss when management believes an available-for-sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At September 30, 2023 , there was no Accrued interest receivable on available-for-sale securities totaled $786 thousand at September 30, 2023 and was excluded from the estimate of credit losses. Allowance for Credit Losses – Loans The allowance for loan credit losses represents an amount which, in management’s judgement, is adequate to absorb the lifetime expected losses that may The Company is utilizing a discounted cash flow model to estimate its current expected credit losses. For the purposes of calculating its quantitative reserves, the Company has segmented its loan portfolio based on loans which share similar risk characteristics. Within the quantitative portion of the calculation, the Company utilizes at least one may one eight not may not not Loans that do not not not no The adoption of CECL did not Allowance for Credit Losses – Unfunded Commitments Financial Instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit losses in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records all allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for (or recovery of) credit losses in the Consolidated Statement of Income. The allowances for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit losses model using the same methodology as the loan portfolio, taking into consideration the likelihood that funding will occur as well as any third Accrued Interest Receivable The Company has elected to exclude the accrued interest from the amortized cost basis in its determination of the allowance for credit losses for both loans and held-to-maturity securities, as well as elected the policy to write-off accrued interest receivable directly through the reversal of interest income. Accrued interest receivable totaled $3.1 million on loans and $593 thousand on held-to-maturity securities at September 30, 2023 and is included in “Accrued Interest Receivable” on the Company’s Consolidated Balance Sheets. ASU 2022 01: On January 1, 2023, 2022 01, 815 2022 01 815 2017, 2017 12 one not 2022 01 2022 01 not ASU 2022 02: On January 1, 2023, 2022 02, 326 2022 02 2016 13 not Recent Accounting Pronouncements In July 2023, 2023 03, 205 220 480 505 718 No. 120, March 24, 2022 6.B, 280—General X: 2023 03 not 2023 03 In June 2022, 2022 03, 820 2022 03 not not December 15, 2023. not 2022 03 In March 2023, 2023 01, 842 December 15, 2023, not 2023 01 In March 2023, 2023 02, 323 December 15, 2023, not 2023 02 |
Note 2 - Securities
Note 2 - Securities | 9 Months Ended |
Sep. 30, 2023 | |
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. Treasury securities, U.S. agency and mortgage-backed securities, obligations of state and political subdivisions, and corporate debt securities. Amortized co sts, gross unrealized gains and losses, allowance for credit losses, an September 30, 2023 December 31, 2022 September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Allowance for Credit Losses Securities available for sale: U.S. Treasury securities $ 12,474 $ — $ (1,361 ) $ 11,113 $ — U.S. agency and mortgage-backed securities 99,894 60 (15,660 ) 84,294 — Obligations of states and political subdivisions 64,131 4 (11,367 ) 52,768 — Total securities available for sale $ 176,499 $ 64 $ (28,388 ) $ 148,175 $ — Securities held to maturity: U.S. Treasury securities $ 38,862 $ — $ (734 ) $ 38,128 $ — U.S. agency and mortgage-backed securities 96,563 — (12,216 ) 84,347 — Obligations of states and political subdivisions 11,654 — (1,706 ) 9,948 — Corporate debt securities 3,000 — (564 ) 2,436 (131 ) Total securities held to maturity $ 150,079 $ - $ (15,220 ) $ 134,859 $ (131 ) Total securities $ 326,578 $ 64 $ (43,608 ) $ 283,034 $ (131 ) December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. Treasury securities $ 12,468 $ — $ (1,239 ) $ 11,229 U.S. agency and mortgage-backed securities 109,972 95 (13,149 ) 96,918 Obligations of states and political subdivisions 64,386 4 (9,630 ) 54,760 Total securities available for sale $ 186,826 $ 99 $ (24,018 ) $ 162,907 Securities held to maturity: U.S. Treasury securities $ 38,211 $ — $ (568 ) $ 37,643 U.S. agency and mortgage-backed securities 99,374 — (9,189 ) 90,185 Obligations of states and political subdivisions 12,573 — (1,252 ) 11,321 Corporate debt securities 3,000 — (352 ) 2,648 Total securities held to maturity $ 153,158 $ — $ (11,361 ) $ 141,797 Total securities $ 339,984 $ 99 $ (35,379 ) $ 304,704 Information pertaining to securities with gross unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous loss position is as follows (in thousands): September 30, 2023 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. Treasury securities $ — $ — $ 11,113 $ (1,361 ) $ 11,113 $ (1,361 ) U.S. agency and mortgage-backed securities 2,065 (37 ) 77,201 (15,623 ) 79,266 (15,660 ) Obligations of states and political subdivisions 7,753 (382 ) 44,511 (10,985 ) 52,264 (11,367 ) Total securities available for sale $ 9,818 $ (419 ) $ 132,825 $ (27,969 ) $ 142,643 $ (28,388 ) December 31, 2022 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. Treasury securities $ 9,041 $ (932 ) $ 2,188 $ (307 ) $ 11,229 $ (1,239 ) U.S. agency and mortgage-backed securities 27,282 (1,945 ) 62,342 (11,204 ) 89,624 (13,149 ) Obligations of states and political subdivisions 24,689 (2,581 ) 26,362 (7,049 ) 51,051 (9,630 ) Total securities available for sale $ 61,012 $ (5,458 ) $ 90,892 $ (18,560 ) $ 151,904 $ (24,018 ) Securities held to maturity: U.S. Treasury securities $ 19,302 $ (258 ) $ 18,342 $ (310 ) $ 37,644 $ (568 ) U.S. agency and mortgage-backed securities 58,019 (6,848 ) 32,167 (2,341 ) 90,186 (9,189 ) Obligations of states and political subdivisions 8,648 (1,008 ) 2,672 (244 ) 11,320 (1,252 ) Corporate debt securities 2,648 (352 ) — — 2,648 (352 ) Total securities held to maturity $ 88,617 $ (8,466 ) $ 53,181 $ (2,895 ) $ 141,798 $ (11,361 ) Total securities $ 149,629 $ (13,924 ) $ 144,073 $ (21,455 ) $ 293,702 $ (35,379 ) The tables above provide information about securities that have been in an unrealized loss position for less than twelve twelve Presently, the Company does not not Accrued interest receivable on securities available for sale and securities held to maturity totaled $786 thousand and $593 thousand, respectively, at September 30, 2023 . Accrued interest on debt securities is included in accrued interest receivable on the Company's consolidated balance sheets. At September 30, 2023 , there were three out of three U.S. Treasury securities, 94 out of 107 U.S. agency and mortgage-backed securities, and 97 out of 104 obligations of states and political subdivisions in an unrealized loss position. One hundred percent of the Company’s investment portfolio was considered investment grade. The weighted-ave rage a September 30, 2023 . One hundred percent of the Company’s investment portfolio was considered investment grade at December 31, 2022 . The weighted-average re-pricing term of the portfolio was 6.5 years at December 31, 2022 . The unrealized losses at September 30, 2023 in the U.S. Treasury securities portfolio, U.S. agency and mortgage-backed securities portfolio, and obligations of states and political subdivisions portfolio were related to changes in market interest rates and not On September 1, 2022, first nine 2023. may The amortized cost and fair value of securities at September 30, 2023 may Available for Sale Held to Maturity Amortized Cost Fair Value Amortized Cost Fair Value Due within one year $ 760 $ 757 $ 20,828 $ 20,642 Due after one year through five years 23,027 21,026 28,993 27,586 Due after five years through ten years 37,962 33,340 23,514 20,658 Due after ten years 114,750 93,052 76,744 65,973 $ 176,499 $ 148,175 $ 150,079 $ 134,859 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 composition of restricted securities at September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Federal Home Loan Bank stock $ 965 $ 796 Federal Reserve Bank stock 980 980 Community Bankers’ Bank stock 132 132 $ 2,077 $ 1,908 The Company also holds limited partnership investments in Small Business Investment Companies (SBICs), which are included in other assets in the Consolidated Balance Sheets. The limited partnership investments are measured as equity investments without readily determinable fair values at their cost, less any impairment. The amounts included in other assets for the limited partnership investments were $642 thousand a September 30, 2023 December 31, 2022 Credit Quality Indicators & Allowance for Credit Losses - HTM The Company monitors the credit quality of the debt securities held to maturity through the use of credit ratings from Moody's, S&P, and Egan-Jones. The Company monitors the credit ratings on a quarterly basis. The following table summarizes the amortized cost of debt securities held to maturity at September 30, 2023 , aggregated by credit quality indicators. U.S. Treasury securities U.S. agency and mortgage-backed securities Obligations of states and political subdivisions Corporate debt securities Total Held to Maturity Securities September 30, 2023 Aaa $ 38,862 $ 22,877 $ 2,812 $ — $ 64,551 Aa1 / Aa2 / Aa3 — — 8,842 — 8,842 Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 73,686 — — 73,686 Total $ 38,862 $ 96,563 $ 11,654 $ 3,000 $ 150,079 December 31, 2022 Aaa $ 38,211 $ 22,706 $ 3,126 $ — $ 64,043 Aa1 / Aa2 / Aa3 — — 9,447 — 9,447 Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 76,668 — — 76,668 Total $ 38,211 $ 99,374 $ 12,573 $ 3,000 $ 153,158 ________________________________________ ( 1 Generally considered not The following table summarizes the change in the allowance for credit losses on held to maturity securities for the nine September 30, 2023 . U.S. Treasury securities U.S. agency and mortgage-backed securities Obligations of states and political subdivisions Corporate debt securities Total Held to Maturity Securities Balance, December 31, 2022 $ — $ — $ — $ — $ — Adjustment for adoption of ASU 2016-13 — — — 134 134 Provision for credit losses — — — 10 10 Charge-offs of securities — — — — — Recoveries — — — (13 ) (13 ) Balance, September 30, 2023 $ — $ — $ — $ 131 $ 131 At September 30, 2023 , the Company had no 30 no September 30, 2023 . |
Note 3 - Loans
Note 3 - Loans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables, Excluding Allowance for Credit Losses [Text Block] | Note 3. Loans at September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Real estate loans: Construction and land development $ 50,405 $ 51,840 Secured by 1-4 family residential 340,773 331,421 Other real estate loans 433,177 418,456 Commercial and industrial loans 117,130 111,225 Consumer and other loans 11,014 7,581 Total loans $ 952,499 $ 920,523 Allowance for credit losses (8,896 ) (7,446 ) Loans, net $ 943,603 $ 913,077 Net deferred loan fees included in the above loan categor ies were $929 thousand a September 30, 2023 December 31, 2022 ed $368 thousand and $197 September 30, 2023 December 31, 2022 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 risks associated with the continued creditworthiness of the borrower and the value of the collateral, if any. Consumer 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. Other loans included in this category include loans to states and political subdivisions. Loans acquired in business combinations are recorded in the Consolidated Balance Sheets at fair value at the acquisition date under the acquisition method of accounting. The principal balance of purchased loans is included in the allowance for credit losses calculation. The remaining net discount on purchased loans at September 30, 2023 was $2.0 million. The outstanding principal balance and the carrying amount at September 30, 2023 December 31, 2022 of loans acquired in business combinations were as follows: September 30, 2023 December 31, 2022 Acquired Loans- Acquired Loans- Non-Purchased Non-Purchased (Dollars in thousands) Credit Deteriorated Credit Deteriorated Outstanding principal balance $ 166,349 $ 187,017 Carrying amount Real estate loans: Construction and land development $ 8,450 $ 9,823 Secured by 1-4 family residential 36,405 42,915 Other real estate loans 95,313 103,521 Commercial and industrial loans 20,681 24,661 Consumer and other loans 3,472 3,560 Total acquired loans $ 164,321 $ 184,480 The following tables provide a summary of loan classes and an aging of past due loans as of September 30, 2023 December 31, 2022 September 30, 2023 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 $ — $ — $ 39 $ 39 $ 50,366 $ 50,405 $ 39 $ — Secured by 1-4 family residential 1,242 58 534 1,834 338,939 340,773 546 368 Other real estate loans — — 62 62 433,115 433,177 67 — Commercial and industrial 83 — — 83 117,047 117,130 2,464 — Consumer and other loans 10 2 2 14 11,000 11,014 — 2 Total $ 1,335 $ 60 $ 637 $ 2,032 $ 950,467 $ 952,499 $ 3,116 $ 370 December 31, 2022 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 $ 115 $ 20 $ 1,045 $ 1,180 $ 50,660 $ 51,840 $ 1,045 $ — Secured by 1-4 family residential 1,033 60 207 1,300 330,121 331,421 530 — Other real estate loans 109 — — 109 418,347 418,456 13 — Commercial and industrial 31 130 1,085 1,246 109,979 111,225 1,085 — Consumer and other loans 26 25 — 51 7,530 7,581 — — Total $ 1,314 $ 235 $ 2,337 $ 3,886 $ 916,637 $ 920,523 $ 2,673 $ — 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 table presents the Company's recorded investment in loans by credit quality indicators by year of origination as of September 30, 2023 (in thousands). September 30, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Construction and land development Pass $ 2,625 $ 3,311 $ 7,824 $ 2,613 $ 2,127 $ 3,290 $ 28,576 $ 50,366 Special Mention — — — — — — — — Substandard — — — — — 39 — 39 Doubtful — — — — — — — — Total Construction and land development $ 2,625 $ 3,311 $ 7,824 $ 2,613 $ 2,127 $ 3,329 $ 28,576 $ 50,405 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Secured by 1-4 family residential Pass $ 32,461 $ 78,044 $ 65,455 $ 42,454 $ 33,258 $ 78,826 $ 9,438 $ 339,936 Special Mention — — — — — — — — Substandard — 98 19 — — 720 — 837 Doubtful — — — — — — — — Total Secured by 1-4 family residential $ 32,461 $ 78,142 $ 65,474 $ 42,454 $ 33,258 $ 79,546 $ 9,438 $ 340,773 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Other real estate loans Pass $ 34,365 $ 93,010 $ 87,799 $ 42,599 $ 40,686 $ 123,320 $ 11,331 $ 433,110 Special Mention — — — — — — — — Substandard — — — — — — 67 67 Doubtful — — — — — — — — Total Other real estate loans $ 34,365 $ 93,010 $ 87,799 $ 42,599 $ 40,686 $ 123,320 $ 11,398 $ 433,177 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial Pass $ 21,279 $ 30,216 $ 25,491 $ 4,373 $ 5,135 $ 8,729 $ 18,050 $ 113,273 Special Mention — — — — — — — — Substandard — 2,870 — 100 — 887 — 3,857 Doubtful — — — — — — — — Total Commercial and industrial $ 21,279 $ 33,086 $ 25,491 $ 4,473 $ 5,135 $ 9,616 $ 18,050 $ 117,130 Current period gross write-offs $ — $ — $ — $ 624 $ — $ 253 $ — $ 877 Consumer and other loans Pass $ 2,625 $ 1,408 $ 395 $ 1,505 $ 2,222 $ 29 $ 2,830 $ 11,014 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Consumer and other loans $ 2,625 $ 1,408 $ 395 $ 1,505 $ 2,222 $ 29 $ 2,830 $ 11,014 Current period gross write-offs $ 273 $ 55 $ 3 $ 14 $ 3 $ 3 $ — $ 351 The following tables provide an analysis of the credit risk profile of each loan class as of December 31, 2022 December 31, 2022 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 50,795 $ — $ 1,045 $ — $ 51,840 Secured by 1-4 family residential 330,590 — 831 — 331,421 Other real estate loans 416,559 1,884 13 — 418,456 Commercial and industrial 110,065 75 1,085 — 111,225 Consumer and other loans 7,581 — — — 7,581 Total $ 915,590 $ 1,959 $ 2,974 $ — $ 920,523 |
Note 4 - Allowance for Credit L
Note 4 - Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 4. The following tables present, as of and during the periods ended September 30, 2023 December 31, 2022 September 30, 2022 September 30, 2023 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for credit losses: Beginning Balance, December 31, 2022 $ 546 $ 1,108 $ 3,609 $ 1,874 $ 309 $ 7,446 Adjustment to allowance for adoption of ASU 2016-13 (313 ) 1,409 1,702 (387 ) (225 ) 2,186 Charge-offs — — — (877 ) (351 ) (1,228 ) Recoveries 1 13 13 145 154 326 Provision for (recovery of) credit losses 68 (97 ) (179 ) 165 209 166 Ending Balance, September 30, 2023 $ 302 $ 2,433 $ 5,145 $ 920 $ 96 $ 8,896 Ending Balance: Individually evaluated — — — 307 — 307 Collectively evaluated 302 2,433 5,145 613 96 8,589 Loans: Ending Balance $ 50,405 $ 340,773 $ 433,177 $ 117,130 $ 11,014 $ 952,499 Individually evaluated 39 546 67 2,464 — 3,116 Collectively evaluated 50,366 340,227 433,110 114,666 11,014 949,383 December 31, 2022 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, 2021 $ 345 $ 1,077 $ 3,230 $ 718 $ 340 $ 5,710 Charge-offs — (6 ) — (32 ) (491 ) (529 ) Recoveries 10 19 15 145 226 415 Provision for (recovery of) loan losses 191 18 364 1,043 234 1,850 Ending Balance, December 31, 2022 $ 546 $ 1,108 $ 3,609 $ 1,874 $ 309 $ 7,446 Ending Balance: Individually evaluated for impairment — — — 888 — 888 Collectively evaluated for impairment 546 1,108 3,609 986 309 6,558 Loans: Ending Balance $ 51,840 $ 331,421 $ 418,456 $ 111,225 $ 7,581 $ 920,523 Individually evaluated for impairment 1,045 530 13 1,085 — 2,673 Collectively evaluated for impairment 50,795 330,891 418,443 110,140 7,581 917,850 September 30, 2022 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, 2021 $ 345 $ 1,077 $ 3,230 $ 718 $ 340 $ 5,710 Charge-offs — (6 ) — — (387 ) (393 ) Recoveries 10 15 12 144 194 375 Provision for (recovery of) loan losses 99 (22 ) 331 69 123 600 Ending Balance, September 30, 2022 $ 454 $ 1,064 $ 3,573 $ 931 $ 270 $ 6,292 Ending Balance: Individually evaluated for impairment — — — — — — Collectively evaluated for impairment 454 1,064 3,573 931 270 6,292 Loans: Ending Balance $ 51,352 $ 317,414 $ 417,504 $ 112,145 $ 8,099 $ 906,514 Individually evaluated for impairment — 549 17 — — 566 Collectively evaluated for impairment 51,352 316,865 417,487 112,145 8,099 905,948 Nonaccrual loans The following is a summary of the Company's nonaccrual loans by major categories for the periods indicated (in thousands): CECL Incurred Loss September 30, 2023 December 31, 2022 Nonaccrual Loans with No Allowance Nonaccrual loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans Real estate loans: Construction and land development $ 39 $ — $ 39 $ 1,045 Secured by 1-4 family residential 546 — 546 530 Other real estate loans 67 — 67 13 Commercial and industrial — 2,464 2,464 1,085 Total $ 652 $ 2,464 $ 3,116 $ 2,673 Prior to the adoption of ASU 2016 13, Impaired loans and the related allowance as of and for the periods ended December 31, 2022 and September 30, 2022 , were as follows (in thousands): December 31, 2022 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 $ 2,412 $ 1,045 $ — $ 1,045 $ — $ 30 $ 75 Secured by 1-4 family residential 680 530 — 530 — 580 11 Other real estate loans 26 13 — 13 — 22 — Commercial and industrial 1,084 — 1,085 1,085 888 650 40 Total $ 4,202 $ 1,588 $ 1,085 $ 2,673 $ 888 $ 1,282 $ 126 September 30, 2022 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: Secured by 1-4 family residential $ 560 $ 549 $ — $ 549 $ — $ 593 $ 11 Other real estate loans 29 17 — 17 — 24 — Commercial and industrial — — — — — 823 — Total $ 589 $ 566 $ — $ 566 $ — $ 1,440 $ 11 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 December 31, 2022 , loans classified as TDRs and included in impaired loans in the disclosure above totaled $101 thousand. At December 31, 2022, For the nine September 30, 2023 2022 , there were no TDRs that subsequently defaulted within twelve ninety twelve Collateral-Dependent Loans The Company may The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: • Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. • Residential real estate loans are typically secured by first second • Home equity lines of credit are generally secured by second • Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no The following table presents the amortized cost of collateral-dependent loans (in thousands): September 30, 2023 (Dollars in thousands) Real Estate Secured Non-Real Estate Secured Total Collateral-Dependent Loans Real estate loans: Construction and land development $ 39 $ — $ 39 Secured by 1-4 family residential 546 — 546 Other real estate loans 67 — 67 Commercial and industrial — 2,464 2,464 Total $ 652 $ 2,464 $ 3,116 At September 30, 2023 , there was an allowance for credit losses of $307 Modifications Made to Borrowers Experiencing Financial Difficulty The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. The Company uses a probability of default/loss given default model to determine the allowance for credit losses. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one may two The following table shows the amortized cost basis as of September 30, 2023 of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of loans and type of concession granted and describes the financial effect of the modifications made to borrowers experiencing financial difficulty: Term Extension (Dollars in thousands) Amortized Cost Basis % of Total Loan Type Financial Effect Real estate loans: Construction and land development $ — 0.00 % Secured by 1-4 family residential 64 0.02 % Converted HELOC to 15 year term loan. Other real estate loans — 0.00 % Commercial and industrial 2,464 2.10 % Decrease in loan payment Total $ 2,528 2.12 % Principal Forgiveness (Dollars in thousands) Amortized Cost Basis % of Total Loan Type Financial Effect Real estate loans: Construction and land development $ — 0.00 % Secured by 1-4 family residential 17 0.01 % Reduced the amortized cost basis of the loan by $29 thousand. Other real estate loans — 0.00 % Commercial and industrial — 0.00 % Total $ 17 0.01 % Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. For the nine September 30, 2023 2022 , there were no twelve September 30, 2023 , there was an allowance for credit losses of $307 thousand on modified loans. Unfunded Commitments The Company maintains a separate reserve for credit losses on off-balance-sheet credit exposures, including unfunded loan commitments, which is included in other liabilities on the consolidated balance sheet. The reserve for credit losses on off-balance-sheet credit exposures is adjusted as a provision for credit losses in the income statement. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, utilizing the same models and approaches for the Company's other loan portfolio segments described in Note 1, No may On January 1, 2023, 326. three September 30, 2023 , the Company recorded a recovery of credit losses for unfunded commitments of $8 thousand. At September 30, 2023 , the liability for credit losses on off-balance-sheet exposures included in other liabilities was $189 thousand. |
Note 5 - Earnings Per Common Sh
Note 5 - Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 5. 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, 2023 2022 Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 (Numerator): Net income $ 3,121 $ 4,454 $ 10,475 $ 12,018 (Denominator): Weighted average shares outstanding – basic 6,256,663 6,257,040 6,266,707 6,248,847 Potentially dilutive common shares – restricted stock units 14,688 7,067 9,795 6,121 Weighted average shares outstanding – diluted 6,271,351 6,264,107 6,276,502 6,254,968 Income per common share Basic $ 0.50 $ 0.71 $ 1.67 $ 1.92 Diluted $ 0.50 $ 0.71 $ 1.67 $ 1.92 Restricted stock units for 603 shares of common stock were not three nine September 30, 2023 were no antidilutive shares of common stock for the three nine September 30, 2023 2022. |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 6. Determination of Fair Value 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 Derivative asset/liability - cash flow hedges Cash flow hedges are recorded at fair value on a recurring basis. The fair value of the Company's cash flow hedges is determined by a third 2 Notes to Consolidated Financial Statements (Unaudited) The following tables present the balances of assets measured at fair value on a recurring basis as of September 30, 2023 December 31, 2022 Fair Value Measurements at September 30, 2023 Description Balance as of September 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Securities available for sale U.S. Treasury securities $ 11,113 $ — $ 11,113 $ — U.S. agency and mortgage-backed securities 84,294 — 84,294 — Obligations of states and political subdivisions 52,768 — 52,768 — Total securities available for sale $ 148,175 $ — $ 148,175 $ — Derivatives - cash flow hedges 3,065 — 3,065 — Total assets $ 151,240 $ — $ 151,240 $ — Fair Value Measurements at December 31, 2022 Description Balance as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Securities available for sale U.S. Treasury securities $ 11,229 $ — $ 11,229 $ — U.S. agency and mortgage-backed securities 96,918 — 96,918 — Obligations of states and political subdivisions 54,760 — 54,760 — Total securities available for sale $ 162,907 $ — $ 162,907 $ — Derivatives - cash flow hedges 2,679 — 2,679 — Total assets $ 165,586 $ — $ 165,586 $ — 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: Collateral Dependent Loans with an ACLL In accordance with ASC 326, may no September 30, 2023 Other Real Estate Owned Certain assets such as OREO are measured at fair value less cost to sell. Valuation of OREO is determined using current appraisals from independent parties, a Level 2 3 3 Notes to Consolidated Financial Statements (Unaudited) 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, 2023 Description Balance as of September 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans $ 3,116 $ — $ — $ 3,116 Fair Value Measurements at December 31, 2022 Description Balance as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other real estate owned $ 184 $ — $ — $ 184 Impaired loans, net 197 — — 197 Quantitative information about Level 3 Fair Value Measurements for September 30, 2023 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Collateral dependent loans $ 3,116 Property appraisals Selling cost 6.00 % Quantitative information about Level 3 Fair Value Measurements for December 31, 2022 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Other real estate owned $ 184 Property appraisals Selling cost 10.00 % Impaired loans, net 197 Present value of cash flows Discount rate 6.50 % ( 1 Unobservable inputs were weighted by the relative fair value of the instruments. Notes to Consolidated Financial Statements (Unaudited) 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, 2023 December 31, 2022 Fair Value Measurements at September 30, 2023 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 interest-bearing deposits in banks $ 50,099 $ 50,099 $ — $ — $ 50,099 Securities available for sale 148,175 — 148,175 — 148,175 Securities held to maturity, net 149,948 — 134,728 — 134,728 Restricted securities 2,077 — 2,077 — 2,077 Loans, net 943,603 — — 901,921 901,921 Bank owned life insurance 24,734 — 24,734 — 24,734 Accrued interest receivable 4,502 — 4,502 — 4,502 Derivatives - cash flow hedges 3,065 — 3,065 — 3,065 Financial Liabilities Deposits $ 1,235,173 $ — 1,050,754 179,959 $ 1,230,713 Subordinated debt 4,997 — — 5,161 5,161 Junior subordinated debt 9,279 — — 6,290 6,290 Accrued interest payable 667 — 667 — 667 Fair Value Measurements at December 31, 2022 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 interest-bearing deposits in banks $ 66,914 $ 66,914 $ — $ — $ 66,914 Securities available for sale 162,907 — 162,907 — 162,907 Securities held to maturity, net 153,158 — 141,797 — 141,797 Restricted securities 1,908 — 1,908 — 1,908 Loans, net 913,077 — — 880,473 880,473 Bank owned life insurance 24,531 — 24,531 — 24,531 Accrued interest receivable 4,543 — 4,543 — 4,543 Derivatives - cash flow hedges 2,679 — 2,679 — 2,679 Financial Liabilities Deposits $ 1,241,332 $ — $ 1,104,483 $ 131,304 $ 1,235,787 Subordinated debt 4,995 — — 5,267 5,267 Junior subordinated debt 9,279 — — 6,067 6,067 Accrued interest payable 163 — 163 — 163 Notes to Consolidated Financial Statements (Unaudited) 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 7 - Stock Compensation Pla
Note 7 - Stock Compensation Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 7. On May 10, 2023, 2023 2014 ed awards. Beginning on May 11, 2023, 2023 not 2014 Awards are made at the discretion of the Board of Directors and compensation cost equal to the fair value of the award is recognized over the vesting period. 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 Compensation expense related to stock awards totaled $202 thousand and $402 three nine nded September 30, 2023 , respectively. Compensation expense related to stock awards totaled $130 thousand and $481 thousand for the three nine nded September 30, 2022 , respectively. 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 o ne share of common stock on a specified issuance date. During the first 2023 , 13,727 restricted stock units were granted to employees, with 4,580 units vesting immediately, and 9,147 units subject to a two one second 2023 , 10,000 restricted stock units were granted to employees, with 4,000 units vesting in February 2025, three February 2026 one third 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, 2023 Shares Weighted Average Grant Date Fair Value Unvested, beginning of year 29,181 $ 20.31 Granted 23,727 16.56 Vested (11,401 ) 19.20 Forfeited — — Unvested, end of period 41,507 $ 18.47 At September 30, 2023 e-tax compensation expense related to unvested restricted stock unit awards was $422 thousand. This expense is expected to be recognized through 2028. three September 30, 2023 2022 totaled $72 thousand and $56 thousand, respectively. Compensation expense related to restricted stock unit awards recognized for the nine September 30, 2023 2022 totaled $279 thousand and $247 thousand, respectively. On May 11, 2023, 2023 Notes to Consolidated Financial Statements (Unaudited) |
Note 8 - Accumulated Other Comp
Note 8 - Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 8. Changes in each component of accumulated other comprehensive income (loss) were as follows (in thousands): Net Unrealized Gains (Losses) on Securities Change in Fair Value of Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at June 30, 2022 $ (24,450 ) $ 1,748 $ (22,702 ) Unrealized holding losses (net of tax, $ 155 581 — 581 Unrealized holding losses transferred from available for sale to held to maturity (net of tax and amortization of ($ 1,605 157 (6,036 ) — (6,036 ) Change in fair value of cash flow hedge (net of tax, $ 106 — 404 404 Change during period (5,455 ) 404 (5,051 ) Balance at September 30, 2022 $ (29,905 ) $ 2,152 $ (27,753 ) Balance at June 30, 2023 $ (23,355 ) $ 1,996 $ (21,359 ) Unrealized holding losses (net of tax, ($ 1,080 (4,063 ) — (4,063 ) Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $ 86 323 — 323 Change in fair value of cash flow hedge (net of tax, $ 113 — 424 424 Change during period (3,740 ) 424 (3,316 ) Balance at September 30, 2023 $ (27,095 ) $ 2,420 $ (24,675 ) Net Unrealized (Losses) on Securities Change in Fair Value of Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2021 $ (445 ) $ 743 $ 298 Unrealized holding losses (net of tax, ($ 6,225 (23,424 ) — (23,424 ) Unrealized holding losses transferred from available for sale to held to maturity (net of tax and amortization of ($ 1,605 157 (6,036 ) — (6,036 ) Change in fair value of cash flow hedge (net of tax, $ 373 — 1,409 1,409 Change during period (29,460 ) 1,409 (28,051 ) Balance at September 30, 2022 $ (29,905 ) $ 2,152 $ (27,753 ) Balance at December 31, 2022 $ (24,587 ) $ 2,116 $ (22,471 ) Unrealized holding losses (net of tax, ($ 925 (3,480 ) — (3,480 ) Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $ 258 972 — 972 Change in fair value of cash flow hedge (net of tax, $ 82 — 304 304 Change during period (2,508 ) 304 (2,204 ) Balance at September 30, 2023 $ (27,095 ) $ 2,420 $ (24,675 ) Notes to Consolidated Financial Statements (Unaudited) |
Note 9 - Revenue Recognition
Note 9 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 9. Most revenue associated with financial instruments, including interest income, loan origination fees, and credit card fees, is outside the scope of ASC topic 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. 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. Brokered mortgage fees Fees for other customer services Fees for other customer services include fees for brokered loans, 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 Accounting Standards Codification Topic 606, three nine September 30, 2023 2022 Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Noninterest Income Service charges on deposit accounts $ 733 $ 708 $ 2,062 $ 2,015 ATM and check card fees 976 915 2,624 2,462 Wealth management fees 811 739 2,336 2,302 Brokered mortgage fees 38 72 73 224 Income from bank owned life insurance 175 166 459 441 Fees for other customer services 122 14 538 160 Noninterest income (in-scope of Topic 606) $ 2,855 $ 2,614 $ 8,092 $ 7,604 Noninterest income (out-of-scope of Topic 606) 198 413 623 914 Total noninterest income $ 3,053 $ 3,027 $ 8,715 $ 8,518 |
Note 10 - Derivative Financial
Note 10 - Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 10. On April 21, 2020, June 17, 2034, March 17, 2020. June 17, 2034. three October 1, 2036, April 1, 2020. October 1, 2036. three July 3, 2023. The Company entered into interest rate swaps to reduce interest rate risk and to manage interest expense. By entering into these agreements, the Company converted variable rate debt into fixed rate debt. Alternatively, the Company may no September 30, 2023 June 2034 October 2036. not not All interest rate swaps were entered into with counterparties that met the Company's credit standards and the agreements contain collateral provisions protecting the at-risk party. The Company believes that the credit risk inherent in these derivative contracts is not Unrealized gains or losses recorded in other comprehensive (loss) income related to cash flow hedges are reclassified into earnings in the same period(s) during which the hedged interest payments affect earnings. When a designated hedging instrument is terminated and the hedged interest payments remain probable of occurring, any remaining unrecognized gain or loss in other comprehensive (loss) income is reclassified into earnings in the period(s) during which the forecasted interest payments affect earnings. Amounts reclassified into earnings and interest receivable or payable under designated interest rate swaps are reported in interest expense. The Company does not twelve The following table summarizes key elements of the Company's derivative instruments at September 30, 2023 December 31, 2022 September 30, 2023 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 3,065 $ — $ — December 31, 2022 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 2,679 $ — $ — ( 1 Collateral pledged may |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 11. During the month of October 2023, two 2024. first 120 two 60 no June 1, 2024. second 86 no February 1, 2024. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation 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 and in accordance with guidance provided by the Securities and Exchange Commission (SEC). Accordingly, they do not September 30, 2023 and December 31, 2022 , the statements of income and comprehensive income (loss) for the three nine September 30, 2023 2022 , the cash flows for the nine September 30, 2023 2022 , and the changes in shareholders’ equity for the three nine September 30, 2023 2022 . The statements should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10 December 31, 2022 . Operating results for the three nine September 30, 2023 are not may December 31, 2023 . no |
Use of Estimates, Policy [Policy Text Block] | Significant Accounting Policies and Estimates Application of the principles of GAAP and practices within the banking industry requires management to make estimates, assumptions, and judgements that affect the amounts reported in the financial statements and accompanying notes. These estimates, assumptions, and judgements are based on information available as of the date of the financial statements; accordingly, as this information changes, the financial statements may may Material estimates that are particularly The Company’s significant accounting policies followed in the preparation of the unaudited consolidated financial statements are disclosed in Note 1 December 31, 2022 2022 10 no December 31, 2022, |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of New Accounting Pronouncements ASU 2016 13: On January 1, 2023, No. 2016 13, 326 326 In addition, CECL made changes to the accounting for available for sale debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities if management does not not not The Company adopted ASC 326 January 1, 2023 January 1, 2023 January 1, 2023 The Company adopted ASC 326 310 30. not September 30, 2023 no The Company adopted ASC 326 January 1, 2023. December 31, 2022, not 326, not The Company elected not 90 January 1, 2023 December 31, 2022 As reported Under Pre-ASC 326 Impact of ASC (dollars in thousands) ASC 326 Adoption 326 Adoption Assets: Allowance for credit losses on held to maturity securities: Corporate securities 132 - 132 Allowance for credit losses on loans: - Construction and land development 233 546 (313 ) Secured by 1-4 family residential 2,517 1,108 1,409 Other real estate loans 5,311 3,609 1,702 Commercial and industrial loans 1,487 1,874 (387 ) Consumer and other loans 84 309 (225 ) Allowance for credit losses on loans 9,632 7,446 2,186 Liabilities: Allowance for credit losses for unfunded commitments 153 - 153 Allowance for Credit Losses – Held-to-Maturity Securities The Company estimates expected credit losses on held-to-maturity securities on an individual basis based on a Probability of Default/Loss Given Default (“PD/LGD”) methodology primarily using security-level credit ratings. The primary indicators of credit quality for the Company’s held-to-maturity portfolio are security type and credit ratings, which are influenced by a number of factors including obligor cash flow, geography, seniority, among other factors. The Company’s held-to-maturity securities with credit risk are municipal bonds and corporate debt securities. All other held-to-maturity securities are covered by the explicit or implied guarantee of the United States government or one Changes in the allowance for credit loss are recorded as provision for (or recovery of) credit losses in the Consolidated Statements of Income. The Company recorded an allowance for credit losses on held-to-maturity securities of $132 thousand upon adoption of ASC 326. three September 30, 2023 , the Company recorded a recovery of credit losses on held-to-maturity securities of $12 thousand. The allowance for credit losses on held-to-maturity securities was $131 as of September 30, 2023 . Allowance for Credit Losses – Available-for-Sale Securities Management evaluates all available-for-sale securities in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not If either of the above criteria is not may not Changes in the allowance for credit loss are recorded as a provision for (or recovery of) credit losses in the Consolidated Statements of Income. Losses are charged against the allowance for credit loss when management believes an available-for-sale security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At September 30, 2023 , there was no Accrued interest receivable on available-for-sale securities totaled $786 thousand at September 30, 2023 and was excluded from the estimate of credit losses. Allowance for Credit Losses – Loans The allowance for loan credit losses represents an amount which, in management’s judgement, is adequate to absorb the lifetime expected losses that may The Company is utilizing a discounted cash flow model to estimate its current expected credit losses. For the purposes of calculating its quantitative reserves, the Company has segmented its loan portfolio based on loans which share similar risk characteristics. Within the quantitative portion of the calculation, the Company utilizes at least one may one eight not may not not Loans that do not not not no The adoption of CECL did not Allowance for Credit Losses – Unfunded Commitments Financial Instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit losses in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records all allowance for credit losses on off-balance sheet credit exposures, unless the commitments to extend credit are unconditionally cancelable, through a charge to provision for (or recovery of) credit losses in the Consolidated Statement of Income. The allowances for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date under the current expected credit losses model using the same methodology as the loan portfolio, taking into consideration the likelihood that funding will occur as well as any third Accrued Interest Receivable The Company has elected to exclude the accrued interest from the amortized cost basis in its determination of the allowance for credit losses for both loans and held-to-maturity securities, as well as elected the policy to write-off accrued interest receivable directly through the reversal of interest income. Accrued interest receivable totaled $3.1 million on loans and $593 thousand on held-to-maturity securities at September 30, 2023 and is included in “Accrued Interest Receivable” on the Company’s Consolidated Balance Sheets. ASU 2022 01: On January 1, 2023, 2022 01, 815 2022 01 815 2017, 2017 12 one not 2022 01 2022 01 not ASU 2022 02: On January 1, 2023, 2022 02, 326 2022 02 2016 13 not Recent Accounting Pronouncements In July 2023, 2023 03, 205 220 480 505 718 No. 120, March 24, 2022 6.B, 280—General X: 2023 03 not 2023 03 In June 2022, 2022 03, 820 2022 03 not not December 15, 2023. not 2022 03 In March 2023, 2023 01, 842 December 15, 2023, not 2023 01 In March 2023, 2023 02, 323 December 15, 2023, not 2023 02 |
Note 1 - General (Tables)
Note 1 - General (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | January 1, 2023 December 31, 2022 As reported Under Pre-ASC 326 Impact of ASC (dollars in thousands) ASC 326 Adoption 326 Adoption Assets: Allowance for credit losses on held to maturity securities: Corporate securities 132 - 132 Allowance for credit losses on loans: - Construction and land development 233 546 (313 ) Secured by 1-4 family residential 2,517 1,108 1,409 Other real estate loans 5,311 3,609 1,702 Commercial and industrial loans 1,487 1,874 (387 ) Consumer and other loans 84 309 (225 ) Allowance for credit losses on loans 9,632 7,446 2,186 Liabilities: Allowance for credit losses for unfunded commitments 153 - 153 |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Available-for-sale and Held-to-maturity Reconciliation [Table Text Block] | September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Allowance for Credit Losses Securities available for sale: U.S. Treasury securities $ 12,474 $ — $ (1,361 ) $ 11,113 $ — U.S. agency and mortgage-backed securities 99,894 60 (15,660 ) 84,294 — Obligations of states and political subdivisions 64,131 4 (11,367 ) 52,768 — Total securities available for sale $ 176,499 $ 64 $ (28,388 ) $ 148,175 $ — Securities held to maturity: U.S. Treasury securities $ 38,862 $ — $ (734 ) $ 38,128 $ — U.S. agency and mortgage-backed securities 96,563 — (12,216 ) 84,347 — Obligations of states and political subdivisions 11,654 — (1,706 ) 9,948 — Corporate debt securities 3,000 — (564 ) 2,436 (131 ) Total securities held to maturity $ 150,079 $ - $ (15,220 ) $ 134,859 $ (131 ) Total securities $ 326,578 $ 64 $ (43,608 ) $ 283,034 $ (131 ) December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value Securities available for sale: U.S. Treasury securities $ 12,468 $ — $ (1,239 ) $ 11,229 U.S. agency and mortgage-backed securities 109,972 95 (13,149 ) 96,918 Obligations of states and political subdivisions 64,386 4 (9,630 ) 54,760 Total securities available for sale $ 186,826 $ 99 $ (24,018 ) $ 162,907 Securities held to maturity: U.S. Treasury securities $ 38,211 $ — $ (568 ) $ 37,643 U.S. agency and mortgage-backed securities 99,374 — (9,189 ) 90,185 Obligations of states and political subdivisions 12,573 — (1,252 ) 11,321 Corporate debt securities 3,000 — (352 ) 2,648 Total securities held to maturity $ 153,158 $ — $ (11,361 ) $ 141,797 Total securities $ 339,984 $ 99 $ (35,379 ) $ 304,704 |
Schedule of Temporary Impairment Losses, Investments [Table Text Block] | September 30, 2023 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. Treasury securities $ — $ — $ 11,113 $ (1,361 ) $ 11,113 $ (1,361 ) U.S. agency and mortgage-backed securities 2,065 (37 ) 77,201 (15,623 ) 79,266 (15,660 ) Obligations of states and political subdivisions 7,753 (382 ) 44,511 (10,985 ) 52,264 (11,367 ) Total securities available for sale $ 9,818 $ (419 ) $ 132,825 $ (27,969 ) $ 142,643 $ (28,388 ) December 31, 2022 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. Treasury securities $ 9,041 $ (932 ) $ 2,188 $ (307 ) $ 11,229 $ (1,239 ) U.S. agency and mortgage-backed securities 27,282 (1,945 ) 62,342 (11,204 ) 89,624 (13,149 ) Obligations of states and political subdivisions 24,689 (2,581 ) 26,362 (7,049 ) 51,051 (9,630 ) Total securities available for sale $ 61,012 $ (5,458 ) $ 90,892 $ (18,560 ) $ 151,904 $ (24,018 ) Securities held to maturity: U.S. Treasury securities $ 19,302 $ (258 ) $ 18,342 $ (310 ) $ 37,644 $ (568 ) U.S. agency and mortgage-backed securities 58,019 (6,848 ) 32,167 (2,341 ) 90,186 (9,189 ) Obligations of states and political subdivisions 8,648 (1,008 ) 2,672 (244 ) 11,320 (1,252 ) Corporate debt securities 2,648 (352 ) — — 2,648 (352 ) Total securities held to maturity $ 88,617 $ (8,466 ) $ 53,181 $ (2,895 ) $ 141,798 $ (11,361 ) Total securities $ 149,629 $ (13,924 ) $ 144,073 $ (21,455 ) $ 293,702 $ (35,379 ) |
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 $ 760 $ 757 $ 20,828 $ 20,642 Due after one year through five years 23,027 21,026 28,993 27,586 Due after five years through ten years 37,962 33,340 23,514 20,658 Due after ten years 114,750 93,052 76,744 65,973 $ 176,499 $ 148,175 $ 150,079 $ 134,859 |
Marketable Securities [Table Text Block] | September 30, 2023 December 31, 2022 Federal Home Loan Bank stock $ 965 $ 796 Federal Reserve Bank stock 980 980 Community Bankers’ Bank stock 132 132 $ 2,077 $ 1,908 |
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block] | U.S. Treasury securities U.S. agency and mortgage-backed securities Obligations of states and political subdivisions Corporate debt securities Total Held to Maturity Securities September 30, 2023 Aaa $ 38,862 $ 22,877 $ 2,812 $ — $ 64,551 Aa1 / Aa2 / Aa3 — — 8,842 — 8,842 Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 73,686 — — 73,686 Total $ 38,862 $ 96,563 $ 11,654 $ 3,000 $ 150,079 December 31, 2022 Aaa $ 38,211 $ 22,706 $ 3,126 $ — $ 64,043 Aa1 / Aa2 / Aa3 — — 9,447 — 9,447 Baa1 / Baa2 / Baa3 — — — 3,000 3,000 Not rated - Agency (1) — 76,668 — — 76,668 Total $ 38,211 $ 99,374 $ 12,573 $ 3,000 $ 153,158 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Table Text Block] | U.S. Treasury securities U.S. agency and mortgage-backed securities Obligations of states and political subdivisions Corporate debt securities Total Held to Maturity Securities Balance, December 31, 2022 $ — $ — $ — $ — $ — Adjustment for adoption of ASU 2016-13 — — — 134 134 Provision for credit losses — — — 10 10 Charge-offs of securities — — — — — Recoveries — — — (13 ) (13 ) Balance, September 30, 2023 $ — $ — $ — $ 131 $ 131 |
Note 3 - Loans (Tables)
Note 3 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2023 December 31, 2022 Real estate loans: Construction and land development $ 50,405 $ 51,840 Secured by 1-4 family residential 340,773 331,421 Other real estate loans 433,177 418,456 Commercial and industrial loans 117,130 111,225 Consumer and other loans 11,014 7,581 Total loans $ 952,499 $ 920,523 Allowance for credit losses (8,896 ) (7,446 ) Loans, net $ 943,603 $ 913,077 |
Financing Receivable, Purchased with Credit Deterioration [Table Text Block] | September 30, 2023 December 31, 2022 Acquired Loans- Acquired Loans- Non-Purchased Non-Purchased (Dollars in thousands) Credit Deteriorated Credit Deteriorated Outstanding principal balance $ 166,349 $ 187,017 Carrying amount Real estate loans: Construction and land development $ 8,450 $ 9,823 Secured by 1-4 family residential 36,405 42,915 Other real estate loans 95,313 103,521 Commercial and industrial loans 20,681 24,661 Consumer and other loans 3,472 3,560 Total acquired loans $ 164,321 $ 184,480 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2023 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 $ — $ — $ 39 $ 39 $ 50,366 $ 50,405 $ 39 $ — Secured by 1-4 family residential 1,242 58 534 1,834 338,939 340,773 546 368 Other real estate loans — — 62 62 433,115 433,177 67 — Commercial and industrial 83 — — 83 117,047 117,130 2,464 — Consumer and other loans 10 2 2 14 11,000 11,014 — 2 Total $ 1,335 $ 60 $ 637 $ 2,032 $ 950,467 $ 952,499 $ 3,116 $ 370 December 31, 2022 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 $ 115 $ 20 $ 1,045 $ 1,180 $ 50,660 $ 51,840 $ 1,045 $ — Secured by 1-4 family residential 1,033 60 207 1,300 330,121 331,421 530 — Other real estate loans 109 — — 109 418,347 418,456 13 — Commercial and industrial 31 130 1,085 1,246 109,979 111,225 1,085 — Consumer and other loans 26 25 — 51 7,530 7,581 — — Total $ 1,314 $ 235 $ 2,337 $ 3,886 $ 916,637 $ 920,523 $ 2,673 $ — |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Construction and land development Pass $ 2,625 $ 3,311 $ 7,824 $ 2,613 $ 2,127 $ 3,290 $ 28,576 $ 50,366 Special Mention — — — — — — — — Substandard — — — — — 39 — 39 Doubtful — — — — — — — — Total Construction and land development $ 2,625 $ 3,311 $ 7,824 $ 2,613 $ 2,127 $ 3,329 $ 28,576 $ 50,405 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Secured by 1-4 family residential Pass $ 32,461 $ 78,044 $ 65,455 $ 42,454 $ 33,258 $ 78,826 $ 9,438 $ 339,936 Special Mention — — — — — — — — Substandard — 98 19 — — 720 — 837 Doubtful — — — — — — — — Total Secured by 1-4 family residential $ 32,461 $ 78,142 $ 65,474 $ 42,454 $ 33,258 $ 79,546 $ 9,438 $ 340,773 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Other real estate loans Pass $ 34,365 $ 93,010 $ 87,799 $ 42,599 $ 40,686 $ 123,320 $ 11,331 $ 433,110 Special Mention — — — — — — — — Substandard — — — — — — 67 67 Doubtful — — — — — — — — Total Other real estate loans $ 34,365 $ 93,010 $ 87,799 $ 42,599 $ 40,686 $ 123,320 $ 11,398 $ 433,177 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — Commercial and industrial Pass $ 21,279 $ 30,216 $ 25,491 $ 4,373 $ 5,135 $ 8,729 $ 18,050 $ 113,273 Special Mention — — — — — — — — Substandard — 2,870 — 100 — 887 — 3,857 Doubtful — — — — — — — — Total Commercial and industrial $ 21,279 $ 33,086 $ 25,491 $ 4,473 $ 5,135 $ 9,616 $ 18,050 $ 117,130 Current period gross write-offs $ — $ — $ — $ 624 $ — $ 253 $ — $ 877 Consumer and other loans Pass $ 2,625 $ 1,408 $ 395 $ 1,505 $ 2,222 $ 29 $ 2,830 $ 11,014 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total Consumer and other loans $ 2,625 $ 1,408 $ 395 $ 1,505 $ 2,222 $ 29 $ 2,830 $ 11,014 Current period gross write-offs $ 273 $ 55 $ 3 $ 14 $ 3 $ 3 $ — $ 351 December 31, 2022 Pass Special Mention Substandard Doubtful Total Real estate loans: Construction and land development $ 50,795 $ — $ 1,045 $ — $ 51,840 Secured by 1-4 family residential 330,590 — 831 — 331,421 Other real estate loans 416,559 1,884 13 — 418,456 Commercial and industrial 110,065 75 1,085 — 111,225 Consumer and other loans 7,581 — — — 7,581 Total $ 915,590 $ 1,959 $ 2,974 $ — $ 920,523 |
Note 4 - Allowance for Credit_2
Note 4 - Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | September 30, 2023 Construction and Land Development Secured by 1-4 Family Residential Other Real Estate Commercial and Industrial Consumer and Other Loans Total Allowance for credit losses: Beginning Balance, December 31, 2022 $ 546 $ 1,108 $ 3,609 $ 1,874 $ 309 $ 7,446 Adjustment to allowance for adoption of ASU 2016-13 (313 ) 1,409 1,702 (387 ) (225 ) 2,186 Charge-offs — — — (877 ) (351 ) (1,228 ) Recoveries 1 13 13 145 154 326 Provision for (recovery of) credit losses 68 (97 ) (179 ) 165 209 166 Ending Balance, September 30, 2023 $ 302 $ 2,433 $ 5,145 $ 920 $ 96 $ 8,896 Ending Balance: Individually evaluated — — — 307 — 307 Collectively evaluated 302 2,433 5,145 613 96 8,589 Loans: Ending Balance $ 50,405 $ 340,773 $ 433,177 $ 117,130 $ 11,014 $ 952,499 Individually evaluated 39 546 67 2,464 — 3,116 Collectively evaluated 50,366 340,227 433,110 114,666 11,014 949,383 December 31, 2022 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, 2021 $ 345 $ 1,077 $ 3,230 $ 718 $ 340 $ 5,710 Charge-offs — (6 ) — (32 ) (491 ) (529 ) Recoveries 10 19 15 145 226 415 Provision for (recovery of) loan losses 191 18 364 1,043 234 1,850 Ending Balance, December 31, 2022 $ 546 $ 1,108 $ 3,609 $ 1,874 $ 309 $ 7,446 Ending Balance: Individually evaluated for impairment — — — 888 — 888 Collectively evaluated for impairment 546 1,108 3,609 986 309 6,558 Loans: Ending Balance $ 51,840 $ 331,421 $ 418,456 $ 111,225 $ 7,581 $ 920,523 Individually evaluated for impairment 1,045 530 13 1,085 — 2,673 Collectively evaluated for impairment 50,795 330,891 418,443 110,140 7,581 917,850 September 30, 2022 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, 2021 $ 345 $ 1,077 $ 3,230 $ 718 $ 340 $ 5,710 Charge-offs — (6 ) — — (387 ) (393 ) Recoveries 10 15 12 144 194 375 Provision for (recovery of) loan losses 99 (22 ) 331 69 123 600 Ending Balance, September 30, 2022 $ 454 $ 1,064 $ 3,573 $ 931 $ 270 $ 6,292 Ending Balance: Individually evaluated for impairment — — — — — — Collectively evaluated for impairment 454 1,064 3,573 931 270 6,292 Loans: Ending Balance $ 51,352 $ 317,414 $ 417,504 $ 112,145 $ 8,099 $ 906,514 Individually evaluated for impairment — 549 17 — — 566 Collectively evaluated for impairment 51,352 316,865 417,487 112,145 8,099 905,948 |
Financing Receivable, Nonaccrual [Table Text Block] | CECL Incurred Loss September 30, 2023 December 31, 2022 Nonaccrual Loans with No Allowance Nonaccrual loans with an Allowance Total Nonaccrual Loans Nonaccrual Loans Real estate loans: Construction and land development $ 39 $ — $ 39 $ 1,045 Secured by 1-4 family residential 546 — 546 530 Other real estate loans 67 — 67 13 Commercial and industrial — 2,464 2,464 1,085 Total $ 652 $ 2,464 $ 3,116 $ 2,673 |
Impaired Financing Receivables [Table Text Block] | December 31, 2022 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 $ 2,412 $ 1,045 $ — $ 1,045 $ — $ 30 $ 75 Secured by 1-4 family residential 680 530 — 530 — 580 11 Other real estate loans 26 13 — 13 — 22 — Commercial and industrial 1,084 — 1,085 1,085 888 650 40 Total $ 4,202 $ 1,588 $ 1,085 $ 2,673 $ 888 $ 1,282 $ 126 September 30, 2022 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: Secured by 1-4 family residential $ 560 $ 549 $ — $ 549 $ — $ 593 $ 11 Other real estate loans 29 17 — 17 — 24 — Commercial and industrial — — — — — 823 — Total $ 589 $ 566 $ — $ 566 $ — $ 1,440 $ 11 |
Financing Receivable, Collateral Dependent Loans [Table Text Block] | September 30, 2023 (Dollars in thousands) Real Estate Secured Non-Real Estate Secured Total Collateral-Dependent Loans Real estate loans: Construction and land development $ 39 $ — $ 39 Secured by 1-4 family residential 546 — 546 Other real estate loans 67 — 67 Commercial and industrial — 2,464 2,464 Total $ 652 $ 2,464 $ 3,116 |
Financing Receivable, Modified [Table Text Block] | Term Extension (Dollars in thousands) Amortized Cost Basis % of Total Loan Type Financial Effect Real estate loans: Construction and land development $ — 0.00 % Secured by 1-4 family residential 64 0.02 % Converted HELOC to 15 year term loan. Other real estate loans — 0.00 % Commercial and industrial 2,464 2.10 % Decrease in loan payment Total $ 2,528 2.12 % Principal Forgiveness (Dollars in thousands) Amortized Cost Basis % of Total Loan Type Financial Effect Real estate loans: Construction and land development $ — 0.00 % Secured by 1-4 family residential 17 0.01 % Reduced the amortized cost basis of the loan by $29 thousand. Other real estate loans — 0.00 % Commercial and industrial — 0.00 % Total $ 17 0.01 % |
Note 5 - Earnings Per Common _2
Note 5 - Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 (Numerator): Net income $ 3,121 $ 4,454 $ 10,475 $ 12,018 (Denominator): Weighted average shares outstanding – basic 6,256,663 6,257,040 6,266,707 6,248,847 Potentially dilutive common shares – restricted stock units 14,688 7,067 9,795 6,121 Weighted average shares outstanding – diluted 6,271,351 6,264,107 6,276,502 6,254,968 Income per common share Basic $ 0.50 $ 0.71 $ 1.67 $ 1.92 Diluted $ 0.50 $ 0.71 $ 1.67 $ 1.92 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at September 30, 2023 Description Balance as of September 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Securities available for sale U.S. Treasury securities $ 11,113 $ — $ 11,113 $ — U.S. agency and mortgage-backed securities 84,294 — 84,294 — Obligations of states and political subdivisions 52,768 — 52,768 — Total securities available for sale $ 148,175 $ — $ 148,175 $ — Derivatives - cash flow hedges 3,065 — 3,065 — Total assets $ 151,240 $ — $ 151,240 $ — Fair Value Measurements at December 31, 2022 Description Balance as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Securities available for sale U.S. Treasury securities $ 11,229 $ — $ 11,229 $ — U.S. agency and mortgage-backed securities 96,918 — 96,918 — Obligations of states and political subdivisions 54,760 — 54,760 — Total securities available for sale $ 162,907 $ — $ 162,907 $ — Derivatives - cash flow hedges 2,679 — 2,679 — Total assets $ 165,586 $ — $ 165,586 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at September 30, 2023 Description Balance as of September 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Collateral dependent loans $ 3,116 $ — $ — $ 3,116 Fair Value Measurements at December 31, 2022 Description Balance as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other real estate owned $ 184 $ — $ — $ 184 Impaired loans, net 197 — — 197 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Quantitative information about Level 3 Fair Value Measurements for September 30, 2023 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Collateral dependent loans $ 3,116 Property appraisals Selling cost 6.00 % Quantitative information about Level 3 Fair Value Measurements for December 31, 2022 Fair Value Valuation Technique Unobservable Input Range (Weighted Average) (1) Other real estate owned $ 184 Property appraisals Selling cost 10.00 % Impaired loans, net 197 Present value of cash flows Discount rate 6.50 % |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at September 30, 2023 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 interest-bearing deposits in banks $ 50,099 $ 50,099 $ — $ — $ 50,099 Securities available for sale 148,175 — 148,175 — 148,175 Securities held to maturity, net 149,948 — 134,728 — 134,728 Restricted securities 2,077 — 2,077 — 2,077 Loans, net 943,603 — — 901,921 901,921 Bank owned life insurance 24,734 — 24,734 — 24,734 Accrued interest receivable 4,502 — 4,502 — 4,502 Derivatives - cash flow hedges 3,065 — 3,065 — 3,065 Financial Liabilities Deposits $ 1,235,173 $ — 1,050,754 179,959 $ 1,230,713 Subordinated debt 4,997 — — 5,161 5,161 Junior subordinated debt 9,279 — — 6,290 6,290 Accrued interest payable 667 — 667 — 667 Fair Value Measurements at December 31, 2022 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 interest-bearing deposits in banks $ 66,914 $ 66,914 $ — $ — $ 66,914 Securities available for sale 162,907 — 162,907 — 162,907 Securities held to maturity, net 153,158 — 141,797 — 141,797 Restricted securities 1,908 — 1,908 — 1,908 Loans, net 913,077 — — 880,473 880,473 Bank owned life insurance 24,531 — 24,531 — 24,531 Accrued interest receivable 4,543 — 4,543 — 4,543 Derivatives - cash flow hedges 2,679 — 2,679 — 2,679 Financial Liabilities Deposits $ 1,241,332 $ — $ 1,104,483 $ 131,304 $ 1,235,787 Subordinated debt 4,995 — — 5,267 5,267 Junior subordinated debt 9,279 — — 6,067 6,067 Accrued interest payable 163 — 163 — 163 |
Note 7 - Stock Compensation P_2
Note 7 - Stock Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Nine Months Ended September 30, 2023 Shares Weighted Average Grant Date Fair Value Unvested, beginning of year 29,181 $ 20.31 Granted 23,727 16.56 Vested (11,401 ) 19.20 Forfeited — — Unvested, end of period 41,507 $ 18.47 |
Note 8 - Accumulated Other Co_2
Note 8 - Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Net Unrealized Gains (Losses) on Securities Change in Fair Value of Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at June 30, 2022 $ (24,450 ) $ 1,748 $ (22,702 ) Unrealized holding losses (net of tax, $ 155 581 — 581 Unrealized holding losses transferred from available for sale to held to maturity (net of tax and amortization of ($ 1,605 157 (6,036 ) — (6,036 ) Change in fair value of cash flow hedge (net of tax, $ 106 — 404 404 Change during period (5,455 ) 404 (5,051 ) Balance at September 30, 2022 $ (29,905 ) $ 2,152 $ (27,753 ) Balance at June 30, 2023 $ (23,355 ) $ 1,996 $ (21,359 ) Unrealized holding losses (net of tax, ($ 1,080 (4,063 ) — (4,063 ) Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $ 86 323 — 323 Change in fair value of cash flow hedge (net of tax, $ 113 — 424 424 Change during period (3,740 ) 424 (3,316 ) Balance at September 30, 2023 $ (27,095 ) $ 2,420 $ (24,675 ) Net Unrealized (Losses) on Securities Change in Fair Value of Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at December 31, 2021 $ (445 ) $ 743 $ 298 Unrealized holding losses (net of tax, ($ 6,225 (23,424 ) — (23,424 ) Unrealized holding losses transferred from available for sale to held to maturity (net of tax and amortization of ($ 1,605 157 (6,036 ) — (6,036 ) Change in fair value of cash flow hedge (net of tax, $ 373 — 1,409 1,409 Change during period (29,460 ) 1,409 (28,051 ) Balance at September 30, 2022 $ (29,905 ) $ 2,152 $ (27,753 ) Balance at December 31, 2022 $ (24,587 ) $ 2,116 $ (22,471 ) Unrealized holding losses (net of tax, ($ 925 (3,480 ) — (3,480 ) Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity (net of tax of $ 258 972 — 972 Change in fair value of cash flow hedge (net of tax, $ 82 — 304 304 Change during period (2,508 ) 304 (2,204 ) Balance at September 30, 2023 $ (27,095 ) $ 2,420 $ (24,675 ) |
Note 9 - Revenue Recognition (T
Note 9 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Noninterest Income Service charges on deposit accounts $ 733 $ 708 $ 2,062 $ 2,015 ATM and check card fees 976 915 2,624 2,462 Wealth management fees 811 739 2,336 2,302 Brokered mortgage fees 38 72 73 224 Income from bank owned life insurance 175 166 459 441 Fees for other customer services 122 14 538 160 Noninterest income (in-scope of Topic 606) $ 2,855 $ 2,614 $ 8,092 $ 7,604 Noninterest income (out-of-scope of Topic 606) 198 413 623 914 Total noninterest income $ 3,053 $ 3,027 $ 8,715 $ 8,518 |
Note 10 - Derivative Financia_2
Note 10 - Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | September 30, 2023 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 3,065 $ — $ — December 31, 2022 Notional Amount Assets Liabilities Collateral Pledged(1) Cash Flow Hedges Interest rate swap contracts $ 9,000 $ 2,679 $ — $ — |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss | $ 8,896 | $ 8,896 | $ 6,292 | $ 7,446 | $ 7,446 | $ 5,710 | |
Off-Balance-Sheet, Credit Loss, Liability | 0 | ||||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | 131 | 131 | 0 | ||||
Retained Earnings (Accumulated Deficit) | 95,988 | 95,988 | 90,284 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 166 | $ 600 | 1,850 | ||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 786 | 786 | |||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 593 | 593 | |||||
Accrued Interest Receivable [Member] | |||||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | 3,100 | 3,100 | |||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 593 | 593 | |||||
Accounting Standards Update 2016-13 [Member] | |||||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | 131 | 131 | $ 132 | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 12 | ||||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 786 | $ 786 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | 2,186 | 2,186 | |||||
Off-Balance-Sheet, Credit Loss, Liability | 153 | ||||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | $ 134 | 132 | |||||
Retained Earnings (Accumulated Deficit) | $ (2,000) |
Note 1 - General - Impact of Ad
Note 1 - General - Impact of Adoption of New ASU (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Held-to-Maturity, Allowance for Credit Loss | $ 131 | $ 0 | ||||
Allowance for Credit Loss | 8,896 | $ 7,446 | 7,446 | $ 6,292 | $ 5,710 | |
Allowance for credit losses for unfunded commitments | 0 | |||||
Real Estate 1 [Member] | Construction and Land Development [Member] | ||||||
Allowance for Credit Loss | 302 | 546 | 546 | 454 | 345 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||||||
Allowance for Credit Loss | 2,433 | 1,108 | 1,108 | 1,064 | 1,077 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||||||
Allowance for Credit Loss | 5,145 | 3,609 | 3,609 | 3,573 | 3,230 | |
Commercial and Industrial Loans [Member] | ||||||
Allowance for Credit Loss | 920 | 1,874 | 1,874 | 931 | 718 | |
Consumer and Other Loans [Member] | ||||||
Allowance for Credit Loss | 96 | 309 | 309 | $ 270 | $ 340 | |
Accounting Standards Update 2016-13 [Member] | ||||||
Held-to-Maturity, Allowance for Credit Loss | 131 | $ 132 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||||
Allowance for Credit Loss | 9,632 | |||||
Allowance for credit losses for unfunded commitments | 153 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate 1 [Member] | Construction and Land Development [Member] | ||||||
Allowance for Credit Loss | 233 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||||||
Allowance for Credit Loss | 2,517 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||||||
Allowance for Credit Loss | 5,311 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial and Industrial Loans [Member] | ||||||
Allowance for Credit Loss | 1,487 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer and Other Loans [Member] | ||||||
Allowance for Credit Loss | 84 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Held-to-Maturity, Allowance for Credit Loss | 132 | 134 | ||||
Allowance for Credit Loss | 2,186 | 2,186 | ||||
Allowance for credit losses for unfunded commitments | 153 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate 1 [Member] | Construction and Land Development [Member] | ||||||
Allowance for Credit Loss | (313) | (313) | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||||||
Allowance for Credit Loss | 1,409 | 1,409 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||||||
Allowance for Credit Loss | 1,702 | 1,702 | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and Industrial Loans [Member] | ||||||
Allowance for Credit Loss | (387) | (387) | ||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer and Other Loans [Member] | ||||||
Allowance for Credit Loss | (225) | (225) | ||||
Corporate Debt Securities [Member] | ||||||
Held-to-Maturity, Allowance for Credit Loss | $ 131 | 0 | 0 | |||
Corporate Debt Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||||
Held-to-Maturity, Allowance for Credit Loss | 132 | |||||
Corporate Debt Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Held-to-Maturity, Allowance for Credit Loss | $ 132 | $ 134 |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 01, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 786 | ||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | $ 593 | ||
Weighted Average Re-pricing Term (Year) | 5 years 10 months 24 days | 6 years 6 months | |
Available For Sale Securities Transferred to Held For Sale | 24 | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 176,499 | $ 186,826 | $ 82,200 |
Debt Securities, Available-for-Sale, Total | 148,175 | 162,907 | 74,400 |
Debt Securities, Available-for-Sale, Unrealized Loss | $ 7,800 | ||
OCI, Debt Securities, Available-for-Sale, Transfer to Held-to-Maturity, Adjustment from AOCI for Amortization of Gain (Loss), before Tax | 1,200 | ||
Other Assets [Member] | |||
Equity Securities without Readily Determinable Fair Value, Amount | $ 642 | 599 | |
US Treasury Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 3 | ||
Available-for-Sale Securities, Number of Securities | 3 | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 12,474 | 12,468 | |
Debt Securities, Available-for-Sale, Total | $ 11,113 | 11,229 | |
Mortgage-Backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 94 | ||
Available-for-Sale Securities, Number of Securities | 107 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 97 | ||
Available-for-Sale Securities, Number of Securities | 104 | ||
Debt Securities, Available-for-Sale, Amortized Cost | $ 64,131 | 64,386 | |
Debt Securities, Available-for-Sale, Total | $ 52,768 | $ 54,760 |
Note 2 - Securities - Summary o
Note 2 - Securities - Summary of Amortized Costs and Fair Values of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Debt Securities, Available-for-Sale, Amortized Cost | $ 176,499 | $ 186,826 | $ 82,200 | |
Gross unrealized gains, available for sale securities | 64 | 99 | ||
Gross unrealized losses, available for sale securities | (28,388) | (24,018) | ||
Debt Securities, Available-for-Sale, Total | 148,175 | 162,907 | $ 74,400 | |
Securities available for sale, AFS | 0 | |||
Amortized cost, held to maturity securities | 150,079 | 153,158 | ||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||
Gross unrealized losses, held to maturity securities | (15,220) | (11,361) | ||
Fair value, held to maturity securities | 134,859 | 141,797 | ||
Securities available for sale, HTM | (131) | 0 | ||
Amortized cost | 326,578 | 339,984 | ||
Gross unrealized gains | 64 | 99 | ||
Gross unrealized losses | (43,608) | (35,379) | ||
Total securities, fair value | 283,034 | 304,704 | ||
Total securities, allowance for credit loss | (131) | |||
US Treasury Securities [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 12,474 | 12,468 | ||
Gross unrealized gains, available for sale securities | 0 | 0 | ||
Gross unrealized losses, available for sale securities | (1,361) | (1,239) | ||
Debt Securities, Available-for-Sale, Total | 11,113 | 11,229 | ||
Securities available for sale, AFS | 0 | |||
Amortized cost, held to maturity securities | 38,862 | 38,211 | ||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||
Gross unrealized losses, held to maturity securities | (734) | (568) | ||
Fair value, held to maturity securities | 38,128 | 37,643 | ||
Securities available for sale, HTM | 0 | 0 | ||
US Agency and Mortgage-backed Securities [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 99,894 | 109,972 | ||
Gross unrealized gains, available for sale securities | 60 | 95 | ||
Gross unrealized losses, available for sale securities | (15,660) | (13,149) | ||
Debt Securities, Available-for-Sale, Total | 84,294 | 96,918 | ||
Securities available for sale, AFS | 0 | |||
Amortized cost, held to maturity securities | 96,563 | 99,374 | ||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||
Gross unrealized losses, held to maturity securities | (12,216) | (9,189) | ||
Fair value, held to maturity securities | 84,347 | 90,185 | ||
Securities available for sale, HTM | 0 | 0 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Debt Securities, Available-for-Sale, Amortized Cost | 64,131 | 64,386 | ||
Gross unrealized gains, available for sale securities | 4 | 4 | ||
Gross unrealized losses, available for sale securities | (11,367) | (9,630) | ||
Debt Securities, Available-for-Sale, Total | 52,768 | 54,760 | ||
Securities available for sale, AFS | 0 | |||
Amortized cost, held to maturity securities | 11,654 | 12,573 | ||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||
Gross unrealized losses, held to maturity securities | (1,706) | (1,252) | ||
Fair value, held to maturity securities | 9,948 | 11,321 | ||
Securities available for sale, HTM | 0 | 0 | ||
Corporate Debt Securities [Member] | ||||
Amortized cost, held to maturity securities | 3,000 | 3,000 | ||
Gross unrealized gains, held to maturity securities | 0 | 0 | ||
Gross unrealized losses, held to maturity securities | (564) | (352) | ||
Fair value, held to maturity securities | 2,436 | 2,648 | ||
Securities available for sale, HTM | $ (131) | $ 0 | $ 0 |
Note 2 - Securities - Investmen
Note 2 - Securities - Investments in an Unrealized Loss Position That Were Temporarily Impaired (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Less than 12 months, fair value, available for sale securities | $ 9,818 | $ 61,012 |
Less than 12 months, unrealized (loss), available for sale securities | (419) | (5,458) |
12 months or more, fair value, available for sale securities | 132,825 | 90,892 |
12 months or more, unrealized (loss), available for sale securities | (27,969) | (18,560) |
Total, fair value, available for sale securities | 142,643 | 151,904 |
Total, unrealized (loss), available for sale securities | (28,388) | (24,018) |
Less than 12 months, fair value, held to maturity securities | 88,617 | |
Less than 12 months, fair value, held to maturity securities | (8,466) | |
12 months or more, fair value, held to maturity securities | 53,181 | |
12 months or more, unrealized (loss), available for sale securities | (2,895) | |
Total, fair value, held to maturity securities | 141,798 | |
Total, unrealized (loss), held to maturity securities | (11,361) | |
Less than 12 months, fair value | 149,629 | |
Less than 12 months, fair value, | (13,924) | |
12 months or more, fair value | 144,073 | |
12 months or more, unrealized (loss) | (21,455) | |
Total, fair value | 293,702 | |
Total, unrealized (loss) | (35,379) | |
US Treasury Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 0 | 9,041 |
Less than 12 months, unrealized (loss), available for sale securities | 0 | (932) |
12 months or more, fair value, available for sale securities | 11,113 | 2,188 |
12 months or more, unrealized (loss), available for sale securities | (1,361) | (307) |
Total, fair value, available for sale securities | 11,113 | 11,229 |
Total, unrealized (loss), available for sale securities | (1,361) | (1,239) |
Less than 12 months, fair value, held to maturity securities | 19,302 | |
Less than 12 months, fair value, held to maturity securities | (258) | |
12 months or more, fair value, held to maturity securities | 18,342 | |
12 months or more, unrealized (loss), available for sale securities | (310) | |
Total, fair value, held to maturity securities | 37,644 | |
Total, unrealized (loss), held to maturity securities | (568) | |
US Agency and Mortgage-backed Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 2,065 | 27,282 |
Less than 12 months, unrealized (loss), available for sale securities | (37) | (1,945) |
12 months or more, fair value, available for sale securities | 77,201 | 62,342 |
12 months or more, unrealized (loss), available for sale securities | (15,623) | (11,204) |
Total, fair value, available for sale securities | 79,266 | 89,624 |
Total, unrealized (loss), available for sale securities | (15,660) | (13,149) |
Less than 12 months, fair value, held to maturity securities | 58,019 | |
Less than 12 months, fair value, held to maturity securities | (6,848) | |
12 months or more, fair value, held to maturity securities | 32,167 | |
12 months or more, unrealized (loss), available for sale securities | (2,341) | |
Total, fair value, held to maturity securities | 90,186 | |
Total, unrealized (loss), held to maturity securities | (9,189) | |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value, available for sale securities | 7,753 | 24,689 |
Less than 12 months, unrealized (loss), available for sale securities | (382) | (2,581) |
12 months or more, fair value, available for sale securities | 44,511 | 26,362 |
12 months or more, unrealized (loss), available for sale securities | (10,985) | (7,049) |
Total, fair value, available for sale securities | 52,264 | 51,051 |
Total, unrealized (loss), available for sale securities | $ (11,367) | (9,630) |
Less than 12 months, fair value, held to maturity securities | 8,648 | |
Less than 12 months, fair value, held to maturity securities | (1,008) | |
12 months or more, fair value, held to maturity securities | 2,672 | |
12 months or more, unrealized (loss), available for sale securities | (244) | |
Total, fair value, held to maturity securities | 11,320 | |
Total, unrealized (loss), held to maturity securities | (1,252) | |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value, held to maturity securities | 2,648 | |
Less than 12 months, fair value, held to maturity securities | (352) | |
12 months or more, fair value, held to maturity securities | 0 | |
12 months or more, unrealized (loss), available for sale securities | 0 | |
Total, fair value, held to maturity securities | 2,648 | |
Total, unrealized (loss), held to maturity securities | $ (352) |
Note 2 - Securities - Amortized
Note 2 - Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Due within one year, amortized cost, available for sale securities | $ 760 | ||
Due within one year, fair value, available for sale securities | 757 | ||
Due within one year, amortized cost, held to maturity securities | 20,828 | ||
Due within one year, fair value, held to maturity securities | 20,642 | ||
Due after one year through five years, amortized cost, available for sale securities | 23,027 | ||
Due after one year through five years, fair value, available for sale securities | 21,026 | ||
Due after one year through five years, amortized cost, held to maturity securities | 28,993 | ||
Due after one year through five years, fair value, held to maturity securities | 27,586 | ||
Due after five years through ten years, amortized cost, available for sale securities | 37,962 | ||
Due after five years through ten years, fair value, available for sale securities | 33,340 | ||
Due after five years through ten years, amortized cost, held to maturity securities | 23,514 | ||
Due after five years through ten years, fair value, held to maturity securities | 20,658 | ||
Due after ten years, amortized cost, available for sale securities | 114,750 | ||
Due after ten years, fair value, available for sale securities | 93,052 | ||
Due after ten years, amortized cost, held to maturity securities | 76,744 | ||
Due after ten years, fair value, held to maturity securities | 65,973 | ||
Amortized cost, available for sale securities | 176,499 | $ 186,826 | $ 82,200 |
Fair value, available for sale securities | 148,175 | 162,907 | $ 74,400 |
Amortized cost, held to maturity securities | 150,079 | 153,158 | |
Fair value, held to maturity securities | $ 134,859 | $ 141,797 |
Note 2 - Securities - Compositi
Note 2 - Securities - Composition of Restricted Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank stock | $ 965 | $ 796 |
Federal Reserve Bank stock | 980 | 980 |
Community Bankers’ Bank stock | 132 | 132 |
Total restricted securities | $ 2,077 | $ 1,908 |
Note 2 - Securities - Credit Qu
Note 2 - Securities - Credit Quality Indicators for Held to Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Amortized cost, held to maturity securities | $ 150,079 | $ 153,158 | |
Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 64,551 | 64,043 | |
Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 8,842 | 9,447 | |
Moody's, Baa1/ Baa2/ Baa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 3,000 | 3,000 | |
Not Rated - Agency [Member] | |||
Amortized cost, held to maturity securities | [1] | 73,686 | 76,668 |
US Treasury Securities [Member] | |||
Amortized cost, held to maturity securities | 38,862 | 38,211 | |
US Treasury Securities [Member] | Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 38,862 | 38,211 | |
US Treasury Securities [Member] | Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US Treasury Securities [Member] | Moody's, Baa1/ Baa2/ Baa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US Treasury Securities [Member] | Not Rated - Agency [Member] | |||
Amortized cost, held to maturity securities | [1] | 0 | 0 |
US Agency and Mortgage-backed Securities [Member] | |||
Amortized cost, held to maturity securities | 96,563 | 99,374 | |
US Agency and Mortgage-backed Securities [Member] | Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 22,877 | 22,706 | |
US Agency and Mortgage-backed Securities [Member] | Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US Agency and Mortgage-backed Securities [Member] | Moody's, Baa1/ Baa2/ Baa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US Agency and Mortgage-backed Securities [Member] | Not Rated - Agency [Member] | |||
Amortized cost, held to maturity securities | [1] | 73,686 | 76,668 |
US States and Political Subdivisions Debt Securities [Member] | |||
Amortized cost, held to maturity securities | 11,654 | 12,573 | |
US States and Political Subdivisions Debt Securities [Member] | Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 2,812 | 3,126 | |
US States and Political Subdivisions Debt Securities [Member] | Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 8,842 | 9,447 | |
US States and Political Subdivisions Debt Securities [Member] | Moody's, Baa1/ Baa2/ Baa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
US States and Political Subdivisions Debt Securities [Member] | Not Rated - Agency [Member] | |||
Amortized cost, held to maturity securities | [1] | 0 | 0 |
Corporate Debt Securities [Member] | |||
Amortized cost, held to maturity securities | 3,000 | 3,000 | |
Corporate Debt Securities [Member] | Moody's, Aaa Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
Corporate Debt Securities [Member] | Moody's, Aa1/Aa2/Aa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 0 | 0 | |
Corporate Debt Securities [Member] | Moody's, Baa1/ Baa2/ Baa3 Rating [Member] | |||
Amortized cost, held to maturity securities | 3,000 | 3,000 | |
Corporate Debt Securities [Member] | Not Rated - Agency [Member] | |||
Amortized cost, held to maturity securities | [1] | $ 0 | $ 0 |
[1]Generally considered not to have credit risk given the governmental guarantees associated with these agencies |
Note 2 - Securities - Changes i
Note 2 - Securities - Changes in the Allowance for Credit Loss on Held to Maturity Securities (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Balance, HTM | $ 0 |
Provision for credit losses, HTM | 10 |
Charge-offs of securities, HTM | 0 |
Recoveries, HTM | (13) |
Balance, HTM | 131 |
Accounting Standards Update 2016-13 [Member] | |
Balance, HTM | 131 |
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Balance, HTM | 134 |
US Treasury Securities [Member] | |
Balance, HTM | 0 |
Provision for credit losses, HTM | 0 |
Charge-offs of securities, HTM | 0 |
Recoveries, HTM | 0 |
Balance, HTM | 0 |
US Treasury Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Balance, HTM | 0 |
US Agency and Mortgage-backed Securities [Member] | |
Balance, HTM | 0 |
Provision for credit losses, HTM | 0 |
Charge-offs of securities, HTM | 0 |
Recoveries, HTM | 0 |
Balance, HTM | 0 |
US Agency and Mortgage-backed Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Balance, HTM | 0 |
US States and Political Subdivisions Debt Securities [Member] | |
Balance, HTM | 0 |
Provision for credit losses, HTM | 0 |
Charge-offs of securities, HTM | 0 |
Recoveries, HTM | 0 |
Balance, HTM | 0 |
US States and Political Subdivisions Debt Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Balance, HTM | 0 |
Corporate Debt Securities [Member] | |
Balance, HTM | 0 |
Provision for credit losses, HTM | 10 |
Charge-offs of securities, HTM | 0 |
Recoveries, HTM | (13) |
Balance, HTM | 131 |
Corporate Debt Securities [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |
Balance, HTM | $ 134 |
Note 3 - Loans (Details Textual
Note 3 - Loans (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Financing Receivable, Unamortized Loan Cost (Fee) and Purchase Premium (Discount) | $ 929 | $ 838 | |
Financing Receivable, before Allowance for Credit Loss | 952,499 | 920,523 | $ 906,514 |
Financing Receivable, Purchased with Credit Deterioration, Discount (Premium) | 2,000 | ||
Consumer and Other Loans [Member] | |||
Financing Receivable, before Allowance for Credit Loss | 11,014 | 7,581 | $ 8,099 |
Consumer and Other Loans [Member] | Demand Deposit Overdrafts [Member] | |||
Financing Receivable, before Allowance for Credit Loss | $ 368 | $ 197 |
Note 3 - Loans - Summary of Loa
Note 3 - Loans - Summary of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Loans | $ 952,499 | $ 920,523 | $ 906,514 | ||
Allowance for credit losses | (8,896) | $ (7,446) | (7,446) | (6,292) | $ (5,710) |
Loans, net | 943,603 | 913,077 | |||
Commercial and Industrial Loans [Member] | |||||
Loans | 117,130 | 111,225 | 112,145 | ||
Allowance for credit losses | (920) | (1,874) | (1,874) | (931) | (718) |
Consumer and Other Loans [Member] | |||||
Loans | 11,014 | 7,581 | 8,099 | ||
Allowance for credit losses | (96) | (309) | (309) | (270) | (340) |
Construction and Land Development [Member] | Real Estate 1 [Member] | |||||
Loans | 50,405 | 51,840 | 51,352 | ||
Allowance for credit losses | (302) | (546) | (546) | (454) | (345) |
Secured by Multi-family Residential Properties [Member] | Real Estate 1 [Member] | |||||
Loans | 340,773 | 331,421 | 317,414 | ||
Allowance for credit losses | (2,433) | (1,108) | (1,108) | (1,064) | (1,077) |
Other Real Estate Loans [Member] | Real Estate 1 [Member] | |||||
Loans | 433,177 | 418,456 | 417,504 | ||
Allowance for credit losses | $ (5,145) | $ (3,609) | (3,609) | $ (3,573) | $ (3,230) |
Consumer and Other Loans [Member] | Consumer and Other Loans [Member] | |||||
Loans | $ 7,581 |
Note 3 - Loans - Acquired Loans
Note 3 - Loans - Acquired Loans in Business Combinations (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Loans | $ 952,499 | $ 920,523 | $ 906,514 |
Loans, net of allowance for credit losses, 2023, $8,896; 2022, $7,446 | 943,603 | 913,077 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 50,405 | 51,840 | 51,352 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 340,773 | 331,421 | 317,414 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 433,177 | 418,456 | 417,504 |
Commercial and Industrial Loans [Member] | |||
Loans | 117,130 | 111,225 | 112,145 |
Consumer and Other Loans [Member] | |||
Loans | 11,014 | 7,581 | $ 8,099 |
Financial Asset Acquired with Credit Deterioration [Member] | |||
Loans | 166,349 | 187,017 | |
Loans, net of allowance for credit losses, 2023, $8,896; 2022, $7,446 | 164,321 | 184,480 | |
Financial Asset Acquired with Credit Deterioration [Member] | Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans, net of allowance for credit losses, 2023, $8,896; 2022, $7,446 | 8,450 | 9,823 | |
Financial Asset Acquired with Credit Deterioration [Member] | Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans, net of allowance for credit losses, 2023, $8,896; 2022, $7,446 | 36,405 | 42,915 | |
Financial Asset Acquired with Credit Deterioration [Member] | Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans, net of allowance for credit losses, 2023, $8,896; 2022, $7,446 | 95,313 | 103,521 | |
Financial Asset Acquired with Credit Deterioration [Member] | Commercial and Industrial Loans [Member] | |||
Loans, net of allowance for credit losses, 2023, $8,896; 2022, $7,446 | 20,681 | 24,661 | |
Financial Asset Acquired with Credit Deterioration [Member] | Consumer and Other Loans [Member] | |||
Loans, net of allowance for credit losses, 2023, $8,896; 2022, $7,446 | $ 3,472 | $ 3,560 |
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, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Loans | $ 952,499 | $ 920,523 | $ 906,514 |
Non-accrual loans | 3,116 | 2,673 | |
Accruing loans past due 90 days or more amounted | 370 | 0 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 1,335 | 1,314 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 60 | 235 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 637 | 2,337 | |
Financial Asset, Past Due [Member] | |||
Loans | 2,032 | 3,886 | |
Financial Asset, Not Past Due [Member] | |||
Loans | 950,467 | 916,637 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 50,405 | 51,840 | 51,352 |
Non-accrual loans | 39 | 1,045 | |
Accruing loans past due 90 days or more amounted | 0 | 0 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | 115 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | 20 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 39 | 1,045 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Past Due [Member] | |||
Loans | 39 | 1,180 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 50,366 | 50,660 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 340,773 | 331,421 | 317,414 |
Non-accrual loans | 546 | 530 | |
Accruing loans past due 90 days or more amounted | 368 | 0 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 1,242 | 1,033 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 58 | 60 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 534 | 207 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Past Due [Member] | |||
Loans | 1,834 | 1,300 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 338,939 | 330,121 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 433,177 | 418,456 | 417,504 |
Non-accrual loans | 67 | 13 | |
Accruing loans past due 90 days or more amounted | 0 | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 0 | 109 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 62 | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 62 | 109 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 433,115 | 418,347 | |
Commercial and Industrial Loans [Member] | |||
Loans | 117,130 | 111,225 | 112,145 |
Non-accrual loans | 2,464 | 1,085 | |
Accruing loans past due 90 days or more amounted | 0 | 0 | |
Commercial and Industrial Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 83 | 31 | |
Commercial and Industrial Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 0 | 130 | |
Commercial and Industrial Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 0 | 1,085 | |
Commercial and Industrial Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 83 | 1,246 | |
Commercial and Industrial Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | 117,047 | 109,979 | |
Consumer and Other Loans [Member] | |||
Loans | 11,014 | 7,581 | $ 8,099 |
Non-accrual loans | 0 | 0 | |
Accruing loans past due 90 days or more amounted | 2 | 0 | |
Consumer and Other Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Loans | 10 | 26 | |
Consumer and Other Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Loans | 2 | 25 | |
Consumer and Other Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Loans | 2 | 0 | |
Consumer and Other Loans [Member] | Financial Asset, Past Due [Member] | |||
Loans | 14 | 51 | |
Consumer and Other Loans [Member] | Financial Asset, Not Past Due [Member] | |||
Loans | $ 11,000 | $ 7,530 |
Note 3 - Loans - Analysis of th
Note 3 - Loans - Analysis of the Credit Risk Profile of Each Loan Class (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Loans | $ 952,499 | $ 906,514 | $ 920,523 |
Current period gross write-offs, total | 1,228 | 393 | 529 |
Pass [Member] | |||
Loans | 915,590 | ||
Special Mention [Member] | |||
Loans | 1,959 | ||
Substandard [Member] | |||
Loans | 2,974 | ||
Doubtful [Member] | |||
Loans | 0 | ||
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans, current year | 2,625 | ||
Loans, one year before | 3,311 | ||
Loans, two years before | 7,824 | ||
Loans, three years before | 2,613 | ||
Loans, four years before | 2,127 | ||
Loans, prior | 3,329 | ||
Loans, revolving | 28,576 | ||
Loans | 50,405 | 51,352 | 51,840 |
Current period gross write-offs, current year | 0 | ||
Current period gross write-offs. one year before | 0 | ||
Current period gross write-offs, two years before | 0 | ||
Current period gross write-offs, three years before | 0 | ||
Current period gross write-offs, four years before | 0 | ||
Current period gross write-offs, prior | 0 | ||
Current period gross write-offs, revolving | 0 | ||
Current period gross write-offs, total | 0 | 0 | 0 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Pass [Member] | |||
Loans, current year | 2,625 | ||
Loans, one year before | 3,311 | ||
Loans, two years before | 7,824 | ||
Loans, three years before | 2,613 | ||
Loans, four years before | 2,127 | ||
Loans, prior | 3,290 | ||
Loans, revolving | 28,576 | ||
Loans | 50,366 | 50,795 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Special Mention [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 0 | ||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Substandard [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 39 | ||
Loans, revolving | 0 | ||
Loans | 39 | 1,045 | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Doubtful [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 0 | ||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans, current year | 32,461 | ||
Loans, one year before | 78,142 | ||
Loans, two years before | 65,474 | ||
Loans, three years before | 42,454 | ||
Loans, four years before | 33,258 | ||
Loans, prior | 79,546 | ||
Loans, revolving | 9,438 | ||
Loans | 340,773 | 317,414 | 331,421 |
Current period gross write-offs, current year | 0 | ||
Current period gross write-offs. one year before | 0 | ||
Current period gross write-offs, two years before | 0 | ||
Current period gross write-offs, three years before | 0 | ||
Current period gross write-offs, four years before | 0 | ||
Current period gross write-offs, prior | 0 | ||
Current period gross write-offs, revolving | 0 | ||
Current period gross write-offs, total | 0 | 6 | 6 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Pass [Member] | |||
Loans, current year | 32,461 | ||
Loans, one year before | 78,044 | ||
Loans, two years before | 65,455 | ||
Loans, three years before | 42,454 | ||
Loans, four years before | 33,258 | ||
Loans, prior | 78,826 | ||
Loans, revolving | 9,438 | ||
Loans | 339,936 | 330,590 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Special Mention [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 0 | ||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Substandard [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 98 | ||
Loans, two years before | 19 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 720 | ||
Loans, revolving | 0 | ||
Loans | 837 | 831 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Doubtful [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 0 | ||
Loans | 0 | 0 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans, current year | 34,365 | ||
Loans, one year before | 93,010 | ||
Loans, two years before | 87,799 | ||
Loans, three years before | 42,599 | ||
Loans, four years before | 40,686 | ||
Loans, prior | 123,320 | ||
Loans, revolving | 11,398 | ||
Loans | 433,177 | 417,504 | 418,456 |
Current period gross write-offs, current year | 0 | ||
Current period gross write-offs. one year before | 0 | ||
Current period gross write-offs, two years before | 0 | ||
Current period gross write-offs, three years before | 0 | ||
Current period gross write-offs, four years before | 0 | ||
Current period gross write-offs, prior | 0 | ||
Current period gross write-offs, revolving | 0 | ||
Current period gross write-offs, total | 0 | 0 | 0 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Pass [Member] | |||
Loans, current year | 34,365 | ||
Loans, one year before | 93,010 | ||
Loans, two years before | 87,799 | ||
Loans, three years before | 42,599 | ||
Loans, four years before | 40,686 | ||
Loans, prior | 123,320 | ||
Loans, revolving | 11,331 | ||
Loans | 433,110 | 416,559 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Special Mention [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 0 | ||
Loans | 0 | 1,884 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Substandard [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 67 | ||
Loans | 67 | 13 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Doubtful [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 0 | ||
Loans | 0 | 0 | |
Commercial and Industrial Loans [Member] | |||
Loans, current year | 21,279 | ||
Loans, one year before | 33,086 | ||
Loans, two years before | 25,491 | ||
Loans, three years before | 4,473 | ||
Loans, four years before | 5,135 | ||
Loans, prior | 9,616 | ||
Loans, revolving | 18,050 | ||
Loans | 117,130 | 112,145 | 111,225 |
Current period gross write-offs, current year | 0 | ||
Current period gross write-offs. one year before | 0 | ||
Current period gross write-offs, two years before | 0 | ||
Current period gross write-offs, three years before | 624 | ||
Current period gross write-offs, four years before | 0 | ||
Current period gross write-offs, prior | 253 | ||
Current period gross write-offs, revolving | 0 | ||
Current period gross write-offs, total | 877 | 0 | 32 |
Commercial and Industrial Loans [Member] | Pass [Member] | |||
Loans, current year | 21,279 | ||
Loans, one year before | 30,216 | ||
Loans, two years before | 25,491 | ||
Loans, three years before | 4,373 | ||
Loans, four years before | 5,135 | ||
Loans, prior | 8,729 | ||
Loans, revolving | 18,050 | ||
Loans | 113,273 | 110,065 | |
Commercial and Industrial Loans [Member] | Special Mention [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 0 | ||
Loans | 0 | 75 | |
Commercial and Industrial Loans [Member] | Substandard [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 2,870 | ||
Loans, two years before | 0 | ||
Loans, three years before | 100 | ||
Loans, four years before | 0 | ||
Loans, prior | 887 | ||
Loans, revolving | 0 | ||
Loans | 3,857 | 1,085 | |
Commercial and Industrial Loans [Member] | Doubtful [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 0 | ||
Loans | 0 | 0 | |
Consumer and Other Loans [Member] | |||
Loans, current year | 2,625 | ||
Loans, one year before | 1,408 | ||
Loans, two years before | 395 | ||
Loans, three years before | 1,505 | ||
Loans, four years before | 2,222 | ||
Loans, prior | 29 | ||
Loans, revolving | 2,830 | ||
Loans | 11,014 | 8,099 | 7,581 |
Current period gross write-offs, current year | 273 | ||
Current period gross write-offs. one year before | 55 | ||
Current period gross write-offs, two years before | 3 | ||
Current period gross write-offs, three years before | 14 | ||
Current period gross write-offs, four years before | 3 | ||
Current period gross write-offs, prior | 3 | ||
Current period gross write-offs, revolving | 0 | ||
Current period gross write-offs, total | 351 | $ 387 | 491 |
Consumer and Other Loans [Member] | Pass [Member] | |||
Loans, current year | 2,625 | ||
Loans, one year before | 1,408 | ||
Loans, two years before | 395 | ||
Loans, three years before | 1,505 | ||
Loans, four years before | 2,222 | ||
Loans, prior | 29 | ||
Loans, revolving | 2,830 | ||
Loans | 11,014 | 7,581 | |
Consumer and Other Loans [Member] | Special Mention [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 0 | ||
Loans | 0 | 0 | |
Consumer and Other Loans [Member] | Substandard [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 0 | ||
Loans | 0 | 0 | |
Consumer and Other Loans [Member] | Doubtful [Member] | |||
Loans, current year | 0 | ||
Loans, one year before | 0 | ||
Loans, two years before | 0 | ||
Loans, three years before | 0 | ||
Loans, four years before | 0 | ||
Loans, prior | 0 | ||
Loans, revolving | 0 | ||
Loans | $ 0 | $ 0 |
Note 4 - Allowance for Credit_3
Note 4 - Allowance for Credit Losses (Details Textual) Pure in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2023 USD ($) | |
Financing Receivable, Modified, Accumulated | $ 101 | |||
Financing Receivable, Modifications, Number of Contracts | 0 | 0 | ||
Financing Receivable, Modified, Subsequent Default | $ 0 | $ 0 | ||
Financing Receivable, Modified, Allowance for Credit Loss | 307 | |||
Off-Balance-Sheet, Credit Loss, Liability | $ 0 | |||
Off-Balance-Sheet, Credit Loss, Liability, Credit Loss Expense (Reversal) | 8 | |||
Other Liabilities [Member] | ||||
Off-Balance-Sheet, Credit Loss, Liability | $ 189 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance-Sheet, Credit Loss, Liability | $ 153 |
Note 4 - Allowance for Credit_4
Note 4 - Allowance for Credit Losses - Allowance by Impairment Methodology and Loans by Impairment Methodology (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Balance | $ 7,446 | $ 5,710 | $ 5,710 | |
Charge-offs | (1,228) | (393) | (529) | |
Recoveries | 326 | 375 | 415 | |
Financing Receivable, Credit Loss, Expense (Reversal) | 166 | 600 | 1,850 | |
Balance | $ 8,896 | 8,896 | 6,292 | 7,446 |
Individually evaluated | 307 | 307 | 0 | 888 |
Collectively evaluated | 8,589 | 8,589 | 6,292 | 6,558 |
Loans | 952,499 | 952,499 | 906,514 | 920,523 |
Individually evaluated | 3,116 | 3,116 | 566 | 2,673 |
Collectively evaluated | 949,383 | 949,383 | 905,948 | 917,850 |
Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Credit Loss, Expense (Reversal) | 12 | |||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | 2,186 | |||
Balance | 2,186 | |||
Real Estate 1 [Member] | Construction and Land Development [Member] | ||||
Balance | 546 | 345 | 345 | |
Charge-offs | 0 | 0 | 0 | |
Recoveries | 1 | 10 | 10 | |
Financing Receivable, Credit Loss, Expense (Reversal) | 68 | 99 | 191 | |
Balance | 302 | 302 | 454 | 546 |
Individually evaluated | 0 | 0 | 0 | 0 |
Collectively evaluated | 302 | 302 | 454 | 546 |
Loans | 50,405 | 50,405 | 51,352 | 51,840 |
Individually evaluated | 39 | 39 | 0 | 1,045 |
Collectively evaluated | 50,366 | 50,366 | 51,352 | 50,795 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | (313) | |||
Balance | (313) | |||
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||||
Balance | 1,108 | 1,077 | 1,077 | |
Charge-offs | 0 | (6) | (6) | |
Recoveries | 13 | 15 | 19 | |
Financing Receivable, Credit Loss, Expense (Reversal) | (97) | (22) | 18 | |
Balance | 2,433 | 2,433 | 1,064 | 1,108 |
Individually evaluated | 0 | 0 | 0 | 0 |
Collectively evaluated | 2,433 | 2,433 | 1,064 | 1,108 |
Loans | 340,773 | 340,773 | 317,414 | 331,421 |
Individually evaluated | 546 | 546 | 549 | 530 |
Collectively evaluated | 340,227 | 340,227 | 316,865 | 330,891 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | 1,409 | |||
Balance | 1,409 | |||
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||||
Balance | 3,609 | 3,230 | 3,230 | |
Charge-offs | 0 | 0 | 0 | |
Recoveries | 13 | 12 | 15 | |
Financing Receivable, Credit Loss, Expense (Reversal) | (179) | 331 | 364 | |
Balance | 5,145 | 5,145 | 3,573 | 3,609 |
Individually evaluated | 0 | 0 | 0 | 0 |
Collectively evaluated | 5,145 | 5,145 | 3,573 | 3,609 |
Loans | 433,177 | 433,177 | 417,504 | 418,456 |
Individually evaluated | 67 | 67 | 17 | 13 |
Collectively evaluated | 433,110 | 433,110 | 417,487 | 418,443 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | 1,702 | |||
Balance | 1,702 | |||
Commercial and Industrial Loans [Member] | ||||
Balance | 1,874 | 718 | 718 | |
Charge-offs | (877) | 0 | (32) | |
Recoveries | 145 | 144 | 145 | |
Financing Receivable, Credit Loss, Expense (Reversal) | 165 | 69 | 1,043 | |
Balance | 920 | 920 | 931 | 1,874 |
Individually evaluated | 307 | 307 | 0 | 888 |
Collectively evaluated | 613 | 613 | 931 | 986 |
Loans | 117,130 | 117,130 | 112,145 | 111,225 |
Individually evaluated | 2,464 | 2,464 | 0 | 1,085 |
Collectively evaluated | 114,666 | 114,666 | 112,145 | 110,140 |
Commercial and Industrial Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | (387) | |||
Balance | (387) | |||
Consumer and Other Loans [Member] | ||||
Balance | 309 | 340 | 340 | |
Charge-offs | (351) | (387) | (491) | |
Recoveries | 154 | 194 | 226 | |
Financing Receivable, Credit Loss, Expense (Reversal) | 209 | 123 | 234 | |
Balance | 96 | 96 | 270 | 309 |
Individually evaluated | 0 | 0 | 0 | 0 |
Collectively evaluated | 96 | 96 | 270 | 309 |
Loans | 11,014 | 11,014 | 8,099 | 7,581 |
Individually evaluated | 0 | 0 | 0 | 0 |
Collectively evaluated | $ 11,014 | 11,014 | $ 8,099 | 7,581 |
Consumer and Other Loans [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Balance | $ (225) | |||
Balance | $ (225) |
Note 4 - Allowance for Credit_5
Note 4 - Allowance for Credit Losses - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Nonaccrual, No Allowance | $ 652 | |
Nonaccrual, With Allowance | 2,464 | |
Non-accrual loans | 3,116 | $ 2,673 |
Real Estate 1 [Member] | Construction and Land Development [Member] | ||
Nonaccrual, No Allowance | 39 | |
Nonaccrual, With Allowance | 0 | |
Non-accrual loans | 39 | 1,045 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||
Nonaccrual, No Allowance | 546 | |
Nonaccrual, With Allowance | 0 | |
Non-accrual loans | 546 | 530 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||
Nonaccrual, No Allowance | 67 | |
Nonaccrual, With Allowance | 0 | |
Non-accrual loans | 67 | 13 |
Commercial and Industrial Loans [Member] | ||
Nonaccrual, No Allowance | 0 | |
Nonaccrual, With Allowance | 2,464 | |
Non-accrual loans | $ 2,464 | $ 1,085 |
Note 4 - Allowance for Credit_6
Note 4 - Allowance for Credit Losses - Impaired Loans and Related Allowances (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2022 | |
Impaired loans, unpaid principal balance | $ 589 | $ 4,202 |
Impaired loans, recorded investment with no allowance | 566 | 1,588 |
Impaired loans, recorded investment with allowance | 0 | 1,085 |
Impaired loans, total recorded investment | 566 | 2,673 |
Impaired loans, related allowance | 0 | 888 |
Impaired loans, average recorded investment | 1,440 | 1,282 |
Impaired loans, interest income recognized | 11 | 126 |
Real Estate 1 [Member] | Construction and Land Development [Member] | ||
Impaired loans, unpaid principal balance | 2,412 | |
Impaired loans, recorded investment with no allowance | 1,045 | |
Impaired loans, recorded investment with allowance | 0 | |
Impaired loans, total recorded investment | 1,045 | |
Impaired loans, related allowance | 0 | |
Impaired loans, average recorded investment | 30 | |
Impaired loans, interest income recognized | 75 | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | ||
Impaired loans, unpaid principal balance | 560 | 680 |
Impaired loans, recorded investment with no allowance | 549 | 530 |
Impaired loans, recorded investment with allowance | 0 | 0 |
Impaired loans, total recorded investment | 549 | 530 |
Impaired loans, related allowance | 0 | 0 |
Impaired loans, average recorded investment | 593 | 580 |
Impaired loans, interest income recognized | 11 | 11 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | ||
Impaired loans, unpaid principal balance | 29 | 26 |
Impaired loans, recorded investment with no allowance | 17 | 13 |
Impaired loans, recorded investment with allowance | 0 | 0 |
Impaired loans, total recorded investment | 17 | 13 |
Impaired loans, related allowance | 0 | 0 |
Impaired loans, average recorded investment | 24 | 22 |
Impaired loans, interest income recognized | 0 | 0 |
Commercial and Industrial Loans [Member] | ||
Impaired loans, unpaid principal balance | 0 | 1,084 |
Impaired loans, recorded investment with no allowance | 0 | 0 |
Impaired loans, recorded investment with allowance | 0 | 1,085 |
Impaired loans, total recorded investment | 0 | 1,085 |
Impaired loans, related allowance | 0 | 888 |
Impaired loans, average recorded investment | 823 | 650 |
Impaired loans, interest income recognized | $ 0 | $ 40 |
Note 4 - Allowance for Credit_7
Note 4 - Allowance for Credit Losses- Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Loans | $ 952,499 | $ 920,523 | $ 906,514 |
Real Estate 1 [Member] | Real Estate [Member] | |||
Loans | 652 | ||
Real Estate 1 [Member] | Non Real Estate [Member] | |||
Loans | 2,464 | ||
Real Estate 1 [Member] | Collateral Pledged [Member] | |||
Loans | 3,116 | ||
Real Estate 1 [Member] | Construction and Land Development [Member] | |||
Loans | 50,405 | 51,840 | 51,352 |
Real Estate 1 [Member] | Construction and Land Development [Member] | Real Estate [Member] | |||
Loans | 39 | ||
Real Estate 1 [Member] | Construction and Land Development [Member] | Non Real Estate [Member] | |||
Loans | 0 | ||
Real Estate 1 [Member] | Construction and Land Development [Member] | Collateral Pledged [Member] | |||
Loans | 39 | ||
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | |||
Loans | 340,773 | 331,421 | 317,414 |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Real Estate [Member] | |||
Loans | 546 | ||
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Non Real Estate [Member] | |||
Loans | 0 | ||
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Collateral Pledged [Member] | |||
Loans | 546 | ||
Real Estate 1 [Member] | Other Real Estate Loans [Member] | |||
Loans | 433,177 | $ 418,456 | $ 417,504 |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Real Estate [Member] | |||
Loans | 67 | ||
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Non Real Estate [Member] | |||
Loans | 0 | ||
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Collateral Pledged [Member] | |||
Loans | 67 | ||
Real Estate 1 [Member] | Commercial and Industrial Loans [Member] | Real Estate [Member] | |||
Loans | 0 | ||
Real Estate 1 [Member] | Commercial and Industrial Loans [Member] | Non Real Estate [Member] | |||
Loans | 2,464 | ||
Real Estate 1 [Member] | Commercial and Industrial Loans [Member] | Collateral Pledged [Member] | |||
Loans | $ 2,464 |
Note 4 - Allowance for Credit_8
Note 4 - Allowance for Credit Losses - Modified Financing Receivable (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Amortized cost basis | $ 101 | |
Extended Maturity [Member] | ||
Amortized cost basis | $ 2,528 | |
to Total Financing Receivables, Percentage | 2.12% | |
Principal Forgiveness [Member] | ||
Amortized cost basis | $ 17 | |
to Total Financing Receivables, Percentage | 0.01% | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Extended Maturity [Member] | ||
Amortized cost basis | $ 0 | |
to Total Financing Receivables, Percentage | 0% | |
Real Estate 1 [Member] | Construction and Land Development [Member] | Principal Forgiveness [Member] | ||
Amortized cost basis | $ 0 | |
to Total Financing Receivables, Percentage | 0% | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Extended Maturity [Member] | ||
Amortized cost basis | $ 64 | |
to Total Financing Receivables, Percentage | 0.02% | |
term effect (Year) | 15 years | |
Real Estate 1 [Member] | Secured by Multi-family Residential Properties [Member] | Principal Forgiveness [Member] | ||
Amortized cost basis | $ 17 | |
to Total Financing Receivables, Percentage | 0.01% | |
financial effect | $ 29 | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Extended Maturity [Member] | ||
Amortized cost basis | $ 0 | |
to Total Financing Receivables, Percentage | 0% | |
Real Estate 1 [Member] | Other Real Estate Loans [Member] | Principal Forgiveness [Member] | ||
Amortized cost basis | $ 0 | |
to Total Financing Receivables, Percentage | 0% | |
Commercial and Industrial Loans [Member] | Extended Maturity [Member] | ||
Amortized cost basis | $ 2,464 | |
to Total Financing Receivables, Percentage | 2.10% | |
Commercial and Industrial Loans [Member] | Principal Forgiveness [Member] | ||
Amortized cost basis | $ 0 | |
to Total Financing Receivables, Percentage | 0% |
Note 5 - Earnings Per Common _3
Note 5 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 603 | 0 | 603 | 0 |
Note 5 - Earnings Per Common _4
Note 5 - 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 3,121 | $ 4,454 | $ 10,475 | $ 12,018 |
Weighted average shares outstanding – basic (in shares) | 6,256,663 | 6,257,040 | 6,266,707 | 6,248,847 |
Potentially dilutive common shares – restricted stock units (in shares) | 14,688 | 7,067 | 9,795 | 6,121 |
Weighted average shares outstanding – diluted (in shares) | 6,271,351 | 6,264,107 | 6,276,502 | 6,254,968 |
Basic (in dollars per share) | $ 0.5 | $ 0.71 | $ 1.67 | $ 1.92 |
Diluted (in dollars per share) | $ 0.5 | $ 0.71 | $ 1.67 | $ 1.92 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements - Balances of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Fair value, available for sale securities | $ 148,175 | $ 162,907 | $ 74,400 |
Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 148,175 | 162,907 | |
Derivatives - cash flow hedges | 3,065 | 2,679 | |
Assets, Fair Value | 151,240 | 165,586 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
Derivatives - cash flow hedges | 0 | 0 | |
Assets, Fair Value | 0 | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, available for sale securities | 148,175 | 162,907 | |
Derivatives - cash flow hedges | 3,065 | 2,679 | |
Assets, Fair Value | 151,240 | 165,586 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
Derivatives - cash flow hedges | 0 | 0 | |
Assets, Fair Value | 0 | 0 | |
US Treasury Securities [Member] | |||
Fair value, available for sale securities | 11,113 | 11,229 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 11,113 | 11,229 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, available for sale securities | 11,113 | 11,229 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
US Agency and Mortgage-backed Securities [Member] | |||
Fair value, available for sale securities | 84,294 | 96,918 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 84,294 | 96,918 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, available for sale securities | 84,294 | 96,918 | |
US Agency and Mortgage-backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | |||
Fair value, available for sale securities | 52,768 | 54,760 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value, available for sale securities | 0 | 0 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value, available for sale securities | 52,768 | 54,760 | |
Municipal Bonds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value, available for sale securities | $ 0 | $ 0 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Collateral Dependent Loans [Member] | ||
Assets, Fair Value | $ 3,116 | |
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | 0 | |
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 0 | |
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | $ 3,116 | |
Other Real Estate Owned [Member] | ||
Assets, Fair Value | $ 184 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | 0 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 0 | |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | 184 | |
Impaired Loans [Member] | ||
Assets, Fair Value | 197 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value | 0 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value | 0 | |
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value | $ 197 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Details) - Fair Value, Nonrecurring [Member] $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Collateral Dependent Loans [Member] | |||
Assets, Fair Value | $ 3,116 | ||
Other Real Estate Owned [Member] | |||
Assets, Fair Value | $ 184 | ||
Impaired Loans [Member] | |||
Assets, Fair Value | $ 197 | ||
Fair Value, Inputs, Level 3 [Member] | |||
Impaired loans, net | 197 | ||
Fair Value, Inputs, Level 3 [Member] | Measurement Input, Cost to Sell [Member] | |||
Other real estate owned | [1] | 0.10 | |
Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | |||
Assets, Fair Value | $ 3,116 | ||
Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | Measurement Input, Discount Rate [Member] | |||
Collateral dependent loans | 0.06 | ||
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | |||
Assets, Fair Value | $ 184 | ||
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | Valuation Technique, Property Appraisals [Member] | |||
Assets, Fair Value | 184 | ||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | |||
Assets, Fair Value | $ 197 | ||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | Measurement Input, Cost to Sell [Member] | |||
Impaired loans, net | 6.5 | ||
[1]Unobservable inputs were weighted by the relative fair value of the instruments. |
Note 6 - Fair Value Measureme_6
Note 6 - Fair Value Measurements - Carrying Values and Estimated Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 01, 2022 |
Fair value, available for sale securities | $ 148,175 | $ 162,907 | $ 74,400 |
Securities held to maturity, net | 150,079 | 153,158 | |
Restricted securities | 2,077 | 1,908 | |
Bank owned life insurance | 24,734 | 24,531 | |
Reported Value Measurement [Member] | |||
Cash and interest-bearing deposits in banks | 50,099 | 66,914 | |
Fair value, available for sale securities | 148,175 | 162,907 | |
Securities held to maturity, net | 149,948 | 153,158 | |
Restricted securities | 2,077 | 1,908 | |
Loans, net | 943,603 | 913,077 | |
Bank owned life insurance | 24,734 | 24,531 | |
Accrued interest receivable | 4,502 | 4,543 | |
Derivatives - cash flow hedges | 3,065 | 2,679 | |
Deposits | 1,235,173 | 1,241,332 | |
Subordinated debt | 4,997 | 4,995 | |
Junior subordinated debt | 9,279 | 9,279 | |
Accrued interest payable | 667 | 163 | |
Estimate of Fair Value Measurement [Member] | |||
Cash and interest-bearing deposits in banks | 50,099 | 66,914 | |
Fair value, available for sale securities | 148,175 | 162,907 | |
Securities held to maturity, net | 134,728 | 141,797 | |
Restricted securities | 2,077 | 1,908 | |
Loans, net | 901,921 | 880,473 | |
Bank owned life insurance | 24,734 | 24,531 | |
Accrued interest receivable | 4,502 | 4,543 | |
Derivatives - cash flow hedges | 3,065 | 2,679 | |
Deposits | 1,230,713 | 1,235,787 | |
Subordinated debt | 5,161 | 5,267 | |
Junior subordinated debt | 6,290 | 6,067 | |
Accrued interest payable | 667 | 163 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Cash and interest-bearing deposits in banks | 50,099 | 66,914 | |
Fair value, available for sale securities | 0 | 0 | |
Securities held to maturity, net | 0 | 0 | |
Restricted securities | 0 | 0 | |
Loans, net | 0 | 0 | |
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Derivatives - cash flow hedges | 0 | 0 | |
Deposits | 0 | 0 | |
Subordinated debt | 0 | 0 | |
Junior subordinated debt | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Cash and interest-bearing deposits in banks | 0 | 0 | |
Fair value, available for sale securities | 148,175 | 162,907 | |
Securities held to maturity, net | 134,728 | 141,797 | |
Restricted securities | 2,077 | 1,908 | |
Loans, net | 0 | 0 | |
Bank owned life insurance | 24,734 | 24,531 | |
Accrued interest receivable | 4,502 | 4,543 | |
Derivatives - cash flow hedges | 3,065 | 2,679 | |
Deposits | 1,104,483 | ||
Subordinated debt | 0 | 0 | |
Junior subordinated debt | 0 | 0 | |
Accrued interest payable | 667 | 163 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Cash and interest-bearing deposits in banks | 0 | 0 | |
Fair value, available for sale securities | 0 | 0 | |
Securities held to maturity, net | 0 | 0 | |
Restricted securities | 0 | 0 | |
Loans, net | 880,473 | ||
Bank owned life insurance | 0 | 0 | |
Accrued interest receivable | 0 | 0 | |
Derivatives - cash flow hedges | 0 | 0 | |
Deposits | 131,304 | ||
Subordinated debt | 5,267 | ||
Junior subordinated debt | 6,067 | ||
Accrued interest payable | $ 0 | $ 0 |
Note 7 - Stock Compensation P_3
Note 7 - Stock Compensation Plans (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | May 11, 2023 | May 10, 2023 | |
Board of Directors [Member] | ||||||||
Share-Based Payment Arrangement, Expense | $ 202 | $ 130 | $ 402 | $ 481 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-Based Payment Arrangement, Expense | 72 | $ 56 | $ 279 | $ 247 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,000 | 13,727 | 23,727 | |||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 422 | $ 422 | ||||||
Restricted Stock Units (RSUs) [Member] | Vesting Immediately [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 4,580 | |||||||
Restricted Stock Units (RSUs) [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 (in shares) | 9,147 | |||||||
Restricted Stock Units (RSUs) [Member] | Vesting in February 2025 [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 4,000 | |||||||
Restricted Stock Units (RSUs) [Member] | Vesting on a Three Year Schedule [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 6,000 | |||||||
First National Corporation 2023 Stock Incentive Plan [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 325,000 | 325,000 |
Note 7 - Stock Compensation P_4
Note 7 - Stock Compensation Plans - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2023 | |
Unvested, beginning of year (in shares) | 29,181 | 29,181 | |
Unvested, beginning of year, weighted average grant date fair value (in dollars per share) | $ 20.31 | $ 20.31 | |
Granted, shares (in shares) | 10,000 | 13,727 | 23,727 |
Granted, weighted average grant date fair value (in dollars per share) | $ 16.56 | ||
Vested, shares (in shares) | (11,401) | ||
Vested, weighted average grant date fair value (in dollars per share) | $ 19.2 | ||
Forfeited, shares (in shares) | 0 | ||
Forfeited, weighted average grant date fair value (in dollars per share) | $ 0 | ||
Unvested, end of period (in shares) | 41,507 | ||
Unvested, end of period, weighted average grant date fair value (in dollars per share) | $ 18.47 |
Note 8 - Accumulated Other Co_3
Note 8 - 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 112,860 | $ 100,315 | $ 108,360 | $ 117,039 |
Unrealized holding losses | (4,063) | 581 | (3,480) | (23,424) |
Change in fair value of cash flow hedges, net of tax | 424 | 404 | 304 | 1,409 |
Total other comprehensive (loss) | (3,316) | (5,051) | (2,204) | (28,051) |
Balance | 111,979 | 99,077 | 111,979 | 99,077 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | ||||
Balance | (23,355) | (24,450) | (24,587) | (445) |
Unrealized holding losses | (4,063) | 581 | (3,480) | (23,424) |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 323 | (6,036) | 972 | (6,036) |
Change in fair value of cash flow hedges, net of tax | 0 | 0 | 0 | 0 |
Total other comprehensive (loss) | (3,740) | (5,455) | (2,508) | (29,460) |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 323 | (6,036) | 972 | (6,036) |
Balance | (27,095) | (29,905) | (27,095) | (29,905) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Balance | 1,996 | 1,748 | 2,116 | 743 |
Unrealized holding losses | 0 | 0 | 0 | 0 |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 0 | 0 | 0 | 0 |
Change in fair value of cash flow hedges, net of tax | 424 | 404 | 304 | 1,409 |
Total other comprehensive (loss) | 424 | 404 | 304 | 1,409 |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 0 | 0 | 0 | 0 |
Balance | 2,420 | 2,152 | 2,420 | 2,152 |
AOCI Attributable to Parent [Member] | ||||
Balance | (21,359) | (22,702) | (22,471) | 298 |
Unrealized holding losses | (4,063) | 581 | (3,480) | (23,424) |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 323 | (6,036) | 972 | (6,036) |
Change in fair value of cash flow hedges, net of tax | 424 | 404 | 304 | 1,409 |
Total other comprehensive (loss) | (3,316) | (5,051) | (2,204) | (28,051) |
Amortization of unrealized holding losses on available-for-sale securities transferred to held to maturity | 323 | (6,036) | 972 | (6,036) |
Balance | $ (24,675) | $ (27,753) | $ (24,675) | $ (27,753) |
Note 8 - Accumulated Other Co_4
Note 8 - 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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Unrealized holding gains, tax | $ (1,080) | $ 155 | $ (925) | $ (6,225) |
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment, Tax | 86 | (1,605) | 258 | (1,605) |
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment, Amortization | 86 | 0 | 258 | 0 |
Change in fair value of cash flow hedges, tax | $ 113 | 106 | $ 82 | 373 |
AOCI Attributable to Parent [Member] | ||||
OCI, Debt Securities, Available-for-Sale, Transfer from Held-to-Maturity, Gain (Loss), before Adjustment, Amortization | $ (157) | $ (157) |
Note 9 - Revenue Recognition -
Note 9 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Noninterest income | $ 2,855 | $ 2,614 | $ 8,092 | $ 7,604 |
Noninterest income (out-of-scope of Topic 606) | 198 | 413 | 623 | 914 |
Total noninterest income | 3,053 | 3,027 | 8,715 | 8,518 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income | 733 | 708 | 2,062 | 2,015 |
ATM and Check Card Fees [Member] | ||||
Noninterest income | 976 | 915 | 2,624 | 2,462 |
Wealth Management Fees [Member] | ||||
Noninterest income | 811 | 739 | 2,336 | 2,302 |
Mortgage Banking [Member] | ||||
Noninterest income | 38 | 72 | 73 | 224 |
Participating Life Insurance Contract [Member] | ||||
Noninterest income | 175 | 166 | 459 | 441 |
Fees for Other Customer Services [Member] | ||||
Noninterest income | $ 122 | $ 14 | $ 538 | $ 160 |
Note 10 - Derivative Financia_3
Note 10 - Derivative Financial Instruments (Details Textual) $ in Millions | Apr. 21, 2020 USD ($) |
Interest Rate Swap [Member] | |
Derivative, Number of Instruments Held, Total | 2 |
Interest Rate Swap One [Member] | |
Derivative, Notional Amount | $ 5 |
Derivative, Fixed Interest Rate | 0.79% |
Interest Rate Swap One [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |
Derivative, Variable Interest Rate | 0.26161% |
Interest Rate Swap Two [Member] | |
Derivative, Notional Amount | $ 4 |
Derivative, Fixed Interest Rate | 0.82% |
Interest Rate Swap Two [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |
Derivative, Variable Interest Rate | 0.26161% |
Note 10 - Derivative Financia_4
Note 10 - Derivative Financial Instruments - Derivative Instruments Components (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Notional amount | $ 9,000 | $ 9,000 | |
Derivative Assets | 3,065 | 2,679 | |
Derivative liabilities | 0 | 0 | |
Interest rate swap contracts | [1] | $ 0 | $ 0 |
[1]Collateral pledged may be comprised of cash or securities. |