Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 26, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000741516 | ||
Entity Registrant Name | AMERICAN NATIONAL BANKSHARES INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 0-12820 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1284688 | ||
Entity Address, Address Line One | 628 Main Street | ||
Entity Address, City or Town | Danville | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24541 | ||
City Area Code | 434 | ||
Local Phone Number | 792-5111 | ||
Title of 12(b) Security | Common Stock, $1 par value | ||
Trading Symbol | AMNB | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 259,004,000 | ||
Entity Common Stock, Shares Outstanding | 10,965,502 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 30,767 | $ 32,505 |
Interest-bearing deposits in other banks | 343,603 | 47,077 |
Securities available for sale, at fair value | 466,091 | 379,195 |
Restricted stock, at cost | 8,715 | 8,630 |
Loans held for sale | 15,591 | 2,027 |
Loans, net of deferred fees and costs | 2,015,056 | 1,830,815 |
Less allowance for loan losses | (21,403) | (13,152) |
Net loans | 1,993,653 | 1,817,663 |
Premises and equipment, net | 39,723 | 39,848 |
Other real estate owned, net of valuation allowance | 958 | 1,308 |
Goodwill | 85,048 | 84,002 |
Core deposit intangibles, net | 6,091 | 7,728 |
Bank owned life insurance | 28,482 | 27,817 |
Other assets | 31,288 | 30,750 |
Total assets | 3,050,010 | 2,478,550 |
Liabilities: | ||
Noninterest-bearing deposits | 830,094 | 578,606 |
Interest-bearing deposits | 1,781,236 | 1,481,941 |
Total deposits | 2,611,330 | 2,060,547 |
Customer repurchase agreements | 42,551 | 40,475 |
Subordinated debt | 7,500 | 7,517 |
Junior subordinated debt | 28,130 | 28,029 |
Other liabilities | 22,605 | 21,724 |
Total liabilities | 2,712,116 | 2,158,292 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, $5 par value, 2,000,000 shares authorized, none outstanding | 0 | 0 |
Common stock, $1 par value, 20,000,000 shares authorized, 10,982,367 shares outstanding at December 31, 2020 and 11,071,540 shares outstanding at December 31, 2019 | 10,926 | 11,019 |
Capital in excess of par value | 154,850 | 158,244 |
Retained earnings | 169,681 | 151,478 |
Accumulated other comprehensive income (loss), net | 2,437 | (483) |
Total shareholders' equity | 337,894 | 320,258 |
Total liabilities and shareholders' equity | $ 3,050,010 | $ 2,478,550 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 5 | $ 5 |
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares outstanding (in shares) | 10,982,367 | 11,071,540 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and Dividend Income: | |||
Interest and fees on loans | $ 87,700,000 | $ 82,684,000 | $ 59,966,000 |
Interest and dividends on securities: | |||
Taxable | 6,764,000 | 7,682,000 | 6,106,000 |
Tax-exempt | 433,000 | 777,000 | 1,502,000 |
Dividends | 503,000 | 451,000 | 321,000 |
Other interest income | 440,000 | 1,261,000 | 873,000 |
Total interest and dividend income | 95,840,000 | 92,855,000 | 68,768,000 |
Interest Expense: | |||
Interest on deposits | 9,729,000 | 13,143,000 | 8,086,000 |
Interest on short-term borrowings | 259,000 | 650,000 | 186,000 |
Interest on subordinated debt | 489,000 | 367,000 | 0 |
Interest on junior subordinated debt | 1,543,000 | 1,554,000 | 1,402,000 |
Interest on long-term borrowings | 0 | 14,000 | 0 |
Total interest expense | 12,020,000 | 15,728,000 | 9,674,000 |
Net Interest Income | 83,820,000 | 77,127,000 | 59,094,000 |
Provision for (recovery of) loan losses | 8,916,000 | 456,000 | (103,000) |
Net Interest Income after Provision for (Recovery of) Loan Losses | 74,904,000 | 76,671,000 | 59,197,000 |
Noninterest Income: | |||
Securities gains, net | 814,000 | 607,000 | 123,000 |
Brokerage fees | 745,000 | 721,000 | 795,000 |
Income from Small Business Investment Companies | 270,000 | 211,000 | 637,000 |
Gains (losses) on premises and equipment, net | (110,000) | (427,000) | 60,000 |
Other | 1,084,000 | 1,213,000 | 922,000 |
Total noninterest income | 16,843,000 | 15,170,000 | 13,274,000 |
Noninterest Expense: | |||
Salaries and employee benefits | 29,765,000 | 30,015,000 | 24,879,000 |
Occupancy and equipment | 5,586,000 | 5,417,000 | 4,378,000 |
FDIC assessment | 639,000 | 119,000 | 537,000 |
Bank franchise tax | 1,702,000 | 1,644,000 | 1,054,000 |
Core deposit intangible amortization | 1,637,000 | 1,398,000 | 265,000 |
Data processing | 3,017,000 | 2,567,000 | 1,691,000 |
Software | 1,454,000 | 1,295,000 | 1,279,000 |
Other real estate owned, net | 60,000 | 31,000 | 122,000 |
Merger related expenses | 0 | 11,782,000 | 872,000 |
Other | 10,705,000 | 11,806,000 | 9,169,000 |
Total noninterest expense | 54,565,000 | 66,074,000 | 44,246,000 |
Income Before Income Taxes | 37,182,000 | 25,767,000 | 28,225,000 |
Income Taxes | 7,137,000 | 4,861,000 | 5,646,000 |
Net Income | $ 30,045,000 | $ 20,906,000 | $ 22,579,000 |
Net Income Per Common Share: | |||
Basic (in dollars per share) | $ 2.74 | $ 1.99 | $ 2.60 |
Diluted (in dollars per share) | $ 2.73 | $ 1.98 | $ 2.59 |
Weighted Average Common Shares Outstanding: | |||
Basic (in shares) | 10,981,623 | 10,531,572 | 8,698,014 |
Diluted (in shares) | 10,985,790 | 10,541,337 | 8,708,462 |
Fiduciary and Trust [Member] | |||
Noninterest Income: | |||
Noninterest Income | $ 4,044,000 | $ 3,847,000 | $ 3,783,000 |
Deposit Account [Member] | |||
Noninterest Income: | |||
Noninterest Income | 2,557,000 | 2,866,000 | 2,455,000 |
Financial Service, Other [Member] | |||
Noninterest Income: | |||
Noninterest Income | 3,925,000 | 3,693,000 | 2,637,000 |
Mortgage Banking [Member] | |||
Noninterest Income: | |||
Noninterest Income | $ 3,514,000 | $ 2,439,000 | $ 1,862,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 30,045 | $ 20,906 | $ 22,579 |
Unrealized gains (losses) on securities available for sale | 7,213 | 9,095 | (3,209) |
Tax effect | (1,557) | (2,005) | 745 |
Reclassification adjustment for gains on sale or call of securities | (814) | (274) | (81) |
Tax effect | 176 | 59 | 18 |
Unrealized losses on cash flow hedges | (2,210) | (1,854) | (804) |
Tax effect | 448 | 394 | 180 |
Change in unfunded pension liability | (413) | (64) | 1,291 |
Change in unfunded pension liability, tax | 77 | 1 | (249) |
Other comprehensive income (loss) | 2,920 | 5,352 | (2,109) |
Comprehensive income | $ 32,965 | $ 26,258 | $ 20,470 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2017 | $ 0 | $ 0 | $ 650 | $ (650) | $ 0 | $ 8,604 | $ 76,179 | $ 127,010 | $ (3,076) | $ 208,717 |
Net income | 0 | 0 | 22,579 | 0 | 22,579 | |||||
Other comprehensive income (loss) | 0 | 0 | 0 | (2,109) | (2,109) | |||||
Stock options exercised | 35 | 826 | 0 | 0 | 861 | |||||
Vesting of restricted stock | 13 | (13) | 0 | 0 | 0 | |||||
Equity based compensation | 16 | 1,180 | 0 | 0 | 1,196 | |||||
Cash dividends paid | 0 | 0 | (8,702) | 0 | (8,702) | |||||
Balance at Dec. 31, 2018 | 8,668 | 78,172 | 141,537 | (5,835) | 222,542 | |||||
Net income | 0 | 0 | 20,906 | 0 | 20,906 | |||||
Other comprehensive income (loss) | 0 | 0 | 0 | 5,352 | 5,352 | |||||
Stock options exercised | 37 | 651 | 0 | 0 | 688 | |||||
Vesting of restricted stock | 22 | (22) | 0 | 0 | 0 | |||||
Equity based compensation | 16 | 1,525 | 0 | 0 | 1,541 | |||||
Cash dividends paid | 0 | 0 | (10,965) | 0 | (10,965) | |||||
Issuance of common stock for acquisition (2,361,686 shares) | 2,362 | 80,108 | 0 | 0 | 82,470 | |||||
Issuance of replacement options/restricted stock | 0 | 870 | 0 | 0 | 870 | |||||
Stock repurchased | (86) | (3,060) | 0 | 0 | (3,146) | |||||
Balance at Dec. 31, 2019 | 11,019 | 158,244 | 151,478 | (483) | 320,258 | |||||
Net income | 0 | 0 | 30,045 | 0 | 30,045 | |||||
Other comprehensive income (loss) | 0 | 0 | 0 | 2,920 | 2,920 | |||||
Stock options exercised | 3 | 40 | 0 | 0 | 43 | |||||
Vesting of restricted stock | 18 | (18) | 0 | 0 | 0 | |||||
Equity based compensation | 27 | 1,424 | 0 | 0 | 1,451 | |||||
Cash dividends paid | 0 | 0 | (11,842) | 0 | (11,842) | |||||
Stock repurchased | (141) | (4,840) | 0 | 0 | (4,981) | |||||
Balance at Dec. 31, 2020 | $ 10,926 | $ 154,850 | $ 169,681 | $ 2,437 | $ 337,894 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock options exercised, shares (in shares) | 2,573 | 37,104 | 35,310 |
Vesting of restricted stock, shares (in shares) | 18,487 | 21,747 | 12,712 |
Equity based compensation, shares (in shares) | 48,780 | 38,281 | 34,480 |
Cash dividends paid, per share (in dollars per share) | $ 1.08 | $ 1.04 | $ 1 |
Issuance of common stock for acquisition, shares (in shares) | 2,361,686 | ||
Stock repurchased, shares (in shares) | 140,526 | 85,868 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flows from Operating Activities: | |||
Net income | $ 30,045,000 | $ 20,906,000 | $ 22,579,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for (recovery of) loan losses | 8,916,000 | 456,000 | (103,000) |
Depreciation | 2,188,000 | 2,064,000 | 1,775,000 |
Net accretion of acquisition accounting adjustments | (3,812,000) | (3,387,000) | (1,288,000) |
Core deposit intangible amortization | 1,637,000 | 1,398,000 | 265,000 |
Net amortization of securities | 1,186,000 | 1,100,000 | 1,617,000 |
Net gain on sale or call of securities available for sale | (814,000) | (274,000) | (81,000) |
Net change in fair value of equity securities | 0 | (333,000) | (42,000) |
Gain on sale of loans held for sale | (3,514,000) | (2,439,000) | (1,862,000) |
Proceeds from sales of loans held for sale | 155,705,000 | 103,760,000 | 80,600,000 |
Originations of loans held for sale | (165,755,000) | (102,708,000) | (77,739,000) |
Net (gain) loss on other real estate owned | (4,000) | (120,000) | 14,000 |
Valuation allowance on other real estate owned | 0 | 68,000 | 30,000 |
Net (gain) loss on sale or disposal of premises and equipment | 110,000 | 427,000 | (60,000) |
Equity based compensation expense | 1,451,000 | 1,541,000 | 1,196,000 |
Earnings on bank owned life insurance | (665,000) | (630,000) | (481,000) |
Deferred income tax expense | (640,000) | 1,068,000 | 556,000 |
Net change in other assets | 29,000 | 11,137,000 | (318,000) |
Net change in other liabilities | (2,387,000) | (1,354,000) | 844,000 |
Net cash provided by operating activities | 23,676,000 | 32,680,000 | 27,502,000 |
Cash Flows from Investing Activities: | |||
Proceeds from sales of equity securities | 0 | 445,000 | 431,000 |
Proceeds from sales of securities available for sale | 5,811,000 | 29,878,000 | 57,607,000 |
Proceeds from maturities, calls and paydowns of securities available for sale | 208,429,000 | 123,915,000 | 30,607,000 |
Purchases of securities available for sale | (295,109,000) | (155,746,000) | (106,575,000) |
Net change in restricted stock | (85,000) | (795,000) | 863,000 |
Proceeds from sales of purchased credit impaired loans | 4,939,000 | 0 | 0 |
Net increase in loans | (186,635,000) | (26,257,000) | (21,256,000) |
Proceeds from sale of premises and equipment | 1,000 | 0 | 234,000 |
Purchases of premises and equipment | (2,694,000) | (3,555,000) | (2,723,000) |
Proceeds from sales of other real estate owned | 195,000 | 1,289,000 | 911,000 |
Cash paid in bank acquisition | 0 | (27,000) | 0 |
Cash acquired in bank acquisition | 0 | 26,283,000 | 0 |
Net cash used in investing activities | (265,148,000) | (4,570,000) | (39,901,000) |
Cash Flows from Financing Activities: | |||
Net change in noninterest-bearing deposits | 251,488,000 | 23,310,000 | 41,484,000 |
Net change in interest-bearing deposits | 299,476,000 | (12,241,000) | (9,983,000) |
Net change in customer repurchase agreements | 2,076,000 | 5,232,000 | 24,517,000 |
Net change in other short-term borrowings | 0 | (14,883,000) | (24,000,000) |
Net change in long-term borrowings | 0 | (778,000) | 0 |
Common stock dividends paid | (11,842,000) | (10,965,000) | (8,702,000) |
Repurchase of common stock | (4,981,000) | (3,146,000) | 0 |
Proceeds from exercise of stock options | 43,000 | 688,000 | 861,000 |
Net cash provided by (used in) financing activities | 536,260,000 | (12,783,000) | 24,177,000 |
Net Increase in Cash and Cash Equivalents | 294,788,000 | 15,327,000 | 11,778,000 |
Cash and Cash Equivalents at Beginning of Period | 79,582,000 | 64,255,000 | 52,477,000 |
Cash and Cash Equivalents at End of Period | $ 374,370,000 | $ 79,582,000 | $ 64,255,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 – Summary of Significant Accounting Policies Nature of Operations and Consolidation The consolidated financial statements include the accounts of American National Bankshares Inc. (the "Company") and its wholly owned subsidiary, American National Bank and Trust Company (the "Bank"). The Bank offers a wide variety of retail, commercial, secondary market mortgage lending, and trust and investment services which also include non-deposit products such as mutual funds and insurance policies. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, goodwill and intangible assets, other-than-temporary impairment of securities, accounting for merger and acquisition activity, accounting for acquired loans with specific credit-related deterioration, and the valuation of deferred tax assets and liabilities. COVID- 19 first 2020 March 13, 2020, 19 March 2021, may may may may The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") included an initial first $659.0 December 21, 2020 December 27, 2020 2021 $284.4 1.00% two five second not first six 100% February 28, 2021 December 31, 2020 February 28, 2021. December 31, 2020 February 28, 2021. December 31, 2020 February 28, 2021, In April 2006, April 2006. In July 2011, two 14 All significant inter-company transactions and accounts are eliminated in consolidation, with the exception of the AMNB Trust and the MidCarolina Trusts, as detailed in Note 14. Cash and Cash Equivalents Cash includes cash on hand, cash with correspondent banks, and cash on deposit at the Federal Reserve Bank of Richmond. Cash equivalents are short-term, highly liquid investments that are readily convertible to cash with original maturities of three Interest-bearing Deposits in Other Banks Interest-bearing deposits in other banks mature within one Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as "held to maturity" and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Debt securities not The Company does not no not not two 1 2 Equity securities with readily determinable fair values that are not Due to the nature and restrictions placed on the Company's investment in common stock of the Federal Home Loan Bank of Atlanta ("FHLB") and the Federal Reserve Bank of Richmond, these securities have been classified as restricted equity securities and carried at cost. Loans Held for Sale Secondary market mortgage loans are designated as held for sale at the time of their origination. These loans are pre-sold with servicing released and the Company does not Derivative Loan Commitments The Company enters into mortgage loan commitments whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheets with net changes in their fair values recorded in other expenses. The period of time between issuance of a loan commitment and sale of the loan generally ranges from 30 to 60 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery contracts, by committing to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed the interest rate risk on the loan. As a result, the Company is not The fair value of rate lock commitments and best efforts contracts is not not Loans The Company makes mortgage, commercial, and consumer loans. A substantial portion of the loan portfolio is secured by real estate. The ability of the Company's debtors to honor their contracts is dependent upon the real estate market and general economic conditions in the Company's market area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balance adjusted for the allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on loans is generally discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Loans are typically charged off when the loan is 120 days past due, unless secured and in process of collection. Loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Interest accrued but not A loan is considered past due when a payment of principal or interest or both is due but not 30 59 60 89 90 These policies apply to all loan portfolio classes and segments. Substandard and doubtful risk graded commercial, commercial real estate, and construction loans are reviewed for impairment. All troubled debt restructurings ("TDRs"), regardless of dollar amount, are also evaluated for impairment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment and establishing a specific allowance include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Generally, large groups of smaller balance homogeneous loans (residential real estate and consumer loans) are collectively evaluated for impairment. The Company's policy for recognizing interest income on impaired loans is consistent with its nonaccrual policy. The Company's loan portfolio is organized by major segment. These include: commercial, commercial real estate, residential real estate and consumer loans. Each segment has particular risk characteristics that are specific to the borrower and the generic category of credit. Commercial loan repayments are highly dependent on cash flows associated with the underlying business and its profitability. They can also be impacted by changes in collateral values. Commercial real estate loans share the same general risk characteristics as commercial loans but are often more dependent on the value of the underlying real estate collateral and, when construction is involved, the ultimate completion of and sale of the project. Residential real estate loans are generally dependent on the value of collateral and the credit worthiness of the underlying borrower. Consumer loans are very similar in risk characteristics to residential real estate. In connection with mergers, certain loans were acquired which exhibited deteriorated credit quality since origination and for which the Company does not 310 30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality no Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics such as, credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan's or pool's contractual principal and interest over expected cash flows is not Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. Troubled Debt Restructurings In situations where, for economic or legal reasons related to a borrower's financial condition, management may not may December 31, 2020 December 31, 2019. In March 2020 April 2020), 19 may 19. six not March 27, 2020. 4013 19 19 December 31, 2019 not December 31, 2020. December 31, 2020 $30.0 second third February 28, 2021, $25.2 second three not not Allowance for Loan Losses The purpose of the allowance for loan losses ("ALLL") is to provide for probable losses inherent in the loan portfolio. The allowance is increased by the provision for loan losses and by recoveries of previously charged-off loans. Loan charge-offs decrease the allowance. The goal of the Company is to maintain an appropriate, systematic, and consistently applied process to determine the amounts of the ALLL and the provision for loan loss expense. The Company uses certain practices to manage its credit risk. These practices include ( 1 2 3 4 5 6 7 Risk grades are assigned as part of the loan origination process. From time to time risk grades may Calculation and analysis of the allowance for loan losses is prepared quarterly by the Finance Department. The Company's Credit Committee, Risk and Compliance Committee, Audit Committee, and the Board of Directors review the allowance for adequacy. The Company's allowance for loan losses has two The formula allowance uses historical loss experience as an indicator of future losses, along with various qualitative factors, including levels and trends in delinquencies, nonaccrual loans, charge-offs and recoveries, trends in volume and terms of loans, effects of changes in underwriting standards, experience of lending staff, economic conditions, and portfolio concentrations. In the formula allowance for commercial and commercial real estate loans, the historical loss rate is combined with the qualitative factors, resulting in an adjusted loss factor for each risk-grade category of loans. The period-end balances for each loan risk-grade category are multiplied by the adjusted loss factor. Allowance calculations for consumer loans are calculated based on historical losses for each product category without regard to risk grade. This loss rate is combined with qualitative factors resulting in an adjusted loss factor for each product category. The specific allowance uses various techniques to arrive at an estimate of loss for specifically identified impaired loans. These include: • The present value of expected future cash flows discounted at the loan's effective interest rate. The effective interest rate on a loan is the rate of return implicit in the loan (that is, the contractual interest rate adjusted for any net deferred loan fees or costs and any premium or discount existing at the origination or acquisition of the loan); • The loan's observable market price, or • The fair value of the collateral, net of estimated costs to dispose, if the loan is collateral dependent. The use of these computed values is inherently subjective and actual losses could be greater or less than the estimates. No The relationships and ratios used in calculating the allowance, including the qualitative factors, may not may Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment are depreciated over their estimated useful lives ranging from three thirty-nine three Costs of maintenance and repairs are charged to expense as incurred. Costs of replacing structural parts of major units are considered individually and are expensed or capitalized as the facts dictate. Gains and losses on routine dispositions are reflected in current operations. Goodwill and Intangible Assets Goodwill is subject to at least an annual assessment for impairment. Additionally, acquired intangible assets (such as core deposit intangibles) are separately recognized if the benefit of the assets can be sold, transferred, licensed, rented, or exchanged, and amortized over their useful lives. The cost of purchased deposit relationships, based on independent valuation, are being amortized over their estimated lives of ten The Company records as goodwill the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Impairment testing is performed annually, as well as when an event triggering impairment may January 1, 2020, 2017 04, first two 2, June 30 19 first 2020 March 31, 2020 June 30 September 30 December 31, 2020 no 19 December 31, 2019 2018. Trust Assets Securities and other property held by the trust and investment services segment in a fiduciary or agency capacity are not not Other Real Estate Owned ("OREO") OREO represents real estate that has been acquired through loan foreclosures or deeds received in lieu of loan payments. Generally, such properties are appraised at the time acquired and are recorded at fair value less estimated selling costs. Subsequent to foreclosure, valuations are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in noninterest expense. Bank Owned Life Insurance In connection with mergers, the Company has acquired bank owned life insurance ("BOLI"). The asset is reflected as the cash surrender value of the policies as provided by the insurer on a monthly basis. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not Income Taxes The Company uses the balance sheet method to account for deferred income tax assets and liabilities. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 no December 31, 2020 2019. Stock-Based Compensation Stock compensation accounting guidance ASC 718, Compensation - Stock Compensation The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees' service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for restricted stock awards. Earnings Per Common Share Basic earnings per common share represent income available to common shareholders divided by the average number of common shares outstanding during the period. Diluted earnings per common share reflect the impact of 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. Potential common shares that may Comprehensive Income Comprehensive income is shown in a two first second Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred, and were $453,000, $473,000, and $365,000 in 2020, 2019, 2018, Mergers and Acquisitions Business combinations are accounted for under ASC 805, Business Combinations third one Derivative Financial Instruments The Company uses derivatives primarily to manage risk associated with changing interest rates. The Company's derivative financial instruments consist of interest rate swaps that qualify as cash flow hedges of the Company's trust preferred capital notes. The Company recognizes derivative financial instruments at fair value as either an other asset or other liability in the consolidated balance sheets. The effective portion of the gain or loss on the Company's cash flow hedges is reported as a component of other comprehensive income, net of deferred income taxes, and is reclassified into earnings in the same period or periods during which the hedged transactions affect earnings. Reclassifications Certain reclassifications have been made in prior years financial statements to conform to classifications used in the current year. There were no Recently Adopted Accounting Developments In January 2017, 2017 04, 350 2017 04 first two 2, 2017 04 January 1, 2020. 2017 04 not In August 2018, 2018 13, 820 2018 13 3 may 3 820 2018 13 January 1, 2020. 2018 13 not In March 2020 April 2020), 310 40, not 19 not six 30 August 2020, 4013 March 27, 2020 December 21, 2020, first 19 not Recent Accounting Pronouncements and Other Authoritative Accounting Guidance In June 2016, 2016 13, 326 2016 13 326, 2019 04, 2019 05, 2019 10, 2019 11, 2020 02, 2020 03. not December 15, 2022. one In August 2018, 2018 14, 715 20 715 20 50 3, December 15, 2020. 2018 14 Effective November 25, 2019, 119. 119 326, 1 2 3 4 In December 2019, 2019 12, 740 740 December 15, 2020, 2019 12 In January 2020, 2020 01, 321 323 815 321, 323, 815." 2016 01 December 15, 2020, not 2020 01 In March 2020, 2020 04, 848 March 12, 2020 December 31, 2022. January 2021, 2021 01 848 848 848 may 2021 01 March 12, 2020, January 7, 2021, may 2021 01 March 12, 2020, March 12, 2020. 2020 04 On March 12, 2020, April 27, 2020. first $700 $100 $100 10 not $100 $100 not In August 2020, 2020 06, 470 20 815 40 no December 15, 2021, December 15, 2023, not 2020 06 In October 2020, 2020 08, 310 20, 310 20 35 33 December 15, 2020, not 2020 08 not 2020 08 |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2 On April 1, 2019, The transaction was accounted for using the acquisition method of accounting and, accordingly, assets acquired, liabilities assumed, and consideration exchanged were recorded at estimated fair values on the acquisition date. Fair values are preliminary and subject to refinement for up to one 350, The following table provides detail of the consideration transferred, assets acquired, and liabilities assumed as of the date of the acquisition (dollars in thousands): Consideration Paid: Common shares issued (2,361,686) $ 82,470 Issuance of replacement stock options/restricted stock 753 Cash paid in lieu of fractional shares 27 Value of consideration 83,250 Assets acquired: Cash and cash equivalents 26,283 Investment securities 34,876 Restricted stock 2,588 Loans 444,324 Premises and equipment 12,034 Deferred income taxes 2,960 Core deposit intangible 8,200 Other real estate owned 1,188 Banked owned life insurance 8,246 Other assets 14,244 Total assets 554,943 Liabilities assumed: Deposits 483,626 Short-term FHLB advances 14,883 Long-term FHLB advances 778 Subordinated debt 7,530 Other liabilities 6,052 Total liabilities 512,869 Net assets acquired 42,074 Goodwill resulting from merger with HomeTown $ 41,176 The following table details the changes in fair value of net assets acquired and liabilities assumed from the amounts reported in the Form 10 December 31, 2019 ( Goodwill at December 31, 2019 $ 40,130 Effect of adjustments to: Premises and equipment 520 Other real estate owned 254 Other liabilities 272 Goodwill at December 31, 2020 $ 41,176 The increase in goodwill made during the first 2020 first 2020, The acquired loans were recorded at fair value at the acquisition date without carryover of HomeTown's previously established allowance for loan losses. The fair value of the loans was determined using market participant assumptions in estimating the amount and timing of both principal and interest cash flows expected to be collected on the loans and leases and then applying a market-based discount rate to those cash flows. In this regard, the acquired loans were segregated into pools based on loan type and credit risk. Loan type was determined based on collateral type, purpose, and lien position. Credit risk characteristics included risk rating groups (pass rated loans and adversely classified loans), and past due status. For valuation purposes, these pools were further disaggregated by maturity, pricing characteristics (e.g., fixed-rate, adjustable-rate) and re-payment structure (e.g., interest only, fully amortizing, balloon). Fair values determined at the acquisition date were preliminary and subject to refinement during the one The acquired loans were divided into loans with evidence of credit quality deterioration, which are accounted for under ASC 310 30, not 310 20, The following table presents the purchased credit impaired loans receivable at the acquisition date (dollars in thousands): Contractually required principal and interest at acquisition $ 45,551 Contractual cash flows not expected to be collected (nonaccretable difference) 8,296 Expected cash flows at acquisition 37,255 Interest component of expected cash flows (accretable yield) 4,410 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 32,845 Direct costs related to the HomeTown acquisition were expensed as incurred. There were no merger related expenses during 2020 2019 2018. The following table presents unaudited pro forma information as if the acquisition of HomeTown had occurred on January 1, 2018 not January 1, 2018. no not January 1, 2018. 2018 2019 2018. Pro forma Year Ended December 31, 2019 2018 Total revenues (1) $ 95,178 $ 98,232 Net income $ 29,841 $ 27,974 Earnings per share $ 2.70 $ 2.52 __________________________ ( 1 |
Note 3 - Restrictions on Cash
Note 3 - Restrictions on Cash | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 3 The Company is a member of the Federal Reserve System and is required to maintain certain levels of its cash and cash equivalents as reserves based on regulatory requirements. The gross reserve requirement with the Federal Reserve Bank of Richmond was zero December 31, 2020 2019, zero December 31, 2020 December 31, 2019, The Company maintains cash accounts in other commercial banks. The amount on deposit with correspondent institutions at December 31, 2020 $2,610,000 |
Note 4 - Securities
Note 4 - Securities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Note 4 The amortized cost and estimated fair value of investments in securities at December 31, 2020 2019 December 31, 2020 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Securities available for sale: U.S. Treasury $ 34,997 $ 1 $ — $ 34,998 Federal agencies and GSEs 104,092 1,976 45 106,023 Mortgage-backed and CMOs 246,770 6,117 105 252,782 State and municipal 57,122 1,979 2 59,099 Corporate 13,011 188 10 13,189 Total securities available for sale $ 455,992 $ 10,261 $ 162 $ 466,091 The Company adopted ASU 2016 01 January 1, 2018 no December 31, 2020 December 31, 2019 2019. December 31, 2019, (Dollars in thousands) December 31, 2019 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Securities available for sale: U.S. Treasury $ 14,992 $ — $ 5 $ 14,987 Federal agencies and GSEs 126,829 1,504 219 128,114 Mortgage-backed and CMOs 182,732 1,901 393 184,240 State and municipal 41,427 769 42 42,154 Corporate 9,514 186 — 9,700 Total securities available for sale $ 375,494 $ 4,360 $ 659 $ 379,195 The amortized cost and estimated fair value of investments in debt securities at December 31, 2020, may Available for Sale Amortized Cost Fair Value Due in one year or less $ 38,081 $ 38,120 Due after one year through five years 96,905 98,651 Due after five years through ten years 52,624 54,465 Due after ten years 21,612 22,073 Mortgage-backed and CMOs 246,770 252,782 $ 455,992 $ 466,091 Gross realized gains and losses on, and the proceeds from the sale of, securities available for sale were as follows (dollars in thousands): For the Year Ended December 31, 2020 2019 2018 Gross realized gains $ 814 $ 328 $ 342 Gross realized losses — (54 ) (261 ) Proceeds from sales of securities 5,811 29,878 57,607 Securities with a carrying value of approximately $189,791,000 and $179,852,000 at December 31, 2020 2019, December 31, 2020 December 31, 2019. Temporarily Impaired Securities The following table shows estimated fair value and gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020. twelve Available for sale securities that have been in a continuous unrealized loss position are as follows (dollars in thousands): Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Federal agencies and GSEs $ 21,237 $ 45 $ 19,974 $ 26 $ 1,263 $ 19 Mortgage-backed and CMOs 46,640 105 46,640 105 — — State and municipal 3,456 2 3,456 2 — — Corporate 5,990 10 5,990 10 — — Total $ 77,323 $ 162 $ 76,060 $ 143 $ 1,263 $ 19 Federal agencies and GSEs: The unrealized losses on the Company's investment in 14 government sponsored entities ("GSEs") were caused by normal market fluctuations. Eleven of these securities were in an unrealized loss position for 12 not not not not may not December 31, 2020. Mortgage-backed securities: The unrealized losses on the Company's investment in six None 12 not not not not not may not December 31, 2020. Collateralized Mortgage Obligations: The unrealized losses associated with five None 12 not not not not not may not December 31, 2020. State and municipal securities : The unrealized losses on two not not not not may not December 31, 2020. Corporate securities two not not not not not not may not December 31, 2020. Due to restrictions placed upon the Bank's common stock investment in the Federal Reserve Bank of Richmond and FHLB, these securities have been classified as restricted equity securities and carried at cost. These restricted securities are not December 31, 2020 2019, December 31, 2020 2019, The table below shows gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities had been in a continuous unrealized loss position, at December 31, 2019 Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Treasury $ 14,987 $ 5 $ 14,987 $ 5 $ — $ — Federal agencies and GSEs 69,095 219 31,779 44 37,316 175 Mortgage-backed and CMOs 89,391 393 66,324 266 23,067 127 State and municipal 4,262 42 3,108 37 1,154 5 Total $ 177,735 $ 659 $ 116,198 $ 352 $ 61,537 $ 307 Other-Than-Temporary-Impaired Securities As of December 31, 2020 2019, no |
Note 5 - Loans
Note 5 - Loans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 5 Loans, excluding loans held for sale, at December 31, 2020 2019 December 31, 2020 2019 Commercial $ 491,256 $ 339,077 Commercial real estate: Construction and land development 140,071 137,920 Commercial real estate - owner occupied 373,680 360,991 Commercial real estate - non-owner occupied 627,569 538,208 Residential real estate: Residential 269,137 324,315 Home equity 104,881 119,423 Consumer 8,462 10,881 Total loans, net of deferred fees and costs $ 2,015,056 $ 1,830,815 Net deferred loan (fees) costs included in the above loan categories are $(3,021,000) for 2020 2019. December 31, 2020 Overdraft deposits were reclassified to consumer loans in the amount of $59,000 and $134,000 for 2020 2019, Acquired Loans The outstanding principal balance and the carrying amount of these loans, including ASC 310 30 December 31, 2020 2019 2020 2019 Outstanding principal balance $ 251,730 $ 393,618 Carrying amount 241,008 377,130 The outstanding principal balance and related carrying amount of purchased credit impaired loans, for which the Company applies ASC 310 30 December 31, 2020 2019 2020 2019 Outstanding principal balance $ 37,417 $ 53,600 Carrying amount 30,201 43,028 The following table presents changes in the accretable yield on purchased credit impaired loans, for which the Company applies ASC 310 30, December 31, 2020, 2019, 2018 2020 2019 2018 Balance at January 1 $ 7,893 $ 4,633 $ 4,890 Additions from merger with HomeTown — 4,410 — Accretion (3,553 ) (3,304 ) (2,362 ) Reclassification from nonaccretable difference 2,233 736 956 Other changes, net (1) (60 ) 1,418 1,149 Balance at December 31 $ 6,513 $ 7,893 $ 4,633 __________________________ ( 1 Past Due Loans The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2020 90 Days + Past Due Non- Total 30- 59 Days 60-89 Days and Still Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans Commercial $ 153 $ 9 $ — $ 100 $ 262 $ 490,994 $ 491,256 Commercial real estate: Construction and land development 168 — — 5 173 139,898 140,071 Commercial real estate - owner occupied 62 — 209 304 575 373,105 373,680 Commercial real estate - non-owner occupied — — — 1,158 1,158 626,411 627,569 Residential: Residential 711 211 53 792 1,767 267,370 269,137 Home equity — — — 69 69 104,812 104,881 Consumer 49 14 — 6 69 8,393 8,462 Total $ 1,143 $ 234 $ 262 $ 2,434 $ 4,073 $ 2,010,983 $ 2,015,056 The following table shows an analysis by portfolio segment of the Company's past due loans at December 31, 2019 90 Days + Past Due Non- Total 30- 59 Days 60-89 Days and Still Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans Commercial $ 325 $ 163 $ 52 $ 857 $ 1,397 $ 337,680 $ 339,077 Commercial real estate: Construction and land development 58 — — 11 69 137,851 137,920 Commercial real estate - owner occupied 217 434 — 274 925 360,066 360,991 Commercial real estate - non-owner occupied — — — — — 538,208 538,208 Residential: Residential 639 260 282 685 1,866 322,449 324,315 Home equity 49 90 27 113 279 119,144 119,423 Consumer 73 13 — 4 90 10,791 10,881 Total $ 1,361 $ 960 $ 361 $ 1,944 $ 4,626 $ 1,826,189 $ 1,830,815 Impaired Loans The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at December 31, 2020 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Commercial $ 18 $ 18 $ — $ 23 $ 6 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 286 283 — 357 27 Commercial real estate - non-owner occupied 1,148 1,147 — 766 75 Residential: Residential 1,096 1,103 — 912 62 Home equity 6 6 — 31 3 Consumer — — — — — $ 2,554 $ 2,557 $ — $ 2,089 $ 173 With a related allowance recorded: Commercial $ 39 $ 33 $ 29 $ 382 $ 15 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied — — — — — Commercial real estate - non-owner occupied 122 122 — 180 15 Residential Residential 137 137 1 256 9 Home equity — — — — — Consumer — — — — — $ 298 $ 292 $ 30 $ 818 $ 39 Total: Commercial $ 57 $ 51 $ 29 $ 405 $ 21 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 286 283 — 357 27 Commercial real estate - non-owner occupied 1,270 1,269 — 946 90 Residential: Residential 1,233 1,240 1 1,168 71 Home equity 6 6 — 31 3 Consumer — — — — — $ 2,852 $ 2,849 $ 30 $ 2,907 $ 212 In the table above, recorded investment may The following table presents the Company's impaired loan balances by portfolio segment, excluding acquired impaired loans, at December 31, 2019 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Commercial $ 49 $ 49 $ — $ 16 $ 5 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 343 341 — 250 26 Commercial real estate - non-owner occupied 159 159 — 174 13 Residential: Residential 611 612 — 652 38 Home equity 41 41 — 45 6 Consumer — — — — — $ 1,203 $ 1,202 $ — $ 1,137 $ 88 With a related allowance recorded: Commercial $ 735 $ 730 $ 204 $ 191 $ 41 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied — — — — — Commercial real estate - non-owner occupied — — — — — Residential: Residential 254 254 26 225 16 Home equity — — — — — Consumer — — — — — $ 989 $ 984 $ 230 $ 416 $ 57 Total: Commercial $ 784 $ 779 $ 204 $ 207 $ 46 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 343 341 — 250 26 Commercial real estate - non-owner occupied 159 159 — 174 13 Residential: Residential 865 866 26 877 54 Home equity 41 41 — 45 6 Consumer — — — — — $ 2,192 $ 2,186 $ 230 $ 1,553 $ 145 In the table above, recorded investment may The following table shows the detail of loans modified as TDRs during the year ended December 31, 2020, 2019, 2018, Loans Modified as TDRs for the Year Ended December 31, 2020 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial 1 $ 106 $ 106 Commercial real estate - owner occupied — — — Commercial real estate - non-owner occupied 2 1,311 1,311 Residential real estate 1 82 82 Home equity 1 6 6 Consumer — — — Total 5 $ 1,505 $ 1,505 Loans Modified as TDRs for the Year Ended December 31, 2019 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial — $ — $ — Commercial real estate - owner occupied — — — Commercial real estate - non-owner occupied Residential real estate 1 207 207 Home equity — — — Consumer — — — Total 1 $ 207 $ 207 Loans Modified as TDRs for the Year Ended December 31, 2018 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial — $ — $ — Commercial real estate - owner occupied — — — Commercial real estate - non-owner occupied — — — Residential real estate 1 11 11 Home equity — — — Consumer — — — Total 1 $ 11 $ 11 All loans modified as TDRs during the years ended December 31, 2020, 2019, 2018 2020 one 2020 $138,000; no no 2020. December 31, 2020, 2019 no 2018. During the year ended December 31, 2020, one 12 December 31, 2019 2018, no twelve one 90 In March 2020 April 2020), 19 may 19. six not March 27, 2020. 4013 19 19 December 31, 2019 not December 31, 2020. December 31, 2020 second third February 28, 2021, second three not not The CARES Act included an initial first $659.0 December 21, 2020 December 27, 2020 $284.4 1.00% two five second not first six 100% 2,700 February 28, 2021 $340.9 December 31, 2020 February 28, 2021. December 31, 2020 February 28, 2021. December 31, 2020 February 28, 2021, not The loan portfolio consists primarily of commercial and residential real estate loans, commercial loans to small and medium-sized businesses, construction and land development loans, and home equity loans. At December 31, 2020, The Company had $387,000 and $161,000 in residential real estate loans in the process of foreclosure at December 31, 2020 December 31, 2019, December 31, 2020 December 31, 2019. Risk Ratings The following tables show the Company's loan portfolio broken down by internal risk grading as of December 31, 2020 Commercial and Consumer Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Home Equity Pass $ 479,416 $ 131,770 $ 350,376 $ 612,688 $ 262,677 $ 104,608 Special Mention 10,956 2,505 14,621 9,196 3,665 — Substandard 865 5,796 8,474 5,563 2,795 273 Doubtful 19 — 209 122 — — Total $ 491,256 $ 140,071 $ 373,680 $ 627,569 $ 269,137 $ 104,881 Consumer Credit Exposure Credit Risk Profile Based on Payment Activity Consumer Performing $ 8,456 Nonperforming 6 Total $ 8,462 Loans classified in the Pass category typically are fundamentally sound, and risk factors are reasonable and acceptable. Loans classified in the Special Mention category typically have been criticized internally, by loan review or the loan officer, or by external regulators under the current credit policy regarding risk grades. Loans classified in the Substandard category typically have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt; they are typically characterized by the possibility that the Bank will sustain some loss if the deficiencies are not Loans classified in the Doubtful category typically have all the weaknesses inherent in loans classified as substandard, plus the added characteristic the weaknesses make collection or liquidation in full on the basis of currently existing facts, conditions, and values highly questionable and improbable. However, these loans are not may may Consumer loans are classified as performing or nonperforming. A loan is nonperforming when payments of interest and principal are past due 90 The following tables show the Company's loan portfolio broken down by internal risk grading as of December 31, 2019 Commercial and Consumer Credit Exposure Credit Risk Profile by Internally Assigned Grade Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Home Equity Pass $ 328,488 $ 130,694 $ 340,696 $ 519,919 $ 316,454 $ 118,960 Special Mention 8,710 4,133 13,094 9,023 4,370 — Substandard 1,144 3,093 7,200 9,267 3,491 463 Doubtful 735 — — — — — Total $ 339,077 $ 137,920 $ 360,990 $ 538,209 $ 324,315 $ 119,423 Consumer Credit Exposure Credit Risk Profile Based on Payment Activity Consumer Performing $ 10,877 Nonperforming 4 Total $ 10,881 |
Note 6 - Allowance for Loan Los
Note 6 - Allowance for Loan Losses and Reserve for Unfunded Lending Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Allowance for Credit Losses [Text Block] | Note 6 Changes in the allowance for loan losses and the reserve for unfunded lending commitments (included in other liabilities) for each of the years in the three December 31, 2020, Year Ended December 31, 2020 2019 2018 Allowance for Loan Losses Balance, beginning of year $ 13,152 $ 12,805 $ 13,603 Provision for (recovery of) loan losses 8,916 456 (103 ) Charge-offs (1,006 ) (333 ) (1,020 ) Recoveries 341 224 325 Balance, end of year $ 21,403 $ 13,152 $ 12,805 Year Ended December 31, 2020 2019 2018 Reserve for Unfunded Lending Commitments Balance, beginning of year $ 329 $ 217 $ 206 Provision for (recovery of) unfunded commitments (25 ) 112 11 Charge-offs — — — Balance, end of year $ 304 $ 329 $ 217 The reserve for unfunded loan commitments is included in other liabilities, and the provision for unfunded commitments is included in noninterest expense. The following table presents the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment for the year ended December 31, 2020 Commercial (1) Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2019 $ 2,657 $ 1,161 $ 2,474 $ 3,781 $ 3,023 $ 56 $ 13,152 Charge-offs (505 ) — (17 ) (165 ) (117 ) (202 ) (1,006 ) Recoveries 65 2 12 50 85 127 341 Provision 1,156 764 1,871 3,960 1,076 89 8,916 Balance at December 31, 2020 $ 3,373 $ 1,927 $ 4,340 $ 7,626 $ 4,067 $ 70 $ 21,403 Balance at December 31, 2020: Allowance for Loan Losses Individually evaluated for impairment $ 29 $ — $ — $ — $ 1 $ — $ 30 Collectively evaluated for impairment 3,318 1,927 4,138 7,185 3,896 70 20,534 Purchased credit impaired loans 26 — 202 441 170 — 839 Total $ 3,373 $ 1,927 $ 4,340 $ 7,626 $ 4,067 $ 70 $ 21,403 Loans Individually evaluated for impairment $ 57 $ — $ 286 $ 1,270 $ 1,239 $ — $ 2,852 Collectively evaluated for impairment 490,736 139,833 360,579 616,498 365,967 8,390 1,982,003 Purchased credit impaired loans 463 238 12,815 9,801 6,812 72 30,201 Total $ 491,256 $ 140,071 $ 373,680 $ 627,569 $ 374,018 $ 8,462 $ 2,015,056 __________________________ ( 1 The following table presents the Company's allowance for loan losses by portfolio segment and the related loan balance total by segment for the year ended December 31, 2019 Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2018 $ 2,537 $ 1,059 $ 2,420 $ 3,767 $ 2,977 $ 45 $ 12,805 Charge-offs (12 ) — (6 ) — (70 ) (245 ) (333 ) Recoveries 13 — 9 — 58 144 224 Provision 119 102 51 14 58 112 456 Balance at December 31, 2019 $ 2,657 $ 1,161 $ 2,474 $ 3,781 $ 3,023 $ 56 $ 13,152 Balance at December 31, 2019: Allowance for Loan Losses Individually evaluated for impairment $ 204 $ — $ — $ — $ 26 $ — $ 230 Collectively evaluated for impairment 2,448 1,161 2,444 3,781 2,794 56 12,684 Purchased credit impaired loans 5 — 30 — 203 — 238 Total $ 2,657 $ 1,161 $ 2,474 $ 3,781 $ 3,023 $ 56 $ 13,152 Loans Individually evaluated for impairment $ 784 $ — $ — $ 502 $ 906 $ — $ 2,192 Collectively evaluated for impairment 337,312 137,522 346,233 520,541 433,121 10,866 1,785,595 Purchased credit impaired loans 981 398 14,758 17,165 9,711 15 43,028 Total $ 339,077 $ 137,920 $ 360,991 $ 538,208 $ 443,738 $ 10,881 $ 1,830,815 The allowance for loan losses is allocated to loan segments based upon historical loss factors, risk grades on individual loans, portfolio analysis of smaller balance, homogenous loans, and qualitative factors. Qualitative factors include trends in delinquencies, nonaccrual loans, and loss rates; trends in volume and terms of loans, effects of changes in risk selection, underwriting standards, and lending policies; experience of lending officers, other lending staff and loan review; national, regional, and local economic trends and conditions; legal, regulatory and collateral factors; and concentrations of credit. The provision for loan losses for the 2020 19 The effects of the pandemic may |
Note 7 - Premises and Equipment
Note 7 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7 Major classifications of premises and equipment at December 31, 2020 2019 December 31, 2020 2019 Land $ 10,267 $ 10,421 Buildings 36,173 36,247 Leasehold improvements 1,160 1,469 Furniture and equipment 19,424 17,695 67,024 65,832 Accumulated depreciation (27,301 ) (25,984 ) Premises and equipment, net $ 39,723 $ 39,848 Depreciation expense for the years ended December 31, 2020, 2019, 2018 |
Note 8 - Goodwill and Other Int
Note 8 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8 The Company records as goodwill the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Impairment testing is performed annually, as well as when an event triggering impairment may January 1, 2020, 2017 04, first two 2, June 30 19 first 2020 March 31, 2020 June 30 September 30 December 31, 2020 no 19 No December 31, 2019 2018. Core deposit intangibles resulting from the MidCarolina acquisition in July 2011 June 30, 2020. January 2015 April 2019 The changes in the carrying amount of goodwill and intangibles for the twelve December 31, 2020, Goodwill Intangibles Balance at December 31, 2019 $ 84,002 $ 7,728 Measurement period adjustments 1,046 — Amortization — (1,637 ) Balance at December 31, 2020 $ 85,048 $ 6,091 Goodwill and intangible assets at December 31, 2020 2019 Gross Carrying Accumulated Net Carrying Value Amortization Value December 31, 2020 Core deposit intangibles $ 19,708 $ (13,617 ) $ 6,091 Goodwill 85,048 — 85,048 December 31, 2019 Core deposit intangibles $ 19,708 $ (11,980 ) $ 7,728 Goodwill 84,002 — 84,002 Amortization expense of core deposit intangibles for the years ended December 31, 2020, 2019, 2018 December 31, 2020, Year Amount 2021 $ 1,464 2022 1,260 2023 1,069 2024 800 2025 617 2026 and after 881 Total $ 6,091 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | Note 9 On January 1, 2019, No. 2016 02 842 842. 2018 11 not 842. not not not 2019, Lease liabilities represent the Company's obligation to make lease payments and are presented at each reporting date as the net present value of the remaining contractual cash flows. Cash flows are discounted at the Company's incremental borrowing rate in effect at the commencement date of the lease. Right-of-use assets represent the Company's right to use the underlying asset for the lease term and are calculated as the sum of the lease liability and if applicable, prepaid rent, initial direct costs and any incentives received from the lessor. The Company's long-term lease agreements are classified as operating leases. Certain of these leases offer the option to extend the lease term, and the Company has included such extensions in its calculation of the lease liabilities to the extent the options are reasonably certain of being exercised. The lease agreements do not no The following tables present information about the Company's leases as of and for the years ended December 31, 2020 December 31, 2019 ( December 31, 2020 December 31, 2019 Lease liabilities $ 4,940 $ 5,369 Right-of-use assets $ 4,878 $ 5,340 Weighted average remaining lease term (in years) 7.33 8.17 Weighted average discount rate 3.03 % 3.21 % Year Ended December 31, 2020 Year Ended December 31, 2019 Lease cost Operating lease cost $ 993 $ 1,040 Short-term lease cost 3 3 Total lease cost $ 996 $ 1,043 Cash paid for amounts included in the measurement of lease liabilities $ 959 $ 1,013 A maturity analysis of operating lease liabilities and reconciliation of the undiscounted cash flows to the total of operating lease liabilities is as follows (dollars in thousands): Lease payments due As of December 31, 2020 2021 $ 1,048 2022 1,044 2023 945 2024 516 2025 473 2026 and after 1,549 Total undiscounted cash flows $ 5,575 Discount (635 ) Lease liabilities $ 4,940 Lease expense, a component of occupancy and equipment expense, for the years ended December 31, 2020, 2019, 2018 |
Note 10 - Deposits
Note 10 - Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | Note 10 The aggregate amount of time deposits in denominations of $250,000 December 31, 2020 2019 At December 31, 2020, Year Amount 2021 $ 271,868 2022 58,544 2023 31,486 2024 15,596 2025 13,898 2026 and after 5,034 Total $ 396,426 There were no December 31, 2020 December 31, 2019. December 31, 2020 December 31, 2019. |
Note 11 - Short-term Borrowings
Note 11 - Short-term Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | Note 11 Short-term borrowings consist of customer repurchase agreements, overnight borrowings from the FHLB, and federal funds purchased. The Company has federal funds lines of credit established with correspondent banks in the amount of $60,000,000 and has access to the Federal Reserve Bank of Richmond's discount window. Customer repurchase agreements are collateralized by securities of the U.S. Government, its agencies or GSEs. They mature daily. The interest rates are generally fixed but may may December 31, 2020 2019 December 31, 2020 December 31, 2019 Amount Weighted Average Rate Amount Weighted Average Rate Customer repurchase agreements $ 42,551 0.13 % $ 40,475 1.40 % |
Note 12 - Long-term Borrowings
Note 12 - Long-term Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 12 Under the terms of its collateral agreement with the FHLB, the Company provides a blanket lien covering all of its residential first second December 31, 2020, $897,979 ,000 There were no December 31, 2020 2019. In the regular course of conducting its business, the Company takes deposits from political subdivisions of the states of Virginia and North Carolina. At December 31, 2020, 326,774, 000. December 31, 2020, 245, 000,000 136,213, 000 |
Note 13 - Subordinated Debt
Note 13 - Subordinated Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | Note 13 On April 1, 2019, December 30, 2025 December 30, 2020. June 30 December 30 March 30, June 30, September 30, December 30 The indebtedness evidenced by the notes, including principal and interest, is unsecured and subordinate and junior in right of the Company's payments to general and secured creditors and depositors of the Bank. The notes are redeemable, without penalty, on or after December 30, 2020 not The carrying value of the subordinated debt included a fair value adjustment of $17,000 at December 31, 2019. April 1, 2019, December 30, 2020. |
Note 14 - Junior Subordinated D
Note 14 - Junior Subordinated Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Trust Preferred Capital Notes [Text Block] | Note 14 On April 7, 2006, June 30, 2036, may September 30, 2011. September 30, 2011, three may On July 1, 2011, 1 not In accordance with ASC 810 10 15 14, Consolidation - Overall - Scope and Scope Exceptions not A description of the junior subordinated debt securities outstanding payable to the trusts is shown below (dollars in thousands): Principal Amount As of December 31, Issuing Entity Date Issued Interest Rate Maturity Date 2020 2019 AMNB Trust I 4/7/2006 Libor plus 1.35% 6/30/2036 $ 20,619 $ 20,619 MidCarolina Trust I 10/29/2002 Libor plus 3.45% 11/7/2032 4,489 4,433 MidCarolina Trust II 12/3/2003 Libor plus 2.95% 10/7/2033 3,022 2,977 $ 28,130 $ 28,029 The principal amounts reflected above for the MidCarolina Trusts are net of fair value adjustments of $666,000 and $587,000 at December 31, 2020 December 31, 2019, July 1, 2011, |
Note 15 - Derivative Financial
Note 15 - Derivative Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 15 The Company uses derivative financial instruments ("derivatives") primarily to manage risks associated with changing interest rates. The Company's derivatives are hedging instruments in a qualifying hedge accounting relationship (cash flow or fair value hedge). The Company designates derivatives as cash flow hedges when they are used to manage exposure to variability in cash flows on variable rate borrowings such as the Company's Trust Preferred Capital Notes. The Company uses interest rate swap agreements as part of its hedging strategy by exchanging variable-rate interest payments on a notional amount equal to the principal amount of the borrowings for fixed-rate interest payments, with such interest rates set based on benchmarked interest rates. 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 Terms and conditions of the interest rate swaps vary and amounts receivable or payable are recognized as accrued under the terms of the agreements. The Company assesses the effectiveness of each hedging relationship on a periodic basis. In accordance with ASC 815, Derivatives and Hedging (Dollars in thousands) December 31, 2020 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 $ 3 $ — $ 4,868 $ 5,750 (Dollars in thousands) December 31, 2019 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 $ 3 $ — $ 2,658 $ 3,450 In addition, the Company has commitments to fund certain mortgage loans (interest rate lock commitments) to be sold into the secondary market and forward commitments for the future delivery of mortgage loans to third not |
Note 16 - Stock-based Compensat
Note 16 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 16 The Company's 2018 "2018 February 20, 2018 May 15, 2018 2018 2018 2018 2018 2008 February 2018. Stock Options Accounting guidance requires that compensation cost relating to share-based payment transactions be recognized in the financial statements with measurement based upon the fair value of the equity or liability instruments issued. A summary of stock option transactions for the year ended December 31, 2020 Weighted Weighted Average Aggregate Average Remaining Intrinsic Option Exercise Contractual Term Value Shares Price (In Years) ($000) Outstanding at December 31, 2019 13,944 $ 16.63 Granted — — Exercised (2,573 ) 16.63 Forfeited (830 ) 16.63 Expired — — Outstanding at December 31, 2020 10,541 $ 16.63 3.97 $ 101 Exercisable at December 31, 2020 10,541 $ 16.63 3.97 $ 101 The aggregate intrinsic value of stock options in the table above represents the total pre-tax intrinsic value (the amount by which the current fair value of the underlying stock exceeds the exercise price of the option) that would have been received by the option holders had all option holders exercised their options on December 31, 2020. The total proceeds of the in-the-money options exercised during the years ended December 31, 2020, 2019, 2018 December 31, 2020, 2019, 2018 In connection with the HomeTown acquisition, there was $147,000 in recognized stock compensation expense attributable to outstanding stock options in the year ended December 31, 2019. 2020 2018. December 31, 2020, 2019, 2018, The following table summarizes information related to stock options outstanding on December 31, 2020: Options Outstanding and Exercisable Weighted-Average Number of Remaining Range of Outstanding Contractual Life Weighted-Average Exercise Prices Options (In Years) Exercise Price $15.00 to $20.00 10,541 3.97 $ 16.63 No stock options were granted in 2020, 2019 2018. Restricted Stock The Company from time-to-time grants shares of restricted stock to key employees and non-employee directors. These awards help align the interests of these employees and directors with the interests of the shareholders of the Company by providing economic value directly related to increases in the value of the Company's common stock. The value of the stock awarded is established as the fair market value of the stock at the time of the grant. The Company recognizes expense, equal to the total value of such awards, ratably over the vesting period of the stock grants. Restricted stock granted in 2020 December 31, 2020 Weighted Average Grant Shares Date Value Per Share Nonvested at December 31, 2019 57,271 $ 34.84 Granted 26,010 34.42 Vested (19,526 ) 34.50 Forfeited (5,216 ) 34.29 Nonvested at December 31, 2020 58,539 34.81 As of December 31, 2020, 2019, 2018, 2018 2020, 2019, 2018, 2019 Starting in 2010, 2020, 2019, 2020, 2019 2018, |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 17 The Company files income tax returns in the U.S. federal jurisdiction and the states of Virginia and North Carolina. With few exceptions, the Company is no 2017. The components of the Company's net deferred tax assets were as follows (dollars in thousands): December 31, 2020 2019 Deferred tax assets: Allowance for loan losses $ 4,636 $ 2,841 Nonaccrual loan interest 507 490 Other real estate owned valuation allowance 124 120 Deferred compensation 159 1,184 Acquisition accounting adjustments 3,404 3,670 Lease liability, net of right of use asset 13 — Accrued pension liability 447 50 NOL Carryforward — 456 Net unrealized loss on cash flow hedges 1,022 573 Other 318 601 Total deferred tax assets 10,630 9,985 Deferred tax liabilities: Depreciation 1,352 1,079 Core deposit intangibles 1,315 1,669 Accrued pension liability 213 — Deferred loan origination costs, net 533 258 Net unrealized gain on securities available for sale 2,180 541 Other 32 574 Total deferred tax liabilities 5,625 4,121 Net deferred tax assets $ 5,005 $ 5,864 The provision for income taxes consists of the following (dollars in thousands): Year Ended December 31, 2020 2019 2018 Current tax expense $ 7,777 $ 3,793 $ 5,090 Deferred tax expense (640 ) 1,068 556 Total income tax expense $ 7,137 $ 4,861 $ 5,646 A reconcilement of the "expected" federal income tax expense to reported income tax expense is as follows (dollars in thousands): Year Ended December 31, 2020 2019 2018 Expected federal tax expense $ 7,808 $ 5,411 $ 5,927 Nondeductible interest expense 31 67 69 Tax-exempt interest (259 ) (478 ) (504 ) State income taxes 207 149 337 Other, net (650 ) (288 ) (183 ) Total income tax expense $ 7,137 $ 4,861 $ 5,646 |
Note 18 - Earnings Per Common S
Note 18 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 18 The following shows the weighted average number of shares used in computing earnings per common share and the effect on the weighted average number of shares of potentially dilutive common stock. Potentially dilutive common stock had no Year Ended December 31, 2020 2019 2018 Per Share Per Share Per Share Shares Amount Shares Amount Shares Amount Basic earnings per share 10,981,623 $ 2.74 10,531,572 $ 1.99 8,698,014 $ 2.60 Effect of dilutive securities - stock options 4,167 (0.01 ) 9,765 (0.01 ) 10,448 (0.01 ) Diluted earnings per share 10,985,790 $ 2.73 10,541,337 $ 1.98 8,708,462 $ 2.59 Outstanding stock options on common stock, which were not 2020, 2019, 2018 zero 2020, 2019, 2018. |
Note 19 - Off-balance Sheet Act
Note 19 - Off-balance Sheet Activities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Off-balance Sheet Activities [Text Block] | Note 19 The Company is party to credit-related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. The Company evaluates each customer's credit worthiness on a case-by-case basis. The amount of collateral obtained, if applicable, is based on management's credit evaluation of the customer. The Company's exposure to credit loss is represented by the contractual amount of these commitments. The Company follows the same credit policies in making commitments as it does for on-balance sheet instruments. The following off-balance sheet financial instruments whose contract amounts represent credit risk were outstanding at December 31, 2020 2019 December 31, 2020 2019 Commitments to extend credit $ 503,272 $ 557,364 Standby letters of credit 17,355 13,611 Mortgage loan rate lock commitments 26,883 10,791 Commitments to extend credit are agreements to lend to a customer as long as there is no may not Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third At December 31, 2020, one |
Note 20 - Related Party Transac
Note 20 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | Note 20 In the ordinary course of business, loans are granted to executive officers, directors, and their related entities. Management believes that all such loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans to similar, unrelated borrowers, and do not December 31, 2020 2019, none An analysis of these loans for 2020 Balance at December 31, 2019 $ 9,594 Additions 3,751 Repayments (4,760 ) Reclassifications (1) (63 ) Balance at December 31, 2020 $ 8,522 __________________________ ( 1 no not Related party deposits totaled $16,436,000 at December 31, 2020 December 31, 2019. |
Note 21 - Employee Benefit Plan
Note 21 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | Note 21 Defined Benefit Plan The Company previously maintained a non-contributory defined benefit pension plan which covered substantially all employees who were 21 years of age or older and who had at least one December 31, 2009. 10 December As of and for the Year Ended December 31, 2020 2019 2018 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 6,262 $ 5,812 $ 8,313 Service cost — — — Interest cost 152 209 235 Actuarial (gain) loss 814 489 (782 ) Settlement gain (loss) 44 (12 ) (120 ) Benefits paid (1,451 ) (236 ) (1,834 ) Projected benefit obligation at end of year 5,821 6,262 5,812 Change in Plan Assets: Fair value of plan assets at beginning of year 5,915 5,653 7,556 Actual return (loss) on plan assets 237 498 (69 ) Benefits paid (1,451 ) (236 ) (1,834 ) Fair value of plan assets at end of year 4,701 5,915 5,653 Funded Status at End of Year $ (1,120 ) $ (347 ) $ (159 ) Amounts Recognized in the Consolidated Balance Sheets Other liabilities $ (1,120 ) $ (347 ) $ (159 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial loss $ 2,071 $ 1,658 $ 1,594 Deferred income taxes (435 ) (358 ) (357 ) Amount recognized $ 1,636 $ 1,300 $ 1,237 As of and for the Year Ended December 31, 2020 2019 2018 Components of Net Periodic Benefit Cost Service cost $ — $ — $ — Interest cost 152 209 235 Expected return on plan assets (285 ) (269 ) (353 ) Recognized net loss due to settlement 352 52 540 Recognized net actuarial loss 140 133 272 Net periodic benefit cost $ 359 $ 125 $ 694 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss Net actuarial (gain) loss $ 413 $ 64 $ (1,291 ) Amortization of prior service cost — — — Total recognized in other comprehensive (income) loss $ 413 $ 64 $ (1,291 ) Total Recognized in Net Periodic Benefit Cost and Other Comprehensive (Income) Loss $ 772 $ 189 $ (597 ) The accumulated benefit obligation as of December 31, 2020, 2019, 2018 no The plan sponsor selected the expected long-term rate-of-return-on-assets assumption in consultation with their investment advisors and actuary. This rate was intended to reflect the average rate of earnings expected to be earned on the funds invested or to be invested to provide plan benefits. Historical performance is reviewed, especially with respect to real rates of return (net of inflation), for the major asset classes held or anticipated to be held by the trust, and for the trust itself. Undue weight is not may not Because assets are held in a qualified trust, anticipated returns are not not not Below is a description of the plan's assets. The plan's weighted-average asset allocations by asset category are as follows as of December 31, 2020 2019: Asset Category December 31, 2020 2019 Fixed Income 65.6 % 61.8 % Equity 31.5 % 27.5 % Cash and Accrued Income 2.9 % 10.7 % Total 100.0 % 100.0 % The investment policy and strategy for plan assets can best be described as a growth and income strategy. Diversification is accomplished by limiting the holding of any one no No not The fair value of the Company's pension plan assets at December 31, 2020 2019, Fair Value Measurements at December 31, 2020 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Asset Category 2020 Level 1 Level 2 Level 3 Cash $ 138 $ 138 $ — $ — Fixed income securities Government sponsored entities 444 — 444 — Municipal bonds and notes 2,147 — 2,147 — Corporate bonds and notes 491 — 491 — Equity securities U.S. companies 1,259 1,259 — — Foreign companies 222 222 — — $ 4,701 $ 1,619 $ 3,082 $ — Fair Value Measurements at December 31, 2019 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Asset Category 2019 Level 1 Level 2 Level 3 Cash $ 636 $ 636 $ — $ — Fixed income securities Government sponsored entities 1,648 — 1,648 — Municipal bonds and notes 1,792 — 1,792 — Corporate bonds and notes 212 — 212 — Equity securities U.S. companies 1,385 1,385 — — Foreign companies 242 242 — — $ 5,915 $ 2,263 $ 3,652 $ — Projected benefit payments for the years 2021 2030 Year Amount 2021 $ 629 2022 381 2023 910 2024 252 2025 1,204 2026 - 2030 2,390 401 The Company maintains a 401 one 401 2020, 2019, 2018, Deferred Compensation Arrangements Prior to 2015, ten December 31, 2020, one December 31, 2020 2019, December 31, 2020, 2019, 2018. December 31, 2020 2019, Beginning in 2015, may may December 31, 2020, 2019 2018, Incentive Arrangements The Company maintains a cash incentive compensation plan for officers based on the Company's performance and individual officer goals. The total amount charged to salary expense for this plan was $1,214,000, $1,217,000 and $1,643,000 for the years ended December 31, 2020, 2019, 2018, |
Note 22 - Fair Value Measuremen
Note 22 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 22 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 measurements and disclosures topic of FASB ASC 825, Financial Instruments no not may not not may Fair Value Hierarchy In accordance with this guidance, the Company groups its financial assets and financial liabilities generally measured at fair value in three Level 1 Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 Valuation is based on model-based techniques that use one The following describes the valuation techniques used by the Company to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements: Securities available for sale 1 not may 2 Loans held for sale not 2 Derivative asset (liability) - cash flow hedges third 2. The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis during the period (dollars in thousands): Fair Value Measurements at December 31, 2020 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2020 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 34,998 $ — $ 34,998 $ — Federal agencies and GSEs 106,023 — 106,023 — Mortgage-backed and CMOs 252,782 — 252,782 — State and municipal 59,099 — 59,099 — Corporate 13,189 — 13,189 — Total securities available for sale $ 466,091 $ — $ 466,091 $ — Loans held for sale $ 15,591 $ — $ 15,591 $ — Liabilities: Derivative - cash flow hedges $ 4,868 $ — $ 4,868 $ — Fair Value Measurements at December 31, 2019 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2019 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 14,987 $ — $ 14,987 $ — Federal agencies and GSEs 128,114 — 128,114 — Mortgage-backed and CMOs 184,240 — 184,240 — State and municipal 42,154 — 42,154 — Corporate 9,700 — 9,700 — Total securities available for sale $ 379,195 $ — $ 379,195 $ — Loans held for sale $ 2,027 $ — $ 2,027 $ — Liabilities: Derivative - cash flow hedges $ 2,658 $ — $ 2,658 $ — 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: Impaired loans not may one 2 one not 3 one not 3 Other real estate owned The following table summarizes the Company's assets that were measured at fair value on a nonrecurring basis during the period (dollars in thousands): Fair Value Measurements at December 31, 2020 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2020 Level 1 Level 2 Level 3 Assets: Impaired loans, net of valuation allowance $ 268 $ — $ — $ 268 Other real estate owned, net 958 — — 958 Fair Value Measurements at December 31, 2019 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2019 Level 1 Level 2 Level 3 Assets: Impaired loans, net of valuation allowance $ 759 $ — $ — $ 759 Other real estate owned, net 1,308 — — 1,308 Quantitative Information About Level 3 December 31, 2020 2019: Assets Valuation Technique Unobservable Input Range; Weighted Average (1) Impaired loans Discounted appraised value Selling cost 8.00% Discounted cash flow analysis Market rate for borrower (discount rate) 4.13% - 7.20%; 5.19% Other real estate owned Discounted appraised value Selling cost 8.00% __________________________ (1) Unobservable inputs were weighted by the relative fair value of the impaired loans. FASB ASC 825, Financial Instruments not 825 may not 2016 01, January 1, 2018 not The carrying values and estimated fair values of the Company's financial instruments at December 31, 2020 Fair Value Measurements at December 31, 2020 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 374,370 $ 374,370 $ — $ — $ 374,370 Securities available for sale 466,091 — 466,091 — 466,091 Restricted stock 8,715 — 8,715 — 8,715 Loans held for sale 15,591 — 15,591 — 15,591 Loans, net of allowance 1,993,653 — — 1,992,326 1,992,326 Bank owned life insurance 28,482 — 28,482 — 28,482 Accrued interest receivable 7,193 — 7,193 — 7,193 Financial Liabilities: Deposits $ 2,611,330 $ — $ 2,615,157 $ — $ 2,615,157 Repurchase agreements 42,551 — 42,551 — 42,551 Subordinated debt 7,500 — 7,522 — 7,522 Junior subordinated debt 28,130 — — 21,696 21,696 Accrued interest payable 778 — 778 — 778 Derivative - cash flow hedges 4,868 — 4,868 — 4,868 The carrying values and estimated fair values of the Company's financial instruments at December 31, 2019 Fair Value Measurements at December 31, 2019 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 79,582 $ 79,582 $ — $ — $ 79,582 Securities available for sale 379,195 — 379,195 — 379,195 Restricted stock 8,630 — 8,630 — 8,630 Loans held for sale 2,027 — 2,027 — 2,027 Loans, net of allowance 1,817,663 — — 1,818,655 1,818,655 Bank owned life insurance 27,817 — 27,817 — 27,817 Accrued interest receivable 6,625 — 6,625 — 6,625 Financial Liabilities: Deposits $ 2,060,547 $ — $ 2,062,823 $ — $ 2,062,823 Repurchase agreements 40,475 — 40,475 — 40,475 Subordinated debt 7,517 — 8,525 — 8,525 Junior subordinated debt 28,029 — — 22,697 22,697 Accrued interest payable 1,213 — 1,213 — 1,213 Derivative - cash flow hedges 2,658 — 2,658 — 2,658 |
Note 23 - Dividend Restrictions
Note 23 - Dividend Restrictions and Regulatory Capital | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Restrictions on Dividends, Loans and Advances [Text Block] | 4.50% N/A N/A Bank 252,748 12.86 137,530 >7.00 $ 127,706 >6.50% Tier 1 Capital Company 272,448 13.78 118,623 >6.00 N/A N/A Bank 252,748 12.86 167,001 >8.50 157,177 >8.00 Total Capital Company 300,155 15.18 158,164 >8.00 N/A N/A Bank 274,455 13.97 206,295 >10.50 196,471 >10.00 Leverage Capital Company 272,448 9.48 114,902 >4.00 N/A N/A Bank 252,748 8.85 114,247 >4.00 142,809 >5.00 December 31, 2019 Common Equity Tier 1 Company $ 228,554 11.56 % $ 88,968 >4.50% N/A N/A Bank 243,449 12.38 137,698 >7.00 $ 127,862 >6.50% Tier 1 Capital Company 256,583 12.98 118,624 >6.00 N/A N/A Bank 243,449 12.38 167,205 >8.50 157,369 >8.00 Total Capital Company 277,581 14.04 158,166 >8.00 N/A N/A Bank 256,930 13.06 206,547 >10.50 196,712 >10.00 Leverage Capital Company 256,583 10.75 95,514 >4.00 N/A N/A Bank 243,449 10.25 94,972 >4.00 118,715 >5.00 " id="sjs-B4" xml:space="preserve">Note 23 The approval of the Office of the Comptroller of the Currency is required if the total of all dividends declared by a national bank in any calendar year exceeds the bank's retained net income, as defined, for that year combined with its retained net income for the preceding two December 31, 2020. Federal bank regulators have issued substantially similar guidelines requiring banks and bank holding companies to maintain capital at certain levels. In addition, regulators may The FRB and Office of the Comptroller of the Currency have adopted rules to implement the Basel III capital framework as outlined by the Basel Committee on Banking Supervision and certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Basel III Capital Rules"). The Basel III Capital Rules require banks and bank holding companies to comply with certain minimum capital ratios, plus a "capital conservation buffer," as set forth in the table below. The capital conservation buffer requirement was phased in beginning on January 1, 2016, 0.625% 2.5% January 1, 2019. The Company meets the eligibility criteria of a small bank holding company in accordance with the FRB's Small Bank Holding Company Policy Statement (the "SBHC Policy Statement"). Under the SBHC Policy Statement, qualifying bank holding companies, such as the Company, have additional flexibility in the amount of debt they can issue and are also exempt from the Basel III Capital Rules. However, the Company does not not 38 Management believes that as of December 31, 2020, 2020 2019, no On September 17, 2019, 2018 $10 9% 9% not two 8%, first March 31, 2020 On April 6, 2020, two 4012 second 2020, 8% two 8% 7% second 9%. 8% second 2020 8.5% 2021 9% two no 1% 19. not Actual and required capital amounts (in thousands) and ratios are presented below at year-end: To Be Well Capitalized Under Prompt Corrective Actual Required for Capital Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2020 Common Equity Tier 1 Company $ 244,318 12.36 % $ 88,967 >4.50% N/A N/A Bank 252,748 12.86 137,530 >7.00 $ 127,706 >6.50% Tier 1 Capital Company 272,448 13.78 118,623 >6.00 N/A N/A Bank 252,748 12.86 167,001 >8.50 157,177 >8.00 Total Capital Company 300,155 15.18 158,164 >8.00 N/A N/A Bank 274,455 13.97 206,295 >10.50 196,471 >10.00 Leverage Capital Company 272,448 9.48 114,902 >4.00 N/A N/A Bank 252,748 8.85 114,247 >4.00 142,809 >5.00 December 31, 2019 Common Equity Tier 1 Company $ 228,554 11.56 % $ 88,968 >4.50% N/A N/A Bank 243,449 12.38 137,698 >7.00 $ 127,862 >6.50% Tier 1 Capital Company 256,583 12.98 118,624 >6.00 N/A N/A Bank 243,449 12.38 167,205 >8.50 157,369 >8.00 Total Capital Company 277,581 14.04 158,166 >8.00 N/A N/A Bank 256,930 13.06 206,547 >10.50 196,712 >10.00 Leverage Capital Company 256,583 10.75 95,514 >4.00 N/A N/A Bank 243,449 10.25 94,972 >4.00 118,715 >5.00 |
Note 24 - Segment and Related I
Note 24 - Segment and Related Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 24 The Company has two Community banking involves making loans to and generating deposits from individuals and businesses. All assets and liabilities of the Company are allocated to community banking. Investment income from securities is also allocated to the community banking segment. Loan fee income, service charges from deposit accounts, and non-deposit fees such as automated teller machine fees and insurance commissions generate additional income for the community banking segment. Trust and investment services include estate planning, trust account administration, investment management, and retail brokerage. Investment management services include purchasing equity, fixed income, and mutual fund investments for customer accounts. The trust and investment services segment receives fees for investment and administrative services. Segment information as of and for the years ended December 31, 2020, 2019, 2018, 2020 Community Banking Trust and Investment Services Total Interest income $ 95,840 $ — $ 95,840 Interest expense 12,020 — 12,020 Noninterest income 12,054 4,789 16,843 Noninterest expense 52,245 2,320 54,565 Incomebefore income taxes 34,714 2,468 37,182 Net income 28,052 1,993 30,045 Depreciation and amortization 3,815 10 3,825 Total assets 3,049,779 231 3,050,010 Goodwill 85,048 — 85,048 Capital expenditures 2,690 4 2,694 2019 Community Banking Trust and Investment Services Total Interest income $ 92,855 $ — $ 92,855 Interest expense 15,728 — 15,728 Noninterest income 10,602 4,568 15,170 Noninterest expense 63,794 2,280 66,074 Incomebefore income taxes 23,479 2,288 25,767 Net income 19,050 1,856 20,906 Depreciation and amortization 3,454 8 3,462 Total assets 2,478,478 72 2,478,550 Goodwill 84,002 — 84,002 Capital expenditures 3,534 21 3,555 2018 Community Banking Trust and Investment Services Total Interest income $ 68,768 $ — $ 68,768 Interest expense 9,674 — 9,674 Noninterest income 8,695 4,579 13,274 Noninterest expense 41,832 2,414 44,246 Incomebefore income taxes 26,060 2,165 28,225 Net income 20,848 1,731 22,579 Depreciation and amortization 2,030 10 2,040 Total assets 1,862,849 17 1,862,866 Goodwill 43,872 — 43,872 Capital expenditures 2,723 — 2,723 |
Note 25 - Parent Company Financ
Note 25 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | Note 25 Condensed Parent Company financial information is as follows (dollars in thousands): December 31, Condensed Balance Sheets 2020 2019 Cash $ 17,759 $ 11,127 Securities available for sale, at fair value 8,534 8,683 Investment in subsidiaries 351,033 337,983 Due from subsidiaries 143 134 Other assets 1,062 674 Total Assets $ 378,531 $ 358,601 Subordinated debt $ 7,500 $ 7,517 Junior subordinated debt 28,130 28,029 Other liabilities 5,007 2,797 Shareholders' equity 337,894 320,258 Total Liabilities and Shareholders' Equity $ 378,531 $ 358,601 Year Ended December 31, Condensed Statements of Income 2020 2019 2018 Dividends from subsidiary $ 25,500 $ 25,000 $ 11,000 Other income 512 823 456 Expenses 3,369 4,232 2,396 Income tax benefit (600 ) (601 ) (407 ) Income before equity in undistributed earnings of subsidiary 23,243 22,192 9,467 Equity in undistributed (distributed) earnings of subsidiary 6,802 (1,286 ) 13,112 Net Income $ 30,045 $ 20,906 $ 22,579 Year Ended December 31, Condensed Statements of Cash Flows 2020 2019 2018 Cash Flows from Operating Activities: Net income $ 30,045 $ 20,906 $ 22,579 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (undistributed) distributions of subsidiary (6,802 ) 1,286 (13,112 ) Net change in other assets 84 (382 ) (194 ) Net change in other liabilities 85 (35 ) 136 Net cash provided by operating activities 23,412 21,775 9,409 Cash Flows from Investing Activities: Purchases of securities available for sale — (2,220 ) — Sales of equity securities — 445 431 Cash paid in bank acquisition — (27 ) — Cash acquired in bank acquisition — 981 — Net cash provided by (used in) investing activities — (821 ) 431 Cash Flows from Financing Activities: Common stock dividends paid (11,842 ) (10,965 ) (8,702 ) Repurchase of common stock (4,981 ) (3,146 ) — Proceeds from exercise of stock options 43 688 861 Net cash used in financing activities (16,780 ) (13,423 ) (7,841 ) Net increase in cash and cash equivalents 6,632 7,531 1,999 Cash and cash equivalents at beginning of period 11,127 3,596 1,597 Cash and cash equivalents at end of period $ 17,759 $ 11,127 $ 3,596 |
Note 26 - Concentrations of Cre
Note 26 - Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 26 Substantially all of the Company's loans are made within its market area, which includes Southern and Central Virginia and the northern portion of Central North Carolina. The ultimate collectibility of the Company's loan portfolio and the ability to realize the value of any underlying collateral, if necessary, are impacted by the economic conditions and real estate values of the market area. Loans secured by real estate were $1,515,338,000, or 75.2% of the loan portfolio at December 31, 2020, December 31, 2019. December 31, 2020 December 31, 2019, no 10% December 31, 2020 2019. |
Note 27 - Supplemental Cash Flo
Note 27 - Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | Note 27 (dollars in thousands) As of or for the Year Ended December 31, 2020 2019 2018 Supplemental Schedule of Cash and Cash Equivalents: Cash and due from banks $ 30,767 $ 32,505 $ 29,587 Interest-bearing deposits in other banks 343,603 47,077 34,668 $ 374,370 $ 79,582 $ 64,255 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 12,455 $ 15,310 $ 9,553 Income taxes 7,609 4,698 5,056 Noncash investing and financing activities: Transfer of loans to other real estate owned 95 234 599 Transfer of loans to repossessions 411 — — Transfer from premises and equipment to other assets — 445 — Increase in operating lease right-of-use asset 371 4,453 — Increase in operating lease liability 371 4,453 — Unrealized gains (losses) on securities available for sale 6,399 8,821 (3,290 ) Unrealized losses on cash flow hedges (2,210 ) (1,854 ) (804 ) Change in unfunded pension liability (413 ) (64 ) 1,291 Non-cash transactions related to acquisitions: Assets acquired: Investment securities — 34,876 — Restricted stock — 2,588 — Loans — 444,324 — Premises and equipment — 12,554 — Deferred income taxes — 2,960 — Core deposit intangible — 8,200 — Other real estate owned — 1,442 — Bank owned life insurance — 8,246 — Other assets — 14,244 — Liabilities assumed: Deposits — 483,626 — Short-term FHLB advances — 14,883 — Long-term FHLB advances — 778 — Subordinated debt — 7,530 — Other liabilities — 5,780 — Consideration: Issuance of common stock — 82,470 — Fair value of replacement stock options/restricted stock — 753 — |
Note 28 - Accumulated Other Com
Note 28 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 28 Changes in each component of accumulated other comprehensive income (loss) were as follows (dollars in thousands): Unrealized Adjustments Accumulated Net Unrealized Losses on Related to Other Gains (Losses) Cash Flow Pension Comprehensive on Securities Hedges Benefits Income (Loss) Balance at Balance at December 31, 2017 $ (796 ) $ — $ (2,280 ) $ (3,076 ) Net unrealized losses on securities available for sale, net of tax, $(745) (2,464 ) — — (2,464 ) Reclassification adjustment for realized gains on securities, net of tax, $(18) (63 ) — — (63 ) Net unrealized losses on cash flow hedges, net of tax, $(180) — (624 ) — (624 ) Change in unfunded pension liability, net of tax, $249 — — 1,042 1,042 Reclassification for ASU 2016-01 adoption (650 ) — — (650 ) Balance at December 31, 2018 (3,973 ) (624 ) (1,238 ) (5,835 ) Net unrealized gains on securities available for sale, net of tax, $2,005 7,090 — — 7,090 Reclassification adjustment for realized gains on securities, net of tax, $(59) (215 ) — — (215 ) Net unrealized losses on cash flow hedges, net of tax, $(394) — (1,460 ) — (1,460 ) Change in unfunded pension liability, net of tax, $(1) — — (63 ) (63 ) Balance at December 31, 2019 2,902 (2,084 ) (1,301 ) (483 ) Net unrealized gains on securities available for sale, net of tax, $1,557 5,656 — — 5,656 Reclassification adjustment for realized gains on securities, net of tax, $(176) (638 ) — — (638 ) Net unrealized losses on cash flow hedges, net of tax, $(448) — (1,762 ) — (1,762 ) Change in unfunded pension liability, net of tax, $(77) — — (336 ) (336 ) Balance at December 31, 2020 7,920 (3,846 ) (1,637 ) $ 2,437 The following table provides information regarding reclassifications out of accumulated other comprehensive income (loss) (dollars in thousands): Reclassifications Out of Accumulated Other Comprehensive Income (Loss) For the Three Years Ending December 31, 2020 Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Year Ended December 31, 2020 2019 2018 Available for sale securities: Realized gain on sale of securities $ 814 $ 274 $ 81 Securities gains, net (176 ) (59 ) (18 ) Income taxes $ 638 $ 215 $ 63 Net of tax Reclassification for ASU-2016-01 adoption — — 650 (1) Total reclassifications $ 638 $ 215 $ 713 ______________________ ( 1 2016 01. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations and Consolidation [Policy Text Block] | Nature of Operations and Consolidation The consolidated financial statements include the accounts of American National Bankshares Inc. (the "Company") and its wholly owned subsidiary, American National Bank and Trust Company (the "Bank"). The Bank offers a wide variety of retail, commercial, secondary market mortgage lending, and trust and investment services which also include non-deposit products such as mutual funds and insurance policies. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, goodwill and intangible assets, other-than-temporary impairment of securities, accounting for merger and acquisition activity, accounting for acquired loans with specific credit-related deterioration, and the valuation of deferred tax assets and liabilities. COVID- 19 first 2020 March 13, 2020, 19 March 2021, may may may may The Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") included an initial first $659.0 December 21, 2020 December 27, 2020 2021 $284.4 1.00% two five second not first six 100% February 28, 2021 December 31, 2020 February 28, 2021. December 31, 2020 February 28, 2021. December 31, 2020 February 28, 2021, In April 2006, April 2006. In July 2011, two 14 All significant inter-company transactions and accounts are eliminated in consolidation, with the exception of the AMNB Trust and the MidCarolina Trusts, as detailed in Note 14. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash includes cash on hand, cash with correspondent banks, and cash on deposit at the Federal Reserve Bank of Richmond. Cash equivalents are short-term, highly liquid investments that are readily convertible to cash with original maturities of three |
Interest-bearing Deposits in Other Banks [Policy Text Block] | Interest-bearing Deposits in Other Banks Interest-bearing deposits in other banks mature within one |
Marketable Securities, Policy [Policy Text Block] | Securities Certain debt securities that management has the positive intent and ability to hold to maturity are classified as "held to maturity" and recorded at amortized cost. Trading securities are recorded at fair value with changes in fair value included in earnings. Debt securities not The Company does not no not not two 1 2 Equity securities with readily determinable fair values that are not Due to the nature and restrictions placed on the Company's investment in common stock of the Federal Home Loan Bank of Atlanta ("FHLB") and the Federal Reserve Bank of Richmond, these securities have been classified as restricted equity securities and carried at cost. |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale Secondary market mortgage loans are designated as held for sale at the time of their origination. These loans are pre-sold with servicing released and the Company does not |
Loan Commitments, Policy [Policy Text Block] | Derivative Loan Commitments The Company enters into mortgage loan commitments whereby the interest rate on the loan is determined prior to funding (rate lock commitments). Mortgage loan commitments are referred to as derivative loan commitments if the loan that will result from exercise of the commitment will be held for sale upon funding. Loan commitments that are derivatives are recognized at fair value on the consolidated balance sheets with net changes in their fair values recorded in other expenses. The period of time between issuance of a loan commitment and sale of the loan generally ranges from 30 to 60 days. The Company protects itself from changes in interest rates through the use of best efforts forward delivery contracts, by committing to sell a loan at the time the borrower commits to an interest rate with the intent that the buyer has assumed the interest rate risk on the loan. As a result, the Company is not The fair value of rate lock commitments and best efforts contracts is not not |
Receivable [Policy Text Block] | Loans The Company makes mortgage, commercial, and consumer loans. A substantial portion of the loan portfolio is secured by real estate. The ability of the Company's debtors to honor their contracts is dependent upon the real estate market and general economic conditions in the Company's market area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off generally are reported at their outstanding unpaid principal balance adjusted for the allowance for loan losses and any deferred fees or costs. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized as an adjustment of the related loan yield using the interest method. The accrual of interest on loans is generally discontinued at the time the loan is 90 days delinquent unless the credit is well-secured and in process of collection. Loans are typically charged off when the loan is 120 days past due, unless secured and in process of collection. Loans are placed on nonaccrual status or charged-off at an earlier date if collection of principal or interest is considered doubtful. Interest accrued but not A loan is considered past due when a payment of principal or interest or both is due but not 30 59 60 89 90 These policies apply to all loan portfolio classes and segments. Substandard and doubtful risk graded commercial, commercial real estate, and construction loans are reviewed for impairment. All troubled debt restructurings ("TDRs"), regardless of dollar amount, are also evaluated for impairment. A loan is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment and establishing a specific allowance include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Generally, large groups of smaller balance homogeneous loans (residential real estate and consumer loans) are collectively evaluated for impairment. The Company's policy for recognizing interest income on impaired loans is consistent with its nonaccrual policy. The Company's loan portfolio is organized by major segment. These include: commercial, commercial real estate, residential real estate and consumer loans. Each segment has particular risk characteristics that are specific to the borrower and the generic category of credit. Commercial loan repayments are highly dependent on cash flows associated with the underlying business and its profitability. They can also be impacted by changes in collateral values. Commercial real estate loans share the same general risk characteristics as commercial loans but are often more dependent on the value of the underlying real estate collateral and, when construction is involved, the ultimate completion of and sale of the project. Residential real estate loans are generally dependent on the value of collateral and the credit worthiness of the underlying borrower. Consumer loans are very similar in risk characteristics to residential real estate. In connection with mergers, certain loans were acquired which exhibited deteriorated credit quality since origination and for which the Company does not 310 30, Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality no Such purchased credit impaired loans are accounted for individually or aggregated into pools of loans based on common risk characteristics such as, credit score, loan type, and date of origination. The Company estimates the amount and timing of expected cash flows for each loan or pool, and the expected cash flows in excess of amount paid is recorded as interest income over the remaining life of the loan or pool (accretable yield). The excess of the loan's or pool's contractual principal and interest over expected cash flows is not Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded as a provision for loan losses. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest income. |
Troubled Debt Restructuring [Policy Text Block] | Troubled Debt Restructurings In situations where, for economic or legal reasons related to a borrower's financial condition, management may not may December 31, 2020 December 31, 2019. In March 2020 April 2020), 19 may 19. six not March 27, 2020. 4013 19 19 December 31, 2019 not December 31, 2020. December 31, 2020 $30.0 second third February 28, 2021, $25.2 second three not not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses The purpose of the allowance for loan losses ("ALLL") is to provide for probable losses inherent in the loan portfolio. The allowance is increased by the provision for loan losses and by recoveries of previously charged-off loans. Loan charge-offs decrease the allowance. The goal of the Company is to maintain an appropriate, systematic, and consistently applied process to determine the amounts of the ALLL and the provision for loan loss expense. The Company uses certain practices to manage its credit risk. These practices include ( 1 2 3 4 5 6 7 Risk grades are assigned as part of the loan origination process. From time to time risk grades may Calculation and analysis of the allowance for loan losses is prepared quarterly by the Finance Department. The Company's Credit Committee, Risk and Compliance Committee, Audit Committee, and the Board of Directors review the allowance for adequacy. The Company's allowance for loan losses has two The formula allowance uses historical loss experience as an indicator of future losses, along with various qualitative factors, including levels and trends in delinquencies, nonaccrual loans, charge-offs and recoveries, trends in volume and terms of loans, effects of changes in underwriting standards, experience of lending staff, economic conditions, and portfolio concentrations. In the formula allowance for commercial and commercial real estate loans, the historical loss rate is combined with the qualitative factors, resulting in an adjusted loss factor for each risk-grade category of loans. The period-end balances for each loan risk-grade category are multiplied by the adjusted loss factor. Allowance calculations for consumer loans are calculated based on historical losses for each product category without regard to risk grade. This loss rate is combined with qualitative factors resulting in an adjusted loss factor for each product category. The specific allowance uses various techniques to arrive at an estimate of loss for specifically identified impaired loans. These include: • The present value of expected future cash flows discounted at the loan's effective interest rate. The effective interest rate on a loan is the rate of return implicit in the loan (that is, the contractual interest rate adjusted for any net deferred loan fees or costs and any premium or discount existing at the origination or acquisition of the loan); • The loan's observable market price, or • The fair value of the collateral, net of estimated costs to dispose, if the loan is collateral dependent. The use of these computed values is inherently subjective and actual losses could be greater or less than the estimates. No The relationships and ratios used in calculating the allowance, including the qualitative factors, may not may |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment Land is carried at cost. Premises and equipment are stated at cost, less accumulated depreciation and amortization. Premises and equipment are depreciated over their estimated useful lives ranging from three thirty-nine three Costs of maintenance and repairs are charged to expense as incurred. Costs of replacing structural parts of major units are considered individually and are expensed or capitalized as the facts dictate. Gains and losses on routine dispositions are reflected in current operations. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill is subject to at least an annual assessment for impairment. Additionally, acquired intangible assets (such as core deposit intangibles) are separately recognized if the benefit of the assets can be sold, transferred, licensed, rented, or exchanged, and amortized over their useful lives. The cost of purchased deposit relationships, based on independent valuation, are being amortized over their estimated lives of ten The Company records as goodwill the fair value of the consideration transferred, plus the fair value of any noncontrolling interests in the acquiree, over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Impairment testing is performed annually, as well as when an event triggering impairment may January 1, 2020, 2017 04, first two 2, June 30 19 first 2020 March 31, 2020 June 30 September 30 December 31, 2020 no 19 December 31, 2019 2018. |
Trust Assets [Policy Text Block] | Trust Assets Securities and other property held by the trust and investment services segment in a fiduciary or agency capacity are not not |
Financing Receivable, Held-for-investment, Foreclosed Asset [Policy Text Block] | Other Real Estate Owned ("OREO") OREO represents real estate that has been acquired through loan foreclosures or deeds received in lieu of loan payments. Generally, such properties are appraised at the time acquired and are recorded at fair value less estimated selling costs. Subsequent to foreclosure, valuations are periodically performed by management, and the assets are carried at the lower of carrying amount or fair value less cost to sell. Revenue and expenses from operations and changes in the valuation allowance are included in noninterest expense. |
Life Insurance, Bank Owned [Policy Text Block] | Bank Owned Life Insurance In connection with mergers, the Company has acquired bank owned life insurance ("BOLI"). The asset is reflected as the cash surrender value of the policies as provided by the insurer on a monthly basis. |
Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Policy [Policy Text Block] | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when ( 1 2 3 not |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the balance sheet method to account for deferred income tax assets and liabilities. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not not not 50 no December 31, 2020 2019. |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation Stock compensation accounting guidance ASC 718, Compensation - Stock Compensation The stock compensation accounting guidance requires that compensation cost for all stock awards be calculated and recognized over the employees' service period, generally defined as the vesting period. For awards with graded-vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. A Black-Scholes model is used to estimate the fair value of stock options, while the market price of the Company's common stock at the date of grant is used for restricted stock awards. |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share Basic earnings per common share represent income available to common shareholders divided by the average number of common shares outstanding during the period. Diluted earnings per common share reflect the impact of 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. Potential common shares that may |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income is shown in a two first second |
Advertising Cost [Policy Text Block] | Advertising and Marketing Costs Advertising and marketing costs are expensed as incurred, and were $453,000, $473,000, and $365,000 in 2020, 2019, 2018, |
Business Combinations Policy [Policy Text Block] | Mergers and Acquisitions Business combinations are accounted for under ASC 805, Business Combinations third one |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments The Company uses derivatives primarily to manage risk associated with changing interest rates. The Company's derivative financial instruments consist of interest rate swaps that qualify as cash flow hedges of the Company's trust preferred capital notes. The Company recognizes derivative financial instruments at fair value as either an other asset or other liability in the consolidated balance sheets. The effective portion of the gain or loss on the Company's cash flow hedges is reported as a component of other comprehensive income, net of deferred income taxes, and is reclassified into earnings in the same period or periods during which the hedged transactions affect earnings. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain reclassifications have been made in prior years financial statements to conform to classifications used in the current year. There were no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Developments In January 2017, 2017 04, 350 2017 04 first two 2, 2017 04 January 1, 2020. 2017 04 not In August 2018, 2018 13, 820 2018 13 3 may 3 820 2018 13 January 1, 2020. 2018 13 not In March 2020 April 2020), 310 40, not 19 not six 30 August 2020, 4013 March 27, 2020 December 21, 2020, first 19 not Recent Accounting Pronouncements and Other Authoritative Accounting Guidance In June 2016, 2016 13, 326 2016 13 326, 2019 04, 2019 05, 2019 10, 2019 11, 2020 02, 2020 03. not December 15, 2022. one In August 2018, 2018 14, 715 20 715 20 50 3, December 15, 2020. 2018 14 Effective November 25, 2019, 119. 119 326, 1 2 3 4 In December 2019, 2019 12, 740 740 December 15, 2020, 2019 12 In January 2020, 2020 01, 321 323 815 321, 323, 815." 2016 01 December 15, 2020, not 2020 01 In March 2020, 2020 04, 848 March 12, 2020 December 31, 2022. January 2021, 2021 01 848 848 848 may 2021 01 March 12, 2020, January 7, 2021, may 2021 01 March 12, 2020, March 12, 2020. 2020 04 On March 12, 2020, April 27, 2020. first $700 $100 $100 10 not $100 $100 not In August 2020, 2020 06, 470 20 815 40 no December 15, 2021, December 15, 2023, not 2020 06 In October 2020, 2020 08, 310 20, 310 20 35 33 December 15, 2020, not 2020 08 not 2020 08 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Consideration Paid: Common shares issued (2,361,686) $ 82,470 Issuance of replacement stock options/restricted stock 753 Cash paid in lieu of fractional shares 27 Value of consideration 83,250 Assets acquired: Cash and cash equivalents 26,283 Investment securities 34,876 Restricted stock 2,588 Loans 444,324 Premises and equipment 12,034 Deferred income taxes 2,960 Core deposit intangible 8,200 Other real estate owned 1,188 Banked owned life insurance 8,246 Other assets 14,244 Total assets 554,943 Liabilities assumed: Deposits 483,626 Short-term FHLB advances 14,883 Long-term FHLB advances 778 Subordinated debt 7,530 Other liabilities 6,052 Total liabilities 512,869 Net assets acquired 42,074 Goodwill resulting from merger with HomeTown $ 41,176 |
Schedule of Goodwill [Table Text Block] | Goodwill at December 31, 2019 $ 40,130 Effect of adjustments to: Premises and equipment 520 Other real estate owned 254 Other liabilities 272 Goodwill at December 31, 2020 $ 41,176 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] | Contractually required principal and interest at acquisition $ 45,551 Contractual cash flows not expected to be collected (nonaccretable difference) 8,296 Expected cash flows at acquisition 37,255 Interest component of expected cash flows (accretable yield) 4,410 Fair value of acquired loans accounted for under FASB ASC 310-30 $ 32,845 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro forma Year Ended December 31, 2019 2018 Total revenues (1) $ 95,178 $ 98,232 Net income $ 29,841 $ 27,974 Earnings per share $ 2.70 $ 2.52 |
Note 4 - Securities (Tables)
Note 4 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Marketable Securities [Table Text Block] | December 31, 2020 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Securities available for sale: U.S. Treasury $ 34,997 $ 1 $ — $ 34,998 Federal agencies and GSEs 104,092 1,976 45 106,023 Mortgage-backed and CMOs 246,770 6,117 105 252,782 State and municipal 57,122 1,979 2 59,099 Corporate 13,011 188 10 13,189 Total securities available for sale $ 455,992 $ 10,261 $ 162 $ 466,091 (Dollars in thousands) December 31, 2019 Amortized Unrealized Unrealized Cost Gains Losses Fair Value Securities available for sale: U.S. Treasury $ 14,992 $ — $ 5 $ 14,987 Federal agencies and GSEs 126,829 1,504 219 128,114 Mortgage-backed and CMOs 182,732 1,901 393 184,240 State and municipal 41,427 769 42 42,154 Corporate 9,514 186 — 9,700 Total securities available for sale $ 375,494 $ 4,360 $ 659 $ 379,195 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Available for Sale Amortized Cost Fair Value Due in one year or less $ 38,081 $ 38,120 Due after one year through five years 96,905 98,651 Due after five years through ten years 52,624 54,465 Due after ten years 21,612 22,073 Mortgage-backed and CMOs 246,770 252,782 $ 455,992 $ 466,091 |
Realized Gain (Loss) on Investments [Table Text Block] | For the Year Ended December 31, 2020 2019 2018 Gross realized gains $ 814 $ 328 $ 342 Gross realized losses — (54 ) (261 ) Proceeds from sales of securities 5,811 29,878 57,607 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value [Table Text Block] | Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss Federal agencies and GSEs $ 21,237 $ 45 $ 19,974 $ 26 $ 1,263 $ 19 Mortgage-backed and CMOs 46,640 105 46,640 105 — — State and municipal 3,456 2 3,456 2 — — Corporate 5,990 10 5,990 10 — — Total $ 77,323 $ 162 $ 76,060 $ 143 $ 1,263 $ 19 Total Less than 12 Months 12 Months or More Fair Unrealized Fair Unrealized Fair Unrealized Value Loss Value Loss Value Loss U.S. Treasury $ 14,987 $ 5 $ 14,987 $ 5 $ — $ — Federal agencies and GSEs 69,095 219 31,779 44 37,316 175 Mortgage-backed and CMOs 89,391 393 66,324 266 23,067 127 State and municipal 4,262 42 3,108 37 1,154 5 Total $ 177,735 $ 659 $ 116,198 $ 352 $ 61,537 $ 307 |
Note 5 - Loans (Tables)
Note 5 - Loans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2020 2019 Commercial $ 491,256 $ 339,077 Commercial real estate: Construction and land development 140,071 137,920 Commercial real estate - owner occupied 373,680 360,991 Commercial real estate - non-owner occupied 627,569 538,208 Residential real estate: Residential 269,137 324,315 Home equity 104,881 119,423 Consumer 8,462 10,881 Total loans, net of deferred fees and costs $ 2,015,056 $ 1,830,815 |
Schedule of Outstanding and Carrying Amount of Certain Loans Acquired in Transfer [Table Text Block] | 2020 2019 Outstanding principal balance $ 251,730 $ 393,618 Carrying amount 241,008 377,130 2020 2019 Outstanding principal balance $ 37,417 $ 53,600 Carrying amount 30,201 43,028 |
Schedule of Changes in Accretable Yield on Acquired Loans [Table Text Block] | 2020 2019 2018 Balance at January 1 $ 7,893 $ 4,633 $ 4,890 Additions from merger with HomeTown — 4,410 — Accretion (3,553 ) (3,304 ) (2,362 ) Reclassification from nonaccretable difference 2,233 736 956 Other changes, net (1) (60 ) 1,418 1,149 Balance at December 31 $ 6,513 $ 7,893 $ 4,633 |
Financing Receivable, Past Due [Table Text Block] | 90 Days + Past Due Non- Total 30- 59 Days 60-89 Days and Still Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans Commercial $ 153 $ 9 $ — $ 100 $ 262 $ 490,994 $ 491,256 Commercial real estate: Construction and land development 168 — — 5 173 139,898 140,071 Commercial real estate - owner occupied 62 — 209 304 575 373,105 373,680 Commercial real estate - non-owner occupied — — — 1,158 1,158 626,411 627,569 Residential: Residential 711 211 53 792 1,767 267,370 269,137 Home equity — — — 69 69 104,812 104,881 Consumer 49 14 — 6 69 8,393 8,462 Total $ 1,143 $ 234 $ 262 $ 2,434 $ 4,073 $ 2,010,983 $ 2,015,056 90 Days + Past Due Non- Total 30- 59 Days 60-89 Days and Still Accrual Past Total Past Due Past Due Accruing Loans Due Current Loans Commercial $ 325 $ 163 $ 52 $ 857 $ 1,397 $ 337,680 $ 339,077 Commercial real estate: Construction and land development 58 — — 11 69 137,851 137,920 Commercial real estate - owner occupied 217 434 — 274 925 360,066 360,991 Commercial real estate - non-owner occupied — — — — — 538,208 538,208 Residential: Residential 639 260 282 685 1,866 322,449 324,315 Home equity 49 90 27 113 279 119,144 119,423 Consumer 73 13 — 4 90 10,791 10,881 Total $ 1,361 $ 960 $ 361 $ 1,944 $ 4,626 $ 1,826,189 $ 1,830,815 |
Impaired Financing Receivables [Table Text Block] | Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Commercial $ 18 $ 18 $ — $ 23 $ 6 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 286 283 — 357 27 Commercial real estate - non-owner occupied 1,148 1,147 — 766 75 Residential: Residential 1,096 1,103 — 912 62 Home equity 6 6 — 31 3 Consumer — — — — — $ 2,554 $ 2,557 $ — $ 2,089 $ 173 With a related allowance recorded: Commercial $ 39 $ 33 $ 29 $ 382 $ 15 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied — — — — — Commercial real estate - non-owner occupied 122 122 — 180 15 Residential Residential 137 137 1 256 9 Home equity — — — — — Consumer — — — — — $ 298 $ 292 $ 30 $ 818 $ 39 Total: Commercial $ 57 $ 51 $ 29 $ 405 $ 21 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 286 283 — 357 27 Commercial real estate - non-owner occupied 1,270 1,269 — 946 90 Residential: Residential 1,233 1,240 1 1,168 71 Home equity 6 6 — 31 3 Consumer — — — — — $ 2,852 $ 2,849 $ 30 $ 2,907 $ 212 Unpaid Average Interest Recorded Principal Related Recorded Income Investment Balance Allowance Investment Recognized With no related allowance recorded: Commercial $ 49 $ 49 $ — $ 16 $ 5 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 343 341 — 250 26 Commercial real estate - non-owner occupied 159 159 — 174 13 Residential: Residential 611 612 — 652 38 Home equity 41 41 — 45 6 Consumer — — — — — $ 1,203 $ 1,202 $ — $ 1,137 $ 88 With a related allowance recorded: Commercial $ 735 $ 730 $ 204 $ 191 $ 41 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied — — — — — Commercial real estate - non-owner occupied — — — — — Residential: Residential 254 254 26 225 16 Home equity — — — — — Consumer — — — — — $ 989 $ 984 $ 230 $ 416 $ 57 Total: Commercial $ 784 $ 779 $ 204 $ 207 $ 46 Commercial real estate: Construction and land development — — — — — Commercial real estate - owner occupied 343 341 — 250 26 Commercial real estate - non-owner occupied 159 159 — 174 13 Residential: Residential 865 866 26 877 54 Home equity 41 41 — 45 6 Consumer — — — — — $ 2,192 $ 2,186 $ 230 $ 1,553 $ 145 |
Financing Receivable, Troubled Debt Restructuring [Table Text Block] | Loans Modified as TDRs for the Year Ended December 31, 2020 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial 1 $ 106 $ 106 Commercial real estate - owner occupied — — — Commercial real estate - non-owner occupied 2 1,311 1,311 Residential real estate 1 82 82 Home equity 1 6 6 Consumer — — — Total 5 $ 1,505 $ 1,505 Loans Modified as TDRs for the Year Ended December 31, 2019 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial — $ — $ — Commercial real estate - owner occupied — — — Commercial real estate - non-owner occupied Residential real estate 1 207 207 Home equity — — — Consumer — — — Total 1 $ 207 $ 207 Loans Modified as TDRs for the Year Ended December 31, 2018 Pre-Modification Post-Modification Number of Outstanding Recorded Outstanding Recorded Contracts Investment Investment Commercial — $ — $ — Commercial real estate - owner occupied — — — Commercial real estate - non-owner occupied — — — Residential real estate 1 11 11 Home equity — — — Consumer — — — Total 1 $ 11 $ 11 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Home Equity Pass $ 479,416 $ 131,770 $ 350,376 $ 612,688 $ 262,677 $ 104,608 Special Mention 10,956 2,505 14,621 9,196 3,665 — Substandard 865 5,796 8,474 5,563 2,795 273 Doubtful 19 — 209 122 — — Total $ 491,256 $ 140,071 $ 373,680 $ 627,569 $ 269,137 $ 104,881 Consumer Performing $ 8,456 Nonperforming 6 Total $ 8,462 Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Home Equity Pass $ 328,488 $ 130,694 $ 340,696 $ 519,919 $ 316,454 $ 118,960 Special Mention 8,710 4,133 13,094 9,023 4,370 — Substandard 1,144 3,093 7,200 9,267 3,491 463 Doubtful 735 — — — — — Total $ 339,077 $ 137,920 $ 360,990 $ 538,209 $ 324,315 $ 119,423 Consumer Performing $ 10,877 Nonperforming 4 Total $ 10,881 |
Note 6 - Allowance for Loan L_2
Note 6 - Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended December 31, 2020 2019 2018 Allowance for Loan Losses Balance, beginning of year $ 13,152 $ 12,805 $ 13,603 Provision for (recovery of) loan losses 8,916 456 (103 ) Charge-offs (1,006 ) (333 ) (1,020 ) Recoveries 341 224 325 Balance, end of year $ 21,403 $ 13,152 $ 12,805 Year Ended December 31, 2020 2019 2018 Reserve for Unfunded Lending Commitments Balance, beginning of year $ 329 $ 217 $ 206 Provision for (recovery of) unfunded commitments (25 ) 112 11 Charge-offs — — — Balance, end of year $ 304 $ 329 $ 217 Commercial (1) Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2019 $ 2,657 $ 1,161 $ 2,474 $ 3,781 $ 3,023 $ 56 $ 13,152 Charge-offs (505 ) — (17 ) (165 ) (117 ) (202 ) (1,006 ) Recoveries 65 2 12 50 85 127 341 Provision 1,156 764 1,871 3,960 1,076 89 8,916 Balance at December 31, 2020 $ 3,373 $ 1,927 $ 4,340 $ 7,626 $ 4,067 $ 70 $ 21,403 Balance at December 31, 2020: Allowance for Loan Losses Individually evaluated for impairment $ 29 $ — $ — $ — $ 1 $ — $ 30 Collectively evaluated for impairment 3,318 1,927 4,138 7,185 3,896 70 20,534 Purchased credit impaired loans 26 — 202 441 170 — 839 Total $ 3,373 $ 1,927 $ 4,340 $ 7,626 $ 4,067 $ 70 $ 21,403 Loans Individually evaluated for impairment $ 57 $ — $ 286 $ 1,270 $ 1,239 $ — $ 2,852 Collectively evaluated for impairment 490,736 139,833 360,579 616,498 365,967 8,390 1,982,003 Purchased credit impaired loans 463 238 12,815 9,801 6,812 72 30,201 Total $ 491,256 $ 140,071 $ 373,680 $ 627,569 $ 374,018 $ 8,462 $ 2,015,056 Commercial Construction and Land Development Commercial Real Estate - Owner Occupied Commercial Real Estate - Non-owner Occupied Residential Real Estate Consumer Total Allowance for Loan Losses Balance at December 31, 2018 $ 2,537 $ 1,059 $ 2,420 $ 3,767 $ 2,977 $ 45 $ 12,805 Charge-offs (12 ) — (6 ) — (70 ) (245 ) (333 ) Recoveries 13 — 9 — 58 144 224 Provision 119 102 51 14 58 112 456 Balance at December 31, 2019 $ 2,657 $ 1,161 $ 2,474 $ 3,781 $ 3,023 $ 56 $ 13,152 Balance at December 31, 2019: Allowance for Loan Losses Individually evaluated for impairment $ 204 $ — $ — $ — $ 26 $ — $ 230 Collectively evaluated for impairment 2,448 1,161 2,444 3,781 2,794 56 12,684 Purchased credit impaired loans 5 — 30 — 203 — 238 Total $ 2,657 $ 1,161 $ 2,474 $ 3,781 $ 3,023 $ 56 $ 13,152 Loans Individually evaluated for impairment $ 784 $ — $ — $ 502 $ 906 $ — $ 2,192 Collectively evaluated for impairment 337,312 137,522 346,233 520,541 433,121 10,866 1,785,595 Purchased credit impaired loans 981 398 14,758 17,165 9,711 15 43,028 Total $ 339,077 $ 137,920 $ 360,991 $ 538,208 $ 443,738 $ 10,881 $ 1,830,815 |
Note 7 - Premises and Equipme_2
Note 7 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 2019 Land $ 10,267 $ 10,421 Buildings 36,173 36,247 Leasehold improvements 1,160 1,469 Furniture and equipment 19,424 17,695 67,024 65,832 Accumulated depreciation (27,301 ) (25,984 ) Premises and equipment, net $ 39,723 $ 39,848 |
Note 8 - Goodwill and Other I_2
Note 8 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Goodwill Intangibles Balance at December 31, 2019 $ 84,002 $ 7,728 Measurement period adjustments 1,046 — Amortization — (1,637 ) Balance at December 31, 2020 $ 85,048 $ 6,091 Gross Carrying Accumulated Net Carrying Value Amortization Value December 31, 2020 Core deposit intangibles $ 19,708 $ (13,617 ) $ 6,091 Goodwill 85,048 — 85,048 December 31, 2019 Core deposit intangibles $ 19,708 $ (11,980 ) $ 7,728 Goodwill 84,002 — 84,002 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Amount 2021 $ 1,464 2022 1,260 2023 1,069 2024 800 2025 617 2026 and after 881 Total $ 6,091 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | December 31, 2020 December 31, 2019 Lease liabilities $ 4,940 $ 5,369 Right-of-use assets $ 4,878 $ 5,340 Weighted average remaining lease term (in years) 7.33 8.17 Weighted average discount rate 3.03 % 3.21 % Year Ended December 31, 2020 Year Ended December 31, 2019 Lease cost Operating lease cost $ 993 $ 1,040 Short-term lease cost 3 3 Total lease cost $ 996 $ 1,043 Cash paid for amounts included in the measurement of lease liabilities $ 959 $ 1,013 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Lease payments due As of December 31, 2020 2021 $ 1,048 2022 1,044 2023 945 2024 516 2025 473 2026 and after 1,549 Total undiscounted cash flows $ 5,575 Discount (635 ) Lease liabilities $ 4,940 |
Note 10 - Deposits (Tables)
Note 10 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Time Deposit Maturities [Table Text Block] | Year Amount 2021 $ 271,868 2022 58,544 2023 31,486 2024 15,596 2025 13,898 2026 and after 5,034 Total $ 396,426 |
Note 11 - Short-term Borrowin_2
Note 11 - Short-term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | December 31, 2020 December 31, 2019 Amount Weighted Average Rate Amount Weighted Average Rate Customer repurchase agreements $ 42,551 0.13 % $ 40,475 1.40 % |
Note 14 - Junior Subordinated_2
Note 14 - Junior Subordinated Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Principal Amount As of December 31, Issuing Entity Date Issued Interest Rate Maturity Date 2020 2019 AMNB Trust I 4/7/2006 Libor plus 1.35% 6/30/2036 $ 20,619 $ 20,619 MidCarolina Trust I 10/29/2002 Libor plus 3.45% 11/7/2032 4,489 4,433 MidCarolina Trust II 12/3/2003 Libor plus 2.95% 10/7/2033 3,022 2,977 $ 28,130 $ 28,029 |
Note 15 - Derivative Financia_2
Note 15 - Derivative Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Interest Rate Derivatives [Table Text Block] | (Dollars in thousands) December 31, 2020 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 $ 3 $ — $ 4,868 $ 5,750 (Dollars in thousands) December 31, 2019 Notional Amount Positions Assets Liabilities Cash Collateral Pledged Cash flow hedges: Interest rate swaps: Variable-rate to fixed-rate swaps with counterparty $ 28,500 $ 3 $ — $ 2,658 $ 3,450 |
Note 16 - Stock-based Compens_2
Note 16 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Stock Options Roll Forward [Table Text Block] | Weighted Weighted Average Aggregate Average Remaining Intrinsic Option Exercise Contractual Term Value Shares Price (In Years) ($000) Outstanding at December 31, 2019 13,944 $ 16.63 Granted — — Exercised (2,573 ) 16.63 Forfeited (830 ) 16.63 Expired — — Outstanding at December 31, 2020 10,541 $ 16.63 3.97 $ 101 Exercisable at December 31, 2020 10,541 $ 16.63 3.97 $ 101 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding and Exercisable Weighted-Average Number of Remaining Range of Outstanding Contractual Life Weighted-Average Exercise Prices Options (In Years) Exercise Price $15.00 to $20.00 10,541 3.97 $ 16.63 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Grant Shares Date Value Per Share Nonvested at December 31, 2019 57,271 $ 34.84 Granted 26,010 34.42 Vested (19,526 ) 34.50 Forfeited (5,216 ) 34.29 Nonvested at December 31, 2020 58,539 34.81 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Deferred tax assets: Allowance for loan losses $ 4,636 $ 2,841 Nonaccrual loan interest 507 490 Other real estate owned valuation allowance 124 120 Deferred compensation 159 1,184 Acquisition accounting adjustments 3,404 3,670 Lease liability, net of right of use asset 13 — Accrued pension liability 447 50 NOL Carryforward — 456 Net unrealized loss on cash flow hedges 1,022 573 Other 318 601 Total deferred tax assets 10,630 9,985 Deferred tax liabilities: Depreciation 1,352 1,079 Core deposit intangibles 1,315 1,669 Accrued pension liability 213 — Deferred loan origination costs, net 533 258 Net unrealized gain on securities available for sale 2,180 541 Other 32 574 Total deferred tax liabilities 5,625 4,121 Net deferred tax assets $ 5,005 $ 5,864 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 2018 Current tax expense $ 7,777 $ 3,793 $ 5,090 Deferred tax expense (640 ) 1,068 556 Total income tax expense $ 7,137 $ 4,861 $ 5,646 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 Expected federal tax expense $ 7,808 $ 5,411 $ 5,927 Nondeductible interest expense 31 67 69 Tax-exempt interest (259 ) (478 ) (504 ) State income taxes 207 149 337 Other, net (650 ) (288 ) (183 ) Total income tax expense $ 7,137 $ 4,861 $ 5,646 |
Note 18 - Earnings Per Common_2
Note 18 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2020 2019 2018 Per Share Per Share Per Share Shares Amount Shares Amount Shares Amount Basic earnings per share 10,981,623 $ 2.74 10,531,572 $ 1.99 8,698,014 $ 2.60 Effect of dilutive securities - stock options 4,167 (0.01 ) 9,765 (0.01 ) 10,448 (0.01 ) Diluted earnings per share 10,985,790 $ 2.73 10,541,337 $ 1.98 8,708,462 $ 2.59 |
Note 19 - Off-balance Sheet A_2
Note 19 - Off-balance Sheet Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | December 31, 2020 2019 Commitments to extend credit $ 503,272 $ 557,364 Standby letters of credit 17,355 13,611 Mortgage loan rate lock commitments 26,883 10,791 |
Note 20 - Related Party Trans_2
Note 20 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Balance at December 31, 2019 $ 9,594 Additions 3,751 Repayments (4,760 ) Reclassifications (1) (63 ) Balance at December 31, 2020 $ 8,522 |
Note 21 - Employee Benefit Pl_2
Note 21 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | As of and for the Year Ended December 31, 2020 2019 2018 Change in Benefit Obligation: Projected benefit obligation at beginning of year $ 6,262 $ 5,812 $ 8,313 Service cost — — — Interest cost 152 209 235 Actuarial (gain) loss 814 489 (782 ) Settlement gain (loss) 44 (12 ) (120 ) Benefits paid (1,451 ) (236 ) (1,834 ) Projected benefit obligation at end of year 5,821 6,262 5,812 Change in Plan Assets: Fair value of plan assets at beginning of year 5,915 5,653 7,556 Actual return (loss) on plan assets 237 498 (69 ) Benefits paid (1,451 ) (236 ) (1,834 ) Fair value of plan assets at end of year 4,701 5,915 5,653 Funded Status at End of Year $ (1,120 ) $ (347 ) $ (159 ) Amounts Recognized in the Consolidated Balance Sheets Other liabilities $ (1,120 ) $ (347 ) $ (159 ) Amounts Recognized in Accumulated Other Comprehensive Loss Net actuarial loss $ 2,071 $ 1,658 $ 1,594 Deferred income taxes (435 ) (358 ) (357 ) Amount recognized $ 1,636 $ 1,300 $ 1,237 As of and for the Year Ended December 31, 2020 2019 2018 Components of Net Periodic Benefit Cost Service cost $ — $ — $ — Interest cost 152 209 235 Expected return on plan assets (285 ) (269 ) (353 ) Recognized net loss due to settlement 352 52 540 Recognized net actuarial loss 140 133 272 Net periodic benefit cost $ 359 $ 125 $ 694 Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Income) Loss Net actuarial (gain) loss $ 413 $ 64 $ (1,291 ) Amortization of prior service cost — — — Total recognized in other comprehensive (income) loss $ 413 $ 64 $ (1,291 ) Total Recognized in Net Periodic Benefit Cost and Other Comprehensive (Income) Loss $ 772 $ 189 $ (597 ) |
Schedule of Allocation of Plan Assets [Table Text Block] | Asset Category December 31, 2020 2019 Fixed Income 65.6 % 61.8 % Equity 31.5 % 27.5 % Cash and Accrued Income 2.9 % 10.7 % Total 100.0 % 100.0 % |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | Fair Value Measurements at December 31, 2020 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Asset Category 2020 Level 1 Level 2 Level 3 Cash $ 138 $ 138 $ — $ — Fixed income securities Government sponsored entities 444 — 444 — Municipal bonds and notes 2,147 — 2,147 — Corporate bonds and notes 491 — 491 — Equity securities U.S. companies 1,259 1,259 — — Foreign companies 222 222 — — $ 4,701 $ 1,619 $ 3,082 $ — Fair Value Measurements at December 31, 2019 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Asset Category 2019 Level 1 Level 2 Level 3 Cash $ 636 $ 636 $ — $ — Fixed income securities Government sponsored entities 1,648 — 1,648 — Municipal bonds and notes 1,792 — 1,792 — Corporate bonds and notes 212 — 212 — Equity securities U.S. companies 1,385 1,385 — — Foreign companies 242 242 — — $ 5,915 $ 2,263 $ 3,652 $ — |
Schedule of Expected Benefit Payments [Table Text Block] | Year Amount 2021 $ 629 2022 381 2023 910 2024 252 2025 1,204 2026 - 2030 2,390 |
Note 22 - Fair Value Measurem_2
Note 22 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at December 31, 2020 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2020 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 34,998 $ — $ 34,998 $ — Federal agencies and GSEs 106,023 — 106,023 — Mortgage-backed and CMOs 252,782 — 252,782 — State and municipal 59,099 — 59,099 — Corporate 13,189 — 13,189 — Total securities available for sale $ 466,091 $ — $ 466,091 $ — Loans held for sale $ 15,591 $ — $ 15,591 $ — Liabilities: Derivative - cash flow hedges $ 4,868 $ — $ 4,868 $ — Fair Value Measurements at December 31, 2019 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2019 Level 1 Level 2 Level 3 Assets: Securities available for sale: U.S. Treasury $ 14,987 $ — $ 14,987 $ — Federal agencies and GSEs 128,114 — 128,114 — Mortgage-backed and CMOs 184,240 — 184,240 — State and municipal 42,154 — 42,154 — Corporate 9,700 — 9,700 — Total securities available for sale $ 379,195 $ — $ 379,195 $ — Loans held for sale $ 2,027 $ — $ 2,027 $ — Liabilities: Derivative - cash flow hedges $ 2,658 $ — $ 2,658 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | Fair Value Measurements at December 31, 2020 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2020 Level 1 Level 2 Level 3 Assets: Impaired loans, net of valuation allowance $ 268 $ — $ — $ 268 Other real estate owned, net 958 — — 958 Fair Value Measurements at December 31, 2019 Using Quoted Prices Significant in Active Other Significant Balance as of Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs Description 2019 Level 1 Level 2 Level 3 Assets: Impaired loans, net of valuation allowance $ 759 $ — $ — $ 759 Other real estate owned, net 1,308 — — 1,308 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques [Table Text Block] | Assets Valuation Technique Unobservable Input Range; Weighted Average (1) Impaired loans Discounted appraised value Selling cost 8.00% Discounted cash flow analysis Market rate for borrower (discount rate) 4.13% - 7.20%; 5.19% Other real estate owned Discounted appraised value Selling cost 8.00% __________________________ (1) Unobservable inputs were weighted by the relative fair value of the impaired loans. |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements at December 31, 2020 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 374,370 $ 374,370 $ — $ — $ 374,370 Securities available for sale 466,091 — 466,091 — 466,091 Restricted stock 8,715 — 8,715 — 8,715 Loans held for sale 15,591 — 15,591 — 15,591 Loans, net of allowance 1,993,653 — — 1,992,326 1,992,326 Bank owned life insurance 28,482 — 28,482 — 28,482 Accrued interest receivable 7,193 — 7,193 — 7,193 Financial Liabilities: Deposits $ 2,611,330 $ — $ 2,615,157 $ — $ 2,615,157 Repurchase agreements 42,551 — 42,551 — 42,551 Subordinated debt 7,500 — 7,522 — 7,522 Junior subordinated debt 28,130 — — 21,696 21,696 Accrued interest payable 778 — 778 — 778 Derivative - cash flow hedges 4,868 — 4,868 — 4,868 Fair Value Measurements at December 31, 2019 Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Carrying Value Level 1 Level 2 Level 3 Balance Financial Assets: Cash and cash equivalents $ 79,582 $ 79,582 $ — $ — $ 79,582 Securities available for sale 379,195 — 379,195 — 379,195 Restricted stock 8,630 — 8,630 — 8,630 Loans held for sale 2,027 — 2,027 — 2,027 Loans, net of allowance 1,817,663 — — 1,818,655 1,818,655 Bank owned life insurance 27,817 — 27,817 — 27,817 Accrued interest receivable 6,625 — 6,625 — 6,625 Financial Liabilities: Deposits $ 2,060,547 $ — $ 2,062,823 $ — $ 2,062,823 Repurchase agreements 40,475 — 40,475 — 40,475 Subordinated debt 7,517 — 8,525 — 8,525 Junior subordinated debt 28,029 — — 22,697 22,697 Accrued interest payable 1,213 — 1,213 — 1,213 Derivative - cash flow hedges 2,658 — 2,658 — 2,658 |
Note 23 - Dividend Restrictio_2
Note 23 - Dividend Restrictions and Regulatory Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | To Be Well Capitalized Under Prompt Corrective Actual Required for Capital Adequacy Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio December 31, 2020 Common Equity Tier 1 Company $ 244,318 12.36 % $ 88,967 >4.50% N/A N/A Bank 252,748 12.86 137,530 >7.00 $ 127,706 >6.50% Tier 1 Capital Company 272,448 13.78 118,623 >6.00 N/A N/A Bank 252,748 12.86 167,001 >8.50 157,177 >8.00 Total Capital Company 300,155 15.18 158,164 >8.00 N/A N/A Bank 274,455 13.97 206,295 >10.50 196,471 >10.00 Leverage Capital Company 272,448 9.48 114,902 >4.00 N/A N/A Bank 252,748 8.85 114,247 >4.00 142,809 >5.00 December 31, 2019 Common Equity Tier 1 Company $ 228,554 11.56 % $ 88,968 >4.50% N/A N/A Bank 243,449 12.38 137,698 >7.00 $ 127,862 >6.50% Tier 1 Capital Company 256,583 12.98 118,624 >6.00 N/A N/A Bank 243,449 12.38 167,205 >8.50 157,369 >8.00 Total Capital Company 277,581 14.04 158,166 >8.00 N/A N/A Bank 256,930 13.06 206,547 >10.50 196,712 >10.00 Leverage Capital Company 256,583 10.75 95,514 >4.00 N/A N/A Bank 243,449 10.25 94,972 >4.00 118,715 >5.00 |
Note 24 - Segment and Related_2
Note 24 - Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2020 Community Banking Trust and Investment Services Total Interest income $ 95,840 $ — $ 95,840 Interest expense 12,020 — 12,020 Noninterest income 12,054 4,789 16,843 Noninterest expense 52,245 2,320 54,565 Incomebefore income taxes 34,714 2,468 37,182 Net income 28,052 1,993 30,045 Depreciation and amortization 3,815 10 3,825 Total assets 3,049,779 231 3,050,010 Goodwill 85,048 — 85,048 Capital expenditures 2,690 4 2,694 2019 Community Banking Trust and Investment Services Total Interest income $ 92,855 $ — $ 92,855 Interest expense 15,728 — 15,728 Noninterest income 10,602 4,568 15,170 Noninterest expense 63,794 2,280 66,074 Incomebefore income taxes 23,479 2,288 25,767 Net income 19,050 1,856 20,906 Depreciation and amortization 3,454 8 3,462 Total assets 2,478,478 72 2,478,550 Goodwill 84,002 — 84,002 Capital expenditures 3,534 21 3,555 2018 Community Banking Trust and Investment Services Total Interest income $ 68,768 $ — $ 68,768 Interest expense 9,674 — 9,674 Noninterest income 8,695 4,579 13,274 Noninterest expense 41,832 2,414 44,246 Incomebefore income taxes 26,060 2,165 28,225 Net income 20,848 1,731 22,579 Depreciation and amortization 2,030 10 2,040 Total assets 1,862,849 17 1,862,866 Goodwill 43,872 — 43,872 Capital expenditures 2,723 — 2,723 |
Note 25 - Parent Company Fina_2
Note 25 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, Condensed Balance Sheets 2020 2019 Cash $ 17,759 $ 11,127 Securities available for sale, at fair value 8,534 8,683 Investment in subsidiaries 351,033 337,983 Due from subsidiaries 143 134 Other assets 1,062 674 Total Assets $ 378,531 $ 358,601 Subordinated debt $ 7,500 $ 7,517 Junior subordinated debt 28,130 28,029 Other liabilities 5,007 2,797 Shareholders' equity 337,894 320,258 Total Liabilities and Shareholders' Equity $ 378,531 $ 358,601 |
Condensed Income Statement [Table Text Block] | Year Ended December 31, Condensed Statements of Income 2020 2019 2018 Dividends from subsidiary $ 25,500 $ 25,000 $ 11,000 Other income 512 823 456 Expenses 3,369 4,232 2,396 Income tax benefit (600 ) (601 ) (407 ) Income before equity in undistributed earnings of subsidiary 23,243 22,192 9,467 Equity in undistributed (distributed) earnings of subsidiary 6,802 (1,286 ) 13,112 Net Income $ 30,045 $ 20,906 $ 22,579 |
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, Condensed Statements of Cash Flows 2020 2019 2018 Cash Flows from Operating Activities: Net income $ 30,045 $ 20,906 $ 22,579 Adjustments to reconcile net income to net cash provided by operating activities: Equity in (undistributed) distributions of subsidiary (6,802 ) 1,286 (13,112 ) Net change in other assets 84 (382 ) (194 ) Net change in other liabilities 85 (35 ) 136 Net cash provided by operating activities 23,412 21,775 9,409 Cash Flows from Investing Activities: Purchases of securities available for sale — (2,220 ) — Sales of equity securities — 445 431 Cash paid in bank acquisition — (27 ) — Cash acquired in bank acquisition — 981 — Net cash provided by (used in) investing activities — (821 ) 431 Cash Flows from Financing Activities: Common stock dividends paid (11,842 ) (10,965 ) (8,702 ) Repurchase of common stock (4,981 ) (3,146 ) — Proceeds from exercise of stock options 43 688 861 Net cash used in financing activities (16,780 ) (13,423 ) (7,841 ) Net increase in cash and cash equivalents 6,632 7,531 1,999 Cash and cash equivalents at beginning of period 11,127 3,596 1,597 Cash and cash equivalents at end of period $ 17,759 $ 11,127 $ 3,596 |
Note 27 - Supplemental Cash F_2
Note 27 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | (dollars in thousands) As of or for the Year Ended December 31, 2020 2019 2018 Supplemental Schedule of Cash and Cash Equivalents: Cash and due from banks $ 30,767 $ 32,505 $ 29,587 Interest-bearing deposits in other banks 343,603 47,077 34,668 $ 374,370 $ 79,582 $ 64,255 Supplemental Disclosure of Cash Flow Information: Cash paid for: Interest on deposits and borrowed funds $ 12,455 $ 15,310 $ 9,553 Income taxes 7,609 4,698 5,056 Noncash investing and financing activities: Transfer of loans to other real estate owned 95 234 599 Transfer of loans to repossessions 411 — — Transfer from premises and equipment to other assets — 445 — Increase in operating lease right-of-use asset 371 4,453 — Increase in operating lease liability 371 4,453 — Unrealized gains (losses) on securities available for sale 6,399 8,821 (3,290 ) Unrealized losses on cash flow hedges (2,210 ) (1,854 ) (804 ) Change in unfunded pension liability (413 ) (64 ) 1,291 Non-cash transactions related to acquisitions: Assets acquired: Investment securities — 34,876 — Restricted stock — 2,588 — Loans — 444,324 — Premises and equipment — 12,554 — Deferred income taxes — 2,960 — Core deposit intangible — 8,200 — Other real estate owned — 1,442 — Bank owned life insurance — 8,246 — Other assets — 14,244 — Liabilities assumed: Deposits — 483,626 — Short-term FHLB advances — 14,883 — Long-term FHLB advances — 778 — Subordinated debt — 7,530 — Other liabilities — 5,780 — Consideration: Issuance of common stock — 82,470 — Fair value of replacement stock options/restricted stock — 753 — |
Note 28 - Accumulated Other C_2
Note 28 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Adjustments Accumulated Net Unrealized Losses on Related to Other Gains (Losses) Cash Flow Pension Comprehensive on Securities Hedges Benefits Income (Loss) Balance at Balance at December 31, 2017 $ (796 ) $ — $ (2,280 ) $ (3,076 ) Net unrealized losses on securities available for sale, net of tax, $(745) (2,464 ) — — (2,464 ) Reclassification adjustment for realized gains on securities, net of tax, $(18) (63 ) — — (63 ) Net unrealized losses on cash flow hedges, net of tax, $(180) — (624 ) — (624 ) Change in unfunded pension liability, net of tax, $249 — — 1,042 1,042 Reclassification for ASU 2016-01 adoption (650 ) — — (650 ) Balance at December 31, 2018 (3,973 ) (624 ) (1,238 ) (5,835 ) Net unrealized gains on securities available for sale, net of tax, $2,005 7,090 — — 7,090 Reclassification adjustment for realized gains on securities, net of tax, $(59) (215 ) — — (215 ) Net unrealized losses on cash flow hedges, net of tax, $(394) — (1,460 ) — (1,460 ) Change in unfunded pension liability, net of tax, $(1) — — (63 ) (63 ) Balance at December 31, 2019 2,902 (2,084 ) (1,301 ) (483 ) Net unrealized gains on securities available for sale, net of tax, $1,557 5,656 — — 5,656 Reclassification adjustment for realized gains on securities, net of tax, $(176) (638 ) — — (638 ) Net unrealized losses on cash flow hedges, net of tax, $(448) — (1,762 ) — (1,762 ) Change in unfunded pension liability, net of tax, $(77) — — (336 ) (336 ) Balance at December 31, 2020 7,920 (3,846 ) (1,637 ) $ 2,437 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement of Where Net Income is Presented Year Ended December 31, 2020 2019 2018 Available for sale securities: Realized gain on sale of securities $ 814 $ 274 $ 81 Securities gains, net (176 ) (59 ) (18 ) Income taxes $ 638 $ 215 $ 63 Net of tax Reclassification for ASU-2016-01 adoption — — 650 (1) Total reclassifications $ 638 $ 215 $ 713 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) | Feb. 28, 2021USD ($) | Feb. 28, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act | $ 211,300,000 | ||||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act, Processing Fees | 11,200,000 | ||||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act, Direct Origination Cost | 1,800,000 | ||||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act, Net Unaccreted Loan Origination Fees | $ 4,400,000 | ||||
Maturity Period of Interest-bearing Deposits in Other Banks (Year) | 1 year | ||||
Debt Securities, Held-to-maturity, Total | $ 0 | ||||
Minimum Period of Time Between Issuance and Sale of Loan Commitment (Day) | 30 days | ||||
Maximum Period of Time Between Issuance and Sale of Loan Commitment (Day) | 60 days | ||||
Period to Discontinued Interest Accrual on Delinquent Loans (Day) | 90 days | ||||
Past Due Period when Loans are Charged Off (Day) | 120 days | ||||
Financing Receivable, Troubled Debt Restructuring | $ 1,976,000 | $ 1,058,000 | |||
Financing Receivable, Disaster Assistance Program | 405,100,000 | ||||
Financing Receivable, Deferred Payments | $ 30,000,000 | ||||
Financing Receivable, Deferred Payments, Percentage of Portfolio | 1.50% | ||||
Financing Receivable, Second Deferrals | $ 18,200,000 | ||||
Goodwill and Intangible Asset Impairment, Total | 0 | ||||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |||
Marketing and Advertising Expense, Total | $ 453,000 | $ 473,000 | $ 365,000 | ||
Software Development [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Minimum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||||
Maximum [Member] | |||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||||
Subsequent Event [Member] | |||||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act | $ 226,400,000 | $ 226,400,000 | |||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act, Net Unaccreted Loan Origination Fees | 5,000,000 | 5,000,000 | |||
Financing Receivable, Deferred Payments | $ 25,200,000 | $ 25,200,000 | |||
Financing Receivable, Deferred Payments, Percentage of Portfolio | 1.20% | 1.20% | |||
Financing Receivable, Second Deferrals | $ 16,700,000 | $ 16,700,000 | |||
SBA CARES Act Paycheck Protection Program [Member] | |||||
Financing Receivable, Deferred Payments, Forgiven Amount | $ 56,400,000 | ||||
SBA CARES Act Paycheck Protection Program [Member] | Subsequent Event [Member] | |||||
Financing Receivable, Applications Approved | 2,700 | 2,700 | |||
Financing Receivable, Applications Approved, Amount | $ 340,900,000 | $ 340,900,000 | |||
Financing Receivable, Deferred Payments, Forgiven Amount | $ 105,800,000 | $ 105,800,000 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) | Apr. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Combination, Acquisition Related Costs | $ 0 | $ 11,782,000 | $ 872,000 | |
HomeTown Bankshares Corporation [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares Issued Per Share Of Common Stock (in dollars per share) | $ 0.4150 | |||
Business Combination, Acquisition Related Costs | $ 0 | $ 11,782,000 | $ 872,000 |
Note 2 - Acquisitions - Prelimi
Note 2 - Acquisitions - Preliminary Assessment of Consideration Transferred, Assets Acquired, and Liabilities Assumed (Details) - USD ($) $ in Thousands | Apr. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash paid in lieu of fractional shares | $ 0 | $ 27 | $ 0 | |
Goodwill resulting from merger with HomeTown | 85,048 | 84,002 | $ 43,872 | |
HomeTown Bankshares Corporation [Member] | ||||
Cash paid in lieu of fractional shares | $ 27 | |||
Value of consideration | 83,250 | |||
Cash and cash equivalents | 26,283 | |||
Investment securities | 34,876 | |||
Restricted stock | 2,588 | |||
Loans | 444,324 | |||
Premises and equipment | 12,034 | |||
Deferred income taxes | 2,960 | |||
Core deposit intangible | 8,200 | |||
Other real estate owned | 1,188 | |||
Banked owned life insurance | 8,246 | |||
Other assets | 14,244 | |||
Total assets | 554,943 | |||
Deposits | 483,626 | |||
Short-term FHLB advances | 14,883 | |||
Long-term FHLB advances | 778 | |||
Subordinated debt | 7,530 | |||
Other liabilities | 6,052 | |||
Total liabilities | 512,869 | |||
Net assets acquired | 42,074 | |||
Goodwill resulting from merger with HomeTown | 41,176 | $ 41,176 | $ 40,130 | |
HomeTown Bankshares Corporation [Member] | Stock Options and Restricted Stock [Member] | ||||
Common shares issued (2,361,686) | 753 | |||
HomeTown Bankshares Corporation [Member] | Common Stock [Member] | ||||
Common shares issued (2,361,686) | $ 82,470 |
Note 2 - Acquisitions - Preli_2
Note 2 - Acquisitions - Preliminary Assessment of Consideration Transferred, Assets Acquired, and Liabilities Assumed (Details) (Parentheticals) | 12 Months Ended |
Dec. 31, 2019shares | |
Common shares issued, shares (in shares) | 2,361,686 |
Note 2 - Acquisitions - Changes
Note 2 - Acquisitions - Changes in Fair Value of Net Assets Acquired and Liabilities (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill at December 31, 2019 | $ 84,002 |
Goodwill at December 31, 2020 | 85,048 |
HomeTown Bankshares Corporation [Member] | |
Goodwill at December 31, 2019 | 40,130 |
Premises and equipment | 520 |
Other real estate owned | 254 |
Other liabilities | 272 |
Goodwill at December 31, 2020 | $ 41,176 |
Note 2 - Acquisitions - Acquire
Note 2 - Acquisitions - Acquired Impaired Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Interest component of expected cash flows (accretable yield) | $ 6,513 | $ 7,893 | $ 4,633 | $ 4,890 | |
HomeTown Bankshares Corporation [Member] | |||||
Contractually required principal and interest at acquisition | $ 45,551 | ||||
Contractual cash flows not expected to be collected (nonaccretable difference) | 8,296 | ||||
Expected cash flows at acquisition | 37,255 | ||||
Interest component of expected cash flows (accretable yield) | 4,410 | ||||
Fair value of acquired loans accounted for under FASB ASC 310-30 | $ 32,845 |
Note 2 - Acquisitions - Pro For
Note 2 - Acquisitions - Pro Forma Amounts (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Total revenues (1) | [1] | $ 95,178 | $ 98,232 |
Net income | $ 29,841 | $ 27,974 | |
Earnings per share (in dollars per share) | $ 2.70 | $ 2.52 | |
[1] | Includes net interest income and noninterest income. |
Note 3 - Restrictions on Cash (
Note 3 - Restrictions on Cash (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents, Total | $ 0 | $ 14,400,000 |
Cash Reserve Deposit Required and Made | 0 | $ 2,600,000 |
Cash, Uninsured Amount | $ 2,610,000 |
Note 4 - Securities (Details Te
Note 4 - Securities (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Equity Securities, FV-NI | $ 0 | $ 0 | |
Equity Securities, FV-NI, Unrealized Gain | 0 | 333,000 | $ 42,000 |
Proceeds from the Sale of Equity Securities | 0 | 445,000 | $ 431,000 |
Debt Securities, Available-for-sale, Restricted | 189,791,000 | 179,852,000 | |
Federal Home Loan Bank Letters of Credit Used as Additional Collateral Amount | $ 245,000,000 | 170,000,000 | |
Par Value of Restricted Stock Out of Outstanding Borrowings Required by FHLB | 4.25% | ||
Par Value of Restricted Stock Out of Outstanding Capital Required by FRB | 3.00% | ||
Percentage of Par Value of Federal Reserve Banks Restricted Stock Outstanding Capital Subject to Call | 3.00% | ||
Federal Reserve Bank Stock | $ 6,458,000 | 6,415,000 | |
Federal Home Loan Bank Stock | 2,257,000 | $ 2,215,000 | |
Other than Temporary Impairment Losses, Investments, Total | $ 0 | ||
US Government-sponsored Enterprises Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 14 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 6 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | ||
Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 5 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 2 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | ||
Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 2 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 |
Note 4 - Securities - Amortized
Note 4 - Securities - Amortized Cost and Fair Value of Investments in Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Amortized Cost | $ 455,992 | $ 375,494 |
Securities available for sale, unrealized gains | 10,261 | 4,360 |
Securities available for sale, unrealized losses | 162 | 659 |
Securities available for sale, fair value | 466,091 | 379,195 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 34,997 | 14,992 |
Securities available for sale, unrealized gains | 1 | 0 |
Securities available for sale, unrealized losses | 0 | 5 |
Securities available for sale, fair value | 34,998 | 14,987 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 104,092 | 126,829 |
Securities available for sale, unrealized gains | 1,976 | 1,504 |
Securities available for sale, unrealized losses | 45 | 219 |
Securities available for sale, fair value | 106,023 | 128,114 |
Collateralized Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 246,770 | 182,732 |
Securities available for sale, unrealized gains | 6,117 | 1,901 |
Securities available for sale, unrealized losses | 105 | 393 |
Securities available for sale, fair value | 252,782 | 184,240 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 57,122 | 41,427 |
Securities available for sale, unrealized gains | 1,979 | 769 |
Securities available for sale, unrealized losses | 2 | 42 |
Securities available for sale, fair value | 59,099 | 42,154 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale, Amortized Cost | 13,011 | 9,514 |
Securities available for sale, unrealized gains | 188 | 186 |
Securities available for sale, unrealized losses | 10 | 0 |
Securities available for sale, fair value | $ 13,189 | $ 9,700 |
Note 4 - Securities - Amortiz_2
Note 4 - Securities - Amortized Cost and Estimated Fair Value by Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Due in one year or less, Amortized cost | $ 38,081 | |
Due in one year or less, Fair value | 38,120 | |
Due after one year through five years, Amortized cost | 96,905 | |
Due after one year through five years, Fair value | 98,651 | |
Due after five years through ten years, Amortized cost | 52,624 | |
Due after five years through ten years, Fair value | 54,465 | |
Due after ten years, Amortized cost | 21,612 | |
Due after ten years, Fair value | 22,073 | |
Debt Securities, Available-for-sale, Amortized Cost | 455,992 | $ 375,494 |
Securities available for sale, at fair value | 466,091 | $ 379,195 |
Mortgage-backed and CMOs [Member] | ||
Mortgage-backed and CMOs, Amortized cost | 246,770 | |
Mortgage-backed and CMOs, Fair value | $ 252,782 |
Note 4 - Securities - Realized
Note 4 - Securities - Realized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gross realized gains | $ 814 | $ 328 | $ 342 |
Gross realized losses | 0 | (54) | (261) |
Proceeds from sales of securities available for sale | $ 5,811 | $ 29,878 | $ 57,607 |
Note 4 - Securities - Available
Note 4 - Securities - Available for Sale Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total, fair value | $ 77,323 | $ 177,735 |
Total, unrealized loss | 162 | 659 |
Less than 12 months, fair value | 76,060 | 116,198 |
Less than 12 months, unrealized loss | 143 | 352 |
12 months or more, fair value | 1,263 | 61,537 |
12 months or more, unrealized loss | 19 | 307 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Total, fair value | 21,237 | 69,095 |
Total, unrealized loss | 45 | 219 |
Less than 12 months, fair value | 19,974 | 31,779 |
Less than 12 months, unrealized loss | 26 | 44 |
12 months or more, fair value | 1,263 | 37,316 |
12 months or more, unrealized loss | 19 | 175 |
US Treasury Securities [Member] | ||
Total, fair value | 14,987 | |
Total, unrealized loss | 5 | |
Less than 12 months, fair value | 14,987 | |
Less than 12 months, unrealized loss | 5 | |
12 months or more, fair value | 0 | |
12 months or more, unrealized loss | 0 | |
Collateralized Mortgage Backed Securities [Member] | ||
Total, fair value | 46,640 | 89,391 |
Total, unrealized loss | 105 | 393 |
Less than 12 months, fair value | 46,640 | 66,324 |
Less than 12 months, unrealized loss | 105 | 266 |
12 months or more, fair value | 0 | 23,067 |
12 months or more, unrealized loss | 0 | 127 |
US States and Political Subdivisions Debt Securities [Member] | ||
Total, fair value | 3,456 | 4,262 |
Total, unrealized loss | 2 | 42 |
Less than 12 months, fair value | 3,456 | 3,108 |
Less than 12 months, unrealized loss | 2 | 37 |
12 months or more, fair value | 0 | 1,154 |
12 months or more, unrealized loss | 0 | $ 5 |
Corporate Debt Securities [Member] | ||
Total, fair value | 5,990 | |
Total, unrealized loss | 10 | |
Less than 12 months, fair value | 5,990 | |
Less than 12 months, unrealized loss | 10 | |
12 months or more, fair value | 0 | |
12 months or more, unrealized loss | $ 0 |
Note 5 - Loans (Details Textual
Note 5 - Loans (Details Textual) | Feb. 28, 2021USD ($) | Feb. 28, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 | |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | $ 3,021,000 | $ 1,197,000 | ||||
Overdraft Deposits | 59,000 | $ 134,000 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | ||||
Financing Receivable, Assistance to Customers, Amount | 405,100,000 | |||||
Financing Receivable, Deferred Payments | $ 30,000,000 | |||||
Financing Receivable, Deferred Payments, Percentage of Portfolio | 1.50% | |||||
Financing Receivable, Second Deferrals | $ 18,200,000 | |||||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act | 211,300,000 | |||||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act, Processing Fees | 11,200,000 | |||||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act, Direct Origination Cost | 1,800,000 | |||||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act, Net Unaccreted Loan Origination Fees | 4,400,000 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 2,015,056,000 | $ 1,830,815,000 | ||||
Mortgage Loans in Process of Foreclosure, Amount | 387,000 | 161,000 | ||||
Real Estate Acquired Through Foreclosure | 285,000 | 285,000 | ||||
Subsequent Event [Member] | ||||||
Financing Receivable, Deferred Payments | $ 25,200,000 | $ 25,200,000 | ||||
Financing Receivable, Deferred Payments, Percentage of Portfolio | 1.20% | 1.20% | ||||
Financing Receivable, Second Deferrals | $ 16,700,000 | $ 16,700,000 | ||||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act | 226,400,000 | 226,400,000 | ||||
Financing Receivable, Paycheck Protection Program Loans Originated Through the CARES Act, Net Unaccreted Loan Origination Fees | 5,000,000 | 5,000,000 | ||||
Commercial Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | 88,000 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 491,256,000 | [1] | 339,077,000 | |||
Financing Receivable, Percent of Portfolio | 15.50% | |||||
Commercial Portfolio Segment [Member] | Hotel Loans [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 75,235,000 | |||||
Commercial Portfolio Segment [Member] | Restaurant Loans [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 44,738,000 | |||||
Commercial Portfolio Segment [Member] | Retail Loans [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 190,840,000 | |||||
Residential Portfolio Segment [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | 24,000 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 374,018,000 | 443,738,000 | ||||
Residential Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 627,569,000 | 538,209,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | 1,052,000 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 627,569,000 | 538,208,000 | ||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||||||
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | 138,000 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 373,680,000 | $ 360,991,000 | ||||
SBA CARES Act Paycheck Protection Program [Member] | ||||||
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums, Total | 4,439,000 | |||||
Financing Receivable, Deferred Payments, Forgiven Amount | $ 56,400,000 | |||||
SBA CARES Act Paycheck Protection Program [Member] | Subsequent Event [Member] | ||||||
Financing Receivable, Deferred Payments, Forgiven Amount | $ 105,800,000 | $ 105,800,000 | ||||
[1] | Includes PPP loans, which are guaranteed by the SBA and have no related allowance. |
Note 5 - Loans - Loans (Details
Note 5 - Loans - Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Net of Deferred Income, Total | $ 2,015,056 | $ 1,830,815 | |
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 491,256 | [1] | 339,077 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 140,071 | 137,920 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 373,680 | 360,991 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 627,569 | 538,208 | |
Residential Portfolio Segment [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 374,018 | 443,738 | |
Residential Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 627,569 | 538,209 | |
Residential Portfolio Segment [Member] | Residential [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 269,137 | 324,315 | |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 104,881 | 119,423 | |
Consumer Portfolio Segment [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 8,462 | $ 10,881 | |
[1] | Includes PPP loans, which are guaranteed by the SBA and have no related allowance. |
Note 5 - Loans - Acquired Loans
Note 5 - Loans - Acquired Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Outstanding principal balance | $ 251,730 | $ 393,618 |
Carrying amount | 241,008 | 377,130 |
Outstanding principal balance | 37,417 | 53,600 |
Carrying amount | $ 30,201 | $ 43,028 |
Note 5 - Loans - Accretable Yie
Note 5 - Loans - Accretable Yield on Acquired Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Balance | $ 7,893 | $ 4,633 | $ 4,890 | |
Additions from merger with HomeTown | 0 | 4,410 | 0 | |
Accretion | (3,553) | (3,304) | (2,362) | |
Reclassification from nonaccretable difference | 2,233 | 736 | 956 | |
Other changes, net (1) | [1] | (60) | 1,418 | 1,149 |
Balance | $ 6,513 | $ 7,893 | $ 4,633 | |
[1] | This line item represents changes in the cash flows expected to be collected due to the impact of non-credit changes such as prepayment assumptions, changes in interest rates on variable rate acquired impaired loans, and discounted payoffs that occurred in the period. |
Note 5 - Loans - Past Due Loans
Note 5 - Loans - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Past due | $ 4,073 | $ 4,626 | |
90 days past due and still accruing | 262 | 361 | |
Nonaccrual loans | 2,434 | 1,944 | |
Loans and Leases Receivable, Net of Deferred Income, Total | 2,015,056 | 1,830,815 | |
Current | 2,010,983 | 1,826,189 | |
Loans, net of deferred fees and costs | 2,015,056 | 1,830,815 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Past due | 1,143 | 1,361 | |
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Past due | 234 | 960 | |
Commercial Portfolio Segment [Member] | |||
Past due | 262 | 1,397 | |
90 days past due and still accruing | 0 | 52 | |
Nonaccrual loans | 100 | 857 | |
Loans and Leases Receivable, Net of Deferred Income, Total | 491,256 | [1] | 339,077 |
Current | 337,680 | ||
Loans, net of deferred fees and costs | 491,256 | [1] | 339,077 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Past due | 153 | 325 | |
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Past due | 9 | 163 | |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | |||
Past due | 173 | 69 | |
90 days past due and still accruing | 0 | 0 | |
Nonaccrual loans | 5 | 11 | |
Loans and Leases Receivable, Net of Deferred Income, Total | 140,071 | 137,920 | |
Current | 139,898 | 137,851 | |
Loans, net of deferred fees and costs | 140,071 | 137,920 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Past due | 575 | 925 | |
90 days past due and still accruing | 209 | 0 | |
Nonaccrual loans | 304 | 274 | |
Loans and Leases Receivable, Net of Deferred Income, Total | 373,680 | 360,991 | |
Current | 373,105 | 360,066 | |
Loans, net of deferred fees and costs | 373,680 | 360,991 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Past due | 1,158 | 0 | |
90 days past due and still accruing | 0 | 0 | |
Nonaccrual loans | 1,158 | 0 | |
Loans and Leases Receivable, Net of Deferred Income, Total | 627,569 | 538,208 | |
Current | 626,411 | 538,208 | |
Loans, net of deferred fees and costs | 627,569 | 538,208 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Construction and Land Development [Member] | |||
Past due | 168 | 58 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Past due | 62 | 217 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Past due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Construction and Land Development [Member] | |||
Past due | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Past due | 0 | 434 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Past due | 0 | 0 | |
Residential Portfolio Segment [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 374,018 | 443,738 | |
Loans, net of deferred fees and costs | 374,018 | 443,738 | |
Residential Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 627,569 | 538,209 | |
Loans, net of deferred fees and costs | 627,569 | 538,209 | |
Residential Portfolio Segment [Member] | Residential [Member] | |||
Past due | 1,767 | 1,866 | |
90 days past due and still accruing | 53 | 282 | |
Nonaccrual loans | 792 | 685 | |
Loans and Leases Receivable, Net of Deferred Income, Total | 269,137 | 324,315 | |
Current | 267,370 | 322,449 | |
Loans, net of deferred fees and costs | 269,137 | 324,315 | |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||
Past due | 69 | 279 | |
90 days past due and still accruing | 0 | 27 | |
Nonaccrual loans | 69 | 113 | |
Loans and Leases Receivable, Net of Deferred Income, Total | 104,881 | 119,423 | |
Current | 104,812 | 119,144 | |
Loans, net of deferred fees and costs | 104,881 | 119,423 | |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Residential [Member] | |||
Past due | 711 | 639 | |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Line of Credit [Member] | |||
Past due | 0 | 49 | |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Residential [Member] | |||
Past due | 211 | 260 | |
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Line of Credit [Member] | |||
Past due | 0 | 90 | |
Consumer Portfolio Segment [Member] | |||
Past due | 69 | 90 | |
90 days past due and still accruing | 0 | 0 | |
Nonaccrual loans | 6 | 4 | |
Loans and Leases Receivable, Net of Deferred Income, Total | 8,462 | 10,881 | |
Current | 8,393 | 10,791 | |
Loans, net of deferred fees and costs | 8,462 | 10,881 | |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | |||
Past due | 49 | 73 | |
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | |||
Past due | $ 14 | $ 13 | |
[1] | Includes PPP loans, which are guaranteed by the SBA and have no related allowance. |
Note 5 - Loans - Impaired Loan
Note 5 - Loans - Impaired Loan Balances by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Recorded investment, with no related allowance recorded | $ 2,554 | $ 1,203 |
Unpaid principal balance, with no related allowance recorded | 2,557 | 1,202 |
Average recorded investment, with no related allowance recorded | 2,089 | 1,137 |
Interest income recognized, with no related allowance recorded | 173 | 88 |
Recorded investment, with a related allowance recorded | 298 | 989 |
Unpaid principal balance, with a related allowance recorded | 292 | 984 |
Related allowance | 30 | 230 |
Average recorded investment, with a related allowance recorded | 818 | 416 |
Interest income recognized, with a related allowance recorded | 39 | 57 |
Recorded investment | 2,852 | 2,192 |
Unpaid principal balance | 2,849 | 2,186 |
Average recorded investment | 2,907 | 1,553 |
Interest income recognized | 212 | 145 |
Commercial Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | 18 | 49 |
Unpaid principal balance, with no related allowance recorded | 18 | 49 |
Average recorded investment, with no related allowance recorded | 23 | 16 |
Interest income recognized, with no related allowance recorded | 6 | 5 |
Recorded investment, with a related allowance recorded | 39 | 735 |
Unpaid principal balance, with a related allowance recorded | 33 | 730 |
Related allowance | 29 | 204 |
Average recorded investment, with a related allowance recorded | 382 | 191 |
Interest income recognized, with a related allowance recorded | 15 | 41 |
Recorded investment | 57 | 784 |
Unpaid principal balance | 51 | 779 |
Average recorded investment | 405 | 207 |
Interest income recognized | 21 | 46 |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with a related allowance recorded | 0 | 0 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | ||
Recorded investment, with no related allowance recorded | 286 | 343 |
Unpaid principal balance, with no related allowance recorded | 283 | 341 |
Average recorded investment, with no related allowance recorded | 357 | 250 |
Interest income recognized, with no related allowance recorded | 27 | 26 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with a related allowance recorded | 0 | 0 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 286 | 0 |
Unpaid principal balance | 283 | 0 |
Average recorded investment | 357 | 0 |
Interest income recognized | 27 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | ||
Recorded investment, with no related allowance recorded | 1,148 | 159 |
Unpaid principal balance, with no related allowance recorded | 1,147 | 159 |
Average recorded investment, with no related allowance recorded | 766 | 174 |
Interest income recognized, with no related allowance recorded | 75 | 13 |
Recorded investment, with a related allowance recorded | 122 | |
Unpaid principal balance, with a related allowance recorded | 122 | |
Related allowance | 0 | 0 |
Average recorded investment, with a related allowance recorded | 180 | |
Interest income recognized, with a related allowance recorded | 15 | |
Recorded investment | 1,270 | 343 |
Unpaid principal balance | 1,269 | 341 |
Average recorded investment | 946 | 250 |
Interest income recognized | 90 | 26 |
Residential Portfolio Segment [Member] | Residential [Member] | ||
Recorded investment, with no related allowance recorded | 1,096 | 611 |
Unpaid principal balance, with no related allowance recorded | 1,103 | 612 |
Average recorded investment, with no related allowance recorded | 912 | 652 |
Interest income recognized, with no related allowance recorded | 62 | 38 |
Recorded investment, with a related allowance recorded | 137 | 254 |
Unpaid principal balance, with a related allowance recorded | 137 | 254 |
Related allowance | 1 | 26 |
Average recorded investment, with a related allowance recorded | 256 | 225 |
Interest income recognized, with a related allowance recorded | 9 | 16 |
Recorded investment | 1,233 | 865 |
Unpaid principal balance | 1,240 | 866 |
Average recorded investment | 1,168 | 877 |
Interest income recognized | 71 | 54 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Recorded investment, with no related allowance recorded | 6 | 41 |
Unpaid principal balance, with no related allowance recorded | 6 | 41 |
Average recorded investment, with no related allowance recorded | 31 | 45 |
Interest income recognized, with no related allowance recorded | 3 | 6 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with a related allowance recorded | 0 | 0 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 6 | 41 |
Unpaid principal balance | 6 | 41 |
Average recorded investment | 31 | 45 |
Interest income recognized | 3 | 6 |
Consumer Portfolio Segment [Member] | ||
Recorded investment, with no related allowance recorded | 0 | 0 |
Unpaid principal balance, with no related allowance recorded | 0 | 0 |
Average recorded investment, with no related allowance recorded | 0 | 0 |
Interest income recognized, with no related allowance recorded | 0 | 0 |
Recorded investment, with a related allowance recorded | 0 | 0 |
Unpaid principal balance, with a related allowance recorded | 0 | 0 |
Related allowance | 0 | 0 |
Average recorded investment, with a related allowance recorded | 0 | 0 |
Interest income recognized, with a related allowance recorded | 0 | 0 |
Recorded investment | 0 | 0 |
Unpaid principal balance | 0 | 0 |
Average recorded investment | 0 | 0 |
Interest income recognized | $ 0 | $ 0 |
Note 5 - Loans - Loans Modified
Note 5 - Loans - Loans Modified as TDRs (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Contracts | 5 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,505 | $ 207 | $ 11 |
Post-Modification Outstanding Recorded Investment | $ 1,505 | $ 207 | $ 11 |
Commercial Portfolio Segment [Member] | |||
Number of Contracts | 1 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 106 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 106 | $ 0 | $ 0 |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Number of Contracts | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Number of Contracts | 2 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 1,311 | $ 0 | |
Post-Modification Outstanding Recorded Investment | $ 1,311 | $ 0 | |
Residential Portfolio Segment [Member] | Residential [Member] | |||
Number of Contracts | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 82 | $ 207 | $ 11 |
Post-Modification Outstanding Recorded Investment | $ 82 | $ 207 | $ 11 |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||
Number of Contracts | 1 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 6 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 6 | $ 0 | $ 0 |
Consumer Portfolio Segment [Member] | |||
Number of Contracts | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Note 5 - Loans - Credit Risk Pr
Note 5 - Loans - Credit Risk Profile (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Net of Deferred Income, Total | $ 2,015,056 | $ 1,830,815 | |
Consumer Portfolio Segment [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 8,462 | 10,881 | |
Consumer Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 8,456 | 10,877 | |
Consumer Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 6 | 4 | |
Commercial Portfolio Segment [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 491,256 | [1] | 339,077 |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 479,416 | 328,488 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 10,956 | 8,710 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 865 | 1,144 | |
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 19 | 735 | |
Commercial Real Estate Portfolio Segment [Member] | Construction and Land Development [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 140,071 | 137,920 | |
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 373,680 | 360,991 | |
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 627,569 | 538,208 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Construction and Land Development [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 131,770 | 130,694 | |
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 350,376 | 340,696 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Construction and Land Development [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 2,505 | 4,133 | |
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 14,621 | 13,094 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Construction and Land Development [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 5,796 | 3,093 | |
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 8,474 | 7,200 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Construction and Land Development [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member] | Owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 209 | 0 | |
Residential Portfolio Segment [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 374,018 | 443,738 | |
Residential Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 627,569 | 538,209 | |
Residential Portfolio Segment [Member] | Residential [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 269,137 | 324,315 | |
Residential Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 104,881 | 119,423 | |
Residential Portfolio Segment [Member] | Pass [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 612,688 | 519,919 | |
Residential Portfolio Segment [Member] | Pass [Member] | Residential [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 262,677 | 316,454 | |
Residential Portfolio Segment [Member] | Pass [Member] | Home Equity Line of Credit [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 104,608 | 118,960 | |
Residential Portfolio Segment [Member] | Special Mention [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 9,196 | 9,023 | |
Residential Portfolio Segment [Member] | Special Mention [Member] | Residential [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 3,665 | 4,370 | |
Residential Portfolio Segment [Member] | Special Mention [Member] | Home Equity Line of Credit [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 | |
Residential Portfolio Segment [Member] | Substandard [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 5,563 | 9,267 | |
Residential Portfolio Segment [Member] | Substandard [Member] | Residential [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 2,795 | 3,491 | |
Residential Portfolio Segment [Member] | Substandard [Member] | Home Equity Line of Credit [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 273 | 463 | |
Residential Portfolio Segment [Member] | Doubtful [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 122 | 0 | |
Residential Portfolio Segment [Member] | Doubtful [Member] | Residential [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | 0 | 0 | |
Residential Portfolio Segment [Member] | Doubtful [Member] | Home Equity Line of Credit [Member] | |||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 0 | $ 0 | |
[1] | Includes PPP loans, which are guaranteed by the SBA and have no related allowance. |
Note 6 - Allowance for Loan L_3
Note 6 - Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loans and Leases Receivable, Allowance, Ending Balance | $ 21,403 | $ 13,152 | $ 12,805 | $ 13,603 |
SBA CARES Act Paycheck Protection Program [Member] | ||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 0 |
Note 6 - Allowance for Loan L_4
Note 6 - Allowance for Loan Losses and Reserve for Unfunded Lending Commitments - Changes in Allowance for Loan Losses and Reserve for Unfunded Lending Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Balance, beginning of year | $ 13,152 | $ 12,805 | $ 13,603 | ||||||
Provision for (recovery of) loan losses | 8,916 | 456 | (103) | ||||||
Charge-offs | (1,006) | (333) | (1,020) | ||||||
Recoveries | 341 | 224 | 325 | ||||||
Balance, end of year | 21,403 | 13,152 | 12,805 | ||||||
Provision for (recovery of) loan losses | 8,916 | 456 | (103) | ||||||
Individually evaluated for impairment | $ 30 | $ 230 | |||||||
Collectively evaluated for impairment | 20,534 | 12,684 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 13,152 | 12,805 | 13,603 | 21,403 | 13,152 | ||||
Individually evaluated for impairment | 2,852 | 2,192 | |||||||
Collectively evaluated for impairment | 1,982,003 | 1,785,595 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 2,015,056 | 1,830,815 | |||||||
Financial Asset Acquired with Credit Deterioration [Member] | |||||||||
Balance, beginning of year | 238 | ||||||||
Balance, end of year | 839 | 238 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 238 | 238 | 839 | 238 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 30,201 | 43,028 | |||||||
Unfunded Loan Commitment [Member] | |||||||||
Balance, beginning of year | 329 | 217 | 206 | ||||||
Provision for (recovery of) unfunded commitments | (25) | 112 | 11 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||
Balance, end of year | 304 | 329 | 217 | ||||||
Commercial Portfolio Segment [Member] | |||||||||
Balance, beginning of year | 2,657 | [1] | 2,537 | ||||||
Provision for (recovery of) loan losses | 1,156 | [1] | 119 | ||||||
Charge-offs | (505) | [1] | (12) | ||||||
Recoveries | 65 | [1] | 13 | ||||||
Balance, end of year | 3,373 | [1] | 2,657 | [1] | 2,537 | ||||
Provision for (recovery of) loan losses | 1,156 | [1] | 119 | ||||||
Individually evaluated for impairment | 29 | [1] | 204 | ||||||
Collectively evaluated for impairment | 3,318 | [1] | 2,448 | ||||||
Loans and Leases Receivable, Allowance, Ending Balance | 3,373 | [1] | 2,537 | 2,537 | 3,373 | [1] | 2,657 | [1] | |
Individually evaluated for impairment | 57 | [1] | 784 | ||||||
Collectively evaluated for impairment | 490,736 | [1] | 337,312 | ||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 491,256 | [1] | 339,077 | ||||||
Commercial Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||||
Balance, beginning of year | 5 | ||||||||
Balance, end of year | 26 | [1] | 5 | ||||||
Loans and Leases Receivable, Allowance, Ending Balance | 5 | 5 | 26 | [1] | 5 | ||||
Loans and Leases Receivable, Net of Deferred Income, Total | 463 | [1] | 981 | ||||||
Construction and Land Development [Member] | |||||||||
Balance, beginning of year | 1,161 | 1,059 | |||||||
Provision for (recovery of) loan losses | 764 | 102 | |||||||
Charge-offs | 0 | 0 | |||||||
Recoveries | 2 | 0 | |||||||
Balance, end of year | 1,927 | 1,161 | 1,059 | ||||||
Provision for (recovery of) loan losses | 764 | 102 | |||||||
Individually evaluated for impairment | 0 | 0 | |||||||
Collectively evaluated for impairment | 1,927 | 1,161 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 1,927 | 1,059 | 1,059 | 1,927 | 1,161 | ||||
Individually evaluated for impairment | 0 | 0 | |||||||
Collectively evaluated for impairment | 139,833 | 137,522 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 140,071 | 137,920 | |||||||
Construction and Land Development [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||||
Balance, beginning of year | 0 | ||||||||
Balance, end of year | 0 | 0 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 0 | 0 | 0 | 0 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 238 | 398 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | |||||||||
Balance, beginning of year | 2,474 | 2,420 | |||||||
Provision for (recovery of) loan losses | 1,871 | 51 | |||||||
Charge-offs | (17) | (6) | |||||||
Recoveries | 12 | 9 | |||||||
Balance, end of year | 4,340 | 2,474 | 2,420 | ||||||
Provision for (recovery of) loan losses | 1,871 | 51 | |||||||
Individually evaluated for impairment | 0 | 0 | |||||||
Collectively evaluated for impairment | 4,138 | 2,444 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 4,340 | 2,420 | 2,420 | 4,340 | 2,474 | ||||
Individually evaluated for impairment | 286 | 0 | |||||||
Collectively evaluated for impairment | 360,579 | 346,233 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 373,680 | 360,991 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Owner Occupied Commercial Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||||
Balance, beginning of year | 30 | ||||||||
Balance, end of year | 202 | 30 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 30 | 30 | 202 | 30 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 12,815 | 14,758 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||||||||
Balance, beginning of year | 3,781 | 3,767 | |||||||
Provision for (recovery of) loan losses | 3,960 | 14 | |||||||
Charge-offs | (165) | 0 | |||||||
Recoveries | 50 | 0 | |||||||
Balance, end of year | 7,626 | 3,781 | 3,767 | ||||||
Provision for (recovery of) loan losses | 3,960 | 14 | |||||||
Individually evaluated for impairment | 0 | 0 | |||||||
Collectively evaluated for impairment | 7,185 | 3,781 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 7,626 | 3,767 | 3,767 | 7,626 | 3,781 | ||||
Individually evaluated for impairment | 1,270 | 502 | |||||||
Collectively evaluated for impairment | 616,498 | 520,541 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 627,569 | 538,208 | |||||||
Commercial Real Estate Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||||
Balance, beginning of year | 0 | ||||||||
Balance, end of year | 441 | 0 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 0 | 0 | 441 | 0 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 9,801 | 17,165 | |||||||
Residential Portfolio Segment [Member] | |||||||||
Balance, beginning of year | 3,023 | 2,977 | |||||||
Provision for (recovery of) loan losses | 1,076 | 58 | |||||||
Charge-offs | (117) | (70) | |||||||
Recoveries | 85 | 58 | |||||||
Balance, end of year | 4,067 | 3,023 | 2,977 | ||||||
Provision for (recovery of) loan losses | 1,076 | 58 | |||||||
Individually evaluated for impairment | 1 | 26 | |||||||
Collectively evaluated for impairment | 3,896 | 2,794 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 4,067 | 2,977 | 2,977 | 4,067 | 3,023 | ||||
Individually evaluated for impairment | 1,239 | 906 | |||||||
Collectively evaluated for impairment | 365,967 | 433,121 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 374,018 | 443,738 | |||||||
Residential Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||||
Balance, beginning of year | 203 | ||||||||
Balance, end of year | 170 | 203 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 203 | 203 | 170 | 203 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | 6,812 | 9,711 | |||||||
Residential Portfolio Segment [Member] | Non-owner Occupied Commercial Real Estate [Member] | |||||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 627,569 | 538,209 | |||||||
Consumer Portfolio Segment [Member] | |||||||||
Balance, beginning of year | 56 | 45 | |||||||
Provision for (recovery of) loan losses | 89 | 112 | |||||||
Charge-offs | (202) | (245) | |||||||
Recoveries | 127 | 144 | |||||||
Balance, end of year | 70 | 56 | 45 | ||||||
Provision for (recovery of) loan losses | 89 | 112 | |||||||
Individually evaluated for impairment | 0 | 0 | |||||||
Collectively evaluated for impairment | 70 | 56 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | 70 | 45 | $ 45 | 70 | 56 | ||||
Individually evaluated for impairment | 0 | 0 | |||||||
Collectively evaluated for impairment | 8,390 | 10,866 | |||||||
Loans and Leases Receivable, Net of Deferred Income, Total | 8,462 | 10,881 | |||||||
Consumer Portfolio Segment [Member] | Financial Asset Acquired with Credit Deterioration [Member] | |||||||||
Balance, beginning of year | 0 | ||||||||
Balance, end of year | 0 | 0 | |||||||
Loans and Leases Receivable, Allowance, Ending Balance | $ 0 | $ 0 | 0 | 0 | |||||
Loans and Leases Receivable, Net of Deferred Income, Total | $ 72 | $ 15 | |||||||
[1] | Includes PPP loans, which are guaranteed by the SBA and have no related allowance. |
Note 7 - Premises and Equipme_3
Note 7 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 2,188,000 | $ 2,064,000 | $ 1,775,000 |
Note 7 - Premises and Equipme_4
Note 7 - Premises and Equipment - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Premises and equipment, gross | $ 67,024 | $ 65,832 |
Accumulated depreciation | (27,301) | (25,984) |
Premises and equipment, net | 39,723 | 39,848 |
Land [Member] | ||
Premises and equipment, gross | 10,267 | 10,421 |
Building [Member] | ||
Premises and equipment, gross | 36,173 | 36,247 |
Leasehold Improvements [Member] | ||
Premises and equipment, gross | 1,160 | 1,469 |
Furniture and Equipment [Member] | ||
Premises and equipment, gross | $ 19,424 | $ 17,695 |
Note 8 - Goodwill and Other I_3
Note 8 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2019 | Jan. 31, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2011 | |
Amortization of Intangible Assets, Total | $ 1,637,000 | $ 1,398,000 | $ 265,000 | |||
MidCarolina Financial Corporation [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 6,556,000 | |||||
MainStreet Bankshares, Inc. [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,839,000 | |||||
Finite-Lived Intangible Asset, Useful Life (Month) | 120 months | |||||
HomeTown Bankshares Corporation [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 8,200,000 | |||||
Finite-Lived Intangible Asset, Useful Life (Month) | 120 months |
Note 8 - Goodwill and Other I_4
Note 8 - Goodwill and Other Intangible Assets - Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill at December 31, 2019 | $ 84,002,000 | $ 43,872,000 | |||
Balance, intangibles | 7,728,000 | ||||
Measurement period adjustments, goodwill | 1,046,000 | ||||
Measurement period adjustments, intangibles | 0 | ||||
Amortization, intangibles | (1,637,000) | (1,398,000) | $ (265,000) | ||
Goodwill at December 31, 2020 | 85,048,000 | 84,002,000 | 43,872,000 | ||
Balance, intangibles | 6,091,000 | 7,728,000 | |||
Core deposit intangibles, net | 6,091,000 | 7,728,000 | $ 6,091,000 | $ 7,728,000 | |
Goodwill, gross | 85,048,000 | 84,002,000 | |||
Goodwill resulting from merger with HomeTown | 84,002,000 | 43,872,000 | $ 43,872,000 | 85,048,000 | 84,002,000 |
Core Deposits [Member] | |||||
Balance, intangibles | 7,728,000 | ||||
Balance, intangibles | 6,091,000 | 7,728,000 | |||
Core deposit intangibles, gross | 19,708,000 | 19,708,000 | |||
Core deposit intangibles, accumulated amortization | (13,617,000) | (11,980,000) | |||
Core deposit intangibles, net | $ 7,728,000 | $ 7,728,000 | $ 6,091,000 | $ 7,728,000 |
Note 8 - Goodwill and Other I_5
Note 8 - Goodwill and Other Intangible Assets - Estimated Future Amortization Expense of Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total | $ 6,091 | $ 7,728 |
Core Deposits [Member] | ||
2021 | 1,464 | |
2022 | 1,260 | |
2023 | 1,069 | |
2024 | 800 | |
2025 | 617 | |
2026 and after | 881 | |
Total | $ 6,091 | $ 7,728 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 01, 2019 | Jan. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 4,878,000 | $ 5,340,000 | |||
Operating Lease, Expense | $ 1,158,000 | $ 1,187,000 | $ 919,000 | ||
HomeTown Bankshares Corporation [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 1,800,000 | ||||
Accounting Standards Update 2016-02 [Member] | |||||
Operating Lease, Right-of-Use Asset | $ 4,400,000 | ||||
Operating Lease, Liability, Total | $ 4,400,000 |
Note 9 - Leases - Lease Informa
Note 9 - Leases - Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Right-of-use assets | $ 4,878 | $ 5,340 |
Weighted average remaining lease term (in years) (Year) | 7 years 3 months 29 days | 8 years 2 months 1 day |
Weighted average discount rate | 3.03% | 3.21% |
Operating lease cost | $ 993 | $ 1,040 |
Short-term lease cost | 3 | 3 |
Total lease cost | 996 | 1,043 |
Cash paid for amounts included in the measurement of lease liabilities | 959 | 1,013 |
Other Liabilities [Member] | ||
Lease liabilities | $ 4,940 | $ 5,369 |
Note 9 - Leases - Maturity of O
Note 9 - Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 1,048 | |
2022 | 1,044 | |
2023 | 945 | |
2024 | 516 | |
2025 | 473 | |
2026 and after | 1,549 | |
Total undiscounted cash flows | 5,575 | |
Discount | (635) | |
Other Liabilities [Member] | ||
Lease liabilities | $ 4,940 | $ 5,369 |
Note 10 - Deposits (Details Tex
Note 10 - Deposits (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Time Deposits, at or Above FDIC Insurance Limit | $ 170,089,000 | $ 200,712,000 |
Interest-bearing Domestic Deposit, Brokered | 0 | 0 |
Interest-bearing Domestic Deposit, Certificates of Deposits | $ 4,342,000 | $ 14,864,000 |
Note 10 - Deposits - Scheduled
Note 10 - Deposits - Scheduled Maturities and Amounts of Certificates of Deposits (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 271,868 |
2022 | 58,544 |
2023 | 31,486 |
2024 | 15,596 |
2025 | 13,898 |
2026 and after | 5,034 |
Total | $ 396,426 |
Note 11 - Short-term Borrowin_3
Note 11 - Short-term Borrowings (Details Textual) | Dec. 31, 2020USD ($) |
Federal Funds [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 60,000,000 |
Note 11 - Short-term Borrowin_4
Note 11 - Short-term Borrowings - Short-term Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Customer repurchase agreements | $ 42,551 | $ 40,475 |
Weighted Average Rate | 0.13% | 1.40% |
Note 12 - Long-term Borrowings
Note 12 - Long-term Borrowings (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 897,979 | |
Long-term Federal Home Loan Bank Advances, Total | 0 | $ 0 |
Public Deposit Accounts | 326,774 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Deposit Liabilities, Collateral Issued, Financial Instruments | $ 136,213 | |
FHLB Line of Credit [Member] | ||
Debt Instrument, Percentage of Assets | 30.00% | |
Letters of Credit Outstanding, Amount | $ 245,000 |
Note 13 - Subordinated Debt (De
Note 13 - Subordinated Debt (Details Textual) - USD ($) | Apr. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2020 |
Subordinated Debt, Ending Balance | $ 7,517,000 | $ 7,500,000 | |
Subordinated Borrowing, Interest Rate | 6.75% | ||
Subordinated Debt [Member] | |||
Liabilities, Fair Value Adjustment | $ 17,000 | ||
HomeTown Bankshares Corporation [Member] | |||
Subordinated Debt, Ending Balance | $ 7,500,000 | ||
HomeTown Bankshares Corporation [Member] | Subordinated Debt [Member] | |||
Liabilities, Fair Value Adjustment | $ 30,000 |
Note 14 - Junior Subordinated_3
Note 14 - Junior Subordinated Debt (Details Textual) - USD ($) | Sep. 30, 2011 | Apr. 07, 2006 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2011 |
Proceeds from Issuance of Long-term Debt, Total | $ 20,000,000 | ||||
Number of Consecutive Quarterly Periods for Deferral of Distributions on Trust Preferred Securities, Maximum | 20 | ||||
Proceeds from Issuance of Common Stock | $ 619,000 | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 20,619,000 | $ 28,130,000 | $ 28,029,000 | ||
MidCarolina Trusts [Member] | |||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Total | $ 8,764,000 | ||||
Equity Method Investments | 264,000 | ||||
AMNB Statutory Trust I [Member] | |||||
Equity Method Investments | 619,000 | ||||
MidCarolina Trust I [Member] | |||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Fair Value Adjustment | 666,000 | 722,000 | 1,197,000 | ||
MidCarolina Trust II [Member] | |||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust, Fair Value Adjustment | $ 587,000 | $ 632,000 | $ 1,021,000 | ||
Securities Subject to Mandatory Redemption [Member] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.66% | ||||
Securities Subject to Mandatory Redemption [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% |
Note 14 - Junior Subordinated_4
Note 14 - Junior Subordinated Debt - Outstanding Payables (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Apr. 07, 2006 | |
Principal amount | $ 28,130,000 | $ 28,029,000 | $ 20,619,000 |
Junior Subordinated Debt [Member] | AMNB Statutory Trust I [Member] | |||
Principal amount | $ 20,619,000 | 20,619,000 | |
Junior Subordinated Debt [Member] | AMNB Statutory Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | 1.35% | ||
Junior Subordinated Debt [Member] | MidCarolina Trust I [Member] | |||
Principal amount | $ 4,489,000 | 4,433,000 | |
Junior Subordinated Debt [Member] | MidCarolina Trust I [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | 3.45% | ||
Junior Subordinated Debt [Member] | MidCarolina Trust II [Member] | |||
Principal amount | $ 3,022,000 | $ 2,977,000 | |
Junior Subordinated Debt [Member] | MidCarolina Trust II [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Interest rate | 2.95% |
Note 15 - Derivative Financia_3
Note 15 - Derivative Financial Instruments and Hedging Activities - Derivative Financial Instruments (Details) - Cash Flow Hedging [Member] - Interest Rate Swap [Member] $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Notional amount | $ 28,500 | $ 28,500 |
Positions | 3 | 3 |
Assets | $ 0 | $ 0 |
Liabilities | 4,868 | 2,658 |
Cash collateral pledged | $ 5,750 | $ 3,450 |
Note 16 - Stock-based Compens_3
Note 16 - Stock-based Compensation (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 20, 2018 | |
Proceeds from Stock Options Exercised | $ 43,000 | $ 688,000 | $ 861,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 42,000 | $ 616,000 | $ 732,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | |
Regular Quarterly Retainer of Vested Restricted Stock | $ 10,000 | $ 7,500 | ||
Monthly Meeting Fees Director Could Receive in Cash | 800 | 725 | ||
Monthly Meeting Fees Director Could Receive in Vested Restricted Stock | 1,000 | 900 | ||
Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | 797,000 | 751,000 | $ 647,000 | |
Share-based Payment Arrangement, Expense | 672,000 | 915,000 | 610,000 | |
Restricted Stock [Member] | Director [Member] | ||||
Share-based Payment Arrangement, Expense | $ 779,000 | $ 626,000 | $ 586,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares) | 27,986 | 17,373 | 15,471 | |
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 12 months | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Month) | 36 months | |||
Restricted Stock [Member] | Cliff Vested [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 36 months | |||
HomeTown Bankshares Corporation [Member] | ||||
Stock or Unit Option Plan Expense | $ 147,000 | |||
HomeTown Bankshares Corporation [Member] | Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Expense | $ 257,000 | |||
The 2018 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 675,000 |
Note 16 - Stock-based Compens_4
Note 16 - Stock-based Compensation - Stock Option Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, option shares (in shares) | 13,944 | ||
Outstanding, weighted average exercise price (in dollars per share) | $ 16.63 | ||
Granted, option shares (in shares) | 0 | 0 | 0 |
Granted, weighted average exercise price (in dollars per share) | $ 0 | ||
Exercised, option shares (in shares) | (2,573) | (37,104) | (35,310) |
Exercised, weighted average exercise price (in dollars per share) | $ 16.63 | ||
Forfeited, option shares (in shares) | (830) | ||
Forfeited, weighted average exercise price (in dollars per share) | $ 16.63 | ||
Expired, option shares (in shares) | 0 | ||
Expired, weighted average exercise price (in dollars per share) | $ 0 | ||
Outstanding, option shares (in shares) | 10,541 | 13,944 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 16.63 | $ 16.63 | |
Outstanding, Weighted Average Remaining Contractual Term (Year) | 3 years 11 months 19 days | ||
Outstanding, Aggregate Intrinsic Value | $ 101 | ||
Exercisable, option shares (in shares) | 10,541 | ||
Exercisable, weighted average exercise price (in dollars per share) | $ 16.63 | ||
Exercisable, Weighted Average Remaining Contractual Term (Year) | 3 years 11 months 19 days | ||
Exercisable, Aggregate Intrinsic Value | $ 101 |
Note 16 - Stock-based Compens_5
Note 16 - Stock-based Compensation - Schedule of Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Exercise price range, minimum (in dollars per share) | $ 15 |
Number of Outstanding Options (in shares) | shares | 10,541 |
Exercise price range, maximum (in dollars per share) | $ 20 |
Weighted-Average Remaining Contractual Life (Year) | 3 years 11 months 19 days |
Weighted-Average Exercise Price (in dollars per share) | $ 16.63 |
Note 16 - Stock Based Compensat
Note 16 - Stock Based Compensation - Nonvested Restricted Stock Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Nonvested, shares (in shares) | shares | 57,271 |
Nonvested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 34.84 |
Granted, shares (in shares) | shares | 26,010 |
Granted, weighted average grant date value per share (in dollars per share) | $ / shares | $ 34.42 |
Vested, shares (in shares) | shares | (19,526) |
Vested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 34.50 |
Forfeited, shares (in shares) | shares | (5,216) |
Forfeited, weighted average grant date value per share (in dollars per share) | $ / shares | $ 34.29 |
Nonvested, shares (in shares) | shares | 58,539 |
Nonvested, weighted average grant date value per share (in dollars per share) | $ / shares | $ 34.81 |
Note 17 - Income Taxes - Schedu
Note 17 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for loan losses | $ 4,636 | $ 2,841 |
Nonaccrual loan interest | 507 | 490 |
Other real estate owned valuation allowance | 124 | 120 |
Deferred compensation | 159 | 1,184 |
Acquisition accounting adjustments | 3,404 | 3,670 |
Lease liability, net of right of use asset | 13 | 0 |
Accrued pension liability | 447 | 50 |
NOL Carryforward | 0 | 456 |
Net unrealized loss on cash flow hedges | 1,022 | 573 |
Other | 318 | 601 |
Total deferred tax assets | 10,630 | 9,985 |
Deferred tax liabilities: | ||
Depreciation | 1,352 | 1,079 |
Core deposit intangibles | 1,315 | 1,669 |
Accrued pension liability | 213 | 0 |
Deferred loan origination costs, net | 533 | 258 |
Net unrealized gain on securities available for sale | 2,180 | 541 |
Other | 32 | 574 |
Total deferred tax liabilities | 5,625 | 4,121 |
Net deferred tax assets | $ 5,005 | $ 5,864 |
Note 17 - Income Taxes - Provis
Note 17 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current tax expense | $ 7,777 | $ 3,793 | $ 5,090 |
Deferred tax expense | (640) | 1,068 | 556 |
Total income tax expense | $ 7,137 | $ 4,861 | $ 5,646 |
Note 17 - Income Taxes - Summar
Note 17 - Income Taxes - Summary of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expected federal tax expense | $ 7,808 | $ 5,411 | $ 5,927 |
Nondeductible interest expense | 31 | 67 | 69 |
Tax-exempt interest | (259) | (478) | (504) |
State income taxes | 207 | 149 | 337 |
Other, net | (650) | (288) | (183) |
Total income tax expense | $ 7,137 | $ 4,861 | $ 5,646 |
Note 18 - Earnings Per Common_3
Note 18 - Earnings Per Common Share (Details Textual) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 | 0 |
Note 18 - Earnings Per Common_4
Note 18 - Earnings Per Common Share - Earnings Per Common Share (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic earnings per share (in shares) | 10,981,623 | 10,531,572 | 8,698,014 |
Basic earnings per share (in dollars per share) | $ 2.74 | $ 1.99 | $ 2.60 |
Effect of dilutive securities - stock options (in shares) | 4,167 | 9,765 | 10,448 |
Effect of dilutive securities - stock options (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.01) |
Diluted earnings per share (in shares) | 10,985,790 | 10,541,337 | 8,708,462 |
Diluted earnings per share (in dollars per share) | $ 2.73 | $ 1.98 | $ 2.59 |
Note 19 - Off-balance Sheet A_3
Note 19 - Off-balance Sheet Activities (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosure, Off-balance Sheet Risks, Loan Repurchase Requirement Number of Days Past Due (Day) | 90 days | |
Fair Value Disclosure, Off-balance Sheet Risks, Loan Repurchase Requirement, Number of Days Following Sale (Day) | 180 days | |
Mortgage Loan Rate Lock Commitments [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 26,883,000 | $ 10,791,000 |
Loans Held for Sale [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 15,591,000 |
Note 19 - Off-balance Sheet A_4
Note 19 - Off-balance Sheet Activities - Off-balance Sheet Financial Instruments Whose Contractual Amounts Represents Credit Risk (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments to Extend Credit [Member] | ||
Off-balance sheet financial instruments outstanding | $ 503,272,000 | $ 557,364,000 |
Standby Letters of Credit [Member] | ||
Off-balance sheet financial instruments outstanding | 17,355,000 | 13,611,000 |
Mortgage Loan Rate Lock Commitments [Member] | ||
Off-balance sheet financial instruments outstanding | $ 26,883,000 | $ 10,791,000 |
Note 20 - Related Party Trans_3
Note 20 - Related Party Transactions (Details Textual) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Deposit Liabilities | $ 16,436,000 | $ 14,741,000 |
Note 20 - Related Party Trans_4
Note 20 - Related Party Transactions - Analysis of Related Party Loans (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | ||
Balance at December 31, 2019 | $ 9,594 | |
Additions | 3,751 | |
Repayments | (4,760) | |
Reclassifications(1) | (63) | [1] |
Balance at December 31, 2020 | $ 8,522 | |
[1] | Includes loans to persons no longer affiliated with the Company and therefore not considered related party loans as of period end. |
Note 21 - Employee Benefit Pl_3
Note 21 - Employee Benefit Plans (Details Textual) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Defined Benefit Plan, Requisite Age | 21 | ||
Defined Benefit Plan, Requisite Service Period (Year) | 1 year | ||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 5,821,000 | $ 6,262,000 | $ 5,812,000 |
Defined Benefit Plan, Maximum Percentage of Limiting Equities | 5.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Service Requirement (Year) | 1 year | ||
Defined Contribution Plan, Cost | $ 1,038,000 | 932,000 | 778,000 |
Deferred Compensation Arrangement with Individual, Maximum Contractual Term (Year) | 10 years | ||
Deferred Compensation Arrangement with Individual, Recorded Liability | $ 200,000 | 250,000 | |
Deferred Compensation Arrangement with Individual, Compensation Expense | 0 | 0 | 0 |
Profit Sharing and Deferred Compensation Arrangements Expense | 0 | 158,000 | 141,000 |
Profit Sharing and Incentive Arrangements Expense | 1,214,000 | 1,217,000 | $ 1,643,000 |
HomeTown Bankshares Corporation [Member] | |||
Deferred Compensation Arrangement with Individual, Recorded Liability | 5,585,000 | $ 5,235,000 | |
Minimum [Member] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | 25,000 | ||
Maximum [Member] | |||
Deferred Compensation Arrangement with Individual, Contributions by Employer | $ 50,000 |
Note 21 - Employee Benefit Pl_4
Note 21 - Employee Benefit Plans - Information Pertaining to Activity in the Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Projected benefit obligation at beginning of year | $ 6,262 | $ 5,812 | $ 8,313 |
Service cost | 0 | 0 | 0 |
Interest cost | 152 | 209 | 235 |
Actuarial (gain) loss | 814 | 489 | (782) |
Settlement gain (loss) | 44 | (12) | (120) |
Benefits paid | (1,451) | (236) | (1,834) |
Projected benefit obligation at end of year | 5,821 | 6,262 | 5,812 |
Fair value of plan assets at beginning of year | 5,915 | 5,653 | 7,556 |
Actual return (loss) on plan assets | 237 | 498 | (69) |
Benefits paid | (1,451) | (236) | (1,834) |
Fair value of plan assets at end of year | 4,701 | 5,915 | 5,653 |
Funded Status at End of Year | (1,120) | (347) | (159) |
Other liabilities | (1,120) | (347) | (159) |
Net actuarial loss | 2,071 | 1,658 | 1,594 |
Deferred income taxes | (435) | (358) | (357) |
Amount recognized | 1,636 | 1,300 | 1,237 |
Service cost | 0 | 0 | 0 |
Interest cost | 152 | 209 | 235 |
Expected return on plan assets | (285) | (269) | (353) |
Recognized net loss due to settlement | 352 | 52 | 540 |
Recognized net actuarial loss | 140 | 133 | 272 |
Net periodic benefit cost | 359 | 125 | 694 |
Net actuarial (gain) loss | (413) | (64) | 1,291 |
Amortization of prior service cost | 0 | 0 | 0 |
Total recognized in other comprehensive (income) loss | 413 | 64 | (1,291) |
Total Recognized in Net Periodic Benefit Cost and Other Comprehensive (Income) Loss | $ 772 | $ 189 | $ (597) |
Note 21 - Employee Benefit Pl_5
Note 21 - Employee Benefit Plans - Weighted Average Asset Allocation by Asset Category (Details) | Dec. 31, 2020 | Dec. 31, 2019 |
Asset allocations | 100.00% | 100.00% |
Fixed Income Securities [Member] | ||
Asset allocations | 65.60% | 61.80% |
Defined Benefit Plan, Equity Securities [Member] | ||
Asset allocations | 31.50% | 27.50% |
Defined Benefit Plan, Cash and Accrued Income [Member] | ||
Asset allocations | 2.90% | 10.70% |
Note 21 - Employee Benefit Pl_6
Note 21 - Employee Benefit Plans - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair value of plan assets | $ 4,701 | $ 5,915 | $ 5,653 | $ 7,556 |
Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 1,619 | 2,263 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 3,082 | 3,652 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Cash [Member] | ||||
Fair value of plan assets | 138 | 636 | ||
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 138 | 636 | ||
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Government Sponsored Entities [Member] | ||||
Fair value of plan assets | 444 | 1,648 | ||
Fixed Income Securities, Government Sponsored Entities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Government Sponsored Entities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 444 | 1,648 | ||
Fixed Income Securities, Government Sponsored Entities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Municipal Bonds and Notes [Member] | ||||
Fair value of plan assets | 2,147 | 1,792 | ||
Fixed Income Securities, Municipal Bonds and Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Municipal Bonds and Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 2,147 | 1,792 | ||
Fixed Income Securities, Municipal Bonds and Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Corporate Bonds and Notes [Member] | ||||
Fair value of plan assets | 491 | 212 | ||
Fixed Income Securities, Corporate Bonds and Notes [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Fixed Income Securities, Corporate Bonds and Notes [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 491 | 212 | ||
Fixed Income Securities, Corporate Bonds and Notes [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Equity Securities, US Companies [Member] | ||||
Fair value of plan assets | 1,259 | 1,385 | ||
Defined Benefit Plan, Equity Securities, US Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 1,259 | 1,385 | ||
Defined Benefit Plan, Equity Securities, US Companies [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Equity Securities, US Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Equity Securities, Foreign Companies [Member] | ||||
Fair value of plan assets | 222 | 242 | ||
Defined Benefit Plan, Equity Securities, Foreign Companies [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value of plan assets | 222 | 242 | ||
Defined Benefit Plan, Equity Securities, Foreign Companies [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value of plan assets | 0 | 0 | ||
Defined Benefit Plan, Equity Securities, Foreign Companies [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value of plan assets | $ 0 | $ 0 |
Note 21 - Employee Benefit Pl_7
Note 21 - Employee Benefit Plans - Projected Benefit Payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 629 |
2022 | 381 |
2023 | 910 |
2024 | 252 |
2025 | 1,204 |
2026-2030 | $ 2,390 |
Note 22 - Fair Value Measurem_3
Note 22 - Fair Value Measurements - Financial Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale | $ 466,091 | $ 379,195 |
US Treasury Securities [Member] | ||
Securities available for sale | 34,998 | 14,987 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale | 106,023 | 128,114 |
US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 59,099 | 42,154 |
Corporate Debt Securities [Member] | ||
Securities available for sale | 13,189 | 9,700 |
Fair Value, Recurring [Member] | ||
Securities available for sale | 466,091 | 379,195 |
Loans held for sale | 15,591 | 2,027 |
Fair Value, Recurring [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 4,868 | 2,658 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 466,091 | 379,195 |
Loans held for sale | 15,591 | 2,027 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 4,868 | 2,658 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Cash Flow Hedging [Member] | ||
Derivative - cash flow hedges | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Securities available for sale | 34,998 | 14,987 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 34,998 | 14,987 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available for sale | 106,023 | 128,114 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 106,023 | 128,114 |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | ||
Securities available for sale | 252,782 | 184,240 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 252,782 | 184,240 |
Fair Value, Recurring [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Securities available for sale | 59,099 | 42,154 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 59,099 | 42,154 |
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | ||
Securities available for sale | 13,189 | 9,700 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available for sale | 0 | 0 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available for sale | 13,189 | 9,700 |
Fair Value, Recurring [Member] | Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available for sale | $ 0 | $ 0 |
Note 22 - Fair Value Measurem_4
Note 22 - Fair Value Measurements - Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Impaired loans, net of valuation allowance | $ 268 | $ 759 |
Other real estate owned, net | 958 | 1,308 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans, net of valuation allowance | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans, net of valuation allowance | 0 | 0 |
Other real estate owned, net | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans, net of valuation allowance | 268 | 759 |
Other real estate owned, net | $ 958 | $ 1,308 |
Note 22 - Fair Value Measurem_5
Note 22 - Fair Value Measurements - Quantitative Information About Level 3 Fair Value Measurements (Details) - Fair Value, Inputs, Level 3 [Member] | Dec. 31, 2020 | [1] |
Valuation Technique, Discounted Appraisal Value [Member] | Measurement Input, Cost to Sell [Member] | ||
Impaired loans | 0.0800 | |
Other real estate owned | 0.0800 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans | 0.0519 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Impaired loans | 0.0413 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Impaired loans | 0.072 | |
[1] | Unobservable inputs were weighted by the relative fair value of the impaired loans. |
Note 22 - Fair Value Measurem_6
Note 22 - Fair Value Measurements - Carrying and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Securities available for sale | $ 466,091 | $ 379,195 |
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 374,370 | 79,582 |
Securities available for sale | 466,091 | 379,195 |
Restricted stock | 8,715 | 8,630 |
Loans held for sale | 15,591 | 2,027 |
Loans, net of allowance | 1,993,653 | 1,817,663 |
Bank owned life insurance | 28,482 | 27,817 |
Accrued interest receivable | 7,193 | 6,625 |
Deposits | 2,611,330 | 2,060,547 |
Repurchase agreements | 42,551 | 40,475 |
Subordinated debt | 7,517 | |
Accrued interest payable | 778 | 1,213 |
Derivative - cash flow hedges | 4,868 | 2,658 |
Reported Value Measurement [Member] | Junior Subordinated Debt [Member] | ||
Subordinated debt | 28,130 | 28,029 |
Reported Value Measurement [Member] | Subordinated Debt [Member] | ||
Subordinated debt | 7,500 | |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 374,370 | 79,582 |
Securities available for sale | 466,091 | 379,195 |
Restricted stock | 8,715 | 8,630 |
Loans held for sale | 15,591 | 2,027 |
Loans, net of allowance | 1,992,326 | 1,818,655 |
Bank owned life insurance | 28,482 | 27,817 |
Accrued interest receivable | 7,193 | 6,625 |
Deposits | 2,615,157 | 2,062,823 |
Repurchase agreements | 42,551 | 40,475 |
Subordinated debt | 8,525 | |
Accrued interest payable | 778 | 1,213 |
Derivative - cash flow hedges | 4,868 | 2,658 |
Estimate of Fair Value Measurement [Member] | Junior Subordinated Debt [Member] | ||
Subordinated debt | 21,696 | 22,697 |
Estimate of Fair Value Measurement [Member] | Subordinated Debt [Member] | ||
Subordinated debt | 7,522 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 374,370 | 79,582 |
Securities available for sale | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowance | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Subordinated debt | 0 | |
Accrued interest payable | 0 | 0 |
Derivative - cash flow hedges | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Junior Subordinated Debt [Member] | ||
Subordinated debt | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Subordinated Debt [Member] | ||
Subordinated debt | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 466,091 | 379,195 |
Restricted stock | 8,715 | 8,630 |
Loans held for sale | 15,591 | 2,027 |
Loans, net of allowance | 0 | 0 |
Bank owned life insurance | 28,482 | 27,817 |
Accrued interest receivable | 7,193 | 6,625 |
Deposits | 2,615,157 | 2,062,823 |
Repurchase agreements | 42,551 | 40,475 |
Subordinated debt | 8,525 | |
Accrued interest payable | 778 | 1,213 |
Derivative - cash flow hedges | 4,868 | 2,658 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Junior Subordinated Debt [Member] | ||
Subordinated debt | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Subordinated Debt [Member] | ||
Subordinated debt | 7,522 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Restricted stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans, net of allowance | 1,992,326 | 1,818,655 |
Bank owned life insurance | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Deposits | 0 | 0 |
Repurchase agreements | 0 | 0 |
Subordinated debt | 0 | |
Accrued interest payable | 0 | 0 |
Derivative - cash flow hedges | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debt [Member] | ||
Subordinated debt | 21,696 | $ 22,697 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Subordinated Debt [Member] | ||
Subordinated debt | $ 0 |
Note 23 - Dividend Restrictio_3
Note 23 - Dividend Restrictions and Regulatory Capital (Details Textual) | Dec. 31, 2020USD ($) |
Statutory Accounting Practices, Statutory Amount Available for Dividend Payments without Regulatory Approval | $ 18,628,000 |
Note 23 - Dividend Restrictio_4
Note 23 - Dividend Restrictions and Regulatory Capital - Actual and Required Capital Amounts (Details) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Company [Member] | ||
Common equity tier 1, actual amount | $ 244,318 | $ 228,554 |
Common equity tier 1, actual ratio | 0.1236 | 0.1156 |
Common equity tier 1, required for capital adequacy purposes, amount | $ 88,967 | $ 88,968 |
Common equity tier 1, required for capital adequacy purposes, ratio | 0.0450 | 0.0450 |
Tier 1 capital, actual amount | $ 272,448 | $ 256,583 |
Tier 1 capital, actual ratio | 0.1378 | 0.1298 |
Tier 1 capital, required for capital adequacy purposes, amount | $ 118,623 | $ 118,624 |
Tier 1 capital, required for capital adequacy purposes, ratio | 0.0600 | 0.0600 |
Total capital, actual amount | $ 300,155 | $ 277,581 |
Total capital, actual ratio | 0.1518 | 0.1404 |
Total capital, required for capital adequacy purposes, amount | $ 158,164 | $ 158,166 |
Total capital, required for capital adequacy purposes, ratio | 0.0800 | 0.0800 |
Leverage capital, actual amount | $ 272,448 | $ 256,583 |
Leverage capital, actual ratio | 0.0948 | 0.1075 |
Leverage capital, required for capital adequacy purposes, amount | $ 114,902 | $ 95,514 |
Leverage capital, required for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Bank [Member] | ||
Common equity tier 1, actual amount | $ 252,748 | $ 243,449 |
Common equity tier 1, actual ratio | 0.1286 | 0.1238 |
Common equity tier 1, required for capital adequacy purposes, amount | $ 137,530 | $ 137,698 |
Common equity tier 1, required for capital adequacy purposes, ratio | 0.0700 | 0.0700 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, amount | $ 127,706 | $ 127,862 |
Common equity tier 1, to be well capitalized under prompt corrective action provisions, ratio | 0.0650 | 0.0650 |
Tier 1 capital, actual amount | $ 252,748 | $ 243,449 |
Tier 1 capital, actual ratio | 0.1286 | 0.1238 |
Tier 1 capital, required for capital adequacy purposes, amount | $ 167,001 | $ 167,205 |
Tier 1 capital, required for capital adequacy purposes, ratio | 0.0850 | 0.0850 |
Tier 1 capital, to be well capitalized under prompt corrective action provisions, amount | $ 157,177 | $ 157,369 |
Tier 1 capital, to be well capitalized under prompt corrective action provisions, ratio | 0.0800 | 0.0800 |
Total capital, actual amount | $ 274,455 | $ 256,930 |
Total capital, actual ratio | 0.1397 | 0.1306 |
Total capital, required for capital adequacy purposes, amount | $ 206,295 | $ 206,547 |
Total capital, required for capital adequacy purposes, ratio | 0.1050 | 0.1050 |
Total capital, to be well capitalized under prompt corrective action provisions, amount | $ 196,471 | $ 196,712 |
Total capital, to be well capitalized under prompt corrective action provisions, ratio | 0.1000 | 0.1000 |
Leverage capital, actual amount | $ 252,748 | $ 243,449 |
Leverage capital, actual ratio | 0.0885 | 0.1025 |
Leverage capital, required for capital adequacy purposes, amount | $ 114,247 | $ 94,972 |
Leverage capital, required for capital adequacy purposes, ratio | 0.0400 | 0.0400 |
Leverage capital, to be well capitalized under prompt corrective action provisions, amount | $ 142,809 | $ 118,715 |
Leverage capital, to be well capitalized under prompt corrective action provisions, ratio | 0.0500 | 0.0500 |
Note 24 - Segment and Related_3
Note 24 - Segment and Related Information (Details Textual) | 12 Months Ended |
Dec. 31, 2020 | |
Number of Reportable Segments | 2 |
Note 24 - Segment and Related_4
Note 24 - Segment and Related Information - Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | $ 95,840 | $ 92,855 | $ 68,768 |
Interest expense | 12,020 | 15,728 | 9,674 |
Noninterest income | 16,843 | 15,170 | 13,274 |
Noninterest expense | 54,565 | 66,074 | 44,246 |
Incomebefore income taxes | 37,182 | 25,767 | 28,225 |
Net income | 30,045 | 20,906 | 22,579 |
Depreciation and amortization | 3,825 | 3,462 | 2,040 |
Total assets | 3,050,010 | 2,478,550 | 1,862,866 |
Goodwill | 85,048 | 84,002 | 43,872 |
Capital expenditures | 2,694 | 3,555 | 2,723 |
Community Banking [Member] | Operating Segments [Member] | |||
Interest income | 95,840 | 92,855 | 68,768 |
Interest expense | 12,020 | 15,728 | 9,674 |
Noninterest income | 12,054 | 10,602 | 8,695 |
Noninterest expense | 52,245 | 63,794 | 41,832 |
Incomebefore income taxes | 34,714 | 23,479 | 26,060 |
Net income | 28,052 | 19,050 | 20,848 |
Depreciation and amortization | 3,815 | 3,454 | 2,030 |
Total assets | 3,049,779 | 2,478,478 | 1,862,849 |
Goodwill | 85,048 | 84,002 | 43,872 |
Capital expenditures | 2,690 | 3,534 | 2,723 |
Trust and Investment Services [Member] | Operating Segments [Member] | |||
Interest income | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Noninterest income | 4,789 | 4,568 | 4,579 |
Noninterest expense | 2,320 | 2,280 | 2,414 |
Incomebefore income taxes | 2,468 | 2,288 | 2,165 |
Net income | 1,993 | 1,856 | 1,731 |
Depreciation and amortization | 10 | 8 | 10 |
Total assets | 231 | 72 | 17 |
Goodwill | 0 | 0 | 0 |
Capital expenditures | $ 4 | $ 21 | $ 0 |
Note 25 - Parent Company Fina_3
Note 25 - Parent Company Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Securities available for sale, at fair value | $ 466,091 | $ 379,195 | ||
Other assets | 31,288 | 30,750 | ||
Total assets | 3,050,010 | 2,478,550 | $ 1,862,866 | |
Subordinated debt | 7,500 | 7,517 | ||
Junior subordinated debt | 28,130 | 28,029 | ||
Other liabilities | 22,605 | 21,724 | ||
Shareholders' equity | 337,894 | 320,258 | $ 222,542 | $ 208,717 |
Total Liabilities and Shareholders' Equity | 3,050,010 | 2,478,550 | ||
Parent Company [Member] | ||||
Cash | 17,759 | 11,127 | ||
Securities available for sale, at fair value | 8,534 | 8,683 | ||
Investment in subsidiaries | 351,033 | 337,983 | ||
Due from subsidiaries | 143 | 134 | ||
Other assets | 1,062 | 674 | ||
Total assets | 378,531 | 358,601 | ||
Subordinated debt | 7,500 | 7,517 | ||
Junior subordinated debt | 28,130 | 28,029 | ||
Other liabilities | 5,007 | 2,797 | ||
Shareholders' equity | 337,894 | 320,258 | ||
Total Liabilities and Shareholders' Equity | $ 378,531 | $ 358,601 |
Note 25 - Parent Company Fina_4
Note 25 - Parent Company Financial Information - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends | $ 503 | $ 451 | $ 321 |
Income Taxes | 7,137 | 4,861 | 5,646 |
Net income | 30,045 | 20,906 | 22,579 |
Parent Company [Member] | |||
Dividends | 25,500 | 25,000 | 11,000 |
Other income | 512 | 823 | 456 |
Expenses | 3,369 | 4,232 | 2,396 |
Income Taxes | (600) | (601) | (407) |
Income before equity in undistributed earnings of subsidiary | 23,243 | 22,192 | 9,467 |
Equity in undistributed (distributed) earnings of subsidiary | 6,802 | (1,286) | 13,112 |
Net income | $ 30,045 | $ 20,906 | $ 22,579 |
Note 25 - Parent Company Fina_5
Note 25 - Parent Company Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 30,045,000 | $ 20,906,000 | $ 22,579,000 |
Net change in other assets | 29,000 | 11,137,000 | (318,000) |
Net change in other liabilities | (2,387,000) | (1,354,000) | 844,000 |
Net cash provided by operating activities | 23,676,000 | 32,680,000 | 27,502,000 |
Purchases of securities available for sale | (295,109,000) | (155,746,000) | (106,575,000) |
Sales of equity securities | 0 | 445,000 | 431,000 |
Cash paid in bank acquisition | 0 | (27,000) | 0 |
Cash acquired in bank acquisition | 0 | 26,283,000 | 0 |
Net cash provided by (used in) investing activities | (265,148,000) | (4,570,000) | (39,901,000) |
Common stock dividends paid | (11,842,000) | (10,965,000) | (8,702,000) |
Repurchase of common stock | (4,981,000) | (3,146,000) | 0 |
Proceeds from exercise of stock options | 43,000 | 688,000 | 861,000 |
Net cash used in financing activities | 536,260,000 | (12,783,000) | 24,177,000 |
Net increase in cash and cash equivalents | 294,788,000 | 15,327,000 | 11,778,000 |
Cash and Cash Equivalents at Beginning of Period | 79,582,000 | 64,255,000 | 52,477,000 |
Cash and Cash Equivalents at End of Period | 374,370,000 | 79,582,000 | 64,255,000 |
Parent Company [Member] | |||
Net income | 30,045,000 | 20,906,000 | 22,579,000 |
Equity in (undistributed) distributions of subsidiary | (6,802,000) | 1,286,000 | (13,112,000) |
Net change in other assets | 84,000 | (382,000) | (194,000) |
Net change in other liabilities | 85,000 | (35,000) | 136,000 |
Net cash provided by operating activities | 23,412,000 | 21,775,000 | 9,409,000 |
Purchases of securities available for sale | 0 | (2,220,000) | 0 |
Sales of equity securities | 0 | 445,000 | 431,000 |
Cash paid in bank acquisition | 0 | (27,000) | 0 |
Cash acquired in bank acquisition | 0 | 981,000 | 0 |
Net cash provided by (used in) investing activities | 0 | (821,000) | 431,000 |
Common stock dividends paid | (11,842,000) | (10,965,000) | (8,702,000) |
Repurchase of common stock | (4,981,000) | (3,146,000) | 0 |
Proceeds from exercise of stock options | 43,000 | 688,000 | 861,000 |
Net cash used in financing activities | (16,780,000) | (13,423,000) | (7,841,000) |
Net increase in cash and cash equivalents | 6,632,000 | 7,531,000 | 1,999,000 |
Cash and Cash Equivalents at Beginning of Period | 11,127,000 | 3,596,000 | 1,597,000 |
Cash and Cash Equivalents at End of Period | $ 17,759,000 | $ 11,127,000 | $ 3,596,000 |
Note 26 - Concentrations of C_2
Note 26 - Concentrations of Credit Risk (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Net Amount, Total | $ 1,993,653,000 | $ 1,817,663,000 |
Credit Concentration Risk [Member] | Loans Receivable [Member] | Real Estate Loan [Member] | ||
Loans and Leases Receivable, Net Amount, Total | $ 1,515,338,000 | $ 1,480,857,000 |
Concentration Risk, Percentage | 75.20% | 80.90% |
Credit Concentration Risk [Member] | Loans Receivable [Member] | Commercial Real Estate [Member] | ||
Loans and Leases Receivable, Net Amount, Total | $ 1,001,249,000 | $ 899,199,000 |
Concentration Risk, Percentage | 49.70% | 49.10% |
Note 27 - Supplemental Cash F_3
Note 27 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash and due from banks | $ 30,767 | $ 32,505 | $ 29,587 |
Interest-bearing deposits in other banks | 343,603 | 47,077 | 34,668 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 374,370 | 79,582 | 64,255 |
Interest on deposits and borrowed funds | 12,455 | 15,310 | 9,553 |
Income taxes | 7,609 | 4,698 | 5,056 |
Transfer of loans to other real estate owned | 95 | 234 | 599 |
Transfer of loans to repossessions | 411 | 0 | 0 |
Transfer from premises and equipment to other assets | 0 | 445 | 0 |
Increase in operating lease right-of-use asset | 371 | 4,453 | 0 |
Increase in operating lease liability | 371 | 4,453 | 0 |
Unrealized gains (losses) on securities available for sale | 6,399 | 8,821 | (3,290) |
Unrealized losses on cash flow hedges | (2,210) | (1,854) | (804) |
Change in unfunded pension liability | (413) | (64) | 1,291 |
Assets acquired: | |||
Investment securities | 0 | 34,876 | 0 |
Restricted stock | 0 | 2,588 | 0 |
Loans | 0 | 444,324 | 0 |
Premises and equipment | 0 | 12,554 | 0 |
Deferred income taxes | 0 | 2,960 | 0 |
Core deposit intangible | 0 | 8,200 | 0 |
Other real estate owned | 0 | 1,442 | 0 |
Bank owned life insurance | 0 | 8,246 | 0 |
Other assets | 0 | 14,244 | 0 |
Liabilities assumed: | |||
Deposits | 0 | 483,626 | 0 |
Short-term FHLB advances | 0 | 14,883 | 0 |
Long-term FHLB advances | 0 | 778 | 0 |
Subordinated debt | 0 | 7,530 | 0 |
Other liabilities | 0 | 5,780 | 0 |
Consideration: | |||
Issuance of common stock | 0 | 82,470 | 0 |
Fair value of replacement stock options/restricted stock | $ 0 | $ 753 | $ 0 |
Note 28 - Accumulated Other C_3
Note 28 - Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 320,258 | $ 222,542 | $ 208,717 |
Balance | 337,894 | 320,258 | 222,542 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Balance | 2,902 | (3,973) | (796) |
Net unrealized gains (losses) on securities available for sale, net of tax | 5,656 | 7,090 | (2,464) |
Reclassification adjustment for realized gains on securities, net of tax | (638) | (215) | (63) |
Net unrealized gains (losses) on cash flow hedges, net of tax | 0 | 0 | 0 |
Change in unfunded pension liability, net of tax | 0 | 0 | 0 |
Balance | 7,920 | 2,902 | (3,973) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Accounting Standards Update 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | (650) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Balance | (2,084) | (624) | 0 |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 |
Reclassification adjustment for realized gains on securities, net of tax | 0 | 0 | 0 |
Net unrealized gains (losses) on cash flow hedges, net of tax | (1,762) | (1,460) | (624) |
Change in unfunded pension liability, net of tax | 0 | 0 | 0 |
Balance | (3,846) | (2,084) | (624) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Accounting Standards Update 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 0 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (1,301) | (1,238) | (2,280) |
Net unrealized gains (losses) on securities available for sale, net of tax | 0 | 0 | 0 |
Reclassification adjustment for realized gains on securities, net of tax | 0 | 0 | 0 |
Net unrealized gains (losses) on cash flow hedges, net of tax | 0 | 0 | 0 |
Change in unfunded pension liability, net of tax | (336) | (63) | 1,042 |
Balance | (1,637) | (1,301) | (1,238) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | 0 | ||
AOCI Attributable to Parent [Member] | |||
Balance | (483) | (5,835) | (3,076) |
Net unrealized gains (losses) on securities available for sale, net of tax | 5,656 | 7,090 | (2,464) |
Reclassification adjustment for realized gains on securities, net of tax | (638) | (215) | (63) |
Net unrealized gains (losses) on cash flow hedges, net of tax | (1,762) | (1,460) | (624) |
Change in unfunded pension liability, net of tax | (336) | (63) | 1,042 |
Balance | $ 2,437 | $ (483) | (5,835) |
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance | $ (650) |
Note 28 - Accumulated Other C_4
Note 28 - Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification adjustment for realized gains on securities, tax | $ (176) | $ (59) | $ (18) |
Change in unfunded pension liability, tax | $ 77 | $ 1 | $ (249) |
Note 28 - Accumulated Other C_5
Note 28 - Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Realized gain on sale of securities | $ 814 | $ 607 | $ 123 | |
Income taxes | 7,137 | 4,861 | 5,646 | |
Total reclassifications | 30,045 | 20,906 | 22,579 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Total reclassifications | 638 | 215 | 713 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accounting Standards Update 2016-01 [Member] | ||||
Total reclassifications | [1] | 0 | 0 | 650 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Realized gain on sale of securities | 814 | 274 | 81 | |
Income taxes | (176) | (59) | (18) | |
Total reclassifications | $ 638 | $ 215 | $ 63 | |
[1] | Reclassification from AOCI to retained earnings for unrealized holding gains on equity securities due to adoption of ASU 2016-01 |