Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 29, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Entity Registrant Name | QNB Corp. | ||
Trading Symbol | QNBC | ||
Security Exchange Name | NONE | ||
Entity Interactive Data Current | Yes | ||
Title of 12(g) Security | Common Stock | ||
Entity File Number | 0-17706 | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-2318082 | ||
Entity Address, Address Line One | 15 North Third Street | ||
Entity Address, Address Line Two | P.O. Box 9005 | ||
Entity Address, City or Town | Quakertown | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 18951-9005 | ||
City Area Code | 215 | ||
Local Phone Number | 538-5600 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 3,654,784 | ||
Entity Public Float | $ 71,440,104 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000750558 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Firm ID | 23 | ||
Auditor Name | Baker Tilly US, LLP | ||
Auditor Location | Iselin, New Jersey | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of registrant’s Proxy Statement for the annual meeting of its shareholders to be held May 21, 2024 are incorporated by reference in Part III of this report. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 11,447,000 | $ 14,657,000 |
Interest-bearing deposits in banks | 51,210,000 | 1,242,000 |
Total cash and cash equivalents | 62,657,000 | 15,899,000 |
Investment securities: | ||
Available-for-sale (amortized cost $576,178 and $649,217) | 490,182,000 | 546,525,000 |
Equity securities (cost of $5,695 and $12,091) | 5,910,000 | 12,056,000 |
Restricted investment in bank stocks | 2,730,000 | 5,193,000 |
Loans held-for-sale | 549,000 | |
Loans receivable | 1,093,533,000 | 1,039,385,000 |
Allowance for loan losses | (8,852,000) | (10,531,000) |
Net loans | 1,084,681,000 | 1,028,854,000 |
Bank-owned life insurance | 11,946,000 | 11,625,000 |
Premises and equipment, net | 14,952,000 | 15,463,000 |
Accrued interest receivable | 6,101,000 | 5,038,000 |
Net deferred tax assets | 19,290,000 | 23,077,000 |
Other assets | 7,320,000 | 4,767,000 |
Total assets | 1,706,318,000 | 1,668,497,000 |
Deposits | ||
Demand, non-interest bearing | 185,098,000 | 231,849,000 |
Interest-bearing demand | 462,712,000 | 452,927,000 |
Money market | 222,843,000 | 127,043,000 |
Savings | 303,079,000 | 431,101,000 |
Time less than $100 | 149,851,000 | 91,329,000 |
Time $100 through $250 | 121,793,000 | 59,650,000 |
Time greater than $250 | 43,337,000 | 24,470,000 |
Total deposits | 1,488,713,000 | 1,418,369,000 |
Short-term borrowings | 94,094,000 | 161,327,000 |
Long-term debt | 20,000,000 | 10,000,000 |
Accrued interest payable | 5,294,000 | 467,000 |
Other liabilities | 7,393,000 | 7,376,000 |
Total liabilities | 1,615,494,000 | 1,597,539,000 |
Shareholders' Equity | ||
Common stock, par value $0.625 per share; authorized 10,000,000 shares; 3,861,940 shares and 3,796,948 shares issued; 3,653,254 and 3,588,262 shares outstanding | 2,414,000 | 2,373,000 |
Surplus | 26,439,000 | 24,798,000 |
Retained earnings | 133,945,000 | 128,951,000 |
Accumulated other comprehensive loss, net of tax | (67,937,000) | (81,127,000) |
Treasury stock, at cost; 208,686 and 208,686 shares | (4,037,000) | (4,037,000) |
Total shareholders' equity | 90,824,000 | 70,958,000 |
Total liabilities and shareholders' equity | $ 1,706,318,000 | $ 1,668,497,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Available-for-sale, amortized cost | $ 576,178 | $ 649,217 |
Equity securities, cost | $ 5,695 | $ 12,091 |
Common stock, par value (in dollars per share) | $ 0.625 | $ 0.625 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 3,861,940 | 3,796,948 |
Common stock, shares outstanding (in shares) | 3,653,254 | 3,588,262 |
Treasury stock, shares (in shares) | 208,686 | 208,686 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income | |||
Interest and fees on loans | $ 53,884 | $ 40,922 | $ 38,330 |
Interest and dividends on investment securities (AFS & Equity): | |||
Taxable | 11,794 | 9,396 | 6,551 |
Tax-exempt | 1,460 | 1,965 | 1,796 |
Interest on interest-bearing balances and other interest income | 1,944 | 138 | 93 |
Total interest income | 69,082 | 52,421 | 46,770 |
Interest on deposits | |||
Interest-bearing demand | 7,767 | 2,691 | 1,035 |
Money market | 4,823 | 617 | 381 |
Savings | 4,187 | 2,175 | 1,178 |
Time less than $100 | 3,194 | 723 | 921 |
Time $100 through $250 | 3,859 | 489 | 454 |
Time greater than $250 | 1,171 | 209 | 257 |
Interest on short-term borrowings | 3,273 | 861 | 258 |
Interest on long-term debt | 653 | 159 | 159 |
Total interest expense | 28,927 | 7,924 | 4,643 |
Net interest income | 40,155 | 44,497 | 42,127 |
Provision for credit losses | (844) | (850) | 458 |
Net interest income after provision for loan losses | 40,999 | 45,347 | 41,669 |
Non-interest income | |||
Net unrealized gain (loss) on investment equity securities | 250 | (1,026) | 926 |
Net (loss) gain on sale of investment securities | (2,077) | 266 | 1,806 |
Net (loss) gain on investment securities | (1,827) | (760) | 2,732 |
Fees for services to customers | 1,651 | 1,614 | 1,326 |
ATM and debit card | 2,735 | 2,719 | 2,682 |
Retail brokerage and advisory | 862 | 788 | 786 |
Bank-owned life insurance | 320 | 361 | 497 |
Merchant | 394 | 394 | 451 |
Net gain on sale of loans | 16 | 6 | 595 |
Other | 686 | 609 | 712 |
Total non-interest income | 4,837 | 5,731 | 9,781 |
Non-interest expense | |||
Salaries and employee benefits | 19,026 | 17,306 | 17,453 |
Net occupancy | 2,223 | 2,195 | 2,228 |
Furniture and equipment | 3,602 | 2,917 | 2,787 |
Marketing | 964 | 870 | 922 |
Third party services | 2,422 | 2,474 | 2,160 |
Telephone, postage and supplies | 571 | 748 | 715 |
State taxes | 367 | 1,004 | 1,013 |
FDIC insurance premiums | 1,058 | 768 | 793 |
Other | 3,876 | 3,210 | 2,926 |
Total non-interest expense | 34,109 | 31,492 | 30,997 |
Income before income taxes | 11,727 | 19,586 | 20,453 |
Provision for income taxes | 2,244 | 3,665 | 3,961 |
Net income | $ 9,483 | $ 15,921 | $ 16,492 |
Earnings per share - basic | $ 2.63 | $ 4.47 | $ 4.64 |
Earnings per share - diluted | 2.63 | 4.47 | 4.64 |
Cash dividends per share | $ 1.48 | $ 1.44 | $ 1.4 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income, Before tax amount | $ 11,727 | $ 19,586 | $ 20,453 |
Net unrealized holding gain/(loss) on available-for-sale securities: | |||
Unrealized holding gain/(loss) arising during the period, Before tax amount | 16,388 | (98,097) | (11,867) |
Reclassification adjustment for loss/(gain) included in net income, Before tax amount | 2,058 | 139 | (18) |
Unrealized holding gain/(loss) arising during the period, Tax expense (benefit) | 3,441 | (20,600) | (2,492) |
Reclassification adjustment for loss/(gain) included in net income, Tax expense (benefit) | 432 | 29 | (4) |
Unrealized holding gain/(loss) arising during the period, Net of tax amount | 12,947 | (77,497) | (9,375) |
Reclassification adjustment for loss/(gain) included in net income, Net of tax amount | 1,626 | 110 | (14) |
Net unrealized holding loss on fair value hedge: | |||
Unrealized holding loss arising during the period, Before tax amount | (1,693) | ||
Unrealized holding loss arising during the period, Tax expense (benefit) | 355 | ||
Unrealized holding loss arising during the period, Net of tax amount | (1,338) | ||
Reclassification adjustment for fair value remeasurements included in net income, Before tax amount | (57) | ||
Reclassification adjustment for fair value remeasurements included in net income, Tax expense (benefit) | (12) | ||
Reclassification adjustment for fair value remeasurements included in net income, Net of tax amount | (45) | ||
Other comprehensive income/(loss), Before tax amount | 16,696 | (97,958) | (11,885) |
Other comprehensive income/(loss), Tax expense (benefit) | 3,506 | (20,571) | (2,496) |
Other comprehensive income/(loss), Net of tax amount | 13,190 | (77,387) | (9,389) |
Total comprehensive income (loss), Before Tax amount | 28,423 | (78,372) | 8,568 |
Tax expense (benefit) | 2,244 | 3,665 | 3,961 |
Total comprehensive income (loss), Tax expense (benefit) | 5,750 | (16,906) | 1,465 |
Net income | 9,483 | 15,921 | 16,492 |
Total comprehensive income (loss), Net of tax amount | $ 22,673 | $ (61,466) | $ 7,103 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Treasury Stock [Member] | Treasury Stock [Member] Cumulative Effect, Period of Adoption, Adjusted Balance [Member] |
Balance at Dec. 31, 2020 | $ 134,445 | $ 2,328 | $ 22,430 | $ 106,644 | $ 5,649 | $ (2,606) | ||||||||
Balance (in shares) at Dec. 31, 2020 | 3,556,533 | |||||||||||||
Net income | 16,492 | 16,492 | ||||||||||||
Other comprehensive loss, net of tax | (9,389) | (9,389) | ||||||||||||
Cash dividends declared | (4,973) | (4,973) | ||||||||||||
Treasury stock purchase | (1,356) | (1,356) | ||||||||||||
Treasury stock purchase (in shares) | (38,017) | |||||||||||||
Stock issued in connection with dividend reinvestment and stock purchase plan | 841 | $ 15 | 826 | |||||||||||
Stock issued in connection with dividend reinvestment and stock purchase plan (in shares) | 23,690 | |||||||||||||
Stock issued for employee stock purchase plan | $ 145 | $ 3 | 142 | |||||||||||
Stock issued for employee stock purchase plan (in shares) | 4,906 | 4,906 | ||||||||||||
Stock issued for options exercised | $ 187 | $ 4 | 183 | |||||||||||
Stock issued for options exercised (in shares) | 19,025 | 6,517 | ||||||||||||
Stock-based compensation expense | $ 102 | 102 | ||||||||||||
Balance at Dec. 31, 2021 | 136,494 | $ 2,350 | 23,683 | 118,163 | (3,740) | (3,962) | ||||||||
Balance (in shares) at Dec. 31, 2021 | 3,553,629 | |||||||||||||
Net income | 15,921 | 15,921 | ||||||||||||
Other comprehensive loss, net of tax | (77,387) | (77,387) | ||||||||||||
Cash dividends declared | (5,133) | (5,133) | ||||||||||||
Treasury stock purchase | (75) | (75) | ||||||||||||
Treasury stock purchase (in shares) | (2,000) | |||||||||||||
Stock issued in connection with dividend reinvestment and stock purchase plan | 917 | $ 20 | 897 | |||||||||||
Stock issued in connection with dividend reinvestment and stock purchase plan (in shares) | 31,531 | |||||||||||||
Stock issued for employee stock purchase plan | $ 136 | $ 3 | 133 | |||||||||||
Stock issued for employee stock purchase plan (in shares) | 5,102 | 5,102 | ||||||||||||
Stock-based compensation expense | $ 85 | 85 | ||||||||||||
Balance at Dec. 31, 2022 | $ 70,958 | $ 857 | $ 71,815 | $ 2,373 | $ 2,373 | 24,798 | $ 24,798 | 128,951 | $ 857 | $ 129,808 | (81,127) | $ (81,127) | (4,037) | $ (4,037) |
Balance (in shares) at Dec. 31, 2022 | 3,588,262 | 3,588,262 | ||||||||||||
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||
Net income | $ 9,483 | 9,483 | ||||||||||||
Other comprehensive loss, net of tax | 13,190 | 13,190 | ||||||||||||
Cash dividends declared | (5,346) | (5,346) | ||||||||||||
Stock issued in connection with dividend reinvestment and stock purchase plan | 1,363 | $ 36 | 1,327 | |||||||||||
Stock issued in connection with dividend reinvestment and stock purchase plan (in shares) | 56,622 | |||||||||||||
Stock issued for employee stock purchase plan | $ 134 | $ 4 | 130 | |||||||||||
Stock issued for employee stock purchase plan (in shares) | 6,630 | 6,630 | ||||||||||||
Stock issued for Non-Employee Director Compensation | $ 1 | (1) | ||||||||||||
Stock issued for Non-Employee Director Compensation (in shares) | 1,740 | |||||||||||||
Stock-based compensation expense | $ 185 | 185 | ||||||||||||
Balance at Dec. 31, 2023 | $ 90,824 | $ 2,414 | $ 26,439 | $ 133,945 | $ (67,937) | $ (4,037) | ||||||||
Balance (in shares) at Dec. 31, 2023 | 3,653,254 | 3,653,254 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retained Earnings [Member] | |||
Cash dividends declared, per share (in dollars per share) | $ 1.48 | $ 1.44 | $ 1.4 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||
Net income | $ 9,483,000 | $ 15,921,000 | $ 16,492,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 1,714,000 | 1,724,000 | 1,828,000 |
(Reversal of provision) provision for credit losses | (844,000) | (850,000) | 458,000 |
Net loss (gain) on sales of investment debt and equity securities | 2,077,000 | (266,000) | (1,806,000) |
Net unrealized (gain) loss on equity securities | (250,000) | 1,026,000 | (926,000) |
Net gain on sale of loans | (16,000) | (6,000) | (595,000) |
Proceeds from sales of residential mortgages held-for-sale | 989,000 | 304,000 | 16,773,000 |
Origination of residential mortgages held-for-sale | (1,522,000) | (298,000) | (4,892,000) |
Income on bank-owned life insurance | (320,000) | (361,000) | (497,000) |
Stock-based compensation expense | 185,000 | 85,000 | 102,000 |
Deferred income tax (benefit) provision | 52,000 | (57,000) | 113,000 |
Net decrease in income taxes payable | (2,094,000) | (534,000) | (78,000) |
Net (increase) decrease in accrued interest receivable | (1,063,000) | (934,000) | 721,000 |
Fair value remeasurements on interest rate swap | (57,000) | ||
Amortization of mortgage servicing rights and change in valuation allowance | 61,000 | 71,000 | 118,000 |
Net amortization of premiums and discounts on investment securities | 1,665,000 | 2,222,000 | 3,152,000 |
Net increase (decrease) in accrued interest payable | 4,827,000 | 256,000 | (139,000) |
Operating lease payments | (626,000) | (620,000) | (631,000) |
Increase in other assets | (91,000) | (298,000) | (507,000) |
Increase (decrease) in other liabilities | 287,000 | (550,000) | 703,000 |
Net cash provided by operating activities | 14,457,000 | 16,835,000 | 30,389,000 |
Investing Activities | |||
Proceeds from payments, maturities and calls of investment debt securities available-for-sale | 50,042,000 | 72,965,000 | 113,911,000 |
Proceeds from the sale of investment securities available-for-sale | 33,213,000 | 7,551,000 | 282,000 |
Purchases of investment securities available-for-sale | (14,381,000) | (35,001,000) | (385,926,000) |
Proceeds from the sale of equity securities | 8,556,000 | 1,594,000 | 7,768,000 |
Purchases of equity securities | (2,179,000) | (1,860,000) | (4,615,000) |
Proceeds from redemption of investment in restricted bank stock | 7,629,000 | 5,155,000 | 573,000 |
Purchase of restricted bank stock | (5,166,000) | (9,019,000) | (861,000) |
Net increase in loans | (53,910,000) | (112,718,000) | (11,244,000) |
Net purchases of premises and equipment | (765,000) | (552,000) | (3,175,000) |
Redemption of Bank Owned Life Insurance investment | 239,000 | 797,000 | |
Net cash provided (used) in investing activities | 23,039,000 | (71,646,000) | (282,490,000) |
Financing Activities | |||
Net (decrease) increase in non-interest-bearing deposits | (46,751,000) | (11,157,000) | 38,422,000 |
Net increase (decrease) in interest-bearing deposits | 117,095,000 | (20,219,000) | 183,256,000 |
Net (decrease) increase in short-term borrowings | (67,233,000) | 92,851,000 | 9,638,000 |
Issuance of long-term debt | 20,000,000 | ||
Repayment of long-term debt | (10,000,000) | ||
Treasury stock purchase | (75,000) | (1,356,000) | |
Cash dividends paid, net of reinvestment | (4,671,000) | (4,498,000) | (4,375,000) |
Proceeds from issuance of common stock | 822,000 | 418,000 | 575,000 |
Net cash provided by financing activities | 9,262,000 | 57,320,000 | 226,160,000 |
Increase (decrease) in cash and cash equivalents | 46,758,000 | 2,509,000 | (25,941,000) |
Cash and cash equivalents at beginning of year | 15,899,000 | 13,390,000 | 39,331,000 |
Cash and cash equivalents at end of period | 62,657,000 | 15,899,000 | 13,390,000 |
Supplemental Cash Flow Disclosures | |||
Interest paid | 24,100,000 | 7,668,000 | 4,782,000 |
Income taxes paid, net of refunds received | 4,286,000 | 4,257,000 | 3,925,000 |
Non-cash transactions: | |||
Cumulative change in accounting principal | 857,000 | ||
Trade-date settlements for matured securities | 500,000 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 369,000 | $ 43,000 | $ 698,000 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||||||||||
Net Income (Loss) | $ 1,134 | $ 2,344 | $ 1,887 | $ 4,118 | $ 5,447 | $ 3,415 | $ 3,349 | $ 3,710 | $ 9,483 | $ 15,921 | $ 16,492 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Note 1 - Summary of Significant Accounting Policies Business QNB Corp. (the “Company”), through its wholly-owned subsidiary, QNB Bank (the “Bank”), has been serving the residents and businesses of Bucks, Lehigh, and Montgomery counties in Pennsylvania since 1877. The Bank is a locally managed community bank that provides a full range of commercial, retail banking and retail brokerage services. The Bank encounters vigorous competition for market share in the communities it serves from bank holding companies, other community banks, thrift institutions, credit unions and other non-bank financial organizations such as mutual fund companies, insurance companies and brokerage companies. The Company manages its business as a single operating segment. The Bank is a Pennsylvania chartered commercial bank. The Company and the Bank are subject to regulations of certain state and Federal agencies. These regulatory agencies periodically examine the Company and the Bank for adherence to laws and regulations. Basis of Presentation The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. The consolidated entity is referred to herein as “QNB”. All significant inter-company accounts and transactions have been eliminated in the Consolidated Financial Statements. Tabular information, other than share and per share data, is presented in thousands of dollars. Certain prior period amounts have been reclassified to conform with the current year’s presentation. Use of Estimates These statements are prepared in accordance with Accounting Principles Generally Accepted in the United States of America (“US GAAP”) and predominant practices within the banking industry. The preparation of these Consolidated Financial Statements requires QNB to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. QNB evaluates estimates on an on-going basis. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the determination of the valuation of other real estate owned, the fair value of financial instruments, other-than-temporary impairment of investment securities, the determination of impairment of restricted bank stock and the valuation of deferred tax assets and income taxes. QNB bases its estimates on historical experience and various other factors and assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Significant Group Concentrations of Credit Risk Most of the QNB’s activities are with customers located within Bucks, Montgomery and Lehigh Counties in southeastern Pennsylvania. Note 4 discusses the types of investment securities in which the QNB invests. Note 5 discusses the types of lending in which QNB engages. QNB does not have any significant concentrations to any one industry or customer. Although QNB has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. Cash and Cash Equivalents For purposes of the statement of cash flows, cash and cash equivalents consist of cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in the Federal Reserve Bank and other banks and Federal funds sold. QNB maintains a portion of its interest-bearing deposits at various commercial financial institutions. At times, the balances exceed the FDIC insured limits; QNB has not experienced a loss due to the balances exceeding FDIC limits. Trading Securities QNB may engage in trading activities for its own account. Interest and dividends are included in interest income. Debt securities that are bought and held principally for the purpose of selling in the near term are classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Investment Securities Investment debt securities that QNB has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Interest is included in interest income. Debt securities not classified as either held-to-maturity securities or trading securities are classified as available-for-sale debt securities and reported at fair value, with unrealized gains and losses, net of tax, excluded from earnings and reported in other comprehensive income or loss, a separate component of shareholders’ equity. Management determines the appropriate classification of securities at the time of purchase. Available-for-sale debt securities include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in credit ratings, changes in market interest rates and related changes in the securities’ prepayment risk or to meet liquidity needs. Premiums and discounts on debt securities are recognized in interest income using a constant yield method. Gains and losses on sales of available-for-sale securities are recorded on the trade date and are computed on the specific identification method and included in non-interest income. Equity investments with readily determinable fair values are measured at fair value. The changes in fair value are recognized in net income. Dividends are included in interest income. Impairment of Investment Securities Securities are evaluated periodically to determine whether a decline in their value is impairment. Management utilizes criteria such as the magnitude and duration of the decline, in addition to the reasons underlying the decline, to determine whether the loss in value is impairment. The term impairment is not intended to indicate that the decline is permanent, it indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. For equity securities that do not have readily-determinable fair values, once a decline in value is determined to be impairment, the value of the equity security is reduced and a corresponding charge to earnings is recognized. QNB follows the accounting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 326-10 as it relates to the recognition and presentation of impairment. This accounting guidance specifies that (a) if a company does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered impaired unless there is a credit loss. When an entity does not intend to sell the security, and it is more likely than not, the entity will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held to maturity debt securities, the amount of an impairment recorded in other comprehensive income for the non-credit portion of a previous impairment should be amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. Derivatives and Hedges The fair value hedges are accounted for under Derivatives and Hedging (Topic 815). QNB adopted ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging--Portfolio Layer Method ("ASC 2022-01") as of January 1, 2023. ASC 2022-01 allows for the use of an amortizing notional swap when entering a portfolio layer method hedge. This guidance allows the interest rate swap to be considered a hedge of a single layer of portfolio. QNB's risk management objective with respect to derivative financial instruments is to hedge the risk of changes in the fair value of certain fixed-rate investment securities, included in a closed portfolio, for changes in the Secured Overnight Financing Rate ("SOFR"). The effective and ineffective portions of changes in the fair value of each derivative financial instrument is reported in accumulated other comprehensive (loss) income, net of tax, and are reclassified to interest income as interest payments are made or received on the hedged portfolios. QNB assesses the effectiveness of each hedging relationship using a regression analysis of prior periodic changes in fair value of both the hedge and the hedged item. In the assessment of hedge effectiveness, QNB considers the likelihood of the counterparty's compliance with the contractual terms of the hedging derivative that could require the counterparty to make payments (counterparty default risk). If the likelihood that the counterparty will not default ceases to be probable, the hedge may no longer be highly effective and hedge ineffectiveness due to counterparty payment risk will be assessed. Restricted Investment in Stock Restricted stock is comprised of Federal Home Loan Bank of Pittsburgh (“FHLB”) in the amount of $ 1,718,000, the Atlantic Community Bankers Bank in the amount of $ 12,000, VISA Class B stock with a carrying cost of $ 0, and Senior Housing Crime Prevention Investment Corporation ("SHCPFIC") preferred stock of $ 1,000,000 at December 31, 2023. Federal law requires a member institution of the FHLB to hold stock of its district bank according to a predetermined formula. These restricted securities are carried at cost. The Bank owns 6,502 shares of Visa Class B stock, which was necessary to participate in Visa services in support of the Bank’s credit card, debit card, and related payment programs (permissible activities under banking r egulations) as a member institution. Following the resolution of Visa’s covered litigation, shares of Visa’s Class B stock will be converted to Visa Class A shares using a conversion factor ( 1.5875 as of September 28, 2023), which is periodically adjusted to reflect VISA’s ongoing litigation costs. There is a very limited market for this stock, as only current owners of Class B shares are permitted to transact in Class B. Due to the lack of orderly trades and public information of such trades, Visa Class B does not have a readily determinable fair value. The Bank owns 100 shares of preferred stock of SHCPFIC. These shares are not transferable without the consent of SHCPFIC and does not have a readily determinable fair value. These restricted investments are carried at cost and evaluated for impairment periodically. As of December 31, 2023, there was no impairment associated with these securities. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at the principal amount outstanding, net of deferred loan fees and costs. Interest income is accrued on the principal amount outstanding. Loan origination and commitment fees and related direct costs are deferred and amortized to income over the term of the respective loan and loan commitment period as a yield adjustment. Loans held-for-sale consist of residential mortgage loans and are carried at the lower of aggregate cost or fair value. Net unrealized losses, if any, are recognized through a valuation allowance charged to income. Gains and losses on residential mortgages held-for-sale are included in non-interest income. Non-Performing Assets Non-performing assets are comprised of accruing loans past due 90 days or more, non-accrual loans and investment securities, modified loans, other real estate owned and repossessed assets. Non-accrual loans and investment securities are those on which the accrual of interest has ceased. Loans are placed on non-accrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and collateral is insufficient to cover principal and interest. Interest accrued, but not collected at the date a loan is placed on non-accrual status, is reversed and charged against interest income. Subsequent cash receipts are applied either to the outstanding principal or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Loans are returned to an accrual status when the borrower’s ability to make periodic principal and interest payments has returned to normal (i.e. brought current with respect to principal or interest or restructured) and the paying capacity of the borrower and/or the underlying collateral is deemed sufficient to cover principal and interest. Since the implementation of ASU 326 on January 1, 2023, QNB measures loan modifications to borrowers in financial distress as a troubled debt modification ("TDM"). A TDM could involve principal forgiveness, term extension, an other-than-insignificant payment delay, interest rate reduction or exchanging or paying off existing debt for new debt with QNB. Any amount forgiven would be charged to the allowance for credit loss es. There were no TDMs in 2023. The Company had extended, restructured, or otherwise modified the terms of loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers that had been experiencing financial difficulties. A loan was considered to be a troubled debt restructuring (“TDR”) loan when QNB granted a concession to the borrower because of the borrower’s financial condition that it would not have otherwise considered. Such concessions included a reduction of interest rates, forgiveness of principal or interest, or other modifications of interest rates to less than the current market rate for new obligations with similar risk. Loans that had been classified as TDRs are considered non-performing. Loans are fully charged-off or charged down to net realizable value (fair value of collateral less estimated costs to sell) when deemed uncollectible due to bankruptcy or other factors, or when they reach a defined number of days past due based on loan product, industry practice, terms and other factors. Loans are considered past due when contractually required principal or interest payments have not been made on the due dates. Allowance for Credit Losses on Loans QNB maintains an allowance for credit losses on loans, which is intended to absorb probable known and inherent losses in the outstanding loan portfolio. The allowance is reduced by actual credit losses and is increased or decreased by the provision (reversal) for loan losses and increased by recoveries of previous losses. The provisions or reversals for credit losses are charged to earnings to bring the total allowance for loan losses to a level considered necessary by management. The allowance for credit losses is measured on a pool basis when similar risk characteristics exist; these pools are identified in the first table below. QNB establishes a general valuation allowance for performing loans, including non-accrual student loans. QNB calculates each segment's historical loss rate using a full economic cycle of loan balance and historical loss experienced. The level of the allowance is determined by assigning specific reserves to all non-accrual loans, except the homogeneous pool of student loans which are measured in the general reserve. An allowance on these non-accrual loans is established when the discounted cash flows (or collateral value) of the loan is lower than the carrying value of that loan. The portion of the allowance that is allocated to non-accrual loans is determined by estimating the inherent loss on each credit after giving consideration to the value of underlying collateral. The general component is adjusted for qualitative factors. These qualitative risk factors include: 1. Concentrations: QNB adjusts historic loss for concentrations in the current portfolio that were not present during the down-turn of economic cycle. 2. Economic Forecast: The QNB utilizes an entire economic cycle of data to determine loss rates by segment. This approach reflects an inherent reversion to the historical losses during life of the loans within the pool considering prepayments and loss experience throughout an entire economic cycle. However, QNB feels it is prudent to maintain a floor in its model to assure that there is enough reserve on hand to sustain any losses upon an upcoming recession. Management emphasizes loan quality and close monitoring of potential problem credits. Credit risk identification and review processes are utilized in order to assess and monitor the degree of risk in the loan portfolio. QNB’s lending and credit administration staff are charged with reviewing the loan portfolio and identifying changes in the economy or in a borrower’s circumstances which may affect the ability to repay debt or the value of pledged collateral. A loan classification and review system exists that identifies those loans with a higher than normal risk of collectability. Each commercial loan is assigned a grade based upon an assessment of the borrower’s financial capacity to service the debt and the presence and value of collateral for the loan. An independent firm reviews risk assessment and evaluates the adequacy of the allowance for loan losses. Management meets monthly to review the credit quality of the loan portfolio and quarterly to review the allowance for loan losses. In addition, various regulatory agencies, as an integral part of their examination process, periodically review QNB's allowance for credit losses on loans. Such agencies may require QNB to recognize additions to the allowance based on their judgments using information available to them at the time of their examination. Management believes that it uses the best information available to make determinations about the adequacy of the allowance and that it has established its existing allowance for credit losses on loans in accordance with U.S. GAAP. If circumstances differ substantially from the current calculation, future adjustments to the allowance for credit losses on loans may be necessary and results of operations could be affected. Because future events affecting borrowers and collateral cannot be predicted with certainty, there can be no assurance that increases to the allowance will not be necessary should the quality of any loans deteriorate. 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) the assets have been isolated from QNB, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) QNB does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. Servicing Assets Servicing assets are recognized as separate assets when rights are acquired through the sale of financial assets. When mortgage loans are sold, a portion of the cost of originating the loan is allocated to the servicing rights based on relative fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The Company subsequently measures servicing rights using the amortization method where servicing rights are amortized in proportion to and over the period of estimated net servicing income. On a quarterly basis, an independent third party determines the fair value of QNB’s servicing assets. These assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranches. If QNB later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the valuation allowance may be recorded as an increase to income. Capitalized servicing rights are reported in other assets and are amortized into other non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal, or a fixed amount per loan and are recorded as other non-interest income when earned and netted against the amortization of mortgage servicing rights. Foreclosed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cos t to sell. Revenue and expenses from operations and changes in the valuation allowance of foreclosed assets are included in other non-interest expense. At both December 31, 2023 and 2022 QNB had no foreclosed assets. Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are calculated principally on an accelerated or straight-line basis over the estimated useful lives of the assets, or the shorter of the estimated useful life or lease term for leasehold improvements, as follows: Buildings 10 to 39 years Furniture and equipment 3 to 15 years Leasehold improvements 5 to 30 years Expenditures for maintenance and repairs are charged to operations as incurred. Gains or losses upon disposition are reflected in earnings as realized. The “Premises and equipment, net” category on the Consolidated Balance Sheets also includes the right-of-use assets associated with operating leases. The discount rates used in determining the initial value of the right of use assets are based on the FHLB Amortizing Fixed Loan Rate for the term of each lease. QNB typically enters into lease agreements with an initial term of 5 to 10 years and subsequent additional optional terms in increments of 5 years. The lease agreements also contain termination options. None of the leases contain purchase options and none transfer the ownership of the leased a sset. QNB has renewed one operating lease during 2023. Op erating lease liabilities are included with “Other liabilities” on the Consolidated Balance Sheets. All operating lease costs are included in non-interest expense within “Net occupancy” on the Consolidated Statements of Income. Bank-Owned Life Insurance The Bank invests in bank-owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a select group of employees. The Bank is the owner and beneficiary of the policies. Income from the increase in cash surrender value of the policies as well as the receipt of death benefits is included in non-interest income on the Consolidated Statements of Income. The BOLI policies are an asset that can be liquidated, if necessary, with associated tax costs. However, the Bank intends to hold these policies and, accordingly, has not provided for deferred income taxes on the earnings from the increase in cash surrender value. The Bank follows the accounting guidance for postretirement benefit aspects of endorsement split-dollar life insurance arrangements which applies to life insurance arrangements that provide an employee with a specified benefit that is not limited to the employee’s active service period, including certain bank-owned life insurance policies. It requires an employer to recognize a liability and related compensation costs for future benefits that extend to postretirement periods. The expense recorded during 2023, 2022 and 2021 was approximately $ 56,000 , $ 118,000 and $ 87,000 , respectively, and is included in non-interest expense under "Salaries and employee benefits" expense. Stock-Based Compensation At December 31, 2023, QNB sponsored 2015 Stock Incentive Plan (the "2015 Plan"), administered by a Board committee, under which both qualified and non-qualified stock options may be granted periodically to certain employees. QNB accounts for all awards granted under stock-based compensation plans in accordance with FASB ASC 718, Compensation - Stock Compensation . Compensation cost has been measured using the fair value of an award on the grant date and is recognized over the service period, which is usually the vesting period. Stock-based compensation expense rela ted to the 2015 Plan was approximately $ 90,000 , $ 70,000 and $ 71,000 for the years ended December 31, 2023, 2022 and 2021, respectively. There were $ 3,000 , $ 2,000 and $ 4,000 in tax benefits recognized related to the nonqualified compensation and disqualifying dispositions for the years ended December 31, 2023, 2022 and 2021, respectively. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the option and each vesting date. QNB estimated the fair value of stock options on the date of the grant using the Black-Scholes option pricing model. The model requires the use of numerous assumptions, many of which are highly subjective in nature. The following assumptions were used in the option pricing model in determining the fair value of options granted during the periods presented. Year ended December 31, 2023 2022 2021 Risk free interest rate 3.64 % 1.25 % 0.20 % Dividend yield 4.80 % 3.64 % 4.17 % Volatility 20.36 % 22.68 % 21.14 % Expected life (years) 8.35 4.05 4.03 The weighted average fair value per share of options granted during 2023, 2022 and 2021 was $ 4.11 , $ 5.20 and $ 3.08 , respectively. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued. Historical information was the primary basis for the selection of the expected dividend yield, expected volatility and expected lives of the options. Income Taxes QNB accounts for income taxes under the asset/liability method in accordance with income tax accounting guidance, ASC 740 - Income Taxes . Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when, in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part, be beyond QNB’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. In connection with the accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions, QNB has evaluated its tax positions as of December 31, 2023. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has more than a 50 percent likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more-likely-than-not” threshold guidelines, QNB believes no significant uncertain tax positions exist, either individually or in the aggregate, which would give rise to the non-recognition of an existing tax benefit. As of December 31, 2023, QNB had a valuation allowance of $ 4,000 for unrecognized tax benefits related to non-qualified stock option expense on options that are more likely than not to be exercised prior to expiring. As of December 31, 2023 QNB had no interest expense and no tax penalties. QNB’s policy is to account for interest as a component of interest expense an d penalties as a component of other expense. The Company and its subsidiary are subject to U.S. Federal income tax as well as income tax of the Commonwealth of Pennsylvania and the State of New Jersey. Tax years from 2020 to date remain subject to examination by the tax authorities. Treasury Stock Common stock shares repurchased are recorded as treasury stock at cost. Earnings Per Share Basic earnings per share excludes any dilutive effects of options and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share gives effect to all dilutive potential common shares that were outstanding during the period. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. Treasury shares are not deemed outstanding for earnings per share calculations. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business entity during a period due to transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Comprehensive income (loss) consists of net income and other comprehensive income (loss). For QNB, the primary component of other comprehensive income (loss) is the unrealized holding gains or losses on available-for-sale investment securities and unrealized losses on available-for-sale investment securities related to factors other than credit on debt securities. Advertising Costs Advertising costs are recorded in the period they are incurred within operating expenses in non-interest expense in the Consolidated Statements of Income. Financial Instruments with Off-Balance-Sheet Risk QNB’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of these instruments. QNB uses the same credit policies in making commitments and contractual obligations as it does for on-balance-sheet instruments. QNB reflects its estimate of credit risk for these instruments in “Other liabilities” on the Consolidated Balance Sheet with the corresponding expense recorded in “Other” non-interest expense in the Consolidated Statements of Income. Subsequent Events QNB has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2023 through the date the Consolidated Financial Statements are being issued for items that should potentially be recognized or disclosed in these Consolidated Financial Statements. Recent Accounting Pronouncements On January 1, 2023, QNB adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), as amended ("ASU 326"), which replaces the incurred loss methodology with an expected credit losses (“CECL”) for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The measurement under CECL is applicable to loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. Additionally, ASU 326 made changes to the accountin |
Note 2 - Earnings Per Share and
Note 2 - Earnings Per Share and Share Repurchase Plan | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share and Share Repurchase Plan | Note 2 – Earnings Per Share and Share Repurchase Plan The following table sets forth the computation of basic and diluted earnings per share: Year ended December 31, 2023 2022 2021 Numerator for basic and diluted earnings per share - net income $ 9,483 $ 15,921 $ 16,492 Denominator for basic earnings per share - weighted average shares 3,610,713 3,564,481 3,553,949 Effect of dilutive securities - employee stock options - - 189 Denominator for diluted earnings per share - adjusted weighted 3,610,713 3,564,481 3,554,138 Earnings per share - basic $ 2.63 $ 4.47 $ 4.64 Earnings per share - diluted $ 2.63 $ 4.47 $ 4.64 There were 121,550 , 109,150 , and 89,950 stock options that were anti-dilutive as of December 31, 2023, 2022, and 2021 respectively. These stock options were not included in the above calculation. QNB’s current stock repurchase plan was originally approved by the Board of Directors on January 21, 2008 and authorized the repurchase of up to 50,000 shares, increased the amount on February 9, 2009 to 100,000 shares, and subsequently increased on April 27, 2021 up to 200,000 shares of its common stock in the open market or privately negotiated transactions. The repurchase authorization has no termination date. There were no shares purchased during the year ended December 31, 2023, 2,000 shares purchased during the year ended December 31, 2022, and 38,017 shares repurchased during the year ended December 31, 2021. As of December 31, 2023, 102,000 shares were purchased under this authorization at an average price of $ 24.93 and a total cost of $ 2,543,000 and were recorded to Treasury stock. |
Note 3 - Cash and Cash Equivale
Note 3 - Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 3 – Cash and Cash Equivalents Included in cash and cash equivalents are deposits with the Federal Reserve Bank of Philadelphia. As of December 31, 2023 and 2022, QNB was not required to maintain reserves with the Federal Reserve Bank of Philadelphia. At December 31, 2023, there was $ 1,850,000 held as collateral against the fair value swaps held a correspondent bank. |
Note 4 - Investment Securities
Note 4 - Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 4 - Investment Securities Available-For-Sale Debt Securities The amortized cost and fair values of investment debt securities available-for-sale at December 31, 2023 and 2022 were as follows: Gross Gross Gross unrealized unrealized unrealized Fair holding holding fair value hedge Amortized December 31, 2023 value gains losses losses cost U.S. Treasuries $ 6,451 $ 3 $ — $ — $ 6,448 U.S. Government agency 74,122 — ( 10,828 ) — 84,950 State and municipal 89,189 — ( 18,714 ) ( 445 ) 108,348 U.S. Government agencies and sponsored Mortgage-backed 224,238 — ( 37,831 ) ( 1,304 ) 263,373 Collateralized mortgage obligations (CMOs) 89,973 — ( 16,383 ) — 106,356 Corporate debt and money market funds 6,209 2 ( 496 ) — 6,703 Total investment securities available-for-sale $ 490,182 $ 5 $ ( 84,252 ) $ ( 1,749 ) $ 576,178 Gross Gross unrealized unrealized Fair holding holding Amortized December 31, 2022 value gains losses cost U.S. Treasuries $ 301 $ 2 $ — $ 299 U.S. Government agency 86,709 — ( 15,233 ) 101,942 State and municipal 95,367 — ( 23,494 ) 118,861 U.S. Government agencies and sponsored Mortgage-backed 256,161 — ( 45,303 ) 301,464 Collateralized mortgage obligations (CMOs) 101,672 — ( 18,338 ) 120,010 Corporate debt 6,315 — ( 326 ) 6,641 Total investment securities available-for-sale $ 546,525 $ 2 $ ( 102,694 ) $ 649,217 The amortized cost and fair value of debt securities available-for-sale by contractual maturity at December 31, 2023 are shown in the following table. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Securities are assigned to categories based on contractual maturity except for mortgage-backed securities and CMOs which are based on the estimated average life of these securities and state and municipal securities which are based on pre-refunded date, if applicable. Amortized December 31, 2023 Fair value cost Due in one year or less $ 8,814 $ 8,895 Due after one year through five years 159,745 179,738 Due after five years through ten years 247,158 296,154 Due after ten years 74,465 91,391 Total investment securities available-for-sale $ 490,182 $ 576,178 Proceeds from sales of investment debt securities available-for-sale were $ 33,213,000 , $ 7,551,000 and $ 282,000 for the years ended December 31, 2023, 2022 and 2021, respectively. The following table presents information related to QNB’s gains and losses on the sales of debt securities, and losses recognized for impairment of these investments. December 31, 2023 2022 2021 Gross realized gains $ — $ 8 $ 18 Gross realized losses ( 2,058 ) ( 147 ) — Impairment — — — Total net (losses) gains on available-for-sale securities $ ( 2,058 ) $ ( 139 ) $ 18 The tax benefit applicable to the net realized losses on debt securities was $ 432,000 for the year ended December 31, 2023. The tax benefit applicable to the net realized losses on debt securities was $ 29,000 for the year ended December 31, 2022. The tax expense applicable to the net realized gains on debt securities was $ 4,000 for the year ended December 31, 2021. There were no impairment charges recognized for debt securities still held by QNB for the years ended December 31, 2023, 2022 or 2021. No credit impairments were recognized in 2023, 2022 or 2021. The following table presents a summary of the cumulative credit-related impairment charges recognized as components of earnings for debt securities still held by QNB: Year ended December 31, 2023 2022 2021 Balance, beginning of year $ 1 $ 1 $ 1 Reductions: sale, collateralized debt obligation — — — Additions: Initial credit impairments — — — Subsequent credit impairments — — — Balance, end of year $ 1 $ 1 $ 1 At December 31, 2023 and 2022, investments in debt securities available-for-sale totaling $ 289,935,000 and $ 237,645,000 , respectively, were pledged as collateral for repurchase agreements and deposits of public funds. Debt securities that have been in a continuous unrealized loss position are as follows: December 31, 2023 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. Treasuries 1 $ 494 $ — $ — $ — $ 494 $ — U.S. Government agency 39 — — 74,122 ( 10,828 ) 74,122 ( 10,828 ) State and municipal 191 380 — 89,238 ( 18,714 ) 89,618 ( 18,714 ) U.S. Government agencies Mortgage-backed 165 1 — 225,500 ( 37,831 ) 225,501 ( 37,831 ) Collateralized mortgage 126 — — 89,973 ( 16,383 ) 89,973 ( 16,383 ) Corporate debt and money markets 4 — — 6,101 ( 496 ) 6,101 ( 496 ) Total 526 $ 875 $ — $ 484,934 $ ( 84,252 ) $ 485,809 $ ( 84,252 ) December 31, 2022 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. Government agency 46 $ 3,647 $ ( 353 ) $ 83,062 $ ( 14,880 ) $ 86,709 $ ( 15,233 ) State and municipal 216 50,156 ( 7,816 ) 45,210 ( 15,678 ) 95,366 ( 23,494 ) U.S. Government agencies Mortgage-backed 197 58,811 ( 6,775 ) 197,351 ( 38,528 ) 256,162 ( 45,303 ) Collateralized mortgage 129 35,797 ( 3,983 ) 65,875 ( 14,355 ) 101,672 ( 18,338 ) Corporate debt 4 6,262 ( 318 ) 53 ( 8 ) 6,315 ( 326 ) Total 592 $ 154,673 $ ( 19,245 ) $ 391,551 $ ( 83,449 ) $ 546,224 $ ( 102,694 ) Management evaluates debt securities, which are comprised of U.S. Government Agencies, state and municipalities, mortgage-backed securities, CMOs and other issuers, for impairment and considers the current economic conditions, the length of time and the extent to which the fair value has been less than cost, interest rates and the bond rating of each security. The unrealized losses at December 31, 2023 in U.S. Government securities, state and municipal securities, mortgage-backed securities, CMOs and corporate debt securities are primarily the result of interest rate fluctuations. If held to maturity, these bonds will mature at par, and QNB will not realize a loss. QNB has the intent to hold the securities and does not believe it will be required to sell the securities before recovery occurs. QNB holds one trust preferred security, PreTSL IV which is classified as available-for-sale and carried at fair value. This security has been in an unrealized loss position for more than twelve months. The following table provides additional information related to PreTSL IV as of December 31, 2023: Deal Class Book Fair Unrealized Realized Total Moody's Current Actual Total PreTSL IV Mezzanine* $ 60 $ 52 $ ( 7 ) $ — $ 1 Ba1 3 0.0 % 305.9 % Mezzanine* - class of bonds still outstanding, represents the senior-most obligation of the trust) Marketable Equity Securities QNB’s equity securities consist of investments with readily determinable fair values in large cap stock companies. Changes in the fair value of these equity securities are recorded to earnings in non-interest income, in accordance with ASU 2016-01 Financial Instruments – Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities. At December 31, 2023 and 2022, QNB had $ 5,910,000 and $ 12,056,000 , res pectively, in equity securities recorded at fair value. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during 2023, 2022 and 2021: December 31, 2023 2022 2021 Net gain (loss) recognized during the period on equity securities $ 231 $ ( 621 ) $ 2,714 Less: Net (loss) gain recognized during the period on equity securities sold during the period ( 19 ) 405 1,788 Net unrealized gain (loss) recognized during the reporting period on equity securities still held at the reporting date $ 250 $ ( 1,026 ) $ 926 Tax expense applicable to the net realized gains for the year ended December 31, 2023 was $ 67,000 . Tax benefit applicable to the net realized losses for the year ended December 31, 2022 was $ 179,000 . Tax expense applicable to the net realized gains for the year ended December 31, 2021 was $ 784,000 . Proceeds from sales of investment equity securities were $ 8,556,000 , $ 1,594,000 and $ 7,768,000 for the years ended December 31, 2023, 2022 and 2021, respectively. |
Note 5 - Loans Receivable and t
Note 5 - Loans Receivable and the Allowance for Credit Losses on Loans | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans Receivable and the Allowance for Credit Losses on Loans | Note 5 - Loans Receivable and the Allowance for Credit Losses on Loans Major classes of loans are as follows: December 31, 2023 Commercial: Commercial and industrial $ 137,086 Construction and land development 116,173 Real estate secured by multi-family properties 109,193 Real estate secured by owner-occupied properties 160,695 Real estate secured by other commercial properties 265,101 Revolving real estate secured by 1-4 family properties-business 5,442 Real estate secured by 1st lien on 1-4 family properties-business 103,572 Real estate secured by junior lien on 1-4 family properties-business 3,445 State and political subdivisions 18,708 Retail: 1-4 family residential mortgages 108,906 Construction-individual — Revolving home equity secured by 1-4 family properties-personal 34,231 Real estate secured by 1st lien on 1-4 family properties-personal 11,981 Real estate secured by junior lien on 1-4 family properties-personal 15,625 Student loans 1,662 Overdrafts 194 Other consumer 1,757 Total loans 1,093,771 Net unearned (fees) costs ( 238 ) Allowance for credit losses on loans ( 8,852 ) Loans receivable, net $ 1,084,681 December 31, 2022 Commercial: Commercial and industrial $ 160,875 Construction 62,955 Secured by commercial real estate 518,070 Secured by residential real estate 103,419 State and political subdivisions 20,971 Retail: 1-4 family residential mortgages 105,654 Home equity loans and lines 63,580 Consumer 4,113 Total loans 1,039,637 Net deferred (fees) costs ( 252 ) Allowance for loan losses ( 10,531 ) Loans receivable, net $ 1,028,854 Loans secured by commercial real estate include all loans collateralized at least in part by commercial real estate. These loans may not be for the express purpose of conducting commercial real estate transactions. Overdrafts are reclassified as loans and are included in consumer loans above and total loans on the balance sheet and at December 31, 2022 are included in consumer loans. At December 31, 2022, overdrafts were $ 132,000 . QNB generally lends in Bucks, Lehigh, and Montgomery counties in southeastern Pennsylvania. To a large extent, QNB makes loans collateralized at least in part by real estate. Its lending activ ities could be affected by changes in the general economy, the regional economy, or real estate values. Other than disclosed in the table above, at December 31, 2023, there was a concentration of loans to lessors of residential buildings and dwellings of 21.5 % of total loans and to lessors of nonresidential buildings of 24.7 % of total loans, compared with 20.0 % and 22.5 % of total loans, respectively, at December 31, 2022. Thes e concentrations were primarily within the commercial real estate categories. QNB engages in a variety of lending activities, including commercial, residential real estate and consumer transactions. QNB focuses its lending activities on individuals, professionals and small to medium sized businesses. Risks associated with lending activities include economic conditions and changes in interest rates, which can adversely impact both the ability of borrowers to repay their loans and the value of the associated collateral. Commercial and industrial loans, commercial real estate loans, construction loans and residential real estate loans with a business purpose are generally perceived as having more risk of default than residential real estate loans with a personal purpose and consumer loans. These types of loans involve larger loan balances to a single borrower or groups of related borrowers and are more susceptible to a risk of loss during a downturn in the business cycle. These loans may involve greater risk because the availability of funds to repay these loans depends on the successful operation of the borrower’s business. The assets financed are used within the business for its ongoing operation. Repayment of these types of loans generally comes from the cash flow of the business or the ongoing conversions of assets, such as accounts receivable and inventory, to cash. Typical collateral for commercial and industrial loans includes the borrower’s accounts receivable, inventory and machinery and equipment. Commercial real estate and residential real estate loans secured for a business purpose are originated primarily within the southeastern Pennsylvania market area at conservative loan-to-value ratios and often backed by the individual guarantees of the borrowers or owners. Repayment of this kind of loan is dependent upon either the ongoing cash flow of the borrowing entity or the resale of or lease of the subject property. Commercial real estate loans may be affected to a greater extent than residential loans by adverse conditions in real estate markets or the economy because commercial real estate borrowers’ ability to repay their loans depends on successful development of their properties, as well as the factors affecting residential real estate borrowers. Loans to state and political subdivisions are tax-exempt or taxable loans to municipalities, school districts and housing and industrial development authorities. These loans can be general obligations of the municipality or school district repaid through their taxing authority, revenue obligations repaid through the income generated by the operations of the authority, such as a water or sewer authority, or loans issued to a housing and industrial development agency, for which a private corporation is responsible for payments on the loans. QNB originates fixed-rate and adjustable-rate real estate-residential mortgage loans for personal purposes that are secured by first liens on the underlying 1-4 family residential properties. Credit risk exposure in this area of lending is minimized by the evaluation of the credit worthiness of the borrower, including debt-to-income ratios, credit scores and adherence to underwriting policies that emphasize conservative loan-to-value ratios of generally no more than 80%. Residential mortgage loans granted in excess of the 80 % loan-to-value ratio criterion are generally insured by private mortgage insurance. The real estate-home equity portfolio consists of fixed-rate home equity loans and variable-rate home equity lines of credit. Risks associated with loans secured by residential properties are generally lower than commercial loans and include general economic risks, such as the strength of the job market, employment stability and the strength of the housing market. Since most loans are secured by a primary or secondary residence, the borrower’s continued employment is the greatest risk to repayment. QNB offers a variety of loans to individuals for personal and household purposes. Consumer loans are generally considered to have greater risk than first or second mortgages on real estate because they may be unsecured, or, if they are secured, the value of the collateral may be difficult to assess and is more likely to decrease in value than real estate. Credit risk in this portfolio is controlled by conservative underwriting standards that consider debt-to-income levels and the creditworthiness of the borrower and, if secured, collateral values. QNB employs a ten-grade risk rating system related to the credit quality of commercial loans and loans to state and political subdivisions of which the first six categories are pass categories (credits not adversely rated). The following is a description of the internal risk ratings and the likelihood of loss related to each risk rating. 1 - Excellent - no apparent risk 2 - Good - minimal risk 3 - Acceptable - lower risk 4 - Acceptable - average risk 5 - Acceptable – higher risk 6 - Pass watch 7 - Special Mention - potential weaknesses 8 - Substandard - well defined weaknesses 9 - Doubtful - full collection unlikely 10 - Loss - considered uncollectible QNB maintains a loan review system, which allows for a periodic review of our loan portfolio and the early identification of potential problem loans. Each loan officer assigns a rating to commercial loans and loans to state and political subdivisions at the time the loan is originated. Loans with risk ratings of one through five are reviewed annually based on the borrower’s fiscal year. Loans with risk ratings of six are reviewed every six to twelve months based on the dollar amount of the relationship with the borrower. Loans with risk ratings of seven through ten are reviewed at least quarterly, and as often as monthly, at management’s discretion. QNB also utilizes an outside loan review firm to review the portfolio on a semi-annual basis to provide the Board of Directors and senior management an independent review of the Bank’s loan portfolio on an ongoing basis. These reviews are designed to recognize deteriorating credits in their earliest stages in an effort to reduce and control risk in the lending function as well as identifying potential shifts in the quality of the loan portfolio. The examinations by the outside loan review firm include the review of lending activities with respect to underwriting and processing new loans, monitoring the risk of existing loans and to provide timely follow-up and corrective action for loans showing signs of deterioration in quality. In addition, the outside firm reviews the methodology for the allowance for loan losses to determine compliance to policy and regulatory guidance. The following tables present the classes of the loan portfolio summarized by the aggregate pass rating and the classified ratings of special mention, substandard and doubtful within the QNB’s internal risk rating system as of December 31, 2023 and 2022: Term Loans by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Commercial Loans Commercial and industrial: Risk rating Pass $ 20,473 $ 14,439 $ 8,574 $ 5,913 $ 8,626 $ 7,175 $ 70,716 $ 135,916 Special mention — — — — — — — — Substandard — — — — — — 1,170 1,170 Doubtful — — — — — — — — Total commercial and industrial $ 20,473 $ 14,439 $ 8,574 $ 5,913 $ 8,626 $ 7,175 $ 71,886 $ 137,086 Construction and land development: Risk rating Pass $ 46,171 $ 43,472 $ 14,630 $ 3,434 $ 4,028 $ 4,395 $ — $ 116,130 Special mention — — — — — — — — Substandard — — — — — 43 — 43 Doubtful — — — — — — — — Total construction and land development $ 46,171 $ 43,472 $ 14,630 $ 3,434 $ 4,028 $ 4,438 $ — $ 116,173 Real estate secured by multi-family properties: Risk rating Pass $ 10,826 $ 28,858 $ 23,430 $ 9,808 $ 5,804 $ 27,609 $ — $ 106,335 Special mention — — — — — — — — Substandard — — — — 704 2,154 — 2,858 Doubtful — — — — — — — — Total real estate secured by multi-family properties $ 10,826 $ 28,858 $ 23,430 $ 9,808 $ 6,508 $ 29,763 $ — $ 109,193 Real estate secured by owner-occupied properties: Risk rating Pass $ 14,430 $ 29,576 $ 26,908 $ 18,693 $ 12,239 $ 53,030 $ — $ 154,876 Special mention — — — — — — — — Substandard — — — — 5,819 — 5,819 Doubtful — — — — — — — — Term Loans by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Total real estate secured by owner-occupied properties $ 14,430 $ 29,576 $ 26,908 $ 18,693 $ 12,239 $ 58,849 $ — $ 160,695 Real estate secured by other commercial properties: Risk rating Pass $ 32,297 $ 44,526 $ 42,582 $ 17,798 $ 28,947 $ 98,173 $ — $ 264,323 Special mention — — — — — — — — Substandard — — — — — 778 — 778 Doubtful — — — — — — — — Total real estate secured by other commercial properties $ 32,297 $ 44,526 $ 42,582 $ 17,798 $ 28,947 $ 98,951 $ — $ 265,101 Revolving real estate secured by 1-4 family properties-business: Risk rating Pass $ — $ — $ — $ — $ — $ — $ 5,442 $ 5,442 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total revolving real estate secured by 1-4 family properties-business $ — $ — $ — $ — $ — $ — $ 5,442 $ 5,442 Real estate secured by 1st lien on 1-4 family properties-business: Risk rating Pass $ 14,697 $ 28,596 $ 20,890 $ 9,794 $ 8,441 $ 20,262 $ — $ 102,680 Special mention — — 137 — — — — 137 Substandard — 189 — — 423 143 — 755 Doubtful — — — — — — — — Total real estate secured by 1st lien on 1-4 family properties-business $ 14,697 $ 28,785 $ 21,027 $ 9,794 $ 8,864 $ 20,405 $ — $ 103,572 Real estate secured by junior lien on 1-4 family properties-business: Risk rating Pass $ 558 $ 604 $ 542 $ 580 $ 40 $ 934 $ — $ 3,258 Special mention — — — — — — — — Substandard — — — — — 187 — 187 Doubtful — — — — — — — — Total real estate secured by junior lien on 1-4 family properties-business $ 558 $ 604 $ 542 $ 580 $ 40 $ 1,121 $ — $ 3,445 State and political subdivisions: Risk rating Pass $ 707 $ — $ 4,247 $ 18 $ 5,444 $ 8,292 $ — $ 18,708 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Term Loans by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Total real estate secured by junior lien on 1-4 family properties-business $ 707 $ — $ 4,247 $ 18 $ 5,444 $ 8,292 $ — $ 18,708 Total Commercial Loans: Risk rating Pass $ 140,159 $ 190,071 $ 141,803 $ 66,038 $ 73,569 $ 219,870 $ 76,158 $ 907,668 Special mention — — 137 — — — — 137 Substandard — 189 — — 1,127 9,124 1,170 11,610 Doubtful — — — — — — — — Total Commercial loans $ 140,159 $ 190,260 $ 141,940 $ 66,038 $ 74,696 $ 228,994 $ 77,328 $ 919,415 December 31, 2022 Pass Special Substandard Doubtful Total Commercial: Commercial and industrial $ 157,914 $ 23 $ 2,938 $ — $ 160,875 Construction 62,955 — — — 62,955 Secured by commercial real estate 505,657 2,597 9,816 — 518,070 Secured by residential real estate 102,295 194 930 — 103,419 State and political subdivisions 20,971 — — — 20,971 Total $ 849,792 $ 2,814 $ 13,684 $ — $ 866,290 The following tables present the recorded investment in the retail classes of the loan portfolio based on payment activity as of December 31, 2023 and 2022: Term Loans by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Retail Loans 1-4 family residential mortgages: Payment performance Performing $ 12,641 $ 14,635 $ 30,495 $ 20,304 $ 4,526 $ 25,500 $ — $ 108,101 Nonperforming — — — — — 805 — 805 Total 1-4 family residential mortgages $ 12,641 $ 14,635 $ 30,495 $ 20,304 $ 4,526 $ 26,305 $ — $ 108,906 Construction-individual: Payment performance Performing $ — $ — $ — $ — $ — $ — $ — $ — Nonperforming — — — — — — — — Total construction-individual $ — $ — $ — $ — $ — $ — $ — $ — Revolving home equity secured by 1-4 family properties-personal: Payment performance Performing $ — $ — $ — $ — $ — $ — $ 33,936 $ 33,936 Nonperforming — — — — — — 295 295 Total revolving home equity secured by 1-4 family properties-personal $ — $ — $ — $ — $ — $ — $ 34,231 $ 34,231 Real estate secured by 1st lien on 1-4 family properties-personal: Payment performance Performing $ 2,591 $ 1,613 $ 2,933 $ 1,030 $ 931 $ 2,767 $ — $ 11,865 Nonperforming — — — — — 116 — 116 Total real estate secured by 1st lien Real estate secured by 1st lien on 1-4 family properties-personal $ 2,591 $ 1,613 $ 2,933 $ 1,030 $ 931 $ 2,883 $ — $ 11,981 Real estate secured by junior lien on 1-4 family properties-personal: Term Loans by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Payment performance Performing $ 6,438 $ 1,613 $ 2,184 $ 1,180 $ 676 $ 3,515 $ — $ 15,606 Nonperforming — 19 — — — — — 19 Total real estate secured by junior lien on 1-4 family properties-personal $ 6,438 $ 1,632 $ 2,184 $ 1,180 $ 676 $ 3,515 $ — $ 15,625 Student loans: Payment performance Performing $ — $ — $ — $ — $ — $ 1,645 $ — $ 1,645 Nonperforming — — — — — 17 — 17 Total student loans $ — $ — $ — $ — $ — $ 1,662 $ — $ 1,662 Overdrafts: Payment performance Performing $ — $ — $ — $ — $ — $ — $ 194 $ 194 Nonperforming — — — — — — — — Total overdrafts $ — $ — $ — $ — $ — $ — $ 194 $ 194 Other consumer: Payment performance Performing $ 793 $ 290 $ 245 $ 89 $ 73 $ 41 $ 189 $ 1,720 Nonperforming — — — — — 37 — 37 Total other consumer $ 793 $ 290 $ 245 $ 89 $ 73 $ 78 $ 189 $ 1,757 Total Retail Loans: Payment performance Performing $ 22,463 $ 18,151 $ 35,857 $ 22,603 $ 6,206 $ 33,468 $ 34,319 $ 173,067 Nonperforming — 19 — — — 975 295 1,289 Total Retail Loans $ 22,463 $ 18,170 $ 35,857 $ 22,603 $ 6,206 $ 34,443 $ 34,614 $ 174,356 December 31, 2022 Performing Non-performing Total Retail: 1-4 family residential mortgages $ 105,193 $ 461 $ 105,654 Home equity loans and lines 63,178 402 63,580 Consumer 4,051 62 4,113 Total $ 172,422 $ 925 $ 173,347 Retail revolving lines of credit that were termed out during 2023 were $ 4,534,000 ; all which are performing. The performance and credit quality of the loan portfolio is also monitored by analyzing the age of the loans receivable as determined by the length of time a recorded payment is past due. The following table presents the classes of the loan portfolio (excluding deferred fees and costs) summarized by the past due status, regardless of whether the loan is on non-accrual status, as of December 31, 2023 and 2022: December 31, 2023 30-59 days 60-89 days 90 days or Total past Current Total loans Commercial: Commercial and industrial $ 77 $ — $ — $ 77 $ 137,009 $ 137,086 Construction and land development — — — — 116,173 116,173 Real estate secured by multi-family properties — — — — 109,193 109,193 Real estate secured by owner-occupied properties 186 — — 186 160,509 160,695 Real estate secured by other commercial properties 9,675 — — 9,675 255,426 265,101 Revolving real estate secured by 1-4 family properties-business — — — — 5,442 5,442 Real estate secured by 1st lien on 1-4 family properties-business 323 — — 323 103,249 103,572 Real estate secured by junior lien on 1-4 family properties-business — — — — 3,445 3,445 State and political subdivisions — — — — 18,708 18,708 Retail: 1-4 family residential mortgages 433 381 481 1,295 107,611 108,906 Construction-individual — — — — — — Revolving home equity secured by 1-4 family properties-personal 56 — 129 185 34,046 34,231 Real estate secured by 1st lien on 1-4 family properties-personal — 96 — 96 11,885 11,981 Real estate secured by junior lien on 1-4 family properties-personal — — 18 18 15,607 15,625 Student loans — 11 6 17 1,645 1,662 Overdrafts 21 2 — 23 171 194 Other consumer — 8 — 8 1,749 1,757 Total $ 10,771 $ 498 $ 634 $ 11,903 $ 1,081,868 $ 1,093,771 December 31, 2022 30-59 days 60-89 days 90 days or Total past Current Total loans Commercial: Commercial and industrial $ — $ 1,157 $ — $ 1,157 $ 159,718 $ 160,875 Construction — — — — 62,955 62,955 Secured by commercial real estate — — — — 518,070 518,070 Secured by residential real estate — — 13 13 103,406 103,419 State and political subdivisions — — — — 20,971 20,971 Retail: 1-4 family residential mortgages 703 168 216 1,087 104,567 105,654 Home equity loans and lines 95 — — 95 63,485 63,580 Consumer 37 50 — 87 4,026 4,113 Total $ 835 $ 1,375 $ 229 $ 2,439 $ 1,037,198 $ 1,039,637 As previously discussed, QNB maintains a loan review system, which includes a continuous review of the loan portfolio by internal and external parties to aid in the early identification of potential impaired loans. A loan is considered impaired when, based on current information and events, it is probable that QNB will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. When placing a loan on non-accrual status, management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record and the amount of the shortfall in relation to the principal and interest owed. All non-accrual loans, except student loans, are individually evaluated for an allowance for credit losses ("ACL"). This ACL is measured using either the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral if the loan is collateral dependent. An allowance for credit loss is established for a non-accrual loan if its carrying value exceeds its estimated fair value. The estimated fair values of the majority of QNB’s non-accrual loans are measured based on the estimated fair value of the loan’s collateral. For commercial loans secured by real estate, estimated fair values are determined primarily through third-party appraisals. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated certified appraisal of the real estate is necessary. This decision is based on various considerations, including the age of the most recent appraisal, the loan-to-value ratio based on the original appraisal and the condition of the property. Appraised values are discounted to arrive at the estimated selling price of the collateral, which is considered to be the estimated fair value. The discounts also include estimated costs to sell the property. For commercial loans secured by non-real estate collateral, such as accounts receivable, inventory and equipment, estimated fair values are determined based on the borrower’s financial statements, inventory reports, accounts receivable agings or equipment appraisals or invoices. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. The following tables disclose the recorded investment in loans receivable that are either on non-accrual status or past due 90 days or more and still accruing interest as of December 31, 2023 and 2022: December 31, 2023 90 Days or More Past Due-Still Accruing Nonaccrual With No Specifically-Related ACL Nonaccrual With Related ACL Total Nonaccrual Loans Commercial: Commercial and industrial $ — $ 278 $ 33 $ 311 Construction and land development — — — — Real estate secured by multi-family properties — — — — Real estate secured by owner-occupied properties — 175 — 175 Real estate secured by other commercial properties — — — — Revolving real estate secured by 1-4 family properties-business — — — — Real estate secured by 1st lien on 1-4 family properties-business — — — — Real estate secured by junior lien on 1-4 family properties-business — — 165 165 State and political subdivisions — — — — Retail: 1-4 family residential mortgages — 805 — 805 Construction-individual — — — — Revolving home equity secured by 1-4 family properties-personal — 21 274 295 Real estate secured by 1st lien on 1-4 family properties-personal — 116 — 116 Real estate secured by junior lien on 1-4 family properties-personal — 19 — 19 Student loans — 17 — 17 Other consumer — 37 — 37 Total $ — $ 1,468 $ 472 $ 1,940 QNB recognized interest income of $ 557,000 on non-accrual loans for the year ended December 31, 2023. The following table presents the collateral-dependent loans by loan category at December 31, 2023: December 31, 2023 Real Estate Secured Other (1) Deficiency in Collateral Total Collateral Dependent Nonaccrual Loans Commercial: Commercial and industrial $ — $ 278 $ 33 $ 311 Construction and land development — — — — Real estate secured by multi-family properties — — — — Real estate secured by owner-occupied properties 175 — — 175 Real estate secured by other commercial properties — — — — Revolving real estate secured by 1-4 family properties-business — — — — Real estate secured by 1st lien on 1-4 family properties-business — — Real estate secured by junior lien on 1-4 family properties-business — — 165 165 State and political subdivisions — — — — Retail: 1-4 family residential mortgages 805 — — 805 Construction-individual — — — — Revolving home equity secured by 1-4 family properties-personal 185 — 110 295 Real estate secured by 1st lien on 1-4 family properties-personal 116 — — 116 Real estate secured by junior lien on 1-4 family properties-personal 19 — — 19 Other consumer — 37 — 37 Total $ 1,300 $ 315 $ 308 $ 1,923 (1) Secured by business assets, personal property and equipment or guarantees The following tables disclose the recorded investment in loans receivable that are either on non-accrual status or past due 90 days or more and still accruing interest as of December 31, 2022 December 31, 2022 90 days or more past Non-accrual Commercial: Commercial and industrial $ — $ 1,575 Construction — — Secured by commercial real estate — 2,031 Secured by residential real estate — 289 State and political subdivisions — — Retail: 1-4 family residential mortgages — 461 Home equity loans and lines — 402 Consumer — 62 Total $ — $ 4,820 The following table present the balance in the allowance for loan losses at December 31, 2022 disaggregated on the basis of QNB’s impairment method by class of loans receivable along with the balance of loans receivable by class, excluding unearned fees and costs, disaggregated on the basis of QNB’s impairment methodology: Allowance for Loan Losses Loans Receivable December 31, 2022 Balance Balance related Balance related Balance Balance Balance Commercial: Commercial and industrial $ 1,316 $ 125 $ 1,191 $ 160,875 $ 1,821 $ 159,054 Construction 755 — 755 62,955 — 62,955 Secured by commercial real estate 5,002 131 4,871 518,070 5,309 512,761 Secured by residential real estate 1,240 321 919 103,419 1,362 102,057 State and political subdivisions 94 — 94 20,971 — 20,971 Retail: 1-4 family residential mortgages 683 — 683 105,654 628 105,026 Home equity loans and lines 437 119 318 63,580 402 63,178 Consumer 502 — 502 4,113 45 4,068 Unallocated 502 N/A N/A N/A N/A N/A Total $ 10,531 $ 696 $ 9,333 $ 1,039,637 $ 9,567 $ 1,030,070 The following table summarizes additional information, in regards to impaired loans by loan portfolio class, as of December 31, 2022: December 31, 2022 Recorded Unpaid Related With no specific allowance recorded: Commercial: Commercial and industrial $ 1,402 $ 1,694 Construction — — Secured by commercial real estate 2,198 2,608 Secured by residential real estate 430 482 Retail: 1-4 family residential mortgages 628 678 Home equity loans and lines 240 296 Consumer 45 62 Total $ 4,943 $ 5,820 With an allowance recorded: Commercial: Commercial and industrial $ 419 $ 601 $ 125 Construction — — — Secured by commercial real estate 3,111 3,312 131 Secured by residential real estate 932 1,065 321 Retail: 1-4 family residential mortgages — — — Home equity loans and lines 162 191 119 Consumer — — — Total $ 4,624 $ 5,169 $ 696 Total: Commercial: Commercial and industrial $ 1,821 $ 2,295 $ 125 Construction — — — Secured by commercial real estate 5,309 5,920 131 Secured by residential real estate 1,362 1,547 321 Retail: 1-4 family residential mortgages 628 678 — Home equity loans and lines 402 487 119 Consumer 45 62 — Total $ 9,567 $ 10,989 $ 696 Activity in the allowance for loan losses for the years ended December 31, 2023, 2022 and 2021 are as follows: Year ended December 31, 2023 Beginning balance prior to adoption of ASC 326 Impact of adopting ASC 326 Credit loss expense (reversal) Charge-offs Recoveries Balance, end Commercial: Commercial and industrial $ 1,316 $ ( 70 ) $ ( 771 ) $ ( 313 ) $ 661 $ 823 Construction and land development 755 ( 10 ) 507 — — 1,252 Real estate secured by multi-family properties 995 684 56 — — 1,735 Real estate secured by owner-occupied properties 1,549 ( 374 ) ( 174 ) — — 1,001 Real estate secured by other commercial properties 2,458 ( 1,128 ) ( 163 ) — — 1,167 Revolving real estate secured by 1-4 family properties-business 25 7 ( 5 ) — — 27 Real estate secured by 1st lien on 1-4 family properties-business 1,210 490 ( 203 ) — 10 1,507 Real estate secured by junior lien on 1-4 family properties-business 30 ( 14 ) ( 2 ) — — 14 State and political subdivisions 94 ( 20 ) ( 19 ) — — 55 Retail: 1-4 family residential mortgages 682 ( 196 ) ( 59 ) — — 427 Construction-individual 1 - ( 1 ) — — — Revolving home equity secured by 1-4 family properties-personal 299 ( 7 ) ( 154 ) — — 138 Real estate secured by 1st lien on 1-4 family properties-personal 57 15 110 — — 182 Real estate secured by junior lien on 1-4 family properties-personal 55 29 15 — 6 105 Student loans 454 12 ( 48 ) ( 57 ) 8 369 Overdrafts 8 3 70 ( 91 ) 26 16 Other consumer 41 ( 8 ) 13 ( 14 ) 2 34 Unallocated 502 ( 502 ) — N/A N/A — Total $ 10,531 $ ( 1,089 ) $ ( 828 ) $ ( 475 ) $ 713 $ 8,852 Year ended December 31, 2022 Balance, Provision for Charge-offs Recoveries Balance, end Commercial: Commercial and industrial $ 3,368 $ ( 2,320 ) $ ( 38 ) $ 306 $ 1,316 Construction 363 392 — — 755 Secured by commercial real estate 4,280 722 — — 5,002 Secured by residential real estate 1,035 160 — 45 1,240 State and political subdivisions 69 25 — — 94 Retail: 1-4 family residential mortgages 646 37 — — 683 Home equity loans and lines 376 55 — 6 437 Consumer 542 82 ( 158 ) 36 502 Unallocated 505 ( 3 ) N/A N/A 502 Total $ 11,184 $ ( 850 ) $ ( 196 ) $ 393 $ 10,531 Year ended December 31, 2021 Balance, Provision for Charge-offs Recoveries Balance, end Commercial: Commercial and industrial $ 4,050 $ ( 774 ) $ — $ 92 $ 3,368 Construction 346 17 — — 363 Secured by commercial real estate 3,736 544 — — 4,280 Secured by residential real estate 871 181 ( 38 ) 21 1,035 State and political subdivisions 89 ( 20 ) — — 69 Retail: 1-4 family residential mortgages 533 113 — — 646 Home equity loans and lines 386 32 ( 49 ) 7 376 Consumer 265 410 ( 176 ) 43 542 Unallocated 550 ( 45 ) N/A N/A 505 Total $ 10,826 $ 458 $ ( 263 ) $ 163 $ 11,184 Since the implementation of ASU 326 on January 1, 2023, the Company measures loan modifications to borrowers in financial distress as a troubled debt modification ("TDM"). A TDM could involve principal forgiveness, term extension, an other-than-insignificant payment delay, interest rate reduction or exchanging or paying off existing debt for new debt with the Company. Any amount forgiven would be charged to the allowance for credit losses. There were no TDMs in 2023. QNB had extended, restructured, or otherwise modified the terms of loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers that had been experiencing financial difficulties. A loan was considered to be a troubled debt restructuring (“TDR”) loan when QNB granted a concession to the borrower because of the borrower’s financial condition that it would not have otherwise considered. Such concessions included a reduction of interest rates, forgiveness of principal or interest, or other modifications of interest rates to less than the current market rate for new obligations with similar risk. Loans that had been classified as TDRs are considered non-performing. The concessions made for the TDRs reported in the following disclosures involve lowering the monthly payments on loans through periods of interest only payments, a reduction in interest rate below a market rate or an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these three methods. The restructurings rarely result in the forgiveness of principal or accrued interest. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. TDR loans that are in compliance with their modified terms and that yield a market rate may be removed from the TDR status after a period of performance. QNB closely monitors the performance of loans that are modified to understand the effectiveness of its modification efforts. There were no payment default (60 days or more past due) during the year ended December 31, 2022 on loans modified within 12 months prior to December 31, 2022. Performing TDRs (not reported as non-accrual or past due 90 days or more and still accruing) totaled $ 4,301,000 as of December 31, 2022. Non-performing TDRs totaled $ 371,000 as of December 31, 2022. All TDRs are included in the specific reserve calculation in 2022. The following table illustrates the specific reserve for loan losses allocated to TDMs and TDRs. These specific reserves are included in the allowance for cre |
Note 6 - Premises and Equipment
Note 6 - Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Note 6 - Premises and Equipment Premises and equipment, stated at cost less accumulated depreciation and amortization, are summarized below: December 31, 2023 2022 Land and buildings $ 16,102 $ 15,970 Furniture and equipment 14,470 16,640 Leasehold improvements 3,632 3,622 Right-of-use asset 2,722 2,909 Book value 36,926 39,141 Accumulated depreciation and amortization ( 21,974 ) ( 23,678 ) Net book value $ 14,952 $ 15,463 Depreciation and amortization expense on premises and equipment, which excludes operating lease costs in the table below, amounted to $ 1,714,000 , $ 1,115,000 , and $ 1,200,000 for the years ended December 31, 2023, 2022 and 2021, respectively. During 2023 QNB renewed one operating lease and recorded a right-of-use asset of $ 369,000 and an operating liability of $ 369,000 . The following table summarized the quantitative attributes of QNB’s operating leases: Year ended December 31, 2023 2022 Lease cost Operating lease cost $ 618 $ 609 Total lease cost 618 609 Other information Cash paid for amounts included in the measurement of lease liabilities: Cashflows from operating leases $ 626 $ 620 Right-of-use assets obtained in exchange for new operating lease liabilities $ 369 $ 43 Weighted average remaining lease terms: Operating leases 13.1 years 13.8 years Weighted average discount rates: Operating leases 2.90 % 2.78 % |
Note 7 - Intangible Assets and
Note 7 - Intangible Assets and Loan Servicing | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing of Financial Assets [Abstract] | |
Intangible Assets and Loan Servicing | Note 7 - Intangible Assets and Loan Servicing Loans serviced for others are not included in the accompanying Consolidated Balance Sheets. The unpaid principal balances of mortgage loans serviced for others were $ 68,349,000 and $ 75,205,000 at December 31, 2023 and 2022, respectively. The following table reflects the activity of mortgage servicing rights for the periods indicated: Year ended December 31, 2023 2022 2021 Balance at beginning of year $ 469 $ 538 $ 533 Mortgage servicing rights capitalized 7 2 123 Mortgage servicing rights amortized ( 61 ) ( 80 ) ( 132 ) Fair market value adjustments — 9 14 Balance at end of year $ 415 $ 469 $ 538 The balance of these mortgage servicing rights is included in "Other assets at December 31, 2023 and 2022 and the fair value of these rights was $ 583,000 and $ 638,000 , respectively. The fair value of servicing rights was determined using discount rates ranging from 12.0 % to 12.5 % for both 2023 and 2022; and prepayment speeds ranging from 104 % to 214 % for 2023 compared to 113 % to 235 % for 2022. The annual estimated amortization expense of intangible assets for each of the five succeeding fiscal years is as follows: 2024 $ 63 2025 55 2026 47 2027 41 2028 35 |
Note 8 - Time Deposits
Note 8 - Time Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Time Deposit [Abstract] | |
Time Deposits | Note 8 - Time Deposits The aggregate amount of time deposits was $ 314,981,000 and $ 175,449,000 at December 31, 2023 and 2022, respectively. Time deposits that meet or exceed the FDIC insurance limit of $250,000 at December 31, 2023 and 2022 were $ 43,337,000 and $ 24,470,000 , respectively. At December 31, 2023, the scheduled maturities of time deposits were as follows: 2024 $ 258,244 2025 29,865 2026 16,919 2027 7,389 2028 2,564 Thereafter — Total time deposits $ 314,981 |
Note 9 - Short-Term Borrowings
Note 9 - Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | Note 9 - Short-Term Borrowings December 31, Securities sold (a) Other short - term (b) 2023 Balance $ 44,094 $ 50,000 Maximum indebtedness at any month end 69,343 136,799 Daily average indebtedness outstanding 53,154 55,708 Average rate paid for the year 1.39 % 4.55 % Average rate on period-end borrowings 4.59 4.39 2022 Balance $ 69,309 $ 92,018 Maximum indebtedness at any month end 71,847 92,018 Daily average indebtedness outstanding 68,650 17,226 Average rate paid for the year 0.50 % 3.01 % Average rate on period-end borrowings 1.82 4.51 (a) Securities sold under agreements to repurchase mature overnight. The repurchase agreements were collateralized by U.S. Government mortgage-backed securities and CMOs with an amortized cost of $ 72,012,000 and $ 92,158,000 and a fair value of $ 61,650,000 and $ 79,014,000 and at December 31, 2023 and 2022 respectively. These securities are held in safekeeping at the Federal Reserve Bank of Boston. (b) Other short-term borrowings include Federal funds purchased, overnight borrowings from the FHLB and short-term FRB borrowings. During the first quarter of 2023, QNB borrowed $ 50,000,000 from the FRB under its Bank Term Funding Program and locked in a rate of 4.39 %; there are no pre-payment penalties. The Bank has five unsecured Federal funds lines granted by correspondent banks totaling $ 91,000,000 . Federal funds purchased under these lines were $ 0 at both December 31, 2023 and 2022. |
Note 10 - Long-Term Debt
Note 10 - Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 10 - Long-Term Debt FHLB advances are collateralized by certain mortgage loans and also require the purchase of FHLB capital stock, which is included within "Restricted in vestment in stocks" on the Consolidated Balance Sheets. QNB’s FHLB stock was $ 1,718,000 and $ 5,181,000 at December 31, 2023 and 2022, respectively. QNB has a maximum borrowing capacity with the FHLB of approximately $ 409,624,000 . At December 31, 2023 QNB had $ 20,000,000 in long-term advances outstanding with the FHLB at fixed rates, no short-term borrowings as reported in Note 9 and a letter of credit issued of $ 283,000 . At December 31, 2022 QNB had $ 10,000,000 in long-term debt outstanding with the FHLB, $ 92,018,000 in short term borrowings as reported in Note 9 and a letter of credit of $ 350,000 . Long-term advances at the FHLB mature as follows: As of December 31, 2023 Balance Maturing Weighted-Average Rate 2024 $ — — % 2025 20,000 4.36 2026 — — 2027 — — 2028 — — Thereafter — — Total long-term debt $ 20,000 4.36 % |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 - Income Taxes The components of the provision for income taxes are as follows: Year ended December 31, 2023 2022 2021 Current Federal income taxes $ 2,109 $ 3,543 $ 3,629 Current state income taxes 83 180 219 Deferred Federal income taxes (benefits) 71 36 21 Deferred state income taxes (benefits) ( 15 ) ( 102 ) 92 Valuation adjustment ( 4 ) 8 — Net provision $ 2,244 $ 3,665 $ 3,961 At December 31, 2023 and 2022, the tax effects of temporary differences that represent the significant portion of deferred tax assets and liabilities are as follows: December 31, 2023 2022 Deferred tax assets Allowance for credit losses on loans $ 1,859 $ 2,212 Net unrealized holding losses on investment 17,692 21,565 Net unrealized holding losses on investment 367 — Fair value adjustment on equity securities — 10 Non-accrual interest income 170 52 Leasing liability 637 678 Deferred revenue — 7 Incurred but not reported medical expense 27 28 Bonus 88 128 State net operating loss carryforward 30 — Other 61 48 Total deferred tax assets 20,931 24,728 Deferred tax liabilities Deferred loan income 487 459 Depreciation 215 225 Mortgage servicing rights 87 98 Fair value remeasurements on interest rate swap 12 — Fair value adjustment on equity securities 61 — Prepaid expenses 203 232 Right of use asset 572 611 Other — 18 Total deferred tax liabilities 1,637 1,643 Valuation allowance 4 8 Net deferred tax asset $ 19,290 $ 23,077 The ability to realize deferred tax assets is dependent upon a variety of factors, including the generation of future taxable income, the existence of taxes paid and recoverable, the reversal of deferred tax liabilities and tax planning strategies. Based upon these and other factors, management believes it is more likely than not that QNB will realize the benefits of the above deferred tax assets except an $ 4,000 deferred tax asset related to non-qualified stock option that it is more likely than not that the options will expire unexercised due to the strike price. A valuation allowance was recorded for this amount. A reconciliation of the tax provision on income before taxes computed at the statutory rates of 21 % for 2023, 2022 and 2021 and the actual tax provision was as follows: Year ended December 31, 2023 2022 2021 Dollar % Dollar % Dollar % Provision at statutory rate $ 2,463 21.0 % $ 4,113 21.0 % $ 4,295 21.0 % Tax-exempt interest and dividend income ( 267 ) ( 2.3 ) ( 504 ) ( 2.6 ) ( 527 ) ( 2.6 ) Bank-owned life insurance ( 67 ) ( 0.6 ) ( 75 ) ( 0.4 ) ( 104 ) ( 0.5 ) Stock-based compensation expense 26 0.2 20 0.1 19 0.1 State income tax 53 0.5 62 0.3 245 1.2 Other 40 0.3 41 0.2 33 0.2 Income tax provision 2,248 19.2 3,657 18.7 3,961 19.4 Valuation Adjustment ( 4 ) ( 0.1 ) 8 0.0 — — $ 2,244 19.1 % $ 3,665 18.7 % $ 3,961 19.4 % |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Employee Benefit Plans | Note 12 - Employee Benefit Plans The QNB Bank Retirement Savings Plan provides for elective employee contributions up to the maximum allowed by the IRS and a matching co mpany contribution limited to 3 %. In addition, the plan provides for safe harbor non-elective contributions of 5 % of total compensation by QNB. QNB contributed a matching contribution of $ 376,000 , $ 345,000 and $ 340,000 for the years ended December 31, 2023, 2022, and 2021, respectively, and a safe harbor contribution of $ 669,000 for 2023, $ 606,000 for 2022, and $ 608,000 for 2021. QNB’s Employee Stock Purchase Plan (the Plan) offers eligible employees an opportunity to purchase shares of QNB Corp. common stock at a 10 % discount from the lesser of fair market value on the first or last day of each offering period (as defined by the Plan). At the 2021 Annual Meeting, shareholders approved the 2021 Employee Stock Purchase Plan (the 2021 Plan), which authorizes the issuance of 30,000 sh ares. As of December 31, 2023, 6,630 shares were issued under the 2021 Plan. The 2021 Plan e xpires May 31, 2026 . Shares issued pursuant to the Plan were as follows: Year ended December 31, 2023 2022 2021 Shares 6,630 5,102 4,906 Price per share $ 23.10 $ 29.48 and $ 24.21 $ 27.36 and $ 32.29 QNB implemented the Nonqualified Deferred Compensation Plan (NDCP) during 2023 for the benefit of a select group of its management or highly compensated employees. The purpose of the NDCP is to provide a deferred compensation vehicle to which QNB may credit discretionary amounts on behalf of the participants for recruitment and reward. QNB contributed $ 108,000 to the NDCP in 2023. |
Note 13 - Stock Option Plan and
Note 13 - Stock Option Plan and Non-Employee Director Compensation Plan | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Plan and Non-Employee Director Compensation Plan | Note 13 - Stock Option Plan and Non-Employee Director Compensation Plan QNB has a stock option plan (the 2015 Plan) administered by a committee which consists of three or more members of QNB’s Board of Directors. The 2015 Plan provides for the granting of either (i) Non-Qualified Stock Options (NQSOs) or (ii) Incentive Stock Options (ISOs). The exercise price of an option, as defined by the 2015 Plan, is the fair market value of QNB’s common stock at the date of grant. The 2015 Plan provides for the exercise either in cash or in securities of the Company or in any combination thereof. The 2015 Plan, which expires March 15, 2025, authorizes the issuance of 300,000 shares. The time period by which any option is exercisable under this Plan is determined by the Committee but shall not commence before the expiration of six months after the date of grant. The 2015 Plan was amended, effective January 1, 2023, to increase the maximum term of any options granted under the plan from five years to ten years , and to also require tha t awards granted under the Plan will vest 20 % each consecutive year commencing on the first anniversary date of the award unless otherwise specified in an award agreement. There were 212,550 options granted, 70,175 options forfeited, 20,825 options exercised and 121,550 options outstanding under the 2015 Plan as of December 31, 2023. As of December 31, 2023, there was approximately $ 154,000 of unrecognized compensation cost related to unvested stock option awards granted. That cost is expected to be recognized over the next 50 months. Stock option activity during 2023, 2022, and 2021 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2020 116,550 $ 37.42 Exercised ( 19,025 ) 30.97 Forfeited ( 8,575 ) 35.27 Granted 25,000 32.50 Outstanding at December 31, 2021 113,950 37.58 Exercised — — Forfeited ( 34,150 ) 37.07 Granted 29,350 37.26 Outstanding at December 31, 2022 109,150 37.65 Exercised — — Forfeited ( 22,600 ) 43.15 Granted 35,000 29.51 Outstanding at December 31, 2023 121,550 $ 34.29 3.83 $ — Exercisable at December 31, 2023 41,375 $ 37.37 0.60 $ — As of December 31, 2023, outstanding stock options consist of the following: Options Exercise Remaining life Options Exercise 35,000 $ 29.51 9.13 — $ — 19,825 32.50 2.13 — — 19,650 36.50 1.13 19,650 36.50 25,350 37.26 3.13 — — 21,725 38.15 0.13 21,725 38.15 Outstanding at December 31, 2023 121,550 $ 34.29 3.83 41,375 $ 37.37 The intrinsic value related to total stock options exercised during 2023, 2022, and 2021 are as follows: 2023 2022 2021 Intrinsic value of stock options exercised $ — $ — $ 31 The QNB Corp. 2023 Non-Employee Director Compensation Plan was approved by shareholders on May 23, 2023 (The "Director Compensation Plan"). The Director Compensation Plan authorized the issuance of 50,000 shares, is effective January 1, 2023 and expires on January 1, 2033. The Plan requires each non-employee director of the QNB, or any subsidiary of QNB designated by the Board (including QNB Bank), to receive $ 8,000 of their total annual compensation for service as a director in the form of the QNB’s common stock. Under the Director Compensation Plan, commencing with the six-month period ended June 30, 2023, each non-employee director will receive, in addition to any cash compensation otherwise payable, a semi-annual grant of such number of shares of the QNB’s common stock determined by dividing (i) the Semi-Annual Stock Payment Amount of $ 4,000 by (ii) the market value of a share of common stock determined as of June 30 or December 31 of any year, as applicable. Payments will be made under the Director Compensation Plan only to non-employee directors in offic e on the applicable payment date. As of December 31, 2023, 1,740 shares were issued to non-employee directors and there were 48,260 shares remaining under the Director Compensation Plan. Stock-based compensation expense related to the Director Compensation Plan was $ 80,000 for the for the year ended December 31, 2023. |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 14 - Related Party Transactions QNB has had, and may be expected to have in the future, banking transactions in the ordinary course of business with its executive officers, directors, principal shareholders, their immediate families and affiliated companies. The following table presents activity and amounts due from directors, principal officers, and their related interests. All of these transactions were made in the ordinary course of business on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with other persons. These transactions did not involve more than normal risk of collectability or present any other unfavorable features. Balance, December 31, 2022 $ 1,762 New loans 1,941 Repayments ( 312 ) Balance, December 31, 2023 $ 3,391 The following table provides additional information regarding transactions with related parties. December 31, 2023 2022 Commitments to extend credit $ 1,617 $ 3,287 Letters of credit 1,696 1,696 Deposits received 6,602 6,101 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 - Commitments and Contingencies Financial instruments with off-balance sheet risk: In the normal course of business there are various legal proceedings, commitments, and contingent liabilities which are not reflected in the Consolidated Financial Statements. Management does not anticipate any material losses as a result of these transactions and activities. They include, among other things, commitments to extend credit and standby letters of credit. The maximum exposure to credit loss, which represents the possibility of sustaining a loss due to the failure of the other parties to a financial instrument to perform according to the terms of the contract, is represented by the contractual amount of these instruments. QNB uses the same lending standards and policies in making credit commitments as it does for on-balance sheet instruments. The activity is controlled through credit approvals, control limits, and monitoring procedures. A summary of the Bank's financial instrument commitments is as follows: December 31, 2023 2022 Commitments to extend credit and unused lines of credit $ 378,954 $ 339,312 Standby letters of credit 18,820 19,512 Total financial instrument commitments $ 397,774 $ 358,824 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. QNB evaluates each customer’s creditworthiness on a case-by-case basis. Standby letters of credit are conditional commitments issued by the Bank to guarantee the financial or performance obligation of a customer to a third party. QNB’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for standby letters of credit is represented by the contractual amount of those instruments. The Bank uses the same credit policies in making conditional obligations as it does for on-balance sheet instruments. Standby letters of credit totaling $ 16,417,000 expire within one year . The credit risk involved in issuing letters of credit is essentially the same as that involved in extending other loan commitments. The Bank requires collateral and personal guarantees supporting these letters of credit as deemed necessary. The amount of collateral obtained for letters of credit and commitments to extend credit is based on management’s credit evaluation of the customer. Collateral varies, but may include real estate, accounts receivable, marketable securities, pledged deposits, inventory or equipment. Management believes that the proceeds obtained through a liquidation of such collateral and the enforcement of personal guarantees would be sufficient to cover the maximum potential amount of future payments required under the corresponding guarantees. The amount of the liability as of December 31, 2023 and 2022 for guarantees under standby letters of credit issued is not material. Other commitments: QNB has committed to various operating leases for several of their branch and office facilities. Some of these leases include specific provisions relating to rent increases. A maturity analysis of the operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows: Operating Leases 2024 $ 554 2025 534 2026 382 2027 335 2028 274 Thereafter 2,180 Total undiscounted cashflows 4,259 Total discount on cashflows ( 1,227 ) Total lease liabilities $ 3,032 Some of the leases contain renewal options to extend the initial terms of the lease for periods ranging from five to ten years and certain leases allow for multiple extensions, the commitment for such renewals is not included above if they have not been exercised as of December 31, 202 3. Operating lease costs, which include common area maintenance costs not included in the minimum lease payments above, for the years ended December 31, 2023, 2022 and 2021, was $ 723,000 , $ 712,000 and $ 749,000 , respectively. |
Note 16 - Accumulated Other Com
Note 16 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2023 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 16 - Accumulated Other Comprehensive Income (Loss) The following shows the components of accumulated other comprehensive income (loss) during the periods ended December 31, 2023, 2022 and 2021: December 31, 2023 2022 2021 Unrealized net holding loss on available-for-sale securities $ ( 84,247 ) $ ( 102,692 ) $ ( 4,734 ) Unrealized loss on available-for-sale securities for which a portion of an other-than-temporary impairment loss has been recognized in earnings — — — Unrealized net holding loss on interest rate swaps ( 1,749 ) — — Accumulated other comprehensive loss ( 85,996 ) ( 102,692 ) ( 4,734 ) Tax effect* 18,059 21,565 994 Accumulated other comprehensive (loss) income, net of tax $ ( 67,937 ) $ ( 81,127 ) $ ( 3,740 ) * At tax rates of 21 % The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021: Amount reclassified from accumulated other Details about accumulated other comprehensive (loss) income 2023 2022 2021 Affected line item in statement of income Realized net holding (loss) gain on available-for-sale securities $ ( 2,058 ) $ ( 139 ) $ 18 Net (loss) gain on sales of investment securities Impairment loss on investment securities — — — Net impairment loss on investment securities Fair value remeasurements on fair value hedges 57 — — Interest and dividends on investment securities (AFS & Equity) ( 2,001 ) ( 139 ) 18 Tax effect* 420 29 ( 4 ) Provision for income taxes Total reclassification out of accumulated other $ ( 1,581 ) $ ( 110 ) $ 14 Net of tax * At rate of 21 % |
Note 17 - Fair Value Measuremen
Note 17 - Fair Value Measurements and Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Fair Values of Financial Instruments | Note 17 - Fair Value Measurements and Fair Values of Financial Instruments FASB ASC 820, Fair Value Measurements and Disclosures , defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (fair values are not adjusted for transaction costs). ASC 820 also establishes a framework (fair value hierarchy) for measuring fair value under US GAAP and expands disclosures about fair value measurements. ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity). An asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The measurement of fair value should be consistent with one of the following valuation techniques: market approach, income approach, and/or cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). For example, valuation techniques consistent with the market approach often use market multiples derived from a set of comparables. Multiples might lie in ranges with a different multiple for each comparable. The selection of where within the range the appropriate multiple falls requires judgment, considering factors specific to the measurement (qualitative and quantitative). Valuation techniques consistent with the market approach include matrix pricing. Matrix pricing is a mathematical technique used principally to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the security’s relationship to other benchmark quoted securities. For financial assets measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used were as follows: December 31, 2023 Quoted prices Significant Significant Balance at end Recurring fair value measurements Securities available-for-sale U.S. Treasuries $ — $ 6,451 $ — $ 6,451 U.S. Government agency securities — 74,122 — 74,122 State and municipal securities — 89,189 — 89,189 U.S. Government agencies and sponsored Mortgage-backed securities — 224,238 — 224,238 Collateralized mortgage obligations (CMOs) — 89,973 — 89,973 Corporate debt securities and money market funds — 6,157 52 6,209 Total securities available-for-sale — 490,130 52 490,182 Equity securities 5,910 — — 5,910 Total recurring fair value measurements $ 5,910 $ 490,130 $ 52 $ 496,092 Nonrecurring fair value measurements * Impaired loans $ — $ — $ 164 $ 164 Mortgage servicing rights — — 7 7 Total nonrecurring fair value measurements $ — $ — $ 171 $ 171 * impairment December 31, 2022 Quoted prices Significant Significant Balance at end Recurring fair value measurements Securities available-for-sale U.S. Treasuries $ — $ 301 $ — $ 301 U.S. Government agency securities — 86,709 — 86,709 State and municipal securities — 95,367 — 95,367 U.S. Government agencies and sponsored Mortgage-backed securities — 256,161 — 256,161 Collateralized mortgage obligations (CMOs) — 101,672 — 101,672 Corporate debt securities — 6,262 53 6,315 Total securities available-for-sale — 546,472 53 546,525 Equity securities 12,056 — — 12,056 Total recurring fair value measurements $ 12,056 $ 546,472 $ 53 $ 558,581 Nonrecurring fair value measurements * Impaired loans $ — $ — $ 3,928 $ 3,928 Mortgage servicing rights — — 1 1 Total nonrecurring fair value measurements $ — $ — $ 3,929 $ 3,929 * impairment The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which QNB has utilized Level 3 inputs to determine fair value: Quantitative information about Level 3 fair value measurements December 31, 2023 Fair value Valuation Unobservable Value or range Impaired loans $ 164 Appraisal of collateral (1) Appraisal adjustments (2) - 20 % to - 100 % Liquidation expenses (3) - 10 % Impaired loans — Financial statement values for UCC collateral Financial statement value discounts (4) - 100 % Mortgage servicing rights 7 Discounted cash flow Remaining term 2 to 30 yrs Prepayment Speeds 104 % to 214 % Discount rate 12.0 % to 12.5 % Quantitative information about Level 3 fair value measurements December 31, 2022 Fair value Valuation Unobservable Value or range Impaired loans $ 3,634 Appraisal of collateral (1) Appraisal adjustments (2) - 15 % to - 100 % Liquidation expenses (3) - 10 % Impaired loans 294 Financial statement values for UCC collateral Financial statement value discounts (4) - 30 to - 100 % Mortgage servicing rights 1 Discounted cash flow Remaining term 2 to 28 yrs Prepayment Speeds 113 % to 235 % Discount rate 12.0 % to 12.5 % (1) Fair value is primarily determined through appraisals of the underlying collateral by independent parties, which generally includes various level 3 inputs which are not always identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and the age of the appraisal. The range is presented as a percent of the initial appraised value. (3) Appraisals and pending agreements of sale are adjusted by management for estimated liquidation expenses. The range is presented as a percent of the initial appraised value. (4) Values obtained from financial statements for UCC collateral (fixed assets and inventory) are discounted to estimated realizable liquidation value. The following table presents additional information about the securities available-for-sale measured at fair value on a recurring basis and for which QNB utilized significant unobservable inputs (Level 3 inputs) to determine fair value for the year ended December 31: Fair value measurements using Securities available-for-sale 2023 2022 Balance, beginning of year $ 53 $ 75 Payments received ( 1 ) ( 22 ) Sale of securities — — Total gains or losses (realized/unrealized) Included in earnings — — Included in other comprehensive — — Transfers in and/or out of Level 3 — — Balance, end of year $ 52 $ 53 There were also no transfers in or out of level 3 for the same periods. There were no losses included in earnings attributable to the change in unrealized gains or losses relating to the available-for-sale securities above with fair value measurements utilizing significant unobservable inputs for the years ended December 31, 2023 and 2022. The Level 3 securities consist of one collateralized debt obligation security (“PreTSL”), which is backed by trust preferred securities issued by banks. The market for this security at December 31, 2023 was not active and markets for similar securities also are not active. The new issue market is also inactive and there are currently very few market participants who are willing and or able to transact for these securities. Given conditions in the debt markets today and the absence of observable transactions in the secondary and new issue markets, we determined: • The few observable transactions and market quotations that are available are not reliable for purposes of determining fair value at December 31, 2023; • An income valuation approach technique (present value technique) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs will be equally or more representative of fair value than the market approach valuation technique used at prior measurement dates; and • PreTSLs will be classified within Level 3 of the fair value hierarchy because significant adjustments are required to determine fair value at the measurement date. The Bank used an independent third party to value this security using a discounted cash flow analysis. Based on management’s review of the bond’s single underlying issuer, there are no expected credit losses or prepayments; cashflows used were contractual based on the Bloomberg YA screen. The assumed cashflows have been discounted using an estimated market discount rate based on the 30 -year swap rate. The 30-year swap rate is used as the reference rate since it is indicative of market expectation for short-term rates in the future. Th is is consistent with the 30-year nature of PreTSL securities, which are priced using the 3-month LIBOR as a reference rate. The discount rate of 8.33 % includes the risk-free rate, a credit component and a spread for illiquidity. The following information should not be interpreted as an estimate of the fair value of QNB since a fair value calculation is only provided for a limited portion of QNB’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between QNB’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of each major classification of financial instrument and non-financial asset at December 31, 2023 and 2022: Cash and cash equivalents, accrued interest receivable and accrued interest payable (carried at cost): The carrying amounts reported in the balance sheet approximate those assets’ fair value. Investment securities (including derivative instruments) (carried at fair value): The fair value of securities is primarily determined by obtaining quoted market prices on nationally recognized securities exchanges (Level 1), or matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. Level 2 debt securities are valued by a third-party pricing service commonly used in the banking industry. Level 2 fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution date, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. For certain securities which are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence (Level 3). In the absence of such evidence, management’s best estimate is used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Cash flow models using a present value formula that includes assumptions market participants would use along with indicative exit pricing obtained from broker/dealers (where available) were used to support fair values of certain Level 3 investments. The fair value of derivatives instruments designated as fair value hedges are based on estimates QNB would receive or pay to terminate the contracts or agreement, taking into account current interest rates and when appropriate, the credit-worthiness of the counterparties; these values are included in Level 2. Restricted investment in stocks (carried at cost): The fair value of stock in Atlantic Community Bankers Bank and the Federal Home Loan Bank and VISA Class B is the carrying amount, based on redemption provisions, and considers the limited marketability of such securities. Loans Held for Sale (carried at lower of cost or fair value): The fair value of loans held for sale is determined, when possible, using quoted secondary market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for the specific attributes of that loan. Loans Receivable (carried at cost): The fair values of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Impaired Loans (generally carried at fair value): Impaired loans are loans in which QNB has measured impairment generally based on the fair value of the loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. Mortgage Servicing Rights (carried at lower of cost or fair value): The fair value of mortgage servicing rights is based on a valuation model that calculates the present value of estimated net servicing income. The mortgage servicing rights are stratified into tranches based on predominant characteristics, such as interest rate, loan type and investor type. The valuation incorporates assumptions that market participants would use in estimating future net servicing income. Deposit liabilities (carried at cost): The fair value of deposits with no stated maturity (e.g. demand deposits, interest-bearing demand accounts, money market accounts and savings accounts) are by definition, equal to the amount payable on demand at the reporting date (i.e. their carrying amounts). This approach to estimating fair value excludes the significant benefit that results from the low-cost funding provided by such deposit liabilities, as compared to alternative sources of funding. Deposits with a stated maturity (time deposits) have been valued using the present value of cash flows discounted at rates approximating the current market for similar deposits. Short-term borrowings (carried at cost): The carrying amount of short-term borrowings approximates their fair values. Long-term debt (carried at cost): Long-term debt has stated maturities and have been valued using the present value of cash flows discounted at rates approximating the current market for similar debt instruments. Off-balance-sheet instruments (disclosed at cost): The fair value for the Bank’s off-balance sheet instruments (lending commitments and letters of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. Management uses its best judgment in estimating the fair value of QNB’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction on the dates indicated. The estimated fair value amounts have been measured as of the respective period ends and have not been re-evaluated or updated for purposes of these financial statements subsequent to those respective dates. As such, the estimated fair values of these financial instruments subsequent to the respective reporting dates may be different than the amounts reported at each year end. The estimated fair values and carrying amounts of QNB’s financial and off-balance sheet instruments are summarized as follows: Fair value measurements December 31, 2023 Carrying Fair value Quoted Significant Significant Financial assets Cash and cash equivalents $ 62,657 $ 62,657 $ 62,657 $ — $ — Investment securities: Available-for-sale (1) 490,182 490,182 — 490,130 52 Equity 5,910 5,910 5,910 — — Restricted investment in bank stocks 2,730 2,730 — 2,730 — Loand held for sale 549 560 Net loans 1,084,681 1,077,544 — — 1,077,544 Mortgage servicing rights 415 585 — — 585 Accrued interest receivable 6,101 6,101 — 6,101 — Financial liabilities Deposits with no stated maturities $ 1,173,732 $ 1,173,732 $ 1,173,732 $ — $ — Deposits with stated maturities 314,981 311,735 — 311,735 — Short-term borrowings 94,094 94,094 94,094 — — Long-term debt 20,000 19,906 19,906 — — Accrued interest payable 5,294 5,294 — 5,294 — Off-balance sheet instruments Commitments to extend credit $ — $ — $ — $ — $ — Standby letters of credit — 79 — 79 — (1) Includes derivatives designated as fair value hedging instruments. Fair value measurements December 31, 2022 Carrying Fair value Quoted Significant Significant Financial assets Cash and cash equivalents $ 15,899 $ 15,899 $ 15,899 $ — $ — Investment securities: Available-for-sale 546,525 546,525 — 546,472 53 Equity 12,056 12,056 12,056 — — Restricted investment in bank stocks 5,193 5,193 — 5,193 — Net loans 1,028,854 1,001,103 — — 1,001,103 Mortgage servicing rights 469 638 — — 638 Accrued interest receivable 5,038 5,038 — 5,038 — Financial liabilities Deposits with no stated maturities $ 1,242,920 $ 1,242,920 $ 1,242,920 $ — $ — Deposits with stated maturities 175,449 168,554 — 168,554 — Short-term borrowings 161,327 161,327 161,327 — — Long-term debt 10,000 10,000 10,000 — — Accrued interest payable 467 467 — 467 — Off-balance sheet instruments Commitments to extend credit $ — $ — $ — $ — $ — Standby letters of credit — 69 — 69 — |
Note 18 - Derivatives and Hedgi
Note 18 - Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Note 18 - Derivatives and Hedging Activities QNB's risk management objective with respect to derivative financial instruments is to hedge the risk of changes in the fair value of certain fixed-rate investment securities, included in a closed portfolio, for changes in the Secured Overnight Financing Rate ("SOFR"). The effective and ineffective portions of changes in the fair value of each derivative financial instrument is reported in accumulated other comprehensive (loss) income, net of tax, and are reclassified to interest income as interest payments are made or received on the hedged portfolios. QNB assesses the effectiveness of each hedging relationship using a regression analysis of prior periodic changes in fair value of both the hedge and the hedged item. In the assessment of hedge effectiveness, QNB will consider the likelihood of the counterparty's compliance with the contractual terms of the hedging derivative that could require the counterparty to make payments (counterparty default risk). If the likelihood that the counterparty will not default ceases to be probable, the hedge may no longer be highly effective and hedge ineffectiveness due to counterparty payment risk will be assessed. The following table presents the notional amounts of derivatives designated as fair value hedging instruments at December 31, 2023. QNB pledges cash or securities to cover the negative fair value of derivatives instruments. Cash collateral associated with the derivative instruments are not added to or netted against the fair value amounts. QNB did not have any derivatives designated as fair value hedging instruments at December 31, 2022. At December 31, 2023 Interest Rate Swaps-Fair Value Hedges Balance Sheet Classification Notional Amount Amortized Cost of Hedged Portfolio Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount of Hedged Asset Investment Securities Available-for-sale: State and municipal securities $ 75,000 $ 97,373 $ ( 445 ) U.S. Government agencies and GSE mortgage backed securities 225,000 343,453 ( 1,304 ) Total $ 300,000 $ 440,826 $ ( 1,749 ) The following table presents amounts of included in the Consolidated Statements on Income for derivatives designated as fair value hedging instruments for the year ended December 31, 2023. For the year ended December 31, Income Sheet Classification 2023 Interest and dividends on available-for-sale and equity securities: State and municipal securities Recognized on fair value hedge $ 2,180 Recognized on hedge portfolio ( 1,470 ) Recognized on remeasurement of fair value hedge 16 U.S. Government agencies and GSE mortgage backed securities Recognized on fair value hedge 6,517 Recognized on hedge portfolio ( 4,483 ) Recognized on remeasurement of fair value hedge 41 Total $ 2,801 The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as fair value hedging instruments at December 31, 2023. Balance Sheet Classification At December 31, 2023 Accumulated other comprehensive loss, net of tax $ ( 1,382 ) Total $ ( 1,382 ) |
Note 19 - Revenue Recognition f
Note 19 - Revenue Recognition from Contracts with Customers | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition from Contracts with Customers | Note 19 - Revenue Recognition from Contracts with Customer QNB generally fully satisfies its performance obligations on its contracts with customers as services are rendered and the transaction prices are typically fixed; charged either on a periodic basis or based on activity. Because performance obligations are satisfied as services are rendered and the transaction prices are fixed, there is little judgment involved in applying Topic 606 that significantly affects the determination of the amount and timing of revenue from contracts with customers. The main types of revenue contracts included in non-interest income within the Consolidated Statements of Income are as follows: • Fees for services to customers—fees include service charges on deposits which are included as liabilities in the consolidated statement of financial position and consist of transaction-based fees, stop payment fees, Automated Clearing House (ACH) fees, account maintenance fees, and overdraft services fees for various retail and business checking customers. These fees are charged as earned on the day of the transaction or within the month of the service, with the exception of Enhanced Account Analysis Fees, which are calculated on the previous month’s activity and assessed on the following month. The Enhanced Account Analysis Fees are currently being accrued; the revenue is currently being recorded in the month it is earned. Service charges on deposits are withdrawn directly from the customer’s account balance. • ATM and debit card – fees are recognized at the time the transaction is executed as that is the point in time QNB fulfills the customer’s request. • Retail brokerage and advisory—fee income and related expenses are accrued monthly to properly record the revenues in the month they are earned. Advisory fees are collected in advance on a quarterly basis. These advisory fees are received in the first month of the quarter for which the service is being performed and recognized evenly in each month of the quarter. Fees that are transaction based are recognized at the point in time that the transaction is executed (i.e. trade date). • Merchant – QNB earns interchange fees from credit/debit cardholder transactions conducted through VISA/MasterCard payment networks. Interchange fees from cardholder transactions represent a percentage of the underlying transaction value and are recognized monthly, concurrently with the transaction processing services provided to the cardholder within the month. • Other—includes credit card fees, sales of checks to depositors, miscellaneous fees and gain/losses on sale of other reals estate owned (OREO). • Credit card fees are recognized monthly, concurrently with the transaction processing services provided to the cardholder within the month. • Sales of checks to depositors are commissions earned from a third-party who provides checks to QNB’s customers. There is a pre-paid incentive with the third party which is recognized over the term of the contract. Other commissions on the sales of checks are recorded weekly. • Miscellaneous fees, such as wire, cashier check and garnishment fees, are charged as earned on the day of the transaction. • Gain (loss) on sales of OREO – QNB records a gain or loss from the sale of OREO when control of the property transfers to the buyer, which generally occurs at the time of an executed deed. When QNB finances the sale of OREO to the buyer, QNB assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on the sale, QNB adjusts the transaction prices and related gain (loss) on sale if a significant financing component is present. |
Note 19 - Parent Company Financ
Note 19 - Parent Company Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Information | Note 20 - Parent Company Financial Information Condensed financial statements of QNB Corp. only: Balance Sheets December 31, 2023 2022 Assets Cash and cash equivalents $ 565 $ 353 Investment securities: Available-for-sale (amortized cost $ 6,448 and $ 299 ) 6,451 301 Equity securities (cost of $ 5,695 and $ 12,091 ) 5,910 12,056 Investment in subsidiary 77,173 58,140 Other assets 752 146 Total assets $ 90,851 $ 70,996 Liabilities Other liabilities $ 27 $ 38 Shareholders' equity 90,824 70,958 Total liabilities and shareholders' equity $ 90,851 $ 70,996 Statements of Income Year ended December 31, 2023 2022 2021 Dividends from subsidiary $ 4,407 $ 4,329 $ 5,733 Interest, dividend and other income 517 358 386 Securities (losses) gains ( 19 ) 405 1,788 Net unrealized gain (loss) on investment equity securities 250 ( 1,026 ) 926 Total income 5,155 4,066 8,833 Expenses 661 496 491 Income before applicable income taxes and equity in 4,494 3,570 8,342 Provision for income tax (benefit) expense ( 1 ) ( 235 ) 724 Income before equity in undistributed income of subsidiary 4,495 3,805 7,618 Equity in undistributed income of subsidiary 4,988 12,116 8,874 Net income $ 9,483 $ 15,921 $ 16,492 Statements of Comprehensive Income (in thousands) Year ended December 31, 2023 2022 2021 Before Tax Net of Before Tax Net of Before Tax Net of Net income $ 11,727 $ 2,244 $ 9,483 $ 19,586 $ 3,665 $ 15,921 $ 20,453 $ 3,961 $ 16,492 Other comprehensive income/(loss): Net unrealized holding gain/(loss) on available-for-sale securities: Unrealized holding gain/(loss) arising during the period 16,388 3,441 12,947 ( 98,097 ) ( 20,600 ) ( 77,497 ) ( 11,867 ) ( 2,492 ) ( 9,375 ) Reclassification adjustment for loss/(gain) included in net income 2,058 432 1,626 139 29 110 ( 18 ) ( 4 ) ( 14 ) Net unrealized holding loss on fair value hedge: Unrealized holding loss arising during the period ( 1,693 ) ( 355 ) ( 1,338 ) — — — — — — Reclassification adjustment for fair value remeasurements included in net income ( 57 ) ( 12 ) ( 45 ) — — — — — — Other comprehensive income/(loss): 16,696 3,506 13,190 ( 97,958 ) ( 20,571 ) ( 77,387 ) ( 11,885 ) ( 2,496 ) ( 9,389 ) Total comprehensive income (loss) $ 28,423 $ 5,750 $ 22,673 $ ( 78,372 ) $ ( 16,906 ) $ ( 61,466 ) $ 8,568 $ 1,465 $ 7,103 Statements of Cash Flows Year ended December 31, 2023 2022 2021 Operating Activities Net income $ 9,483 $ 15,921 $ 16,492 Adjustments to reconcile net income to net cash provided Equity in undistributed income from subsidiary ( 4,988 ) ( 12,116 ) ( 8,874 ) Net securities losses (gains) 19 ( 405 ) ( 1,788 ) Net unrealized (gain) loss on investment equity securities ( 250 ) 1,026 ( 926 ) Stock-based compensation expense 185 85 102 Accretion of discounts on investment securities ( 174 ) ( 6 ) — (Decrease) increase in other liabilities ( 36 ) ( 266 ) 222 (Increase) decrease in other assets ( 122 ) ( 121 ) 2 Deferred income tax (benefit) provision 42 ( 285 ) 265 Net cash provided by operating activities 4,159 3,833 5,495 Investing activities Purchase of investment equity securities ( 2,179 ) ( 1,860 ) ( 4,615 ) Purchase of investment securities available-for-sale ( 14,275 ) ( 1,193 ) — Proceeds from sale of investment equity securities 8,556 1,594 7,768 Proceeds from maturities of investment securities available-for-sale 7,800 900 — Capital contribution to Bank — — ( 2,500 ) Net cash (used) provided by investing activities ( 98 ) ( 559 ) 653 Financing activities Cash dividend paid ( 4,671 ) ( 4,498 ) ( 4,375 ) Treasury stock purchase — ( 75 ) ( 1,356 ) Proceeds from issuance of common stock 822 418 575 Net cash used by financing activities ( 3,849 ) ( 4,155 ) ( 5,156 ) Increase (decrease) in cash and cash equivalents 212 ( 881 ) 992 Cash and cash equivalents at beginning of year 353 1,234 242 Cash and cash equivalents at end of year $ 565 $ 353 $ 1,234 |
Note 20 - Regulatory Restrictio
Note 20 - Regulatory Restrictions | 12 Months Ended |
Dec. 31, 2023 | |
Regulated Operations [Abstract] | |
Regulatory Restrictions | Note 21 - Regulatory Restrictions Dividends payable by the Company and the Bank are subject to various limitations imposed by statutes, regulations and policies adopted by bank regulatory agencies. Under Pennsylvania and Federal banking law, the Bank is subject to certain restrictions on the amount of dividends that it may declare without prior regulatory approval. Under Federal Reserve regulations, the Bank is limited as to the amount it may lend affiliates, including the Company, unless such loans are collateralized by specific obligations. Both the Company and the Bank are subject to regulatory capital requirements administered by Federal bank regulatory agencies. Failure to meet minimum capital requirements can initiate actions by regulators that could have an effect on the financial statements. Under the framework for prompt corrective action, both the Company and the Bank must meet capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance-sheet items. The capital amounts and classification are also subject to qualitative judgments by the regulators. Management believes, as of December 31, 2023, that the Company and the Bank met capital adequacy requirements to which they were subject. The Bank is presently considered to be “well capitalized” under the regulatory framework. To be categorized as well capitalized, the Company and the Bank must maintain minimum ratios set forth in the table below. The Company and the Bank’s actual capital amounts and ratios are presented as follows: Capital levels Actual Adequately capitalized Well capitalized As of December 31, 2023 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted Consolidated $ 167,711 13.09 % 102,513 8.00 % 128,142 10.00 % Bank 154,062 12.20 101,032 8.00 126,290 10.00 Tier I capital (to risk-weighted assets): Consolidated 158,753 12.39 76,885 6.00 76,885 6.00 Bank 145,104 11.49 75,774 6.00 101,032 8.00 Common equity tier 1 capital (to risk- Consolidated 158,753 12.39 57,664 4.50 N/A N/A Bank 145,104 11.49 56,830 4.50 82,088 6.50 Tier I capital (to average assets): Consolidated 158,753 8.92 71,185 4.00 N/A N/A Bank 145,104 8.18 70,961 4.00 88,701 5.00 Capital levels Actual Adequately capitalized Well capitalized As of December 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted Consolidated $ 162,725 13.19 % 98,701 8.00 % 123,376 10.00 % Bank 149,908 12.52 95,796 8.00 119,746 10.00 Tier I capital (to risk-weighted assets): Consolidated 152,077 12.33 74,025 6.00 74,025 6.00 Bank 139,260 11.63 71,847 6.00 95,796 8.00 Common equity tier 1 capital (to risk- Consolidated 152,077 12.33 55,519 4.50 N/A N/A Bank 139,260 11.63 53,886 4.50 77,835 6.50 Tier I capital (to average assets): Consolidated 152,077 8.75 69,507 4.00 N/A N/A Bank 139,260 8.07 69,009 4.00 86,261 5.00 |
Note 21 - Consolidated Quarterl
Note 21 - Consolidated Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | Note 22 - Consolidated Quarterly Financial Data (Unaudited) The unaudited quarterly results of operations for the years ended 2023 and 2022 are in the following table: Quarters Ended 2023 Quarters Ended 2022 March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 Interest income $ 15,463 $ 15,865 $ 18,497 $ 19,257 $ 11,809 $ 12,327 $ 13,546 $ 14,739 Interest expense 5,046 6,532 8,284 9,065 1,073 1,224 2,167 3,460 Net interest income 10,417 9,333 10,213 10,192 10,736 11,103 11,379 11,279 (Reversal of) provision for credit losses (1,805 ) 209 459 293 — — — (850 ) Non-interest income 1,219 1,580 1,755 283 1,611 639 484 2,997 Non-interest expense 8,200 8,492 8,671 8,746 7,813 7,746 7,814 8,119 Income before income taxes 5,241 2,212 2,838 1,436 4,534 3,996 4,049 7,007 Provision for income taxes 1,123 325 494 302 824 647 634 1,560 Net Income $ 4,118 $ 1,887 $ 2,344 $ 1,134 $ 3,710 $ 3,349 $ 3,415 $ 5,447 Earnings Per Share - basic * $ 1.15 $ 0.52 $ 0.65 $ 0.31 $ 1.04 $ 0.94 $ 0.96 $ 1.52 Earnings Per Share - diluted * $ 1.15 $ 0.52 $ 0.65 $ 0.31 $ 1.04 $ 0.94 $ 0.96 $ 1.52 * Due to rounding, quarterly earnings per share may not sum to annual earnings per share |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiary, the Bank. The consolidated entity is referred to herein as “QNB”. All significant inter-company accounts and transactions have been eliminated in the Consolidated Financial Statements. Tabular information, other than share and per share data, is presented in thousands of dollars. Certain prior period amounts have been reclassified to conform with the current year’s presentation. |
Use of Estimates | Use of Estimates These statements are prepared in accordance with Accounting Principles Generally Accepted in the United States of America (“US GAAP”) and predominant practices within the banking industry. The preparation of these Consolidated Financial Statements requires QNB to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. QNB evaluates estimates on an on-going basis. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for loan losses, the determination of the valuation of other real estate owned, the fair value of financial instruments, other-than-temporary impairment of investment securities, the determination of impairment of restricted bank stock and the valuation of deferred tax assets and income taxes. QNB bases its estimates on historical experience and various other factors and assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Significant Group Concentrations of Credit Risk | Significant Group Concentrations of Credit Risk Most of the QNB’s activities are with customers located within Bucks, Montgomery and Lehigh Counties in southeastern Pennsylvania. Note 4 discusses the types of investment securities in which the QNB invests. Note 5 discusses the types of lending in which QNB engages. QNB does not have any significant concentrations to any one industry or customer. Although QNB has a diversified loan portfolio, its debtors’ ability to honor their contracts is influenced by the region’s economy. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, cash and cash equivalents consist of cash on hand, cash items in process of collection, amounts due from banks, interest-bearing deposits in the Federal Reserve Bank and other banks and Federal funds sold. QNB maintains a portion of its interest-bearing deposits at various commercial financial institutions. At times, the balances exceed the FDIC insured limits; QNB has not experienced a loss due to the balances exceeding FDIC limits. |
Trading Securities and Investment Securities | Trading Securities QNB may engage in trading activities for its own account. Interest and dividends are included in interest income. Debt securities that are bought and held principally for the purpose of selling in the near term are classified as trading securities and reported at fair value, with unrealized gains and losses included in earnings. Investment Securities Investment debt securities that QNB has the positive intent and ability to hold to maturity are classified as held-to-maturity securities and reported at amortized cost. Interest is included in interest income. Debt securities not classified as either held-to-maturity securities or trading securities are classified as available-for-sale debt securities and reported at fair value, with unrealized gains and losses, net of tax, excluded from earnings and reported in other comprehensive income or loss, a separate component of shareholders’ equity. Management determines the appropriate classification of securities at the time of purchase. Available-for-sale debt securities include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in credit ratings, changes in market interest rates and related changes in the securities’ prepayment risk or to meet liquidity needs. Premiums and discounts on debt securities are recognized in interest income using a constant yield method. Gains and losses on sales of available-for-sale securities are recorded on the trade date and are computed on the specific identification method and included in non-interest income. Equity investments with readily determinable fair values are measured at fair value. The changes in fair value are recognized in net income. Dividends are included in interest income. |
Impairment of Investment Securities | Impairment of Investment Securities Securities are evaluated periodically to determine whether a decline in their value is impairment. Management utilizes criteria such as the magnitude and duration of the decline, in addition to the reasons underlying the decline, to determine whether the loss in value is impairment. The term impairment is not intended to indicate that the decline is permanent, it indicates that the prospect for a near-term recovery of value is not necessarily favorable, or that there is a lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. For equity securities that do not have readily-determinable fair values, once a decline in value is determined to be impairment, the value of the equity security is reduced and a corresponding charge to earnings is recognized. QNB follows the accounting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 326-10 as it relates to the recognition and presentation of impairment. This accounting guidance specifies that (a) if a company does not have the intent to sell a debt security prior to recovery and (b) it is more likely than not that it will not have to sell the debt security prior to recovery, the security would not be considered impaired unless there is a credit loss. When an entity does not intend to sell the security, and it is more likely than not, the entity will not have to sell the security before recovery of its cost basis, it will recognize the credit component of an impairment of a debt security in earnings and the remaining portion in other comprehensive income. For held to maturity debt securities, the amount of an impairment recorded in other comprehensive income for the non-credit portion of a previous impairment should be amortized prospectively over the remaining life of the security on the basis of the timing of future estimated cash flows of the security. |
Derivatives and Hedges | Derivatives and Hedges The fair value hedges are accounted for under Derivatives and Hedging (Topic 815). QNB adopted ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging--Portfolio Layer Method ("ASC 2022-01") as of January 1, 2023. ASC 2022-01 allows for the use of an amortizing notional swap when entering a portfolio layer method hedge. This guidance allows the interest rate swap to be considered a hedge of a single layer of portfolio. QNB's risk management objective with respect to derivative financial instruments is to hedge the risk of changes in the fair value of certain fixed-rate investment securities, included in a closed portfolio, for changes in the Secured Overnight Financing Rate ("SOFR"). The effective and ineffective portions of changes in the fair value of each derivative financial instrument is reported in accumulated other comprehensive (loss) income, net of tax, and are reclassified to interest income as interest payments are made or received on the hedged portfolios. QNB assesses the effectiveness of each hedging relationship using a regression analysis of prior periodic changes in fair value of both the hedge and the hedged item. In the assessment of hedge effectiveness, QNB considers the likelihood of the counterparty's compliance with the contractual terms of the hedging derivative that could require the counterparty to make payments (counterparty default risk). If the likelihood that the counterparty will not default ceases to be probable, the hedge may no longer be highly effective and hedge ineffectiveness due to counterparty payment risk will be assessed. |
Restricted Investment in Stock | Restricted Investment in Stock Restricted stock is comprised of Federal Home Loan Bank of Pittsburgh (“FHLB”) in the amount of $ 1,718,000, the Atlantic Community Bankers Bank in the amount of $ 12,000, VISA Class B stock with a carrying cost of $ 0, and Senior Housing Crime Prevention Investment Corporation ("SHCPFIC") preferred stock of $ 1,000,000 at December 31, 2023. Federal law requires a member institution of the FHLB to hold stock of its district bank according to a predetermined formula. These restricted securities are carried at cost. The Bank owns 6,502 shares of Visa Class B stock, which was necessary to participate in Visa services in support of the Bank’s credit card, debit card, and related payment programs (permissible activities under banking r egulations) as a member institution. Following the resolution of Visa’s covered litigation, shares of Visa’s Class B stock will be converted to Visa Class A shares using a conversion factor ( 1.5875 as of September 28, 2023), which is periodically adjusted to reflect VISA’s ongoing litigation costs. There is a very limited market for this stock, as only current owners of Class B shares are permitted to transact in Class B. Due to the lack of orderly trades and public information of such trades, Visa Class B does not have a readily determinable fair value. The Bank owns 100 shares of preferred stock of SHCPFIC. These shares are not transferable without the consent of SHCPFIC and does not have a readily determinable fair value. These restricted investments are carried at cost and evaluated for impairment periodically. As of December 31, 2023, there was no impairment associated with these securities. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are stated at the principal amount outstanding, net of deferred loan fees and costs. Interest income is accrued on the principal amount outstanding. Loan origination and commitment fees and related direct costs are deferred and amortized to income over the term of the respective loan and loan commitment period as a yield adjustment. Loans held-for-sale consist of residential mortgage loans and are carried at the lower of aggregate cost or fair value. Net unrealized losses, if any, are recognized through a valuation allowance charged to income. Gains and losses on residential mortgages held-for-sale are included in non-interest income. |
Non-Performing Assets | Non-Performing Assets Non-performing assets are comprised of accruing loans past due 90 days or more, non-accrual loans and investment securities, modified loans, other real estate owned and repossessed assets. Non-accrual loans and investment securities are those on which the accrual of interest has ceased. Loans are placed on non-accrual status immediately if, in the opinion of management, collection is doubtful, or when principal or interest is past due 90 days or more and collateral is insufficient to cover principal and interest. Interest accrued, but not collected at the date a loan is placed on non-accrual status, is reversed and charged against interest income. Subsequent cash receipts are applied either to the outstanding principal or recorded as interest income, depending on management’s assessment of the ultimate collectability of principal and interest. Loans are returned to an accrual status when the borrower’s ability to make periodic principal and interest payments has returned to normal (i.e. brought current with respect to principal or interest or restructured) and the paying capacity of the borrower and/or the underlying collateral is deemed sufficient to cover principal and interest. Since the implementation of ASU 326 on January 1, 2023, QNB measures loan modifications to borrowers in financial distress as a troubled debt modification ("TDM"). A TDM could involve principal forgiveness, term extension, an other-than-insignificant payment delay, interest rate reduction or exchanging or paying off existing debt for new debt with QNB. Any amount forgiven would be charged to the allowance for credit loss es. There were no TDMs in 2023. The Company had extended, restructured, or otherwise modified the terms of loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers that had been experiencing financial difficulties. A loan was considered to be a troubled debt restructuring (“TDR”) loan when QNB granted a concession to the borrower because of the borrower’s financial condition that it would not have otherwise considered. Such concessions included a reduction of interest rates, forgiveness of principal or interest, or other modifications of interest rates to less than the current market rate for new obligations with similar risk. Loans that had been classified as TDRs are considered non-performing. Loans are fully charged-off or charged down to net realizable value (fair value of collateral less estimated costs to sell) when deemed uncollectible due to bankruptcy or other factors, or when they reach a defined number of days past due based on loan product, industry practice, terms and other factors. Loans are considered past due when contractually required principal or interest payments have not been made on the due dates. |
Allowance for Credit Losses on Losses | Allowance for Credit Losses on Loans QNB maintains an allowance for credit losses on loans, which is intended to absorb probable known and inherent losses in the outstanding loan portfolio. The allowance is reduced by actual credit losses and is increased or decreased by the provision (reversal) for loan losses and increased by recoveries of previous losses. The provisions or reversals for credit losses are charged to earnings to bring the total allowance for loan losses to a level considered necessary by management. The allowance for credit losses is measured on a pool basis when similar risk characteristics exist; these pools are identified in the first table below. QNB establishes a general valuation allowance for performing loans, including non-accrual student loans. QNB calculates each segment's historical loss rate using a full economic cycle of loan balance and historical loss experienced. The level of the allowance is determined by assigning specific reserves to all non-accrual loans, except the homogeneous pool of student loans which are measured in the general reserve. An allowance on these non-accrual loans is established when the discounted cash flows (or collateral value) of the loan is lower than the carrying value of that loan. The portion of the allowance that is allocated to non-accrual loans is determined by estimating the inherent loss on each credit after giving consideration to the value of underlying collateral. The general component is adjusted for qualitative factors. These qualitative risk factors include: 1. Concentrations: QNB adjusts historic loss for concentrations in the current portfolio that were not present during the down-turn of economic cycle. 2. Economic Forecast: The QNB utilizes an entire economic cycle of data to determine loss rates by segment. This approach reflects an inherent reversion to the historical losses during life of the loans within the pool considering prepayments and loss experience throughout an entire economic cycle. However, QNB feels it is prudent to maintain a floor in its model to assure that there is enough reserve on hand to sustain any losses upon an upcoming recession. Management emphasizes loan quality and close monitoring of potential problem credits. Credit risk identification and review processes are utilized in order to assess and monitor the degree of risk in the loan portfolio. QNB’s lending and credit administration staff are charged with reviewing the loan portfolio and identifying changes in the economy or in a borrower’s circumstances which may affect the ability to repay debt or the value of pledged collateral. A loan classification and review system exists that identifies those loans with a higher than normal risk of collectability. Each commercial loan is assigned a grade based upon an assessment of the borrower’s financial capacity to service the debt and the presence and value of collateral for the loan. An independent firm reviews risk assessment and evaluates the adequacy of the allowance for loan losses. Management meets monthly to review the credit quality of the loan portfolio and quarterly to review the allowance for loan losses. In addition, various regulatory agencies, as an integral part of their examination process, periodically review QNB's allowance for credit losses on loans. Such agencies may require QNB to recognize additions to the allowance based on their judgments using information available to them at the time of their examination. Management believes that it uses the best information available to make determinations about the adequacy of the allowance and that it has established its existing allowance for credit losses on loans in accordance with U.S. GAAP. If circumstances differ substantially from the current calculation, future adjustments to the allowance for credit losses on loans may be necessary and results of operations could be affected. Because future events affecting borrowers and collateral cannot be predicted with certainty, there can be no assurance that increases to the allowance will not be necessary should the quality of any loans deteriorate. |
Transfers of Financial Assets | 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) the assets have been isolated from QNB, (2) the transferee obtains the right (free of conditions that constrain it from taking advantage of that right) to pledge or exchange the transferred assets, and (3) QNB does not maintain effective control over the transferred assets through an agreement to repurchase them before their maturity. |
Servicing Assets | Servicing Assets Servicing assets are recognized as separate assets when rights are acquired through the sale of financial assets. When mortgage loans are sold, a portion of the cost of originating the loan is allocated to the servicing rights based on relative fair value. Fair value is based on market prices for comparable mortgage servicing contracts, when available, or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. The Company subsequently measures servicing rights using the amortization method where servicing rights are amortized in proportion to and over the period of estimated net servicing income. On a quarterly basis, an independent third party determines the fair value of QNB’s servicing assets. These assets are evaluated for impairment based upon the fair value of the rights as compared to amortized cost. Impairment is determined by stratifying rights into tranches based on predominant characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual tranche, to the extent that fair value is less than the capitalized amount for the tranches. If QNB later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the valuation allowance may be recorded as an increase to income. Capitalized servicing rights are reported in other assets and are amortized into other non-interest income in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Servicing fee income is recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the outstanding principal, or a fixed amount per loan and are recorded as other non-interest income when earned and netted against the amortization of mortgage servicing rights. |
Foreclosed Assets | Foreclosed Assets Assets acquired through, or in lieu of, loan foreclosure are held for sale and are initially recorded at fair value less cost to sell at the date of foreclosure, establishing a new cost basis. Subsequent to foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value less cos t to sell. Revenue and expenses from operations and changes in the valuation allowance of foreclosed assets are included in other non-interest expense. At both December 31, 2023 and 2022 QNB had no foreclosed assets. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are calculated principally on an accelerated or straight-line basis over the estimated useful lives of the assets, or the shorter of the estimated useful life or lease term for leasehold improvements, as follows: Buildings 10 to 39 years Furniture and equipment 3 to 15 years Leasehold improvements 5 to 30 years Expenditures for maintenance and repairs are charged to operations as incurred. Gains or losses upon disposition are reflected in earnings as realized. The “Premises and equipment, net” category on the Consolidated Balance Sheets also includes the right-of-use assets associated with operating leases. The discount rates used in determining the initial value of the right of use assets are based on the FHLB Amortizing Fixed Loan Rate for the term of each lease. QNB typically enters into lease agreements with an initial term of 5 to 10 years and subsequent additional optional terms in increments of 5 years. The lease agreements also contain termination options. None of the leases contain purchase options and none transfer the ownership of the leased a sset. QNB has renewed one operating lease during 2023. Op erating lease liabilities are included with “Other liabilities” on the Consolidated Balance Sheets. All operating lease costs are included in non-interest expense within “Net occupancy” on the Consolidated Statements of Income. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance The Bank invests in bank-owned life insurance (“BOLI”) as a source of funding for employee benefit expenses. BOLI involves the purchasing of life insurance by the Bank on a select group of employees. The Bank is the owner and beneficiary of the policies. Income from the increase in cash surrender value of the policies as well as the receipt of death benefits is included in non-interest income on the Consolidated Statements of Income. The BOLI policies are an asset that can be liquidated, if necessary, with associated tax costs. However, the Bank intends to hold these policies and, accordingly, has not provided for deferred income taxes on the earnings from the increase in cash surrender value. The Bank follows the accounting guidance for postretirement benefit aspects of endorsement split-dollar life insurance arrangements which applies to life insurance arrangements that provide an employee with a specified benefit that is not limited to the employee’s active service period, including certain bank-owned life insurance policies. It requires an employer to recognize a liability and related compensation costs for future benefits that extend to postretirement periods. The expense recorded during 2023, 2022 and 2021 was approximately $ 56,000 , $ 118,000 and $ 87,000 , respectively, and is included in non-interest expense under "Salaries and employee benefits" expense. |
Stock-Based Compensation | Stock-Based Compensation At December 31, 2023, QNB sponsored 2015 Stock Incentive Plan (the "2015 Plan"), administered by a Board committee, under which both qualified and non-qualified stock options may be granted periodically to certain employees. QNB accounts for all awards granted under stock-based compensation plans in accordance with FASB ASC 718, Compensation - Stock Compensation . Compensation cost has been measured using the fair value of an award on the grant date and is recognized over the service period, which is usually the vesting period. Stock-based compensation expense rela ted to the 2015 Plan was approximately $ 90,000 , $ 70,000 and $ 71,000 for the years ended December 31, 2023, 2022 and 2021, respectively. There were $ 3,000 , $ 2,000 and $ 4,000 in tax benefits recognized related to the nonqualified compensation and disqualifying dispositions for the years ended December 31, 2023, 2022 and 2021, respectively. The fair value of each option is amortized into compensation expense on a straight-line basis between the grant date for the option and each vesting date. QNB estimated the fair value of stock options on the date of the grant using the Black-Scholes option pricing model. The model requires the use of numerous assumptions, many of which are highly subjective in nature. The following assumptions were used in the option pricing model in determining the fair value of options granted during the periods presented. Year ended December 31, 2023 2022 2021 Risk free interest rate 3.64 % 1.25 % 0.20 % Dividend yield 4.80 % 3.64 % 4.17 % Volatility 20.36 % 22.68 % 21.14 % Expected life (years) 8.35 4.05 4.03 The weighted average fair value per share of options granted during 2023, 2022 and 2021 was $ 4.11 , $ 5.20 and $ 3.08 , respectively. The risk-free interest rate was selected based upon yields of U.S. Treasury issues with a term equal to the expected life of the option being valued. Historical information was the primary basis for the selection of the expected dividend yield, expected volatility and expected lives of the options. |
Income Taxes | Income Taxes QNB accounts for income taxes under the asset/liability method in accordance with income tax accounting guidance, ASC 740 - Income Taxes . Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when, in the judgment of management, it is more likely than not that such deferred tax assets will not become available. Because the judgment about the level of future taxable income is dependent to a great extent on matters that may, at least in part, be beyond QNB’s control, it is at least reasonably possible that management’s judgment about the need for a valuation allowance for deferred taxes could change in the near term. In connection with the accounting guidance related to accounting for uncertainty in income taxes, which sets out a consistent framework to determine the appropriate level of tax reserves to maintain for uncertain tax positions, QNB has evaluated its tax positions as of December 31, 2023. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has more than a 50 percent likelihood of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Under the “more-likely-than-not” threshold guidelines, QNB believes no significant uncertain tax positions exist, either individually or in the aggregate, which would give rise to the non-recognition of an existing tax benefit. As of December 31, 2023, QNB had a valuation allowance of $ 4,000 for unrecognized tax benefits related to non-qualified stock option expense on options that are more likely than not to be exercised prior to expiring. As of December 31, 2023 QNB had no interest expense and no tax penalties. QNB’s policy is to account for interest as a component of interest expense an d penalties as a component of other expense. The Company and its subsidiary are subject to U.S. Federal income tax as well as income tax of the Commonwealth of Pennsylvania and the State of New Jersey. Tax years from 2020 to date remain subject to examination by the tax authorities. |
Treasury Stock | Treasury Stock Common stock shares repurchased are recorded as treasury stock at cost. |
Earnings Per Share | Earnings Per Share Basic earnings per share excludes any dilutive effects of options and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share gives effect to all dilutive potential common shares that were outstanding during the period. Potential common shares that may be issued by the Company relate solely to outstanding stock options and are determined using the treasury stock method. Treasury shares are not deemed outstanding for earnings per share calculations. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business entity during a period due to transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Comprehensive income (loss) consists of net income and other comprehensive income (loss). For QNB, the primary component of other comprehensive income (loss) is the unrealized holding gains or losses on available-for-sale investment securities and unrealized losses on available-for-sale investment securities related to factors other than credit on debt securities. |
Advertising Costs | Advertising Costs Advertising costs are recorded in the period they are incurred within operating expenses in non-interest expense in the Consolidated Statements of Income. |
Financial Instruments with Off-Balance-Sheet Risk | Financial Instruments with Off-Balance-Sheet Risk QNB’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of these instruments. QNB uses the same credit policies in making commitments and contractual obligations as it does for on-balance-sheet instruments. QNB reflects its estimate of credit risk for these instruments in “Other liabilities” on the Consolidated Balance Sheet with the corresponding expense recorded in “Other” non-interest expense in the Consolidated Statements of Income. |
Subsequent Events | Subsequent Events QNB has evaluated events and transactions occurring subsequent to the balance sheet date of December 31, 2023 through the date the Consolidated Financial Statements are being issued for items that should potentially be recognized or disclosed in these Consolidated Financial Statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On January 1, 2023, QNB adopted ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), as amended ("ASU 326"), which replaces the incurred loss methodology with an expected credit losses (“CECL”) for financial instruments held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. The measurement under CECL is applicable to loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. Additionally, ASU 326 made changes to the accounting for available-for-sale debt securities, requiring credit losses to be presented as an allowance rather as a write-down on available-for-sale debt securities management does not intend to sell or believes it is more-likely-than-not they will be required to sell. QNB made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans, available for sale securities, and held to maturity securities. Accrued interest receivable is reported as a component of "Accrued interest receivable" on the Consolidated Balance Sheets. QNB adopted CECL using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning after December 31, 2022 are presented under ASU 326 while prior period amounts continue to be reported in accordance with previously applicable US GAAP. QNB recorded a net increase of $ 857,000 to retained earnings as of January 1, 2023 for the cumulative effect of adopting ASU 326 . The following table illustrates the impact of ASC 326: January 1, 2023 As Reported under ASC 326 Pre- ASC 326 Adoption Impact of ASC 326 Adoption Assets: Commercial loans: Revolving real estate secured by 1-4 family properties $ 5,255 $ — $ 5,255 Retail loans: 1-4 family residential mortgages 105,524 105,654 ( 130 ) Construction-individual 130 — 130 Revolving home equity secured by 1-4 family properties 36,732 41,987 ( 5,255 ) Allowance for credit losses on loans (ACL): Commercial: Commercial and industrial ( 1,246 ) ( 1,316 ) 70 Construction and land development ( 745 ) ( 755 ) 10 Real estate secured by multi-family properties ( 1,679 ) ( 995 ) ( 684 ) Real estate secured by owner-occupied properties ( 1,175 ) ( 1,549 ) 374 Real estate secured by other commercial properties ( 1,330 ) ( 2,458 ) 1,128 Revolving real estate secured by 1-4 family properties-business ( 32 ) ( 25 ) ( 7 ) Real estate secured by 1st lien on 1-4 family properties-business ( 1,700 ) ( 1,210 ) ( 490 ) Real estate secured by junior lien on 1-4 family properties-business ( 16 ) ( 30 ) 14 State and political subdivisions ( 74 ) ( 94 ) 20 Retail: 1-4 family residential mortgages ( 486 ) ( 682 ) 196 Construction-individual ( 1 ) ( 1 ) — Revolving home equity secured by 1-4 family properties-personal ( 292 ) ( 299 ) 7 Real estate secured by 1st lien on 1-4 family properties-personal ( 72 ) ( 57 ) ( 15 ) Real estate secured by junior lien on 1-4 family properties-personal ( 84 ) ( 55 ) ( 29 ) Student loans ( 466 ) ( 454 ) ( 12 ) Overdrafts ( 11 ) ( 8 ) ( 3 ) Other consumer ( 33 ) ( 41 ) 8 Unallocated — ( 502 ) 502 Total ACL ( 9,442 ) ( 10,531 ) 1,089 Deferred tax assets 4,540 4,767 ( 227 ) Liabilities: Allowance for credit losses on unused commitments $ 122 $ 117 $ 5 Equity: Retained earnings $ 129,808 $ 128,951 $ 857 QNB adopted ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging--Portfolio Layer Method ("ASC 2022-01") as of the first fiscal year beginning after 12/15/2022. ASC 2022-01 allows for the use of an amortizing notional swap when entering a portfolio layer method hedge. This guidance now allows the interest rate swap to be considered a hedge of a single layer of portfolio. |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Estimated Useful Lives of Assets | Depreciation and amortization are calculated principally on an accelerated or straight-line basis over the estimated useful lives of the assets, or the shorter of the estimated useful life or lease term for leasehold improvements, as follows: Buildings 10 to 39 years Furniture and equipment 3 to 15 years Leasehold improvements 5 to 30 years |
Assumptions Used in Option Pricing Model | Year ended December 31, 2023 2022 2021 Risk free interest rate 3.64 % 1.25 % 0.20 % Dividend yield 4.80 % 3.64 % 4.17 % Volatility 20.36 % 22.68 % 21.14 % Expected life (years) 8.35 4.05 4.03 |
Impact of Adoption | The following table illustrates the impact of ASC 326: January 1, 2023 As Reported under ASC 326 Pre- ASC 326 Adoption Impact of ASC 326 Adoption Assets: Commercial loans: Revolving real estate secured by 1-4 family properties $ 5,255 $ — $ 5,255 Retail loans: 1-4 family residential mortgages 105,524 105,654 ( 130 ) Construction-individual 130 — 130 Revolving home equity secured by 1-4 family properties 36,732 41,987 ( 5,255 ) Allowance for credit losses on loans (ACL): Commercial: Commercial and industrial ( 1,246 ) ( 1,316 ) 70 Construction and land development ( 745 ) ( 755 ) 10 Real estate secured by multi-family properties ( 1,679 ) ( 995 ) ( 684 ) Real estate secured by owner-occupied properties ( 1,175 ) ( 1,549 ) 374 Real estate secured by other commercial properties ( 1,330 ) ( 2,458 ) 1,128 Revolving real estate secured by 1-4 family properties-business ( 32 ) ( 25 ) ( 7 ) Real estate secured by 1st lien on 1-4 family properties-business ( 1,700 ) ( 1,210 ) ( 490 ) Real estate secured by junior lien on 1-4 family properties-business ( 16 ) ( 30 ) 14 State and political subdivisions ( 74 ) ( 94 ) 20 Retail: 1-4 family residential mortgages ( 486 ) ( 682 ) 196 Construction-individual ( 1 ) ( 1 ) — Revolving home equity secured by 1-4 family properties-personal ( 292 ) ( 299 ) 7 Real estate secured by 1st lien on 1-4 family properties-personal ( 72 ) ( 57 ) ( 15 ) Real estate secured by junior lien on 1-4 family properties-personal ( 84 ) ( 55 ) ( 29 ) Student loans ( 466 ) ( 454 ) ( 12 ) Overdrafts ( 11 ) ( 8 ) ( 3 ) Other consumer ( 33 ) ( 41 ) 8 Unallocated — ( 502 ) 502 Total ACL ( 9,442 ) ( 10,531 ) 1,089 Deferred tax assets 4,540 4,767 ( 227 ) Liabilities: Allowance for credit losses on unused commitments $ 122 $ 117 $ 5 Equity: Retained earnings $ 129,808 $ 128,951 $ 857 |
Note 2 - Earnings Per Share a_2
Note 2 - Earnings Per Share and Share Repurchase Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share: Year ended December 31, 2023 2022 2021 Numerator for basic and diluted earnings per share - net income $ 9,483 $ 15,921 $ 16,492 Denominator for basic earnings per share - weighted average shares 3,610,713 3,564,481 3,553,949 Effect of dilutive securities - employee stock options - - 189 Denominator for diluted earnings per share - adjusted weighted 3,610,713 3,564,481 3,554,138 Earnings per share - basic $ 2.63 $ 4.47 $ 4.64 Earnings per share - diluted $ 2.63 $ 4.47 $ 4.64 |
Note 4 - Investment Securities
Note 4 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities Available-for-sale | The amortized cost and fair values of investment debt securities available-for-sale at December 31, 2023 and 2022 were as follows: Gross Gross Gross unrealized unrealized unrealized Fair holding holding fair value hedge Amortized December 31, 2023 value gains losses losses cost U.S. Treasuries $ 6,451 $ 3 $ — $ — $ 6,448 U.S. Government agency 74,122 — ( 10,828 ) — 84,950 State and municipal 89,189 — ( 18,714 ) ( 445 ) 108,348 U.S. Government agencies and sponsored Mortgage-backed 224,238 — ( 37,831 ) ( 1,304 ) 263,373 Collateralized mortgage obligations (CMOs) 89,973 — ( 16,383 ) — 106,356 Corporate debt and money market funds 6,209 2 ( 496 ) — 6,703 Total investment securities available-for-sale $ 490,182 $ 5 $ ( 84,252 ) $ ( 1,749 ) $ 576,178 Gross Gross unrealized unrealized Fair holding holding Amortized December 31, 2022 value gains losses cost U.S. Treasuries $ 301 $ 2 $ — $ 299 U.S. Government agency 86,709 — ( 15,233 ) 101,942 State and municipal 95,367 — ( 23,494 ) 118,861 U.S. Government agencies and sponsored Mortgage-backed 256,161 — ( 45,303 ) 301,464 Collateralized mortgage obligations (CMOs) 101,672 — ( 18,338 ) 120,010 Corporate debt 6,315 — ( 326 ) 6,641 Total investment securities available-for-sale $ 546,525 $ 2 $ ( 102,694 ) $ 649,217 |
Investment Securities by Contractual Maturity | The amortized cost and fair value of debt securities available-for-sale by contractual maturity at December 31, 2023 are shown in the following table. Amortized December 31, 2023 Fair value cost Due in one year or less $ 8,814 $ 8,895 Due after one year through five years 159,745 179,738 Due after five years through ten years 247,158 296,154 Due after ten years 74,465 91,391 Total investment securities available-for-sale $ 490,182 $ 576,178 |
Realized Gain (Loss) on Investments | The following table presents information related to QNB’s gains and losses on the sales of debt securities, and losses recognized for impairment of these investments. December 31, 2023 2022 2021 Gross realized gains $ — $ 8 $ 18 Gross realized losses ( 2,058 ) ( 147 ) — Impairment — — — Total net (losses) gains on available-for-sale securities $ ( 2,058 ) $ ( 139 ) $ 18 |
Credit-related Impairment | The following table presents a summary of the cumulative credit-related impairment charges recognized as components of earnings for debt securities still held by QNB: Year ended December 31, 2023 2022 2021 Balance, beginning of year $ 1 $ 1 $ 1 Reductions: sale, collateralized debt obligation — — — Additions: Initial credit impairments — — — Subsequent credit impairments — — — Balance, end of year $ 1 $ 1 $ 1 |
Debt Securities in a Continuous Unrealized Loss Position | Debt securities that have been in a continuous unrealized loss position are as follows: December 31, 2023 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. Treasuries 1 $ 494 $ — $ — $ — $ 494 $ — U.S. Government agency 39 — — 74,122 ( 10,828 ) 74,122 ( 10,828 ) State and municipal 191 380 — 89,238 ( 18,714 ) 89,618 ( 18,714 ) U.S. Government agencies Mortgage-backed 165 1 — 225,500 ( 37,831 ) 225,501 ( 37,831 ) Collateralized mortgage 126 — — 89,973 ( 16,383 ) 89,973 ( 16,383 ) Corporate debt and money markets 4 — — 6,101 ( 496 ) 6,101 ( 496 ) Total 526 $ 875 $ — $ 484,934 $ ( 84,252 ) $ 485,809 $ ( 84,252 ) December 31, 2022 Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized securities value losses value losses value losses U.S. Government agency 46 $ 3,647 $ ( 353 ) $ 83,062 $ ( 14,880 ) $ 86,709 $ ( 15,233 ) State and municipal 216 50,156 ( 7,816 ) 45,210 ( 15,678 ) 95,366 ( 23,494 ) U.S. Government agencies Mortgage-backed 197 58,811 ( 6,775 ) 197,351 ( 38,528 ) 256,162 ( 45,303 ) Collateralized mortgage 129 35,797 ( 3,983 ) 65,875 ( 14,355 ) 101,672 ( 18,338 ) Corporate debt 4 6,262 ( 318 ) 53 ( 8 ) 6,315 ( 326 ) Total 592 $ 154,673 $ ( 19,245 ) $ 391,551 $ ( 83,449 ) $ 546,224 $ ( 102,694 ) |
Pooled Trust Preferred Securities | The following table provides additional information related to PreTSL IV as of December 31, 2023: Deal Class Book Fair Unrealized Realized Total Moody's Current Actual Total PreTSL IV Mezzanine* $ 60 $ 52 $ ( 7 ) $ — $ 1 Ba1 3 0.0 % 305.9 % Mezzanine* - class of bonds still outstanding, represents the senior-most obligation of the trust) |
Summary of Unrealized and Realized Gains and Losses Recognized in Net Income on Equity Securities | The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during 2023, 2022 and 2021: December 31, 2023 2022 2021 Net gain (loss) recognized during the period on equity securities $ 231 $ ( 621 ) $ 2,714 Less: Net (loss) gain recognized during the period on equity securities sold during the period ( 19 ) 405 1,788 Net unrealized gain (loss) recognized during the reporting period on equity securities still held at the reporting date $ 250 $ ( 1,026 ) $ 926 |
Note 5 - Loans Receivable and_2
Note 5 - Loans Receivable and the Allowance for Credit Losses on Loans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Troubled Debt Restructuring [Member] | |
Allowance for Loan Losses | December 31, 2023 2022 Unpaid Related Unpaid Related TDMs/TDRs with no specific allowance recorded $ — $ — $ 1,272 $ — TDMs/TDRs with an allowance recorded — — 3,400 392 Total $ — $ — $ 4,672 $ 392 |
Retail and Commercial Loans [Member] | |
Major Classes of Loans | Major classes of loans are as follows: December 31, 2023 Commercial: Commercial and industrial $ 137,086 Construction and land development 116,173 Real estate secured by multi-family properties 109,193 Real estate secured by owner-occupied properties 160,695 Real estate secured by other commercial properties 265,101 Revolving real estate secured by 1-4 family properties-business 5,442 Real estate secured by 1st lien on 1-4 family properties-business 103,572 Real estate secured by junior lien on 1-4 family properties-business 3,445 State and political subdivisions 18,708 Retail: 1-4 family residential mortgages 108,906 Construction-individual — Revolving home equity secured by 1-4 family properties-personal 34,231 Real estate secured by 1st lien on 1-4 family properties-personal 11,981 Real estate secured by junior lien on 1-4 family properties-personal 15,625 Student loans 1,662 Overdrafts 194 Other consumer 1,757 Total loans 1,093,771 Net unearned (fees) costs ( 238 ) Allowance for credit losses on loans ( 8,852 ) Loans receivable, net $ 1,084,681 December 31, 2022 Commercial: Commercial and industrial $ 160,875 Construction 62,955 Secured by commercial real estate 518,070 Secured by residential real estate 103,419 State and political subdivisions 20,971 Retail: 1-4 family residential mortgages 105,654 Home equity loans and lines 63,580 Consumer 4,113 Total loans 1,039,637 Net deferred (fees) costs ( 252 ) Allowance for loan losses ( 10,531 ) Loans receivable, net $ 1,028,854 |
Internal Risk Ratings and Payment Activity | Term Loans by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Commercial Loans Commercial and industrial: Risk rating Pass $ 20,473 $ 14,439 $ 8,574 $ 5,913 $ 8,626 $ 7,175 $ 70,716 $ 135,916 Special mention — — — — — — — — Substandard — — — — — — 1,170 1,170 Doubtful — — — — — — — — Total commercial and industrial $ 20,473 $ 14,439 $ 8,574 $ 5,913 $ 8,626 $ 7,175 $ 71,886 $ 137,086 Construction and land development: Risk rating Pass $ 46,171 $ 43,472 $ 14,630 $ 3,434 $ 4,028 $ 4,395 $ — $ 116,130 Special mention — — — — — — — — Substandard — — — — — 43 — 43 Doubtful — — — — — — — — Total construction and land development $ 46,171 $ 43,472 $ 14,630 $ 3,434 $ 4,028 $ 4,438 $ — $ 116,173 Real estate secured by multi-family properties: Risk rating Pass $ 10,826 $ 28,858 $ 23,430 $ 9,808 $ 5,804 $ 27,609 $ — $ 106,335 Special mention — — — — — — — — Substandard — — — — 704 2,154 — 2,858 Doubtful — — — — — — — — Total real estate secured by multi-family properties $ 10,826 $ 28,858 $ 23,430 $ 9,808 $ 6,508 $ 29,763 $ — $ 109,193 Real estate secured by owner-occupied properties: Risk rating Pass $ 14,430 $ 29,576 $ 26,908 $ 18,693 $ 12,239 $ 53,030 $ — $ 154,876 Special mention — — — — — — — — Substandard — — — — 5,819 — 5,819 Doubtful — — — — — — — — Term Loans by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Total real estate secured by owner-occupied properties $ 14,430 $ 29,576 $ 26,908 $ 18,693 $ 12,239 $ 58,849 $ — $ 160,695 Real estate secured by other commercial properties: Risk rating Pass $ 32,297 $ 44,526 $ 42,582 $ 17,798 $ 28,947 $ 98,173 $ — $ 264,323 Special mention — — — — — — — — Substandard — — — — — 778 — 778 Doubtful — — — — — — — — Total real estate secured by other commercial properties $ 32,297 $ 44,526 $ 42,582 $ 17,798 $ 28,947 $ 98,951 $ — $ 265,101 Revolving real estate secured by 1-4 family properties-business: Risk rating Pass $ — $ — $ — $ — $ — $ — $ 5,442 $ 5,442 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total revolving real estate secured by 1-4 family properties-business $ — $ — $ — $ — $ — $ — $ 5,442 $ 5,442 Real estate secured by 1st lien on 1-4 family properties-business: Risk rating Pass $ 14,697 $ 28,596 $ 20,890 $ 9,794 $ 8,441 $ 20,262 $ — $ 102,680 Special mention — — 137 — — — — 137 Substandard — 189 — — 423 143 — 755 Doubtful — — — — — — — — Total real estate secured by 1st lien on 1-4 family properties-business $ 14,697 $ 28,785 $ 21,027 $ 9,794 $ 8,864 $ 20,405 $ — $ 103,572 Real estate secured by junior lien on 1-4 family properties-business: Risk rating Pass $ 558 $ 604 $ 542 $ 580 $ 40 $ 934 $ — $ 3,258 Special mention — — — — — — — — Substandard — — — — — 187 — 187 Doubtful — — — — — — — — Total real estate secured by junior lien on 1-4 family properties-business $ 558 $ 604 $ 542 $ 580 $ 40 $ 1,121 $ — $ 3,445 State and political subdivisions: Risk rating Pass $ 707 $ — $ 4,247 $ 18 $ 5,444 $ 8,292 $ — $ 18,708 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Term Loans by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Total real estate secured by junior lien on 1-4 family properties-business $ 707 $ — $ 4,247 $ 18 $ 5,444 $ 8,292 $ — $ 18,708 Total Commercial Loans: Risk rating Pass $ 140,159 $ 190,071 $ 141,803 $ 66,038 $ 73,569 $ 219,870 $ 76,158 $ 907,668 Special mention — — 137 — — — — 137 Substandard — 189 — — 1,127 9,124 1,170 11,610 Doubtful — — — — — — — — Total Commercial loans $ 140,159 $ 190,260 $ 141,940 $ 66,038 $ 74,696 $ 228,994 $ 77,328 $ 919,415 December 31, 2022 Pass Special Substandard Doubtful Total Commercial: Commercial and industrial $ 157,914 $ 23 $ 2,938 $ — $ 160,875 Construction 62,955 — — — 62,955 Secured by commercial real estate 505,657 2,597 9,816 — 518,070 Secured by residential real estate 102,295 194 930 — 103,419 State and political subdivisions 20,971 — — — 20,971 Total $ 849,792 $ 2,814 $ 13,684 $ — $ 866,290 The following tables present the recorded investment in the retail classes of the loan portfolio based on payment activity as of December 31, 2023 and 2022: Term Loans by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Retail Loans 1-4 family residential mortgages: Payment performance Performing $ 12,641 $ 14,635 $ 30,495 $ 20,304 $ 4,526 $ 25,500 $ — $ 108,101 Nonperforming — — — — — 805 — 805 Total 1-4 family residential mortgages $ 12,641 $ 14,635 $ 30,495 $ 20,304 $ 4,526 $ 26,305 $ — $ 108,906 Construction-individual: Payment performance Performing $ — $ — $ — $ — $ — $ — $ — $ — Nonperforming — — — — — — — — Total construction-individual $ — $ — $ — $ — $ — $ — $ — $ — Revolving home equity secured by 1-4 family properties-personal: Payment performance Performing $ — $ — $ — $ — $ — $ — $ 33,936 $ 33,936 Nonperforming — — — — — — 295 295 Total revolving home equity secured by 1-4 family properties-personal $ — $ — $ — $ — $ — $ — $ 34,231 $ 34,231 Real estate secured by 1st lien on 1-4 family properties-personal: Payment performance Performing $ 2,591 $ 1,613 $ 2,933 $ 1,030 $ 931 $ 2,767 $ — $ 11,865 Nonperforming — — — — — 116 — 116 Total real estate secured by 1st lien Real estate secured by 1st lien on 1-4 family properties-personal $ 2,591 $ 1,613 $ 2,933 $ 1,030 $ 931 $ 2,883 $ — $ 11,981 Real estate secured by junior lien on 1-4 family properties-personal: Term Loans by Origination Year December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Total Payment performance Performing $ 6,438 $ 1,613 $ 2,184 $ 1,180 $ 676 $ 3,515 $ — $ 15,606 Nonperforming — 19 — — — — — 19 Total real estate secured by junior lien on 1-4 family properties-personal $ 6,438 $ 1,632 $ 2,184 $ 1,180 $ 676 $ 3,515 $ — $ 15,625 Student loans: Payment performance Performing $ — $ — $ — $ — $ — $ 1,645 $ — $ 1,645 Nonperforming — — — — — 17 — 17 Total student loans $ — $ — $ — $ — $ — $ 1,662 $ — $ 1,662 Overdrafts: Payment performance Performing $ — $ — $ — $ — $ — $ — $ 194 $ 194 Nonperforming — — — — — — — — Total overdrafts $ — $ — $ — $ — $ — $ — $ 194 $ 194 Other consumer: Payment performance Performing $ 793 $ 290 $ 245 $ 89 $ 73 $ 41 $ 189 $ 1,720 Nonperforming — — — — — 37 — 37 Total other consumer $ 793 $ 290 $ 245 $ 89 $ 73 $ 78 $ 189 $ 1,757 Total Retail Loans: Payment performance Performing $ 22,463 $ 18,151 $ 35,857 $ 22,603 $ 6,206 $ 33,468 $ 34,319 $ 173,067 Nonperforming — 19 — — — 975 295 1,289 Total Retail Loans $ 22,463 $ 18,170 $ 35,857 $ 22,603 $ 6,206 $ 34,443 $ 34,614 $ 174,356 December 31, 2022 Performing Non-performing Total Retail: 1-4 family residential mortgages $ 105,193 $ 461 $ 105,654 Home equity loans and lines 63,178 402 63,580 Consumer 4,051 62 4,113 Total $ 172,422 $ 925 $ 173,347 Retail revolving lines of credit that were termed out during 2023 were $ 4,534,000 ; all which are performing. |
Past Due Loans | December 31, 2023 30-59 days 60-89 days 90 days or Total past Current Total loans Commercial: Commercial and industrial $ 77 $ — $ — $ 77 $ 137,009 $ 137,086 Construction and land development — — — — 116,173 116,173 Real estate secured by multi-family properties — — — — 109,193 109,193 Real estate secured by owner-occupied properties 186 — — 186 160,509 160,695 Real estate secured by other commercial properties 9,675 — — 9,675 255,426 265,101 Revolving real estate secured by 1-4 family properties-business — — — — 5,442 5,442 Real estate secured by 1st lien on 1-4 family properties-business 323 — — 323 103,249 103,572 Real estate secured by junior lien on 1-4 family properties-business — — — — 3,445 3,445 State and political subdivisions — — — — 18,708 18,708 Retail: 1-4 family residential mortgages 433 381 481 1,295 107,611 108,906 Construction-individual — — — — — — Revolving home equity secured by 1-4 family properties-personal 56 — 129 185 34,046 34,231 Real estate secured by 1st lien on 1-4 family properties-personal — 96 — 96 11,885 11,981 Real estate secured by junior lien on 1-4 family properties-personal — — 18 18 15,607 15,625 Student loans — 11 6 17 1,645 1,662 Overdrafts 21 2 — 23 171 194 Other consumer — 8 — 8 1,749 1,757 Total $ 10,771 $ 498 $ 634 $ 11,903 $ 1,081,868 $ 1,093,771 December 31, 2022 30-59 days 60-89 days 90 days or Total past Current Total loans Commercial: Commercial and industrial $ — $ 1,157 $ — $ 1,157 $ 159,718 $ 160,875 Construction — — — — 62,955 62,955 Secured by commercial real estate — — — — 518,070 518,070 Secured by residential real estate — — 13 13 103,406 103,419 State and political subdivisions — — — — 20,971 20,971 Retail: 1-4 family residential mortgages 703 168 216 1,087 104,567 105,654 Home equity loans and lines 95 — — 95 63,485 63,580 Consumer 37 50 — 87 4,026 4,113 Total $ 835 $ 1,375 $ 229 $ 2,439 $ 1,037,198 $ 1,039,637 |
Non-accrual Loans | The following tables disclose the recorded investment in loans receivable that are either on non-accrual status or past due 90 days or more and still accruing interest as of December 31, 2023 and 2022: December 31, 2023 90 Days or More Past Due-Still Accruing Nonaccrual With No Specifically-Related ACL Nonaccrual With Related ACL Total Nonaccrual Loans Commercial: Commercial and industrial $ — $ 278 $ 33 $ 311 Construction and land development — — — — Real estate secured by multi-family properties — — — — Real estate secured by owner-occupied properties — 175 — 175 Real estate secured by other commercial properties — — — — Revolving real estate secured by 1-4 family properties-business — — — — Real estate secured by 1st lien on 1-4 family properties-business — — — — Real estate secured by junior lien on 1-4 family properties-business — — 165 165 State and political subdivisions — — — — Retail: 1-4 family residential mortgages — 805 — 805 Construction-individual — — — — Revolving home equity secured by 1-4 family properties-personal — 21 274 295 Real estate secured by 1st lien on 1-4 family properties-personal — 116 — 116 Real estate secured by junior lien on 1-4 family properties-personal — 19 — 19 Student loans — 17 — 17 Other consumer — 37 — 37 Total $ — $ 1,468 $ 472 $ 1,940 The following tables disclose the recorded investment in loans receivable that are either on non-accrual status or past due 90 days or more and still accruing interest as of December 31, 2022 December 31, 2022 90 days or more past Non-accrual Commercial: Commercial and industrial $ — $ 1,575 Construction — — Secured by commercial real estate — 2,031 Secured by residential real estate — 289 State and political subdivisions — — Retail: 1-4 family residential mortgages — 461 Home equity loans and lines — 402 Consumer — 62 Total $ — $ 4,820 |
Collateral-dependent Loans By Loan Category | The following table presents the collateral-dependent loans by loan category at December 31, 2023: December 31, 2023 Real Estate Secured Other (1) Deficiency in Collateral Total Collateral Dependent Nonaccrual Loans Commercial: Commercial and industrial $ — $ 278 $ 33 $ 311 Construction and land development — — — — Real estate secured by multi-family properties — — — — Real estate secured by owner-occupied properties 175 — — 175 Real estate secured by other commercial properties — — — — Revolving real estate secured by 1-4 family properties-business — — — — Real estate secured by 1st lien on 1-4 family properties-business — — Real estate secured by junior lien on 1-4 family properties-business — — 165 165 State and political subdivisions — — — — Retail: 1-4 family residential mortgages 805 — — 805 Construction-individual — — — — Revolving home equity secured by 1-4 family properties-personal 185 — 110 295 Real estate secured by 1st lien on 1-4 family properties-personal 116 — — 116 Real estate secured by junior lien on 1-4 family properties-personal 19 — — 19 Other consumer — 37 — 37 Total $ 1,300 $ 315 $ 308 $ 1,923 |
Allowance for Loan Losses | Activity in the allowance for loan losses for the years ended December 31, 2023, 2022 and 2021 are as follows: Year ended December 31, 2023 Beginning balance prior to adoption of ASC 326 Impact of adopting ASC 326 Credit loss expense (reversal) Charge-offs Recoveries Balance, end Commercial: Commercial and industrial $ 1,316 $ ( 70 ) $ ( 771 ) $ ( 313 ) $ 661 $ 823 Construction and land development 755 ( 10 ) 507 — — 1,252 Real estate secured by multi-family properties 995 684 56 — — 1,735 Real estate secured by owner-occupied properties 1,549 ( 374 ) ( 174 ) — — 1,001 Real estate secured by other commercial properties 2,458 ( 1,128 ) ( 163 ) — — 1,167 Revolving real estate secured by 1-4 family properties-business 25 7 ( 5 ) — — 27 Real estate secured by 1st lien on 1-4 family properties-business 1,210 490 ( 203 ) — 10 1,507 Real estate secured by junior lien on 1-4 family properties-business 30 ( 14 ) ( 2 ) — — 14 State and political subdivisions 94 ( 20 ) ( 19 ) — — 55 Retail: 1-4 family residential mortgages 682 ( 196 ) ( 59 ) — — 427 Construction-individual 1 - ( 1 ) — — — Revolving home equity secured by 1-4 family properties-personal 299 ( 7 ) ( 154 ) — — 138 Real estate secured by 1st lien on 1-4 family properties-personal 57 15 110 — — 182 Real estate secured by junior lien on 1-4 family properties-personal 55 29 15 — 6 105 Student loans 454 12 ( 48 ) ( 57 ) 8 369 Overdrafts 8 3 70 ( 91 ) 26 16 Other consumer 41 ( 8 ) 13 ( 14 ) 2 34 Unallocated 502 ( 502 ) — N/A N/A — Total $ 10,531 $ ( 1,089 ) $ ( 828 ) $ ( 475 ) $ 713 $ 8,852 Year ended December 31, 2022 Balance, Provision for Charge-offs Recoveries Balance, end Commercial: Commercial and industrial $ 3,368 $ ( 2,320 ) $ ( 38 ) $ 306 $ 1,316 Construction 363 392 — — 755 Secured by commercial real estate 4,280 722 — — 5,002 Secured by residential real estate 1,035 160 — 45 1,240 State and political subdivisions 69 25 — — 94 Retail: 1-4 family residential mortgages 646 37 — — 683 Home equity loans and lines 376 55 — 6 437 Consumer 542 82 ( 158 ) 36 502 Unallocated 505 ( 3 ) N/A N/A 502 Total $ 11,184 $ ( 850 ) $ ( 196 ) $ 393 $ 10,531 Year ended December 31, 2021 Balance, Provision for Charge-offs Recoveries Balance, end Commercial: Commercial and industrial $ 4,050 $ ( 774 ) $ — $ 92 $ 3,368 Construction 346 17 — — 363 Secured by commercial real estate 3,736 544 — — 4,280 Secured by residential real estate 871 181 ( 38 ) 21 1,035 State and political subdivisions 89 ( 20 ) — — 69 Retail: 1-4 family residential mortgages 533 113 — — 646 Home equity loans and lines 386 32 ( 49 ) 7 376 Consumer 265 410 ( 176 ) 43 542 Unallocated 550 ( 45 ) N/A N/A 505 Total $ 10,826 $ 458 $ ( 263 ) $ 163 $ 11,184 |
Loans Disaggregated by Impairment Method | The following table present the balance in the allowance for loan losses at December 31, 2022 disaggregated on the basis of QNB’s impairment method by class of loans receivable along with the balance of loans receivable by class, excluding unearned fees and costs, disaggregated on the basis of QNB’s impairment methodology: Allowance for Loan Losses Loans Receivable December 31, 2022 Balance Balance related Balance related Balance Balance Balance Commercial: Commercial and industrial $ 1,316 $ 125 $ 1,191 $ 160,875 $ 1,821 $ 159,054 Construction 755 — 755 62,955 — 62,955 Secured by commercial real estate 5,002 131 4,871 518,070 5,309 512,761 Secured by residential real estate 1,240 321 919 103,419 1,362 102,057 State and political subdivisions 94 — 94 20,971 — 20,971 Retail: 1-4 family residential mortgages 683 — 683 105,654 628 105,026 Home equity loans and lines 437 119 318 63,580 402 63,178 Consumer 502 — 502 4,113 45 4,068 Unallocated 502 N/A N/A N/A N/A N/A Total $ 10,531 $ 696 $ 9,333 $ 1,039,637 $ 9,567 $ 1,030,070 |
Impaired Loans | The following table summarizes additional information, in regards to impaired loans by loan portfolio class, as of December 31, 2022: December 31, 2022 Recorded Unpaid Related With no specific allowance recorded: Commercial: Commercial and industrial $ 1,402 $ 1,694 Construction — — Secured by commercial real estate 2,198 2,608 Secured by residential real estate 430 482 Retail: 1-4 family residential mortgages 628 678 Home equity loans and lines 240 296 Consumer 45 62 Total $ 4,943 $ 5,820 With an allowance recorded: Commercial: Commercial and industrial $ 419 $ 601 $ 125 Construction — — — Secured by commercial real estate 3,111 3,312 131 Secured by residential real estate 932 1,065 321 Retail: 1-4 family residential mortgages — — — Home equity loans and lines 162 191 119 Consumer — — — Total $ 4,624 $ 5,169 $ 696 Total: Commercial: Commercial and industrial $ 1,821 $ 2,295 $ 125 Construction — — — Secured by commercial real estate 5,309 5,920 131 Secured by residential real estate 1,362 1,547 321 Retail: 1-4 family residential mortgages 628 678 — Home equity loans and lines 402 487 119 Consumer 45 62 — Total $ 9,567 $ 10,989 $ 696 |
Note 6 - Premises and Equipme_2
Note 6 - Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and equipment, stated at cost less accumulated depreciation and amortization, are summarized below: December 31, 2023 2022 Land and buildings $ 16,102 $ 15,970 Furniture and equipment 14,470 16,640 Leasehold improvements 3,632 3,622 Right-of-use asset 2,722 2,909 Book value 36,926 39,141 Accumulated depreciation and amortization ( 21,974 ) ( 23,678 ) Net book value $ 14,952 $ 15,463 |
Summary of Quantitative Attributes of Operating Leases | The following table summarized the quantitative attributes of QNB’s operating leases: Year ended December 31, 2023 2022 Lease cost Operating lease cost $ 618 $ 609 Total lease cost 618 609 Other information Cash paid for amounts included in the measurement of lease liabilities: Cashflows from operating leases $ 626 $ 620 Right-of-use assets obtained in exchange for new operating lease liabilities $ 369 $ 43 Weighted average remaining lease terms: Operating leases 13.1 years 13.8 years Weighted average discount rates: Operating leases 2.90 % 2.78 % |
Note 7 - Intangible Assets an_2
Note 7 - Intangible Assets and Loan Servicing (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing of Financial Assets [Abstract] | |
Activity of Mortgage Servicing Rights | The following table reflects the activity of mortgage servicing rights for the periods indicated: Year ended December 31, 2023 2022 2021 Balance at beginning of year $ 469 $ 538 $ 533 Mortgage servicing rights capitalized 7 2 123 Mortgage servicing rights amortized ( 61 ) ( 80 ) ( 132 ) Fair market value adjustments — 9 14 Balance at end of year $ 415 $ 469 $ 538 |
Annual Estimated Amortization Expense of Intangible Assets | The annual estimated amortization expense of intangible assets for each of the five succeeding fiscal years is as follows: 2024 $ 63 2025 55 2026 47 2027 41 2028 35 |
Note 8 - Time Deposits (Tables)
Note 8 - Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Time Deposit [Abstract] | |
Schedule of Maturities of Time Deposits | At December 31, 2023, the scheduled maturities of time deposits were as follows: 2024 $ 258,244 2025 29,865 2026 16,919 2027 7,389 2028 2,564 Thereafter — Total time deposits $ 314,981 |
Note 9 - Short-Term Borrowings
Note 9 - Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Borrowings | December 31, Securities sold (a) Other short - term (b) 2023 Balance $ 44,094 $ 50,000 Maximum indebtedness at any month end 69,343 136,799 Daily average indebtedness outstanding 53,154 55,708 Average rate paid for the year 1.39 % 4.55 % Average rate on period-end borrowings 4.59 4.39 2022 Balance $ 69,309 $ 92,018 Maximum indebtedness at any month end 71,847 92,018 Daily average indebtedness outstanding 68,650 17,226 Average rate paid for the year 0.50 % 3.01 % Average rate on period-end borrowings 1.82 4.51 (a) Securities sold under agreements to repurchase mature overnight. The repurchase agreements were collateralized by U.S. Government mortgage-backed securities and CMOs with an amortized cost of $ 72,012,000 and $ 92,158,000 and a fair value of $ 61,650,000 and $ 79,014,000 and at December 31, 2023 and 2022 respectively. These securities are held in safekeeping at the Federal Reserve Bank of Boston. (b) Other short-term borrowings include Federal funds purchased, overnight borrowings from the FHLB and short-term FRB borrowings. |
Note 10 - Long-Term Debt (Table
Note 10 - Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Advances at FHLB Mature | Long-term advances at the FHLB mature as follows: As of December 31, 2023 Balance Maturing Weighted-Average Rate 2024 $ — — % 2025 20,000 4.36 2026 — — 2027 — — 2028 — — Thereafter — — Total long-term debt $ 20,000 4.36 % |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows: Year ended December 31, 2023 2022 2021 Current Federal income taxes $ 2,109 $ 3,543 $ 3,629 Current state income taxes 83 180 219 Deferred Federal income taxes (benefits) 71 36 21 Deferred state income taxes (benefits) ( 15 ) ( 102 ) 92 Valuation adjustment ( 4 ) 8 — Net provision $ 2,244 $ 3,665 $ 3,961 |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2023 2022 Deferred tax assets Allowance for credit losses on loans $ 1,859 $ 2,212 Net unrealized holding losses on investment 17,692 21,565 Net unrealized holding losses on investment 367 — Fair value adjustment on equity securities — 10 Non-accrual interest income 170 52 Leasing liability 637 678 Deferred revenue — 7 Incurred but not reported medical expense 27 28 Bonus 88 128 State net operating loss carryforward 30 — Other 61 48 Total deferred tax assets 20,931 24,728 Deferred tax liabilities Deferred loan income 487 459 Depreciation 215 225 Mortgage servicing rights 87 98 Fair value remeasurements on interest rate swap 12 — Fair value adjustment on equity securities 61 — Prepaid expenses 203 232 Right of use asset 572 611 Other — 18 Total deferred tax liabilities 1,637 1,643 Valuation allowance 4 8 Net deferred tax asset $ 19,290 $ 23,077 |
Schedule of Effective Income Tax Rate Reconciliation | Year ended December 31, 2023 2022 2021 Dollar % Dollar % Dollar % Provision at statutory rate $ 2,463 21.0 % $ 4,113 21.0 % $ 4,295 21.0 % Tax-exempt interest and dividend income ( 267 ) ( 2.3 ) ( 504 ) ( 2.6 ) ( 527 ) ( 2.6 ) Bank-owned life insurance ( 67 ) ( 0.6 ) ( 75 ) ( 0.4 ) ( 104 ) ( 0.5 ) Stock-based compensation expense 26 0.2 20 0.1 19 0.1 State income tax 53 0.5 62 0.3 245 1.2 Other 40 0.3 41 0.2 33 0.2 Income tax provision 2,248 19.2 3,657 18.7 3,961 19.4 Valuation Adjustment ( 4 ) ( 0.1 ) 8 0.0 — — $ 2,244 19.1 % $ 3,665 18.7 % $ 3,961 19.4 % |
Note 12 - Employee Benefit Pl_2
Note 12 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Compensation Related Costs [Abstract] | |
Schedule of Shares Issued | Shares issued pursuant to the Plan were as follows: Year ended December 31, 2023 2022 2021 Shares 6,630 5,102 4,906 Price per share $ 23.10 $ 29.48 and $ 24.21 $ 27.36 and $ 32.29 QNB implemented the Nonqualified Deferred Compensation Plan (NDCP) during 2023 for the benefit of a select group of its management or highly compensated employees. The purpose of the NDCP is to provide a deferred compensation vehicle to which QNB may credit discretionary amounts on behalf of the participants for recruitment and reward. QNB contributed $ 108,000 to the NDCP in 2023. |
Note 13 - Stock Option Plan a_2
Note 13 - Stock Option Plan and Non-Employee Director Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Activity | Stock option activity during 2023, 2022, and 2021 was as follows: Number Weighted Weighted Aggregate Outstanding at December 31, 2020 116,550 $ 37.42 Exercised ( 19,025 ) 30.97 Forfeited ( 8,575 ) 35.27 Granted 25,000 32.50 Outstanding at December 31, 2021 113,950 37.58 Exercised — — Forfeited ( 34,150 ) 37.07 Granted 29,350 37.26 Outstanding at December 31, 2022 109,150 37.65 Exercised — — Forfeited ( 22,600 ) 43.15 Granted 35,000 29.51 Outstanding at December 31, 2023 121,550 $ 34.29 3.83 $ — Exercisable at December 31, 2023 41,375 $ 37.37 0.60 $ — |
Outstanding Stock Options | As of December 31, 2023, outstanding stock options consist of the following: Options Exercise Remaining life Options Exercise 35,000 $ 29.51 9.13 — $ — 19,825 32.50 2.13 — — 19,650 36.50 1.13 19,650 36.50 25,350 37.26 3.13 — — 21,725 38.15 0.13 21,725 38.15 Outstanding at December 31, 2023 121,550 $ 34.29 3.83 41,375 $ 37.37 |
Intrinsic Value Related to Stock Options Exercised | The intrinsic value related to total stock options exercised during 2023, 2022, and 2021 are as follows: 2023 2022 2021 Intrinsic value of stock options exercised $ — $ — $ 31 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Activity and Amounts Due from Directors, Principal Officers, and Their Related Interests | These transactions did not involve more than normal risk of collectability or present any other unfavorable features. Balance, December 31, 2022 $ 1,762 New loans 1,941 Repayments ( 312 ) Balance, December 31, 2023 $ 3,391 |
Schedule of Additional Information Regarding Transactions with Related Parties | The following table provides additional information regarding transactions with related parties. December 31, 2023 2022 Commitments to extend credit $ 1,617 $ 3,287 Letters of credit 1,696 1,696 Deposits received 6,602 6,101 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instrument Commitments | A summary of the Bank's financial instrument commitments is as follows: December 31, 2023 2022 Commitments to extend credit and unused lines of credit $ 378,954 $ 339,312 Standby letters of credit 18,820 19,512 Total financial instrument commitments $ 397,774 $ 358,824 |
Summary of Maturities Analysis of Operating Lease Liabilities and Reconciliation of Undiscounted Cash Flows to Total Operating Lease Liability | A maturity analysis of the operating lease liabilities and reconciliation of the undiscounted cash flows to the total operating lease liability is as follows: Operating Leases 2024 $ 554 2025 534 2026 382 2027 335 2028 274 Thereafter 2,180 Total undiscounted cashflows 4,259 Total discount on cashflows ( 1,227 ) Total lease liabilities $ 3,032 |
Note 16 - Accumulated Other C_2
Note 16 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Comprehensive Income (Loss), Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following shows the components of accumulated other comprehensive income (loss) during the periods ended December 31, 2023, 2022 and 2021: December 31, 2023 2022 2021 Unrealized net holding loss on available-for-sale securities $ ( 84,247 ) $ ( 102,692 ) $ ( 4,734 ) Unrealized loss on available-for-sale securities for which a portion of an other-than-temporary impairment loss has been recognized in earnings — — — Unrealized net holding loss on interest rate swaps ( 1,749 ) — — Accumulated other comprehensive loss ( 85,996 ) ( 102,692 ) ( 4,734 ) Tax effect* 18,059 21,565 994 Accumulated other comprehensive (loss) income, net of tax $ ( 67,937 ) $ ( 81,127 ) $ ( 3,740 ) * At tax rates of 21 % |
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) | The following table presents amounts reclassified out of accumulated other comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021: Amount reclassified from accumulated other Details about accumulated other comprehensive (loss) income 2023 2022 2021 Affected line item in statement of income Realized net holding (loss) gain on available-for-sale securities $ ( 2,058 ) $ ( 139 ) $ 18 Net (loss) gain on sales of investment securities Impairment loss on investment securities — — — Net impairment loss on investment securities Fair value remeasurements on fair value hedges 57 — — Interest and dividends on investment securities (AFS & Equity) ( 2,001 ) ( 139 ) 18 Tax effect* 420 29 ( 4 ) Provision for income taxes Total reclassification out of accumulated other $ ( 1,581 ) $ ( 110 ) $ 14 Net of tax * At rate of 21 % |
Note 17 - Fair Value Measurem_2
Note 17 - Fair Value Measurements and Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Measured at Fair Value on a Recurring and Nonrecurring Basis | For financial assets measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used were as follows: December 31, 2023 Quoted prices Significant Significant Balance at end Recurring fair value measurements Securities available-for-sale U.S. Treasuries $ — $ 6,451 $ — $ 6,451 U.S. Government agency securities — 74,122 — 74,122 State and municipal securities — 89,189 — 89,189 U.S. Government agencies and sponsored Mortgage-backed securities — 224,238 — 224,238 Collateralized mortgage obligations (CMOs) — 89,973 — 89,973 Corporate debt securities and money market funds — 6,157 52 6,209 Total securities available-for-sale — 490,130 52 490,182 Equity securities 5,910 — — 5,910 Total recurring fair value measurements $ 5,910 $ 490,130 $ 52 $ 496,092 Nonrecurring fair value measurements * Impaired loans $ — $ — $ 164 $ 164 Mortgage servicing rights — — 7 7 Total nonrecurring fair value measurements $ — $ — $ 171 $ 171 * impairment December 31, 2022 Quoted prices Significant Significant Balance at end Recurring fair value measurements Securities available-for-sale U.S. Treasuries $ — $ 301 $ — $ 301 U.S. Government agency securities — 86,709 — 86,709 State and municipal securities — 95,367 — 95,367 U.S. Government agencies and sponsored Mortgage-backed securities — 256,161 — 256,161 Collateralized mortgage obligations (CMOs) — 101,672 — 101,672 Corporate debt securities — 6,262 53 6,315 Total securities available-for-sale — 546,472 53 546,525 Equity securities 12,056 — — 12,056 Total recurring fair value measurements $ 12,056 $ 546,472 $ 53 $ 558,581 Nonrecurring fair value measurements * Impaired loans $ — $ — $ 3,928 $ 3,928 Mortgage servicing rights — — 1 1 Total nonrecurring fair value measurements $ — $ — $ 3,929 $ 3,929 * impairment |
Quantitative Information about Assets Measured at Fair Value | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which QNB has utilized Level 3 inputs to determine fair value: Quantitative information about Level 3 fair value measurements December 31, 2023 Fair value Valuation Unobservable Value or range Impaired loans $ 164 Appraisal of collateral (1) Appraisal adjustments (2) - 20 % to - 100 % Liquidation expenses (3) - 10 % Impaired loans — Financial statement values for UCC collateral Financial statement value discounts (4) - 100 % Mortgage servicing rights 7 Discounted cash flow Remaining term 2 to 30 yrs Prepayment Speeds 104 % to 214 % Discount rate 12.0 % to 12.5 % Quantitative information about Level 3 fair value measurements December 31, 2022 Fair value Valuation Unobservable Value or range Impaired loans $ 3,634 Appraisal of collateral (1) Appraisal adjustments (2) - 15 % to - 100 % Liquidation expenses (3) - 10 % Impaired loans 294 Financial statement values for UCC collateral Financial statement value discounts (4) - 30 to - 100 % Mortgage servicing rights 1 Discounted cash flow Remaining term 2 to 28 yrs Prepayment Speeds 113 % to 235 % Discount rate 12.0 % to 12.5 % (1) Fair value is primarily determined through appraisals of the underlying collateral by independent parties, which generally includes various level 3 inputs which are not always identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and the age of the appraisal. The range is presented as a percent of the initial appraised value. (3) Appraisals and pending agreements of sale are adjusted by management for estimated liquidation expenses. The range is presented as a percent of the initial appraised value. (4) Values obtained from financial statements for UCC collateral (fixed assets and inventory) are discounted to estimated realizable liquidation value. |
Available-for-sale Securities Measured at Fair Value Using Significant Unobservable Inputs | The following table presents additional information about the securities available-for-sale measured at fair value on a recurring basis and for which QNB utilized significant unobservable inputs (Level 3 inputs) to determine fair value for the year ended December 31: Fair value measurements using Securities available-for-sale 2023 2022 Balance, beginning of year $ 53 $ 75 Payments received ( 1 ) ( 22 ) Sale of securities — — Total gains or losses (realized/unrealized) Included in earnings — — Included in other comprehensive — — Transfers in and/or out of Level 3 — — Balance, end of year $ 52 $ 53 |
Financial and Off-balance Sheet Instruments | The estimated fair values and carrying amounts of QNB’s financial and off-balance sheet instruments are summarized as follows: Fair value measurements December 31, 2023 Carrying Fair value Quoted Significant Significant Financial assets Cash and cash equivalents $ 62,657 $ 62,657 $ 62,657 $ — $ — Investment securities: Available-for-sale (1) 490,182 490,182 — 490,130 52 Equity 5,910 5,910 5,910 — — Restricted investment in bank stocks 2,730 2,730 — 2,730 — Loand held for sale 549 560 Net loans 1,084,681 1,077,544 — — 1,077,544 Mortgage servicing rights 415 585 — — 585 Accrued interest receivable 6,101 6,101 — 6,101 — Financial liabilities Deposits with no stated maturities $ 1,173,732 $ 1,173,732 $ 1,173,732 $ — $ — Deposits with stated maturities 314,981 311,735 — 311,735 — Short-term borrowings 94,094 94,094 94,094 — — Long-term debt 20,000 19,906 19,906 — — Accrued interest payable 5,294 5,294 — 5,294 — Off-balance sheet instruments Commitments to extend credit $ — $ — $ — $ — $ — Standby letters of credit — 79 — 79 — (1) Includes derivatives designated as fair value hedging instruments. Fair value measurements December 31, 2022 Carrying Fair value Quoted Significant Significant Financial assets Cash and cash equivalents $ 15,899 $ 15,899 $ 15,899 $ — $ — Investment securities: Available-for-sale 546,525 546,525 — 546,472 53 Equity 12,056 12,056 12,056 — — Restricted investment in bank stocks 5,193 5,193 — 5,193 — Net loans 1,028,854 1,001,103 — — 1,001,103 Mortgage servicing rights 469 638 — — 638 Accrued interest receivable 5,038 5,038 — 5,038 — Financial liabilities Deposits with no stated maturities $ 1,242,920 $ 1,242,920 $ 1,242,920 $ — $ — Deposits with stated maturities 175,449 168,554 — 168,554 — Short-term borrowings 161,327 161,327 161,327 — — Long-term debt 10,000 10,000 10,000 — — Accrued interest payable 467 467 — 467 — Off-balance sheet instruments Commitments to extend credit $ — $ — $ — $ — $ — Standby letters of credit — 69 — 69 — |
Note 18 - Derivatives and Hed_2
Note 18 - Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Derivative Instruments | The following table presents the notional amounts of derivatives designated as fair value hedging instruments at December 31, 2023. QNB pledges cash or securities to cover the negative fair value of derivatives instruments. Cash collateral associated with the derivative instruments are not added to or netted against the fair value amounts. QNB did not have any derivatives designated as fair value hedging instruments at December 31, 2022. At December 31, 2023 Interest Rate Swaps-Fair Value Hedges Balance Sheet Classification Notional Amount Amortized Cost of Hedged Portfolio Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount of Hedged Asset Investment Securities Available-for-sale: State and municipal securities $ 75,000 $ 97,373 $ ( 445 ) U.S. Government agencies and GSE mortgage backed securities 225,000 343,453 ( 1,304 ) Total $ 300,000 $ 440,826 $ ( 1,749 ) |
Schedule of Derivative Designated as Fair Value Hedging Instruments of Statements on Income | The following table presents amounts of included in the Consolidated Statements on Income for derivatives designated as fair value hedging instruments for the year ended December 31, 2023. For the year ended December 31, Income Sheet Classification 2023 Interest and dividends on available-for-sale and equity securities: State and municipal securities Recognized on fair value hedge $ 2,180 Recognized on hedge portfolio ( 1,470 ) Recognized on remeasurement of fair value hedge 16 U.S. Government agencies and GSE mortgage backed securities Recognized on fair value hedge 6,517 Recognized on hedge portfolio ( 4,483 ) Recognized on remeasurement of fair value hedge 41 Total $ 2,801 |
Schedule of Derivative Designated as Fair Value Hedging Instruments of Accumulated Other Comprehensive (Loss) Income | The following table presents amounts included in accumulated other comprehensive (loss) income for derivatives designated as fair value hedging instruments at December 31, 2023. Balance Sheet Classification At December 31, 2023 Accumulated other comprehensive loss, net of tax $ ( 1,382 ) Total $ ( 1,382 ) |
Note 19 - Parent Company Fina_2
Note 19 - Parent Company Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Balance Sheets December 31, 2023 2022 Assets Cash and cash equivalents $ 565 $ 353 Investment securities: Available-for-sale (amortized cost $ 6,448 and $ 299 ) 6,451 301 Equity securities (cost of $ 5,695 and $ 12,091 ) 5,910 12,056 Investment in subsidiary 77,173 58,140 Other assets 752 146 Total assets $ 90,851 $ 70,996 Liabilities Other liabilities $ 27 $ 38 Shareholders' equity 90,824 70,958 Total liabilities and shareholders' equity $ 90,851 $ 70,996 |
Condensed Income Statement | Statements of Income Year ended December 31, 2023 2022 2021 Dividends from subsidiary $ 4,407 $ 4,329 $ 5,733 Interest, dividend and other income 517 358 386 Securities (losses) gains ( 19 ) 405 1,788 Net unrealized gain (loss) on investment equity securities 250 ( 1,026 ) 926 Total income 5,155 4,066 8,833 Expenses 661 496 491 Income before applicable income taxes and equity in 4,494 3,570 8,342 Provision for income tax (benefit) expense ( 1 ) ( 235 ) 724 Income before equity in undistributed income of subsidiary 4,495 3,805 7,618 Equity in undistributed income of subsidiary 4,988 12,116 8,874 Net income $ 9,483 $ 15,921 $ 16,492 |
Condensed Comprehensive Income | Statements of Comprehensive Income (in thousands) Year ended December 31, 2023 2022 2021 Before Tax Net of Before Tax Net of Before Tax Net of Net income $ 11,727 $ 2,244 $ 9,483 $ 19,586 $ 3,665 $ 15,921 $ 20,453 $ 3,961 $ 16,492 Other comprehensive income/(loss): Net unrealized holding gain/(loss) on available-for-sale securities: Unrealized holding gain/(loss) arising during the period 16,388 3,441 12,947 ( 98,097 ) ( 20,600 ) ( 77,497 ) ( 11,867 ) ( 2,492 ) ( 9,375 ) Reclassification adjustment for loss/(gain) included in net income 2,058 432 1,626 139 29 110 ( 18 ) ( 4 ) ( 14 ) Net unrealized holding loss on fair value hedge: Unrealized holding loss arising during the period ( 1,693 ) ( 355 ) ( 1,338 ) — — — — — — Reclassification adjustment for fair value remeasurements included in net income ( 57 ) ( 12 ) ( 45 ) — — — — — — Other comprehensive income/(loss): 16,696 3,506 13,190 ( 97,958 ) ( 20,571 ) ( 77,387 ) ( 11,885 ) ( 2,496 ) ( 9,389 ) Total comprehensive income (loss) $ 28,423 $ 5,750 $ 22,673 $ ( 78,372 ) $ ( 16,906 ) $ ( 61,466 ) $ 8,568 $ 1,465 $ 7,103 |
Condensed Cash Flow Statement | Statements of Cash Flows Year ended December 31, 2023 2022 2021 Operating Activities Net income $ 9,483 $ 15,921 $ 16,492 Adjustments to reconcile net income to net cash provided Equity in undistributed income from subsidiary ( 4,988 ) ( 12,116 ) ( 8,874 ) Net securities losses (gains) 19 ( 405 ) ( 1,788 ) Net unrealized (gain) loss on investment equity securities ( 250 ) 1,026 ( 926 ) Stock-based compensation expense 185 85 102 Accretion of discounts on investment securities ( 174 ) ( 6 ) — (Decrease) increase in other liabilities ( 36 ) ( 266 ) 222 (Increase) decrease in other assets ( 122 ) ( 121 ) 2 Deferred income tax (benefit) provision 42 ( 285 ) 265 Net cash provided by operating activities 4,159 3,833 5,495 Investing activities Purchase of investment equity securities ( 2,179 ) ( 1,860 ) ( 4,615 ) Purchase of investment securities available-for-sale ( 14,275 ) ( 1,193 ) — Proceeds from sale of investment equity securities 8,556 1,594 7,768 Proceeds from maturities of investment securities available-for-sale 7,800 900 — Capital contribution to Bank — — ( 2,500 ) Net cash (used) provided by investing activities ( 98 ) ( 559 ) 653 Financing activities Cash dividend paid ( 4,671 ) ( 4,498 ) ( 4,375 ) Treasury stock purchase — ( 75 ) ( 1,356 ) Proceeds from issuance of common stock 822 418 575 Net cash used by financing activities ( 3,849 ) ( 4,155 ) ( 5,156 ) Increase (decrease) in cash and cash equivalents 212 ( 881 ) 992 Cash and cash equivalents at beginning of year 353 1,234 242 Cash and cash equivalents at end of year $ 565 $ 353 $ 1,234 |
Note 20 - Regulatory Restrict_2
Note 20 - Regulatory Restrictions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulated Operations [Abstract] | |
Capital Ratios and Regulatory Minimum Requirements | The Company and the Bank’s actual capital amounts and ratios are presented as follows: Capital levels Actual Adequately capitalized Well capitalized As of December 31, 2023 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted Consolidated $ 167,711 13.09 % 102,513 8.00 % 128,142 10.00 % Bank 154,062 12.20 101,032 8.00 126,290 10.00 Tier I capital (to risk-weighted assets): Consolidated 158,753 12.39 76,885 6.00 76,885 6.00 Bank 145,104 11.49 75,774 6.00 101,032 8.00 Common equity tier 1 capital (to risk- Consolidated 158,753 12.39 57,664 4.50 N/A N/A Bank 145,104 11.49 56,830 4.50 82,088 6.50 Tier I capital (to average assets): Consolidated 158,753 8.92 71,185 4.00 N/A N/A Bank 145,104 8.18 70,961 4.00 88,701 5.00 Capital levels Actual Adequately capitalized Well capitalized As of December 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted Consolidated $ 162,725 13.19 % 98,701 8.00 % 123,376 10.00 % Bank 149,908 12.52 95,796 8.00 119,746 10.00 Tier I capital (to risk-weighted assets): Consolidated 152,077 12.33 74,025 6.00 74,025 6.00 Bank 139,260 11.63 71,847 6.00 95,796 8.00 Common equity tier 1 capital (to risk- Consolidated 152,077 12.33 55,519 4.50 N/A N/A Bank 139,260 11.63 53,886 4.50 77,835 6.50 Tier I capital (to average assets): Consolidated 152,077 8.75 69,507 4.00 N/A N/A Bank 139,260 8.07 69,009 4.00 86,261 5.00 |
Note 21 - Consolidated Quarte_2
Note 21 - Consolidated Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Results of Operations | The unaudited quarterly results of operations for the years ended 2023 and 2022 are in the following table: Quarters Ended 2023 Quarters Ended 2022 March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 Interest income $ 15,463 $ 15,865 $ 18,497 $ 19,257 $ 11,809 $ 12,327 $ 13,546 $ 14,739 Interest expense 5,046 6,532 8,284 9,065 1,073 1,224 2,167 3,460 Net interest income 10,417 9,333 10,213 10,192 10,736 11,103 11,379 11,279 (Reversal of) provision for credit losses (1,805 ) 209 459 293 — — — (850 ) Non-interest income 1,219 1,580 1,755 283 1,611 639 484 2,997 Non-interest expense 8,200 8,492 8,671 8,746 7,813 7,746 7,814 8,119 Income before income taxes 5,241 2,212 2,838 1,436 4,534 3,996 4,049 7,007 Provision for income taxes 1,123 325 494 302 824 647 634 1,560 Net Income $ 4,118 $ 1,887 $ 2,344 $ 1,134 $ 3,710 $ 3,349 $ 3,415 $ 5,447 Earnings Per Share - basic * $ 1.15 $ 0.52 $ 0.65 $ 0.31 $ 1.04 $ 0.94 $ 0.96 $ 1.52 Earnings Per Share - diluted * $ 1.15 $ 0.52 $ 0.65 $ 0.31 $ 1.04 $ 0.94 $ 0.96 $ 1.52 * Due to rounding, quarterly earnings per share may not sum to annual earnings per share |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||||
Jan. 01, 2023 USD ($) | Dec. 31, 2023 USD ($) Contract Lease $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Sep. 28, 2023 | |
Summary of Significant Accounting Policies [Line Items] | |||||
Restricted investment in stocks | $ 2,730,000 | $ 5,193,000 | |||
Conversion factor per share | 1.5875 | ||||
Impairment charge of restricted investment | $ 0 | ||||
Financing receivable, modifications, subsequent default, number of contracts | Contract | 0 | ||||
Lease option to extend description | QNB typically enters into lease agreements with an initial term of 5 to 10 years and subsequent additional optional terms in increments of 5 years. | ||||
Lease option to terminate description | The lease agreements also contain termination options. None of the leases contain purchase options and none transfer the ownership of the leased asset. | ||||
Number of operating lease renewed | Lease | 1 | ||||
Lease agreement subsequent additional optional term in increments | 5 years | ||||
Lease agreement option to extend on increments | true | ||||
Lease option to terminate | true | ||||
Other Postretirement Benefit Expense | $ 56,000 | 118,000 | $ 87,000 | ||
Allocated Share-based Compensation Expense | 90,000 | 70,000 | 71,000 | ||
Employee service Share-based compensation, tax benefit from nonqualified compensation expense and disqualifying dispositions | $ 3,000 | $ 2,000 | $ 4,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $ / shares | $ 4.11 | $ 5.20 | $ 3.08 | ||
Unrecognized Tax Benefits | $ 0 | ||||
Interest accrued | 0 | ||||
Penalties expense | $ 0 | ||||
Tax years subject to examination by tax authorities | 2020 | ||||
Valuation allowance | $ 4,000 | $ 8,000 | |||
Retained earnings | $ 129,808,000 | $ 133,945,000 | 128,951,000 | ||
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | |||
Minimum [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Lease agreements initial terms | 5 years | ||||
Lease agreement subsequent additional optional term in increments | 5 years | ||||
Maximum [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Lease agreements initial terms | 10 years | ||||
Lease agreement subsequent additional optional term in increments | 10 years | ||||
Other Assets [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 0 | $ 0 | |||
Investment in Federal Home Loan Bank Stock [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Restricted investment in stocks | 1,718,000 | ||||
Investment in Atlantic Community Bankers Bank Stock [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Restricted investment in stocks | 12,000 | ||||
VISA Class B Stock [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Restricted investment in stocks | $ 0 | ||||
Number of shares owned | shares | 6,502 | ||||
Investment In SHCPFIC Preferred Stock [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Restricted investment in stocks | $ 1,000,000 | ||||
Number of shares owned | shares | 100 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Summary of Significant Accounting Policies [Line Items] | |||||
Retained earnings | $ 857,000 |
Note 1 - Schedule of Estimated
Note 1 - Schedule of Estimated Useful Lives of Assets (Details) | Dec. 31, 2023 |
Minimum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Minimum [Member] | Furniture and Equipment Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Maximum [Member] | Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 39 years |
Maximum [Member] | Furniture and Equipment Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 15 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 30 years |
Note 1 - Assumptions Used in Op
Note 1 - Assumptions Used in Option Pricing Model (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Risk free interest rate | 3.64% | 1.25% | 0.20% |
Dividend yield | 4.80% | 3.64% | 4.17% |
Volatility | 20.36% | 22.68% | 21.14% |
Expected life (years) | 8 years 4 months 6 days | 4 years 18 days | 4 years 10 days |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Impact of Adoption (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Accounting Standards Update [Extensible Enumeration] | us-gaap:AccountingStandardsUpdate201613Member | us-gaap:AccountingStandardsUpdate201613Member | ||
Loans | $ 1,093,771 | $ 1,039,637 | ||
Allowance for credit losses on loans (ACL) | $ (9,442) | |||
Deferred tax assets | 4,540 | 20,931 | 24,728 | |
Liabilities: | ||||
Allowance for credit losses on unused commitments | 122 | |||
Equity: | ||||
Retained earnings | 129,808 | 133,945 | 128,951 | |
State and Political Subdivisions [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 18,708 | |||
Commercial Portfolio Segment [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 919,415 | |||
Commercial Portfolio Segment [Member] | Construction-individual [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 0 | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 137,086 | $ 160,875 | $ 160,875 | |
Allowance for credit losses on loans (ACL) | (1,246) | |||
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 116,173 | |||
Allowance for credit losses on loans (ACL) | (745) | |||
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-family Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 109,193 | |||
Allowance for credit losses on loans (ACL) | (1,679) | |||
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 160,695 | |||
Allowance for credit losses on loans (ACL) | (1,175) | |||
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 265,101 | |||
Allowance for credit losses on loans (ACL) | (1,330) | |||
Commercial Portfolio Segment [Member] | Revolving Real Estate Secured By 1-4 Family Properties-Business [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 5,442 | |||
Allowance for credit losses on loans (ACL) | (32) | |||
Commercial Portfolio Segment [Member] | Real Estate Secured By 1st Lien on 1-4 Family Properties-Business [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 103,572 | |||
Allowance for credit losses on loans (ACL) | (1,700) | |||
Commercial Portfolio Segment [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Business [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 3,445 | |||
Allowance for credit losses on loans (ACL) | (16) | |||
Commercial Portfolio Segment [Member] | State and Political Subdivisions [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 18,708 | |||
Allowance for credit losses on loans (ACL) | (74) | |||
Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 108,906 | |||
Allowance for credit losses on loans (ACL) | (486) | |||
Retail Portfolio Segment [Member] | Construction-individual [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 0 | |||
Allowance for credit losses on loans (ACL) | (1) | |||
Retail Portfolio Segment [Member] | Revolving Home Equity Secured By 1-4 Family Properties-Personal [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 34,231 | |||
Allowance for credit losses on loans (ACL) | (292) | |||
Retail Portfolio Segment [Member] | Real Estate Secured By First Lein on 1-4 Family Properties-Personal [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 11,981 | |||
Allowance for credit losses on loans (ACL) | (72) | |||
Retail Portfolio Segment [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Personal [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 15,625 | |||
Allowance for credit losses on loans (ACL) | (84) | |||
Retail Portfolio Segment [Member] | Student Loans [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 1,662 | |||
Allowance for credit losses on loans (ACL) | (466) | |||
Retail Portfolio Segment [Member] | Overdrafts [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 194 | |||
Allowance for credit losses on loans (ACL) | (11) | |||
Retail Portfolio Segment [Member] | Other Consumer [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | $ 1,757 | |||
Allowance for credit losses on loans (ACL) | (33) | |||
Unallocated Financing Receivables [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 0 | |||
Commercial Loans [Member] | Revolving Real Estate Secured by One to Four Family Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 5,255 | |||
Retail Loans [Member] | 1-4 Family Residential Mortgages [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 105,524 | |||
Retail Loans [Member] | Construction-individual [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 130 | |||
Retail Loans [Member] | Revolving Home Equity Secured by 1-4 Family Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 36,732 | |||
Pre-ASC 326 Adoption [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (10,531) | |||
Deferred tax assets | 4,767 | |||
Liabilities: | ||||
Allowance for credit losses on unused commitments | 117 | |||
Equity: | ||||
Retained earnings | 128,951 | |||
Pre-ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (1,316) | |||
Pre-ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (755) | |||
Pre-ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-family Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (995) | |||
Pre-ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (1,549) | |||
Pre-ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (2,458) | |||
Pre-ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Revolving Real Estate Secured By 1-4 Family Properties-Business [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (25) | |||
Pre-ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Real Estate Secured By 1st Lien on 1-4 Family Properties-Business [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (1,210) | |||
Pre-ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Business [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (30) | |||
Pre-ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | State and Political Subdivisions [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (94) | |||
Pre-ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 105,654 | |||
Allowance for credit losses on loans (ACL) | (682) | |||
Pre-ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Construction-individual [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (1) | |||
Pre-ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Revolving Home Equity Secured By 1-4 Family Properties-Personal [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (299) | |||
Pre-ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Real Estate Secured By First Lein on 1-4 Family Properties-Personal [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (57) | |||
Pre-ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Personal [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (55) | |||
Pre-ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Student Loans [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (454) | |||
Pre-ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Overdrafts [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (8) | |||
Pre-ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Other Consumer [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (41) | |||
Pre-ASC 326 Adoption [Member] | Unallocated Financing Receivables [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (502) | |||
Pre-ASC 326 Adoption [Member] | Retail Loans [Member] | Revolving Home Equity Secured by 1-4 Family Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 41,987 | |||
Impact of ASC 326 Adoption [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 1,089 | |||
Deferred tax assets | (227) | |||
Liabilities: | ||||
Allowance for credit losses on unused commitments | 5 | |||
Equity: | ||||
Retained earnings | 857 | |||
Impact of ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 70 | |||
Impact of ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 10 | |||
Impact of ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-family Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (684) | |||
Impact of ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 374 | |||
Impact of ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 1,128 | |||
Impact of ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Revolving Real Estate Secured By 1-4 Family Properties-Business [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (7) | |||
Impact of ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Real Estate Secured By 1st Lien on 1-4 Family Properties-Business [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (490) | |||
Impact of ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Business [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 14 | |||
Impact of ASC 326 Adoption [Member] | Commercial Portfolio Segment [Member] | State and Political Subdivisions [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 20 | |||
Impact of ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 196 | |||
Impact of ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Construction-individual [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 0 | |||
Impact of ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Revolving Home Equity Secured By 1-4 Family Properties-Personal [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 7 | |||
Impact of ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Real Estate Secured By First Lein on 1-4 Family Properties-Personal [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (15) | |||
Impact of ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Personal [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (29) | |||
Impact of ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Student Loans [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (12) | |||
Impact of ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Overdrafts [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | (3) | |||
Impact of ASC 326 Adoption [Member] | Retail Portfolio Segment [Member] | Other Consumer [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 8 | |||
Impact of ASC 326 Adoption [Member] | Unallocated Financing Receivables [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses on loans (ACL) | 502 | |||
Impact of ASC 326 Adoption [Member] | Commercial Loans [Member] | Revolving Real Estate Secured by One to Four Family Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 5,255 | |||
Impact of ASC 326 Adoption [Member] | Retail Loans [Member] | 1-4 Family Residential Mortgages [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | (130) | |||
Impact of ASC 326 Adoption [Member] | Retail Loans [Member] | Construction-individual [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | 130 | |||
Impact of ASC 326 Adoption [Member] | Retail Loans [Member] | Revolving Home Equity Secured by 1-4 Family Properties [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Loans | $ (5,255) |
Note 2 - Computation of Basic a
Note 2 - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||
Numerator for basic and diluted earnings per share - net income | $ 1,134 | $ 2,344 | $ 1,887 | $ 4,118 | $ 5,447 | $ 3,415 | $ 3,349 | $ 3,710 | $ 9,483 | $ 15,921 | $ 16,492 | ||||||||
Denominator for basic earnings per share - weighted average shares outstanding | 3,610,713 | 3,564,481 | 3,553,949 | ||||||||||||||||
Effect of dilutive securities - employee stock options | 189 | ||||||||||||||||||
Denominator for diluted earnings per share - adjusted weighted average shares outstanding | 3,610,713 | 3,564,481 | 3,554,138 | ||||||||||||||||
Earnings per share - basic | $ 0.31 | [1] | $ 0.65 | [1] | $ 0.52 | [1] | $ 1.15 | [1] | $ 1.52 | [1] | $ 0.96 | [1] | $ 0.94 | [1] | $ 1.04 | [1] | $ 2.63 | $ 4.47 | $ 4.64 |
Earnings per share - diluted | $ 0.31 | [1] | $ 0.65 | [1] | $ 0.52 | [1] | $ 1.15 | [1] | $ 1.52 | [1] | $ 0.96 | [1] | $ 0.94 | [1] | $ 1.04 | [1] | $ 2.63 | $ 4.47 | $ 4.64 |
[1] Due to rounding, quarterly earnings per share may not sum to annual earnings per share |
Note 2 - Earnings Per Share a_3
Note 2 - Earnings Per Share and Share Repurchase Plan (Details Textual) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 27, 2021 | Feb. 09, 2009 | Jan. 21, 2008 | |
Earnings Per Share and Share Repurchase Plan [Line Items] | ||||||
Treasury stock, shares | 208,686 | 208,686 | ||||
Treasury stock, value | $ 75,000 | $ 1,356,000 | ||||
Board of Directors [Member] | ||||||
Earnings Per Share and Share Repurchase Plan [Line Items] | ||||||
Stock repurchase plan approved date | Jan. 21, 2008 | |||||
Share Repurchase Program 1 [Member] | ||||||
Earnings Per Share and Share Repurchase Plan [Line Items] | ||||||
Treasury stock, shares, acquired | 0 | 2,000 | 38,017 | |||
Treasury stock, shares | 102,000 | |||||
Treasury stock shares average price per share acquired | $ 24.93 | |||||
Treasury stock, value | $ 2,543,000 | |||||
Share Repurchase Program 1 [Member] | Maximum [Member] | ||||||
Earnings Per Share and Share Repurchase Plan [Line Items] | ||||||
Stock repurchase program, number of shares authorized to be repurchased | 200,000 | 100,000 | 50,000 | |||
Employee Stock Option [Member] | ||||||
Earnings Per Share and Share Repurchase Plan [Line Items] | ||||||
Antidilutive securities excluded from computation of earnings per share, amount | 121,550 | 109,150 | 89,950 |
Note 3 - Cash and Cash Equiva_2
Note 3 - Cash and Cash Equivalents (Details Textual) | Dec. 31, 2023 USD ($) |
Cash and Cash Equivalents [Abstract] | |
Collateral against fair value swaps | $ 1,850,000 |
Note 4 - Debt Securities Availa
Note 4 - Debt Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | $ 490,182 | $ 546,525 |
Investment securities available-for-sale, debt securities gross unrealized holding gains | 5 | 2 |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (84,252) | (102,694) |
Investment securities available-for-sale, debt securities gross unrealized fair value hedge gains | (1,749) | |
Investment securities available-for-sale, debt securities amortized cost | 576,178 | 649,217 |
US Treasury Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 6,451 | 301 |
Investment securities available-for-sale, debt securities gross unrealized holding gains | 3 | 2 |
Investment securities available-for-sale, debt securities amortized cost | 6,448 | 299 |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 74,122 | 86,709 |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (10,828) | (15,233) |
Investment securities available-for-sale, debt securities amortized cost | 84,950 | 101,942 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 89,189 | 95,367 |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (18,714) | (23,494) |
Investment securities available-for-sale, debt securities gross unrealized fair value hedge gains | (445) | |
Investment securities available-for-sale, debt securities amortized cost | 108,348 | 118,861 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 224,238 | 256,161 |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (37,831) | (45,303) |
Investment securities available-for-sale, debt securities gross unrealized fair value hedge gains | (1,304) | |
Investment securities available-for-sale, debt securities amortized cost | 263,373 | 301,464 |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 89,973 | 101,672 |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (16,383) | (18,338) |
Investment securities available-for-sale, debt securities amortized cost | 106,356 | 120,010 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 6,315 | |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (326) | |
Investment securities available-for-sale, debt securities amortized cost | $ 6,641 | |
Corporate Debt Securities and Money Market Funds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 6,209 | |
Investment securities available-for-sale, debt securities gross unrealized holding gains | 2 | |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (496) | |
Investment securities available-for-sale, debt securities amortized cost | $ 6,703 |
Note 4 - Investment Securitie_2
Note 4 - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Fair value | $ 8,814 | |
Due after one year through five years, Fair value | 159,745 | |
Due after five years through ten years, Fair value | 247,158 | |
Due after ten years, Fair value | 74,465 | |
Total investment securities available-for-sale, Fair value | 490,182 | $ 546,525 |
Due in one year or less, Amortized cost | 8,895 | |
Due after one year through five years, Amortized cost | 179,738 | |
Due after five years through ten years, Amortized cost | 296,154 | |
Due after ten years, Amortized cost | 91,391 | |
Investment securities available-for-sale, debt securities amortized cost | $ 576,178 | $ 649,217 |
Note 4 - Investment Securitie_3
Note 4 - Investment Securities (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Investment Securities [Line Items] | |||
Proceeds from sale of investment securities | $ 33,213,000 | $ 7,551,000 | $ 282,000 |
Other than temporary impairment charges recognized for debt securities | 0 | 0 | 0 |
Other than temporary impairment, credit losses recognized in earnings | 0 | 0 | 0 |
Available-for-sale securities pledged as collateral | $ 289,935,000 | $ 237,645,000 | |
Debt Securities, Available-for-Sale, Restriction Type [Extensible Enumeration] | us-gaap:AssetPledgedAsCollateralMember | us-gaap:AssetPledgedAsCollateralMember | |
Investment equity securities | $ 5,910,000 | $ 12,056,000 | |
Unrealized (gains) losses, net of tax | (12,947,000) | 77,497,000 | 9,375,000 |
Proceeds from sale of investment equity securities | 8,556,000 | 1,594,000 | 7,768,000 |
Debt Securities [Member] | |||
Investment Securities [Line Items] | |||
Income tax expense (benefit) related to net realized gains (losses) on sales of securities | $ (432,000) | (29,000) | 4,000 |
PreTSL IV [Member] | |||
Investment Securities [Line Items] | |||
Number of trust preferred securities | Security | 1 | ||
Equity Securities [Member] | |||
Investment Securities [Line Items] | |||
Income tax expense (benefit) related to net realized gains (losses) on sales of securities | $ 67,000 | $ (179,000) | $ 784,000 |
Note 4 - Realized Gain (Loss) o
Note 4 - Realized Gain (Loss) on Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 0 | $ 8,000 | $ 18,000 |
Gross realized losses | (2,058,000) | (147,000) | 0 |
Other-than-temporary impairment | 0 | 0 | 0 |
Total net gains (losses) on available-for-sale securities | $ (2,058,000) | $ (139,000) | $ 18,000 |
Note 4 - Credit-related Impairm
Note 4 - Credit-related Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Balance, beginning of year | $ 1 | $ 1 | $ 1 |
Reductions: sale, collateralized debt obligation | 0 | 0 | 0 |
Initial credit impairments | 0 | 0 | 0 |
Subsequent credit impairments | 0 | 0 | 0 |
Balance, end of year | $ 1 | $ 1 | $ 1 |
Note 4 - Debt Securities in a C
Note 4 - Debt Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2023 USD ($) Security | Dec. 31, 2022 USD ($) Security |
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | Security | 526 | 592 |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 875 | $ 154,673 |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | 0 | (19,245) |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 484,934 | 391,551 |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (84,252) | (83,449) |
Debt Securities in an unrealized loss position, fair value | 485,809 | 546,224 |
Debt Securities in an unrealized loss position, unrealized losses | $ (84,252) | $ (102,694) |
US Treasury Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | Security | 1 | |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 494 | |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | 0 | |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 0 | |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | 0 | |
Debt Securities in an unrealized loss position, fair value | 494 | |
Debt Securities in an unrealized loss position, unrealized losses | $ 0 | |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | Security | 39 | 46 |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 0 | $ 3,647 |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | 0 | (353) |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 74,122 | 83,062 |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (10,828) | (14,880) |
Debt Securities in an unrealized loss position, fair value | 74,122 | 86,709 |
Debt Securities in an unrealized loss position, unrealized losses | $ (10,828) | $ (15,233) |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | Security | 191 | 216 |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 380 | $ 50,156 |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | 0 | (7,816) |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 89,238 | 45,210 |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (18,714) | (15,678) |
Debt Securities in an unrealized loss position, fair value | 89,618 | 95,366 |
Debt Securities in an unrealized loss position, unrealized losses | $ (18,714) | $ (23,494) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | Security | 165 | 197 |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 1 | $ 58,811 |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | 0 | (6,775) |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 225,500 | 197,351 |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (37,831) | (38,528) |
Debt Securities in an unrealized loss position, fair value | 225,501 | 256,162 |
Debt Securities in an unrealized loss position, unrealized losses | $ (37,831) | $ (45,303) |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | Security | 126 | 129 |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 0 | $ 35,797 |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | 0 | (3,983) |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 89,973 | 65,875 |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (16,383) | (14,355) |
Debt Securities in an unrealized loss position, fair value | 89,973 | 101,672 |
Debt Securities in an unrealized loss position, unrealized losses | $ (16,383) | $ (18,338) |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | Security | 4 | |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 6,262 | |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | (318) | |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 53 | |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (8) | |
Debt Securities in an unrealized loss position, fair value | 6,315 | |
Debt Securities in an unrealized loss position, unrealized losses | $ (326) | |
Corporate Debt Securities and Money Market Funds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | Security | 4 | |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 0 | |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | 0 | |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 6,101 | |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (496) | |
Debt Securities in an unrealized loss position, fair value | 6,101 | |
Debt Securities in an unrealized loss position, unrealized losses | $ (496) |
Note 4 - Pooled Trust Preferred
Note 4 - Pooled Trust Preferred Securities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Bank | Dec. 31, 2022 USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, amortized cost | $ 576,178 | $ 649,217 |
Investment securities available-for-sale, debt securities | $ 490,182 | $ 546,525 |
PreTSL IV [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Class | Mezzanine* | |
Investment securities available-for-sale, amortized cost | $ 60 | |
Investment securities available-for-sale, debt securities | 52 | |
Unrealized gains (losses) | (7) | |
Realized OTTI credit loss | 0 | |
Total recognized OTTI credit loss | $ (1) | |
Moody's ratings | Ba1 | |
Current number of performing banks | Bank | 3 | |
Actual deferrals and defaults as a % of total collateral | 0% | |
Total performing collateral as a % of outstanding bonds | 305.90% |
Note 4 - Summary of Unrealized
Note 4 - Summary of Unrealized and Realized Gains and Losses Recognized in Net Income on Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Securities [Abstract] | |||
Net gain (loss) recognized during the period on equity securities | $ 231 | $ (621) | $ 2,714 |
Less: Net (loss) gain recognized during the period on equity securities sold during the period | (19) | 405 | 1,788 |
Net unrealized gain (loss) recognized during the reporting period on equity securities still held at the reporting date | $ 250 | $ (1,026) | $ 926 |
Note 5 - Major Classes of Loans
Note 5 - Major Classes of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | $ 1,093,771 | $ 1,039,637 | |
Net unearned (fees) costs | (238) | (252) | |
Allowance for credit losses on loans | (8,852) | (10,531) | |
Loans receivable, net | 1,084,681 | 1,028,854 | |
Loans and leases receivable | 1,039,637 | ||
Net deferred (fees) costs | (238) | (252) | |
Loans receivable | 1,093,533 | 1,039,385 | |
State and Political Subdivisions [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 18,708 | ||
Commercial Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 919,415 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 137,086 | 160,875 | $ 160,875 |
Loans and leases receivable | 160,875 | ||
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 116,173 | ||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 62,955 | 62,955 | |
Loans and leases receivable | 62,955 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 109,193 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 160,695 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 265,101 | ||
Commercial Portfolio Segment [Member] | Revolving Real Estate Secured By 1-4 Family Properties-Business [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 5,442 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By 1st Lien on 1-4 Family Properties-Business [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 103,572 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Business [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 3,445 | ||
Commercial Portfolio Segment [Member] | State and Political Subdivisions [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 18,708 | ||
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 518,070 | 518,070 | |
Loans and leases receivable | 518,070 | ||
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 103,419 | 103,419 | |
Loans and leases receivable | 103,419 | ||
State and Political Subdivisions Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 20,971 | 20,971 | |
Loans and leases receivable | 20,971 | ||
Retail Portfolio Segment [Member] | Consumer Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 4,113 | 4,113 | |
Loans and leases receivable | 4,113 | ||
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 108,906 | 105,654 | 105,654 |
Loans and leases receivable | 105,654 | ||
Retail Portfolio Segment [Member] | Revolving Home Equity Secured By 1-4 Family Properties-Personal [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 34,231 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By First Lein on 1-4 Family Properties-Personal [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 11,981 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Personal [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 15,625 | ||
Retail Portfolio Segment [Member] | Student Loans [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 1,662 | ||
Retail Portfolio Segment [Member] | Overdrafts [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 194 | ||
Retail Portfolio Segment [Member] | Other Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | $ 1,757 | ||
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loans | 63,580 | $ 63,580 | |
Loans and leases receivable | $ 63,580 |
Note 5 - Loans Receivable and_3
Note 5 - Loans Receivable and the Allowance for Loan Losses (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Loan Contract | Dec. 31, 2022 USD ($) Loan | Dec. 31, 2021 USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Over drafts reclassified as loans receivables | $ 132,000 | ||
Interest income on non-accrual loans | $ 557,000 | ||
Total troubled debt restructuring | 0 | 4,672,000 | |
Net unearned (fees) costs | (238,000) | (252,000) | |
Financing receivables, impaired, troubled debt restructuring, write-down | $ 0 | 0 | $ 0 |
Financing receivable, modifications, subsequent default, number of contracts | Contract | 0 | ||
Loans and leases receivable, impaired, commitment to lend | 5,000 | ||
Performing Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total troubled debt restructuring | 4,301,000 | ||
Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total troubled debt restructuring | $ 371,000 | ||
Commercial Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Revolving lines of credit | $ 77,328,000 | ||
Retail Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Revolving lines of credit | $ 4,534,000 | ||
Residential Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Mortgage loan on real estate number of loan in foreclosure | Loan | 0 | 1 | |
Mortgage loans in process of foreclosure, amount | $ 120,000 | ||
Residential Portfolio Segment [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan to value ratio | 80% | ||
Commercial and Industrial [Member] | Commercial Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Revolving lines of credit | $ 71,886,000 | ||
Residential Buildings and Dwellings [Member] | Credit Concentration Risk [Member] | Commercial Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Concentration of loans to lessors percentage of total loans | 21.50% | 20% | |
Nonresidential Buildings [Member] | Credit Concentration Risk [Member] | Commercial Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Concentration of loans to lessors percentage of total loans | 24.70% | 22.50% |
Note 5 - Internal Risk Ratings
Note 5 - Internal Risk Ratings and Payment Activity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | |||
Total | $ 1,093,771 | $ 1,039,637 | |
State and Political Subdivisions [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 18,708 | ||
Excluding Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | $ 866,290 | ||
Pass [Member] | Excluding Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 849,792 | ||
Special Mention [Member] | Excluding Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 2,814 | ||
Substandard [Member] | Excluding Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 13,684 | ||
Doubtful [Member] | Excluding Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 0 | ||
Commercial Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 140,159 | ||
2022 | 190,260 | ||
2021 | 141,940 | ||
2020 | 66,038 | ||
2019 | 74,696 | ||
Prior | 228,994 | ||
Revolving | 77,328 | ||
Total | 919,415 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 20,473 | ||
2022 | 14,439 | ||
2021 | 8,574 | ||
2020 | 5,913 | ||
2019 | 8,626 | ||
Prior | 7,175 | ||
Revolving | 71,886 | ||
Total | 137,086 | 160,875 | 160,875 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 62,955 | 62,955 | |
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 46,171 | ||
2022 | 43,472 | ||
2021 | 14,630 | ||
2020 | 3,434 | ||
2019 | 4,028 | ||
Prior | 4,438 | ||
Revolving | 0 | ||
Total | 116,173 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 10,826 | ||
2022 | 28,858 | ||
2021 | 23,430 | ||
2020 | 9,808 | ||
2019 | 6,508 | ||
Prior | 29,763 | ||
Revolving | 0 | ||
Total | 109,193 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 14,430 | ||
2022 | 29,576 | ||
2021 | 26,908 | ||
2020 | 18,693 | ||
2019 | 12,239 | ||
Prior | 58,849 | ||
Revolving | 0 | ||
Total | 160,695 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 32,297 | ||
2022 | 44,526 | ||
2021 | 42,582 | ||
2020 | 17,798 | ||
2019 | 28,947 | ||
Prior | 98,951 | ||
Revolving | 0 | ||
Total | 265,101 | ||
Commercial Portfolio Segment [Member] | Revolving Real Estate Secured By 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 5,442 | ||
Total | 5,442 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By 1st Lien on 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 14,697 | ||
2022 | 28,785 | ||
2021 | 21,027 | ||
2020 | 9,794 | ||
2019 | 8,864 | ||
Prior | 20,405 | ||
Revolving | 0 | ||
Total | 103,572 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 558 | ||
2022 | 604 | ||
2021 | 542 | ||
2020 | 580 | ||
2019 | 40 | ||
Prior | 1,121 | ||
Revolving | 0 | ||
Total | 3,445 | ||
Commercial Portfolio Segment [Member] | State and Political Subdivisions [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 707 | ||
2022 | 0 | ||
2021 | 4,247 | ||
2020 | 18 | ||
2019 | 5,444 | ||
Prior | 8,292 | ||
Revolving | 0 | ||
Total | 18,708 | ||
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 518,070 | 518,070 | |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 103,419 | 103,419 | |
Commercial Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 140,159 | ||
2022 | 190,071 | ||
2021 | 141,803 | ||
2020 | 66,038 | ||
2019 | 73,569 | ||
Prior | 219,870 | ||
Revolving | 76,158 | ||
Total | 907,668 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 20,473 | ||
2022 | 14,439 | ||
2021 | 8,574 | ||
2020 | 5,913 | ||
2019 | 8,626 | ||
Prior | 7,175 | ||
Revolving | 70,716 | ||
Total | 135,916 | 157,914 | |
Commercial Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 62,955 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Construction and Land Development [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 46,171 | ||
2022 | 43,472 | ||
2021 | 14,630 | ||
2020 | 3,434 | ||
2019 | 4,028 | ||
Prior | 4,395 | ||
Revolving | 0 | ||
Total | 116,130 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Real Estate Secured by Multi-Family Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 10,826 | ||
2022 | 28,858 | ||
2021 | 23,430 | ||
2020 | 9,808 | ||
2019 | 5,804 | ||
Prior | 27,609 | ||
Revolving | 0 | ||
Total | 106,335 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 14,430 | ||
2022 | 29,576 | ||
2021 | 26,908 | ||
2020 | 18,693 | ||
2019 | 12,239 | ||
Prior | 53,030 | ||
Revolving | 0 | ||
Total | 154,876 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Real Estate Secured by Other Commercial Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 32,297 | ||
2022 | 44,526 | ||
2021 | 42,582 | ||
2020 | 17,798 | ||
2019 | 28,947 | ||
Prior | 98,173 | ||
Revolving | 0 | ||
Total | 264,323 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Revolving Real Estate Secured By 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 5,442 | ||
Total | 5,442 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Real Estate Secured By 1st Lien on 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 14,697 | ||
2022 | 28,596 | ||
2021 | 20,890 | ||
2020 | 9,794 | ||
2019 | 8,441 | ||
Prior | 20,262 | ||
Revolving | 0 | ||
Total | 102,680 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 558 | ||
2022 | 604 | ||
2021 | 542 | ||
2020 | 580 | ||
2019 | 40 | ||
Prior | 934 | ||
Revolving | 0 | ||
Total | 3,258 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | State and Political Subdivisions [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 707 | ||
2022 | 0 | ||
2021 | 4,247 | ||
2020 | 18 | ||
2019 | 5,444 | ||
Prior | 8,292 | ||
Revolving | 0 | ||
Total | 18,708 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Secured by Commercial Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 505,657 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Secured by Residential Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 102,295 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 137 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 137 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | 23 | |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Construction Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Construction and Land Development [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Real Estate Secured by Multi-Family Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Real Estate Secured by Other Commercial Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Revolving Real Estate Secured By 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Real Estate Secured By 1st Lien on 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 137 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 137 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | State and Political Subdivisions [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Secured by Commercial Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 2,597 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Secured by Residential Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 194 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 189 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 1,127 | ||
Prior | 9,124 | ||
Revolving | 1,170 | ||
Total | 11,610 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 1,170 | ||
Total | 1,170 | 2,938 | |
Commercial Portfolio Segment [Member] | Substandard [Member] | Construction Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Construction and Land Development [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 43 | ||
Revolving | 0 | ||
Total | 43 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Real Estate Secured by Multi-Family Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 704 | ||
Prior | 2,154 | ||
Revolving | 0 | ||
Total | 2,858 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 5,819 | ||
Revolving | 0 | ||
Total | 5,819 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Real Estate Secured by Other Commercial Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 778 | ||
Revolving | 0 | ||
Total | 778 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Revolving Real Estate Secured By 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Real Estate Secured By 1st Lien on 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 189 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 423 | ||
Prior | 143 | ||
Revolving | 0 | ||
Total | 755 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 187 | ||
Revolving | 0 | ||
Total | 187 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | State and Political Subdivisions [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Secured by Commercial Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 9,816 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Secured by Residential Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 930 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | 0 | |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Construction Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Construction and Land Development [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Real Estate Secured by Multi-Family Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Real Estate Secured by Other Commercial Properties [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Revolving Real Estate Secured By 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Real Estate Secured By 1st Lien on 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Business [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | State and Political Subdivisions [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | $ 0 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Secured by Commercial Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 0 | ||
Commercial Portfolio Segment [Member] | Doubtful [Member] | Secured by Residential Real Estate [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 0 | ||
State and Political Subdivisions Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | $ 20,971 | 20,971 | |
State and Political Subdivisions Portfolio Segment [Member] | Pass [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 20,971 | ||
State and Political Subdivisions Portfolio Segment [Member] | Special Mention [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 0 | ||
State and Political Subdivisions Portfolio Segment [Member] | Substandard [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 0 | ||
State and Political Subdivisions Portfolio Segment [Member] | Doubtful [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | $ 0 |
Note 5 - Retail Loans by Credit
Note 5 - Retail Loans by Credit Quality (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | |||
Total | $ 1,093,771,000 | $ 1,039,637,000 | |
Total Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | $ 173,347,000 | ||
Performing Financial Instruments [Member] | Total Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 172,422,000 | ||
Nonperforming Financial Instruments [Member] | Total Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 925,000 | ||
Retail Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Revolving | 4,534,000 | ||
Retail Portfolio Segment [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 4,113,000 | 4,113,000 | |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 12,641,000 | ||
2022 | 14,635,000 | ||
2021 | 30,495,000 | ||
2020 | 20,304,000 | ||
2019 | 4,526,000 | ||
Prior | 26,305,000 | ||
Revolving | 0 | ||
Total | 108,906,000 | 105,654,000 | 105,654,000 |
Retail Portfolio Segment [Member] | Construction - Individual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Retail Portfolio Segment [Member] | Revolving Home Equity Secured By 1-4 Family Properties-Personal [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 34,231,000 | ||
Total | 34,231,000 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By First Lein on 1-4 Family Properties-Personal [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 2,591,000 | ||
2022 | 1,613,000 | ||
2021 | 2,933,000 | ||
2020 | 1,030,000 | ||
2019 | 931,000 | ||
Prior | 2,883,000 | ||
Revolving | 0 | ||
Total | 11,981,000 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Personal [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 6,438,000 | ||
2022 | 1,632,000 | ||
2021 | 2,184,000 | ||
2020 | 1,180,000 | ||
2019 | 676,000 | ||
Prior | 3,515,000 | ||
Revolving | 0 | ||
Total | 15,625,000 | ||
Retail Portfolio Segment [Member] | Student Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 1,662,000 | ||
Revolving | 0 | ||
Total | 1,662,000 | ||
Retail Portfolio Segment [Member] | Overdrafts [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 194,000 | ||
Total | 194,000 | ||
Retail Portfolio Segment [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 793,000 | ||
2022 | 290,000 | ||
2021 | 245,000 | ||
2020 | 89,000 | ||
2019 | 73,000 | ||
Prior | 78,000 | ||
Revolving | 189,000 | ||
Total | 1,757,000 | ||
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | $ 63,580,000 | 63,580,000 | |
Retail Portfolio Segment [Member] | Total Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 22,463,000 | ||
2022 | 18,170,000 | ||
2021 | 35,857,000 | ||
2020 | 22,603,000 | ||
2019 | 6,206,000 | ||
Prior | 34,443,000 | ||
Revolving | 34,614,000 | ||
Total | 174,356,000 | ||
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 4,051,000 | ||
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Family Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 12,641,000 | ||
2022 | 14,635,000 | ||
2021 | 30,495,000 | ||
2020 | 20,304,000 | ||
2019 | 4,526,000 | ||
Prior | 25,500,000 | ||
Revolving | 0 | ||
Total | 108,101,000 | 105,193,000 | |
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Construction - Individual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Revolving Home Equity Secured By 1-4 Family Properties-Personal [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 33,936,000 | ||
Total | 33,936,000 | ||
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Real Estate Secured By First Lein on 1-4 Family Properties-Personal [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 2,591,000 | ||
2022 | 1,613,000 | ||
2021 | 2,933,000 | ||
2020 | 1,030,000 | ||
2019 | 931,000 | ||
Prior | 2,767,000 | ||
Revolving | 0 | ||
Total | 11,865,000 | ||
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Personal [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 6,438,000 | ||
2022 | 1,613,000 | ||
2021 | 2,184,000 | ||
2020 | 1,180,000 | ||
2019 | 676,000 | ||
Prior | 3,515,000 | ||
Revolving | 0 | ||
Total | 15,606,000 | ||
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Student Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 1,645,000 | ||
Revolving | 0 | ||
Total | 1,645,000 | ||
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Overdrafts [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 194,000 | ||
Total | 194,000 | ||
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 793,000 | ||
2022 | 290,000 | ||
2021 | 245,000 | ||
2020 | 89,000 | ||
2019 | 73,000 | ||
Prior | 41,000 | ||
Revolving | 189,000 | ||
Total | 1,720,000 | ||
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Home Equity Loans and Lines [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 63,178,000 | ||
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Total Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 22,463,000 | ||
2022 | 18,151,000 | ||
2021 | 35,857,000 | ||
2020 | 22,603,000 | ||
2019 | 6,206,000 | ||
Prior | 33,468,000 | ||
Revolving | 34,319,000 | ||
Total | 173,067,000 | ||
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | 62,000 | ||
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Family Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 805,000 | ||
Revolving | 0 | ||
Total | 805,000 | 461,000 | |
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Construction - Individual [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Revolving Home Equity Secured By 1-4 Family Properties-Personal [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 295,000 | ||
Total | 295,000 | ||
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Real Estate Secured By First Lein on 1-4 Family Properties-Personal [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 116,000 | ||
Revolving | 0 | ||
Total | 116,000 | ||
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Real Estate Secured By Junior Lien on 1-4 Family Properties-Personal [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 19,000 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 19,000 | ||
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Student Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 17,000 | ||
Revolving | 0 | ||
Total | 17,000 | ||
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Overdrafts [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 0 | ||
Revolving | 0 | ||
Total | 0 | ||
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 37,000 | ||
Revolving | 0 | ||
Total | 37,000 | ||
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Home Equity Loans and Lines [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total | $ 402,000 | ||
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Total Retail Loans [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
2023 | 0 | ||
2022 | 19,000 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 | 0 | ||
Prior | 975,000 | ||
Revolving | 295,000 | ||
Total | $ 1,289,000 |
Note 5 - Past Due Loans (Detail
Note 5 - Past Due Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | $ 1,093,771 | $ 1,039,637 | |
Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 10,771 | 835 | |
Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 498 | 1,375 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 634 | 229 | |
Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 11,903 | 2,439 | |
Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 1,081,868 | 1,037,198 | |
State and Political Subdivisions [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 18,708 | ||
State and Political Subdivisions [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
State and Political Subdivisions [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
State and Political Subdivisions [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
State and Political Subdivisions [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 919,415 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 137,086 | 160,875 | $ 160,875 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 77 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | 1,157 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 77 | 1,157 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 137,009 | 159,718 | |
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 116,173 | ||
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 116,173 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 109,193 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 109,193 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 160,695 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 186 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 160,509 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 265,101 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 9,675 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 255,426 | ||
Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 5,442 | ||
Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 5,442 | ||
Commercial Portfolio Segment [Member] | Construction - Individual [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction - Individual [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction - Individual [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction - Individual [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction - Individual [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction - Individual [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 103,572 | ||
Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 323 | ||
Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 103,249 | ||
Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 3,445 | ||
Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 3,445 | ||
Commercial Portfolio Segment [Member] | State and Political Subdivisions [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 18,708 | ||
Commercial Portfolio Segment [Member] | State and Political Subdivisions [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 18,708 | ||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 62,955 | 62,955 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 62,955 | ||
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 518,070 | 518,070 | |
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 518,070 | ||
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 103,419 | 103,419 | |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 13 | ||
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 13 | ||
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 103,406 | ||
State and Political Subdivisions Portfolio Segment [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 20,971 | 20,971 | |
State and Political Subdivisions Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
State and Political Subdivisions Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
State and Political Subdivisions Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
State and Political Subdivisions Portfolio Segment [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
State and Political Subdivisions Portfolio Segment [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 20,971 | ||
Retail Portfolio Segment [Member] | Consumer Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 4,113 | 4,113 | |
Retail Portfolio Segment [Member] | Consumer Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 37 | ||
Retail Portfolio Segment [Member] | Consumer Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 50 | ||
Retail Portfolio Segment [Member] | Consumer Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Consumer Loans [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 87 | ||
Retail Portfolio Segment [Member] | Consumer Loans [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 4,026 | ||
Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 108,906 | ||
Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 433 | ||
Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 381 | ||
Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 481 | ||
Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 1,295 | ||
Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 107,611 | ||
Retail Portfolio Segment [Member] | Construction - Individual [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 108,906 | 105,654 | 105,654 |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 703 | ||
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 168 | ||
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 216 | ||
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 1,087 | ||
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 104,567 | ||
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 63,580 | $ 63,580 | |
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 95 | ||
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 95 | ||
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | $ 63,485 | ||
Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 34,231 | ||
Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 56 | ||
Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 129 | ||
Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 185 | ||
Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 34,046 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 11,981 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 96 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 96 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 11,885 | ||
Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 15,625 | ||
Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 18 | ||
Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 18 | ||
Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 15,607 | ||
Retail Portfolio Segment [Member] | Student Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 1,662 | ||
Retail Portfolio Segment [Member] | Student Loans [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Student Loans [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 11 | ||
Retail Portfolio Segment [Member] | Student Loans [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 6 | ||
Retail Portfolio Segment [Member] | Student Loans [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 17 | ||
Retail Portfolio Segment [Member] | Student Loans [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 1,645 | ||
Retail Portfolio Segment [Member] | Overdrafts [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 194 | ||
Retail Portfolio Segment [Member] | Overdrafts [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 21 | ||
Retail Portfolio Segment [Member] | Overdrafts [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 2 | ||
Retail Portfolio Segment [Member] | Overdrafts [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Overdrafts [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 23 | ||
Retail Portfolio Segment [Member] | Overdrafts [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 171 | ||
Retail Portfolio Segment [Member] | Other Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 1,757 | ||
Retail Portfolio Segment [Member] | Other Consumer [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Other Consumer [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 8 | ||
Retail Portfolio Segment [Member] | Other Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 0 | ||
Retail Portfolio Segment [Member] | Other Consumer [Member] | Financing Receivables, Past Due [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | 8 | ||
Retail Portfolio Segment [Member] | Other Consumer [Member] | Current Loans [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Loans | $ 1,749 |
Note 5 - Non-accrual Loans (Det
Note 5 - Non-accrual Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | $ 0 | $ 0 |
Loans receivable | 1,940 | 4,820 |
State and Political Subdivisions [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 0 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 0 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Loans receivable | 311 | 1,575 |
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 0 | |
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 175 | |
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 0 | |
Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 0 | |
Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 0 | |
Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 165 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 0 | |
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 2,031 | |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 289 | |
State and Political Subdivisions Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 0 | |
Retail Portfolio Segment [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 62 | |
Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 805 | |
Retail Portfolio Segment [Member] | Construction - Individual [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 295 | |
Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 116 | |
Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 19 | |
Retail Portfolio Segment [Member] | Student Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 17 | |
Retail Portfolio Segment [Member] | Other consumer [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 37 | |
Retail Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Retail Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | 461 | |
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Loans receivable | $ 402 | |
Nonaccrual With No Specifically-Related ACL | State and Political Subdivisions [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With No Specifically-Related ACL | Commercial Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With No Specifically-Related ACL | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 278 | |
Nonaccrual With No Specifically-Related ACL | Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With No Specifically-Related ACL | Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 175 | |
Nonaccrual With No Specifically-Related ACL | Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With No Specifically-Related ACL | Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With No Specifically-Related ACL | Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With No Specifically-Related ACL | Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With No Specifically-Related ACL | Retail Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 1,468 | |
Nonaccrual With No Specifically-Related ACL | Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 805 | |
Nonaccrual With No Specifically-Related ACL | Retail Portfolio Segment [Member] | Construction - Individual [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With No Specifically-Related ACL | Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 21 | |
Nonaccrual With No Specifically-Related ACL | Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 116 | |
Nonaccrual With No Specifically-Related ACL | Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 19 | |
Nonaccrual With No Specifically-Related ACL | Retail Portfolio Segment [Member] | Student Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 17 | |
Nonaccrual With No Specifically-Related ACL | Retail Portfolio Segment [Member] | Other consumer [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 37 | |
Nonaccrual With Related ACL | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 472 | |
Nonaccrual With Related ACL | State and Political Subdivisions [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Commercial Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 33 | |
Nonaccrual With Related ACL | Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 165 | |
Nonaccrual With Related ACL | Retail Portfolio Segment [Member] | 1-4 Family Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 274 | |
Nonaccrual With Related ACL | Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Retail Portfolio Segment [Member] | Other consumer [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Retail Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | |
Nonaccrual With Related ACL | Retail Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | $ 0 |
Note 5 - Collateral-dependent L
Note 5 - Collateral-dependent Loans By Loan Category (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | $ 0 |
Other | 278 |
Deficiency in Collateral | 33 |
Total Collateral Dependent Nonaccrual Loans | 311 |
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 0 |
Other | 0 |
Deficiency in Collateral | 0 |
Total Collateral Dependent Nonaccrual Loans | 0 |
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 0 |
Other | 0 |
Deficiency in Collateral | 0 |
Total Collateral Dependent Nonaccrual Loans | 0 |
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 175 |
Other | 0 |
Deficiency in Collateral | 0 |
Total Collateral Dependent Nonaccrual Loans | 175 |
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 0 |
Other | 0 |
Deficiency in Collateral | 0 |
Total Collateral Dependent Nonaccrual Loans | 0 |
Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 0 |
Other | |
Deficiency in Collateral | |
Total Collateral Dependent Nonaccrual Loans | 0 |
Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 0 |
Total Collateral Dependent Nonaccrual Loans | 0 |
Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 0 |
Other | 0 |
Deficiency in Collateral | 165 |
Total Collateral Dependent Nonaccrual Loans | 165 |
Commercial Portfolio Segment [Member] | State and Political Subdivisions [Member] | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 0 |
Other | 0 |
Deficiency in Collateral | 0 |
Total Collateral Dependent Nonaccrual Loans | 0 |
Retail Portfolio Segment [Member] | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 1,300 |
Other | 315 |
Deficiency in Collateral | 308 |
Total Collateral Dependent Nonaccrual Loans | 1,923 |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 805 |
Other | 0 |
Deficiency in Collateral | 0 |
Total Collateral Dependent Nonaccrual Loans | 805 |
Retail Portfolio Segment [Member] | Construction - Individual [Member] | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 0 |
Other | 0 |
Deficiency in Collateral | 0 |
Total Collateral Dependent Nonaccrual Loans | 0 |
Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 185 |
Other | 0 |
Deficiency in Collateral | 110 |
Total Collateral Dependent Nonaccrual Loans | 295 |
Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 116 |
Other | 0 |
Deficiency in Collateral | 0 |
Total Collateral Dependent Nonaccrual Loans | 116 |
Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | 19 |
Other | |
Deficiency in Collateral | 0 |
Total Collateral Dependent Nonaccrual Loans | 19 |
Retail Portfolio Segment [Member] | Other Consumer [Member] | |
Financing Receivable, Past Due [Line Items] | |
Real Estate Secured | |
Other | 37 |
Deficiency in Collateral | 0 |
Total Collateral Dependent Nonaccrual Loans | $ 37 |
Note 5 - Allowance for Loan Los
Note 5 - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | $ 10,531 | $ 11,184 | $ 10,826 |
Provision for (credit to) loan losses | 850 | 458 | |
Charge-offs | (196) | (263) | |
Recoveries | 393 | 163 | |
Allowance for loan losses, end of period | 8,852 | 10,531 | 11,184 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 1,316 | 3,368 | 4,050 |
Provision for (credit to) loan losses | (771) | (2,320) | (774) |
Charge-offs | (313) | (38) | 0 |
Recoveries | 661 | 306 | 92 |
Allowance for loan losses, end of period | 823 | 1,316 | 3,368 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 1,316 | ||
Allowance for loan losses, end of period | 1,316 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | (70) | ||
Allowance for loan losses, end of period | (70) | ||
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | 507 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Allowance for loan losses, end of period | 1,252 | ||
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 755 | ||
Allowance for loan losses, end of period | 755 | ||
Commercial Portfolio Segment [Member] | Construction and Land Development [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | (10) | ||
Allowance for loan losses, end of period | (10) | ||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 755 | 363 | 346 |
Provision for (credit to) loan losses | 392 | (17) | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Allowance for loan losses, end of period | 755 | 363 | |
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | 56 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Allowance for loan losses, end of period | 1,735 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 995 | ||
Allowance for loan losses, end of period | 995 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Multi-Family Properties [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 684 | ||
Allowance for loan losses, end of period | 684 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | (174) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Allowance for loan losses, end of period | 1,001 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 1,549 | ||
Allowance for loan losses, end of period | 1,549 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured By Owner-Occupied Properties [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | (374) | ||
Allowance for loan losses, end of period | (374) | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | (163) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Allowance for loan losses, end of period | 1,167 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 2,458 | ||
Allowance for loan losses, end of period | 2,458 | ||
Commercial Portfolio Segment [Member] | Real Estate Secured by Other Commercial Properties [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | (1,128) | ||
Allowance for loan losses, end of period | (1,128) | ||
Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | (5) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Allowance for loan losses, end of period | 27 | ||
Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 25 | ||
Allowance for loan losses, end of period | 25 | ||
Commercial Portfolio Segment [Member] | Revolving real estate secured by 1-4 family properties-business | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 7 | ||
Allowance for loan losses, end of period | 7 | ||
Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | (203) | ||
Charge-offs | 0 | ||
Recoveries | 10 | ||
Allowance for loan losses, end of period | 1,507 | ||
Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 1,210 | ||
Allowance for loan losses, end of period | 1,210 | ||
Commercial Portfolio Segment [Member] | Real estate secured by 1st lein on 1-4 family properties-business | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 490 | ||
Allowance for loan losses, end of period | 490 | ||
Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | (2) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Allowance for loan losses, end of period | 14 | ||
Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 30 | ||
Allowance for loan losses, end of period | 30 | ||
Commercial Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-business | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | (14) | ||
Allowance for loan losses, end of period | (14) | ||
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 5,002 | 4,280 | 3,736 |
Provision for (credit to) loan losses | 722 | 544 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Allowance for loan losses, end of period | 5,002 | 4,280 | |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 1,240 | 1,035 | 871 |
Provision for (credit to) loan losses | 160 | 181 | |
Charge-offs | 0 | (38) | |
Recoveries | 45 | 21 | |
Allowance for loan losses, end of period | 1,240 | 1,035 | |
State and Political Subdivisions Portfolio Segment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 94 | 69 | 89 |
Provision for (credit to) loan losses | (19) | (25) | (20) |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses, end of period | 55 | 94 | 69 |
State and Political Subdivisions Portfolio Segment [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 94 | ||
Allowance for loan losses, end of period | 94 | ||
State and Political Subdivisions Portfolio Segment [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | (20) | ||
Allowance for loan losses, end of period | (20) | ||
Retail Portfolio Segment [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | (828) | ||
Charge-offs | (475) | ||
Recoveries | 713 | ||
Allowance for loan losses, end of period | 8,852 | ||
Retail Portfolio Segment [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 10,531 | ||
Allowance for loan losses, end of period | 10,531 | ||
Retail Portfolio Segment [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | (1,089) | ||
Allowance for loan losses, end of period | (1,089) | ||
Retail Portfolio Segment [Member] | Consumer Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 502 | 542 | 265 |
Provision for (credit to) loan losses | 82 | 410 | |
Charge-offs | (158) | (176) | |
Recoveries | 36 | 43 | |
Allowance for loan losses, end of period | 502 | 542 | |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 683 | 646 | 533 |
Provision for (credit to) loan losses | (59) | 37 | (113) |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Allowance for loan losses, end of period | 427 | 683 | 646 |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 682 | ||
Allowance for loan losses, end of period | 682 | ||
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | (196) | ||
Allowance for loan losses, end of period | (196) | ||
Retail Portfolio Segment [Member] | Construction - Individual [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | (1) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Allowance for loan losses, end of period | 0 | ||
Retail Portfolio Segment [Member] | Construction - Individual [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 1 | ||
Allowance for loan losses, end of period | 1 | ||
Retail Portfolio Segment [Member] | Construction - Individual [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | |||
Allowance for loan losses, end of period | |||
Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | (154) | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Allowance for loan losses, end of period | 138 | ||
Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 299 | ||
Allowance for loan losses, end of period | 299 | ||
Retail Portfolio Segment [Member] | Revolving home equity secured by 1-4 family properties-personal | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | (7) | ||
Allowance for loan losses, end of period | (7) | ||
Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | 110 | ||
Charge-offs | 0 | ||
Recoveries | 0 | ||
Allowance for loan losses, end of period | 182 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 57 | ||
Allowance for loan losses, end of period | 57 | ||
Retail Portfolio Segment [Member] | Real Estate Secured By 1st Lein on 1-4 Family Properties-Personal | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 15 | ||
Allowance for loan losses, end of period | 15 | ||
Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | 15 | ||
Charge-offs | 0 | ||
Recoveries | 6 | ||
Allowance for loan losses, end of period | 105 | ||
Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 55 | ||
Allowance for loan losses, end of period | 55 | ||
Retail Portfolio Segment [Member] | Real estate secured by junior lein on 1-4 family properties-personal | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 29 | ||
Allowance for loan losses, end of period | 29 | ||
Retail Portfolio Segment [Member] | Student Loans [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | (48) | ||
Charge-offs | (57) | ||
Recoveries | 8 | ||
Allowance for loan losses, end of period | 369 | ||
Retail Portfolio Segment [Member] | Student Loans [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 454 | ||
Allowance for loan losses, end of period | 454 | ||
Retail Portfolio Segment [Member] | Student Loans [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 12 | ||
Allowance for loan losses, end of period | 12 | ||
Retail Portfolio Segment [Member] | Overdrafts [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | 70 | ||
Charge-offs | (91) | ||
Recoveries | 26 | ||
Allowance for loan losses, end of period | 16 | ||
Retail Portfolio Segment [Member] | Overdrafts [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 8 | ||
Allowance for loan losses, end of period | 8 | ||
Retail Portfolio Segment [Member] | Overdrafts [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 3 | ||
Allowance for loan losses, end of period | 3 | ||
Retail Portfolio Segment [Member] | Other Consumer [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Provision for (credit to) loan losses | 13 | ||
Charge-offs | (14) | ||
Recoveries | 2 | ||
Allowance for loan losses, end of period | 34 | ||
Retail Portfolio Segment [Member] | Other Consumer [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 41 | ||
Allowance for loan losses, end of period | 41 | ||
Retail Portfolio Segment [Member] | Other Consumer [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | (8) | ||
Allowance for loan losses, end of period | (8) | ||
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 437 | 376 | 386 |
Provision for (credit to) loan losses | 55 | 32 | |
Charge-offs | 0 | (49) | |
Recoveries | 6 | 7 | |
Allowance for loan losses, end of period | 437 | 376 | |
Unallocated Financing Receivables [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 502 | 505 | 550 |
Provision for (credit to) loan losses | 0 | (3) | 45 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Allowance for loan losses, end of period | 0 | 502 | $ 505 |
Unallocated Financing Receivables [Member] | Prior to adoption of ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | 502 | ||
Allowance for loan losses, end of period | 502 | ||
Unallocated Financing Receivables [Member] | Impact of adopting ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Allowance for loan losses, beginning of period | $ (502) | ||
Allowance for loan losses, end of period | $ (502) |
Note 5 - Specific Reserve for L
Note 5 - Specific Reserve for Loans Modified as TDR's (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
TDRs with no specific allowance recorded - unpaid principal balance | $ 0 | $ 1,272 |
TDRs with an allowance recorded - unpaid principal balance | 0 | 3,400 |
Unpaid principal balance | 0 | 4,672 |
TDRs with an allowance recorded - related allowance | $ 0 | $ 392 |
Note 5 - Loans Disaggregated by
Note 5 - Loans Disaggregated by Impairment Method (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | $ 8,852 | $ 10,531 | $ 11,184 | $ 10,826 |
Allowance for loan losses - individually evaluated for impairment | 696 | |||
Allowance for loan losses - collectively evaluated for impairment | 9,333 | |||
Loans and leases receivable | 1,039,637 | |||
Loans - individually evaluated for impairment | 9,567 | |||
Loans - collectively evaluated for impairment | 1,030,070 | |||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 823 | 1,316 | 3,368 | 4,050 |
Allowance for loan losses - individually evaluated for impairment | 125 | |||
Allowance for loan losses - collectively evaluated for impairment | 1,191 | |||
Loans and leases receivable | 160,875 | |||
Loans - individually evaluated for impairment | 1,821 | |||
Loans - collectively evaluated for impairment | 159,054 | |||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 755 | 363 | 346 | |
Allowance for loan losses - individually evaluated for impairment | 0 | |||
Allowance for loan losses - collectively evaluated for impairment | 755 | |||
Loans and leases receivable | 62,955 | |||
Loans - individually evaluated for impairment | 0 | |||
Loans - collectively evaluated for impairment | 62,955 | |||
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 5,002 | 4,280 | 3,736 | |
Allowance for loan losses - individually evaluated for impairment | 131 | |||
Allowance for loan losses - collectively evaluated for impairment | 4,871 | |||
Loans and leases receivable | 518,070 | |||
Loans - individually evaluated for impairment | 5,309 | |||
Loans - collectively evaluated for impairment | 512,761 | |||
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 1,240 | 1,035 | 871 | |
Allowance for loan losses - individually evaluated for impairment | 321 | |||
Allowance for loan losses - collectively evaluated for impairment | 919 | |||
Loans and leases receivable | 103,419 | |||
Loans - individually evaluated for impairment | 1,362 | |||
Loans - collectively evaluated for impairment | 102,057 | |||
State and Political Subdivisions Portfolio Segment [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 55 | 94 | 69 | 89 |
Allowance for loan losses - individually evaluated for impairment | 0 | |||
Allowance for loan losses - collectively evaluated for impairment | 94 | |||
Loans and leases receivable | 20,971 | |||
Loans - individually evaluated for impairment | 0 | |||
Loans - collectively evaluated for impairment | 20,971 | |||
Retail Portfolio Segment [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 8,852 | |||
Retail Portfolio Segment [Member] | Consumer Loans [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 502 | 542 | 265 | |
Allowance for loan losses - individually evaluated for impairment | 0 | |||
Allowance for loan losses - collectively evaluated for impairment | 502 | |||
Loans and leases receivable | 4,113 | |||
Loans - individually evaluated for impairment | 45 | |||
Loans - collectively evaluated for impairment | 4,068 | |||
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 427 | 683 | 646 | 533 |
Allowance for loan losses - individually evaluated for impairment | 0 | |||
Allowance for loan losses - collectively evaluated for impairment | 683 | |||
Loans and leases receivable | 105,654 | |||
Loans - individually evaluated for impairment | 628 | |||
Loans - collectively evaluated for impairment | 105,026 | |||
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 437 | 376 | 386 | |
Allowance for loan losses - individually evaluated for impairment | 119 | |||
Allowance for loan losses - collectively evaluated for impairment | 318 | |||
Loans and leases receivable | 63,580 | |||
Loans - individually evaluated for impairment | 402 | |||
Loans - collectively evaluated for impairment | 63,178 | |||
Unallocated Financing Receivables [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | $ 0 | $ 502 | $ 505 | $ 550 |
Note 5 - Impaired Loans (Detail
Note 5 - Impaired Loans (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Financing Receivable Impaired [Line Items] | |
Recorded investment - with no specific allowance | $ 4,943 |
Unpaid principal balance - with no specific allowance | 5,820 |
Recorded investment - with an allowance | 4,624 |
Unpaid principal balance - with an allowance | 5,169 |
Related allowance | 696 |
Unpaid principal balance | 10,989 |
Recorded investment | 9,567 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |
Financing Receivable Impaired [Line Items] | |
Recorded investment - with no specific allowance | 1,402 |
Unpaid principal balance - with no specific allowance | 1,694 |
Recorded investment - with an allowance | 419 |
Unpaid principal balance - with an allowance | 601 |
Related allowance | 125 |
Unpaid principal balance | 2,295 |
Recorded investment | 1,821 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |
Financing Receivable Impaired [Line Items] | |
Recorded investment - with no specific allowance | 0 |
Unpaid principal balance - with no specific allowance | 0 |
Recorded investment - with an allowance | 0 |
Unpaid principal balance - with an allowance | 0 |
Related allowance | 0 |
Unpaid principal balance | 0 |
Recorded investment | 0 |
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Recorded investment - with no specific allowance | 2,198 |
Unpaid principal balance - with no specific allowance | 2,608 |
Recorded investment - with an allowance | 3,111 |
Unpaid principal balance - with an allowance | 3,312 |
Related allowance | 131 |
Unpaid principal balance | 5,920 |
Recorded investment | 5,309 |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | |
Financing Receivable Impaired [Line Items] | |
Recorded investment - with no specific allowance | 430 |
Unpaid principal balance - with no specific allowance | 482 |
Recorded investment - with an allowance | 932 |
Unpaid principal balance - with an allowance | 1,065 |
Related allowance | 321 |
Unpaid principal balance | 1,547 |
Recorded investment | 1,362 |
Retail Portfolio Segment [Member] | Consumer Loans [Member] | |
Financing Receivable Impaired [Line Items] | |
Recorded investment - with no specific allowance | 45 |
Unpaid principal balance - with no specific allowance | 62 |
Recorded investment - with an allowance | 0 |
Unpaid principal balance - with an allowance | 0 |
Related allowance | 0 |
Unpaid principal balance | 62 |
Recorded investment | 45 |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | |
Financing Receivable Impaired [Line Items] | |
Recorded investment - with no specific allowance | 628 |
Unpaid principal balance - with no specific allowance | 678 |
Recorded investment - with an allowance | 0 |
Unpaid principal balance - with an allowance | 0 |
Related allowance | 0 |
Unpaid principal balance | 678 |
Recorded investment | 628 |
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | |
Financing Receivable Impaired [Line Items] | |
Recorded investment - with no specific allowance | 240 |
Unpaid principal balance - with no specific allowance | 296 |
Recorded investment - with an allowance | 162 |
Unpaid principal balance - with an allowance | 191 |
Related allowance | 119 |
Unpaid principal balance | 487 |
Recorded investment | $ 402 |
Note 6 - Premises and Equipme_3
Note 6 - Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Book value | $ 36,926 | $ 39,141 |
Accumulated depreciation and amortization | (21,974) | (23,678) |
Net book value | 14,952 | 15,463 |
Land and Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Book value | 16,102 | 15,970 |
Furniture and Equipment Member] | ||
Property, Plant and Equipment [Line Items] | ||
Book value | 14,470 | 16,640 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Book value | 3,632 | 3,622 |
Right-of-Use Asset [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Book value | $ 2,722 | $ 2,909 |
Note 6 - Premises and Equipme_4
Note 6 - Premises and Equipment (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 1,714,000 | $ 1,115,000 | $ 1,200,000 |
Operating liability | $ 369,000 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | ||
Right-of-use assets | $ 369,000 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Premises and equipment, net |
Note 6 - Summary of Quantitativ
Note 6 - Summary of Quantitative Attributes of Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease cost | |||
Operating lease cost | $ 618 | $ 609 | |
Total lease cost | 618 | 609 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Cashflows from operating leases | 626 | 620 | $ 631 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 369 | $ 43 | $ 698 |
Weighted average remaining lease terms: | |||
Operating leases | 13 years 1 month 6 days | 13 years 9 months 18 days | |
Weighted average discount rates: | |||
Operating leases | 2.90% | 2.78% |
Note 7 - Intangible Assets an_3
Note 7 - Intangible Assets and Loan Servicing (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Intangible Assets and Loan Servicing Details [Line Items] | ||
Servicing asset loans unpaid principal balance | $ 68,349,000 | $ 75,205,000 |
Servicing asset at fair value, amount | $ 585,000 | $ 638,000 |
Minimum [Member] | ||
Intangible Assets and Loan Servicing Details [Line Items] | ||
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate | 12% | 12% |
Minimum [Member] | Measurement Input, Prepayment Rate | ||
Intangible Assets and Loan Servicing Details [Line Items] | ||
Prepayment speeds | 104% | 113% |
Maximum [Member] | ||
Intangible Assets and Loan Servicing Details [Line Items] | ||
Servicing assets and servicing liabilities at fair value, assumptions used to estimate fair value, discount rate | 12.50% | 12.50% |
Maximum [Member] | Measurement Input, Prepayment Rate | ||
Intangible Assets and Loan Servicing Details [Line Items] | ||
Prepayment speeds | 214% | 235% |
Other Assets [Member] | ||
Intangible Assets and Loan Servicing Details [Line Items] | ||
Servicing asset at fair value, amount | $ 583,000 | $ 638,000 |
Note 7 - Activity of Mortgage S
Note 7 - Activity of Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Transfers and Servicing of Financial Assets [Abstract] | |||
Balance at beginning of year | $ 469 | $ 538 | $ 533 |
Mortgage servicing rights capitalized | 7 | 2 | 123 |
Mortgage servicing rights amortized | (61) | (80) | (132) |
Fair market value adjustments | 9 | 14 | |
Balance at end of year | $ 415 | $ 469 | $ 538 |
Note 7 - Annual Estimated Amort
Note 7 - Annual Estimated Amortization Expense of Intangible Assets (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2024 | $ 63 |
2025 | 55 |
2026 | 47 |
2027 | 41 |
2028 | $ 35 |
Note 8 - Time Deposits (Details
Note 8 - Time Deposits (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposit [Abstract] | ||
Total time deposits | $ 314,981,000 | $ 175,449,000 |
Time greater than $250 | $ 43,337,000 | $ 24,470,000 |
Note 8 - Time Deposits - Schedu
Note 8 - Time Deposits - Schedule of Maturities of Time Deposits (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Maturities of Time Deposits [Abstract] | ||
2024 | $ 258,244,000 | |
2025 | 29,865,000 | |
2026 | 16,919,000 | |
2027 | 7,389,000 | |
2028 | 2,564,000 | |
Total time deposits | $ 314,981,000 | $ 175,449,000 |
Note 9 - Schedule of Short-Term
Note 9 - Schedule of Short-Term Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Short-term Borrowings [Line Items] | |||
Balance | $ 94,094 | $ 161,327 | |
Securities Sold under Agreements to Repurchase [Member] | |||
Short-term Borrowings [Line Items] | |||
Balance | [1] | 44,094 | 69,309 |
Maximum indebtedness at any month end | [1] | 69,343 | 71,847 |
Daily average indebtedness outstanding | [1] | $ 53,154 | $ 68,650 |
Average rate paid for the year | [1] | 1.39% | 0.50% |
Average rate on period-end borrowings | [1] | 4.59% | 1.82% |
Other Short Term Debt [Member] | |||
Short-term Borrowings [Line Items] | |||
Balance | [2] | $ 50,000 | $ 92,018 |
Maximum indebtedness at any month end | [2] | 136,799 | 92,018 |
Daily average indebtedness outstanding | [2] | $ 55,708 | $ 17,226 |
Average rate paid for the year | [2] | 4.55% | 3.01% |
Average rate on period-end borrowings | [2] | 4.39% | 4.51% |
[1] Securities sold under agreements to repurchase mature overnight. The repurchase agreements were collateralized by U.S. Government mortgage-backed securities and CMOs with an amortized cost of $ 72,012,000 and $ 92,158,000 and a fair value of $ 61,650,000 and $ 79,014,000 and at December 31, 2023 and 2022 respectively. These securities are held in safekeeping at the Federal Reserve Bank of Boston. Other short-term borrowings include Federal funds purchased, overnight borrowings from the FHLB and short-term FRB borrowings. |
Note 9 - Short-Term Borrowing_2
Note 9 - Short-Term Borrowings (Details Textual) | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) Federalfund | Dec. 31, 2022 USD ($) | |
Short-term Borrowings [Line Items] | |||
Available-for-sale Securities Pledged as Collateral | $ 289,935,000 | $ 237,645,000 | |
Federal Funds Unsecured Number of Lines | Federalfund | 5 | ||
Borrowed fund interest rate | 4.39% | ||
Federal Funds Unsecured Lines | $ 91,000,000 | ||
Borrowed fund from FRB under bank term funding program | $ 50,000,000 | ||
Pre-payment penalties | $ 0 | ||
Federal Funds Purchased | 0 | 0 | |
Securities Sold under Agreements to Repurchase [Member] | |||
Short-term Borrowings [Line Items] | |||
Available for Sale Securities Pledged as Collateral Amortized Cost | 72,012,000 | 92,158,000 | |
Available-for-sale Securities Pledged as Collateral | $ 61,650,000 | $ 79,014,000 |
Note 10 - Long-Term Debt (Detai
Note 10 - Long-Term Debt (Details Textual) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Long Term Debt [Line Items] | ||
FHLB stock | $ 1,718,000 | $ 5,181,000 |
Maximum borrowing capacity with FHLB | 409,624,000 | |
Long-term advances outstanding with FHLB | 20,000,000 | |
Borrowings outstanding with FHLB | 20,000,000 | |
Long-term Debt [Member] | ||
Long Term Debt [Line Items] | ||
Borrowings outstanding with FHLB | 10,000,000 | |
Short-Term Debt [Member] | ||
Long Term Debt [Line Items] | ||
Borrowings outstanding with FHLB | 92,018,000 | |
Other Short Term Debt [Member] | ||
Long Term Debt [Line Items] | ||
Borrowings outstanding with FHLB | 0 | |
Letter of Credit [Member] | ||
Long Term Debt [Line Items] | ||
Borrowings outstanding with FHLB | $ 283,000 | $ 350,000 |
Note 10 - Long-term Advances at
Note 10 - Long-term Advances at FHLB Mature (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Advance from Federal Home Loan Bank, Fiscal Year Maturity [Abstract] | |
2025 | $ 20,000 |
Total long-term debt | $ 20,000 |
2025 | 4.36% |
Total long-term debt | 4.36% |
Note 11 - Provision for Income
Note 11 - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Provision For Income Taxes [Abstract] | |||||||||||
Current Federal income taxes | $ 2,109 | $ 3,543 | $ 3,629 | ||||||||
Current state income taxes | 83 | 180 | 219 | ||||||||
Deferred Federal income taxes (benefits) | 71 | 36 | 21 | ||||||||
Deferred state income taxes (benefits) | (15) | (102) | 92 | ||||||||
Valuation adjustment | (4) | 8 | 0 | ||||||||
Net provision | $ 302 | $ 494 | $ 325 | $ 1,123 | $ 1,560 | $ 634 | $ 647 | $ 824 | $ 2,244 | $ 3,665 | $ 3,961 |
Note 11 - Deferred Tax Assets a
Note 11 - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Deferred tax assets | |||
Allowance for credit losses on loans | $ 1,859,000 | $ 2,212,000 | |
Net unrealized holding losses on investment securities available-for-sale | 17,692,000 | 21,565,000 | |
Net unrealized holding losses on investment rate swaps | 367,000 | 0 | |
Fair value adjustment on equity securities | 0 | 10,000 | |
Non-accrual interest income | 170,000 | 52,000 | |
Leasing liability | 637,000 | 678,000 | |
Deferred revenue | 0 | 7,000 | |
Incurred but not reported medical expense | 27,000 | 28,000 | |
Bonus | 88,000 | 128,000 | |
State net operating loss carryforward | 30,000 | 0 | |
Other | 61,000 | 48,000 | |
Total deferred tax assets | 20,931,000 | $ 4,540,000 | 24,728,000 |
Deferred tax liabilities | |||
Deferred loan income | 487,000 | 459,000 | |
Depreciation | 215,000 | 225,000 | |
Mortgage servicing rights | 87,000 | 98,000 | |
Fair value adjustment on equity securities | 61,000 | 0 | |
Fair value remeasurements on interest rate swap | 12,000 | 0 | |
Prepaid expenses | 203,000 | 232,000 | |
Right of use asset | 572,000 | 611,000 | |
Other | 0 | 18,000 | |
Total deferred tax liabilities | 1,637,000 | 1,643,000 | |
Valuation allowance | 4,000 | 8,000 | |
Net deferred tax asset | $ 19,290,000 | $ 23,077,000 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Deferred tax assets, valuation allowance | $ 4,000 | $ 8,000 | |
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 21% | 21% | 21% |
Note 11 - Reconciliation of the
Note 11 - Reconciliation of the Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation Of The Tax Provision [Abstract] | |||||||||||
Provision at statutory rate | $ 2,463 | $ 4,113 | $ 4,295 | ||||||||
Tax-exempt interest and dividend income | (267) | (504) | (527) | ||||||||
Bank-owned life insurance | (67) | (75) | (104) | ||||||||
Stock-based compensation expense | 26 | 20 | 19 | ||||||||
State income tax | 53 | 62 | 245 | ||||||||
Other | 40 | 41 | 33 | ||||||||
Income tax provision | 2,248 | 3,657 | 3,961 | ||||||||
Valuation Adjustment | (4) | 8 | 0 | ||||||||
Net provision | $ 302 | $ 494 | $ 325 | $ 1,123 | $ 1,560 | $ 634 | $ 647 | $ 824 | $ 2,244 | $ 3,665 | $ 3,961 |
Provision at statutory rate | 21% | 21% | 21% | ||||||||
Tax-exempt interest and dividend income | (2.30%) | (2.60%) | (2.60%) | ||||||||
Bank-owned life insurance | (0.60%) | (0.40%) | (0.50%) | ||||||||
Stock-based compensation expense | 0.20% | 0.10% | 0.10% | ||||||||
State income tax | 0.50% | 0.30% | 1.20% | ||||||||
Other | 0.30% | 0.20% | 0.20% | ||||||||
Income tax provision | 19.20% | 18.70% | 19.40% | ||||||||
Valuation Adjustment | (0.10%) | 0% | 0% | ||||||||
Net provision | 19.10% | 18.70% | 19.40% |
Note 12 - Employee Benefit Pl_3
Note 12 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefit Plans [Line Items] | |||
Defined contribution plan, plan name | QNB Bank Retirement Savings Plan | ||
Matching company contribution | 3% | ||
Safe harbor non-elective contributions | 5% | ||
Matching contribution, amount | $ 376,000 | $ 345,000 | $ 340,000 |
Safe harbor contribution, amount | 669,000 | $ 606,000 | $ 608,000 |
Nonqualified defined contribution plan contribution amount | $ 108,000 | ||
Employee Stock Purchase Plan 2016 [Member] | |||
Employee Benefit Plans [Line Items] | |||
Discount rate on common stock | 10% | ||
Employee Stock Purchase Plan 2021 [Member] | |||
Employee Benefit Plans [Line Items] | |||
Shares authorized for issuance | 30,000 | ||
Shares issued | 6,630 | ||
Expiration date | May 31, 2026 |
Note 12 - Schedule of Shares Is
Note 12 - Schedule of Shares Issued (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Benefit Plans (Details) - Employee Stock Purchase Plan [Line Items] | |||
Shares | 6,630 | 5,102 | 4,906 |
Price per share | $ 23.10 | ||
Maximum [Member] | |||
Employee Benefit Plans (Details) - Employee Stock Purchase Plan [Line Items] | |||
Price per share | $ 29.48 | $ 32.29 | |
Minimum [Member] | |||
Employee Benefit Plans (Details) - Employee Stock Purchase Plan [Line Items] | |||
Price per share | $ 24.21 | $ 27.36 |
Note 13 - Stock Option Plan a_3
Note 13 - Stock Option Plan and Non-Employee Director Compensation Plan (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 90,000 | $ 70,000 | $ 71,000 | |
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ 154,000 | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 50 months | |||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 35,000 | 29,350 | 25,000 | |
Share-based compensation arrangement by share-based payment award, options, forfeitures in period | 22,600 | 34,150 | 8,575 | |
Share-based compensation arrangement by share-based payment award, options, exercises in period | 19,025 | |||
Share-based compensation arrangement by share-based payment award, options, outstanding, number | 121,550 | 109,150 | 113,950 | 116,550 |
Non-Employee [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 50,000 | |||
Share-based compensation arrangement by share-based payment award, shares issued | 1,740 | |||
Stock repurchase program remaining number of shares | 48,260 | |||
Annual stock based compensation service fee | $ 8,000,000 | |||
Semi annual stock based compensation payment | $ 4,000,000 | |||
The 2015 Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, number of shares authorized | 300,000 | |||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 212,550 | |||
Share-based compensation arrangement by share-based payment award, options, forfeitures in period | 70,175 | |||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 20,825 | |||
Share-based compensation arrangement by share-based payment award, options, outstanding, number | 121,550 | |||
Director Compensation Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 80,000 | |||
Employee Stock Option | The 2015 Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, period options can be exercised after grant date | 6 months | |||
Employee Stock Option | The 2015 Plan [Member] | First Anniversary [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage | 20% | |||
Employee Stock Option | The 2015 Plan [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years |
Note 13 - Stock Option Activity
Note 13 - Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding-Number of options (in shares) | 109,150 | 113,950 | 116,550 |
Exercised-Number of options (in shares) | (19,025) | ||
Forfeited-Number of options (in shares) | (22,600) | (34,150) | (8,575) |
Granted-Number of options (in shares) | 35,000 | 29,350 | 25,000 |
Outstanding ending-Number of options (in shares) | 121,550 | 109,150 | 113,950 |
Exercisable-Number of options (in shares) | 41,375 | ||
Outstanding-Weighted average exercise price (in dollars per share) | $ 37.65 | $ 37.58 | $ 37.42 |
Exercised-Weighted average exercise price (in dollars per share) | 30.97 | ||
Forfeited-Weighted average exercise price (in dollars per share) | 43.15 | 37.07 | 35.27 |
Granted-Weighted average exercise price (in dollars per share) | 29.51 | 37.26 | 32.5 |
Outstanding ending-Weighted average exercise price (in dollars per share) | 34.29 | $ 37.65 | $ 37.58 |
Exercisable-Weighted average exercise price (in dollars per share) | $ 37.37 | ||
Outstanding ending-Weighted average remaining contractual term | 3 years 9 months 29 days | ||
Exercisable-Weighted average remaining contractual term | 7 months 6 days |
Note 13 - Outstanding Stock Opt
Note 13 - Outstanding Stock Options (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options outstanding | 121,550 | 109,150 | 113,950 | 116,550 |
Exercise price, outstanding | $ 34.29 | $ 37.65 | $ 37.58 | $ 37.42 |
Remaining life | 3 years 9 months 29 days | |||
Options exercisable | 41,375 | |||
Exercise price, exercisable | $ 37.37 | |||
Exercise Price $29.51 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options outstanding | 35,000 | |||
Exercise price, outstanding | $ 29.51 | |||
Remaining life | 9 years 1 month 17 days | |||
Exercise Price $32.50 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options outstanding | 19,825 | |||
Exercise price, outstanding | $ 32.50 | |||
Remaining life | 2 years 1 month 17 days | |||
Exercise Price $36.50 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options outstanding | 19,650 | |||
Exercise price, outstanding | $ 36.50 | |||
Remaining life | 1 year 1 month 17 days | |||
Options exercisable | 19,650 | |||
Exercise price, exercisable | $ 36.5 | |||
Exercise Price $37.26 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options outstanding | 25,350 | |||
Exercise price, outstanding | $ 37.26 | |||
Remaining life | 3 years 1 month 17 days | |||
Exercise Price $38.15 [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Options outstanding | 21,725 | |||
Exercise price, outstanding | $ 38.15 | |||
Remaining life | 1 month 17 days | |||
Options exercisable | 21,725 | |||
Exercise price, exercisable | $ 38.15 |
Note 13 - Intrinsic Value Relat
Note 13 - Intrinsic Value Related to Stock Options Exercised (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Tax Benefits and Intrinsic Value Related to Stock Options Exercised [Abstract] | |
Intrinsic value of stock options exercised | $ 31 |
Note 14 - Schedule of Activity
Note 14 - Schedule of Activity and Amounts Due from Directors, Principal Officers, and Their Related Interests (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Related Party Transactions [Abstract] | |
Balance, December 31, 2021 | $ 1,762 |
New loans | 1,941 |
Repayments | (312) |
Balance, December 31, 2022 | $ 3,391 |
Note 14 - Schedule of Additiona
Note 14 - Schedule of Additional Information Regarding Transactions with Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party Transactions [Abstract] | ||
Commitments to extend credit | $ 1,617 | $ 3,287 |
Letters of credit | 1,696 | 1,696 |
Deposits received | $ 6,602 | $ 6,101 |
Note 15 - Financial Instrument
Note 15 - Financial Instrument Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commitments And Contingencies Disclosure [Line Items] | ||
Total financial instrument commitments | $ 397,774 | $ 358,824 |
Commitments to Extend Credit [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Total financial instrument commitments | 378,954 | 339,312 |
Standby Letters of Credit [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Total financial instrument commitments | $ 18,820 | $ 19,512 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Line Items] | |||
Lessee leasing arrangements, operating leases, renewal term | 5 years | ||
Operating lease cost | $ 723,000 | $ 712,000 | $ 749,000 |
Maximum [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Standby letters of credit expiration period | 1 year | ||
Lessee leasing arrangements, operating leases, renewal term | 10 years | ||
Minimum [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Lessee leasing arrangements, operating leases, renewal term | 5 years | ||
Standby Letters of Credit [Member] | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Financial instrument commitments expire within one year | $ 16,417,000 |
Note 15 - Summary of Maturities
Note 15 - Summary of Maturities Analysis of Operating Lease Liabilities and Reconciliation of Undiscounted Cash Flows to Total Operating Lease Liability (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Operating Leases | |
2024 | $ 554 |
2025 | 534 |
2026 | 382 |
2027 | 335 |
2028 | 274 |
Thereafter | 2,180 |
Total undiscounted cashflows | 4,259 |
Total discount on cashflows | (1,227) |
Total lease liabilities | $ 3,032 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities |
Note 16 - Components of Accumul
Note 16 - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | $ (85,996) | $ (102,692) | $ (4,734) | |
Tax effect | [1] | 18,059 | 21,565 | 994 |
Accumulated other comprehensive (loss) income, net of tax | (67,937) | (81,127) | (3,740) | |
Unrealized Net Holding Loss On Available-for-sale Securities [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | (84,247) | $ (102,692) | $ (4,734) | |
Unrealized Net Holding Loss on Interest Rate Swaps [Member] | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Accumulated other comprehensive loss | $ (1,749) | |||
[1] At tax rates of 21 % |
Note 16 - Accumulated Other C_3
Note 16 - Accumulated Other Comprehensive Income (Loss) (Details Textual) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Provision at statutory rate | 21% | 21% | 21% |
Note 16 - Amounts Reclassified
Note 16 - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Income before income taxes | $ 1,436 | $ 2,838 | $ 2,212 | $ 5,241 | $ 7,007 | $ 4,049 | $ 3,996 | $ 4,534 | $ 11,727 | $ 19,586 | $ 20,453 | |
Tax effect | (302) | (494) | (325) | (1,123) | (1,560) | (634) | (647) | (824) | (2,244) | (3,665) | (3,961) | |
Net income | $ 1,134 | $ 2,344 | $ 1,887 | $ 4,118 | $ 5,447 | $ 3,415 | $ 3,349 | $ 3,710 | 9,483 | 15,921 | 16,492 | |
Reclassification out of Accumulated Other Comprehensive Income | ||||||||||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||||||||||
Realized net holding (loss) gain on available-for-sale securities | (2,058) | (139) | 18 | |||||||||
Fair value remeasurements on fair value hedges | 57 | |||||||||||
Income before income taxes | (2,001) | (139) | 18 | |||||||||
Tax effect | [1] | 420 | 29 | (4) | ||||||||
Net income | $ (1,581) | $ (110) | $ 14 | |||||||||
[1] At tax rates of 21 % |
Note 17 - Financial Assets Meas
Note 17 - Financial Assets Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | $ 490,182,000 | $ 546,525,000 |
Equity Securities, FV-NI, Current | 5,910,000 | 12,056,000 |
US Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 6,451,000 | 301,000 |
US Government Agencies Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 74,122,000 | 86,709,000 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 89,189,000 | 95,367,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 224,238,000 | 256,161,000 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 89,973,000 | 101,672,000 |
Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 6,315,000 | |
Corporate Debt Securities and Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 6,209,000 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI, Current | 5,910,000 | 12,056,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 490,130,000 | 546,472,000 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 6,451,000 | 301,000 |
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 74,122,000 | 86,709,000 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 89,189,000 | 95,367,000 |
Fair Value, Inputs, Level 2 [Member] | Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 224,238,000 | 256,161,000 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 89,973,000 | 101,672,000 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 6,262,000 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities and Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 6,157,000 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 52,000 | 53,000 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 53,000 | |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities and Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale, debt securities | 52,000 | |
Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 496,092,000 | 558,581,000 |
Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 5,910,000 | 12,056,000 |
Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 490,130,000 | 546,472,000 |
Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 52,000 | 53,000 |
Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 171,000 | 3,929,000 |
Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 164,000 | 3,928,000 |
Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 7,000 | 1,000 |
Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 171,000 | 3,929,000 |
Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 164,000 | 3,928,000 |
Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | $ 7,000 | $ 1,000 |
Note 17 - Quantitative Informat
Note 17 - Quantitative Information about Assets Measured at Fair Value (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | ||
Measurement Input, Prepayment Rate | Minimum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | 104% | 113% | |
Measurement Input, Prepayment Rate | Maximum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | 214% | 235% | |
Nonrecurring [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Asset fair value measurements | $ 171 | $ 3,929 | |
Nonrecurring [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Asset fair value measurements | 164 | 3,928 | |
Nonrecurring [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Asset fair value measurements | 7 | 1 | |
Fair Value, Inputs, Level 3 [Member] | Nonrecurring [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Asset fair value measurements | 171 | 3,929 | |
Fair Value, Inputs, Level 3 [Member] | Nonrecurring [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Asset fair value measurements | 164 | 3,928 | |
Fair Value, Inputs, Level 3 [Member] | Nonrecurring [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Asset fair value measurements | $ 7 | $ 1 | |
Fair Value, Inputs, Level 3 [Member] | Appraisal Valuation Technique [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value liquidation inputs | [1],[2] | (10.00%) | (10.00%) |
Fair Value, Inputs, Level 3 [Member] | Appraisal Valuation Technique [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | [2],[3] | (0.20) | (0.15) |
Fair Value, Inputs, Level 3 [Member] | Appraisal Valuation Technique [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | [2],[3] | (1) | (1) |
Fair Value, Inputs, Level 3 [Member] | Appraisal Valuation Technique [Member] | Nonrecurring [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Asset fair value measurements | [2] | $ 164 | $ 3,634 |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | [4] | (100.00%) | |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Minimum [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | [4] | (30.00%) | |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Maximum [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | [4] | (100.00%) | |
Fair Value, Inputs, Level 3 [Member] | Market Approach Valuation Technique [Member] | Nonrecurring [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Asset fair value measurements | $ 294 | ||
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow Valuation Technique [Member] | Measurement Input, Expected Term [Member] | Minimum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value expected term | 2 years | 2 years | |
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow Valuation Technique [Member] | Measurement Input, Expected Term [Member] | Maximum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value expected term | 30 years | 28 years | |
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow Valuation Technique [Member] | Measurement Input, Prepayment Rate | Minimum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | 104% | 113% | |
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow Valuation Technique [Member] | Measurement Input, Prepayment Rate | Maximum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | 214% | 235% | |
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | 12% | 12% | |
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow Valuation Technique [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | 12.50% | 12.50% | |
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow Valuation Technique [Member] | Nonrecurring [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Asset fair value measurements | $ 7 | $ 1 | |
[1] Appraisals and pending agreements of sale are adjusted by management for estimated liquidation expenses. The range is presented as a percent of the initial appraised value. Fair value is primarily determined through appraisals of the underlying collateral by independent parties, which generally includes various level 3 inputs which are not always identifiable. Appraisals may be adjusted by management for qualitative factors such as economic conditions and the age of the appraisal. The range is presented as a percent of the initial appraised value. Values obtained from financial statements for UCC collateral (fixed assets and inventory) are discounted to estimated realizable liquidation value. |
Note 17 - Available-for-sale Se
Note 17 - Available-for-sale Securities Measured at Fair Value Using Significant Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of year | $ 53 | $ 75 |
Payments received | (1) | (22) |
Sale of securities | 0 | 0 |
Included in earnings | 0 | 0 |
Included in other comprehensive income | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Balance, end of year | $ 52 | $ 53 |
Note 17 - Fair Value Measurem_3
Note 17 - Fair Value Measurements and Fair Values of Financial Instruments (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) Issuer Security | Dec. 31, 2022 USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Number of underlying issuers | Issuer | 1 | |
Expected credit losses or prepayments | $ 0 | |
Swap rate period | 30 years | |
Measurement Input, Discount Rate [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Discount rate | 0.0833 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | $ 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Collateralized Debt Obligations [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Number of trust preferred securities | Security | 1 | |
Maximum [Member] | LIBOR [Member] | ||
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset, gain (loss) included in earnings | $ 0 | $ 0 |
Note 17 - Financial and Off-bal
Note 17 - Financial and Off-balance Sheet Instruments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 62,657,000 | $ 15,899,000 |
Investment securities available-for-sale, debt securities | 490,182,000 | 546,525,000 |
Equity Securities, FV-NI, Current | 5,910,000 | 12,056,000 |
Restricted investment in bank stocks | 2,730,000 | 5,193,000 |
Loans held for sale | 549,000 | |
Net loans | 1,084,681,000 | 1,028,854,000 |
Mortgage servicing rights | 415,000 | 469,000 |
Accrued interest receivable | 6,101,000 | 5,038,000 |
Deposits | 1,488,713,000 | 1,418,369,000 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 94,094,000 | 161,327,000 |
Long-term debt | 20,000,000 | 10,000,000 |
Accrued interest payable | 5,294,000 | 467,000 |
Cash and cash equivalents | 62,657,000 | 15,899,000 |
Restricted investment in bank stocks | 2,730,000 | 5,193,000 |
Loans held for sale | 560,000 | |
Net loans | 1,077,544,000 | 1,001,103,000 |
Mortgage servicing rights | 585,000 | 638,000 |
Accrued interest receivable | 6,101,000 | 5,038,000 |
Short-term borrowings | 94,094,000 | 161,327,000 |
Long-term debt | 19,906,000 | 10,000,000 |
Accrued interest payable | 5,294,000 | 467,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Equity Securities, FV-NI, Current | 5,910,000 | 12,056,000 |
Cash and cash equivalents | 62,657,000 | 15,899,000 |
Short-term borrowings | 94,094,000 | 161,327,000 |
Long-term debt | 19,906,000 | 10,000,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale, debt securities | 490,130,000 | 546,472,000 |
Restricted investment in bank stocks | 2,730,000 | 5,193,000 |
Accrued interest receivable | 6,101,000 | 5,038,000 |
Accrued interest payable | 5,294,000 | 467,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Investment securities available-for-sale, debt securities | 52,000 | 53,000 |
Net loans | 1,077,544,000 | 1,001,103,000 |
Mortgage servicing rights | 585,000 | 638,000 |
Standby Letters of Credit [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Commitments to extend credit | 79,000 | 69,000 |
Standby Letters of Credit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Commitments to extend credit | 79,000 | 69,000 |
With No Stated Maturities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Deposits | 1,173,732,000 | 1,242,920,000 |
Deposits | 1,173,732,000 | 1,242,920,000 |
With No Stated Maturities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Deposits | 1,173,732,000 | 1,242,920,000 |
With Stated Maturities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Deposits | 314,981,000 | 175,449,000 |
Deposits | 311,735,000 | 168,554,000 |
With Stated Maturities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Deposits | $ 311,735,000 | $ 168,554,000 |
Note 18 - Schedule of Notional
Note 18 - Schedule of Notional Amounts of Derivative Instruments (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
Derivative [Line Items] | |
Notional amount | $ 300,000 |
Amortized cost of hedged portfolio | 440,826 |
Cumulative amount of fair value hedging adjustment included in carrying amount of hedged asset | (1,749) |
State and Municipal Securities [Member] | |
Derivative [Line Items] | |
Notional amount | 75,000 |
Amortized cost of hedged portfolio | 97,373 |
Cumulative amount of fair value hedging adjustment included in carrying amount of hedged asset | (445) |
U.S. Government agencies and GSE mortgage backed securities | |
Derivative [Line Items] | |
Notional amount | 225,000 |
Amortized cost of hedged portfolio | 343,453 |
Cumulative amount of fair value hedging adjustment included in carrying amount of hedged asset | $ (1,304) |
Note 18 - Schedule of Derivativ
Note 18 - Schedule of Derivative Designated as Fair Value Hedging Instruments of Statements on Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||||||||||
Total | $ 19,257 | $ 18,497 | $ 15,865 | $ 15,463 | $ 14,739 | $ 13,546 | $ 12,327 | $ 11,809 | $ 69,082 | $ 52,421 | $ 46,770 |
Designated as Hedging Instrument [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Total | 2,801 | ||||||||||
Designated as Hedging Instrument [Member] | State and Municipal Securities [Member] | |||||||||||
Derivative [Line Items] | |||||||||||
Recognized on fair value hedge | 2,180 | ||||||||||
Recognized on hedge portfolio | (1,470) | ||||||||||
Recognized on remeasurement of fair value hedge | 16 | ||||||||||
Designated as Hedging Instrument [Member] | U.S. Government agencies and GSE mortgage backed securities | |||||||||||
Derivative [Line Items] | |||||||||||
Recognized on fair value hedge | 6,517 | ||||||||||
Recognized on hedge portfolio | (4,483) | ||||||||||
Recognized on remeasurement of fair value hedge | $ 41 |
Note 18 - Schedule of Derivat_2
Note 18 - Schedule of Derivative Designated as Fair Value Hedging Instruments of Accumulated Other Comprehensive (Loss) Income (Details) - Designated as Hedging Instrument [Member] $ in Thousands | Dec. 31, 2023 USD ($) |
Derivative [Line Items] | |
Total | $ (1,382) |
Accumulated Other Comprehensive Income (Loss) [Member] | |
Derivative [Line Items] | |
Total | $ (1,382) |
Note 19 - Condensed Balance She
Note 19 - Condensed Balance Sheet (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||||
Cash and cash equivalents | $ 62,657,000 | $ 15,899,000 | ||
Investment securities: | ||||
Available-for-sale (amortized cost $6,448 and $299) | 490,182,000 | 546,525,000 | ||
Equity securities (cost of $5,695 and $12,091) | 5,910,000 | 12,056,000 | ||
Other assets | 7,320,000 | 4,767,000 | ||
Total assets | 1,706,318,000 | 1,668,497,000 | ||
Liabilities | ||||
Other liabilities | 7,393,000 | 7,376,000 | ||
Shareholders' equity | 90,824,000 | 70,958,000 | $ 136,494,000 | $ 134,445,000 |
Total liabilities and shareholders' equity | 1,706,318,000 | 1,668,497,000 | ||
Parent Company [Member] | ||||
Assets | ||||
Cash and cash equivalents | 565,000 | 353,000 | ||
Investment securities: | ||||
Available-for-sale (amortized cost $6,448 and $299) | 6,451,000 | 301,000 | ||
Equity securities (cost of $5,695 and $12,091) | 5,910,000 | 12,056,000 | ||
Investment in subsidiary | 77,173,000 | 58,140,000 | ||
Other assets | 752,000 | 146,000 | ||
Total assets | 90,851,000 | 70,996,000 | ||
Liabilities | ||||
Other liabilities | 27,000 | 38,000 | ||
Shareholders' equity | 90,824,000 | 70,958,000 | ||
Total liabilities and shareholders' equity | $ 90,851,000 | $ 70,996,000 |
Note 19 - Condensed Balance S_2
Note 19 - Condensed Balance Sheet (Parentheticals) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Condensed Balance Sheet Statements Captions [Line Items] | ||
Available-for-sale, amortized cost | $ 576,178 | $ 649,217 |
Equity securities, cost | 5,695 | 12,091 |
Parent Company [Member] | ||
Condensed Balance Sheet Statements Captions [Line Items] | ||
Available-for-sale, amortized cost | 6,448 | 299 |
Equity securities, cost | $ 5,695 | $ 12,091 |
Note 19 - Condensed Statement o
Note 19 - Condensed Statement of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Securities (losses) gains | $ (19) | $ 405 | $ 1,788 | ||||||||
Net unrealized gain (loss) on investment equity securities | 250 | (1,026) | 926 | ||||||||
Provision for income taxes | $ 302 | $ 494 | $ 325 | $ 1,123 | $ 1,560 | $ 634 | $ 647 | $ 824 | 2,244 | 3,665 | 3,961 |
Net income | $ 1,134 | $ 2,344 | $ 1,887 | $ 4,118 | $ 5,447 | $ 3,415 | $ 3,349 | $ 3,710 | 9,483 | 15,921 | 16,492 |
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiary | 4,407 | 4,329 | 5,733 | ||||||||
Interest, dividend and other income | 517 | 358 | 386 | ||||||||
Securities (losses) gains | (19) | 405 | 1,788 | ||||||||
Net unrealized gain (loss) on investment equity securities | 250 | (1,026) | 926 | ||||||||
Total income | 5,155 | 4,066 | 8,833 | ||||||||
Expenses | 661 | 496 | 491 | ||||||||
Income before applicable income taxes and equity in undistributed income of subsidiary | 4,494 | 3,570 | 8,342 | ||||||||
Provision for income taxes | (1) | (235) | 724 | ||||||||
Income before equity in undistributed income of subsidiary | 4,495 | 3,805 | 7,618 | ||||||||
Equity in undistributed income of subsidiary | 4,988 | 12,116 | 8,874 | ||||||||
Net income | $ 9,483 | $ 15,921 | $ 16,492 |
Note 19 - Condensed Statement_2
Note 19 - Condensed Statement of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income, Before tax amount | $ 1,436 | $ 2,838 | $ 2,212 | $ 5,241 | $ 7,007 | $ 4,049 | $ 3,996 | $ 4,534 | $ 11,727 | $ 19,586 | $ 20,453 |
Net unrealized holding gain/(loss) on available-for-sale securities: | |||||||||||
Unrealized holding gain/(loss) arising during the period, Before tax amount | 16,388 | (98,097) | (11,867) | ||||||||
Reclassification adjustment for loss/(gain) included in net income, Before tax amount | 2,058 | 139 | (18) | ||||||||
Unrealized holding loss arising during the period, Before tax amount | (1,693) | ||||||||||
Reclassification adjustment for fair value remeasurements included in net income, Before tax amount | (57) | ||||||||||
Other comprehensive income/(loss), Before tax amount | 16,696 | (97,958) | (11,885) | ||||||||
Unrealized holding gain/(loss) arising during the period, Tax expense (benefit) | 3,441 | (20,600) | (2,492) | ||||||||
Reclassification adjustment for loss/(gain) included in net income, Tax expense (benefit) | 432 | 29 | (4) | ||||||||
Unrealized holding loss arising during the period, Tax expense (benefit) | (355) | ||||||||||
Reclassification adjustment for fair value remeasurements included in net income, Tax expense (benefit) | (12) | ||||||||||
Other comprehensive income/(loss), Tax expense (benefit) | 3,506 | (20,571) | (2,496) | ||||||||
Unrealized holding gain/(loss) arising during the period, Net of tax amount | 12,947 | (77,497) | (9,375) | ||||||||
Reclassification adjustment for loss/(gain) included in net income, Net of tax amount | 1,626 | 110 | (14) | ||||||||
Unrealized holding loss arising during the period, Net of tax amount | (1,338) | ||||||||||
Reclassification adjustment for fair value remeasurements included in net income, Net of tax amount | (45) | ||||||||||
Other comprehensive income/(loss), Net of tax amount | 13,190 | (77,387) | (9,389) | ||||||||
Total comprehensive income (loss), Tax expense (benefit) | 5,750 | (16,906) | 1,465 | ||||||||
Net income | $ 1,134 | $ 2,344 | $ 1,887 | $ 4,118 | $ 5,447 | $ 3,415 | $ 3,349 | $ 3,710 | 9,483 | 15,921 | 16,492 |
Total comprehensive income (loss), Net of tax amount | 22,673 | (61,466) | 7,103 | ||||||||
Parent Company [Member] | |||||||||||
Condensed Statement of Income Captions [Line Items] | |||||||||||
Net income, Before tax amount | 11,727 | 19,586 | 20,453 | ||||||||
Net unrealized holding gain/(loss) on available-for-sale securities: | |||||||||||
Unrealized holding gain/(loss) arising during the period, Before tax amount | 16,388 | (98,097) | (11,867) | ||||||||
Reclassification adjustment for loss/(gain) included in net income, Before tax amount | 2,058 | 139 | (18) | ||||||||
Unrealized holding loss arising during the period, Before tax amount | (1,693) | ||||||||||
Reclassification adjustment for fair value remeasurements included in net income, Before tax amount | (57) | ||||||||||
Other comprehensive income/(loss), Before tax amount | 16,696 | (97,958) | (11,885) | ||||||||
Unrealized holding gain/(loss) arising during the period, Tax expense (benefit) | 3,441 | (20,600) | (2,492) | ||||||||
Reclassification adjustment for loss/(gain) included in net income, Tax expense (benefit) | 432 | 29 | (4) | ||||||||
Unrealized holding loss arising during the period, Tax expense (benefit) | (355) | ||||||||||
Reclassification adjustment for fair value remeasurements included in net income, Tax expense (benefit) | (12) | ||||||||||
Other comprehensive income/(loss), Tax expense (benefit) | 3,506 | (20,571) | (2,496) | ||||||||
Unrealized holding gain/(loss) arising during the period, Net of tax amount | 12,947 | (77,497) | (9,375) | ||||||||
Reclassification adjustment for loss/(gain) included in net income, Net of tax amount | 1,626 | 110 | (14) | ||||||||
Unrealized holding loss arising during the period, Net of tax amount | (1,338) | ||||||||||
Reclassification adjustment for fair value remeasurements included in net income, Net of tax amount | (45) | ||||||||||
Other comprehensive income/(loss), Net of tax amount | 13,190 | (77,387) | (9,389) | ||||||||
Total comprehensive income (loss), Before tax amount | 28,423 | (78,372) | 8,568 | ||||||||
Tax expense (benefit) | 2,244 | 3,665 | 3,961 | ||||||||
Total comprehensive income (loss), Tax expense (benefit) | 5,750 | (16,906) | 1,465 | ||||||||
Net income | 9,483 | 15,921 | 16,492 | ||||||||
Total comprehensive income (loss), Net of tax amount | $ 22,673 | $ (61,466) | $ 7,103 |
Note 19 - Condensed Statement_3
Note 19 - Condensed Statement of Cash Flows (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Activities | |||||||||||
Net income | $ 1,134,000 | $ 2,344,000 | $ 1,887,000 | $ 4,118,000 | $ 5,447,000 | $ 3,415,000 | $ 3,349,000 | $ 3,710,000 | $ 9,483,000 | $ 15,921,000 | $ 16,492,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Net unrealized (gain) loss on equity securities | (250,000) | 1,026,000 | (926,000) | ||||||||
Stock-based compensation expense | 185,000 | 85,000 | 102,000 | ||||||||
Accretion of discounts on investment securities | 1,665,000 | 2,222,000 | 3,152,000 | ||||||||
(Decrease ) increase in other liabilities | 287,000 | (550,000) | 703,000 | ||||||||
(Increase) decrease in other assets | (91,000) | (298,000) | (507,000) | ||||||||
Deferred income tax (benefit) provision | 52,000 | (57,000) | 113,000 | ||||||||
Net cash provided by operating activities | 14,457,000 | 16,835,000 | 30,389,000 | ||||||||
Investing activities | |||||||||||
Purchase of investment equity securities | (2,179,000) | (1,860,000) | (4,615,000) | ||||||||
Purchase of investment securities available-for-sale | (14,381,000) | (35,001,000) | (385,926,000) | ||||||||
Proceeds from sale of investment equity securities | 8,556,000 | 1,594,000 | 7,768,000 | ||||||||
Proceeds from maturities of investment securities available-for-sale | 50,042,000 | 72,965,000 | 113,911,000 | ||||||||
Net cash provided (used) in investing activities | 23,039,000 | (71,646,000) | (282,490,000) | ||||||||
Financing activities | |||||||||||
Cash dividend paid | (4,671,000) | (4,498,000) | (4,375,000) | ||||||||
Treasury stock purchase | (75,000) | (1,356,000) | |||||||||
Proceeds from issuance of common stock | 822,000 | 418,000 | 575,000 | ||||||||
Net cash provided by financing activities | 9,262,000 | 57,320,000 | 226,160,000 | ||||||||
Increase (decrease) in cash and cash equivalents | 46,758,000 | 2,509,000 | (25,941,000) | ||||||||
Cash and cash equivalents at beginning of year | 15,899,000 | 13,390,000 | 15,899,000 | 13,390,000 | 39,331,000 | ||||||
Cash and cash equivalents at end of period | 62,657,000 | 15,899,000 | 62,657,000 | 15,899,000 | 13,390,000 | ||||||
Parent Company [Member] | |||||||||||
Operating Activities | |||||||||||
Net income | 9,483,000 | 15,921,000 | 16,492,000 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Equity in undistributed income from subsidiary | (4,988,000) | (12,116,000) | (8,874,000) | ||||||||
Net securities losses (gains) | 19,000 | (405,000) | (1,788,000) | ||||||||
Net unrealized (gain) loss on equity securities | (250,000) | 1,026,000 | (926,000) | ||||||||
Stock-based compensation expense | 185,000 | 85,000 | 102,000 | ||||||||
Accretion of discounts on investment securities | (174,000) | (6,000) | |||||||||
(Decrease ) increase in other liabilities | (36,000) | (266,000) | 222,000 | ||||||||
(Increase) decrease in other assets | (122,000) | (121,000) | 2,000 | ||||||||
Deferred income tax (benefit) provision | 42,000 | (285,000) | 265,000 | ||||||||
Net cash provided by operating activities | 4,159,000 | 3,833,000 | 5,495,000 | ||||||||
Investing activities | |||||||||||
Purchase of investment equity securities | (2,179,000) | (1,860,000) | (4,615,000) | ||||||||
Purchase of investment securities available-for-sale | (14,275,000) | (1,193,000) | |||||||||
Proceeds from sale of investment equity securities | 8,556,000 | 1,594,000 | 7,768,000 | ||||||||
Proceeds from maturities of investment securities available-for-sale | 7,800,000 | 900,000 | |||||||||
Capital contribution to Bank | (2,500,000) | ||||||||||
Net cash provided (used) in investing activities | (98,000) | (559,000) | 653,000 | ||||||||
Financing activities | |||||||||||
Cash dividend paid | (4,671,000) | (4,498,000) | (4,375,000) | ||||||||
Treasury stock purchase | (75,000) | (1,356,000) | |||||||||
Proceeds from issuance of common stock | 822,000 | 418,000 | 575,000 | ||||||||
Net cash provided by financing activities | (3,849,000) | (4,155,000) | (5,156,000) | ||||||||
Increase (decrease) in cash and cash equivalents | 212,000 | (881,000) | 992,000 | ||||||||
Cash and cash equivalents at beginning of year | $ 353,000 | $ 1,234,000 | 353,000 | 1,234,000 | 242,000 | ||||||
Cash and cash equivalents at end of period | $ 565,000 | $ 353,000 | $ 565,000 | $ 353,000 | $ 1,234,000 |
Note 20 - Capital Ratios and Re
Note 20 - Capital Ratios and Regulatory Minimum Requirements (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Consolidated Entities [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital | $ 167,711 | $ 162,725 |
Tier 1 capital | 158,753 | 152,077 |
Common equity tier 1 capital | 158,753 | 152,077 |
Tier 1 leverage capital | $ 158,753 | $ 152,077 |
Capital to risk-weighted assets | 0.1309 | 0.1319 |
Tier 1 capital to risk-weighted assets | 0.1239 | 0.1233 |
Common equity tier 1 capital to risk-weighted assets | 12.39% | 12.33% |
Tier 1 leverage capital to average assets | 0.0892 | 0.0875 |
Capital required for capital adequacy | $ 102,513 | $ 98,701 |
Tier 1 capital required for capital adequacy | 76,885 | 74,025 |
Common equity tier 1 capital required for capital adequacy | 57,664 | 55,519 |
Tier 1 leverage capital required for capital adequacy | $ 71,185 | $ 69,507 |
Capital required for capital adequacy to risk-weighted assets | 0.08 | 0.08 |
Tier 1 capital required for capital adequacy to risk-weighted assets | 0.06 | 0.06 |
Common equity tier 1 capital required for capital adequacy to risk-weighted assets | 4.50% | 4.50% |
Tier 1 leverage capital required for capital adequacy to average assets | 0.04 | 0.04 |
Capital required to be well capitalized | $ 128,142 | $ 123,376 |
Tier 1 capital required to be well capitalized | $ 76,885 | $ 74,025 |
Capital required to be well capitalized to risk-weighted assets | 0.10 | 0.10 |
Tier 1 capital required to be well capitalized to risk-weighted assets | 0.06 | 0.06 |
Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital | $ 154,062 | $ 149,908 |
Tier 1 capital | 145,104 | 139,260 |
Common equity tier 1 capital | 145,104 | 139,260 |
Tier 1 leverage capital | $ 145,104 | $ 139,260 |
Capital to risk-weighted assets | 0.122 | 0.1252 |
Tier 1 capital to risk-weighted assets | 0.1149 | 0.1163 |
Common equity tier 1 capital to risk-weighted assets | 11.49% | 11.63% |
Tier 1 leverage capital to average assets | 0.0818 | 0.0807 |
Capital required for capital adequacy | $ 101,032 | $ 95,796 |
Tier 1 capital required for capital adequacy | 75,774 | 71,847 |
Common equity tier 1 capital required for capital adequacy | 56,830 | 53,886 |
Tier 1 leverage capital required for capital adequacy | $ 70,961 | $ 69,009 |
Capital required for capital adequacy to risk-weighted assets | 0.08 | 0.08 |
Tier 1 capital required for capital adequacy to risk-weighted assets | 0.06 | 0.06 |
Common equity tier 1 capital required for capital adequacy to risk-weighted assets | 4.50% | 4.50% |
Tier 1 leverage capital required for capital adequacy to average assets | 0.04 | 0.04 |
Capital required to be well capitalized | $ 126,290 | $ 119,746 |
Tier 1 capital required to be well capitalized | 101,032 | 95,796 |
Common equity tier 1 capital required to be well capitalized | 82,088 | 77,835 |
Tier 1 leverage capital required to be well capitalized | $ 88,701 | $ 86,261 |
Capital required to be well capitalized to risk-weighted assets | 0.10 | 0.10 |
Tier 1 capital required to be well capitalized to risk-weighted assets | 0.08 | 0.08 |
Common equity tier 1 capital required to be well capitalized to risk-weighted assets | 6.50% | 6.50% |
Tier 1 leverage capital required to be well capitalized to average assets | 0.05 | 0.05 |
Note 21 - Unaudited Quarterly R
Note 21 - Unaudited Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||||||||
Unaudited Quarterly Results Of Operations [Abstract] | |||||||||||||||||||
Interest income | $ 19,257 | $ 18,497 | $ 15,865 | $ 15,463 | $ 14,739 | $ 13,546 | $ 12,327 | $ 11,809 | $ 69,082 | $ 52,421 | $ 46,770 | ||||||||
Interest expense | 9,065 | 8,284 | 6,532 | 5,046 | 3,460 | 2,167 | 1,224 | 1,073 | 28,927 | 7,924 | 4,643 | ||||||||
Net interest income | 10,192 | 10,213 | 9,333 | 10,417 | 11,279 | 11,379 | 11,103 | 10,736 | 40,155 | 44,497 | 42,127 | ||||||||
Provision for credit losses | (844) | (850) | 458 | ||||||||||||||||
Non-interest income | 283 | 1,755 | 1,580 | 1,219 | 2,997 | 484 | 639 | 1,611 | 4,837 | 5,731 | 9,781 | ||||||||
Non-interest expense | 8,746 | 8,671 | 8,492 | 8,200 | 8,119 | 7,814 | 7,746 | 7,813 | 34,109 | 31,492 | 30,997 | ||||||||
Income before income taxes | 1,436 | 2,838 | 2,212 | 5,241 | 7,007 | 4,049 | 3,996 | 4,534 | 11,727 | 19,586 | 20,453 | ||||||||
Provision for income taxes | 302 | 494 | 325 | 1,123 | 1,560 | 634 | 647 | 824 | 2,244 | 3,665 | 3,961 | ||||||||
Net income | $ 1,134 | $ 2,344 | $ 1,887 | $ 4,118 | $ 5,447 | $ 3,415 | $ 3,349 | $ 3,710 | $ 9,483 | $ 15,921 | $ 16,492 | ||||||||
Earnings Per Share - basic | $ 0.31 | [1] | $ 0.65 | [1] | $ 0.52 | [1] | $ 1.15 | [1] | $ 1.52 | [1] | $ 0.96 | [1] | $ 0.94 | [1] | $ 1.04 | [1] | $ 2.63 | $ 4.47 | $ 4.64 |
Earnings Per Share - diluted | $ 0.31 | [1] | $ 0.65 | [1] | $ 0.52 | [1] | $ 1.15 | [1] | $ 1.52 | [1] | $ 0.96 | [1] | $ 0.94 | [1] | $ 1.04 | [1] | $ 2.63 | $ 4.47 | $ 4.64 |
[1] Due to rounding, quarterly earnings per share may not sum to annual earnings per share |