Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | QNB Corp. | |
Trading Symbol | QNBC | |
Title of 12(g) Security | Common Stock | |
Security Exchange Name | NONE | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 3,557,806 | |
Amendment Flag | false | |
Entity Central Index Key | 0000750558 | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
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 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 12,106 | $ 9,194 |
Interest-bearing deposits in banks | 1,154 | 4,196 |
Total cash and cash equivalents | 13,260 | 13,390 |
Investments: | ||
Available-for-sale (amortized cost $707,911 and $697,094) | 656,846 | 692,360 |
Equity securities (cost of $11,669 and $11,419) | 12,652 | 12,410 |
Restricted investment in stocks | 1,337 | 1,329 |
Loans receivable | 926,369 | 926,470 |
Allowance for loan losses | (11,231) | (11,184) |
Net loans | 915,138 | 915,286 |
Bank-owned life insurance | 11,578 | 11,497 |
Premises and equipment, net | 16,269 | 16,540 |
Accrued interest receivable | 3,781 | 4,104 |
Net deferred tax assets | 12,046 | 2,449 |
Other assets | 5,079 | 3,975 |
Total assets | 1,647,986 | 1,673,340 |
Deposits | ||
Demand, non-interest bearing | 242,024 | 243,006 |
Interest-bearing demand | 454,594 | 468,199 |
Money market | 143,724 | 143,942 |
Savings | 447,756 | 426,225 |
Time less than $100 | 91,531 | 93,456 |
Time $100 through $250 | 47,120 | 49,930 |
Time greater than $250 | 25,004 | 24,987 |
Total deposits | 1,451,753 | 1,449,745 |
Short-term borrowings | 76,738 | 68,476 |
Long-term debt | 10,000 | 10,000 |
Accrued interest payable | 178 | 211 |
Other liabilities | 6,819 | 8,414 |
Total liabilities | 1,545,488 | 1,536,846 |
Shareholders' Equity | ||
Common stock, par value $0.625 per share; authorized 10,000,000 shares; 3,752,589 shares and 3,725,202 shares issued; 3,554,309 and 3,556,533 shares outstanding | 2,354 | 2,350 |
Surplus | 23,928 | 23,683 |
Retained earnings | 120,594 | 118,163 |
Accumulated other comprehensive gain, net of tax | (40,341) | (3,740) |
Treasury stock, at cost; 208,686 and 206,686 shares | (4,037) | (3,962) |
Total shareholders' equity | 102,498 | 136,494 |
Total liabilities and shareholders' equity | $ 1,647,986 | $ 1,673,340 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Available-for-sale, amortized cost | $ 707,911 | $ 697,094 |
Equity securities, cost | $ 11,669 | $ 11,419 |
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) | 3,766,492 | 3,760,315 |
Common stock, shares outstanding (in shares) | 3,557,806 | 3,553,629 |
Treasury stock, shares (in shares) | 208,686 | 206,686 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income | ||
Interest and fees on loans | $ 9,003 | $ 10,011 |
Interest and dividends on available-for-sale & equity securities: | ||
Taxable | 2,274 | 1,314 |
Tax-exempt | 517 | 386 |
Interest on interest-bearing balances and other interest income | 15 | 20 |
Total interest income | 11,809 | 11,731 |
Interest on deposits | ||
Interest-bearing demand | 237 | 238 |
Money market | 106 | 82 |
Savings | 321 | 290 |
Time less than $100 | 184 | 279 |
Time of $100 through $250 | 85 | 145 |
Time greater than $250 | 42 | 86 |
Interest on short-term borrowings | 59 | 55 |
Interest on long-term debt | 39 | 39 |
Total interest expense | 1,073 | 1,214 |
Net interest income | 10,736 | 10,517 |
Provision for loan losses | 275 | |
Net interest income after provision for loan losses | 10,736 | 10,242 |
Non-interest income | ||
Net gain on sales and calls of available-for-sale and equity securities | 36 | 342 |
Unrealized (loss) gain on investment equity securities | (8) | 1,096 |
Fees for services to customers | 384 | 299 |
ATM and debit card | 641 | 593 |
Retail brokerage and advisory | 205 | 167 |
Bank-owned life insurance | 81 | 263 |
Merchant | 95 | 104 |
Net gain on sale of loans | 352 | |
Other | 177 | 188 |
Total non-interest income | 1,611 | 3,404 |
Non-interest expense | ||
Salaries and employee benefits | 4,266 | 4,017 |
Net occupancy | 578 | 618 |
Furniture and equipment | 687 | 670 |
Marketing | 194 | 214 |
Third party services | 667 | 488 |
Telephone, postage and supplies | 194 | 198 |
State taxes | 272 | 273 |
FDIC insurance premiums | 217 | 171 |
Other | 738 | 674 |
Total non-interest expense | 7,813 | 7,323 |
Income before income taxes | 4,534 | 6,323 |
Provision for income taxes | 824 | 1,273 |
Net income | $ 3,710 | $ 5,050 |
Earnings per share - basic | $ 1.04 | $ 1.42 |
Earnings per share - diluted | 1.04 | 1.42 |
Cash dividends per share | $ 0.36 | $ 0.35 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income, Before tax amount | $ 4,534 | $ 6,323 |
Net unrealized holding (losses) gains on available-for-sale securities: | ||
Unrealized holding (losses) gains arising during the period, Before tax amount | (46,331) | (8,006) |
Reclassification adjustment for gains included in net income, Before tax amount | (1) | (3) |
Other comprehensive (loss) income, Before tax amount | (46,332) | (8,009) |
Unrealized holding (losses) gains arising during the period, Tax expense (benefit) | (9,731) | (1,681) |
Reclassification adjustment for gains included in net income, Tax expense (benefit) | (1) | |
Other comprehensive (loss) income, Tax expense (benefit) | (9,731) | (1,682) |
Unrealized holding (losses) gains arising during the period, Net of tax amount | (36,600) | (6,325) |
Reclassification adjustment for gains included in net income, Net of tax amount | (1) | (2) |
Other comprehensive (loss) income, Net of tax amount | (36,601) | (6,327) |
Total comprehensive loss, Before tax amount | (41,798) | (1,686) |
Tax expense (benefit) | 824 | 1,273 |
Total comprehensive loss, Tax expense (benefit) | (8,907) | (409) |
Net income | 3,710 | 5,050 |
Total comprehensive income, Net of tax amount | $ (32,891) | $ (1,277) |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [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 | $ 5,050 | 5,050 | ||||
Other comprehensive income (loss), net of tax | (6,327) | (6,327) | ||||
Cash dividends declared | (1,243) | (1,243) | ||||
Stock issued in connection with dividend reinvestment and stock purchase plan | $ 207 | 4 | 203 | |||
Stock issued in connection with dividend reinvestment and stock purchase plan (in shares) | 6,319 | |||||
Stock issued for options exercised | $ 131 | 3 | 128 | |||
Stock issued for options exercised (in shares) | 5,017 | |||||
Stock-based compensation expense | $ 20 | 20 | ||||
Treasury stock purchase | $ (287) | (287) | ||||
Treasury stock purchase (in shares) | (8,700) | |||||
Balance at Mar. 31, 2021 | $ 131,996 | 2,335 | 22,781 | 110,451 | (678) | (2,893) |
Balance (in shares) at Mar. 31, 2021 | 3,559,169 | |||||
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 | $ 3,710 | 3,710 | ||||
Other comprehensive income (loss), net of tax | (36,601) | (36,601) | ||||
Cash dividends declared | (1,279) | (1,279) | ||||
Stock issued in connection with dividend reinvestment and stock purchase plan | $ 227 | 4 | 223 | |||
Stock issued in connection with dividend reinvestment and stock purchase plan (in shares) | 6,177 | |||||
Stock-based compensation expense | $ 22 | 22 | ||||
Treasury stock purchase | $ (75) | (75) | ||||
Treasury stock purchase (in shares) | (2,000) | |||||
Balance at Mar. 31, 2022 | $ 102,498 | $ 2,354 | $ 23,928 | $ 120,594 | $ (40,341) | $ (4,037) |
Balance (in shares) at Mar. 31, 2022 | 3,557,806 |
Consolidated Statement of Sha_2
Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Retained Earnings [Member] | ||
Cash dividends declared, per share (in dollars per share) | $ 0.36 | $ 0.35 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net income | $ 3,710,000 | $ 5,050,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 419,000 | 470,000 |
Provision for loan losses | 275,000 | |
Net gain on calls and sales of debt and equity securities | (36,000) | (342,000) |
Net unrealized gain on equity securities | 8,000 | (1,096,000) |
Net gain on sale of loans | (352,000) | |
Proceeds from sales of residential mortgages held-for-sale | 9,105,000 | |
Origination of residential mortgages held-for-sale | (4,890,000) | |
Increase in cash surrender value of bank-owned life insurance | (81,000) | (263,000) |
Stock-based compensation expense | 22,000 | 20,000 |
Deferred income tax provision | 131,000 | 401,000 |
Net (decrease) increase in income taxes payable | (385,000) | 333,000 |
Net decrease in accrued interest receivable | 323,000 | 117,000 |
Amortization of mortgage servicing rights and change in valuation allowance | 15,000 | 23,000 |
Net amortization of premiums and discounts on investment securities | 643,000 | 737,000 |
Net decrease in accrued interest payable | (34,000) | (104,000) |
Operating lease payments | (154,000) | (171,000) |
Increase in other assets | (759,000) | (1,051,000) |
Decrease in other liabilities | (1,468,000) | (159,000) |
Net cash provided by operating activities | 2,354,000 | 8,103,000 |
Investing Activities | ||
Proceeds from payments, maturities and calls of investments available-for-sale | 21,853,000 | 27,377,000 |
Proceeds from the sale of equity securities | 262,000 | 1,185,000 |
Purchases of investments available-for-sale | (33,312,000) | (56,123,000) |
Purchases of equity securities | (477,000) | (1,423,000) |
Proceeds from redemption of investment in restricted stock | 1,827,000 | |
Purchases of restricted stock | (1,835,000) | |
Net decrease (increase) in loans | 148,000 | (26,091,000) |
Net purchases of premises and equipment | (93,000) | (2,892,000) |
Redemption of Bank Owned Life Insurance investment | 797,000 | |
Net cash used in investing activities | (11,627,000) | (57,170,000) |
Financing Activities | ||
Net (decrease) increase in non-interest bearing deposits | (982,000) | 49,275,000 |
Net increase in interest-bearing deposits | 2,990,000 | 64,278,000 |
Net increase in short-term borrowings | 8,262,000 | 6,109,000 |
Cash dividends paid, net of reinvestment | (1,131,000) | (1,092,000) |
Purchase of treasury shares | (75,000) | (287,000) |
Proceeds from issuance of common stock | 79,000 | 187,000 |
Net cash provided by financing activities | 9,143,000 | 118,470,000 |
Increase in cash and cash equivalents | (130,000) | 69,403,000 |
Cash and cash equivalents at beginning of year | 13,390,000 | 39,331,000 |
Cash and cash equivalents at end of period | 13,260,000 | 108,734,000 |
Supplemental Cash Flow Disclosures | ||
Interest paid | 4,676,000 | 1,318,000 |
Net income taxes paid | 1,078,000 | 538,000 |
Non-cash transactions: | ||
Unsettled trades to purchase securities | (13,454,000) | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 43,000 | $ 698,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of QNB Corp. and its wholly-owned subsidiary, QNB Bank (the “Bank”). The consolidated entity is referred to herein as “QNB” or the “Company”. All significant intercompany accounts and transactions are eliminated in the consolidated financial statements. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in QNB's 2021 Annual Report incorporated in the Form 10-K. Operating results for the three-month period ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The unaudited consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the results of operations for the period and are of a normal and recurring nature. Tabular information, other than share and per share data, is presented in thousands of dollars. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from such estimates. QNB has evaluated events and transactions occurring subsequent to the balance sheet date of March 31, 2022 for items that should potentially be recognized or disclosed in these consolidated financial statements. COVID-19 Developments Currently all QNB office lobbies are opened with their normal operating hours and banking by appointment service remains available. Drive-ups are also operating under normal hours. QNB continues to follow any state mandates. Employees with remote access are encouraged to work from home. QNB has not incurred any significant disruptions to its business continuity. The full impact of the COVID-19 Pandemic is unknown. Uncertainties exist related to the duration of the COVID-19 Pandemic and its potential effects on QNB’s customers and prospects, including impacts on national and local economies, unemployment, maintaining a competent workforce, and disruptions in the supply chain. There are no assurances as to how the COVID-19 Pandemic might affect QNB’s loan, investment and deposit portfolios. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Pronouncements | 2. RECENT ACCOUNTING PRONOUNCEMENTS On September 16, 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326) To that end, the new guidance: • Eliminates the probable initial recognition threshold in current accounting principles generally accepted in the United States of America (“U.S. GAAP”) and, instead, reflects an organization’s current estimate of all expected credit losses over the contractual term of its financial assets • Broadens the information an entity can consider when measuring credit losses to include forward-looking information • Increases usefulness of the financial statements by requiring timely inclusion of forecasted information in forming expectations of credit losses • Increases comparability of purchased financial assets with credit deterioration (PCD assets) with other purchased assets that do not have credit deterioration as well as originated assets because credit losses that are expected will be recorded through an allowance for credit losses for all assets • Increases users’ understanding of underwriting standards and credit quality trends by requiring additional information about credit quality indicators by year of origination (vintage) • For available-for-sale debt securities, aligns the income statement recognition of credit losses with the reporting period in which changes occur by recording credit losses (and subsequent changes in credit losses) through an allowance rather than a write down The new guidance affects organizations that hold financial assets and net investments in leases that are not accounted for at fair value with changes in fair value reported in net income. The new guidance affects 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. On October 16, 2019, FASB adopted its August 15, 2019 proposal to delay the effective dates for certain smaller reporting companies for the implementation CECL. For public business entities that are U.S. Securities and Exchange Commission (“SEC”) filers, the new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, except for smaller reporting companies, whose effective date is effective for fiscal years, and interim periods with those fiscal years, beginning after December 15, 2022. QNB continues to evaluate the impact of this new standard on its consolidated financial statements and currently does not anticipate a material change to its allowance for loan losses upon the eventual implementation of CECL. On March 31, 2022, FASB issued ASU 2022-02, Troubled Debt Restructurings and Vintage Disclosures, under Financial Instruments—Credit Losses (topic 326). The main provisions of ASU 2022-02 supersede the accounting guidance in ASC 310-40 Receivables—Troubled Debt Restructurings by Creditor in its entirety and requires entities to evaluate all receivable modifications under ASC 310-20-35-9 through 35-11 to determine whether a modification made to a borrower results in a new loan or a continuation of the existing loan. ASU 2022-02 requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. ASU 2022-02 also amends other subtopics to remove references to TDRs for creditors. For QNB, the provisions under ASU 2022-02 are effective for fiscal years, and interim periods with those fiscal years, beginning after December 15, 2022. |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation and Shareholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation and Shareholders Equity | 3. STOCK-BASED COMPENSATION AND SHAREHOLDERS’ EQUITY QNB sponsors stock-based compensation plans, administered by a Board committee (the “Committee”), under which both qualified and non-qualified stock options may be granted periodically to certain employees. 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 was $22,000 and $20,000 for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022, there was approximately $204,000 of unrecognized compensation cost related to unvested share-based compensation award grants that is expected to be recognized over the next 35 months. Options are granted to certain employees at prices equal to the market value of the stock on the date the options are granted. The 2015 Plan authorized the issuance of 300,000 shares. The time period during which any option is exercisable under the 2015 Plan is determined by the Committee but shall not commence before the expiration of six months after the date of grant or continue beyond the expiration of five years after the date the option is awarded. The granted options vest after a three-year The following assumptions were used in the option pricing model in determining the fair value of options granted during the period: For the Three Months Ended March 31, 2022 2021 Risk free interest rate 1.25 % 0.20 % Dividend yield 3.64 % 4.17 % Volatility 22.68 % 21.14 % Expected life (years) 4.05 4.88 The risk-free interest rate was selected based upon yields of U.S. Treasury securities with a term approximating the expected life of the option being valued. Historical information was the basis for the selection of the expected dividend yield, expected volatility and expected lives of the options. The fair market value of options granted in the three months ended March 31, 2022 and 2021 was $5.02 and $3.08, respectively. Stock option activity during the three months ended March 31, 2022 and 2021 is as follows: Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2021 113,950 $ 37.58 Granted 29,350 37.26 Exercised — — Forfeited (21,250 ) 37.69 Outstanding at March 31, 2022 122,050 $ 37.49 3.01 $ 117 Exercisable at March 31, 2022 44,500 $ 40.86 1.39 $ — Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2020 116,550 $ 37.42 Granted 25,000 32.50 Exercised (17,525 ) 30.40 Forfeited (3,125 ) 30.40 Outstanding at March 31, 2021 120,900 $ 37.60 2.17 $ — Exercisable at March 31, 2021 46,975 $ 40.63 0.64 $ — |
Note 4 - Earnings Per Share & S
Note 4 - Earnings Per Share & Share Repurchase Plan | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share & Share Repurchase Plan | 4. EARNINGS PER SHARE & SHARE REPURCHASE PLAN The following sets forth the computation of basic and diluted earnings per share: For the Three Months Ended March 31, 2022 2021 Numerator for basic and diluted earnings per share - net income $ 3,710 $ 5,050 Denominator for basic earnings per share - weighted average shares outstanding 3,552,854 3,555,028 Effect of dilutive securities - employee stock options 1,602 — Denominator for diluted earnings per share - adjusted weighted average shares outstanding 3,554,456 3,555,028 Earnings per share - basic $ 1.04 $ 1.42 Earnings per share - diluted 1.04 1.42 There were 92,200 and 120,900 stock options that were anti-dilutive for the three-month periods ended March 31, 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, increased in amount on February 9, 2009 to 100,000 shares, and subsequently increased on April 29, 2021 to up to 200,000 shares of common stock in the open market or privately negotiated transactions. The repurchase authorization has no termination date. There were 2,000 and 8,700 shares repurchased during the three months ended March 31, 2022 and 20 2 1 , re s pectively . As of March 3 1 , 20 2 2 , shares were repurchased under this authorization at an average price of $ 24.93 and a total cost of approximately $ . |
Note 5 - Comprehensive Income (
Note 5 - Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2022 | |
Other Comprehensive Income Loss Tax [Abstract] | |
Comprehensive Income (Loss) | 5. COMPREHENSIVE INCOME (LOSS) The following shows the components of accumulated other comprehensive income (loss) at March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 Unrealized net holding losses gains on available-for-sale securities $ (51,065 ) $ (4,734 ) Unrealized gains (losses) on available-for-sale securities for which a portion of an other-than-temporary impairment loss has been recognized in earnings — — Accumulated other (loss) income (51,065 ) (4,734 ) Tax effect 10,724 994 Accumulated other comprehensive (loss) income, net of tax $ (40,341 ) $ (3,740 ) The following tables present amounts reclassified out of accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, Amount reclassified from accumulated other comprehensive income Details about accumulated other comprehensive income 2022 2021 Affected line item in statement of income Unrealized net holding gains on available-for-sale securities $ 1 $ 3 Net gain on sales of investments available-for-sale Other-than-temporary impairment on investment securities — — Net other-than-temporary impairment losses on investment securities 1 3 Tax effect — (1 ) Provision for income taxes Total reclassification out of accumulated other comprehensive income, net of tax $ 1 $ 2 Net of tax |
Note 6 - Investment Securities
Note 6 - Investment Securities | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 6. INVESTMENT SECURITIES Available-For-Sale Securities The amortized cost and estimated fair values of investment securities available-for-sale at March 31, 2022 and December 31, 2021 were as follows: Gross Gross unrealized unrealized Fair holding holding Amortized March 31, 2022 value gains losses cost U.S. Treasury $ 894 $ — $ — $ 894 U.S. Government agency 94,063 — (7,872 ) 101,935 State and municipal 119,510 139 (12,427 ) 131,798 U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed 308,225 59 (22,699 ) 330,865 Collateralized mortgage obligations (CMOs) 127,534 8 (8,198 ) 135,724 Corporate debt 6,620 66 (141 ) 6,695 Total investment debt securities available-for-sale $ 656,846 $ 272 $ (51,337 ) $ 707,911 Gross Gross unrealized unrealized Fair holding holding Amortized December 31, 2021 value gains losses cost U.S. Government agency $ 97,499 $ 2 $ (2,435 ) $ 99,932 State and municipal 131,035 1,716 (1,053 ) 130,372 U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed 329,938 1,273 (3,158 ) 331,823 Collateralized mortgage obligations (CMOs) 127,012 398 (1,648 ) 128,262 Corporate debt 6,876 179 (8 ) 6,705 Total investment debt securities available-for-sale $ 692,360 $ 3,568 $ (8,302 ) $ 697,094 The amortized cost and estimated fair value of securities available-for-sale by contractual maturity at March 31, 2022 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 municipal securities that have been pre-refunded. March 31, 2022 Fair value Amortized cost Due in one year or less $ 5,277 $ 5,260 Due after one year through five years 140,407 146,514 Due after five years through ten years 417,401 450,278 Due after ten years 93,761 105,859 Total investment debt securities available-for-sale $ 656,846 $ 707,911 There were no proceeds from sales of investment securities available-for-sale during the three months ended March 31, 2022 and 2021. At March 31, 2022 and December 31, 2021, investment securities available-for-sale totaling approximately $243,162,000 and $264,154,000, respectively, were pledged as collateral for repurchase agreements and deposits of public funds. The following table presents information related to the Company’s gains and losses on the sales and calls of securities available-for-sale, and losses recognized for the other-than-temporary impairment (“OTTI”) of these investments. Gains and losses on available-for-sale securities are computed on the specific identification method and included in non-interest income. Gross realized losses on debt securities are net of other-than-temporary impairment charges: For the Three Months Ended March 31, 2022 2021 Gross realized gains $ 1 $ 3 Gross realized losses — — Other-than-temporary impairment — — Total net gains (losses) on AFS securities $ 1 $ 3 The tax expense applicable to the net realized gains for both of the three-month periods ended March 31, 2022 and 2021 was $0 and $1,000, respectively. QNB recognizes OTTI for debt securities classified as available-for-sale in accordance with FASB ASC 320, Investments – Debt and Equity Securities, which requires that we assess whether we intend to sell or it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis less any current-period credit losses. For debt securities that are considered other-than-temporarily impaired and that we do not intend to sell and will not be required to sell prior to recovery of our amortized cost basis, the amount of the impairment is separated into the amount that is credit related (credit loss component) and the amount due to all other factors. The credit loss component is recognized in earnings and is the difference between the security’s amortized cost basis and the present value of its expected future cash flows discounted at the security’s effective yield. The remaining difference between the security’s fair value and the present value of future expected cash flows is due to factors that are not credit related and, therefore, is not required to be recognized as a loss in the statement of income but is recognized in other comprehensive income. QNB believes that we will fully collect the carrying value of securities on which we have recorded a non-credit related impairment in other comprehensive income. No credit impairments were recognized on debt securities during the three months ended March 31, 2022 and 2021, respectively. The following table indicates the length of time individual debt securities have been in a continuous unrealized loss position as of March 31, 2022 and December 31, 2021: Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2022 securities value losses value losses value losses U.S. Treasury — $ — $ — $ — $ — $ — $ — U.S. Government agency 46 35,508 (2,434 ) 58,554 (5,438 ) 94,062 (7,872 ) State and municipal 190 75,613 (8,712 ) 19,860 (3,715 ) 95,473 (12,427 ) U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed 178 256,078 (18,096 ) 45,724 (4,603 ) 301,802 (22,699 ) Collateralized mortgage obligations (CMOs) 120 115,320 (7,950 ) 2,495 (248 ) 117,815 (8,198 ) Corporate debt 3 3,479 (133 ) 76 (8 ) 3,555 (141 ) Total 537 $ 485,998 $ (37,325 ) $ 126,709 $ (14,012 ) $ 612,707 $ (51,337 ) Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 securities value losses value losses value losses U.S. Government agency 44 $ 62,530 $ (1,407 ) $ 32,968 $ (1,028 ) $ 95,498 $ (2,435 ) State and municipal 103 55,982 (953 ) 3,742 (100 ) 59,724 (1,053 ) U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed 72 253,141 (2,915 ) 7,370 (243 ) 260,511 (3,158 ) Collateralized mortgage obligations (CMOs) 46 92,217 (1,648 ) — — 92,217 (1,648 ) Corporate debt 1 — — 75 (8 ) 75 (8 ) Total 266 $ 463,870 $ (6,923 ) $ 44,155 $ (1,379 ) $ 508,025 $ (8,302 ) Management evaluates debt securities, which are comprised of U.S. Treasury, U.S. Government agencies, state and municipalities, mortgage-backed securities, CMOs and corporate debt securities, for other-than-temporary 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 March 31, 2022 in U.S. Treasury, U.S. Government agency securities, state and municipal securities, mortgage-backed securities, and CMOs 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. The Company 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 pooled trust preferred security as of March 31, 2022. This security has a total amortized cost of approximately $83,000 and a fair value of $75,000. The pooled trust preferred security is available-for-sale and is carried at fair value. Marketable Equity Securities The Company’s investment in marketable equity securities primarily consists of investments with readily determinable fair values in large cap stock companies. Changes in fair value is recorded in unrealized gain/(losses) in non-interest income. At March 31, 2022 and December 31, 2021, the Company had $12,652,000 and $12,410,000, respectively, 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 the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Net gains (loss) recognized during the period on equity securities $ 27 $ 1,435 Less: Net gains recognized during the period on equity securities sold during the period 35 339 Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ (8 ) $ 1,096 Tax expense applicable to the net gains recognized for the three months ended March 31, 2022 and 2021 was $8,000 and $415,000, repectively. Proceeds from sales of investment equity securities were $262,000 and $1,185,000 for the three months ended March 31, 2022 and 2021, respectively. |
Note 7 - Restricted Investment
Note 7 - Restricted Investment in Stocks | 3 Months Ended |
Mar. 31, 2022 | |
Schedule Of Investments [Abstract] | |
Restricted Investment in Stocks | 7. RESTRICTED INVESTMENT IN STOCKS Restricted investment in stocks includes Federal Home Loan Bank of Pittsburgh (“FHLB”) with a carrying cost of $1,325,000, Atlantic Community Bankers Bank (“ACBB”) stock with a carrying cost of $12,000 and VISA Class B stock with a carrying cost of $0 at March 31, 2022 . FHLB and ACBB stock was issued to the Bank as a requirement to facilitate the Bank’s participation in borrowing and other banking services. The Bank’s investment in FHLB stock may fluctuate, as it is based on the member banks’ use of FHLB’s services. 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 regulations) 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 (1.6181 as of December 29, 2021), 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 stock does not have a readily determinable fair value. These restricted investments are carried at cost and evaluated for OTTI periodically. As of March 31, 2022, there was no OTTI associated with these shares. |
Note 8 - Loans & Allowance for
Note 8 - Loans & Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Loans & Allowance for Loan Losses | 8. LOANS & ALLOWANCE FOR LOAN LOSSES 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 consists of residential mortgage loans that 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. QNB maintains an allowance for loan losses, 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 by the provision for loan losses and recoveries of previous losses. The provisions for loan losses are charged to earnings to bring the total allowance for loan losses to a level considered necessary by management. The allowance for loan losses is based on management’s continuing review and evaluation of the loan portfolio. The level of the allowance is determined by assigning specific reserves to individually identified problem credits and general reserves to all other loans. For such loans that are also classified as impaired, an allowance is established when the discounted cash flows (or collateral value) of the impaired loan is lower than the carrying value of that loan. The portion of the allowance that is allocated to internally criticized and 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 covers pools of loans by loan class including commercial loans not considered impaired, as well as smaller balance homogeneous loans, such as residential real estate, home equity and other consumer loans. These pools of loans are evaluated for loss exposure based upon historical loss rates. These loss rates are based on a three-year history of charge-offs and are more heavily weighted for recent experience for each of these categories of loans, adjusted for qualitative factors. These qualitative risk factors include: 1. Lending policies and procedures, including underwriting standards and collection, charge-off and recovery practices. 2. Effect of external factors, such as legal and regulatory requirements. 3. National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans. 4. Nature and volume of the portfolio including growth. 5. Experience, ability, and depth of lending management and staff. 6. Volume and severity of past due, classified and nonaccrual loans. 7. Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors. 8. Existence and effect of any concentrations of credit and changes in the level of such concentrations. 9. The duration of the COVID-19 Pandemic, modifications and stimulus packages masking underlying credit issues. Each factor is assigned a value to reflect improving, stable or declining conditions based on management’s best judgment using relevant information available at the time of the evaluation. An unallocated component is maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating specific and general losses in the portfolio. 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 loan losses. 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 loan losses in accordance with U.S. GAAP. If circumstances differ substantially from the assumptions used in making determinations, future adjustments to the allowance for loan losses 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 as a result of the factors discussed above. Major classes of loans are as follows: March 31, December 31, 2022 2021 Commercial: Commercial and industrial $ 135,257 $ 148,610 Construction 64,453 55,855 Secured by commercial real estate 454,290 451,404 Secured by residential real estate 84,358 84,741 State and political subdivisions 19,448 19,775 Retail: 1-4 family residential mortgages 103,248 100,281 Home equity loans and lines 59,783 61,782 Consumer 5,923 4,699 Total loans 926,760 927,147 Net unearned (fees) costs (391 ) (677 ) Loans receivable $ 926,369 $ 926,470 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 receivable on the Consolidated Balance Sheets. At March 31, 2022 and December 31, 2021, overdrafts were approximately $1,511,000 and $91,000, respectively. 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 activities could be affected by changes in the general economy, the regional economy, or real estate values. Other than disclosed in the table above, at March 31, 2022, there was a concentration of loans to lessors of residential buildings and dwellings of 18.1% of total loans and to lessors of nonresidential buildings of 25.1% of total loans, compared with 18.0% and 24.2% of total loans, respectively, at December 31, 2021. These concentrations were primarily within the commercial real estate categories. QNB continues to provide solutions to customers experiencing financial hardship caused by the COVID-19 Pandemic. As of March 31, 2022, QNB had two modifications to commercial loans and no modifications to retail loans related to the COVID-19 Pandemic. The commercial loans were each modified one time and totaled $321,000 with deferred interest and/or principal payments of three to six months At March 31, 2022 and December 31, 2021, QNB had 32 and 98 PPP loans, respectively, totaling $6,013,000 and $14,327,000, respectively, reported in commercial and industrial loans. The PPP loans are 100% guaranteed by the SBA. QNB received origination fees from the SBA ranging from a flat fee of $2,500 to one to five basis points of the originated loan amount which are recognized in interest income as a yield adjustment over the term of the loan. At March 31, 2022 and December 31, 2021, net unearned (fees) costs included $169,000 and $482,000, respectively, in PPP loan origination fees net of costs. The Company engages in a variety of lending activities, including commercial, residential real estate and consumer transactions. The Company 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 kinds 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 eastern 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 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. The Company 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. The Company 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. The Company 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 The Company 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 all loans in the portfolio 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. The Company 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 Company’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 Company’s internal risk rating system as of March 31, 2022 and December 31, 2021: March 31, 2022 Pass Special mention Substandard Doubtful Total Commercial: Commercial and industrial $ 128,012 $ 139 $ 7,106 $ — $ 135,257 Construction 64,453 — — — 64,453 Secured by commercial real estate 440,399 2,934 10,957 — 454,290 Secured by residential real estate 83,152 197 1,009 — 84,358 State and political subdivisions 19,448 — — — 19,448 Total $ 735,464 $ 3,270 $ 19,072 $ — $ 757,806 December 31, 2021 Pass Special mention Substandard Doubtful Total Commercial: Commercial and industrial $ 141,102 $ 151 $ 7,357 $ — $ 148,610 Construction 55,855 — — — 55,855 Secured by commercial real estate 438,519 2,848 10,037 — 451,404 Secured by residential real estate 83,604 — 1,137 — 84,741 State and political subdivisions 19,775 — — — 19,775 Total $ 738,855 $ 2,999 $ 18,531 $ — $ 760,385 For retail loans, the Company evaluates credit quality based on the performance of the individual credits. The following tables present the recorded investment in the retail classes of the loan portfolio based on payment activity as of March 31, 2022 and December 31, 2021: March 31, 2022 Performing Non-performing Total Retail: 1-4 family residential mortgages $ 102,439 $ 809 $ 103,248 Home equity loans and lines 59,296 487 59,783 Consumer 5,834 89 5,923 Total $ 167,569 $ 1,385 $ 168,954 December 31, 2021 Performing Non-performing Total Retail: 1-4 family residential mortgages $ 99,560 $ 721 $ 100,281 Home equity loans and lines 61,102 680 61,782 Consumer 4,609 90 4,699 Total $ 165,271 $ 1,491 $ 166,762 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 summarized by the past due status as of March 31, 2022 and December 31, 2021: March 31, 2022 30-59 past due 60-89 days past due 90 days or more past due Total past due loans Current Total loans receivable Commercial: Commercial and industrial $ 2,245 $ — $ 574 $ 2,819 $ 132,438 $ 135,257 Construction — — — — 64,453 64,453 Secured by commercial real estate — — — — 454,290 454,290 Secured by residential real estate — — 26 26 84,332 84,358 State and political subdivisions — — — — 19,448 19,448 Retail: 1-4 family residential mortgages 421 — 127 548 102,700 103,248 Home equity loans and lines 41 115 — 156 59,627 59,783 Consumer 14 11 — 25 5,898 5,923 Total $ 2,721 $ 126 $ 727 $ 3,574 $ 923,186 $ 926,760 December 31, 2021 30-59 days past due 60-89 days past due 90 days or more past due Total past due loans Current Total loans receivable Commercial: Commercial and industrial $ 2,288 $ 1 $ 596 $ 2,885 $ 145,725 $ 148,610 Construction — — — — 55,855 55,855 Secured by commercial real estate — — — — 451,404 451,404 Secured by residential real estate — — 30 30 84,711 84,741 State and political subdivisions — — — — 19,775 19,775 Retail: 1-4 family residential mortgages 1,139 — 127 1,266 99,015 100,281 Home equity loans and lines 21 — 10 31 61,751 61,782 Consumer 20 11 — 31 4,668 4,699 Total $ 3,468 $ 12 $ 763 $ 4,243 $ 922,904 $ 927,147 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 March 31, 2022 and December 31, 2021: March 31, 2022 90 due (still accruing) Non-accrual Commercial: Commercial and industrial $ — $ 3,314 Construction — — Secured by commercial real estate — 2,207 Secured by residential real estate — 366 State and political subdivisions — — Retail: 1-4 family residential mortgages — 809 Home equity loans and lines — 487 Consumer — 89 Total $ — $ 7,272 December 31, 2021 90 due (still accruing) Non-accrual Commercial: Commercial and industrial $ — $ 3,369 Construction — — Secured by commercial real estate — 2,279 Secured by residential real estate — 391 State and political subdivisions — — Retail: 1-4 family residential mortgages — 721 Home equity loans and lines — 680 Consumer — 90 Total $ — $ 7,530 Activity in the allowance for loan losses for the three months ended March 31, 2022 and 2021 are as follows: For the Three Months Ended March 31, 2022 Balance, beginning of period Provision for (credit to) loan losses Charge-offs Recoveries Balance, end of period Commercial: Commercial and industrial $ 3,368 $ (242 ) $ — $ 66 $ 3,192 Construction 363 346 — — 709 Secured by commercial real estate 4,280 (467 ) — — 3,813 Secured by residential real estate 1,035 (9 ) — 3 1,029 State and political subdivisions 69 (1 ) — — 68 Retail: 1-4 family residential mortgages 646 19 — — 665 Home equity loans and lines 376 21 — 1 398 Consumer 542 69 (31 ) 8 588 Unallocated 505 264 N/A N/A 769 Total $ 11,184 $ — $ (31 ) $ 78 $ 11,231 For the Three Months Ended March 31, 2021 Balance, beginning of period Provision for (credit to) loan losses Charge-offs Recoveries Balance, end of period Commercial: Commercial and industrial $ 4,050 $ (147 ) $ — $ 13 $ 3,916 Construction 346 (33 ) — — 313 Secured by commercial real estate 3,736 358 — — 4,094 Secured by residential real estate 871 (57 ) — 11 825 State and political subdivisions 89 (3 ) — — 86 Retail: 1-4 family residential mortgages 533 77 — — 610 Home equity loans and lines 386 (20 ) — 2 368 Consumer 265 10 (32 ) 20 263 Unallocated 550 90 N/A N/A 640 Total $ 10,826 $ 275 $ (32 ) $ 46 $ 11,115 As previously discussed, the Company 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 the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Factors considered by management in determining impairment 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. 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. Impairment is measured on a loan-by-loan basis for commercial loans and loans to state and political subdivisions by 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. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential mortgage loans for impairment disclosures, unless such loans are part of a larger relationship that is impaired or are classified as a troubled debt restructuring or on non-accrual. An allowance for loan losses is established for an impaired loan if its carrying value exceeds its estimated fair value. The estimated fair values of the majority of the Company’s impaired 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. From time to time, QNB may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers that may be experiencing financial difficulties. A loan is considered to be a troubled debt restructuring (“TDR”) loan when the Company grants a concession to the borrower because of the borrower’s financial condition that it would not otherwise consider. Such concessions include the 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 classified as TDRs are considered non-performing and are also designated as impaired. The concessions made for TDRs 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. Performing TDRs (not reported as non-accrual or past due 90 days or more and still accruing) totaled $4,375,000 and $4,142,000 as of March 31, 2022 and December 31, 2021, respectively. Non-performing TDRs totaled $609,000 and $658,000 as of March 31, 2022 and December 31, 2021, respectively. All TDRs are included in impaired loans. The following table illustrates the specific reserve for loan losses allocated to loans modified as TDRs. These specific reserves are included in the allowance for loan losses for loans individually evaluated for impairment. March 31, 2022 December 31, 2021 Unpaid principal balance Related allowance Unpaid principal balance Related allowance TDRs with no specific allowance recorded $ 4,135 $ — $ 1,477 $ — TDRs with an allowance recorded 849 516 3,323 690 Total $ 4,984 $ 516 $ 4,800 $ 690 There was one new TDR during the three months ended March 31, 2022; an extension of credit on an existing relationship that is a TDR. As of March 31, 2022 and December 31, 2021, QNB had $2,000 in commitments to lend additional funds to customers with loans whose terms have been modified in troubled debt restructurings. There were no charge-offs during the three months ended March 31, 2022 and 2021, resulting from loans previously modified as TDRs. There were no loans modified as TDRs within 12 months prior to March 31, 2022 and 2021, respectively, for which there was a payment default (60 days or more past due) during the three months ended March 31, 2022 and 2021, respectively. The Company has one loan secured by residential real estate for which foreclosure proceedings are in process at March 31, 2022 with a total recorded investment of $127,000. The following tables present the balance in the allowance for loan losses at March 31, 2022 and December 31, 2021 disaggregated on the basis of the Company’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 the Company’s impairment methodology: Allowance for Loan Losses Loans Receivable March 31, 2022 Balance Balance to loans individually evaluated for impairment Balance related to loans collectively evaluated for impairment Balance Balance individually evaluated for impairment Balance collectively evaluated for impairment Commercial: Commercial and industrial $ 3,192 $ 2,005 $ 1,187 $ 135,257 $ 3,462 $ 131,795 Construction 709 — 709 64,453 — 64,453 Secured by commercial real estate 3,813 134 3,679 454,290 5,633 448,657 Secured by residential real estate 1,029 366 663 84,358 1,452 82,906 State and political subdivisions 68 — 68 19,448 — 19,448 Retail: 1-4 family residential mortgages 665 — 665 103,248 981 102,267 Home equity loans and lines 398 128 270 59,783 487 59,296 Consumer 588 1 587 5,923 51 5,872 Unallocated 769 N/A N/A N/A N/A N/A Total $ 11,231 $ 2,634 $ 7,828 $ 926,760 $ 12,066 $ 914,694 Allowance for Loan Losses Loans Receivable December 31, 2021 Balance Balance related to loans individually evaluated for impairment Balance related to loans collectively evaluated for impairment Balance Balance individually evaluated for impairment Balance collectively evaluated for impairment Commercial: Commercial and industrial $ 3,368 $ 2,090 $ 1,278 $ 148,610 $ 3,517 $ 145,093 Construction 363 — 363 55,855 — 55,855 Secured by commercial real estate 4,280 312 3,968 451,404 5,654 445,750 Secured by residential real estate 1,035 368 667 84,741 1,387 83,354 State and political subdivisions 69 — 69 19,775 — 19,775 Retail: 1-4 family residential mortgages 646 — 646 100,281 893 99,388 Home equity loans and lines 376 100 276 61,782 688 61,094 Consumer 542 3 539 4,699 53 4,646 Unallocated 505 N/A N/A N/A N/A N/A Total $ 11,184 $ 2,873 $ 7,806 $ 927,147 $ 12,192 $ 914,955 The following table summarizes additional information, in regards to impaired loans by loan portfolio class, as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Recorded investment (after charge-offs) Unpaid principal balance Related allowance Recorded investment (after charge-offs) Unpaid principal balance Related allowance With no specific allowance recorded: Commercial: Commercial and industrial $ 148 $ 148 $ 150 $ 157 Construction — — — — Secured by commercial real estate 4,797 5,157 2,361 2,702 Secured by residential real estate 804 857 715 768 Retail: 1-4 family residential mortgages 981 1,095 893 1,002 Home equity loans and lines 316 364 514 586 Consumer — — — — Total $ 7,046 $ 7,621 $ 4,633 $ 5,215 With an allowance recorded: Commercial: Commercial and industrial $ 3,314 $ 3,803 $ 2,005 $ 3,367 $ 3,825 $ 2,090 Construction — — — — — — Secured by commercial real estate 836 1,008 134 3,293 3,451 312 Secured by residential real estate 648 767 366 672 787 368 Retail: 1-4 family residential mortgages — — — — — — Home equity loans and lines 171 192 128 174 193 100 Consumer 51 66 1 53 68 3 Total $ 5,020 $ 5,836 $ 2,634 $ 7,559 $ 8,324 $ 2,873 Total: Commercial: Commercial and industrial $ 3,462 $ 3,951 $ 2,005 $ 3,517 $ 3,982 $ 2,090 Construction — — — — — — Secured by commercial real estate 5,633 6,165 134 5,654 6,153 312 Secured by residential real estate 1,452 1,624 366 1,387 1,555 368 Retail: 1-4 family residential mortgages 981 1,095 — 893 1,002 — Home equity loans and lines 487 556 128 688 779 100 Consumer 51 66 1 53 68 3 Total $ 12,066 $ 13,457 $ 2,634 $ 12,192 $ 13,539 $ 2,873 The following table presents additional information regarding the average recorded investment and interest income recognized on impaired loans: For the Three Months Ended March 31, 2022 2021 Average recorded investment Interest income recognized Average recorded investment Interest income recognized Commercial: Commercial and industrial $ 3,481 $ 1 $ 4,075 $ 1 Construction — — — — Secured by commercial real estate 5,617 38 6,006 41 Secured by residential real estate 1,346 12 2,017 16 Retail: 1-4 family residential mortgages 913 2 877 1 Home equity loans and lines 546 — 763 — Consumer 52 — 60 — Total $ 11,955 $ 53 $ 13,798 $ 59 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements and Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Disclosures | 9. FAIR VALUE MEASUREMENTS AND DISCLOSURES FASB ASC 820, Fair Value Measurements and Disclosures 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. The following table sets forth QNB’s financial assets measured at fair value on a recurring and nonrecurring basis and the fair value measurements by level within the fair value hierarchy as of March 31, 2022: March 31, 2022 Quoted in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Balance at end of period Recurring fair value measurements Available-for-sale securities: U.S. Treasury securities $ — $ 894 $ — $ 894 U.S. Government agency securities — 94,063 — 94,063 State and municipal securities — 119,510 — 119,510 U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed securities — 308,225 — 308,225 Collateralized mortgage obligations (CMOs) — 127,534 — 127,534 Corporate debt securities — 6,545 75 6,620 Total debt securities available-for-sale — 656,771 75 656,846 Equity securities 12,652 — — 12,652 Total recurring fair value measurements $ 12,652 $ 656,771 $ 75 $ 669,498 Nonrecurring fair value measurements* Impaired loans $ — $ — $ 2,386 $ 2,386 Mortgage servicing rights — — 74 74 Total nonrecurring fair value measurements $ — $ — $ 2,460 $ 2,460 *Impairment There were no transfers in and out of Level 1, Level 2, or Level 3 fair value measurements during the three months ended March 31, 2022. 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 three- month period ended March 31, 2022. The following table sets forth QNB’s financial assets measured at fair value on a recurring and nonrecurring basis, showing the fair value measurements by level within the fair value hierarchy, as of December 31, 2021: December 31, 2021 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Balance at end of period Recurring fair value measurements Debt securities available-for-sale U.S. Government agency securities $ — $ 97,499 $ — $ 97,499 State and municipal securities — 131,035 — 131,035 U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed securities — 329,938 — 329,938 Collateralized mortgage obligations (CMOs) — 127,012 — 127,012 Corporate debt securities — 6,801 75 6,876 Total debt securities available-for-sale — 692,285 75 692,360 Equity securities 12,410 — — 12,410 Total recurring fair value measurements $ 12,410 $ 692,285 $ 75 $ 704,770 Nonrecurring fair value measurements* Impaired loans $ — $ — $ 4,686 $ 4,686 Mortgage servicing rights — — 117 117 Total nonrecurring fair value measurements $ — $ — $ 4,803 $ 4,803 *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 March 31, 2022 Fair value Valuation techniques Unobservable inputs Value or range of values Impaired loans $ 2,070 Appraisal of collateral (1) Appraisal adjustments (2) -20% to -25% Liquidation expenses (3) -10 % Impaired loans 316 Financial statement values for UCC collateral Financial statement value discounts (4) -30% to -100% Mortgage servicing rights 74 Discounted cash flow Remaining term 3 to 29 years Prepayment speeds 142% to 287% Discount rate 12.0% to 12.5% Quantitative information about Level 3 fair value measurements December 31, 2021 Fair value Valuation techniques Unobservable inputs Value or range of values Impaired loans $ 4,369 Appraisal of collateral (1) Appraisal adjustments (2) -15% to -20% Liquidation expenses (3) -10 % Impaired loans 317 Financial statement values for UCC collateral Financial statement value discounts (4) -30% to -100% Mortgage servicing rights 117 Discounted cash flow Remaining term 3 to 29 years Prepayment speeds 187% to 312% 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 available-for-sale securities 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 three months ended March 31, 2022 and 2021: Fair value measurements using significant unobservable inputs (Level 3) 2022 2021 Balance, January 1, $ 75 $ 70 Payments received — — Total gains or losses (realized/unrealized) Included in earnings — — Included in other comprehensive (loss) income — 4 Transfers in and/or out of Level 3 — — Balance, March 31, $ 75 $ 74 The Level 3 securities consist of one collateralized debt obligation security, the PreTSL security, which is backed by trust preferred securities issued by banks. The market for this security at March 31, 2022 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 March 31, 2022; • 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 • The PreTSL will be classified within Level 3 of the fair value hierarchy because significant adjustments are required to determine fair value at the measurement date. QNB used an independent third party to value this security using a discounted cash flow analysis. Based on management’s review of the bond’s three underlying issuers, 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 is used as the reference rate since it is indicative of market expectation for short-term rates in the future. This is consistent with the 30-year nature of the PreTSL security, which is priced using the 3-month LIBOR as a reference rate. The discount rate of 5.64% 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 the entire Company 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 March 31, 2022 and December 31, 2021: Cash and cash equivalents, accrued interest receivable and accrued interest payable (carried at cost) Investment securities (carried at fair value) Restricted investment in stocks (carried at cost) Loans Held for Sale (carried at lower of cost or fair value) Loans Receivable (carried at cost) Impaired Loans (generally carried at fair value) Mortgage Servicing Rights (carried at lower of cost or fair value) Deposit liabilities (carried at cost) Short-term borrowings (carried at cost) Long-term debt (carried at cost) Off-balance-sheet instruments (disclosed at cost) Management uses its best judgment in estimating the fair value of the Company’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 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 period end. The estimated fair values and carrying amounts of the Company’s financial and off-balance sheet instruments are summarized as follows: Fair value measurements March 31, 2022 Carrying amount Fai r Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets Cash and cash equivalents $ 13,260 $ 13,260 $ 13,260 $ — $ — Investment securities: Available-for-sale 656,846 656,846 — 656,771 75 Equities 12,652 12,652 12,652 — — Restricted investment in stocks 1,337 1,337 — 1,337 — Net loans 915,138 909,767 — — 909,767 Mortgage servicing rights 523 647 — — 647 Accrued interest receivable 3,781 3,781 — 3,781 — Financial liabilities Deposits with no stated maturities $ 1,288,098 $ 1,288,098 $ 1,288,098 $ — $ — Deposits with stated maturities 163,655 160,687 — 160,687 — Short-term borrowings 76,738 76,738 76,738 — — Long-term debt 10,000 9,986 9,986 — — Accrued interest payable 178 178 — 178 — Off-balance sheet instruments Commitments to extend credit $ — $ — $ — $ — $ — Standby letters of credit — 65 — 65 — Fair value measurements December 31, 2021 Carrying amount Fai r Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets Cash and cash equivalents $ 13,390 $ 13,390 $ 13,390 $ — $ — Investment securities: Available-for-sale 692,360 692,360 — 692,285 75 Equities 12,410 12,410 12,410 — — Restricted investment in stocks 1,329 1,329 — 1,329 — Loans held-for-sale — — — — — Net loans 915,286 916,271 — — 916,271 Mortgage servicing rights 538 615 — — 615 Accrued interest receivable 4,104 4,104 — 4,104 — Financial liabilities Deposits with no stated maturities $ 1,281,372 $ 1,281,372 $ 1,281,372 $ — $ — Deposits with stated maturities 168,373 168,039 — 168,039 — Short-term borrowings 68,476 68,476 68,476 — — Long-term debt 10,000 10,114 10,114 — — Accrued interest payable 211 211 — 211 — Off-balance sheet instruments Commitments to extend credit $ — $ — $ — $ — $ — Standby letters of credit — 70 — 70 — |
Note 10 - Commitments And Conti
Note 10 - Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 10. 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 Company's financial instrument commitments is as follows: March 31, December 31, 2022 2021 Commitments to extend credit and unused lines of credit $ 368,719 $ 325,449 Standby letters of credit 18,562 21,321 Total financial instrument commitments $ 387,281 $ 346,770 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 Company 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 Company uses the same credit policies in making conditional obligations as it does for on-balance sheet instruments. Standby letters of credit of $17,541,000 will 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 Company requires collateral and personal guarantees supporting these letters of credit as deemed necessary. 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 March 31, 2022 and December 31, 2021 for guarantees under standby letters of credit issued is not material. 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. 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. 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. During the three months ended March 31, 2022, QNB renewed one lease and recorded an additional right-of-use asset in exchange for an operating lease liability of $43,000. |
Note 11 - Regulatory Restrictio
Note 11 - Regulatory Restrictions | 3 Months Ended |
Mar. 31, 2022 | |
Regulated Operations [Abstract] | |
Regulatory Restrictions | 11. REGULATORY RESTRICTIONS Dividends payable by QNB and the Bank are subject to various limitations imposed by statutes, regulations and policies adopted by bank regulatory agencies. Under Federal and Pennsylvania 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 QNB, unless such loans are collateralized by specific obligations. Both the QNB and the Bank are subject to regulatory capital requirements administered by Federal banking 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, 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 March 31, 2022, that the Company and the Bank met capital adequacy requirements to which they were subject. As of the most recent notification, the primary regulator of the Bank considered it to be “well capitalized” under the regulatory framework. There are no conditions or events since that notification that management believes have changed the classification. To be categorized as well capitalized, bank holding companies and insured depository institutions must maintain minimum ratios as set forth in the following table below. The Company and the Bank’s actual capital amounts and ratios are presented as follows: Capital levels Actual Adequately capitalized Well capitalized March 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted assets): The Company $ 154,160 13.44 % $ 91,733 8.00 % $ 114,666 10.00 % Bank 140,997 12.71 88,737 8.00 110,921 10.00 Tier 1 capital (to risk-weighted assets): The Company $ 142,821 12.46 68,800 6.00 68,800 6.00 Bank 129,668 11.69 66,553 6.00 88,737 8.00 Common equity tier 1 capital (to risk-weighted assets): The Company 142,821 12.46 51,600 4.50 N/A N/A Bank 129,668 11.69 49,915 4.50 72,099 6.50 Tier 1 capital (to average assets): The Company 142,821 8.52 67,015 4.00 N/A N/A Bank 129,668 7.80 66,495 4.00 83,118 5.00 Capital levels Actual Adequately capitalized Well capitalized As of December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted assets): The Company $ 151,501 13.60 % $ 89,111 8.00 % $ 111,389 10.00 % Bank 138,419 12.85 86,162 8.00 107,702 10.00 Tier 1 capital (to risk-weighted assets): The Company 140,226 12.59 66,833 6.00 66,833 6.00 Bank 127,144 11.81 64,621 6.00 86,162 8.00 Common equity tier 1 capital (to risk-weighted assets): The Company 140,226 12.59 50,125 4.50 N/A N/A Bank 127,144 11.81 48,466 4.50 70,006 6.50 Tier 1 capital (to average assets): The Company 140,226 8.39 66,890 4.00 N/A N/A Bank 127,144 7.67 66,295 4.00 82,868 5.00 |
Note 12 - Revenue Recognition f
Note 12 - Revenue Recognition from Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition from Contracts with Customers | 12. REVENUE RECOGNITION FROM CONTRACTS WITH CUSTOMERS The Company 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 operations 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 the Company 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 recorded in the first month of the quarter for which the service is being performed. 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 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 the 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 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation and Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Assumptions Used in Option Pricing Model | The following assumptions were used in the option pricing model in determining the fair value of options granted during the period: For the Three Months Ended March 31, 2022 2021 Risk free interest rate 1.25 % 0.20 % Dividend yield 3.64 % 4.17 % Volatility 22.68 % 21.14 % Expected life (years) 4.05 4.88 |
Stock Option Activity | Stock option activity during the three months ended March 31, 2022 and 2021 is as follows: Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2021 113,950 $ 37.58 Granted 29,350 37.26 Exercised — — Forfeited (21,250 ) 37.69 Outstanding at March 31, 2022 122,050 $ 37.49 3.01 $ 117 Exercisable at March 31, 2022 44,500 $ 40.86 1.39 $ — Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2020 116,550 $ 37.42 Granted 25,000 32.50 Exercised (17,525 ) 30.40 Forfeited (3,125 ) 30.40 Outstanding at March 31, 2021 120,900 $ 37.60 2.17 $ — Exercisable at March 31, 2021 46,975 $ 40.63 0.64 $ — |
Note 4 - Earnings Per Share &_2
Note 4 - Earnings Per Share & Share Repurchase Plan (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following sets forth the computation of basic and diluted earnings per share: For the Three Months Ended March 31, 2022 2021 Numerator for basic and diluted earnings per share - net income $ 3,710 $ 5,050 Denominator for basic earnings per share - weighted average shares outstanding 3,552,854 3,555,028 Effect of dilutive securities - employee stock options 1,602 — Denominator for diluted earnings per share - adjusted weighted average shares outstanding 3,554,456 3,555,028 Earnings per share - basic $ 1.04 $ 1.42 Earnings per share - diluted 1.04 1.42 |
Note 5 - Comprehensive Income_2
Note 5 - Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Other Comprehensive Income Loss Tax [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | The following shows the components of accumulated other comprehensive income (loss) at March 31, 2022 and December 31, 2021: March 31, December 31, 2022 2021 Unrealized net holding losses gains on available-for-sale securities $ (51,065 ) $ (4,734 ) Unrealized gains (losses) on available-for-sale securities for which a portion of an other-than-temporary impairment loss has been recognized in earnings — — Accumulated other (loss) income (51,065 ) (4,734 ) Tax effect 10,724 994 Accumulated other comprehensive (loss) income, net of tax $ (40,341 ) $ (3,740 ) |
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) | The following tables present amounts reclassified out of accumulated other comprehensive income (loss) for the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, Amount reclassified from accumulated other comprehensive income Details about accumulated other comprehensive income 2022 2021 Affected line item in statement of income Unrealized net holding gains on available-for-sale securities $ 1 $ 3 Net gain on sales of investments available-for-sale Other-than-temporary impairment on investment securities — — Net other-than-temporary impairment losses on investment securities 1 3 Tax effect — (1 ) Provision for income taxes Total reclassification out of accumulated other comprehensive income, net of tax $ 1 $ 2 Net of tax |
Note 6 - Investment Securities
Note 6 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
Debt Securities Available-for-sale | The amortized cost and estimated fair values of investment securities available-for-sale at March 31, 2022 and December 31, 2021 were as follows: Gross Gross unrealized unrealized Fair holding holding Amortized March 31, 2022 value gains losses cost U.S. Treasury $ 894 $ — $ — $ 894 U.S. Government agency 94,063 — (7,872 ) 101,935 State and municipal 119,510 139 (12,427 ) 131,798 U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed 308,225 59 (22,699 ) 330,865 Collateralized mortgage obligations (CMOs) 127,534 8 (8,198 ) 135,724 Corporate debt 6,620 66 (141 ) 6,695 Total investment debt securities available-for-sale $ 656,846 $ 272 $ (51,337 ) $ 707,911 Gross Gross unrealized unrealized Fair holding holding Amortized December 31, 2021 value gains losses cost U.S. Government agency $ 97,499 $ 2 $ (2,435 ) $ 99,932 State and municipal 131,035 1,716 (1,053 ) 130,372 U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed 329,938 1,273 (3,158 ) 331,823 Collateralized mortgage obligations (CMOs) 127,012 398 (1,648 ) 128,262 Corporate debt 6,876 179 (8 ) 6,705 Total investment debt securities available-for-sale $ 692,360 $ 3,568 $ (8,302 ) $ 697,094 |
Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of securities available-for-sale by contractual maturity at March 31, 2022 are shown in the following table. March 31, 2022 Fair value Amortized cost Due in one year or less $ 5,277 $ 5,260 Due after one year through five years 140,407 146,514 Due after five years through ten years 417,401 450,278 Due after ten years 93,761 105,859 Total investment debt securities available-for-sale $ 656,846 $ 707,911 |
Realized Gain (Loss) on Investments | The following table presents information related to the Company’s gains and losses on the sales and calls of securities available-for-sale, and losses recognized for the other-than-temporary impairment (“OTTI”) of these investments. For the Three Months Ended March 31, 2022 2021 Gross realized gains $ 1 $ 3 Gross realized losses — — Other-than-temporary impairment — — Total net gains (losses) on AFS securities $ 1 $ 3 |
Debt Securities in a Continuous Unrealized Loss Position | The following table indicates the length of time individual debt securities have been in a continuous unrealized loss position as of March 31, 2022 and December 31, 2021: Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized March 31, 2022 securities value losses value losses value losses U.S. Treasury — $ — $ — $ — $ — $ — $ — U.S. Government agency 46 35,508 (2,434 ) 58,554 (5,438 ) 94,062 (7,872 ) State and municipal 190 75,613 (8,712 ) 19,860 (3,715 ) 95,473 (12,427 ) U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed 178 256,078 (18,096 ) 45,724 (4,603 ) 301,802 (22,699 ) Collateralized mortgage obligations (CMOs) 120 115,320 (7,950 ) 2,495 (248 ) 117,815 (8,198 ) Corporate debt 3 3,479 (133 ) 76 (8 ) 3,555 (141 ) Total 537 $ 485,998 $ (37,325 ) $ 126,709 $ (14,012 ) $ 612,707 $ (51,337 ) Less than 12 months 12 months or longer Total No. of Fair Unrealized Fair Unrealized Fair Unrealized December 31, 2021 securities value losses value losses value losses U.S. Government agency 44 $ 62,530 $ (1,407 ) $ 32,968 $ (1,028 ) $ 95,498 $ (2,435 ) State and municipal 103 55,982 (953 ) 3,742 (100 ) 59,724 (1,053 ) U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed 72 253,141 (2,915 ) 7,370 (243 ) 260,511 (3,158 ) Collateralized mortgage obligations (CMOs) 46 92,217 (1,648 ) — — 92,217 (1,648 ) Corporate debt 1 — — 75 (8 ) 75 (8 ) Total 266 $ 463,870 $ (6,923 ) $ 44,155 $ (1,379 ) $ 508,025 $ (8,302 ) |
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 the three months ended March 31, 2022 and 2021: For the Three Months Ended March 31, 2022 2021 Net gains (loss) recognized during the period on equity securities $ 27 $ 1,435 Less: Net gains recognized during the period on equity securities sold during the period 35 339 Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ (8 ) $ 1,096 |
Note 8 - Loans & Allowance fo_2
Note 8 - Loans & Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Troubled Debt Restructuring [Member] | |
Allowance for Loan Losses | March 31, 2022 December 31, 2021 Unpaid principal balance Related allowance Unpaid principal balance Related allowance TDRs with no specific allowance recorded $ 4,135 $ — $ 1,477 $ — TDRs with an allowance recorded 849 516 3,323 690 Total $ 4,984 $ 516 $ 4,800 $ 690 |
Retail and Commercial Loans [Member] | |
Major Classes of Loans | March 31, December 31, 2022 2021 Commercial: Commercial and industrial $ 135,257 $ 148,610 Construction 64,453 55,855 Secured by commercial real estate 454,290 451,404 Secured by residential real estate 84,358 84,741 State and political subdivisions 19,448 19,775 Retail: 1-4 family residential mortgages 103,248 100,281 Home equity loans and lines 59,783 61,782 Consumer 5,923 4,699 Total loans 926,760 927,147 Net unearned (fees) costs (391 ) (677 ) Loans receivable $ 926,369 $ 926,470 |
Internal Risk Ratings and Payment Activity | March 31, 2022 Pass Special mention Substandard Doubtful Total Commercial: Commercial and industrial $ 128,012 $ 139 $ 7,106 $ — $ 135,257 Construction 64,453 — — — 64,453 Secured by commercial real estate 440,399 2,934 10,957 — 454,290 Secured by residential real estate 83,152 197 1,009 — 84,358 State and political subdivisions 19,448 — — — 19,448 Total $ 735,464 $ 3,270 $ 19,072 $ — $ 757,806 December 31, 2021 Pass Special mention Substandard Doubtful Total Commercial: Commercial and industrial $ 141,102 $ 151 $ 7,357 $ — $ 148,610 Construction 55,855 — — — 55,855 Secured by commercial real estate 438,519 2,848 10,037 — 451,404 Secured by residential real estate 83,604 — 1,137 — 84,741 State and political subdivisions 19,775 — — — 19,775 Total $ 738,855 $ 2,999 $ 18,531 $ — $ 760,385 March 31, 2022 Performing Non-performing Total Retail: 1-4 family residential mortgages $ 102,439 $ 809 $ 103,248 Home equity loans and lines 59,296 487 59,783 Consumer 5,834 89 5,923 Total $ 167,569 $ 1,385 $ 168,954 December 31, 2021 Performing Non-performing Total Retail: 1-4 family residential mortgages $ 99,560 $ 721 $ 100,281 Home equity loans and lines 61,102 680 61,782 Consumer 4,609 90 4,699 Total $ 165,271 $ 1,491 $ 166,762 |
Past Due Loans | March 31, 2022 30-59 past due 60-89 days past due 90 days or more past due Total past due loans Current Total loans receivable Commercial: Commercial and industrial $ 2,245 $ — $ 574 $ 2,819 $ 132,438 $ 135,257 Construction — — — — 64,453 64,453 Secured by commercial real estate — — — — 454,290 454,290 Secured by residential real estate — — 26 26 84,332 84,358 State and political subdivisions — — — — 19,448 19,448 Retail: 1-4 family residential mortgages 421 — 127 548 102,700 103,248 Home equity loans and lines 41 115 — 156 59,627 59,783 Consumer 14 11 — 25 5,898 5,923 Total $ 2,721 $ 126 $ 727 $ 3,574 $ 923,186 $ 926,760 December 31, 2021 30-59 days past due 60-89 days past due 90 days or more past due Total past due loans Current Total loans receivable Commercial: Commercial and industrial $ 2,288 $ 1 $ 596 $ 2,885 $ 145,725 $ 148,610 Construction — — — — 55,855 55,855 Secured by commercial real estate — — — — 451,404 451,404 Secured by residential real estate — — 30 30 84,711 84,741 State and political subdivisions — — — — 19,775 19,775 Retail: 1-4 family residential mortgages 1,139 — 127 1,266 99,015 100,281 Home equity loans and lines 21 — 10 31 61,751 61,782 Consumer 20 11 — 31 4,668 4,699 Total $ 3,468 $ 12 $ 763 $ 4,243 $ 922,904 $ 927,147 |
Non-accrual Loans | March 31, 2022 90 due (still accruing) Non-accrual Commercial: Commercial and industrial $ — $ 3,314 Construction — — Secured by commercial real estate — 2,207 Secured by residential real estate — 366 State and political subdivisions — — Retail: 1-4 family residential mortgages — 809 Home equity loans and lines — 487 Consumer — 89 Total $ — $ 7,272 December 31, 2021 90 due (still accruing) Non-accrual Commercial: Commercial and industrial $ — $ 3,369 Construction — — Secured by commercial real estate — 2,279 Secured by residential real estate — 391 State and political subdivisions — — Retail: 1-4 family residential mortgages — 721 Home equity loans and lines — 680 Consumer — 90 Total $ — $ 7,530 |
Allowance for Loan Losses | Activity in the allowance for loan losses for the three months ended March 31, 2022 and 2021 are as follows: For the Three Months Ended March 31, 2022 Balance, beginning of period Provision for (credit to) loan losses Charge-offs Recoveries Balance, end of period Commercial: Commercial and industrial $ 3,368 $ (242 ) $ — $ 66 $ 3,192 Construction 363 346 — — 709 Secured by commercial real estate 4,280 (467 ) — — 3,813 Secured by residential real estate 1,035 (9 ) — 3 1,029 State and political subdivisions 69 (1 ) — — 68 Retail: 1-4 family residential mortgages 646 19 — — 665 Home equity loans and lines 376 21 — 1 398 Consumer 542 69 (31 ) 8 588 Unallocated 505 264 N/A N/A 769 Total $ 11,184 $ — $ (31 ) $ 78 $ 11,231 For the Three Months Ended March 31, 2021 Balance, beginning of period Provision for (credit to) loan losses Charge-offs Recoveries Balance, end of period Commercial: Commercial and industrial $ 4,050 $ (147 ) $ — $ 13 $ 3,916 Construction 346 (33 ) — — 313 Secured by commercial real estate 3,736 358 — — 4,094 Secured by residential real estate 871 (57 ) — 11 825 State and political subdivisions 89 (3 ) — — 86 Retail: 1-4 family residential mortgages 533 77 — — 610 Home equity loans and lines 386 (20 ) — 2 368 Consumer 265 10 (32 ) 20 263 Unallocated 550 90 N/A N/A 640 Total $ 10,826 $ 275 $ (32 ) $ 46 $ 11,115 |
Loans Disaggregated by Impairment Method | Allowance for Loan Losses Loans Receivable March 31, 2022 Balance Balance to loans individually evaluated for impairment Balance related to loans collectively evaluated for impairment Balance Balance individually evaluated for impairment Balance collectively evaluated for impairment Commercial: Commercial and industrial $ 3,192 $ 2,005 $ 1,187 $ 135,257 $ 3,462 $ 131,795 Construction 709 — 709 64,453 — 64,453 Secured by commercial real estate 3,813 134 3,679 454,290 5,633 448,657 Secured by residential real estate 1,029 366 663 84,358 1,452 82,906 State and political subdivisions 68 — 68 19,448 — 19,448 Retail: 1-4 family residential mortgages 665 — 665 103,248 981 102,267 Home equity loans and lines 398 128 270 59,783 487 59,296 Consumer 588 1 587 5,923 51 5,872 Unallocated 769 N/A N/A N/A N/A N/A Total $ 11,231 $ 2,634 $ 7,828 $ 926,760 $ 12,066 $ 914,694 Allowance for Loan Losses Loans Receivable December 31, 2021 Balance Balance related to loans individually evaluated for impairment Balance related to loans collectively evaluated for impairment Balance Balance individually evaluated for impairment Balance collectively evaluated for impairment Commercial: Commercial and industrial $ 3,368 $ 2,090 $ 1,278 $ 148,610 $ 3,517 $ 145,093 Construction 363 — 363 55,855 — 55,855 Secured by commercial real estate 4,280 312 3,968 451,404 5,654 445,750 Secured by residential real estate 1,035 368 667 84,741 1,387 83,354 State and political subdivisions 69 — 69 19,775 — 19,775 Retail: 1-4 family residential mortgages 646 — 646 100,281 893 99,388 Home equity loans and lines 376 100 276 61,782 688 61,094 Consumer 542 3 539 4,699 53 4,646 Unallocated 505 N/A N/A N/A N/A N/A Total $ 11,184 $ 2,873 $ 7,806 $ 927,147 $ 12,192 $ 914,955 |
Impaired Loans | March 31, 2022 December 31, 2021 Recorded investment (after charge-offs) Unpaid principal balance Related allowance Recorded investment (after charge-offs) Unpaid principal balance Related allowance With no specific allowance recorded: Commercial: Commercial and industrial $ 148 $ 148 $ 150 $ 157 Construction — — — — Secured by commercial real estate 4,797 5,157 2,361 2,702 Secured by residential real estate 804 857 715 768 Retail: 1-4 family residential mortgages 981 1,095 893 1,002 Home equity loans and lines 316 364 514 586 Consumer — — — — Total $ 7,046 $ 7,621 $ 4,633 $ 5,215 With an allowance recorded: Commercial: Commercial and industrial $ 3,314 $ 3,803 $ 2,005 $ 3,367 $ 3,825 $ 2,090 Construction — — — — — — Secured by commercial real estate 836 1,008 134 3,293 3,451 312 Secured by residential real estate 648 767 366 672 787 368 Retail: 1-4 family residential mortgages — — — — — — Home equity loans and lines 171 192 128 174 193 100 Consumer 51 66 1 53 68 3 Total $ 5,020 $ 5,836 $ 2,634 $ 7,559 $ 8,324 $ 2,873 Total: Commercial: Commercial and industrial $ 3,462 $ 3,951 $ 2,005 $ 3,517 $ 3,982 $ 2,090 Construction — — — — — — Secured by commercial real estate 5,633 6,165 134 5,654 6,153 312 Secured by residential real estate 1,452 1,624 366 1,387 1,555 368 Retail: 1-4 family residential mortgages 981 1,095 — 893 1,002 — Home equity loans and lines 487 556 128 688 779 100 Consumer 51 66 1 53 68 3 Total $ 12,066 $ 13,457 $ 2,634 $ 12,192 $ 13,539 $ 2,873 For the Three Months Ended March 31, 2022 2021 Average recorded investment Interest income recognized Average recorded investment Interest income recognized Commercial: Commercial and industrial $ 3,481 $ 1 $ 4,075 $ 1 Construction — — — — Secured by commercial real estate 5,617 38 6,006 41 Secured by residential real estate 1,346 12 2,017 16 Retail: 1-4 family residential mortgages 913 2 877 1 Home equity loans and lines 546 — 763 — Consumer 52 — 60 — Total $ 11,955 $ 53 $ 13,798 $ 59 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements and Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Assets Measured at Fair Value on a Recurring and Nonrecurring Basis | The following table sets forth QNB’s financial assets measured at fair value on a recurring and nonrecurring basis and the fair value measurements by level within the fair value hierarchy as of March 31, 2022: March 31, 2022 Quoted in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Balance at end of period Recurring fair value measurements Available-for-sale securities: U.S. Treasury securities $ — $ 894 $ — $ 894 U.S. Government agency securities — 94,063 — 94,063 State and municipal securities — 119,510 — 119,510 U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed securities — 308,225 — 308,225 Collateralized mortgage obligations (CMOs) — 127,534 — 127,534 Corporate debt securities — 6,545 75 6,620 Total debt securities available-for-sale — 656,771 75 656,846 Equity securities 12,652 — — 12,652 Total recurring fair value measurements $ 12,652 $ 656,771 $ 75 $ 669,498 Nonrecurring fair value measurements* Impaired loans $ — $ — $ 2,386 $ 2,386 Mortgage servicing rights — — 74 74 Total nonrecurring fair value measurements $ — $ — $ 2,460 $ 2,460 *Impairment The following table sets forth QNB’s financial assets measured at fair value on a recurring and nonrecurring basis, showing the fair value measurements by level within the fair value hierarchy, as of December 31, 2021: December 31, 2021 Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Balance at end of period Recurring fair value measurements Debt securities available-for-sale U.S. Government agency securities $ — $ 97,499 $ — $ 97,499 State and municipal securities — 131,035 — 131,035 U.S. Government agencies and sponsored enterprises (GSEs): Mortgage-backed securities — 329,938 — 329,938 Collateralized mortgage obligations (CMOs) — 127,012 — 127,012 Corporate debt securities — 6,801 75 6,876 Total debt securities available-for-sale — 692,285 75 692,360 Equity securities 12,410 — — 12,410 Total recurring fair value measurements $ 12,410 $ 692,285 $ 75 $ 704,770 Nonrecurring fair value measurements* Impaired loans $ — $ — $ 4,686 $ 4,686 Mortgage servicing rights — — 117 117 Total nonrecurring fair value measurements $ — $ — $ 4,803 $ 4,803 *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 March 31, 2022 Fair value Valuation techniques Unobservable inputs Value or range of values Impaired loans $ 2,070 Appraisal of collateral (1) Appraisal adjustments (2) -20% to -25% Liquidation expenses (3) -10 % Impaired loans 316 Financial statement values for UCC collateral Financial statement value discounts (4) -30% to -100% Mortgage servicing rights 74 Discounted cash flow Remaining term 3 to 29 years Prepayment speeds 142% to 287% Discount rate 12.0% to 12.5% Quantitative information about Level 3 fair value measurements December 31, 2021 Fair value Valuation techniques Unobservable inputs Value or range of values Impaired loans $ 4,369 Appraisal of collateral (1) Appraisal adjustments (2) -15% to -20% Liquidation expenses (3) -10 % Impaired loans 317 Financial statement values for UCC collateral Financial statement value discounts (4) -30% to -100% Mortgage servicing rights 117 Discounted cash flow Remaining term 3 to 29 years Prepayment speeds 187% to 312% 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 available-for-sale securities 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 three months ended March 31, 2022 and 2021: Fair value measurements using significant unobservable inputs (Level 3) 2022 2021 Balance, January 1, $ 75 $ 70 Payments received — — Total gains or losses (realized/unrealized) Included in earnings — — Included in other comprehensive (loss) income — 4 Transfers in and/or out of Level 3 — — Balance, March 31, $ 75 $ 74 |
Financial and Off-balance Sheet Instruments | The estimated fair values and carrying amounts of the Company’s financial and off-balance sheet instruments are summarized as follows: Fair value measurements March 31, 2022 Carrying amount Fai r Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets Cash and cash equivalents $ 13,260 $ 13,260 $ 13,260 $ — $ — Investment securities: Available-for-sale 656,846 656,846 — 656,771 75 Equities 12,652 12,652 12,652 — — Restricted investment in stocks 1,337 1,337 — 1,337 — Net loans 915,138 909,767 — — 909,767 Mortgage servicing rights 523 647 — — 647 Accrued interest receivable 3,781 3,781 — 3,781 — Financial liabilities Deposits with no stated maturities $ 1,288,098 $ 1,288,098 $ 1,288,098 $ — $ — Deposits with stated maturities 163,655 160,687 — 160,687 — Short-term borrowings 76,738 76,738 76,738 — — Long-term debt 10,000 9,986 9,986 — — Accrued interest payable 178 178 — 178 — Off-balance sheet instruments Commitments to extend credit $ — $ — $ — $ — $ — Standby letters of credit — 65 — 65 — Fair value measurements December 31, 2021 Carrying amount Fai r Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets Cash and cash equivalents $ 13,390 $ 13,390 $ 13,390 $ — $ — Investment securities: Available-for-sale 692,360 692,360 — 692,285 75 Equities 12,410 12,410 12,410 — — Restricted investment in stocks 1,329 1,329 — 1,329 — Loans held-for-sale — — — — — Net loans 915,286 916,271 — — 916,271 Mortgage servicing rights 538 615 — — 615 Accrued interest receivable 4,104 4,104 — 4,104 — Financial liabilities Deposits with no stated maturities $ 1,281,372 $ 1,281,372 $ 1,281,372 $ — $ — Deposits with stated maturities 168,373 168,039 — 168,039 — Short-term borrowings 68,476 68,476 68,476 — — Long-term debt 10,000 10,114 10,114 — — Accrued interest payable 211 211 — 211 — Off-balance sheet instruments Commitments to extend credit $ — $ — $ — $ — $ — Standby letters of credit — 70 — 70 — |
Note 10 - Commitments And Con_2
Note 10 - Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Financial Instrument Commitments | A summary of the Company's financial instrument commitments is as follows: March 31, December 31, 2022 2021 Commitments to extend credit and unused lines of credit $ 368,719 $ 325,449 Standby letters of credit 18,562 21,321 Total financial instrument commitments $ 387,281 $ 346,770 |
Note 11 - Regulatory Restrict_2
Note 11 - Regulatory Restrictions (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted assets): The Company $ 154,160 13.44 % $ 91,733 8.00 % $ 114,666 10.00 % Bank 140,997 12.71 88,737 8.00 110,921 10.00 Tier 1 capital (to risk-weighted assets): The Company $ 142,821 12.46 68,800 6.00 68,800 6.00 Bank 129,668 11.69 66,553 6.00 88,737 8.00 Common equity tier 1 capital (to risk-weighted assets): The Company 142,821 12.46 51,600 4.50 N/A N/A Bank 129,668 11.69 49,915 4.50 72,099 6.50 Tier 1 capital (to average assets): The Company 142,821 8.52 67,015 4.00 N/A N/A Bank 129,668 7.80 66,495 4.00 83,118 5.00 Capital levels Actual Adequately capitalized Well capitalized As of December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Total risk-based capital (to risk-weighted assets): The Company $ 151,501 13.60 % $ 89,111 8.00 % $ 111,389 10.00 % Bank 138,419 12.85 86,162 8.00 107,702 10.00 Tier 1 capital (to risk-weighted assets): The Company 140,226 12.59 66,833 6.00 66,833 6.00 Bank 127,144 11.81 64,621 6.00 86,162 8.00 Common equity tier 1 capital (to risk-weighted assets): The Company 140,226 12.59 50,125 4.50 N/A N/A Bank 127,144 11.81 48,466 4.50 70,006 6.50 Tier 1 capital (to average assets): The Company 140,226 8.39 66,890 4.00 N/A N/A Bank 127,144 7.67 66,295 4.00 82,868 5.00 |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation and Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Allocated share-based compensation expense | $ 22 | $ 20 | ||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized | $ 204 | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 35 months | |||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 29,350 | 25,000 | ||
Share-based compensation arrangement by share-based payment award, options, forfeitures in period | 21,250 | 3,125 | ||
Share-based compensation arrangement by share-based payment award, options, exercises in period | 17,525 | |||
Share-based compensation arrangement by share-based payment award, options, outstanding, number | 122,050 | 120,900 | 113,950 | 116,550 |
Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value | $ 5.02 | $ 3.08 | ||
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 | 177,550 | |||
Share-based compensation arrangement by share-based payment award, options, forfeitures in period | 63,175 | |||
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 | 122,050 | |||
Employee Stock Option [Member] | 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 | |||
Share-based compensation arrangement by share-based payment award, expiration period | 5 years | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years |
Note 3 - Assumptions Used in Op
Note 3 - Assumptions Used in Option Pricing Model (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Risk free interest rate | 1.25% | 0.20% |
Dividend yield | 3.64% | 4.17% |
Volatility | 22.68% | 21.14% |
Expected life (years) | 4 years 18 days | 4 years 10 months 17 days |
Note 3 - Stock Option Activity
Note 3 - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll Forward | ||
Outstanding-Number of options (in shares) | 113,950 | 116,550 |
Granted-Number of options (in shares) | 29,350 | 25,000 |
Exercised-Number of options (in shares) | (17,525) | |
Forfeited-Number of options (in shares) | (21,250) | (3,125) |
Outstanding ending-Number of options (in shares) | 122,050 | 120,900 |
Exercisable-Number of options (in shares) | 44,500 | 46,975 |
Outstanding-Weighted average exercise price (in dollars per share) | $ 37.58 | $ 37.42 |
Granted-Weighted average exercise price (in dollars per share) | 37.26 | 32.50 |
Exercised-Weighted average exercise price (in dollars per share) | 30.40 | |
Forfeited-Weighted average exercise price (in dollars per share) | 37.69 | 30.40 |
Outstanding ending-Weighted average exercise price (in dollars per share) | 37.49 | 37.60 |
Exercisable-Weighted average exercise price (in dollars per share) | $ 40.86 | $ 40.63 |
Outstanding ending-Weighted average remaining contractual term | 3 years 3 days | 2 years 2 months 1 day |
Exercisable-Weighted average remaining contractual term | 1 year 4 months 20 days | 7 months 20 days |
Outstanding ending-Aggregate intrinsic value | $ 117 |
Note 4 - Computation of Basic a
Note 4 - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Numerator for basic and diluted earnings per share - net income | $ 3,710 | $ 5,050 |
Denominator for basic earnings per share - weighted average shares outstanding | 3,552,854 | 3,555,028 |
Effect of dilutive securities - employee stock options | 1,602 | |
Denominator for diluted earnings per share - adjusted weighted average shares outstanding | 3,554,456 | 3,555,028 |
Earnings per share - basic | $ 1.04 | $ 1.42 |
Earnings per share - diluted | $ 1.04 | $ 1.42 |
Note 4 - Earnings Per Share &_3
Note 4 - Earnings Per Share & Share Repurchase Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Apr. 29, 2021 | Feb. 09, 2009 | |
Earnings Per Share and Share Repurchase Plan [Line Items] | |||||
Treasury stock, shares, acquired | 2,000 | 8,700 | |||
Treasury stock, shares | 208,686 | 206,686 | |||
Treasury stock, value | $ 75 | $ 287 | |||
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 | 2,000 | 8,700 | |||
Treasury stock, shares | 102,000 | ||||
Treasury stock shares average price per share acquired | $ 24.93 | ||||
Treasury stock, value | $ 2,543 | ||||
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 | |||
Employee Stock Option [Member] | |||||
Earnings Per Share and Share Repurchase Plan [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share, amount | 92,200 | 120,900 |
Note 5 - Components of Accumula
Note 5 - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other (loss) income | $ (51,065) | $ (4,734) |
Tax effect | 10,724 | 994 |
Accumulated other comprehensive (loss) income, net of tax | (40,341) | (3,740) |
Unrealized Net Holding (Losses) Gains on Available-for-sale Securities [Member] | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Accumulated other (loss) income | $ (51,065) | $ (4,734) |
Note 5 - Amounts Reclassified O
Note 5 - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Income before income taxes | $ 4,534 | $ 6,323 |
Tax effect | (824) | (1,273) |
Net income | 3,710 | 5,050 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||
Unrealized net holding gains on available-for-sale securities | 1 | 3 |
Income before income taxes | 1 | 3 |
Tax effect | (1) | |
Net income | $ 1 | $ 2 |
Note 6 - Available-for-Sale (De
Note 6 - Available-for-Sale (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | $ 656,846 | $ 692,360 |
Investment securities available-for-sale, debt securities gross unrealized holding gains | 272 | 3,568 |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (51,337) | (8,302) |
Investment securities available-for-sale, debt securities amortized cost | 707,911 | 697,094 |
US Treasury Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 894 | |
Investment securities available-for-sale, debt securities amortized cost | 894 | |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 94,063 | 97,499 |
Investment securities available-for-sale, debt securities gross unrealized holding gains | 2 | |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (7,872) | (2,435) |
Investment securities available-for-sale, debt securities amortized cost | 101,935 | 99,932 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 119,510 | 131,035 |
Investment securities available-for-sale, debt securities gross unrealized holding gains | 139 | 1,716 |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (12,427) | (1,053) |
Investment securities available-for-sale, debt securities amortized cost | 131,798 | 130,372 |
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 | 308,225 | 329,938 |
Investment securities available-for-sale, debt securities gross unrealized holding gains | 59 | 1,273 |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (22,699) | (3,158) |
Investment securities available-for-sale, debt securities amortized cost | 330,865 | 331,823 |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 127,534 | 127,012 |
Investment securities available-for-sale, debt securities gross unrealized holding gains | 8 | 398 |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (8,198) | (1,648) |
Investment securities available-for-sale, debt securities amortized cost | 135,724 | 128,262 |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Investment securities available-for-sale, debt securities | 6,620 | 6,876 |
Investment securities available-for-sale, debt securities gross unrealized holding gains | 66 | 179 |
Investment securities available-for-sale, debt securities gross unrealized holding losses | (141) | (8) |
Investment securities available-for-sale, debt securities amortized cost | $ 6,695 | $ 6,705 |
Note 6 - Investment Securitie_2
Note 6 - Investment Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investments Debt And Equity Securities [Abstract] | ||
Due in one year or less, Fair value | $ 5,277 | |
Due after one year through five years, Fair value | 140,407 | |
Due after five years through ten years, Fair value | 417,401 | |
Due after ten years, Fair value | 93,761 | |
Total investment securities available-for-sale, Fair value | 656,846 | $ 692,360 |
Due in one year or less, Amortized cost | 5,260 | |
Due after one year through five years, Amortized cost | 146,514 | |
Due after five years through ten years, Amortized cost | 450,278 | |
Due after ten years, Amortized cost | 105,859 | |
Investment securities available-for-sale, debt securities amortized cost | $ 707,911 | $ 697,094 |
Note 6 - Investment Securitie_3
Note 6 - Investment Securities (Details Textual) | 3 Months Ended | ||
Mar. 31, 2022USD ($)security | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Investment Securities [Line Items] | |||
Proceeds from sale of investment securities | $ 0 | $ 0 | |
Available-for-sale securities pledged as collateral | $ 243,162,000 | $ 264,154,000 | |
Debt Securities, Available-for-Sale, Restriction Type [Extensible Enumeration] | us-gaap:AssetPledgedAsCollateralMember | us-gaap:AssetPledgedAsCollateralMember | |
Other than temporary impairment, credit losses recognized in earnings | $ 0 | 0 | |
Available-for-sale, amortized cost | 707,911,000 | $ 697,094,000 | |
Fair value | 656,846,000 | 692,360,000 | |
Investment equity securities | 12,652,000 | $ 12,410,000 | |
Proceeds from sale of investment equity securities | $ 262,000 | 1,185,000 | |
Pooled Trust Preferred Security [Member] | |||
Investment Securities [Line Items] | |||
Number of trust preferred securities | security | 1 | ||
Available-for-sale, amortized cost | $ 83,000 | ||
Fair value | 75,000 | ||
Equity Securities [Member] | |||
Investment Securities [Line Items] | |||
Income tax expense (benefit) related to net recognized gains (losses) on sales of securities | (8,000) | 415,000 | |
Debt Securities [Member] | |||
Investment Securities [Line Items] | |||
Income tax expense (benefit) related to net realized gains (losses) on sales of securities | $ 0 | $ 1,000 |
Note 6 - Realized Gain (Loss) o
Note 6 - Realized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | ||
Gross realized gains | $ 1 | $ 3 |
Total net gains (losses) on AFS securities | $ 1 | $ 3 |
Note 6 - Debt Securities in a C
Note 6 - Debt Securities in a Continuous Unrealized Loss Position (Details) $ in Thousands | Mar. 31, 2022USD ($)security | Dec. 31, 2021USD ($)security |
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | security | 537 | 266 |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 485,998 | $ 463,870 |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | (37,325) | (6,923) |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 126,709 | 44,155 |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (14,012) | (1,379) |
Debt Securities in an unrealized loss position, fair value | 612,707 | 508,025 |
Debt Securities in an unrealized loss position, unrealized losses | $ (51,337) | $ (8,302) |
US Government Agencies Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | security | 46 | 44 |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 35,508 | $ 62,530 |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | (2,434) | (1,407) |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 58,554 | 32,968 |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (5,438) | (1,028) |
Debt Securities in an unrealized loss position, fair value | 94,062 | 95,498 |
Debt Securities in an unrealized loss position, unrealized losses | $ (7,872) | $ (2,435) |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | security | 190 | 103 |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 75,613 | $ 55,982 |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | (8,712) | (953) |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 19,860 | 3,742 |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (3,715) | (100) |
Debt Securities in an unrealized loss position, fair value | 95,473 | 59,724 |
Debt Securities in an unrealized loss position, unrealized losses | $ (12,427) | $ (1,053) |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | security | 178 | 72 |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 256,078 | $ 253,141 |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | (18,096) | (2,915) |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 45,724 | 7,370 |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (4,603) | (243) |
Debt Securities in an unrealized loss position, fair value | 301,802 | 260,511 |
Debt Securities in an unrealized loss position, unrealized losses | $ (22,699) | $ (3,158) |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | security | 120 | 46 |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 115,320 | $ 92,217 |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | (7,950) | (1,648) |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 2,495 | |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (248) | |
Debt Securities in an unrealized loss position, fair value | 117,815 | 92,217 |
Debt Securities in an unrealized loss position, unrealized losses | $ (8,198) | $ (1,648) |
Corporate Debt Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
No. of debt securities | security | 3 | 1 |
Debt Securities in an unrealized loss position less than 12 months, fair value | $ 3,479 | |
Debt Securities in an unrealized loss position less than 12 months, unrealized losses | (133) | |
Debt Securities in an unrealized loss position 12 months or longer, fair value | 76 | $ 75 |
Debt Securities in an unrealized loss position 12 months or longer, unrealized losses | (8) | (8) |
Debt Securities in an unrealized loss position, fair value | 3,555 | 75 |
Debt Securities in an unrealized loss position, unrealized losses | $ (141) | $ (8) |
Note 6 - Summary of Unrealized
Note 6 - Summary of Unrealized and Realized Gains and Losses Recognized in Net Income on Equity Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Equity Securities [Abstract] | ||
Net gains (loss) recognized during the period on equity securities | $ 27 | $ 1,435 |
Less: Net gains recognized during the period on equity securities sold during the period | 35 | 339 |
Unrealized (loss) gain on investment equity securities | $ (8) | $ 1,096 |
Note 7 - Restricted Investmen_2
Note 7 - Restricted Investment in Stocks (Details Textual) | 3 Months Ended | ||
Mar. 31, 2022USD ($)shares | Dec. 31, 2021USD ($) | Dec. 29, 2021 | |
Investment Holdings [Line Items] | |||
Restricted investment in stocks | $ 1,337,000 | $ 1,329,000 | |
Other than temporary impairment charge of restricted investment | 0 | ||
Investment in Federal Home Loan Bank Stock [Member] | |||
Investment Holdings [Line Items] | |||
Restricted investment in stocks | 1,325,000 | ||
Investment in Atlantic Community Bankers Bank Stock [Member] | |||
Investment Holdings [Line Items] | |||
Restricted investment in stocks | 12,000 | ||
VISA Class B Stock [Member] | |||
Investment Holdings [Line Items] | |||
Restricted investment in stocks | $ 0 | ||
Number of shares owned | shares | 6,502 | ||
VISA Class A Stock [Member] | |||
Investment Holdings [Line Items] | |||
Conversion factor per share | 1.6181 |
Note 8 - Major Classes of Loans
Note 8 - Major Classes of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Notes And Loans Receivable [Line Items] | ||
Loans and leases receivable | $ 926,760 | $ 927,147 |
Net unearned (fees) costs | (391) | (677) |
Loans receivable | 926,369 | 926,470 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans and leases receivable | 135,257 | 148,610 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans and leases receivable | 64,453 | 55,855 |
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans and leases receivable | 454,290 | 451,404 |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans and leases receivable | 84,358 | 84,741 |
State and Political Subdivisions Portfolio Segment [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans and leases receivable | 19,448 | 19,775 |
Retail Portfolio Segment [Member] | Consumer Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans and leases receivable | 5,923 | 4,699 |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans and leases receivable | 103,248 | 100,281 |
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Loans and leases receivable | $ 59,783 | $ 61,782 |
Note 8 - Loans & Allowance fo_3
Note 8 - Loans & Allowance for Loan Losses (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)Creditloancontract | Mar. 31, 2021USD ($)contract | Dec. 31, 2021USD ($)loan | |
Accounts Notes And Loans Receivable [Line Items] | |||
Over drafts reclassified as loans receivables | $ 1,511,000 | $ 91,000 | |
Total troubled debt restructuring | 4,984,000 | 4,800,000 | |
Net unearned (fees) costs | $ (391,000) | (677,000) | |
Number of newly identified TDRs during the current period | contract | 1 | ||
Loans and leases receivable, impaired, commitment to lend | $ 2,000 | 2,000 | |
Financing receivables, impaired, troubled debt restructuring, write-down | $ 0 | $ 0 | |
Financing receivable, modifications, subsequent default, number of contracts | contract | 0 | 0 | |
Performing Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total troubled debt restructuring | $ 4,375,000 | 4,142,000 | |
Nonperforming Financial Instruments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total troubled debt restructuring | 609,000 | 658,000 | |
Paycheck Protection Program [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Net unearned (fees) costs | 169,000 | $ 482,000 | |
Origination flat fee | $ 2,500 | ||
Paycheck Protection Program [Member] | Minimum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Percentage of loan origination fees received | 1.00% | ||
Paycheck Protection Program [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Percentage of loan origination fees received | 5.00% | ||
Deferred Interest and or Principal Payments of Three to Six Months [Member] | COVID-19 Pandemic [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total troubled debt restructuring | $ 321,000 | ||
Commercial Portfolio Segment [Member] | Deferred Interest and or Principal Payments of Three to Six Months [Member] | COVID-19 Pandemic [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of credits modifications recorded investment | Credit | 2 | ||
Retail Portfolio Segment [Member] | COVID-19 Pandemic [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of credits modifications recorded investment | Credit | 0 | ||
Residential Portfolio Segment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Mortgage loan on real estate number of loan in foreclosure | loan | 1 | ||
Mortgage loans in process of foreclosure, amount | $ 127,000 | ||
Residential Portfolio Segment [Member] | Maximum [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Loan to value ratio | 80.00% | ||
Commercial and Industrial [Member] | Paycheck Protection Program [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of loans | loan | 32 | 98 | |
Loan amount | $ 6,013,000 | $ 14,327,000 | |
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 | 18.10% | 18.00% | |
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 | 25.10% | 24.20% |
Note 8 - Internal Risk Ratings
Note 8 - Internal Risk Ratings and Payment Activity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | $ 926,760 | $ 927,147 |
Excluding Retail Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 757,806 | 760,385 |
Pass [Member] | Excluding Retail Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 735,464 | 738,855 |
Special Mention [Member] | Excluding Retail Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 3,270 | 2,999 |
Substandard [Member] | Excluding Retail Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 19,072 | 18,531 |
Doubtful [Member] | Excluding Retail Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 135,257 | 148,610 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 64,453 | 55,855 |
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 454,290 | 451,404 |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 84,358 | 84,741 |
Commercial Portfolio Segment [Member] | Pass [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 128,012 | 141,102 |
Commercial Portfolio Segment [Member] | Pass [Member] | Construction Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 64,453 | 55,855 |
Commercial Portfolio Segment [Member] | Pass [Member] | Secured by Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 440,399 | 438,519 |
Commercial Portfolio Segment [Member] | Pass [Member] | Secured by Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 83,152 | 83,604 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 139 | 151 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Construction Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Secured by Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 2,934 | 2,848 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | Secured by Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 197 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 7,106 | 7,357 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Construction Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Secured by Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 10,957 | 10,037 |
Commercial Portfolio Segment [Member] | Substandard [Member] | Secured by Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 1,009 | 1,137 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Construction Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Secured by Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Doubtful [Member] | Secured by Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 0 | 0 |
State and Political Subdivisions Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 19,448 | 19,775 |
State and Political Subdivisions Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 19,448 | 19,775 |
State and Political Subdivisions Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 0 | 0 |
State and Political Subdivisions Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 0 | 0 |
State and Political Subdivisions Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | $ 0 | $ 0 |
Note 8 - Retail Loans by Credit
Note 8 - Retail Loans by Credit Quality (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | $ 926,760 | $ 927,147 |
Total Retail Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 168,954 | 166,762 |
Performing Financial Instruments [Member] | Total Retail Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 167,569 | 165,271 |
Nonperforming Financial Instruments [Member] | Total Retail Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 1,385 | 1,491 |
Retail Portfolio Segment [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 5,923 | 4,699 |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 103,248 | 100,281 |
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 59,783 | 61,782 |
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 5,834 | 4,609 |
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Family Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 102,439 | 99,560 |
Retail Portfolio Segment [Member] | Performing Financial Instruments [Member] | Home Equity Loans and Lines [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 59,296 | 61,102 |
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 89 | 90 |
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Family Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | 809 | 721 |
Retail Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | Home Equity Loans and Lines [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Loans and leases receivable | $ 487 | $ 680 |
Note 8 - Past Due Loans (Detail
Note 8 - Past Due Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | $ 926,760 | $ 927,147 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 2,721 | 3,468 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 126 | 12 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 727 | 763 |
Financing Receivables, Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 3,574 | 4,243 |
Current Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 923,186 | 922,904 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 135,257 | 148,610 |
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 | 2,245 | 2,288 |
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 |
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 | 574 | 596 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Financing Receivables, Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 2,819 | 2,885 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | Current Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 132,438 | 145,725 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 64,453 | 55,855 |
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 | 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 | 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 | 0 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Financing Receivables, Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | Current Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 64,453 | 55,855 |
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 454,290 | 451,404 |
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 | 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 | 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 | 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 | 0 |
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | Current Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 454,290 | 451,404 |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 84,358 | 84,741 |
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 | 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 | 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 | 26 | 30 |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | Financing Receivables, Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 26 | 30 |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | Current Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 84,332 | 84,711 |
State and Political Subdivisions Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 19,448 | 19,775 |
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 | 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 | 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 | 0 |
State and Political Subdivisions Portfolio Segment [Member] | Financing Receivables, Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
State and Political Subdivisions Portfolio Segment [Member] | Current Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 19,448 | 19,775 |
Retail Portfolio Segment [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 5,923 | 4,699 |
Retail Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 14 | 20 |
Retail Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 11 | 11 |
Retail Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 0 | 0 |
Retail Portfolio Segment [Member] | Financing Receivables, Past Due [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 25 | 31 |
Retail Portfolio Segment [Member] | Current Loans [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 5,898 | 4,668 |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 103,248 | 100,281 |
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 | 421 | 1,139 |
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 | 0 | 0 |
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 | 127 | 127 |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | Financing Receivables, Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 548 | 1,266 |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | Current Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 102,700 | 99,015 |
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 59,783 | 61,782 |
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 | 41 | 21 |
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 | 115 | 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 | 10 |
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | Financing Receivables, Past Due [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | 156 | 31 |
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | Current Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans | $ 59,627 | $ 61,751 |
Note 8 - Non-accrual Loans (Det
Note 8 - Non-accrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | $ 0 | $ 0 |
Loans receivable | 7,272 | 7,530 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Loans receivable | 3,314 | 3,369 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Loans receivable | 0 | 0 |
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Loans receivable | 2,207 | 2,279 |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Loans receivable | 366 | 391 |
State and Political Subdivisions Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Loans receivable | 0 | 0 |
Retail Portfolio Segment [Member] | Consumer Loans [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Loans receivable | 89 | 90 |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Loans receivable | 809 | 721 |
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | ||
Financing Receivable Recorded Investment Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Loans receivable | $ 487 | $ 680 |
Note 8 - Allowance for Loan Los
Note 8 - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, beginning of period | $ 11,184 | $ 10,826 |
Provision for (credit to) loan losses | 0 | 275 |
Charge-offs | (31) | (32) |
Recoveries | 78 | 46 |
Allowance for loan losses, end of period | 11,231 | 11,115 |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, beginning of period | 3,368 | 4,050 |
Provision for (credit to) loan losses | (242) | (147) |
Charge-offs | 0 | 0 |
Recoveries | 66 | 13 |
Allowance for loan losses, end of period | 3,192 | 3,916 |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, beginning of period | 363 | 346 |
Provision for (credit to) loan losses | 346 | (33) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, end of period | 709 | 313 |
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 | 4,280 | 3,736 |
Provision for (credit to) loan losses | (467) | 358 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, end of period | 3,813 | 4,094 |
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 | 1,035 | 871 |
Provision for (credit to) loan losses | (9) | (57) |
Charge-offs | 0 | 0 |
Recoveries | 3 | 11 |
Allowance for loan losses, end of period | 1,029 | 825 |
State and Political Subdivisions Portfolio Segment [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, beginning of period | 69 | 89 |
Provision for (credit to) loan losses | (1) | (3) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, end of period | 68 | 86 |
Retail Portfolio Segment [Member] | Consumer Loans [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, beginning of period | 542 | 265 |
Provision for (credit to) loan losses | 69 | 10 |
Charge-offs | (31) | (32) |
Recoveries | 8 | 20 |
Allowance for loan losses, end of period | 588 | 263 |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, beginning of period | 646 | 533 |
Provision for (credit to) loan losses | 19 | 77 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, end of period | 665 | 610 |
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 | 376 | 386 |
Provision for (credit to) loan losses | 21 | (20) |
Charge-offs | 0 | 0 |
Recoveries | 1 | 2 |
Allowance for loan losses, end of period | 398 | 368 |
Unallocated Financing Receivables [Member] | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Allowance for loan losses, beginning of period | 505 | 550 |
Provision for (credit to) loan losses | 264 | 90 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Allowance for loan losses, end of period | $ 769 | $ 640 |
Note 8 - Specific Reserve for L
Note 8 - Specific Reserve for Loans Modified as TDR's (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
TDRs with no specific allowance recorded - unpaid principal balance | $ 4,135 | $ 1,477 |
TDRs with an allowance recorded - unpaid principal balance | 849 | 3,323 |
Unpaid principal balance | 4,984 | 4,800 |
TDRs with an allowance recorded - related allowance | $ 516 | $ 690 |
Note 8 - Loans Disaggregated by
Note 8 - Loans Disaggregated by Impairment Method (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | $ 11,231 | $ 11,184 | $ 11,115 | $ 10,826 |
Allowance for loan losses - individually evaluated for impairment | 2,634 | 2,873 | ||
Allowance for loan losses - collectively evaluated for impairment | 7,828 | 7,806 | ||
Loans and leases receivable | 926,760 | 927,147 | ||
Loans - individually evaluated for impairment | 12,066 | 12,192 | ||
Loans - collectively evaluated for impairment | 914,694 | 914,955 | ||
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 3,192 | 3,368 | 3,916 | 4,050 |
Allowance for loan losses - individually evaluated for impairment | 2,005 | 2,090 | ||
Allowance for loan losses - collectively evaluated for impairment | 1,187 | 1,278 | ||
Loans and leases receivable | 135,257 | 148,610 | ||
Loans - individually evaluated for impairment | 3,462 | 3,517 | ||
Loans - collectively evaluated for impairment | 131,795 | 145,093 | ||
Commercial Portfolio Segment [Member] | Construction Loans [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 709 | 363 | 313 | 346 |
Allowance for loan losses - individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses - collectively evaluated for impairment | 709 | 363 | ||
Loans and leases receivable | 64,453 | 55,855 | ||
Loans - collectively evaluated for impairment | 64,453 | 55,855 | ||
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 | 3,813 | 4,280 | 4,094 | 3,736 |
Allowance for loan losses - individually evaluated for impairment | 134 | 312 | ||
Allowance for loan losses - collectively evaluated for impairment | 3,679 | 3,968 | ||
Loans and leases receivable | 454,290 | 451,404 | ||
Loans - individually evaluated for impairment | 5,633 | 5,654 | ||
Loans - collectively evaluated for impairment | 448,657 | 445,750 | ||
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 | 1,029 | 1,035 | 825 | 871 |
Allowance for loan losses - individually evaluated for impairment | 366 | 368 | ||
Allowance for loan losses - collectively evaluated for impairment | 663 | 667 | ||
Loans and leases receivable | 84,358 | 84,741 | ||
Loans - individually evaluated for impairment | 1,452 | 1,387 | ||
Loans - collectively evaluated for impairment | 82,906 | 83,354 | ||
State and Political Subdivisions Portfolio Segment [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 68 | 69 | 86 | 89 |
Allowance for loan losses - individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses - collectively evaluated for impairment | 68 | 69 | ||
Loans and leases receivable | 19,448 | 19,775 | ||
Loans - individually evaluated for impairment | 0 | 0 | ||
Loans - collectively evaluated for impairment | 19,448 | 19,775 | ||
Retail Portfolio Segment [Member] | Consumer Loans [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 588 | 542 | 263 | 265 |
Allowance for loan losses - individually evaluated for impairment | 1 | 3 | ||
Allowance for loan losses - collectively evaluated for impairment | 587 | 539 | ||
Loans and leases receivable | 5,923 | 4,699 | ||
Loans - individually evaluated for impairment | 51 | 53 | ||
Loans - collectively evaluated for impairment | 5,872 | 4,646 | ||
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | 665 | 646 | 610 | 533 |
Allowance for loan losses - collectively evaluated for impairment | 665 | 646 | ||
Loans and leases receivable | 103,248 | 100,281 | ||
Loans - individually evaluated for impairment | 981 | 893 | ||
Loans - collectively evaluated for impairment | 102,267 | 99,388 | ||
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 | 398 | 376 | 368 | 386 |
Allowance for loan losses - individually evaluated for impairment | 128 | 100 | ||
Allowance for loan losses - collectively evaluated for impairment | 270 | 276 | ||
Loans and leases receivable | 59,783 | 61,782 | ||
Loans - individually evaluated for impairment | 487 | 688 | ||
Loans - collectively evaluated for impairment | 59,296 | 61,094 | ||
Unallocated Financing Receivables [Member] | ||||
Credit Losses Related To Financing Receivables Current And Noncurrent [Line Items] | ||||
Allowance for loan losses | $ 769 | $ 505 | $ 640 | $ 550 |
Note 8 - Impaired Loans (Detail
Note 8 - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financing Receivable Impaired [Line Items] | |||
Recorded investment - with no specific allowance | $ 7,046 | $ 4,633 | |
Unpaid principal balance - with no specific allowance | 7,621 | 5,215 | |
Recorded investment - with an allowance | 5,020 | 7,559 | |
Unpaid principal balance - with an allowance | 5,836 | 8,324 | |
Related allowance | 2,634 | 2,873 | |
Unpaid principal balance | 13,457 | 13,539 | |
Recorded investment | 12,066 | 12,192 | |
Average recorded investment | 11,955 | $ 13,798 | |
Interest income recognized | 53 | 59 | |
Commercial Portfolio Segment [Member] | Commercial and Industrial [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded investment - with no specific allowance | 148 | 150 | |
Unpaid principal balance - with no specific allowance | 148 | 157 | |
Recorded investment - with an allowance | 3,314 | 3,367 | |
Unpaid principal balance - with an allowance | 3,803 | 3,825 | |
Related allowance | 2,005 | 2,090 | |
Unpaid principal balance | 3,951 | 3,982 | |
Recorded investment | 3,462 | 3,517 | |
Average recorded investment | 3,481 | 4,075 | |
Interest income recognized | 1 | 1 | |
Commercial Portfolio Segment [Member] | Construction Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded investment - with no specific allowance | 0 | 0 | |
Unpaid principal balance - with no specific allowance | 0 | 0 | |
Recorded investment - with an allowance | 0 | 0 | |
Unpaid principal balance - with an allowance | 0 | 0 | |
Related allowance | 0 | 0 | |
Unpaid principal balance | 0 | 0 | |
Recorded investment | 0 | 0 | |
Average recorded investment | 0 | 0 | |
Interest income recognized | 0 | 0 | |
Commercial Portfolio Segment [Member] | Secured by Commercial Real Estate [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded investment - with no specific allowance | 4,797 | 2,361 | |
Unpaid principal balance - with no specific allowance | 5,157 | 2,702 | |
Recorded investment - with an allowance | 836 | 3,293 | |
Unpaid principal balance - with an allowance | 1,008 | 3,451 | |
Related allowance | 134 | 312 | |
Unpaid principal balance | 6,165 | 6,153 | |
Recorded investment | 5,633 | 5,654 | |
Average recorded investment | 5,617 | 6,006 | |
Interest income recognized | 38 | 41 | |
Commercial Portfolio Segment [Member] | Secured by Residential Real Estate [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded investment - with no specific allowance | 804 | 715 | |
Unpaid principal balance - with no specific allowance | 857 | 768 | |
Recorded investment - with an allowance | 648 | 672 | |
Unpaid principal balance - with an allowance | 767 | 787 | |
Related allowance | 366 | 368 | |
Unpaid principal balance | 1,624 | 1,555 | |
Recorded investment | 1,452 | 1,387 | |
Average recorded investment | 1,346 | 2,017 | |
Interest income recognized | 12 | 16 | |
Retail Portfolio Segment [Member] | Consumer Loans [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded investment - with no specific allowance | 0 | 0 | |
Unpaid principal balance - with no specific allowance | 0 | 0 | |
Recorded investment - with an allowance | 51 | 53 | |
Unpaid principal balance - with an allowance | 66 | 68 | |
Related allowance | 1 | 3 | |
Unpaid principal balance | 66 | 68 | |
Recorded investment | 51 | 53 | |
Average recorded investment | 52 | 60 | |
Interest income recognized | 0 | 0 | |
Retail Portfolio Segment [Member] | Family Residential Mortgages [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded investment - with no specific allowance | 981 | 893 | |
Unpaid principal balance - with no specific allowance | 1,095 | 1,002 | |
Recorded investment - with an allowance | 0 | 0 | |
Unpaid principal balance - with an allowance | 0 | 0 | |
Related allowance | 0 | 0 | |
Unpaid principal balance | 1,095 | 1,002 | |
Recorded investment | 981 | 893 | |
Average recorded investment | 913 | 877 | |
Interest income recognized | 2 | 1 | |
Retail Portfolio Segment [Member] | Home Equity Loans and Lines [Member] | |||
Financing Receivable Impaired [Line Items] | |||
Recorded investment - with no specific allowance | 316 | 514 | |
Unpaid principal balance - with no specific allowance | 364 | 586 | |
Recorded investment - with an allowance | 171 | 174 | |
Unpaid principal balance - with an allowance | 192 | 193 | |
Related allowance | 128 | 100 | |
Unpaid principal balance | 556 | 779 | |
Recorded investment | 487 | $ 688 | |
Average recorded investment | 546 | 763 | |
Interest income recognized | $ 0 | $ 0 |
Note 9 - Financial Assets Measu
Note 9 - Financial Assets Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | $ 656,846 | $ 692,360 |
Equity securities | 12,652 | 12,410 |
US Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 894 | |
US Government Agencies Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 94,063 | 97,499 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 119,510 | 131,035 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 308,225 | 329,938 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 127,534 | 127,012 |
Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 6,620 | 6,876 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Equity securities | 12,652 | 12,410 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 656,771 | 692,285 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 894 | |
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] | ||
Debt securities available-for-sale | 94,063 | 97,499 |
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] | ||
Debt securities available-for-sale | 119,510 | 131,035 |
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] | ||
Debt securities available-for-sale | 308,225 | 329,938 |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 127,534 | 127,012 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 6,545 | 6,801 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 75 | 75 |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 75 | 75 |
Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 669,498 | 704,770 |
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 | 12,652 | 12,410 |
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 | 656,771 | 692,285 |
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 | 75 | 75 |
Nonrecurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 2,460 | 4,803 |
Nonrecurring [Member] | Impaired Loans [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 2,386 | 4,686 |
Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset fair value measurements | 74 | 117 |
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 | 2,460 | 4,803 |
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 | 2,386 | 4,686 |
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 | $ 74 | $ 117 |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements and Disclosures (Details Textual) | 3 Months Ended | |
Mar. 31, 2022USD ($)securityissuer | Mar. 31, 2021USD ($) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Number of underlying issuers | issuer | 3 | |
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 | 0.0564 | |
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] | London Interbank Offered Rate (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 |
Note 9 - Quantitative Informati
Note 9 - Quantitative Information about Assets Measured at Fair Value (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | ||
Nonrecurring [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Asset fair value measurements | $ 2,460 | $ 4,803 | |
Nonrecurring [Member] | Impaired Loans [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Asset fair value measurements | 2,386 | 4,686 | |
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 | 74 | 117 | |
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 | 2,460 | 4,803 | |
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 | 2,386 | 4,686 | |
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 | $ 74 | $ 117 | |
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] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |||
Nonrecurring fair value range of value inputs | [2],[3] | (0.02) | (0.15) |
Fair Value, Inputs, Level 3 [Member] | Appraisal Valuation Technique [Member] | Measurement Input, Comparability Adjustment [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 | [2],[3] | (0.25) | (0.20) |
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] | $ 2,070 | $ 4,369 |
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%) | (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%) | (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 | [4] | $ 316 | $ 317 |
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 | 3 years | 3 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 | 29 years | 29 years | |
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 | 12.00% | 12.00% | |
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] | Measurement Input, Prepayment Speeds [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 | 142.00% | 187.00% | |
Fair Value, Inputs, Level 3 [Member] | Discounted Cash Flow Valuation Technique [Member] | Measurement Input, Prepayment Speeds [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 | 287.00% | 312.00% | |
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 | $ 74 | $ 117 | |
[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. | ||
[2] | 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. | ||
[3] | 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. | ||
[4] | Values obtained from financial statements for UCC collateral (fixed assets and inventory) are discounted to estimated realizable liquidation value. |
Note 9 - Available-for-sale Sec
Note 9 - Available-for-sale Securities Measured at Fair Value Using Significant Unobservable Inputs (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Balance, beginning of year | $ 75 | $ 70 |
Payments received | 0 | 0 |
Included in earnings | 0 | 0 |
Included in other comprehensive (loss) income | 0 | 4 |
Transfers in and/or out of Level 3 | 0 | 0 |
Balance, end of year | $ 75 | $ 74 |
Note 9 - Financial and Off-bala
Note 9 - Financial and Off-balance Sheet Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 13,260 | $ 13,390 |
Available-for-sale | 656,846 | 692,360 |
Equities | 12,652 | 12,410 |
Restricted investment in stocks | 1,337 | 1,329 |
Net loans | 915,138 | 915,286 |
Mortgage servicing rights | 523 | 538 |
Accrued interest receivable | 3,781 | 4,104 |
Deposits | 1,451,753 | 1,449,745 |
Short-term borrowings | 76,738 | 68,476 |
Long-term debt | 10,000 | 10,000 |
Accrued interest payable | 178 | 211 |
Cash and cash equivalents | 13,260 | 13,390 |
Restricted investment in stocks | 1,337 | 1,329 |
Net loans | 909,767 | 916,271 |
Mortgage servicing rights | 647 | 615 |
Accrued interest receivable | 3,781 | 4,104 |
Short-term borrowings | 76,738 | 68,476 |
Long-term debt | 9,986 | 10,114 |
Accrued interest payable | 178 | 211 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Equities | 12,652 | 12,410 |
Cash and cash equivalents | 13,260 | 13,390 |
Short-term borrowings | 76,738 | 68,476 |
Long-term debt | 9,986 | 10,114 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale | 656,771 | 692,285 |
Restricted investment in stocks | 1,337 | 1,329 |
Accrued interest receivable | 3,781 | 4,104 |
Accrued interest payable | 178 | 211 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale | 75 | 75 |
Net loans | 909,767 | 916,271 |
Mortgage servicing rights | 647 | 615 |
Standby Letters of Credit [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Commitments to extend credit | 65 | 70 |
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 | 65 | 70 |
With No Stated Maturities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Deposits | 1,288,098 | 1,281,372 |
Deposits | 1,288,098 | 1,281,372 |
With No Stated Maturities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Deposits | 1,288,098 | 1,281,372 |
With Stated Maturities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Deposits | 163,655 | 168,373 |
Deposits | 160,687 | 168,039 |
With Stated Maturities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Deposits | $ 160,687 | $ 168,039 |
Note 10 - Financial Instrument
Note 10 - Financial Instrument Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments And Contingencies Disclosure [Line Items] | ||
Total financial instrument commitments | $ 387,281 | $ 346,770 |
Commitments to Extend Credit [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Total financial instrument commitments | 368,719 | 325,449 |
Standby Letters of Credit [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Total financial instrument commitments | $ 18,562 | $ 21,321 |
Note 10 - Commitments and Con_3
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Line Items] | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 43,000 | $ 698,000 |
Standby Letters of Credit [Member] | ||
Commitments And Contingencies Disclosure [Line Items] | ||
Financial instrument commitments expire within one year | $ 17,541,000 | |
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 |
Note 11 - Capital Ratios and Re
Note 11 - Capital Ratios and Regulatory Minimum Requirements (Details) $ in Thousands | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) |
The Company [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital | $ 154,160 | $ 151,501 |
Tier 1 capital | 142,821 | 140,226 |
Common equity tier 1 capital | 142,821 | 140,226 |
Tier 1 leverage capital | $ 142,821 | $ 140,226 |
Capital to risk-weighted assets | 0.1344 | 0.1360 |
Tier 1 capital to risk-weighted assets | 0.1246 | 0.1259 |
Common equity tier 1 capital to risk-weighted assets | 12.46% | 12.59% |
Tier 1 leverage capital to average assets | 0.0852 | 0.0839 |
Capital required for capital adequacy | $ 91,733 | $ 89,111 |
Tier 1 capital required for capital adequacy | 68,800 | 66,833 |
Common equity tier 1 capital required for capital adequacy | 51,600 | 50,125 |
Tier 1 leverage capital required for capital adequacy | $ 67,015 | $ 66,890 |
Capital required for capital adequacy to risk-weighted assets | 0.0800 | 0.0800 |
Tier 1 capital required for capital adequacy to risk-weighted assets | 0.0600 | 0.0600 |
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 | 0.0400 | 0.0400 |
Capital required to be well capitalized | $ 114,666 | $ 111,389 |
Tier 1 capital required to be well capitalized | $ 68,800 | $ 66,833 |
Capital required to be well capitalized to risk-weighted assets | 0.1000 | 0.1000 |
Tier 1 capital required to be well capitalized to risk-weighted assets | 0.0600 | 0.0600 |
Bank [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital | $ 140,997 | $ 138,419 |
Tier 1 capital | 129,668 | 127,144 |
Common equity tier 1 capital | 129,668 | 127,144 |
Tier 1 leverage capital | $ 129,668 | $ 127,144 |
Capital to risk-weighted assets | 0.1271 | 0.1285 |
Tier 1 capital to risk-weighted assets | 0.1169 | 0.1181 |
Common equity tier 1 capital to risk-weighted assets | 11.69% | 11.81% |
Tier 1 leverage capital to average assets | 0.0780 | 0.0767 |
Capital required for capital adequacy | $ 88,737 | $ 86,162 |
Tier 1 capital required for capital adequacy | 66,553 | 64,621 |
Common equity tier 1 capital required for capital adequacy | 49,915 | 48,466 |
Tier 1 leverage capital required for capital adequacy | $ 66,495 | $ 66,295 |
Capital required for capital adequacy to risk-weighted assets | 0.0800 | 0.0800 |
Tier 1 capital required for capital adequacy to risk-weighted assets | 0.0600 | 0.0600 |
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 | 0.0400 | 0.0400 |
Capital required to be well capitalized | $ 110,921 | $ 107,702 |
Tier 1 capital required to be well capitalized | 88,737 | 86,162 |
Common equity tier 1 capital required to be well capitalized | 72,099 | 70,006 |
Tier 1 leverage capital required to be well capitalized | $ 83,118 | $ 82,868 |
Capital required to be well capitalized to risk-weighted assets | 0.1000 | 0.1000 |
Tier 1 capital required to be well capitalized to risk-weighted assets | 0.0800 | 0.0800 |
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 | 0.0500 | 0.0500 |