Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 13, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000818677 | |
Entity Registrant Name | SECURITY FEDERAL CORP | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-16120 | |
Entity Incorporation, State or Country Code | SC | |
Entity Tax Identification Number | 57-0858504 | |
Entity Address, Address Line One | 238 Richland Avenue Northwest | |
Entity Address, City or Town | Aiken | |
Entity Address, State or Province | SC | |
Entity Address, Postal Zip Code | 29801 | |
City Area Code | 803 | |
Local Phone Number | 641-3000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,240,819 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
ASSETS: | ||
Cash and Cash Equivalents | $ 84,223,575 | $ 28,502,364 |
Certificates of Deposit with Other Banks | 1,100,045 | 1,100,045 |
Investments: | ||
Available For Sale ("AFS") | 531,421,573 | 550,148,284 |
Held To Maturity ("HTM") Net of Allowance for Credit Losses of $0 (Fair Value of $166,638,696 and $161,463,573 at September 30, 2023 and December 31, 2022, Respectively) | 174,136,215 | 167,437,616 |
Total Investments | 705,557,788 | 717,585,900 |
Loans Receivable, Net: | ||
Held For Sale | 1,053,486 | 913,258 |
Held For Investment (Net of Allowance for Credit Losses of $12,348,125 and $11,177,753 at September 30, 2023 and December 31, 2022, Respectively) | 596,975,716 | 549,003,912 |
Total Loans Receivable, Net | 598,029,202 | 549,917,170 |
Accrued Interest Receivable: | ||
Loans | 1,548,714 | 1,462,039 |
Investments | 3,848,991 | 3,348,635 |
Total Accrued Interest Receivable | 5,397,705 | 4,810,674 |
Operating Lease Right-of-Use ("ROU") Assets | 1,518,473 | 1,860,997 |
Land Held for Sale | 938,214 | 1,096,614 |
Premises and Equipment, Net | 28,703,449 | 27,959,793 |
Federal Home Loan Bank ("FHLB") Stock, at Cost | 921,900 | 650,600 |
Other Real Estate Owned ("OREO") | 0 | 119,700 |
Bank Owned Life Insurance ("BOLI") | 27,787,273 | 27,318,098 |
Goodwill | 1,199,754 | 1,199,754 |
Other Assets | 21,952,627 | 19,244,454 |
Total Assets | 1,477,330,005 | 1,381,366,163 |
LIABILITIES: | ||
Deposit Accounts | 1,186,053,024 | 1,110,085,296 |
Borrowings from Federal Reserve Bank ("FRB") | 69,200,000 | 44,080,000 |
Other Borrowings | 19,043,445 | 27,588,147 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Subordinated Debentures | 26,500,000 | 26,500,000 |
Operating Lease Liabilities | 1,559,558 | 1,904,285 |
Other Liabilities | 10,823,070 | 5,819,807 |
Total Liabilities | 1,318,334,097 | 1,221,132,535 |
SHAREHOLDERS’ EQUITY: | ||
Senior Non-Cumulative Perpetual Preferred Stock, Series ECIP, $1,000 Par Value; 82,949 Shares Authorized, Issued and Outstanding at September 30, 2023 and December 31, 2022 | 82,949,000 | 82,949,000 |
Common Stock, $0.01 Par Value; 5,000,000 Shares Authorized; 3,455,446 and 3,453,817 Shares Issued and 3,241,813 and 3,252,884 Shares Outstanding at September 30, 2023 and December 31, 2022, Respectively | 34,555 | 34,538 |
Additional Paid-In Capital ("APIC") | 18,268,955 | 18,230,187 |
Treasury Stock, at Cost; 213,633 and 200,933 Shares Outstanding at September 30, 2023 and December 31, 2022, Respectively | (4,622,812) | (4,330,712) |
Accumulated Other Comprehensive Loss ("AOCI") | (45,491,780) | (40,778,646) |
Retained Earnings | 107,857,990 | 104,129,261 |
Total Shareholders' Equity | 158,995,908 | 160,233,628 |
Total Liabilities and Shareholders' Equity | $ 1,477,330,005 | $ 1,381,366,163 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
HTM, allowance for credit losses | $ 0 | $ 0 |
HTM, fair value | 166,638,696 | 161,463,573 |
Held for investment, allowance for credit loss | $ 12,348,125 | $ 11,177,753 |
Preferred Stock, par value (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred Stock, Shares Authorized (in shares) | 82,949 | 82,949 |
Preferred Stock, Shares Issued (in shares) | 82,949 | 82,949 |
Preferred Stock, Shares Outstanding (in shares) | 82,949 | 82,949 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares, authorized (in shares) | 5,000,000 | 5,000,000 |
Common Stock, Shares, issued (in shares) | 3,455,446 | 3,453,817 |
Common Stock, Shares, outstanding (in shares) | 3,241,813 | 3,252,884 |
Treasury stock, shares (in shares) | 213,633 | 200,933 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Interest Income: | |||||
Loans | $ 8,401,769 | $ 6,306,312 | $ 23,883,621 | $ 18,608,294 | |
Investments | 7,716,956 | 4,892,385 | 21,504,681 | 10,621,563 | |
Other | 703,417 | 94,436 | 1,204,972 | 150,699 | |
Total Interest Income | 16,822,142 | 11,293,133 | 46,593,274 | 29,380,556 | |
Interest Expense: | |||||
Deposits | 6,068,893 | 675,765 | 14,155,442 | 1,418,462 | |
FHLB Advances and Other Borrowed Money | 862,273 | 44,386 | 2,312,602 | 91,389 | |
Subordinated Debentures | 349,290 | 389,375 | 1,044,915 | 1,176,875 | |
Junior Subordinated Debentures | 95,810 | 49,842 | 266,550 | 111,094 | |
Total Interest Expense | 7,376,266 | 1,159,368 | 17,779,509 | 2,797,820 | |
Net Interest Income | 9,445,876 | 10,133,765 | 28,813,765 | 26,582,736 | |
Provision for Credit Losses | 0 | 0 | 221,000 | 0 | |
Net Interest Income After Provision for Credit Losses | 9,445,876 | 10,133,765 | 28,592,765 | 26,582,736 | |
Non-Interest Income: | |||||
Gain on Sale of Loans | [1] | 135,488 | 287,081 | 530,428 | 1,511,905 |
Commissions From Insurance Agency | [1] | 200,278 | 235,506 | 548,645 | 620,779 |
Trust Income | 458,070 | 363,830 | 1,297,376 | 1,084,249 | |
BOLI Income | [1] | 162,737 | 150,999 | 469,175 | 457,202 |
Grant Income | 0 | 0 | 0 | 170,699 | |
Other | 156,190 | 219,289 | 596,032 | 702,135 | |
Total Non-Interest Income | 2,167,929 | 2,224,387 | 6,619,535 | 7,465,429 | |
Non-Interest Expense: | |||||
Compensation and Employee Benefits | 4,962,028 | 5,019,920 | 15,226,913 | 14,981,146 | |
Occupancy | 807,286 | 703,310 | 2,386,442 | 2,110,746 | |
Advertising | 256,218 | 153,460 | 762,614 | 693,389 | |
Depreciation and Maintenance of Equipment | 657,278 | 521,833 | 1,843,625 | 1,670,857 | |
FDIC Insurance Premiums | 153,732 | 87,858 | 461,541 | 284,083 | |
Write-down of Land Held for Sale | 0 | 0 | 0 | 433,077 | |
Consulting | 167,583 | 179,318 | 523,314 | 513,299 | |
Debit Card Expenses | 347,980 | 307,092 | 1,036,913 | 917,225 | |
Data Processing | 314,329 | 229,906 | 942,406 | 732,497 | |
Other | 1,257,359 | 1,074,988 | 3,679,256 | 2,964,759 | |
Total Non-Interest Expense | 8,923,793 | 8,277,685 | 26,863,024 | 25,301,078 | |
Income Before Income Taxes | 2,690,012 | 4,080,467 | 8,349,276 | 8,747,087 | |
Provision for Income Taxes | 567,970 | 854,664 | 1,774,937 | 1,808,450 | |
Net Income | $ 2,122,042 | $ 3,225,803 | $ 6,574,339 | $ 6,938,637 | |
Net Income Per Common Share (Basic) (in dollars per share) | $ 0.65 | $ 0.99 | $ 2.02 | $ 2.13 | |
Cash Dividend Per Share on Common Stock (in dollars per share) | $ 0.13 | $ 0.12 | $ 0.39 | $ 0.64 | |
Weighted Average Shares Outstanding (Basic) (in shares) | 3,248,226 | 3,252,884 | 3,251,610 | 3,252,884 | |
Deposit Account [Member] | |||||
Non-Interest Income: | |||||
Fees income | $ 318,966 | $ 279,909 | $ 889,843 | $ 809,287 | |
ATM and Credit Card [Member] | |||||
Non-Interest Income: | |||||
Fees income | $ 736,200 | $ 687,773 | $ 2,288,036 | $ 2,109,173 | |
[1]Not within the scope of ASC 606 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Income | $ 2,122,042 | $ 3,225,803 | $ 6,574,339 | $ 6,938,637 |
Other Comprehensive Income (Loss): | ||||
Unrealized Holding Gains (Losses) on Securities AFS, Net of Tax Expense (Benefit) | (5,741,337) | (13,137,592) | (4,719,514) | (46,736,556) |
Amortization of Unrealized Losses (Gains) on AFS Securities Transferred to HTM, Net of Tax Expense | 1,516 | 2,270 | 6,380 | 4,127 |
Other Comprehensive Loss, Net of Tax | (5,739,821) | (13,135,322) | (4,713,134) | (46,732,429) |
Comprehensive Income (Loss) | (3,617,779) | (9,909,519) | 1,861,205 | (39,793,792) |
Net Income | $ 2,122,042 | $ 3,225,803 | $ 6,574,339 | $ 6,938,637 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Unrealized Holding Gains (Losses) on Securities AFS, Tax | $ (2,099,960) | $ (4,263,005) | $ (1,781,119) | $ (15,155,441) |
Amortization of Unrealized Losses (Gains) on AFS Securities Transferred to HTM, Tax | $ 505 | $ 757 | $ 2,127 | $ 1,376 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Cumulative Effect, Period of Adoption, Adjustment [Member] Preferred Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Treasury Stock, Common and Preferred [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common and Preferred [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2021 | $ 0 | $ 34,538 | $ 18,230,187 | $ (4,330,712) | $ 5,215,107 | $ 96,373,405 | $ 115,522,525 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 1,549,031 | 1,549,031 | |||||||
Other Comprehensive Loss, Net of Tax | 0 | 0 | 0 | 0 | (20,222,858) | 0 | (20,222,858) | |||||||
Cash Dividends on Common Stock | 0 | 0 | 0 | 0 | 0 | (390,346) | (390,346) | |||||||
Balance at Mar. 31, 2022 | 0 | 34,538 | 18,230,187 | (4,330,712) | (15,007,751) | 97,532,090 | 96,458,352 | |||||||
Balance at Dec. 31, 2021 | 0 | 34,538 | 18,230,187 | (4,330,712) | 5,215,107 | 96,373,405 | 115,522,525 | |||||||
Net Income | 6,938,637 | |||||||||||||
Other Comprehensive Loss, Net of Tax | (46,732,429) | |||||||||||||
Balance at Sep. 30, 2022 | 82,949,000 | 34,538 | 18,230,187 | (4,330,712) | (41,517,322) | 101,230,196 | 156,595,887 | |||||||
Balance at Mar. 31, 2022 | 0 | 34,538 | 18,230,187 | (4,330,712) | (15,007,751) | 97,532,090 | 96,458,352 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 2,163,803 | 2,163,803 | |||||||
Other Comprehensive Loss, Net of Tax | 0 | 0 | 0 | 0 | (13,374,249) | 0 | (13,374,249) | |||||||
Cash Dividends on Common Stock | 0 | 0 | 0 | 0 | 0 | (1,301,154) | (1,301,154) | |||||||
Preferred Stock issuance | 82,949,000 | 0 | 0 | 0 | 0 | 0 | 82,949,000 | |||||||
Balance at Jun. 30, 2022 | 82,949,000 | 34,538 | 18,230,187 | (4,330,712) | (28,382,000) | 98,394,739 | 166,895,752 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 3,225,803 | 3,225,803 | |||||||
Other Comprehensive Loss, Net of Tax | 0 | 0 | 0 | 0 | (13,135,322) | 0 | (13,135,322) | |||||||
Cash Dividends on Common Stock | 0 | 0 | 0 | 0 | 0 | (390,346) | (390,346) | |||||||
Balance at Sep. 30, 2022 | 82,949,000 | 34,538 | 18,230,187 | (4,330,712) | (41,517,322) | 101,230,196 | 156,595,887 | |||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,578,271) | $ (1,578,271) | |||||||
Balance at Dec. 31, 2022 | 82,949,000 | 34,538 | 18,230,187 | (4,330,712) | (40,778,646) | 104,129,261 | 160,233,628 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 2,674,100 | 2,674,100 | |||||||
Other Comprehensive Loss, Net of Tax | 0 | 0 | 0 | 0 | 5,577,801 | 0 | 5,577,801 | |||||||
Cash Dividends on Common Stock | 0 | 0 | 0 | 0 | 0 | (422,917) | (422,917) | |||||||
Employee Stock Purchase Plan | 0 | 3 | 8,411 | 0 | 0 | 0 | 8,414 | |||||||
Balance at Mar. 31, 2023 | 82,949,000 | 34,541 | 18,238,598 | (4,330,712) | (35,200,845) | 104,802,173 | 166,492,755 | |||||||
Balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2022 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,578,271) | $ (1,578,271) | |||||||
Balance at Dec. 31, 2022 | 82,949,000 | 34,538 | 18,230,187 | (4,330,712) | (40,778,646) | 104,129,261 | 160,233,628 | |||||||
Net Income | 6,574,339 | |||||||||||||
Other Comprehensive Loss, Net of Tax | (4,713,134) | |||||||||||||
Balance at Sep. 30, 2023 | 82,949,000 | 34,555 | 18,268,955 | (4,622,812) | (45,491,780) | 107,857,990 | 158,995,908 | |||||||
Balance at Mar. 31, 2023 | 82,949,000 | 34,541 | 18,238,598 | (4,330,712) | (35,200,845) | 104,802,173 | 166,492,755 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 1,778,197 | 1,778,197 | |||||||
Other Comprehensive Loss, Net of Tax | 0 | 0 | 0 | 0 | (4,551,114) | 0 | (4,551,114) | |||||||
Cash Dividends on Common Stock | 0 | 0 | 0 | 0 | 0 | (422,986) | (422,986) | |||||||
Employee Stock Purchase Plan | 0 | 6 | 11,903 | 0 | 0 | 0 | 11,909 | |||||||
Balance at Jun. 30, 2023 | 82,949,000 | 34,547 | 18,250,501 | (4,330,712) | (39,751,959) | 106,157,384 | 163,308,761 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 2,122,042 | 2,122,042 | |||||||
Other Comprehensive Loss, Net of Tax | 0 | 0 | 0 | 0 | (5,739,821) | 0 | (5,739,821) | |||||||
Cash Dividends on Common Stock | 0 | 0 | 0 | 0 | 0 | (421,436) | (421,436) | |||||||
Employee Stock Purchase Plan | 0 | 8 | 18,454 | 0 | 0 | 0 | 18,462 | |||||||
Purchase of Treasury Stock | 0 | 0 | 0 | (292,100) | 0 | 0 | (292,100) | |||||||
Balance at Sep. 30, 2023 | $ 82,949,000 | $ 34,555 | $ 18,268,955 | $ (4,622,812) | $ (45,491,780) | $ 107,857,990 | $ 158,995,908 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 6,574,339 | $ 6,938,637 | |
Adjustments To Reconcile Net Income To Net Cash Provided By Operating Activities: | |||
Depreciation Expense | 1,624,483 | 1,460,975 | |
Discount Accretion and Premium Amortization, net | 3,073,976 | 5,314,299 | |
Provision for Credit Losses | 221,000 | 0 | |
Earnings on BOLI | [1] | (469,175) | (457,202) |
Gain on Sales of Loans | [1] | (530,428) | (1,511,905) |
Write-down of Land Held for Sale | 0 | 433,077 | |
Loss on Sale of Land Held for Sale | 9,459 | 0 | |
Write-down of OREO | 14,700 | 10,000 | |
Gain on Sale of OREO | (2,326) | 0 | |
Amortization of Operating Lease ROU Assets | 342,524 | 278,336 | |
Proceeds From Sale of Loans Held For Sale | 18,450,690 | 47,464,791 | |
Origination of Loans Held For Sale | (18,060,490) | (44,055,483) | |
Increase in Accrued Interest Receivable | (587,031) | (740,945) | |
Change in Other Assets | (920,674) | 326,700 | |
Change in Lease Liabilities and Other Liabilities | 4,813,536 | 816,535 | |
Net Cash Provided By Operating Activities | 14,554,583 | 16,277,815 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of Investments AFS | (40,275,444) | (59,674,541) | |
Proceeds from Paydowns and Maturities of Investments AFS | 49,327,581 | 83,769,857 | |
Purchase of Investments HTM | (16,936,251) | (118,798,583) | |
Proceeds from Paydowns and Maturities of Investments HTM | 10,337,617 | 4,333,488 | |
Purchase of FHLB Stock | (696,300) | (64,800) | |
Redemption of FHLB Stock | 425,000 | 0 | |
Increase in Loans Receivable | (49,926,075) | (25,494,867) | |
Proceeds from Sale of Land Held for Sale | 148,941 | 0 | |
Proceeds from Sale of OREO | 107,326 | 0 | |
Purchase and Improvement of Premises and Equipment | (2,368,139) | (3,647,767) | |
Net Cash Used By Investing Activities | (49,855,744) | (119,577,213) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Increase in Deposit Accounts | 75,967,728 | 2,853,782 | |
(Decrease) Increase in Other Borrowings, Net | (8,544,702) | 12,023,722 | |
Proceeds from FRB Borrowings | 346,055,000 | 202,980,000 | |
Repayment of FRB Borrowings | (320,935,000) | (201,980,000) | |
Purchase of Treasury Stock | (292,100) | 0 | |
Issuance of Preferred Stock | 0 | 82,949,000 | |
Proceeds from Employee Stock Purchase Plan | 38,785 | 0 | |
Repurchase of Subordinated Debenture | 0 | (1,000,000) | |
Dividends to Common Stock Shareholders | (1,267,339) | (2,081,846) | |
Net Cash Provided By Financing Activities | 91,022,372 | 95,744,658 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 55,721,211 | (7,554,740) | |
Cash and Cash Equivalents at Beginning of Period | 28,502,364 | 27,622,851 | |
Cash and Cash Equivalents at End of Period | 84,223,575 | 20,068,111 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash Paid for Interest | 15,100,087 | 2,417,879 | |
Cash Paid for Taxes | 2,021,315 | 1,099,000 | |
Non-Cash Transactions: | |||
Other Comprehensive Loss, Net of Tax | $ (4,713,134) | $ (46,732,429) | |
[1]Not within the scope of ASC 606 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1 The accompanying unaudited consolidated financial statements were prepared in accordance with instructions for Form 10 not 2022 10 December 31, 2022 2022 10 three nine September 30, 2023 not may December 31, 2023 |
Note 2 - Principles of Consolid
Note 2 - Principles of Consolidation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 2 The accompanying unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Security Federal Bank (the “Bank”) and the Bank’s wholly owned subsidiaries, Security Federal Investments, Inc. ("SFINV") and Security Federal Insurance, Inc. (“SFINS”). SFINV was formed to hold investment securities and allow for better management of the securities portfolio. SFINS is an insurance agency offering auto, business, and home insurance. All significant intercompany transactions and balances have been eliminated in consolidation. The Company has a wholly owned subsidiary, Security Federal Statutory Trust (the “Trust”), which issued and sold fixed and floating rate capital securities of the Trust. However, under current accounting guidance, the Trust is not |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3 The Company has adopted various accounting policies, which govern the application of accounting principles generally accepted in the United States in the preparation of our financial statements. Our significant accounting policies are described in the footnotes to the audited consolidated financial statements at December 31, 2022 2022 no December 31, 2022 Accounting Standards Adopted in 2023 On January 1, 2023, 2016 13 326 326. In addition, CECL made changes to the accounting for AFS debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on AFS debt securities if management does not not not, The Company adopted ASC 326 January 1, 2023 January 1, 2023 January 1, 2023 326 January 1, 2023. December 31, 2022 not 326, not The Company elected not 90 Allowance for Credit Losses – Held to Maturity Securities Management measures expected credit losses on HTM debt securities on a collective basis by major security type. Accrued interest receivable on HTM debt securities totaled $946,000 at September 30, 2023 not 7 All mortgage-backed securities issued by government-sponsored corporations are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no September 30, 2023 Allowance for Credit Losses – Available for Sale Securities For investments AFS, management evaluates all securities in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not If either of the above criteria is not may not Changes in the allowance for credit loss are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance for credit loss when management believes an AFS security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At September 30, 2023 Accrued interest receivable on investments AFS totaled $2.9 million at September 30, 2023 Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans is reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. The accrual of interest is generally discontinued when a loan becomes 90 not not not 30 All accrued interest is reversed against interest income when a loan is placed on nonaccrual status. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not Allowance for Credit Losses - Loans The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not The allowance for credit losses represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company has identified the following portfolio segments: Real Estate • Construction 1 4 • Residential Mortgage second 1 4 • Commercial not not Commercial and Agricultural Consumer loans • Home equity first second • Other The Company calculates the allowance for credit losses on loans for each pool of loans using a remaining life loss methodology with a two Additionally, the allowance for credit losses calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may not Loans that do not Allowance for Credit Losses – Unfunded Commitments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses - unfunded commitments unless the commitments to extend credit are unconditionally cancellable, through a charge to provision for unfunded commitments, which is included in the provision for credit losses in the Company’s consolidated income statements. The allowance for credit losses - unfunded commitments is estimated by loan segment at each balance sheet date under CECL using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third In January 2023, 2022 02, 326 2022 02” 326 20. no not Recent Accounting Pronouncements The following is a summary of recent authoritative pronouncements that could affect accounting, reporting, and disclosure of financial information by the Company: In December 2022, 848 December 31, 2022, December 31, 2024, not December 31, 2021, not June 2023. not Other accounting standards that have been issued or proposed by the FASB or other standards-setting authorities are not |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4 Accounting guidance specifies the computation, presentation and disclosure requirements for earnings per share (“EPS”) for entities with publicly held common stock or potential common stock such as options, warrants, convertible securities or contingent stock agreements if those securities trade in a public market. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is computed similar to basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive common shares had been issued. The dilutive effect of options outstanding under the Company’s stock option plan is reflected in diluted EPS by application of the treasury stock method. There were no stock options outstanding at September 30, 2023 2022; Three Months Ended September 30, 2023 2022 Income Shares EPS Income Shares EPS Basic EPS $ 2,122,042 3,248,226 $ 0.65 $ 3,225,803 3,252,884 $ 0.99 Nine Months Ended September 30, 2023 2022 Income Shares EPS Income Shares EPS Basic EPS $ 6,574,339 3,251,610 $ 2.02 $ 6,938,637 3,252,884 $ 2.13 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 5 Certain officers and directors of the Company participate in incentive and non-qualified stock option plans. Options are granted at exercise prices not September 30, 2023 2022 no three nine September 30, 2023 2022 |
Note 6 - Investments, Available
Note 6 - Investments, Available for Sale ("AFS") | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt Securities, Available for Sale [Text Block] | NOTE 6 The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investments AFS at the dates indicated were as follows: September 30, 2023 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Student Loan Pools $ 53,149,118 $ 93,233 $ (748,230 ) $ 52,494,121 Small Business Administration (“SBA”) Bonds 80,809,436 408,529 (3,291,469 ) 77,926,496 Tax Exempt Municipal Bonds 21,486,631 108,726 (2,123,259 ) 19,472,098 Taxable Municipal Bonds 64,689,585 — (15,278,275 ) 49,411,310 Mortgage-Backed Securities ("MBS") 371,796,460 3,408 (39,682,320 ) 332,117,548 Total Investments AFS $ 591,931,230 $ 613,896 $ (61,123,553 ) $ 531,421,573 December 31, 2022 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Student Loan Pools $ 60,854,658 $ 11,647 $ (1,709,323 ) $ 59,156,982 SBA Bonds 102,292,600 584,290 (3,246,923 ) 99,629,967 Tax Exempt Municipal Bonds 22,536,806 405,341 (1,631,819 ) 21,310,328 Taxable Municipal Bonds 65,249,883 — (14,480,144 ) 50,769,739 MBS 353,223,361 29,861 (33,971,954 ) 319,281,268 Total Investments AFS $ 604,157,308 $ 1,031,139 $ (55,040,163 ) $ 550,148,284 Student Loan Pools are typically 97% 100% not. not September 30, 2023 December 31, 2022 September 30, 2023 The amortized cost and fair value of investments AFS at September 30, 2023 not September 30, 2023 Investments AFS: Amortized Cost Fair Value One Year or Less $ 13,693 $ 13,525 After One – Five Years 6,593,553 6,546,193 After Five – Ten Years 76,090,051 69,654,980 More Than Ten Years 137,437,473 123,089,327 MBS AFS 371,796,460 332,117,548 Total AFS $ 591,931,230 $ 531,421,573 At September 30, 2023 December 31, 2022 There were no sales of investments AFS during the nine September 30, 2023 2022 The following table shows the gross unrealized losses and estimated fair value of investments AFS for which an allowance for credit losses has not September 30, 2023 September 30, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Student Loan Pools $ 411,097 $ (964 ) $ 45,703,435 $ (747,266 ) $ 46,114,532 $ (748,230 ) SBA Bonds 3,492,535 (8,044 ) 39,107,655 (3,283,425 ) 42,600,190 (3,291,469 ) Tax Exempt Municipal Bonds 3,648,687 (71,499 ) 12,414,886 (2,051,760 ) 16,063,573 (2,123,259 ) Taxable Municipal Bonds — — 49,411,310 (15,278,275 ) 49,411,310 (15,278,275 ) MBS 36,969,372 (439,141 ) 289,240,242 (39,243,179 ) 326,209,614 (39,682,320 ) $ 44,521,691 $ (519,648 ) $ 435,877,528 $ (60,603,905 ) $ 480,399,219 $ (61,123,553 ) The following table shows the gross unrealized losses and estimated fair value of investments AFS aggregated by category and length of time that securities have been in a continuous unrealized loss position at December 31, 2022 December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Student Loan Pools $ 24,768,260 $ (637,963 ) $ 30,684,124 $ (1,071,360 ) $ 55,452,384 $ (1,709,323 ) SBA Bonds 8,403,975 (120,766 ) 45,969,373 (3,126,157 ) 54,373,348 (3,246,923 ) Tax Exempt Municipal Bonds 8,050,944 (718,645 ) 4,929,289 (913,174 ) 12,980,233 (1,631,819 ) Taxable Municipal Bonds 14,427,796 (3,196,761 ) 36,341,943 (11,283,383 ) 50,769,739 (14,480,144 ) MBS 146,016,464 (11,132,554 ) 170,578,059 (22,839,400 ) 316,594,523 (33,971,954 ) $ 201,667,439 $ (15,806,689 ) $ 288,502,788 $ (39,233,474 ) $ 490,170,227 $ (55,040,163 ) Investments classified as AFS are recorded at fair market value. At September 30, 2023 December 31, 2022 12 The Company believes, based on industry analyst reports and credit ratings, that the deterioration in value is attributable to changes in market interest rates and is not not Accrued interest receivable on investments AFS totaled $2.9 million at September 30, 2023 |
Note 7 - Investments, Held to M
Note 7 - Investments, Held to Maturity ("HTM") | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Investments in Debt Securities, Held to Maturity [Text Block] | NOTE 7 The Company’s investments HTM portfolio is recorded at amortized cost. The amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investments HTM at the date indicated were as follows: September 30, 2023 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value US Treasury Bonds $ 34,782,248 $ — $ (587,405 ) $ 34,194,843 FHLB Bond 1,000,000 — (13,279 ) 986,721 Student Loan Pools 17,510,213 272,590 — 17,782,803 SBA Bonds 12,689,280 583,741 — 13,273,021 Taxable Municipal Bonds 959,701 — (53,531 ) 906,170 MBS 107,194,773 — (7,699,635 ) 99,495,138 Total Investments HTM $ 174,136,215 $ 856,331 $ (8,353,850 ) $ 166,638,696 December 31, 2022 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value US Treasury Bonds $ 34,511,849 $ — $ (682,198 ) $ 33,829,651 FHLB Bond 1,000,000 — (1,360 ) 998,640 Student Loan Pools 16,387,997 88,489 (59,090 ) 16,417,396 SBA Bonds 3,521,293 162,235 — 3,683,528 Taxable Municipal Bonds 951,864 — (60,134 ) 891,730 MBS 111,064,613 29,194 (5,451,179 ) 105,642,628 Total Investments HTM $ 167,437,616 $ 279,918 $ (6,253,961 ) $ 161,463,573 At September 30, 2023 December 31, 2022 12 not The estimate of expected credit losses on investments HTM is primarily based on the ratings assigned to the securities by debt rating agencies and the average of the annual historical loss rates associated with those ratings. The Company then multiplies those loss rates, as adjusted for any modifications to reflect current conditions and reasonable and supportable forecasts as considered necessary, by the remaining lives of each individual security to arrive at a lifetime expected loss amount. Additionally, private label CMO securities which are not All mortgage-backed securities issued by government-sponsored corporations are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no As a result of the analysis, there was no allowance for credit losses recorded for investments HTM as of September 30, 2023 As of September 30, 2023 90 Accrued interest receivable on HTM debt securities totaled $946,000 at September 30, 2023 The following tables show gross unrealized losses, fair value, and length of time that individual investments HTM have been in a continuous unrealized loss position at the dates indicated. September 30, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses US Treasury Bonds $ — $ — $ 34,194,843 $ (587,405 ) $ 34,194,843 $ (587,405 ) FHLB Bond 986,721 (13,279 ) — — 986,721 (13,279 ) Taxable Municipal Bonds — — 906,170 (53,531 ) 906,170 (53,531 ) MBS 52,315,812 (1,243,762 ) 47,179,326 (6,455,873 ) 99,495,138 (7,699,635 ) $ 53,302,533 $ (1,257,041 ) $ 82,280,339 $ (7,096,809 ) $ 135,582,872 $ (8,353,850 ) December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses US Treasury Bonds $ 33,829,651 $ (682,198 ) $ — $ — $ 33,829,651 $ (682,198 ) FHLB Bond 998,640 (1,360 ) — — 998,640 (1,360 ) Student Loan Pools 6,520,050 (59,090 ) — — 6,520,050 (59,090 ) Taxable Municipal Bonds 891,730 (60,134 ) — — 891,730 (60,134 ) MBS 88,351,096 (3,145,166 ) 9,334,438 (2,306,013 ) 97,685,534 (5,451,179 ) $ 130,591,167 $ (3,947,948 ) $ 9,334,438 $ (2,306,013 ) $ 139,925,605 $ (6,253,961 ) At September 30, 2023 December 31, 2022 |
Note 8 - Loans Receivable, Net
Note 8 - Loans Receivable, Net | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 8 Loans receivable, net, consisted of the following as of the dates indicated below: September 30, 2023 December 31, 2022 Real Estate Loans: Construction $ 101,493,816 $ 112,793,694 Residential Mortgage 159,980,843 110,056,973 Commercial 256,175,825 252,154,475 Commercial and Agricultural Loans 34,404,989 30,647,975 Consumer Loans: Home Equity Lines of Credit (HELOC) 33,318,762 31,736,676 Other Consumer 24,409,030 23,598,110 Total Loans Held for Investment, Gross 609,783,265 560,987,903 Less: Allowance for Credit Losses 12,348,125 11,177,753 Deferred Loan Fees 459,424 806,238 12,807,549 11,983,991 Total Loans Receivable, Net $ 596,975,716 $ 549,003,912 The Company uses a risk based approach based on the following credit quality measures when analyzing the loan portfolio: pass, caution, special mention, and substandard. These indicators are used to rate the credit quality of loans for the purposes of determining the Company’s allowance for credit losses. Pass loans are loans that are performing and are deemed adequately protected by the net worth of the borrower or the underlying collateral value. These loans are considered to have the least amount of risk in terms of determining the allowance for credit losses. Loans that are graded as substandard are considered to have the most risk. These loans typically have an identified weakness or weaknesses and are inadequately protected by the net worth of the borrower or collateral value. All loans 90 not The following table presents the Company's recorded investment in loans by credit quality indicators by year of origination as of September 30, 2023 Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Real Estate - Construction Pass $ 19,418,021 $ 26,601,678 $ 16,516,378 $ 4,725,200 $ 648,158 $ 1,465,033 $ 5,027,869 $ 74,402,337 Caution 2,968,429 14,796,433 2,083,717 3,193,709 418,495 416,565 — 23,877,348 Special Mention — 29,265 — — 921,594 458,064 — 1,408,923 Substandard — — 333,376 136,960 1,237,579 97,293 — 1,805,208 Total 22,386,450 41,427,376 18,933,471 8,055,869 3,225,826 2,436,955 5,027,869 101,493,816 Current period gross write-offs — — 1,270 — — — — 1,270 Real Estate - Mortgage Pass 23,244,544 32,870,741 10,942,223 14,632,321 4,096,019 23,193,947 9,576,457 118,556,252 Caution 10,537,035 11,122,672 5,868,656 1,699,406 1,617,666 4,237,468 — 35,082,903 Special Mention 1,878,200 158,315 434,467 399,325 — 245,555 — 3,115,862 Substandard 74,550 — 621,239 — 48,601 2,481,436 — 3,225,826 Total 35,734,329 44,151,728 17,866,585 16,731,052 5,762,286 30,158,406 9,576,457 159,980,843 Current period gross write-offs — — — — — — — — Real Estate - Commercial Pass 11,017,973 48,666,315 48,839,955 12,796,698 24,093,992 54,378,489 2,687,505 202,480,927 Caution 9,786,032 4,949,460 4,272,692 6,488,251 7,234,125 8,389,414 — 41,119,974 Special Mention 212,500 879,781 455,971 414,263 — 5,784,828 99,811 7,847,154 Substandard — 68,176 58,602 — — 4,600,992 — 4,727,770 Total 21,016,505 54,563,732 53,627,220 19,699,212 31,328,117 73,153,723 2,787,316 256,175,825 Current period gross write-offs — — — — — — — — Commercial and Agricultural Pass 3,819,756 6,182,554 8,078,460 692,988 379,558 2,558,790 4,153,369 25,865,475 Caution 3,416,339 1,529,379 1,732,343 82,772 18,316 217,590 639,351 7,636,090 Special Mention 459,064 40,621 116,875 15,852 11,089 95,193 — 738,694 Substandard — — — 1,975 — 65,179 97,576 164,730 Total 7,695,159 7,752,554 9,927,678 793,587 408,963 2,936,752 4,890,296 34,404,989 Current period gross write-offs — — 15,880 — — — — 15,880 Home Equity Lines of Credit Pass — — — — — — 27,331,177 27,331,177 Caution — — — — — — 4,964,475 4,964,475 Special Mention — — — — — — 401,065 401,065 Substandard — — — — — — 622,045 622,045 Total — — — — — — 33,318,762 33,318,762 Current period gross write-offs — — — — — — 1,488 1,488 Other Consumer Pass 5,493,794 4,261,711 1,849,151 859,558 238,942 211,390 4,683,874 17,598,420 Caution 2,059,332 2,262,793 1,024,964 547,223 181,936 60,196 282,634 6,419,078 Special Mention 39,199 129,630 — — — — 6,285 175,114 Substandard — 60,550 79,324 43,459 16,985 9,885 6,215 216,418 Total 7,592,325 6,714,684 2,953,439 1,450,240 437,863 281,471 4,979,008 24,409,030 Current period gross write-offs — 20,456 13,970 17,036 — — 72,971 124,433 Total Loans $ 94,424,768 $ 154,610,074 $ 103,308,393 $ 46,729,960 $ 41,163,055 $ 108,967,307 $ 60,579,708 $ 609,783,265 The table below summarizes the balance within each risk category by loan type, excluding loans held for sale, at December 31, 2022. December 31, 2022 Pass Caution Special Mention Substandard Total Loans Construction Real Estate $ 91,564,058 $ 18,837,894 $ 2,013,824 $ 377,918 $ 112,793,694 Residential Real Estate 84,028,037 22,372,649 887,874 2,768,413 110,056,973 Commercial Real Estate 196,063,300 47,821,422 3,270,916 4,998,837 252,154,475 Commercial and Agricultural 25,383,994 4,593,283 371,071 299,627 30,647,975 Consumer HELOC 25,693,252 5,018,419 401,550 623,455 31,736,676 Other Consumer 16,515,206 6,725,317 178,638 178,949 23,598,110 Total $ 439,247,847 $ 105,368,984 $ 7,123,873 $ 9,247,199 $ 560,987,903 Past Due and Nonaccrual Loans The tables below present an age analysis of past due balances by loan category at the dates indicated. September 30, 2023 30-59 Days 60-89 Days 90 Days or Total Past Total Loans Past Due Past Due More Past Due Due Current Receivable Construction Real Estate $ 124,822 $ — $ — $ 124,822 $ 101,368,994 $ 101,493,816 Residential Real Estate 855,243 49,507 266,093 1,170,843 158,810,000 159,980,843 Commercial Real Estate 1,507,997 145,677 340,906 1,994,580 254,181,245 256,175,825 Commercial and Agricultural 7,141 1,975 24,639 33,755 34,371,234 34,404,989 Consumer HELOC 181,306 51,663 20,687 253,656 33,065,106 33,318,762 Other Consumer 342,780 49,189 87,542 479,511 23,929,519 24,409,030 Total $ 3,019,289 $ 298,011 $ 739,867 $ 4,057,167 $ 605,726,098 $ 609,783,265 December 31, 2022 30-59 Days 60-89 Days 90 Days or Total Past Total Loans Past Due Past Due More Past Due Due Current Receivable Construction Real Estate $ — $ — $ 100,472 $ 100,472 $ 112,693,222 $ 112,793,694 Residential Real Estate 1,557,114 — 471,430 2,028,544 108,028,429 110,056,973 Commercial Real Estate 2,670,997 89,342 354,406 3,114,745 249,039,730 252,154,475 Commercial and Agricultural 5,683 2,113 55,468 63,264 30,584,711 30,647,975 Consumer HELOC 199,414 — 74,159 273,573 31,463,103 31,736,676 Other Consumer 271,774 78,566 17,321 367,661 23,230,449 23,598,110 Total $ 4,704,982 $ 170,021 $ 1,073,256 $ 5,948,259 $ 555,039,644 $ 560,987,903 At September 30, 2023 December 31, 2022 not 90 may The following table shows nonaccrual loans by category at the dates indicated. CECL Incurred Loss September 30, 2023 December 31, 2022 Nonaccrual Loans Nonaccrual Loans Total with No Allowance with an Allowance Nonaccrual Loans Nonaccrual Loans Construction Real Estate $ 234,252 $ — $ 234,252 $ 114,630 Residential Real Estate 1,296,522 — 1,296,522 1,544,762 Commercial Real Estate 4,238,537 — 4,238,537 4,281,975 Commercial and Agricultural 52,886 — 52,886 112,652 Consumer HELOC 420,484 — 420,484 188,540 Other Consumer 96,091 — 96,091 28,671 Total Nonaccrual Loans $ 6,338,772 $ — $ 6,338,772 $ 6,271,230 The Company did not nine September 30, 2023 The following table represents the accrued interest receivables written off by reversing interest income during the three nine September 30, 2023 For the Three Months Ended September 30, 2023 Construction Real Estate $ — Residential Real Estate — Commercial Real Estate — Commercial and Agricultural — Consumer HELOC — Other Consumer 696 Total Loans $ 696 For the Nine Months Ended September 30, 2023 Construction Real Estate $ 2,882 Residential Real Estate 6,814 Commercial Real Estate 1,461 Commercial and Agricultural 1,103 Consumer HELOC 66 Other Consumer 1,607 Total Loans $ 13,933 Allowance for Credit Losses The following table shows the activity in the allowance for credit losses on loans by category for the three nine September 30, 2023 Three Months Ended September 30, 2023 Real Estate Consumer Commercial and Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,200,850 $ 3,260,891 $ 4,427,006 $ 1,102,070 $ 654,278 $ 638,230 $ 12,283,325 (Reversal of) Provision for Credit Losses (55,278 ) 236,084 (117,370 ) (75,644 ) 690 61,518 50,000 Charge-Offs — — — — — (53,513 ) (53,513 ) Recoveries 3,911 31,317 5,016 6,866 11,360 9,843 68,313 Ending Balance $ 2,149,483 $ 3,528,292 $ 4,314,652 $ 1,033,292 $ 666,328 $ 656,078 $ 12,348,125 Nine Months Ended September 30, 2023 Real Estate Consumer Commercial and Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,323,397 $ 2,124,835 $ 4,804,282 $ 874,092 $ 598,807 $ 452,340 $ 11,177,753 Adjustment to Allowance for Credit Loss on adoption of ASU 2016-13 263,737 461,879 (340,492 ) 112,452 107,548 179,070 784,194 (Reversal of) Provision for Credit Losses (449,432 ) 896,261 (164,187 ) 44,001 (76,130 ) 125,487 376,000 Charge-Offs (1,270 ) - - (15,880 ) (1,488 ) (124,433 ) (143,071 ) Recoveries 13,051 45,317 15,049 18,627 37,591 23,614 153,249 Ending Balance $ 2,149,483 $ 3,528,292 $ 4,314,652 $ 1,033,292 $ 666,328 $ 656,078 $ 12,348,125 The Company has certain loans for which repayment is dependent upon the operation or sale of collateral, as the borrower is experiencing financial difficulty. The underlying collateral can vary based upon the type of loan. The following provides more detail about the types of collateral that secure collateral dependent loans: • Commercial real estate loans can be secured by either owner occupied commercial real estate or non-owner occupied investment commercial real estate. Typically, owner occupied commercial real estate loans are secured by office buildings, warehouses, manufacturing facilities and other commercial and industrial properties occupied by operating companies. Non-owner occupied commercial real estate loans are generally secured by office buildings and complexes, retail facilities, multifamily complexes, land under development, industrial properties, as well as other commercial or industrial real estate. • Construction real estate loans are typically secured by commercial and residential lots. • Commercial and agricultural business loans are primarily secured by business equipment, furniture and fixtures, inventory and receivables. • Residential real estate loans are typically secured by first second • Home equity lines of credit are generally secured by second • Consumer loans are generally secured by automobiles, motorcycles, recreational vehicles and other personal property. Some consumer loans are unsecured and have no The following table summarizes the amortized cost of collateral dependent loans: September 30, 2023 Construction Real Estate $ 97,292 Residential Real Estate 1,020,423 Commercial Real Estate 4,008,101 Commercial and Agricultural 28,246 Consumer HELOC 338,160 Total Loans $ 5,492,222 Prior to the adoption of ASC 326 January 1, 2023, three nine September 30, 2022 Three Months Ended September 30, 2022 Real Estate Consumer Commercial and Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,104,386 $ 1,870,696 $ 4,736,314 $ 1,403,818 $ 606,847 $ 475,893 $ 11,197,954 (Reversal of) Provision for Loan Losses 99,612 (17,503 ) 44,664 (117,519 ) (37,681 ) 28,427 — Charge-Offs — — — — — (54,192 ) (54,192 ) Recoveries 15,460 9,678 77,479 1,281 38,190 12,995 155,083 Ending Balance $ 2,219,458 $ 1,862,871 $ 4,858,457 $ 1,287,580 $ 607,356 $ 463,123 $ 11,298,845 Nine Months Ended September 30, 2022 Real Estate Consumer Commercial and Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,401,196 $ 1,663,423 $ 4,832,440 $ 1,241,828 $ 517,512 $ 430,765 $ 11,087,164 (Reversal of) Provision for Loan Losses (212,761 ) 161,839 (100,941 ) 19,643 44,068 88,152 — Charge-Offs — — — — — (97,884 ) (97,884 ) Recoveries 31,023 37,609 126,958 26,109 45,776 42,090 309,565 Ending Balance $ 2,219,458 $ 1,862,871 $ 4,858,457 $ 1,287,580 $ 607,356 $ 463,123 $ 11,298,845 Prior to the adoption of ASU 2016 13, not. Interest payments on impaired loans were typically applied to principal unless collectability of the principal amount was reasonably assured, in which case interest was recognized on a cash basis. The table below summarizes the impaired loan balances evaluated individually and collectively for impairment within the allowance for loan losses and loans receivable balances at December 31, 2022 Allowance For Loan Losses Loans Receivable December 31, 2022 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Construction Real Estate $ — $ 2,323,397 $ 2,323,397 $ 114,630 $ 112,679,064 $ 112,793,694 Residential Real Estate — 2,124,835 2,124,835 1,089,308 108,967,665 110,056,973 Commercial Real Estate — 4,804,282 4,804,282 4,281,702 247,872,773 252,154,475 Commercial and Agricultural — 874,092 874,092 31,446 30,616,529 30,647,975 Consumer HELOC — 598,807 598,807 48,792 31,687,884 31,736,676 Other Consumer — 452,340 452,340 — 23,598,110 23,598,110 Total $ — $ 11,177,753 $ 11,177,753 $ 5,565,878 $ 555,422,025 $ 560,987,903 The following tables present information related to impaired loans by loan category at December 31, 2022 three nine September 30, 2022 December 31, 2022 Recorded Unpaid Principal Related Impaired Loans Investment Balance Allowance Construction Real Estate $ 114,630 $ 114,630 $ — Residential Real Estate 1,089,308 1,626,308 — Commercial Real Estate 4,281,702 4,281,702 — Commercial and Agricultural 31,446 926,446 — Consumer HELOC 48,792 48,792 — Other Consumer — — — Total $ 5,565,878 $ 6,997,878 $ — Three Months Ended September 30, 2022 Average Recorded Interest Income Impaired Loans Investment Recognized Construction Real Estate $ 116,495 $ — Residential Real Estate 1,121,686 — Commercial Real Estate 743,998 — Commercial and Agricultural 31,446 — Consumer HELOC 50,725 — Other Consumer — — Total $ 2,064,350 $ — Nine Months Ended September 30, 2022 Average Recorded Interest Income Impaired Loans Investment Recognized Construction Real Estate $ 117,881 $ — Residential Real Estate 1,144,363 — Commercial Real Estate 756,394 — Commercial and Agricultural 31,446 — Consumer HELOC 52,643 — Other Consumer — — Total $ 2,102,727 $ — Modifications to Borrowers Experiencing Financial Difficulty The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which includes losses from modifications of receivables to borrowers experiencing financial difficulty. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not In some cases, the Company will modify a certain loan by providing multiple types of concessions. Typically, one may may two Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or a portion of the loan) is written off. Therefore, the amortized cost basis of the loan is reduced by the uncollectible amount and the allowance for credit losses is adjusted by the same amount. The Com pany had modified loans with a combined balance of at September 30, 2023 , compared to modified loans with a combined balance of at December 31, 2022 . not nine September 30, 2023 2022 As of September 30, 2023 2022 12 30 Allowance for Credit Losses - Unfunded Commitments The Company maintains an allowance for credit losses - unfunded commitments for credit exposures such as unfunded balances for existing lines of credit and commitments to extend future credit, as well as both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not 8. September 30, 2023 December 31, 2022 The following tables present the balance and activity in the allowance for credit losses - unfunded loan commitments for the three nine September 30, 2023 Three Months Ended September 30, 2023 Allowance for Credit Losses - Unfunded Commitments Beginning Balance $ 1,108,614 Reversal of provision for unfunded commitments (50,000 ) Ending Balance $ 1,058,614 Nine Months Ended September 30, 2023 Allowance for Credit Losses - Unfunded Commitments Beginning Balance $ — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 1,213,614 Reversal of provision for unfunded commitments (155,000 ) Ending Balance $ 1,058,614 |
Note 9 - Deposits
Note 9 - Deposits | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | NOTE 9 Deposits outstanding at the dates indicated are summarized below by account type as follows: Deposit Account Type September 30, 2023 December 31, 2022 Checking $ 468,068,521 $ 510,983,509 Money Market 393,462,981 348,833,623 Savings 92,286,585 108,237,098 Certificates of Deposit 232,234,937 142,031,066 Total $ 1,186,053,024 $ 1,110,085,296 The Company had $5.0 million in brokered deposits, which are included in checking and money market deposits in the above table, at both September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Certificates of deposits that met or exceeded the FDIC insurance limit of $250,000 September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 The amounts and scheduled maturities of certificates of deposit at the dates indicated were as follows: September 30, 2023 December 31, 2022 Within 1 Year $ 195,098,267 $ 97,163,169 After 1 Year, Within 2 Years 30,066,067 31,550,543 After 2 Years, Within 3 Years 3,514,998 6,465,582 After 3 Years, Within 4 Years 3,450,257 3,177,916 After 4 Years, Within 5 Years 105,348 3,673,856 Total Certificates of Deposit $ 232,234,937 $ 142,031,066 |
Note 10 - Borrowings
Note 10 - Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 10 The Company had $69.2 million in outstanding borrowings under the e of 4.42% at September 30, 2023 compared to $44.1 million in borrowings from rate of 4.50% at December 31, 2022 . first 2023, one one one Depository institutions may 90 September 30, 2023 , the Company had pledged as collateral for these borrowings investment securities with an amortized cost and fair value of $368.3 million and $329.4 million, compared to an amortized cost and fair value of $72.6 million and $69.2 million, respectively, at December 31, 2022 , respectively. During the third 2023, September 30, 2023 , the Company had pledged loan collateral for FRB borrowings with an amortized cost and collateral value of $108.6 million and $73.4 million, respectively. The Company had million and million in other borrowings at September 30, 2023 and December 31, 2022 , respectively. These borrowings consist of short-term repurchase agreements with certain commercial demand deposit customers for sweep accounts. The repurchase agreements typically mature within one three September 30, 2023 compared to 0.75% at December 31, 2022 . Collateral pledged by the Company for these repurchase agreements consisted of investments with a combined amortized cost and fair value of $44.7 million and $41.2 million at September 30, 2023 , and $52.3 million and $49.8 million at December 31, 2022 , respectively. There were no outstanding FHLB advances at September 30, 2023 and December 31, 2022 . FHLB advances are secured by a blanket collateral agreement with the FHLB by pledging the ’s portfolio of residential first 's pledged collateral for FHLB advances had an amortized cost and fair value of $54.6 million and $44.7 million at September 30, 2023 , and $70.1 million and $61.1 million at December 31, 2022 , respectively. |
Note 11 - Subordinated Debentur
Note 11 - Subordinated Debentures | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subordinated Borrowings Disclosure [Text Block] | NOTE 11 Junior Subordinated Debentures In September 2006, three September 30, 2023 December 31, 2022 June 30, 2023 three three The distribution rate payable on the Capital Securities is cumulative and payable quarterly in arrears. The Capital Securities mature or are mandatorily redeemable upon maturity on December 15, 2036, September 15, 2011. Subordinated Debentures In November 2019, 2029 “10 2034 “15 10 The 10 November 22, 2029, November 22, 2019 November 22, 2024. 10 November 22, 2024 10 three The 15 November 22, 2034, November 22, 2019 November 22, 2029. 15 November 22, 2029 15 three As a result of the discontinuation of LIBOR effective June 30, 2023, three The Notes are payable semi-annually in arrears on June 1 December 1 June 1, 2020. The Notes are not may November 22, 2024, 10 November 22, 2029, 15 may 10 15 November 22, 2024 November 22, 2029, The Notes have been structured to qualify as Tier 2 During the year ended December 31, 2022 10 15 |
Note 12 - Regulatory Matters
Note 12 - Regulatory Matters | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 12 The Bank, as a state-chartered, federally insured savings bank, is subject to the capital requirements established by the FDIC. Under the FDIC's capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank's assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weighting and other factors. The Company is a bank holding company registered with the Federal Reserve. Bank holding companies are subject to capital adequacy requirements of the Federal Reserve under the Bank Holding Company Act of 1956, $3.0 Based on its capital levels at September 30, 2023 September 30, 2023 The tables below provide the Bank’s regulatory capital requirements and actual results at the dates indicated. Actual For Capital Adequacy To Be "Well-Capitalized" Amount Ratio Amount Ratio Amount Ratio September 30, 2023 (Dollars in Thousands) Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 146,670 18.1 % $ 48,674 6.0 % $ 64,899 8.0 % Total Risk-Based Capital (To Risk Weighted Assets) 156,851 19.3 % 64,899 8.0 % 81,124 10.0 % Common Equity Tier 1 Capital (To Risk Weighted Assets) 146,670 18.1 % 36,506 4.5 % 52,730 6.5 % Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 146,670 10.1 % 58,007 4.0 % 72,509 5.0 % December 31, 2022 Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 141,452 17.8 % $ 47,714 6.0 % $ 63,619 8.0 % Total Risk-Based Capital (To Risk Weighted Assets) 151,408 19.0 % 63,619 8.0 % 79,523 10.0 % Common Equity Tier 1 Capital (To Risk Weighted Assets) 141,452 17.8 % 35,785 4.5 % 51,690 6.5 % Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 141,452 10.4 % 54,372 4.0 % 67,965 5.0 % In addition to the minimum capital requirements, the Bank must maintain a capital conservation buffer, which consists of additional Common Equity Tier 1 2.5% onuses. At September 30, 2023 , the Bank’s conservation buffer was . |
Note 13 - Fair Value of Financi
Note 13 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 13 GAAP requires the Company to disclose fair value of financial instruments measured at amortized cost on the balance sheet and to measure that fair value using an exit price notion, the price that would be received for an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date under current market conditions. Accounting guidance emphasizes that fair value is a market-based measurement, not 1 2 3 three may Level 1 Quoted Market Price in Active Markets Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access. Level 1 Level 2 Significant Other Observable Inputs Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 2 Level 3 Significant Unobservable Inputs Valuation is generated from model-based techniques that use at least one The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities AFS Investments AFS are recorded at fair value on a recurring basis. At September 30, 2023 third 2. Mortgage Loans Held for Sale The Company originates fixed rate residential loans on a servicing released basis in the secondary market. Loans closed but not 30 not not . 2. Land Held for Sale Land held for sale is reported at the lower of the carrying amount or fair value less costs to sell. Fair value is based upon independent market prices, appraised values of the collateral or management’s estimation of the value of the collateral less estimated selling costs. The Company records land held for sale as nonrecurring level 3. Collateral Dependent Loans The Company does not not not no Fair value is estimated using one 24 third may may second may Those collateral dependent loans not September 30, 2023 3. Other Real Estate Owned Fair value adjustments to OREO are recorded at the lower of the carrying amount of the loan or the fair value of the collateral less selling costs. Any write-downs based on the asset’s fair value at the date of acquisition are charged to the allowance for credit losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Foreclosed assets are recorded as nonrecurring Level 3. Assets measured at fair value on a recurring basis were as follows at the dates indicated: September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Student Loan Pools $ — $ 52,494,121 $ — $ — $ 59,156,982 $ — SBA Bonds — 77,926,496 — — 99,629,967 — Tax Exempt Municipal Bonds — 19,472,098 — — 21,310,328 — Taxable Municipal Bonds — 49,411,310 — — 50,769,739 — MBS — 332,117,548 — — 319,281,268 — Total $ — $ 531,421,573 $ — $ — $ 550,148,284 $ — There were no September 30, 2023 December 31, 2022 The Company may September 30, 2023 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 1,053,486 $ — $ 1,053,486 Collateral Dependent Loans — — 5,492,222 5,492,222 Land Held for Sale — — 938,214 938,214 Total $ — $ 1,053,486 $ 6,430,436 $ 7,483,922 December 31, 2022 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 913,258 $ — $ 913,258 Collateral Dependent Loans — — 5,565,878 5,565,878 OREO — — 119,700 119,700 Land Held for Sale — — 1,096,614 1,096,614 Total $ — $ 913,258 $ 6,782,192 $ 7,695,450 There were no September 30, 2023 December 31, 2022 For Level 3 Range of Inputs Level 3 Assets Valuation Technique Significant Unobservable Inputs September 30, 2023 December 31, 2022 Land Held for Sale Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs 10% 10% Collateral Dependent Loans Appraised Value Discounts to appraised values for estimated holding and/or selling costs or age of appraisal 8% - 13% 8% - 13% OREO Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs - 30% For assets and liabilities not Cash and Cash Equivalents 90 not Certificates of Deposit with Other Banks Investments HTM Loans Receivable, Net no FHLB Stock Deposits FHLB Advances and Borrowings from the FRB no September 30, 2023 December 31, 2022 Other Borrowed Money Subordinated Debentures may not Junior Subordinated Debentures The following tables provide a summary of the carrying value and estimated fair value of the Company’s financial instruments at the dates indicated presented in accordance with the applicable accounting guidance. September 30, 2023 Carrying Fair Value Amount Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 84,224 $ 84,224 $ — $ — Certificates of Deposits with Other Banks 1,100 — 1,100 — Investments AFS 531,422 — 531,422 — Investments HTM 174,136 — 166,639 — Loans Receivable, Net 596,976 — — 574,770 FHLB Stock 922 922 — — Land Held for Sale 938 — — 938 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 953,818 $ 953,818 $ — $ — Certificates of Deposits 232,235 — 229,658 — Borrowings from FRB 69,200 68,729 — — Other Borrowed Money 19,043 19,043 — — Subordinated Debentures 26,500 — 22,791 — Junior Subordinated Debentures 5,155 — 5,155 — December 31, 2022 Carrying Fair Value Amount Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 28,502 $ 28,502 $ — $ — Certificates of Deposits with Other Banks 1,100 — 1,100 — Investments AFS 550,148 — 550,148 — Investments HTM 167,438 — 161,464 — Loans Receivable, Net 549,004 — — 528,174 FHLB Stock 651 651 — — Land Held for Sale 1,097 — — 1,097 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 968,054 $ 968,054 $ — $ — Certificates of Deposits 142,031 — 138,382 — Borrowings from FRB 44,080 44,071 — — Other Borrowed Money 27,588 27,588 — — Subordinated Debentures 26,500 — 24,435 — Junior Subordinated Debentures 5,155 — 5,155 — At September 30, 2023 million in off-balanc not Because no not not In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not may not not |
Note 14 - Non-interest Income
Note 14 - Non-interest Income | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Non-interest Income [Text Block] | NOTE 14 Revenue Recognition - 2014 09, 606 606, five The Company only applies the five 606, Service Fees on Deposit Accounts - ATM and Check Card Fee Income - Trust Income - not not 606, no Gains/Losses on OREO Sales - The following table presents the Company's non-interest income for the periods indicated. All the Company’s revenue from contracts with customers within the scope of ASC 606 Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Non-interest income: Gain on Sale of Loans (1) $ 135,488 $ 287,081 $ 530,428 $ 1,511,905 Service Fees on Deposit Accounts 318,966 279,909 889,843 809,287 Commissions From Insurance Agency (1) 200,278 235,506 548,645 620,779 Trust Income 458,070 363,830 1,297,376 1,084,249 BOLI Income (1) 162,737 150,999 469,175 457,202 ATM and Check Card Fee Income 736,200 687,773 2,288,036 2,109,173 Grant Income — — — 170,699 Other (1) 156,190 219,289 596,032 702,135 Total non-interest income $ 2,167,929 $ 2,224,387 $ 6,619,535 $ 7,465,429 ( 1 Not 606 |
Note 15 - Leases
Note 15 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | NOTE 15 The Company has operating leases on six nine September 30, 2023 , the Company made cash payments in the amount of for operating leases. The lease expense recognized during this period was and was recorded in occupancy expense within the Consolidated Statements of Income. The lease liability had a net decrease of . At September 30, 2023 , the had ROU assets of million and a lease liability of million recorded on its consolidated balance sheet compared to ROU assets of million and a lease liability of million at December 31, 2022 . The lease agreements have maturity dates ranging from 2023 2028, five ten September 30, 2023 , the remaining weighted average lease term was years and the weighted average discount rate used was . At September 30, 2023 Remainder of 2023 $ 130,136 2024 522,099 2025 474,766 2026 363,550 2027 147,599 Thereafter 10,371 Total undiscounted lease payments 1,648,521 Less: effect of discounting (88,963 ) Present value of estimated lease payments (lease liability) $ 1,559,558 |
Note 16 - Preferred Stock
Note 16 - Preferred Stock | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Preferred Stock [Text Block] | NOTE 16 On May 24, 2022, 2021, may 19 Pursuant to the Agreement, the Company agreed to issue and sell 82,949 shares of Preferred Stock for an aggregate purchase price of $82.9 million in cash. This ECIP investment is treated as tier 1 first 24 not 2%, tenth 2 10. March 15, June 15, September 15, December 15. The Preferred Stock may fifth |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 17 Subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued. Recognized subsequent events are events or transactions that provide additional evidence about conditions that existed at the date of the balance sheet, including estimates inherent in the process of preparing financial statements. Non-recognized subsequent events are events that provide evidence about conditions that did not no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Accounting Standard Adoption [Policy Text Block] | Accounting Standards Adopted in 2023 On January 1, 2023, 2016 13 326 326. In addition, CECL made changes to the accounting for AFS debt securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on AFS debt securities if management does not not not, The Company adopted ASC 326 January 1, 2023 January 1, 2023 January 1, 2023 326 January 1, 2023. December 31, 2022 not 326, not The Company elected not 90 |
Debt Securities, Held-to-Maturity, Allowance for Credit Losses [Policy Text Block] | Allowance for Credit Losses – Held to Maturity Securities Management measures expected credit losses on HTM debt securities on a collective basis by major security type. Accrued interest receivable on HTM debt securities totaled $946,000 at September 30, 2023 not 7 All mortgage-backed securities issued by government-sponsored corporations are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no September 30, 2023 |
Debt Securities, Available-for-Sale, Allowance for Credit Losses [Policy Text Block] | Allowance for Credit Losses – Available for Sale Securities For investments AFS, management evaluates all securities in an unrealized loss position on a quarterly basis, and more frequently when economic or market conditions warrant such evaluation. If the Company has the intent to sell the security or it is more likely than not If either of the above criteria is not may not Changes in the allowance for credit loss are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the allowance for credit loss when management believes an AFS security is confirmed to be uncollectible or when either of the criteria regarding intent or requirement to sell is met. At September 30, 2023 Accrued interest receivable on investments AFS totaled $2.9 million at September 30, 2023 |
Financing Receivable [Policy Text Block] | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans is reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. The accrual of interest is generally discontinued when a loan becomes 90 not not not 30 All accrued interest is reversed against interest income when a loan is placed on nonaccrual status. Interest received on such loans is accounted for using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses - Loans The allowance for credit losses is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not The allowance for credit losses represents management’s estimate of lifetime credit losses inherent in loans as of the balance sheet date. The allowance for credit losses is estimated by management using relevant available information, from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The Company measures expected credit losses for loans on a pooled basis when similar risk characteristics exist. The Company has identified the following portfolio segments: Real Estate • Construction 1 4 • Residential Mortgage second 1 4 • Commercial not not Commercial and Agricultural Consumer loans • Home equity first second • Other The Company calculates the allowance for credit losses on loans for each pool of loans using a remaining life loss methodology with a two Additionally, the allowance for credit losses calculation includes subjective adjustments for qualitative risk factors that are likely to cause estimated credit losses to differ from historical experience. These qualitative adjustments may not Loans that do not |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Allowance for Credit Losses – Unfunded Commitments Financial instruments include off-balance sheet credit instruments, such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for off-balance sheet loan commitments is represented by the contractual amount of those instruments. Such financial instruments are recorded when they are funded. The Company records an allowance for credit losses - unfunded commitments unless the commitments to extend credit are unconditionally cancellable, through a charge to provision for unfunded commitments, which is included in the provision for credit losses in the Company’s consolidated income statements. The allowance for credit losses - unfunded commitments is estimated by loan segment at each balance sheet date under CECL using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur as well as any third In January 2023, 2022 02, 326 2022 02” 326 20. no not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements The following is a summary of recent authoritative pronouncements that could affect accounting, reporting, and disclosure of financial information by the Company: In December 2022, 848 December 31, 2022, December 31, 2024, not December 31, 2021, not June 2023. not Other accounting standards that have been issued or proposed by the FASB or other standards-setting authorities are not |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, 2023 2022 Income Shares EPS Income Shares EPS Basic EPS $ 2,122,042 3,248,226 $ 0.65 $ 3,225,803 3,252,884 $ 0.99 Nine Months Ended September 30, 2023 2022 Income Shares EPS Income Shares EPS Basic EPS $ 6,574,339 3,251,610 $ 2.02 $ 6,938,637 3,252,884 $ 2.13 |
Note 6 - Investments, Availab_2
Note 6 - Investments, Available for Sale ("AFS") (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | September 30, 2023 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Student Loan Pools $ 53,149,118 $ 93,233 $ (748,230 ) $ 52,494,121 Small Business Administration (“SBA”) Bonds 80,809,436 408,529 (3,291,469 ) 77,926,496 Tax Exempt Municipal Bonds 21,486,631 108,726 (2,123,259 ) 19,472,098 Taxable Municipal Bonds 64,689,585 — (15,278,275 ) 49,411,310 Mortgage-Backed Securities ("MBS") 371,796,460 3,408 (39,682,320 ) 332,117,548 Total Investments AFS $ 591,931,230 $ 613,896 $ (61,123,553 ) $ 531,421,573 December 31, 2022 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Student Loan Pools $ 60,854,658 $ 11,647 $ (1,709,323 ) $ 59,156,982 SBA Bonds 102,292,600 584,290 (3,246,923 ) 99,629,967 Tax Exempt Municipal Bonds 22,536,806 405,341 (1,631,819 ) 21,310,328 Taxable Municipal Bonds 65,249,883 — (14,480,144 ) 50,769,739 MBS 353,223,361 29,861 (33,971,954 ) 319,281,268 Total Investments AFS $ 604,157,308 $ 1,031,139 $ (55,040,163 ) $ 550,148,284 |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2023 Investments AFS: Amortized Cost Fair Value One Year or Less $ 13,693 $ 13,525 After One – Five Years 6,593,553 6,546,193 After Five – Ten Years 76,090,051 69,654,980 More Than Ten Years 137,437,473 123,089,327 MBS AFS 371,796,460 332,117,548 Total AFS $ 591,931,230 $ 531,421,573 |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block] | September 30, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Student Loan Pools $ 411,097 $ (964 ) $ 45,703,435 $ (747,266 ) $ 46,114,532 $ (748,230 ) SBA Bonds 3,492,535 (8,044 ) 39,107,655 (3,283,425 ) 42,600,190 (3,291,469 ) Tax Exempt Municipal Bonds 3,648,687 (71,499 ) 12,414,886 (2,051,760 ) 16,063,573 (2,123,259 ) Taxable Municipal Bonds — — 49,411,310 (15,278,275 ) 49,411,310 (15,278,275 ) MBS 36,969,372 (439,141 ) 289,240,242 (39,243,179 ) 326,209,614 (39,682,320 ) $ 44,521,691 $ (519,648 ) $ 435,877,528 $ (60,603,905 ) $ 480,399,219 $ (61,123,553 ) December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses Student Loan Pools $ 24,768,260 $ (637,963 ) $ 30,684,124 $ (1,071,360 ) $ 55,452,384 $ (1,709,323 ) SBA Bonds 8,403,975 (120,766 ) 45,969,373 (3,126,157 ) 54,373,348 (3,246,923 ) Tax Exempt Municipal Bonds 8,050,944 (718,645 ) 4,929,289 (913,174 ) 12,980,233 (1,631,819 ) Taxable Municipal Bonds 14,427,796 (3,196,761 ) 36,341,943 (11,283,383 ) 50,769,739 (14,480,144 ) MBS 146,016,464 (11,132,554 ) 170,578,059 (22,839,400 ) 316,594,523 (33,971,954 ) $ 201,667,439 $ (15,806,689 ) $ 288,502,788 $ (39,233,474 ) $ 490,170,227 $ (55,040,163 ) |
Note 7 - Investments, Held to_2
Note 7 - Investments, Held to Maturity ("HTM") (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Debt Securities, Held-to-Maturity [Table Text Block] | September 30, 2023 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value US Treasury Bonds $ 34,782,248 $ — $ (587,405 ) $ 34,194,843 FHLB Bond 1,000,000 — (13,279 ) 986,721 Student Loan Pools 17,510,213 272,590 — 17,782,803 SBA Bonds 12,689,280 583,741 — 13,273,021 Taxable Municipal Bonds 959,701 — (53,531 ) 906,170 MBS 107,194,773 — (7,699,635 ) 99,495,138 Total Investments HTM $ 174,136,215 $ 856,331 $ (8,353,850 ) $ 166,638,696 December 31, 2022 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value US Treasury Bonds $ 34,511,849 $ — $ (682,198 ) $ 33,829,651 FHLB Bond 1,000,000 — (1,360 ) 998,640 Student Loan Pools 16,387,997 88,489 (59,090 ) 16,417,396 SBA Bonds 3,521,293 162,235 — 3,683,528 Taxable Municipal Bonds 951,864 — (60,134 ) 891,730 MBS 111,064,613 29,194 (5,451,179 ) 105,642,628 Total Investments HTM $ 167,437,616 $ 279,918 $ (6,253,961 ) $ 161,463,573 |
Debt Securities, Held to Maturity, Unrealized Loss Position, Fair Value [Table Text Block] | September 30, 2023 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses US Treasury Bonds $ — $ — $ 34,194,843 $ (587,405 ) $ 34,194,843 $ (587,405 ) FHLB Bond 986,721 (13,279 ) — — 986,721 (13,279 ) Taxable Municipal Bonds — — 906,170 (53,531 ) 906,170 (53,531 ) MBS 52,315,812 (1,243,762 ) 47,179,326 (6,455,873 ) 99,495,138 (7,699,635 ) $ 53,302,533 $ (1,257,041 ) $ 82,280,339 $ (7,096,809 ) $ 135,582,872 $ (8,353,850 ) December 31, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses US Treasury Bonds $ 33,829,651 $ (682,198 ) $ — $ — $ 33,829,651 $ (682,198 ) FHLB Bond 998,640 (1,360 ) — — 998,640 (1,360 ) Student Loan Pools 6,520,050 (59,090 ) — — 6,520,050 (59,090 ) Taxable Municipal Bonds 891,730 (60,134 ) — — 891,730 (60,134 ) MBS 88,351,096 (3,145,166 ) 9,334,438 (2,306,013 ) 97,685,534 (5,451,179 ) $ 130,591,167 $ (3,947,948 ) $ 9,334,438 $ (2,306,013 ) $ 139,925,605 $ (6,253,961 ) |
Note 8 - Loans Receivable, Net
Note 8 - Loans Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2023 December 31, 2022 Real Estate Loans: Construction $ 101,493,816 $ 112,793,694 Residential Mortgage 159,980,843 110,056,973 Commercial 256,175,825 252,154,475 Commercial and Agricultural Loans 34,404,989 30,647,975 Consumer Loans: Home Equity Lines of Credit (HELOC) 33,318,762 31,736,676 Other Consumer 24,409,030 23,598,110 Total Loans Held for Investment, Gross 609,783,265 560,987,903 Less: Allowance for Credit Losses 12,348,125 11,177,753 Deferred Loan Fees 459,424 806,238 12,807,549 11,983,991 Total Loans Receivable, Net $ 596,975,716 $ 549,003,912 |
Financing Receivable Credit Quality Indicators [Table Text Block] | Term Loans by Year of Origination 2023 2022 2021 2020 2019 Prior Revolving Total Real Estate - Construction Pass $ 19,418,021 $ 26,601,678 $ 16,516,378 $ 4,725,200 $ 648,158 $ 1,465,033 $ 5,027,869 $ 74,402,337 Caution 2,968,429 14,796,433 2,083,717 3,193,709 418,495 416,565 — 23,877,348 Special Mention — 29,265 — — 921,594 458,064 — 1,408,923 Substandard — — 333,376 136,960 1,237,579 97,293 — 1,805,208 Total 22,386,450 41,427,376 18,933,471 8,055,869 3,225,826 2,436,955 5,027,869 101,493,816 Current period gross write-offs — — 1,270 — — — — 1,270 Real Estate - Mortgage Pass 23,244,544 32,870,741 10,942,223 14,632,321 4,096,019 23,193,947 9,576,457 118,556,252 Caution 10,537,035 11,122,672 5,868,656 1,699,406 1,617,666 4,237,468 — 35,082,903 Special Mention 1,878,200 158,315 434,467 399,325 — 245,555 — 3,115,862 Substandard 74,550 — 621,239 — 48,601 2,481,436 — 3,225,826 Total 35,734,329 44,151,728 17,866,585 16,731,052 5,762,286 30,158,406 9,576,457 159,980,843 Current period gross write-offs — — — — — — — — Real Estate - Commercial Pass 11,017,973 48,666,315 48,839,955 12,796,698 24,093,992 54,378,489 2,687,505 202,480,927 Caution 9,786,032 4,949,460 4,272,692 6,488,251 7,234,125 8,389,414 — 41,119,974 Special Mention 212,500 879,781 455,971 414,263 — 5,784,828 99,811 7,847,154 Substandard — 68,176 58,602 — — 4,600,992 — 4,727,770 Total 21,016,505 54,563,732 53,627,220 19,699,212 31,328,117 73,153,723 2,787,316 256,175,825 Current period gross write-offs — — — — — — — — Commercial and Agricultural Pass 3,819,756 6,182,554 8,078,460 692,988 379,558 2,558,790 4,153,369 25,865,475 Caution 3,416,339 1,529,379 1,732,343 82,772 18,316 217,590 639,351 7,636,090 Special Mention 459,064 40,621 116,875 15,852 11,089 95,193 — 738,694 Substandard — — — 1,975 — 65,179 97,576 164,730 Total 7,695,159 7,752,554 9,927,678 793,587 408,963 2,936,752 4,890,296 34,404,989 Current period gross write-offs — — 15,880 — — — — 15,880 Home Equity Lines of Credit Pass — — — — — — 27,331,177 27,331,177 Caution — — — — — — 4,964,475 4,964,475 Special Mention — — — — — — 401,065 401,065 Substandard — — — — — — 622,045 622,045 Total — — — — — — 33,318,762 33,318,762 Current period gross write-offs — — — — — — 1,488 1,488 Other Consumer Pass 5,493,794 4,261,711 1,849,151 859,558 238,942 211,390 4,683,874 17,598,420 Caution 2,059,332 2,262,793 1,024,964 547,223 181,936 60,196 282,634 6,419,078 Special Mention 39,199 129,630 — — — — 6,285 175,114 Substandard — 60,550 79,324 43,459 16,985 9,885 6,215 216,418 Total 7,592,325 6,714,684 2,953,439 1,450,240 437,863 281,471 4,979,008 24,409,030 Current period gross write-offs — 20,456 13,970 17,036 — — 72,971 124,433 Total Loans $ 94,424,768 $ 154,610,074 $ 103,308,393 $ 46,729,960 $ 41,163,055 $ 108,967,307 $ 60,579,708 $ 609,783,265 December 31, 2022 Pass Caution Special Mention Substandard Total Loans Construction Real Estate $ 91,564,058 $ 18,837,894 $ 2,013,824 $ 377,918 $ 112,793,694 Residential Real Estate 84,028,037 22,372,649 887,874 2,768,413 110,056,973 Commercial Real Estate 196,063,300 47,821,422 3,270,916 4,998,837 252,154,475 Commercial and Agricultural 25,383,994 4,593,283 371,071 299,627 30,647,975 Consumer HELOC 25,693,252 5,018,419 401,550 623,455 31,736,676 Other Consumer 16,515,206 6,725,317 178,638 178,949 23,598,110 Total $ 439,247,847 $ 105,368,984 $ 7,123,873 $ 9,247,199 $ 560,987,903 |
Financing Receivable, Past Due [Table Text Block] | September 30, 2023 30-59 Days 60-89 Days 90 Days or Total Past Total Loans Past Due Past Due More Past Due Due Current Receivable Construction Real Estate $ 124,822 $ — $ — $ 124,822 $ 101,368,994 $ 101,493,816 Residential Real Estate 855,243 49,507 266,093 1,170,843 158,810,000 159,980,843 Commercial Real Estate 1,507,997 145,677 340,906 1,994,580 254,181,245 256,175,825 Commercial and Agricultural 7,141 1,975 24,639 33,755 34,371,234 34,404,989 Consumer HELOC 181,306 51,663 20,687 253,656 33,065,106 33,318,762 Other Consumer 342,780 49,189 87,542 479,511 23,929,519 24,409,030 Total $ 3,019,289 $ 298,011 $ 739,867 $ 4,057,167 $ 605,726,098 $ 609,783,265 December 31, 2022 30-59 Days 60-89 Days 90 Days or Total Past Total Loans Past Due Past Due More Past Due Due Current Receivable Construction Real Estate $ — $ — $ 100,472 $ 100,472 $ 112,693,222 $ 112,793,694 Residential Real Estate 1,557,114 — 471,430 2,028,544 108,028,429 110,056,973 Commercial Real Estate 2,670,997 89,342 354,406 3,114,745 249,039,730 252,154,475 Commercial and Agricultural 5,683 2,113 55,468 63,264 30,584,711 30,647,975 Consumer HELOC 199,414 — 74,159 273,573 31,463,103 31,736,676 Other Consumer 271,774 78,566 17,321 367,661 23,230,449 23,598,110 Total $ 4,704,982 $ 170,021 $ 1,073,256 $ 5,948,259 $ 555,039,644 $ 560,987,903 |
Financing Receivable, Nonaccrual [Table Text Block] | CECL Incurred Loss September 30, 2023 December 31, 2022 Nonaccrual Loans Nonaccrual Loans Total with No Allowance with an Allowance Nonaccrual Loans Nonaccrual Loans Construction Real Estate $ 234,252 $ — $ 234,252 $ 114,630 Residential Real Estate 1,296,522 — 1,296,522 1,544,762 Commercial Real Estate 4,238,537 — 4,238,537 4,281,975 Commercial and Agricultural 52,886 — 52,886 112,652 Consumer HELOC 420,484 — 420,484 188,540 Other Consumer 96,091 — 96,091 28,671 Total Nonaccrual Loans $ 6,338,772 $ — $ 6,338,772 $ 6,271,230 |
Financing Receivable, Accrued Interest, Writeoff [Table Text Block] | For the Three Months Ended September 30, 2023 Construction Real Estate $ — Residential Real Estate — Commercial Real Estate — Commercial and Agricultural — Consumer HELOC — Other Consumer 696 Total Loans $ 696 For the Nine Months Ended September 30, 2023 Construction Real Estate $ 2,882 Residential Real Estate 6,814 Commercial Real Estate 1,461 Commercial and Agricultural 1,103 Consumer HELOC 66 Other Consumer 1,607 Total Loans $ 13,933 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Three Months Ended September 30, 2023 Real Estate Consumer Commercial and Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,200,850 $ 3,260,891 $ 4,427,006 $ 1,102,070 $ 654,278 $ 638,230 $ 12,283,325 (Reversal of) Provision for Credit Losses (55,278 ) 236,084 (117,370 ) (75,644 ) 690 61,518 50,000 Charge-Offs — — — — — (53,513 ) (53,513 ) Recoveries 3,911 31,317 5,016 6,866 11,360 9,843 68,313 Ending Balance $ 2,149,483 $ 3,528,292 $ 4,314,652 $ 1,033,292 $ 666,328 $ 656,078 $ 12,348,125 Nine Months Ended September 30, 2023 Real Estate Consumer Commercial and Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,323,397 $ 2,124,835 $ 4,804,282 $ 874,092 $ 598,807 $ 452,340 $ 11,177,753 Adjustment to Allowance for Credit Loss on adoption of ASU 2016-13 263,737 461,879 (340,492 ) 112,452 107,548 179,070 784,194 (Reversal of) Provision for Credit Losses (449,432 ) 896,261 (164,187 ) 44,001 (76,130 ) 125,487 376,000 Charge-Offs (1,270 ) - - (15,880 ) (1,488 ) (124,433 ) (143,071 ) Recoveries 13,051 45,317 15,049 18,627 37,591 23,614 153,249 Ending Balance $ 2,149,483 $ 3,528,292 $ 4,314,652 $ 1,033,292 $ 666,328 $ 656,078 $ 12,348,125 Three Months Ended September 30, 2022 Real Estate Consumer Commercial and Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,104,386 $ 1,870,696 $ 4,736,314 $ 1,403,818 $ 606,847 $ 475,893 $ 11,197,954 (Reversal of) Provision for Loan Losses 99,612 (17,503 ) 44,664 (117,519 ) (37,681 ) 28,427 — Charge-Offs — — — — — (54,192 ) (54,192 ) Recoveries 15,460 9,678 77,479 1,281 38,190 12,995 155,083 Ending Balance $ 2,219,458 $ 1,862,871 $ 4,858,457 $ 1,287,580 $ 607,356 $ 463,123 $ 11,298,845 Nine Months Ended September 30, 2022 Real Estate Consumer Commercial and Construction Residential Commercial Agricultural HELOC Other Total Beginning Balance $ 2,401,196 $ 1,663,423 $ 4,832,440 $ 1,241,828 $ 517,512 $ 430,765 $ 11,087,164 (Reversal of) Provision for Loan Losses (212,761 ) 161,839 (100,941 ) 19,643 44,068 88,152 — Charge-Offs — — — — — (97,884 ) (97,884 ) Recoveries 31,023 37,609 126,958 26,109 45,776 42,090 309,565 Ending Balance $ 2,219,458 $ 1,862,871 $ 4,858,457 $ 1,287,580 $ 607,356 $ 463,123 $ 11,298,845 Allowance For Loan Losses Loans Receivable December 31, 2022 Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Individually Evaluated For Impairment Collectively Evaluated For Impairment Total Construction Real Estate $ — $ 2,323,397 $ 2,323,397 $ 114,630 $ 112,679,064 $ 112,793,694 Residential Real Estate — 2,124,835 2,124,835 1,089,308 108,967,665 110,056,973 Commercial Real Estate — 4,804,282 4,804,282 4,281,702 247,872,773 252,154,475 Commercial and Agricultural — 874,092 874,092 31,446 30,616,529 30,647,975 Consumer HELOC — 598,807 598,807 48,792 31,687,884 31,736,676 Other Consumer — 452,340 452,340 — 23,598,110 23,598,110 Total $ — $ 11,177,753 $ 11,177,753 $ 5,565,878 $ 555,422,025 $ 560,987,903 Three Months Ended September 30, 2023 Allowance for Credit Losses - Unfunded Commitments Beginning Balance $ 1,108,614 Reversal of provision for unfunded commitments (50,000 ) Ending Balance $ 1,058,614 Nine Months Ended September 30, 2023 Allowance for Credit Losses - Unfunded Commitments Beginning Balance $ — Adjustment to allowance for unfunded commitments for adoption of ASU 2016-13 1,213,614 Reversal of provision for unfunded commitments (155,000 ) Ending Balance $ 1,058,614 |
Schedule of Amortized Cost Basis of Collateral Dependent Loans [Table Text Block] | September 30, 2023 Construction Real Estate $ 97,292 Residential Real Estate 1,020,423 Commercial Real Estate 4,008,101 Commercial and Agricultural 28,246 Consumer HELOC 338,160 Total Loans $ 5,492,222 |
Impaired Financing Receivables [Table Text Block] | December 31, 2022 Recorded Unpaid Principal Related Impaired Loans Investment Balance Allowance Construction Real Estate $ 114,630 $ 114,630 $ — Residential Real Estate 1,089,308 1,626,308 — Commercial Real Estate 4,281,702 4,281,702 — Commercial and Agricultural 31,446 926,446 — Consumer HELOC 48,792 48,792 — Other Consumer — — — Total $ 5,565,878 $ 6,997,878 $ — Three Months Ended September 30, 2022 Average Recorded Interest Income Impaired Loans Investment Recognized Construction Real Estate $ 116,495 $ — Residential Real Estate 1,121,686 — Commercial Real Estate 743,998 — Commercial and Agricultural 31,446 — Consumer HELOC 50,725 — Other Consumer — — Total $ 2,064,350 $ — Nine Months Ended September 30, 2022 Average Recorded Interest Income Impaired Loans Investment Recognized Construction Real Estate $ 117,881 $ — Residential Real Estate 1,144,363 — Commercial Real Estate 756,394 — Commercial and Agricultural 31,446 — Consumer HELOC 52,643 — Other Consumer — — Total $ 2,102,727 $ — |
Note 9 - Deposits (Tables)
Note 9 - Deposits (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | Deposit Account Type September 30, 2023 December 31, 2022 Checking $ 468,068,521 $ 510,983,509 Money Market 393,462,981 348,833,623 Savings 92,286,585 108,237,098 Certificates of Deposit 232,234,937 142,031,066 Total $ 1,186,053,024 $ 1,110,085,296 |
Time Deposit Maturities [Table Text Block] | September 30, 2023 December 31, 2022 Within 1 Year $ 195,098,267 $ 97,163,169 After 1 Year, Within 2 Years 30,066,067 31,550,543 After 2 Years, Within 3 Years 3,514,998 6,465,582 After 3 Years, Within 4 Years 3,450,257 3,177,916 After 4 Years, Within 5 Years 105,348 3,673,856 Total Certificates of Deposit $ 232,234,937 $ 142,031,066 |
Note 12 - Regulatory Matters (T
Note 12 - Regulatory Matters (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | Actual For Capital Adequacy To Be "Well-Capitalized" Amount Ratio Amount Ratio Amount Ratio September 30, 2023 (Dollars in Thousands) Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 146,670 18.1 % $ 48,674 6.0 % $ 64,899 8.0 % Total Risk-Based Capital (To Risk Weighted Assets) 156,851 19.3 % 64,899 8.0 % 81,124 10.0 % Common Equity Tier 1 Capital (To Risk Weighted Assets) 146,670 18.1 % 36,506 4.5 % 52,730 6.5 % Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 146,670 10.1 % 58,007 4.0 % 72,509 5.0 % December 31, 2022 Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) $ 141,452 17.8 % $ 47,714 6.0 % $ 63,619 8.0 % Total Risk-Based Capital (To Risk Weighted Assets) 151,408 19.0 % 63,619 8.0 % 79,523 10.0 % Common Equity Tier 1 Capital (To Risk Weighted Assets) 141,452 17.8 % 35,785 4.5 % 51,690 6.5 % Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) 141,452 10.4 % 54,372 4.0 % 67,965 5.0 % |
Note 13 - Fair Value of Finan_2
Note 13 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | September 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Student Loan Pools $ — $ 52,494,121 $ — $ — $ 59,156,982 $ — SBA Bonds — 77,926,496 — — 99,629,967 — Tax Exempt Municipal Bonds — 19,472,098 — — 21,310,328 — Taxable Municipal Bonds — 49,411,310 — — 50,769,739 — MBS — 332,117,548 — — 319,281,268 — Total $ — $ 531,421,573 $ — $ — $ 550,148,284 $ — |
Fair Value Measurements, Nonrecurring [Table Text Block] | September 30, 2023 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 1,053,486 $ — $ 1,053,486 Collateral Dependent Loans — — 5,492,222 5,492,222 Land Held for Sale — — 938,214 938,214 Total $ — $ 1,053,486 $ 6,430,436 $ 7,483,922 December 31, 2022 Assets: Level 1 Level 2 Level 3 Total Mortgage Loans Held For Sale $ — $ 913,258 $ — $ 913,258 Collateral Dependent Loans — — 5,565,878 5,565,878 OREO — — 119,700 119,700 Land Held for Sale — — 1,096,614 1,096,614 Total $ — $ 913,258 $ 6,782,192 $ 7,695,450 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Range of Inputs Level 3 Assets Valuation Technique Significant Unobservable Inputs September 30, 2023 December 31, 2022 Land Held for Sale Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs 10% 10% Collateral Dependent Loans Appraised Value Discounts to appraised values for estimated holding and/or selling costs or age of appraisal 8% - 13% 8% - 13% OREO Appraised Value/Comparable Sales Discounts to appraised values for estimated holding or selling costs - 30% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2023 Carrying Fair Value Amount Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 84,224 $ 84,224 $ — $ — Certificates of Deposits with Other Banks 1,100 — 1,100 — Investments AFS 531,422 — 531,422 — Investments HTM 174,136 — 166,639 — Loans Receivable, Net 596,976 — — 574,770 FHLB Stock 922 922 — — Land Held for Sale 938 — — 938 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 953,818 $ 953,818 $ — $ — Certificates of Deposits 232,235 — 229,658 — Borrowings from FRB 69,200 68,729 — — Other Borrowed Money 19,043 19,043 — — Subordinated Debentures 26,500 — 22,791 — Junior Subordinated Debentures 5,155 — 5,155 — December 31, 2022 Carrying Fair Value Amount Level 1 Level 2 Level 3 Financial Assets: Dollars in thousands Cash and Cash Equivalents $ 28,502 $ 28,502 $ — $ — Certificates of Deposits with Other Banks 1,100 — 1,100 — Investments AFS 550,148 — 550,148 — Investments HTM 167,438 — 161,464 — Loans Receivable, Net 549,004 — — 528,174 FHLB Stock 651 651 — — Land Held for Sale 1,097 — — 1,097 Financial Liabilities: Deposits: Checking, Savings & Money Market Accounts $ 968,054 $ 968,054 $ — $ — Certificates of Deposits 142,031 — 138,382 — Borrowings from FRB 44,080 44,071 — — Other Borrowed Money 27,588 27,588 — — Subordinated Debentures 26,500 — 24,435 — Junior Subordinated Debentures 5,155 — 5,155 — |
Note 14 - Non-interest Income (
Note 14 - Non-interest Income (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Other Nonoperating Income, by Component [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Non-interest income: Gain on Sale of Loans (1) $ 135,488 $ 287,081 $ 530,428 $ 1,511,905 Service Fees on Deposit Accounts 318,966 279,909 889,843 809,287 Commissions From Insurance Agency (1) 200,278 235,506 548,645 620,779 Trust Income 458,070 363,830 1,297,376 1,084,249 BOLI Income (1) 162,737 150,999 469,175 457,202 ATM and Check Card Fee Income 736,200 687,773 2,288,036 2,109,173 Grant Income — — — 170,699 Other (1) 156,190 219,289 596,032 702,135 Total non-interest income $ 2,167,929 $ 2,224,387 $ 6,619,535 $ 7,465,429 |
Note 15 - Leases (Tables)
Note 15 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Remainder of 2023 $ 130,136 2024 522,099 2025 474,766 2026 363,550 2027 147,599 Thereafter 10,371 Total undiscounted lease payments 1,648,521 Less: effect of discounting (88,963 ) Present value of estimated lease payments (lease liability) $ 1,559,558 |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss | $ 12,348,125 | $ 12,283,325 | $ 11,177,753 | $ 11,298,845 | $ 11,197,954 | $ 11,087,164 | |
Off-Balance-Sheet, Credit Loss, Liability | 173,100,000 | ||||||
Retained Earnings (Accumulated Deficit) | 107,857,990 | 104,129,261 | |||||
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 946,000 | ||||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | 0 | 0 | |||||
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | ||||||
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 2,900,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | $ 784,194 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | |||||||
Financing Receivable, Allowance for Credit Loss | $ 784,000 | ||||||
Off-Balance-Sheet, Credit Loss, Liability | 1,200,000 | ||||||
Retained Earnings (Accumulated Deficit) | $ (1,600,000) |
Note 4 - Earnings Per Share (De
Note 4 - Earnings Per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 0 | 0 | 0 | 0 |
Share-Based Payment Arrangement, Option [Member] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements (in shares) | 0 | 0 | 0 | 0 |
Note 4 - Earnings Per Share - S
Note 4 - Earnings Per Share - Summary of Basic EPS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic EPS, income | $ 2,122,042 | $ 3,225,803 | $ 6,574,339 | $ 6,938,637 |
Weighted Average Shares Outstanding (Basic) (in shares) | 3,248,226 | 3,252,884 | 3,251,610 | 3,252,884 |
Net Income Per Common Share (Basic) (in dollars per share) | $ 0.65 | $ 0.99 | $ 2.02 | $ 2.13 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Details Textual) - shares | Sep. 30, 2023 | Sep. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 0 | 0 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 50,000 | 50,000 |
Note 6 - Investments, Availab_3
Note 6 - Investments, Available for Sale ("AFS") (Details Textual) | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Amortized Cost | $ 591,931,230 | $ 604,157,308 | |
Debt Securities, Available-for-Sale | 531,421,573 | $ 550,148,284 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss | 0 | ||
Proceeds from Sale of Debt Securities, Available-for-Sale | 0 | $ 0 | |
Debt Securities, Available-for-Sale, Gain (Loss) | $ 0 | $ 0 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions | 442 | 416 | |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 384 | 211 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss | $ 2,900,000 | ||
Asset Pledged as Collateral [Member] | Deposit Accounts, FHLB Advances and Other Borrowings [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 516,200,000 | $ 318,000,000 | |
Debt Securities, Available-for-Sale | 461,800,000 | 297,000,000 | |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | |||
Debt Securities, Available-for-Sale, Amortized Cost | 83,100,000 | 60,100,000 | |
Debt Securities, Available-for-Sale | $ 75,300,000 | $ 53,800,000 |
Note 6 - Investments, Availab_4
Note 6 - Investments, Available for Sale ("AFS") - Schedule of Available-for-Sale Securities Reconciliation (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized cost, AFS | $ 591,931,230 | $ 604,157,308 |
Gross unrealized gains, AFS | 613,896 | 1,031,139 |
Gross unrealized losses, AFS | (61,123,553) | (55,040,163) |
Available For Sale ("AFS") | 531,421,573 | 550,148,284 |
Collateralized Loan Obligations [Member] | ||
Amortized cost, AFS | 53,149,118 | 60,854,658 |
Gross unrealized gains, AFS | 93,233 | 11,647 |
Gross unrealized losses, AFS | (748,230) | (1,709,323) |
Available For Sale ("AFS") | 52,494,121 | 59,156,982 |
Small Business Administration Bonds [Member] | ||
Amortized cost, AFS | 80,809,436 | 102,292,600 |
Gross unrealized gains, AFS | 408,529 | 584,290 |
Gross unrealized losses, AFS | (3,291,469) | (3,246,923) |
Available For Sale ("AFS") | 77,926,496 | 99,629,967 |
US States and Political Subdivisions Debt Securities [Member] | ||
Amortized cost, AFS | 21,486,631 | 22,536,806 |
Gross unrealized gains, AFS | 108,726 | 405,341 |
Gross unrealized losses, AFS | (2,123,259) | (1,631,819) |
Available For Sale ("AFS") | 19,472,098 | 21,310,328 |
Taxable Municipal Bonds [Member] | ||
Amortized cost, AFS | 64,689,585 | 65,249,883 |
Gross unrealized gains, AFS | 0 | 0 |
Gross unrealized losses, AFS | (15,278,275) | (14,480,144) |
Available For Sale ("AFS") | 49,411,310 | 50,769,739 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized cost, AFS | 371,796,460 | 353,223,361 |
Gross unrealized gains, AFS | 3,408 | 29,861 |
Gross unrealized losses, AFS | (39,682,320) | (33,971,954) |
Available For Sale ("AFS") | $ 332,117,548 | $ 319,281,268 |
Note 6 - Investments, Availab_5
Note 6 - Investments, Available for Sale ("AFS") - Available for Sale Securities Classified by Contractual Maturity Date (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
One Year or Less, amortized cost, AFS | $ 13,693 | |
One Year or Less, fair value, AFS | 13,525 | |
After One – Five Years, amortized cost, AFS | 6,593,553 | |
After One – Five Years, fair value, AFS | 6,546,193 | |
After Five – Ten Years, amortized cost, AFS | 76,090,051 | |
After Five – Ten Years, fair value, AFS | 69,654,980 | |
More Than Ten Years, amortized cost, AFS | 137,437,473 | |
More Than Ten Years, fair value, AFS | 123,089,327 | |
Amortized cost, AFS | 591,931,230 | $ 604,157,308 |
Available For Sale ("AFS") | 531,421,573 | 550,148,284 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized cost, AFS | 371,796,460 | 353,223,361 |
Available For Sale ("AFS") | $ 332,117,548 | $ 319,281,268 |
Note 6 - Investments, Availab_6
Note 6 - Investments, Available for Sale ("AFS") - Schedule of Available for Sale Securities in Unrealized Loss Position (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair value, less than 12 months, AFS | $ 44,521,691 | $ 201,667,439 |
Accumulated loss, less than 12 months, AFS | (519,648) | (15,806,689) |
Fair value, 12 months or more, AFS | 435,877,528 | 288,502,788 |
Accumulated loss, 12 months or more, AFS | (60,603,905) | (39,233,474) |
Fair value, unrealized loss position, AFS | 480,399,219 | 490,170,227 |
Accumulated loss, total, AFS | (61,123,553) | (55,040,163) |
Collateralized Loan Obligations [Member] | ||
Fair value, less than 12 months, AFS | 411,097 | 24,768,260 |
Accumulated loss, less than 12 months, AFS | (964) | (637,963) |
Fair value, 12 months or more, AFS | 45,703,435 | 30,684,124 |
Accumulated loss, 12 months or more, AFS | (747,266) | (1,071,360) |
Fair value, unrealized loss position, AFS | 46,114,532 | 55,452,384 |
Accumulated loss, total, AFS | (748,230) | (1,709,323) |
Small Business Administration Bonds [Member] | ||
Fair value, less than 12 months, AFS | 3,492,535 | 8,403,975 |
Accumulated loss, less than 12 months, AFS | (8,044) | (120,766) |
Fair value, 12 months or more, AFS | 39,107,655 | 45,969,373 |
Accumulated loss, 12 months or more, AFS | (3,283,425) | (3,126,157) |
Fair value, unrealized loss position, AFS | 42,600,190 | 54,373,348 |
Accumulated loss, total, AFS | (3,291,469) | (3,246,923) |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair value, less than 12 months, AFS | 3,648,687 | 8,050,944 |
Accumulated loss, less than 12 months, AFS | (71,499) | (718,645) |
Fair value, 12 months or more, AFS | 12,414,886 | 4,929,289 |
Accumulated loss, 12 months or more, AFS | (2,051,760) | (913,174) |
Fair value, unrealized loss position, AFS | 16,063,573 | 12,980,233 |
Accumulated loss, total, AFS | (2,123,259) | (1,631,819) |
Taxable Municipal Bonds [Member] | ||
Fair value, less than 12 months, AFS | 0 | 14,427,796 |
Accumulated loss, less than 12 months, AFS | 0 | (3,196,761) |
Fair value, 12 months or more, AFS | 49,411,310 | 36,341,943 |
Accumulated loss, 12 months or more, AFS | (15,278,275) | (11,283,383) |
Fair value, unrealized loss position, AFS | 49,411,310 | 50,769,739 |
Accumulated loss, total, AFS | (15,278,275) | (14,480,144) |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, less than 12 months, AFS | 36,969,372 | 146,016,464 |
Accumulated loss, less than 12 months, AFS | (439,141) | (11,132,554) |
Fair value, 12 months or more, AFS | 289,240,242 | 170,578,059 |
Accumulated loss, 12 months or more, AFS | (39,243,179) | (22,839,400) |
Fair value, unrealized loss position, AFS | 326,209,614 | 316,594,523 |
Accumulated loss, total, AFS | $ (39,682,320) | $ (33,971,954) |
Note 7 - Investments, Held to_3
Note 7 - Investments, Held to Maturity ("HTM") (Details Textual) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Debt Securities, Held to Maturity, Unrealized Loss Position, Number of Positions | 60 | 54 |
Debt Securities, Held to Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 38 | 6 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | $ 0 | $ 0 |
Debt Securities, Held-to-Maturity, Nonaccrual | 0 | |
Debt Securities, Held-to-Maturity, 90 Days or More Past Due, Still Accruing | 0 | |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss | 946,000 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 174,136,215 | 167,437,616 |
Debt Securities, Held-to-Maturity, Fair Value | 166,638,696 | 161,463,573 |
Asset Pledged as Collateral [Member] | Deposit Accounts, FHLB Advances and Other Borrowings [Member] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 96,200,000 | 25,300,000 |
Debt Securities, Held-to-Maturity, Fair Value | $ 90,100,000 | $ 24,500,000 |
Note 7 - Investments, Held to_4
Note 7 - Investments, Held to Maturity ("HTM") - Summary of Held to Maturity Securities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Amortized cost, HTM | $ 174,136,215 | $ 167,437,616 |
Gross unrealized gains, HTM | 856,331 | 279,918 |
Gross unrealized losses, HTM | (8,353,850) | (6,253,961) |
HTM, fair value | 166,638,696 | 161,463,573 |
US Treasury and Government [Member] | ||
Amortized cost, HTM | 34,782,248 | 34,511,849 |
Gross unrealized gains, HTM | 0 | 0 |
Gross unrealized losses, HTM | (587,405) | (682,198) |
HTM, fair value | 34,194,843 | 33,829,651 |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Amortized cost, HTM | 1,000,000 | 1,000,000 |
Gross unrealized gains, HTM | 0 | 0 |
Gross unrealized losses, HTM | (13,279) | (1,360) |
HTM, fair value | 986,721 | 998,640 |
Collateralized Loan Obligations [Member] | ||
Amortized cost, HTM | 17,510,213 | 16,387,997 |
Gross unrealized gains, HTM | 272,590 | 88,489 |
Gross unrealized losses, HTM | 0 | (59,090) |
HTM, fair value | 17,782,803 | 16,417,396 |
Small Business Administration Bonds [Member] | ||
Amortized cost, HTM | 12,689,280 | 3,521,293 |
Gross unrealized gains, HTM | 583,741 | 162,235 |
Gross unrealized losses, HTM | 0 | 0 |
HTM, fair value | 13,273,021 | 3,683,528 |
Taxable Municipal Bonds [Member] | ||
Amortized cost, HTM | 959,701 | 951,864 |
Gross unrealized gains, HTM | 0 | 0 |
Gross unrealized losses, HTM | (53,531) | (60,134) |
HTM, fair value | 906,170 | 891,730 |
Collateralized Mortgage-Backed Securities [Member] | ||
Amortized cost, HTM | 107,194,773 | 111,064,613 |
Gross unrealized gains, HTM | 0 | 29,194 |
Gross unrealized losses, HTM | (7,699,635) | (5,451,179) |
HTM, fair value | $ 99,495,138 | $ 105,642,628 |
Note 7 - Investments, Held to_5
Note 7 - Investments, Held to Maturity ("HTM") - Summary of HTM Securities in Unrealized Loss Position (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair value, less than 12 months, HTM | $ 53,302,533 | $ 130,591,167 |
Unrealized losses, les then 12 months, HTM | (1,257,041) | (3,947,948) |
Fair value, more than 12 months, HTM | 82,280,339 | 9,334,438 |
Unrealized loss, more than 12 months, HTM | (7,096,809) | (2,306,013) |
Fair value, unrealized loss position, HTM | 135,582,872 | 139,925,605 |
Unrealized loss, unrealized loss position, HTM | (8,353,850) | (6,253,961) |
US Treasury and Government [Member] | ||
Fair value, less than 12 months, HTM | 0 | 33,829,651 |
Unrealized losses, les then 12 months, HTM | 0 | (682,198) |
Fair value, more than 12 months, HTM | 34,194,843 | 0 |
Unrealized loss, more than 12 months, HTM | (587,405) | 0 |
Fair value, unrealized loss position, HTM | 34,194,843 | 33,829,651 |
Unrealized loss, unrealized loss position, HTM | (587,405) | (682,198) |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Fair value, less than 12 months, HTM | 986,721 | 998,640 |
Unrealized losses, les then 12 months, HTM | (13,279) | (1,360) |
Fair value, more than 12 months, HTM | 0 | 0 |
Unrealized loss, more than 12 months, HTM | 0 | 0 |
Fair value, unrealized loss position, HTM | 986,721 | 998,640 |
Unrealized loss, unrealized loss position, HTM | (13,279) | (1,360) |
Taxable Municipal Bonds [Member] | ||
Fair value, less than 12 months, HTM | 0 | 891,730 |
Unrealized losses, les then 12 months, HTM | 0 | (60,134) |
Fair value, more than 12 months, HTM | 906,170 | 0 |
Unrealized loss, more than 12 months, HTM | (53,531) | 0 |
Fair value, unrealized loss position, HTM | 906,170 | 891,730 |
Unrealized loss, unrealized loss position, HTM | (53,531) | (60,134) |
Collateralized Loan Obligations [Member] | ||
Fair value, less than 12 months, HTM | 6,520,050 | |
Unrealized losses, les then 12 months, HTM | (59,090) | |
Fair value, more than 12 months, HTM | 0 | |
Unrealized loss, more than 12 months, HTM | 0 | |
Fair value, unrealized loss position, HTM | 6,520,050 | |
Unrealized loss, unrealized loss position, HTM | (59,090) | |
Collateralized Mortgage-Backed Securities [Member] | ||
Fair value, less than 12 months, HTM | 52,315,812 | 88,351,096 |
Unrealized losses, les then 12 months, HTM | (1,243,762) | (3,145,166) |
Fair value, more than 12 months, HTM | 47,179,326 | 9,334,438 |
Unrealized loss, more than 12 months, HTM | (6,455,873) | (2,306,013) |
Fair value, unrealized loss position, HTM | 99,495,138 | 97,685,534 |
Unrealized loss, unrealized loss position, HTM | $ (7,699,635) | $ (5,451,179) |
Note 8 - Loans Receivable, Ne_2
Note 8 - Loans Receivable, Net (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 | $ 0 | |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | |||
Financing Receivable, Number of Loans Modified | 2 | 2 | 2 | |
Financing Receivable, Modified, Accumulated | $ 354,000 | $ 354,000 | $ 385,000 | |
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | |
Off-Balance-Sheet, Credit Loss, Liability | $ 173,100,000 | $ 173,100,000 | ||
Other Liabilities [Member] | ||||
Off-Balance-Sheet, Credit Loss, Liability | 1,100,000 | 1,100,000 | $ 0 | |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Nonaccrual, Review Limit | 200,000 | 200,000 | ||
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Nonaccrual, Review Limit | $ 100,000 | $ 100,000 |
Note 8 - Loans Receivable, Ne_3
Note 8 - Loans Receivable, Net - Schedule of Loans (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Loans | $ 609,783,265 | $ 560,987,903 | ||||
Held for investment, allowance for credit loss | 12,348,125 | $ 12,283,325 | 11,177,753 | $ 11,298,845 | $ 11,197,954 | $ 11,087,164 |
Deferred Loan Fees | 459,424 | 806,238 | ||||
Financing Receivable, Allowance for Credit Loss and Deferred Loan Fees | 12,807,549 | 11,983,991 | ||||
Total Loans Receivable, Net | 596,975,716 | 549,003,912 | ||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Loans | 101,493,816 | 112,793,694 | ||||
Held for investment, allowance for credit loss | 2,149,483 | 2,200,850 | 2,323,397 | 2,219,458 | 2,104,386 | 2,401,196 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||||||
Loans | 159,980,843 | 110,056,973 | ||||
Held for investment, allowance for credit loss | 3,528,292 | 3,260,891 | 2,124,835 | 1,862,871 | 1,870,696 | 1,663,423 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||||
Loans | 256,175,825 | 252,154,475 | ||||
Held for investment, allowance for credit loss | 4,314,652 | 4,427,006 | 4,804,282 | 4,858,457 | 4,736,314 | 4,832,440 |
Commercial and Agricultural Loans [Member] | ||||||
Loans | 34,404,989 | 30,647,975 | ||||
Held for investment, allowance for credit loss | 1,033,292 | 1,102,070 | 874,092 | 1,287,580 | 1,403,818 | 1,241,828 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||||||
Loans | 33,318,762 | 31,736,676 | ||||
Held for investment, allowance for credit loss | 666,328 | 654,278 | 598,807 | 607,356 | 606,847 | 517,512 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||||||
Loans | 24,409,030 | 23,598,110 | ||||
Held for investment, allowance for credit loss | $ 656,078 | $ 638,230 | $ 452,340 | $ 463,123 | $ 475,893 | $ 430,765 |
Note 8 - Loans Receivable, Ne_4
Note 8 - Loans Receivable, Net - Credit Quality Indicators (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Current year | $ 94,424,768 | $ 94,424,768 | |||
One year before | 154,610,074 | 154,610,074 | |||
Two years before | 103,308,393 | 103,308,393 | |||
Three years before | 46,729,960 | 46,729,960 | |||
Four years before | 41,163,055 | 41,163,055 | |||
Prior | 108,967,307 | 108,967,307 | |||
Revolving | 60,579,708 | 60,579,708 | |||
Loans | 609,783,265 | 609,783,265 | $ 560,987,903 | ||
Total loans gross write-offs | 53,513 | $ 54,192 | 143,071 | $ 97,884 | |
Pass [Member] | |||||
Loans | 439,247,847 | ||||
Caution [Member] | |||||
Loans | 105,368,984 | ||||
Special Mention [Member] | |||||
Loans | 7,123,873 | ||||
Substandard [Member] | |||||
Loans | 9,247,199 | ||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||||
Current year | 22,386,450 | 22,386,450 | |||
One year before | 41,427,376 | 41,427,376 | |||
Two years before | 18,933,471 | 18,933,471 | |||
Three years before | 8,055,869 | 8,055,869 | |||
Four years before | 3,225,826 | 3,225,826 | |||
Prior | 2,436,955 | 2,436,955 | |||
Revolving | 5,027,869 | 5,027,869 | |||
Loans | 101,493,816 | 101,493,816 | 112,793,694 | ||
Current year, writen off | 0 | ||||
One year before gross write-offs | 0 | ||||
Two years before gross write-offs | 1,270 | ||||
Three years before gross write-offs | 0 | ||||
Four years before gross write-offs | 0 | ||||
Prior gross write-offs | 0 | ||||
Revolving gross write-offs | 0 | ||||
Total loans gross write-offs | 0 | 0 | 1,270 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Pass [Member] | |||||
Current year | 19,418,021 | 19,418,021 | |||
One year before | 26,601,678 | 26,601,678 | |||
Two years before | 16,516,378 | 16,516,378 | |||
Three years before | 4,725,200 | 4,725,200 | |||
Four years before | 648,158 | 648,158 | |||
Prior | 1,465,033 | 1,465,033 | |||
Revolving | 5,027,869 | 5,027,869 | |||
Loans | 74,402,337 | 74,402,337 | 91,564,058 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Caution [Member] | |||||
Current year | 2,968,429 | 2,968,429 | |||
One year before | 14,796,433 | 14,796,433 | |||
Two years before | 2,083,717 | 2,083,717 | |||
Three years before | 3,193,709 | 3,193,709 | |||
Four years before | 418,495 | 418,495 | |||
Prior | 416,565 | 416,565 | |||
Revolving | 0 | 0 | |||
Loans | 23,877,348 | 23,877,348 | 18,837,894 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Special Mention [Member] | |||||
Current year | 0 | 0 | |||
One year before | 29,265 | 29,265 | |||
Two years before | 0 | 0 | |||
Three years before | 0 | 0 | |||
Four years before | 921,594 | 921,594 | |||
Prior | 458,064 | 458,064 | |||
Revolving | 0 | 0 | |||
Loans | 1,408,923 | 1,408,923 | 2,013,824 | ||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Substandard [Member] | |||||
Current year | 0 | 0 | |||
One year before | 0 | 0 | |||
Two years before | 333,376 | 333,376 | |||
Three years before | 136,960 | 136,960 | |||
Four years before | 1,237,579 | 1,237,579 | |||
Prior | 97,293 | 97,293 | |||
Revolving | 0 | 0 | |||
Loans | 1,805,208 | 1,805,208 | 377,918 | ||
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | |||||
Current year | 35,734,329 | 35,734,329 | |||
One year before | 44,151,728 | 44,151,728 | |||
Two years before | 17,866,585 | 17,866,585 | |||
Three years before | 16,731,052 | 16,731,052 | |||
Four years before | 5,762,286 | 5,762,286 | |||
Prior | 30,158,406 | 30,158,406 | |||
Revolving | 9,576,457 | 9,576,457 | |||
Loans | 159,980,843 | 159,980,843 | 110,056,973 | ||
Current year, writen off | 0 | ||||
One year before gross write-offs | 0 | ||||
Two years before gross write-offs | 0 | ||||
Three years before gross write-offs | 0 | ||||
Four years before gross write-offs | 0 | ||||
Prior gross write-offs | 0 | ||||
Revolving gross write-offs | 0 | ||||
Total loans gross write-offs | 0 | 0 | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Pass [Member] | |||||
Current year | 23,244,544 | 23,244,544 | |||
One year before | 32,870,741 | 32,870,741 | |||
Two years before | 10,942,223 | 10,942,223 | |||
Three years before | 14,632,321 | 14,632,321 | |||
Four years before | 4,096,019 | 4,096,019 | |||
Prior | 23,193,947 | 23,193,947 | |||
Revolving | 9,576,457 | 9,576,457 | |||
Loans | 118,556,252 | 118,556,252 | 84,028,037 | ||
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Caution [Member] | |||||
Current year | 10,537,035 | 10,537,035 | |||
One year before | 11,122,672 | 11,122,672 | |||
Two years before | 5,868,656 | 5,868,656 | |||
Three years before | 1,699,406 | 1,699,406 | |||
Four years before | 1,617,666 | 1,617,666 | |||
Prior | 4,237,468 | 4,237,468 | |||
Revolving | 0 | 0 | |||
Loans | 35,082,903 | 35,082,903 | 22,372,649 | ||
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Special Mention [Member] | |||||
Current year | 1,878,200 | 1,878,200 | |||
One year before | 158,315 | 158,315 | |||
Two years before | 434,467 | 434,467 | |||
Three years before | 399,325 | 399,325 | |||
Four years before | 0 | 0 | |||
Prior | 245,555 | 245,555 | |||
Revolving | 0 | 0 | |||
Loans | 3,115,862 | 3,115,862 | 887,874 | ||
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Substandard [Member] | |||||
Current year | 74,550 | 74,550 | |||
One year before | 0 | 0 | |||
Two years before | 621,239 | 621,239 | |||
Three years before | 0 | 0 | |||
Four years before | 48,601 | 48,601 | |||
Prior | 2,481,436 | 2,481,436 | |||
Revolving | 0 | 0 | |||
Loans | 3,225,826 | 3,225,826 | 2,768,413 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||||
Current year | 21,016,505 | 21,016,505 | |||
One year before | 54,563,732 | 54,563,732 | |||
Two years before | 53,627,220 | 53,627,220 | |||
Three years before | 19,699,212 | 19,699,212 | |||
Four years before | 31,328,117 | 31,328,117 | |||
Prior | 73,153,723 | 73,153,723 | |||
Revolving | 2,787,316 | 2,787,316 | |||
Loans | 256,175,825 | 256,175,825 | 252,154,475 | ||
Current year, writen off | 0 | ||||
One year before gross write-offs | 0 | ||||
Two years before gross write-offs | 0 | ||||
Three years before gross write-offs | 0 | ||||
Four years before gross write-offs | 0 | ||||
Prior gross write-offs | 0 | ||||
Revolving gross write-offs | 0 | ||||
Total loans gross write-offs | 0 | 0 | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Pass [Member] | |||||
Current year | 11,017,973 | 11,017,973 | |||
One year before | 48,666,315 | 48,666,315 | |||
Two years before | 48,839,955 | 48,839,955 | |||
Three years before | 12,796,698 | 12,796,698 | |||
Four years before | 24,093,992 | 24,093,992 | |||
Prior | 54,378,489 | 54,378,489 | |||
Revolving | 2,687,505 | 2,687,505 | |||
Loans | 202,480,927 | 202,480,927 | 196,063,300 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Caution [Member] | |||||
Current year | 9,786,032 | 9,786,032 | |||
One year before | 4,949,460 | 4,949,460 | |||
Two years before | 4,272,692 | 4,272,692 | |||
Three years before | 6,488,251 | 6,488,251 | |||
Four years before | 7,234,125 | 7,234,125 | |||
Prior | 8,389,414 | 8,389,414 | |||
Revolving | 0 | 0 | |||
Loans | 41,119,974 | 41,119,974 | 47,821,422 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Special Mention [Member] | |||||
Current year | 212,500 | 212,500 | |||
One year before | 879,781 | 879,781 | |||
Two years before | 455,971 | 455,971 | |||
Three years before | 414,263 | 414,263 | |||
Four years before | 0 | 0 | |||
Prior | 5,784,828 | 5,784,828 | |||
Revolving | 99,811 | 99,811 | |||
Loans | 7,847,154 | 7,847,154 | 3,270,916 | ||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Substandard [Member] | |||||
Current year | 0 | 0 | |||
One year before | 68,176 | 68,176 | |||
Two years before | 58,602 | 58,602 | |||
Three years before | 0 | 0 | |||
Four years before | 0 | 0 | |||
Prior | 4,600,992 | 4,600,992 | |||
Revolving | 0 | 0 | |||
Loans | 4,727,770 | 4,727,770 | 4,998,837 | ||
Commercial and Agricultural Loans [Member] | |||||
Current year | 7,695,159 | 7,695,159 | |||
One year before | 7,752,554 | 7,752,554 | |||
Two years before | 9,927,678 | 9,927,678 | |||
Three years before | 793,587 | 793,587 | |||
Four years before | 408,963 | 408,963 | |||
Prior | 2,936,752 | 2,936,752 | |||
Revolving | 4,890,296 | 4,890,296 | |||
Loans | 34,404,989 | 34,404,989 | 30,647,975 | ||
Current year, writen off | 0 | ||||
One year before gross write-offs | 0 | ||||
Two years before gross write-offs | 15,880 | ||||
Three years before gross write-offs | 0 | ||||
Four years before gross write-offs | 0 | ||||
Prior gross write-offs | 0 | ||||
Revolving gross write-offs | 0 | ||||
Total loans gross write-offs | 0 | 0 | 15,880 | 0 | |
Commercial and Agricultural Loans [Member] | Pass [Member] | |||||
Current year | 3,819,756 | 3,819,756 | |||
One year before | 6,182,554 | 6,182,554 | |||
Two years before | 8,078,460 | 8,078,460 | |||
Three years before | 692,988 | 692,988 | |||
Four years before | 379,558 | 379,558 | |||
Prior | 2,558,790 | 2,558,790 | |||
Revolving | 4,153,369 | 4,153,369 | |||
Loans | 25,865,475 | 25,865,475 | 25,383,994 | ||
Commercial and Agricultural Loans [Member] | Caution [Member] | |||||
Current year | 3,416,339 | 3,416,339 | |||
One year before | 1,529,379 | 1,529,379 | |||
Two years before | 1,732,343 | 1,732,343 | |||
Three years before | 82,772 | 82,772 | |||
Four years before | 18,316 | 18,316 | |||
Prior | 217,590 | 217,590 | |||
Revolving | 639,351 | 639,351 | |||
Loans | 7,636,090 | 7,636,090 | 4,593,283 | ||
Commercial and Agricultural Loans [Member] | Special Mention [Member] | |||||
Current year | 459,064 | 459,064 | |||
One year before | 40,621 | 40,621 | |||
Two years before | 116,875 | 116,875 | |||
Three years before | 15,852 | 15,852 | |||
Four years before | 11,089 | 11,089 | |||
Prior | 95,193 | 95,193 | |||
Revolving | 0 | 0 | |||
Loans | 738,694 | 738,694 | 371,071 | ||
Commercial and Agricultural Loans [Member] | Substandard [Member] | |||||
Current year | 0 | 0 | |||
One year before | 0 | 0 | |||
Two years before | 0 | 0 | |||
Three years before | 1,975 | 1,975 | |||
Four years before | 0 | 0 | |||
Prior | 65,179 | 65,179 | |||
Revolving | 97,576 | 97,576 | |||
Loans | 164,730 | 164,730 | 299,627 | ||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||||
Current year | 0 | 0 | |||
One year before | 0 | 0 | |||
Two years before | 0 | 0 | |||
Three years before | 0 | 0 | |||
Four years before | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving | 33,318,762 | 33,318,762 | |||
Loans | 33,318,762 | 33,318,762 | 31,736,676 | ||
Current year, writen off | 0 | ||||
One year before gross write-offs | 0 | ||||
Two years before gross write-offs | 0 | ||||
Three years before gross write-offs | 0 | ||||
Four years before gross write-offs | 0 | ||||
Prior gross write-offs | 0 | ||||
Revolving gross write-offs | 1,488 | ||||
Total loans gross write-offs | 0 | 0 | 1,488 | 0 | |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Pass [Member] | |||||
Current year | 0 | 0 | |||
One year before | 0 | 0 | |||
Two years before | 0 | 0 | |||
Three years before | 0 | 0 | |||
Four years before | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving | 27,331,177 | 27,331,177 | |||
Loans | 27,331,177 | 27,331,177 | 25,693,252 | ||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Caution [Member] | |||||
Current year | 0 | 0 | |||
One year before | 0 | 0 | |||
Two years before | 0 | 0 | |||
Three years before | 0 | 0 | |||
Four years before | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving | 4,964,475 | 4,964,475 | |||
Loans | 4,964,475 | 4,964,475 | 5,018,419 | ||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Special Mention [Member] | |||||
Current year | 0 | 0 | |||
One year before | 0 | 0 | |||
Two years before | 0 | 0 | |||
Three years before | 0 | 0 | |||
Four years before | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving | 401,065 | 401,065 | |||
Loans | 401,065 | 401,065 | 401,550 | ||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Substandard [Member] | |||||
Current year | 0 | 0 | |||
One year before | 0 | 0 | |||
Two years before | 0 | 0 | |||
Three years before | 0 | 0 | |||
Four years before | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving | 622,045 | 622,045 | |||
Loans | 622,045 | 622,045 | 623,455 | ||
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | |||||
Current year | 7,592,325 | 7,592,325 | |||
One year before | 6,714,684 | 6,714,684 | |||
Two years before | 2,953,439 | 2,953,439 | |||
Three years before | 1,450,240 | 1,450,240 | |||
Four years before | 437,863 | 437,863 | |||
Prior | 281,471 | 281,471 | |||
Revolving | 4,979,008 | 4,979,008 | |||
Loans | 24,409,030 | 24,409,030 | 23,598,110 | ||
Current year, writen off | 0 | ||||
One year before gross write-offs | 20,456 | ||||
Two years before gross write-offs | 13,970 | ||||
Three years before gross write-offs | 17,036 | ||||
Four years before gross write-offs | 0 | ||||
Prior gross write-offs | 0 | ||||
Revolving gross write-offs | 72,971 | ||||
Total loans gross write-offs | 53,513 | $ 54,192 | 124,433 | $ 97,884 | |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Pass [Member] | |||||
Current year | 5,493,794 | 5,493,794 | |||
One year before | 4,261,711 | 4,261,711 | |||
Two years before | 1,849,151 | 1,849,151 | |||
Three years before | 859,558 | 859,558 | |||
Four years before | 238,942 | 238,942 | |||
Prior | 211,390 | 211,390 | |||
Revolving | 4,683,874 | 4,683,874 | |||
Loans | 17,598,420 | 17,598,420 | 16,515,206 | ||
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Caution [Member] | |||||
Current year | 2,059,332 | 2,059,332 | |||
One year before | 2,262,793 | 2,262,793 | |||
Two years before | 1,024,964 | 1,024,964 | |||
Three years before | 547,223 | 547,223 | |||
Four years before | 181,936 | 181,936 | |||
Prior | 60,196 | 60,196 | |||
Revolving | 282,634 | 282,634 | |||
Loans | 6,419,078 | 6,419,078 | 6,725,317 | ||
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Special Mention [Member] | |||||
Current year | 39,199 | 39,199 | |||
One year before | 129,630 | 129,630 | |||
Two years before | 0 | 0 | |||
Three years before | 0 | 0 | |||
Four years before | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving | 6,285 | 6,285 | |||
Loans | 175,114 | 175,114 | 178,638 | ||
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Substandard [Member] | |||||
Current year | 0 | 0 | |||
One year before | 60,550 | 60,550 | |||
Two years before | 79,324 | 79,324 | |||
Three years before | 43,459 | 43,459 | |||
Four years before | 16,985 | 16,985 | |||
Prior | 9,885 | 9,885 | |||
Revolving | 6,215 | 6,215 | |||
Loans | $ 216,418 | $ 216,418 | $ 178,949 |
Note 8 - Loans Receivable, Ne_5
Note 8 - Loans Receivable, Net - Aging of Recorded Investment (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Loans | $ 609,783,265 | $ 560,987,903 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 3,019,289 | 4,704,982 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 298,011 | 170,021 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 739,867 | 1,073,256 |
Financial Asset, Past Due [Member] | ||
Loans | 4,057,167 | 5,948,259 |
Financial Asset, Not Past Due [Member] | ||
Loans | 605,726,098 | 555,039,644 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 101,493,816 | 112,793,694 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 124,822 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 0 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 0 | 100,472 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 124,822 | 100,472 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 101,368,994 | 112,693,222 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Loans | 159,980,843 | 110,056,973 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 855,243 | 1,557,114 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 49,507 | 0 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 266,093 | 471,430 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, Past Due [Member] | ||
Loans | 1,170,843 | 2,028,544 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 158,810,000 | 108,028,429 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans | 256,175,825 | 252,154,475 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 1,507,997 | 2,670,997 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 145,677 | 89,342 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 340,906 | 354,406 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Past Due [Member] | ||
Loans | 1,994,580 | 3,114,745 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 254,181,245 | 249,039,730 |
Commercial and Agricultural Loans [Member] | ||
Loans | 34,404,989 | 30,647,975 |
Commercial and Agricultural Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 7,141 | 5,683 |
Commercial and Agricultural Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 1,975 | 2,113 |
Commercial and Agricultural Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 24,639 | 55,468 |
Commercial and Agricultural Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 33,755 | 63,264 |
Commercial and Agricultural Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 34,371,234 | 30,584,711 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Loans | 33,318,762 | 31,736,676 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 181,306 | 199,414 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 51,663 | 0 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 20,687 | 74,159 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, Past Due [Member] | ||
Loans | 253,656 | 273,573 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | 33,065,106 | 31,463,103 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Loans | 24,409,030 | 23,598,110 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Loans | 342,780 | 271,774 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Loans | 49,189 | 78,566 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Loans | 87,542 | 17,321 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Past Due [Member] | ||
Loans | 479,511 | 367,661 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Financial Asset, Not Past Due [Member] | ||
Loans | $ 23,929,519 | $ 23,230,449 |
Note 8 - Loans Receivable, Ne_6
Note 8 - Loans Receivable, Net - Loans in Nonaccrual Status (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Nonaccrual with no allowance | $ 6,338,772 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 6,338,772 | $ 6,271,230 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Nonaccrual with no allowance | 234,252 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 234,252 | 114,630 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Nonaccrual with no allowance | 1,296,522 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 1,296,522 | 1,544,762 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Nonaccrual with no allowance | 4,238,537 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 4,238,537 | 4,281,975 |
Commercial and Agricultural Loans [Member] | ||
Nonaccrual with no allowance | 52,886 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 52,886 | 112,652 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Nonaccrual with no allowance | 420,484 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | 420,484 | 188,540 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Nonaccrual with no allowance | 96,091 | |
Nonaccrual with an allowance | 0 | |
Nonaccrual | $ 96,091 | $ 28,671 |
Note 8 - Loans Receivable, Ne_7
Note 8 - Loans Receivable, Net - Accrued Interest Writeoff (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Accrued Interest, Writeoff | $ 696 | $ 13,933 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Accrued Interest, Writeoff | 0 | 2,882 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Accrued Interest, Writeoff | 0 | 6,814 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Accrued Interest, Writeoff | 0 | 1,461 |
Commercial and Agricultural Loans [Member] | ||
Accrued Interest, Writeoff | 0 | 1,103 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Accrued Interest, Writeoff | 0 | 66 |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||
Accrued Interest, Writeoff | $ 696 | $ 1,607 |
Note 8 - Loans Receivable, Ne_8
Note 8 - Loans Receivable, Net - Allowance for Credit Loss (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jan. 01, 2023 | Dec. 31, 2022 | |
Balance | $ 12,283,325 | $ 11,197,954 | $ 11,177,753 | $ 11,087,164 | ||
(Reversal of) Provision for Credit Losses | 50,000 | 376,000 | ||||
Charge-Offs | (53,513) | (54,192) | (143,071) | (97,884) | ||
Recoveries | 68,313 | 155,083 | 153,249 | 309,565 | ||
Balance | 12,348,125 | 11,298,845 | 12,348,125 | 11,298,845 | ||
Provision for Credit Losses | 0 | 0 | 221,000 | 0 | ||
Individually evaluated for impairment | $ 0 | |||||
Collectively evaluated for impairment | 11,177,753 | |||||
Held for investment, allowance for credit loss | 12,348,125 | 11,298,845 | 12,348,125 | 11,298,845 | 11,177,753 | |
Individually evaluated for impairment | 5,565,878 | |||||
Collectively evaluated for impairment | 555,422,025 | |||||
Loans | 609,783,265 | 609,783,265 | 560,987,903 | |||
Ending Balance | 173,100,000 | 173,100,000 | ||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance | 784,194 | |||||
Held for investment, allowance for credit loss | 784,194 | |||||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Held for investment, allowance for credit loss | $ 784,000 | |||||
Unfunded Loan Commitment [Member] | ||||||
Beginning Balance | 1,108,614 | 0 | ||||
Reversal of provision for unfunded commitments | (50,000) | (155,000) | ||||
Ending Balance | 1,058,614 | 1,058,614 | ||||
Unfunded Loan Commitment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Beginning Balance | 1,213,614 | |||||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||||||
Balance | 2,200,850 | 2,104,386 | 2,323,397 | 2,401,196 | ||
(Reversal of) Provision for Credit Losses | (55,278) | (449,432) | ||||
Charge-Offs | 0 | 0 | (1,270) | 0 | ||
Recoveries | 3,911 | 15,460 | 13,051 | 31,023 | ||
Balance | 2,149,483 | 2,219,458 | 2,149,483 | 2,219,458 | ||
Provision for Credit Losses | 99,612 | (212,761) | ||||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 2,323,397 | |||||
Held for investment, allowance for credit loss | 2,149,483 | 2,219,458 | 2,149,483 | 2,219,458 | 2,323,397 | |
Individually evaluated for impairment | 114,630 | |||||
Collectively evaluated for impairment | 112,679,064 | |||||
Loans | 101,493,816 | 101,493,816 | 112,793,694 | |||
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance | 263,737 | |||||
Held for investment, allowance for credit loss | 263,737 | |||||
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||||||
Balance | 3,260,891 | 1,870,696 | 2,124,835 | 1,663,423 | ||
(Reversal of) Provision for Credit Losses | 236,084 | 896,261 | ||||
Charge-Offs | 0 | 0 | 0 | 0 | ||
Recoveries | 31,317 | 9,678 | 45,317 | 37,609 | ||
Balance | 3,528,292 | 1,862,871 | 3,528,292 | 1,862,871 | ||
Provision for Credit Losses | (17,503) | 161,839 | ||||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 2,124,835 | |||||
Held for investment, allowance for credit loss | 3,528,292 | 1,862,871 | 3,528,292 | 1,862,871 | 2,124,835 | |
Individually evaluated for impairment | 1,089,308 | |||||
Collectively evaluated for impairment | 108,967,665 | |||||
Loans | 159,980,843 | 159,980,843 | 110,056,973 | |||
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance | 461,879 | |||||
Held for investment, allowance for credit loss | 461,879 | |||||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||||||
Balance | 4,427,006 | 4,736,314 | 4,804,282 | 4,832,440 | ||
(Reversal of) Provision for Credit Losses | (117,370) | (164,187) | ||||
Charge-Offs | 0 | 0 | 0 | 0 | ||
Recoveries | 5,016 | 77,479 | 15,049 | 126,958 | ||
Balance | 4,314,652 | 4,858,457 | 4,314,652 | 4,858,457 | ||
Provision for Credit Losses | 44,664 | (100,941) | ||||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 4,804,282 | |||||
Held for investment, allowance for credit loss | 4,314,652 | 4,858,457 | 4,314,652 | 4,858,457 | 4,804,282 | |
Individually evaluated for impairment | 4,281,702 | |||||
Collectively evaluated for impairment | 247,872,773 | |||||
Loans | 256,175,825 | 256,175,825 | 252,154,475 | |||
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance | (340,492) | |||||
Held for investment, allowance for credit loss | (340,492) | |||||
Commercial and Agricultural Loans [Member] | ||||||
Balance | 1,102,070 | 1,403,818 | 874,092 | 1,241,828 | ||
(Reversal of) Provision for Credit Losses | (75,644) | 44,001 | ||||
Charge-Offs | 0 | 0 | (15,880) | 0 | ||
Recoveries | 6,866 | 1,281 | 18,627 | 26,109 | ||
Balance | 1,033,292 | 1,287,580 | 1,033,292 | 1,287,580 | ||
Provision for Credit Losses | (117,519) | 19,643 | ||||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 874,092 | |||||
Held for investment, allowance for credit loss | 1,033,292 | 1,287,580 | 1,033,292 | 1,287,580 | 874,092 | |
Individually evaluated for impairment | 31,446 | |||||
Collectively evaluated for impairment | 30,616,529 | |||||
Loans | 34,404,989 | 34,404,989 | 30,647,975 | |||
Commercial and Agricultural Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance | 112,452 | |||||
Held for investment, allowance for credit loss | 112,452 | |||||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||||||
Balance | 654,278 | 606,847 | 598,807 | 517,512 | ||
(Reversal of) Provision for Credit Losses | 690 | (76,130) | ||||
Charge-Offs | 0 | 0 | (1,488) | 0 | ||
Recoveries | 11,360 | 38,190 | 37,591 | 45,776 | ||
Balance | 666,328 | 607,356 | 666,328 | 607,356 | ||
Provision for Credit Losses | (37,681) | 44,068 | ||||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 598,807 | |||||
Held for investment, allowance for credit loss | 666,328 | 607,356 | 666,328 | 607,356 | 598,807 | |
Individually evaluated for impairment | 48,792 | |||||
Collectively evaluated for impairment | 31,687,884 | |||||
Loans | 33,318,762 | 33,318,762 | 31,736,676 | |||
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance | 107,548 | |||||
Held for investment, allowance for credit loss | 107,548 | |||||
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | ||||||
Balance | 638,230 | 475,893 | 452,340 | 430,765 | ||
(Reversal of) Provision for Credit Losses | 61,518 | 125,487 | ||||
Charge-Offs | (53,513) | (54,192) | (124,433) | (97,884) | ||
Recoveries | 9,843 | 12,995 | 23,614 | 42,090 | ||
Balance | 656,078 | 463,123 | 656,078 | 463,123 | ||
Provision for Credit Losses | 28,427 | 88,152 | ||||
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 452,340 | |||||
Held for investment, allowance for credit loss | 656,078 | $ 463,123 | 656,078 | $ 463,123 | 452,340 | |
Individually evaluated for impairment | 0 | |||||
Collectively evaluated for impairment | 23,598,110 | |||||
Loans | $ 24,409,030 | 24,409,030 | 23,598,110 | |||
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||
Balance | $ 179,070 | |||||
Held for investment, allowance for credit loss | $ 179,070 |
Note 8 - Loans Receivable, Ne_9
Note 8 - Loans Receivable, Net - Summary of Collateral Dependent Loans (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Loans | $ 609,783,265 | $ 560,987,903 |
Collateral Pledged [Member] | ||
Loans | 5,492,222 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | ||
Loans | 101,493,816 | 112,793,694 |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | Collateral Pledged [Member] | ||
Loans | 97,292 | |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | ||
Loans | 159,980,843 | 110,056,973 |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | Collateral Pledged [Member] | ||
Loans | 1,020,423 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | ||
Loans | 256,175,825 | 252,154,475 |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | Collateral Pledged [Member] | ||
Loans | 4,008,101 | |
Commercial and Agricultural Loans [Member] | ||
Loans | 34,404,989 | 30,647,975 |
Commercial and Agricultural Loans [Member] | Collateral Pledged [Member] | ||
Loans | 28,246 | |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | ||
Loans | 33,318,762 | $ 31,736,676 |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | Collateral Pledged [Member] | ||
Loans | $ 338,160 |
Note 8 - Loans Receivable, N_10
Note 8 - Loans Receivable, Net - Impaired Loans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2022 | |
Recorded Investment | $ 5,565,878 | ||
Unpaid Principal Balance | 6,997,878 | ||
Related Allowance | 0 | ||
Average Recorded Investment | $ 2,064,350 | $ 2,102,727 | |
Interest Income Recognized | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Construction Loans [Member] | |||
Recorded Investment | 114,630 | ||
Unpaid Principal Balance | 114,630 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 116,495 | 117,881 | |
Interest Income Recognized | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Residential Mortgage [Member] | |||
Recorded Investment | 1,089,308 | ||
Unpaid Principal Balance | 1,626,308 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 1,121,686 | 1,144,363 | |
Interest Income Recognized | 0 | 0 | |
Commercial Real Estate Portfolio Segment [Member] | Commercial Real Estate [Member] | |||
Recorded Investment | 4,281,702 | ||
Unpaid Principal Balance | 4,281,702 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 743,998 | 756,394 | |
Interest Income Recognized | 0 | 0 | |
Commercial and Agricultural Loans [Member] | |||
Recorded Investment | 31,446 | ||
Unpaid Principal Balance | 926,446 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 31,446 | 31,446 | |
Interest Income Recognized | 0 | 0 | |
Consumer Portfolio Segment [Member] | Home Equity Line of Credit [Member] | |||
Recorded Investment | 48,792 | ||
Unpaid Principal Balance | 48,792 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 50,725 | 52,643 | |
Interest Income Recognized | 0 | 0 | |
Consumer Portfolio Segment [Member] | Other Consumer Loans [Member] | |||
Recorded Investment | 0 | ||
Unpaid Principal Balance | 0 | ||
Related Allowance | $ 0 | ||
Average Recorded Investment | 0 | 0 | |
Interest Income Recognized | $ 0 | $ 0 |
Note 9 - Deposits (Details Text
Note 9 - Deposits (Details Textual) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Noninterest-Bearing Domestic Deposit, Brokered | $ 5,000,000 | $ 5,000,000 |
Interest-Bearing Domestic Deposit, Brokered | 6,500,000 | 6,000,000 |
Deposit Liabilities Reclassified as Loans Receivable | 103,000 | 98,000 |
Cash, Uninsured Amount | 55,200,000 | 30,300,000 |
Cash, FDIC Insured Amount | $ 305,100,000 | $ 350,100,000 |
Note 9 - Deposits - Deposits Ou
Note 9 - Deposits - Deposits Outstanding (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Checking | $ 468,068,521 | $ 510,983,509 |
Money Market | 393,462,981 | 348,833,623 |
Savings | 92,286,585 | 108,237,098 |
Certificates of Deposit | 232,234,937 | 142,031,066 |
Total | $ 1,186,053,024 | $ 1,110,085,296 |
Note 9 - Deposits - Scheduled M
Note 9 - Deposits - Scheduled Maturates of Certificates of Deposit (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Within 1 Year | $ 195,098,267 | $ 97,163,169 |
After 1 Year, Within 2 Years | 30,066,067 | 31,550,543 |
After 2 Years, Within 3 Years | 3,514,998 | 6,465,582 |
After 3 Years, Within 4 Years | 3,450,257 | 3,177,916 |
After 4 Years, Within 5 Years | 105,348 | 3,673,856 |
Total Certificates of Deposit | $ 232,234,937 | $ 142,031,066 |
Note 10 - Borrowings (Details T
Note 10 - Borrowings (Details Textual) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Other Borrowings | $ 19,043,445 | $ 27,588,147 |
Federal Home Loan Bank, Advance | 0 | 0 |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument, Collateral Amount | 54,600,000 | 70,100,000 |
Derivative Liability, Fair Value of Collateral | 44,700,000 | 61,100,000 |
Discount Window Borrowing [Member] | Federal Home Loan Bank of Atlanta [Member] | ||
Debt Instrument, Face Amount | $ 69,200,000 | $ 44,100,000 |
Long-Term Debt, Weighted Average Interest Rate, over Time | 4.42% | 4.50% |
Debt Instrument, Collateral Amount | $ 368,300,000 | $ 72,600,000 |
Derivative Liability, Fair Value of Collateral | $ 329,400,000 | 69,200,000 |
Federal Reserve Bank Term Funding Program [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |
Borrower-In-Custody Program [Member] | Federal Home Loan Bank of Atlanta [Member] | ||
Debt Instrument, Collateral Amount | $ 108,600,000 | |
Derivative Liability, Fair Value of Collateral | 73,400,000 | |
Short Term Repurchase Agreements [Member] | ||
Debt Instrument, Collateral Amount | 44,700,000 | 52,300,000 |
Derivative Liability, Fair Value of Collateral | $ 41,200,000 | $ 49,800,000 |
Debt Instrument, Interest Rate, Stated Percentage | 1.49% | 0.75% |
Note 11 - Subordinated Debent_2
Note 11 - Subordinated Debentures (Details Textual) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Nov. 30, 2019 | Sep. 30, 2006 | Sep. 30, 2023 | Dec. 31, 2022 | |
Junior Subordinated Debentures [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 7.37% | 6.47% | ||
Debt Instrument, Basis Spread Adjustment | 0.26161 | |||
Junior Subordinated Debentures [Member] | Three Month London Interbank Offered Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | 1.70% | ||
Ten Year Notes Due 2029 [Member] | Subordinated Debt [Member] | ||||
Debt Instrument, Face Amount | $ 17.5 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||
Debt Instrument, Repurchase Amount | $ 1 | |||
Long-Term Debt, Gross | 16.5 | |||
Ten Year Notes Due 2029 [Member] | Three Month London Interbank Offered Rate [Member] | Subordinated Debt [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.69% | |||
Fifteen Year Notes Due 2034 [Member] | Subordinated Debt [Member] | ||||
Debt Instrument, Face Amount | $ 12.5 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||
Debt Instrument, Repurchase Amount | 2.5 | |||
Long-Term Debt, Gross | $ 10 | |||
Fifteen Year Notes Due 2034 [Member] | Three Month London Interbank Offered Rate [Member] | Subordinated Debt [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.57% |
Note 12 - Regulatory Matters (D
Note 12 - Regulatory Matters (Details Textual) | Sep. 30, 2023 |
Banking Regulation, Capital Conservation Buffer, Common Equity Tier 1 Risk-Based Capital, Actual | 0.113 |
Note 12 - Regulatory Matters -
Note 12 - Regulatory Matters - Schedule of Regulatory Capital Requirements (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) | $ 146,670 | $ 141,452 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets), Actual Ratio | 0.181 | 0.178 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets), Capital Adequacy | $ 48,674 | $ 47,714 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) Capital Adequacy Ratio | 0.06 | 0.06 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets), Well Capitalized | $ 64,899 | $ 63,619 |
Tier 1 Risk-Based Core Capital (To Risk Weighted Assets) Well Capitalized Ratio | 0.08 | 0.08 |
Total Risk-Based Capital (To Risk Weighted Assets) | $ 156,851 | $ 151,408 |
Total Risk-Based Capital (To Risk Weighted Assets) Actual Ratio | 0.193 | 0.19 |
Total Risk-Based Capital (To Risk Weighted Assets), Capital Adequacy | $ 64,899 | $ 63,619 |
Total Risk-Based Capital (To Risk Weighted Assets) Capital Adequacy Ratio | 0.08 | 0.08 |
Total Risk-Based Capital (To Risk Weighted Assets), Well Capitalized | $ 81,124 | $ 79,523 |
Total Risk-Based Capital (To Risk Weighted Assets) Well Capitalized Ratio | 0.10 | 0.10 |
Common Equity Tier 1 Capital (To Risk Weighted Assets) | $ 146,670 | $ 141,452 |
Common Equity Tier 1 Capital (To Risk Weighted Assets) Actual Ratio | 0.181 | 0.178 |
Common Equity Tier 1 Capital (To Risk Weighted Assets), Capital Adequacy | $ 36,506 | $ 35,785 |
Common Equity Tier 1 Capital (To Risk Weighted Assets) Capital Adequacy Ratio | 0.045 | 0.045 |
Common Equity Tier 1 Capital (To Risk Weighted Assets), Well Capitalized | $ 52,730 | $ 51,690 |
Common Equity Tier 1 Capital (To Risk Weighted Assets) Well Capitalized Ratio | 0.065 | 0.065 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) | $ 146,670 | $ 141,452 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) Actual Ratio | 0.101 | 0.104 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets), Capital Adequacy | $ 58,007 | $ 54,372 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) Capital Adequacy Ratio | 0.04 | 0.04 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets), Well Capitalized | $ 72,509 | $ 67,965 |
Tier 1 Leverage (Core) Capital (To Adjusted Tangible Assets) Well Capitalized Ratio | 0.05 | 0.05 |
Note 13 - Fair Value of Finan_3
Note 13 - Fair Value of Financial Instruments (Details Textual) $ in Millions | Sep. 30, 2023 USD ($) |
Off-Balance-Sheet, Credit Loss, Liability | $ 173.1 |
Note 13 - Fair Value of Finan_4
Note 13 - Fair Value of Financial Instruments - Fair Value Measurements, Recurring Basis (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Available For Sale ("AFS") | $ 531,421,573 | $ 550,148,284 |
Taxable Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 49,411,310 | 50,769,739 |
Collateralized Mortgage-Backed Securities [Member] | ||
Available For Sale ("AFS") | 332,117,548 | 319,281,268 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Student Loan Pools [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | SBA Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Tax Exempt Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Taxable Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available For Sale ("AFS") | 531,421,573 | 550,148,284 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Student Loan Pools [Member] | ||
Available For Sale ("AFS") | 52,494,121 | 59,156,982 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | SBA Bonds [Member] | ||
Available For Sale ("AFS") | 77,926,496 | 99,629,967 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Tax Exempt Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 19,472,098 | 21,310,328 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Taxable Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 49,411,310 | 50,769,739 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Available For Sale ("AFS") | 332,117,548 | 319,281,268 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Student Loan Pools [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | SBA Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Tax Exempt Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Taxable Municipal Bonds [Member] | ||
Available For Sale ("AFS") | 0 | 0 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage-Backed Securities [Member] | ||
Available For Sale ("AFS") | $ 0 | $ 0 |
Note 13 - Fair Value of Finan_5
Note 13 - Fair Value of Financial Instruments - Fair Value Measurements Nonrecurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 7,483,922 | $ 7,695,450 |
Mortgage Loans Held For Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,053,486 | 913,258 |
Collateral Dependent Loans [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,492,222 | 5,565,878 |
Land Held for Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 938,214 | 1,096,614 |
Other Real Estate Owned [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 119,700 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Mortgage Loans Held For Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Collateral Dependent Loans [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Land Held for Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,053,486 | 913,258 |
Fair Value, Inputs, Level 2 [Member] | Mortgage Loans Held For Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,053,486 | 913,258 |
Fair Value, Inputs, Level 2 [Member] | Collateral Dependent Loans [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Land Held for Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6,430,436 | 6,782,192 |
Fair Value, Inputs, Level 3 [Member] | Mortgage Loans Held For Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Collateral Dependent Loans [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,492,222 | 5,565,878 |
Fair Value, Inputs, Level 3 [Member] | Land Held for Sale [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 938,214 | 1,096,614 |
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 119,700 |
Note 13 - Fair Value of Finan_6
Note 13 - Fair Value of Financial Instruments - Level 3 Assets Measured at Fair Value (Details) - Measurement Input, Appraised Value [Member] | Sep. 30, 2023 | Dec. 31, 2022 |
OREO | 0.30 | |
Minimum [Member] | ||
Loans Held for Sale | 0.08 | |
Maximum [Member] | ||
Loans Held for Sale | 0.13 | |
Land Held for Sale [Member] | ||
Loans Held for Sale | 0.10 | 0.10 |
Collateral Dependent Loans [Member] | Minimum [Member] | ||
Loans Held for Sale | 0.08 | |
Collateral Dependent Loans [Member] | Maximum [Member] | ||
Loans Held for Sale | 0.13 |
Note 13 - Fair Value of Finan_7
Note 13 - Fair Value of Financial Instruments - Schedule of Fair Value by Balance Sheet Grouping (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Available For Sale ("AFS") | $ 531,421,573 | $ 550,148,284 |
Reported Value Measurement [Member] | ||
Cash and Cash Equivalents | 84,224,000 | 28,502,000 |
Certificates of Deposits with Other Banks | 1,100,000 | 1,100,000 |
Available For Sale ("AFS") | 531,422 | 550,148 |
Investments HTM | 174,136 | 167,438 |
Loans Receivable, Net | 596,976,000 | 549,004,000 |
FHLB Stock | 922,000 | 651,000 |
Land Held for Sale | 938,000 | 1,097,000 |
Checking, Savings & Money Market Accounts | 953,818,000 | 968,054,000 |
Certificates of Deposits | 232,235,000 | 142,031,000 |
Borrowings from FRB | 69,200,000 | 44,080,000 |
Other Borrowed Money | 19,043,000 | 27,588,000 |
Subordinated Debentures | 26,500,000 | 26,500,000 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and Cash Equivalents | 84,224,000 | 28,502,000 |
Certificates of Deposits with Other Banks | 0 | 0 |
Available For Sale ("AFS") | 0 | 0 |
Investments HTM | 0 | 0 |
Loans Receivable, Net | 0 | 0 |
FHLB Stock | 922,000 | 651,000 |
Land Held for Sale | 0 | 0 |
Checking, Savings & Money Market Accounts | 953,818,000 | 968,054,000 |
Certificates of Deposits | 0 | 0 |
Borrowings from FRB | 68,729,000 | 44,071,000 |
Other Borrowed Money | 19,043,000 | 27,588,000 |
Subordinated Debentures | 0 | 0 |
Junior Subordinated Debentures | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposits with Other Banks | 1,100,000 | 1,100,000 |
Available For Sale ("AFS") | 531,422 | 550,148 |
Investments HTM | 166,639 | 161,464 |
Loans Receivable, Net | 0 | 0 |
FHLB Stock | 0 | 0 |
Land Held for Sale | 0 | 0 |
Checking, Savings & Money Market Accounts | 0 | 0 |
Certificates of Deposits | 229,658,000 | 138,382,000 |
Borrowings from FRB | 0 | 0 |
Other Borrowed Money | 0 | 0 |
Subordinated Debentures | 22,791,000 | 24,435,000 |
Junior Subordinated Debentures | 5,155,000 | 5,155,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and Cash Equivalents | 0 | 0 |
Certificates of Deposits with Other Banks | 0 | 0 |
Available For Sale ("AFS") | 0 | 0 |
Investments HTM | 0 | 0 |
Loans Receivable, Net | 574,770,000 | 528,174,000 |
FHLB Stock | 0 | 0 |
Land Held for Sale | 938,000 | 1,097,000 |
Checking, Savings & Money Market Accounts | 0 | 0 |
Certificates of Deposits | 0 | 0 |
Borrowings from FRB | 0 | 0 |
Other Borrowed Money | 0 | 0 |
Subordinated Debentures | 0 | 0 |
Junior Subordinated Debentures | $ 0 | $ 0 |
Note 14 - Non-interest Income -
Note 14 - Non-interest Income - Non-interest Income (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Gain on Sale of Loans | [1] | $ 135,488 | $ 287,081 | $ 530,428 | $ 1,511,905 |
Commissions From Insurance Agency | [1] | 200,278 | 235,506 | 548,645 | 620,779 |
Trust Income | 458,070 | 363,830 | 1,297,376 | 1,084,249 | |
BOLI Income | [1] | 162,737 | 150,999 | 469,175 | 457,202 |
Grant Income | 0 | 0 | 0 | 170,699 | |
Other (1) | [1] | 156,190 | 219,289 | 596,032 | 702,135 |
Total Non-Interest Income | 2,167,929 | 2,224,387 | 6,619,535 | 7,465,429 | |
Deposit Account [Member] | |||||
Fees income | 318,966 | 279,909 | 889,843 | 809,287 | |
ATM and Credit Card [Member] | |||||
Fees income | $ 736,200 | $ 687,773 | $ 2,288,036 | $ 2,109,173 | |
[1]Not within the scope of ASC 606 |
Note 15 - Leases (Details Textu
Note 15 - Leases (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Operating Lease, Payments | $ 394,000 | |
Lease, Cost | 394,000 | |
Increase (Decrease) in Operating Lease Liability | 345,000 | |
Operating Lease, Right-of-Use Asset | 1,518,473 | $ 1,860,997 |
Operating Lease, Liability | $ 1,559,558 | $ 1,904,285 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 3 years 4 months 20 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.20% |
Note 15 - Leases - Operating Le
Note 15 - Leases - Operating Lease Liabilities (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Remainder of 2023 | $ 130,136 | |
2024 | 522,099 | |
2025 | 474,766 | |
2026 | 363,550 | |
2027 | 147,599 | |
Thereafter | 10,371 | |
Total undiscounted lease payments | 1,648,521 | |
Less: effect of discounting | (88,963) | |
Present value of estimated lease payments (lease liability) | $ 1,559,558 | $ 1,904,285 |
Note 16 - Preferred Stock (Deta
Note 16 - Preferred Stock (Details Textual) - USD ($) | 3 Months Ended | |
May 24, 2022 | Jun. 30, 2022 | |
Stock Issued During Period, Value, New Issues | $ 82,949,000 | |
Dividends, Preferred Stock, Cash | $ 0 | |
Preferred Stock [Member] | ||
Stock Issued During Period, Shares, New Issues (in shares) | 82,949 | |
Stock Issued During Period, Value, New Issues | $ 82,900,000 | $ 82,949,000 |