Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 20, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | EMCLAIRE FINANCIAL CORP | ||
Entity Central Index Key | 0000858800 | ||
Trading Symbol | emcf | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 2,708,712 | ||
Entity Public Float | $ 70.1 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $1.25 per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 3,750,000 | $ 3,623,000 |
Interest earning deposits with banks | 11,236,000 | 7,332,000 |
Total cash and cash equivalents | 14,986,000 | 10,955,000 |
Interest earning time deposits | 9,698,000 | 6,738,000 |
Securities - available-for-sale | 120,107,000 | 97,718,000 |
Securities - equity investments | 19,000 | 7,000 |
Loans receivable, net of allowance for loan losses of $6,556 and $6,508 | 695,348,000 | 708,664,000 |
Federal bank stocks, at cost | 5,790,000 | 6,351,000 |
Bank-owned life insurance | 15,287,000 | 14,881,000 |
Accrued interest receivable | 2,600,000 | 2,570,000 |
Premises and equipment, net | 19,041,000 | 18,911,000 |
Goodwill | 19,460,000 | 19,448,000 |
Core deposit intangible, net | 1,247,000 | 1,423,000 |
Prepaid expenses and other assets | 11,713,000 | 11,209,000 |
Total Assets | 915,296,000 | 898,875,000 |
Liabilities and Stockholders' Equity | ||
Non-interest bearing | 148,842,000 | 148,893,000 |
Interest bearing | 638,282,000 | 612,653,000 |
Total deposits | 787,124,000 | 761,546,000 |
Short-term borrowed funds | 2,050,000 | 12,850,000 |
Long-term borrowed funds | 26,500,000 | 32,500,000 |
Accrued interest payable | 616,000 | 495,000 |
Accrued expenses and other liabilities | 13,148,000 | 11,476,000 |
Total Liabilities | 829,438,000 | 818,867,000 |
Commitments and Contingent Liabilities (Note 11) | ||
Stockholders' Equity | ||
Preferred stock, $1.00 par value, 3,000,000 shares authorized; Series C, non-cumulative preferred stock, $2.9 million liquidation value, 286,888 shares issued and outstanding; Series D, non-cumulative preferred stock, $1.3 million liquidation value, 133,705 shares issued and outstanding | 4,206,000 | 4,206,000 |
Common stock, $1.25 par value, 12,000,000 shares authorized; 2,810,729 and 2,800,729 shares issued; 2,708,712 and 2,698,712 shares outstanding | 3,513,000 | 3,501,000 |
Additional paid-in capital | 46,757,000 | 46,401,000 |
Treasury stock, at cost; 102,017 shares | (2,114,000) | (2,114,000) |
Retained earnings | 38,831,000 | 34,371,000 |
Accumulated other comprehensive loss | (5,335,000) | (6,357,000) |
Total Stockholders' Equity | 85,858,000 | 80,008,000 |
Total Liabilities and Stockholders' Equity | $ 915,296,000 | $ 898,875,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for loan losses | $ 6,556 | $ 6,508 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock, par value (in dollars per share) | $ 1.25 | $ 1.25 |
Common stock, authorized (in shares) | 12,000,000 | 12,000,000 |
Common stock, issued (in shares) | 2,810,729 | 2,800,729 |
Common stock, outstanding (in shares) | 2,708,712 | 2,698,712 |
Treasury stock (in shares) | 102,017 | 102,017 |
Series C Preferred Stock [Member] | ||
Preferred stock, issued (in shares) | 286,888 | 286,888 |
Preferred stock, outstanding (in shares) | 286,888 | 286,888 |
Preferred stock, liquidation value | $ 2,900 | $ 2,900 |
Series D Preferred Stock [Member] | ||
Preferred stock, issued (in shares) | 133,705 | 133,705 |
Preferred stock, outstanding (in shares) | 133,705 | 133,705 |
Preferred stock, liquidation value | $ 1,300 | $ 1,300 |
Consolidated Statements of Net
Consolidated Statements of Net Income - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest and dividend income | ||
Loans receivable, including fees | $ 32,507,000 | $ 28,028,000 |
Securities: | ||
Taxable | 2,258,000 | 1,792,000 |
Exempt from federal income tax | 395,000 | 560,000 |
Federal bank stocks | 419,000 | 298,000 |
Interest earning deposits with banks | 566,000 | 284,000 |
Total interest and dividend income | 36,145,000 | 30,962,000 |
Interest expense | ||
Deposits | 7,087,000 | 4,724,000 |
Short-term borrowed funds | 183,000 | 209,000 |
Long-term borrowed funds | 813,000 | 453,000 |
Total interest expense | 8,083,000 | 5,386,000 |
Net interest income | 28,062,000 | 25,576,000 |
Provision for loan losses | 715,000 | 1,280,000 |
Net interest income after provision for loan losses | 27,347,000 | 24,296,000 |
Noninterest income | ||
Fees and service charges | 2,157,000 | 2,031,000 |
Net gain (loss) on sales of available for sale securities | 78,000 | (9,000) |
Net gain on sales of loans | 114,000 | 19,000 |
Earnings on bank-owned life insurance | 566,000 | 401,000 |
Other | 1,476,000 | 1,766,000 |
Total noninterest income | 4,391,000 | 4,208,000 |
Noninterest expense | ||
Compensation and employee benefits | 11,738,000 | 10,320,000 |
Premises and equipment | 3,373,000 | 3,165,000 |
Intangible asset amortization | 176,000 | 266,000 |
Professional fees | 928,000 | 969,000 |
Federal deposit insurance | 273,000 | 533,000 |
Acquisition costs | 3,592,000 | |
Other | 5,634,000 | 4,815,000 |
Total noninterest expense | 22,122,000 | 23,660,000 |
Income before provision for income taxes | 9,616,000 | 4,844,000 |
Provision for income taxes | 1,662,000 | 633,000 |
Net income | 7,954,000 | 4,211,000 |
Preferred stock dividends | 182,000 | 91,000 |
Net income available to common stockholders | $ 7,772,000 | $ 4,120,000 |
Earnings per common share | ||
Basic (in dollars per share) | $ 2.88 | $ 1.73 |
Diluted (in dollars per share) | $ 2.86 | $ 1.72 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 7,954 | $ 4,211 |
Unrealized gains/(losses) on securities: | ||
Unrealized holding gain (loss) arising during the period | 1,861 | (833) |
Reclassification adjustment for gains included in net income | (78) | 9 |
Other comprehensive loss on securities, before tax adjustment | 1,783 | (824) |
Tax effect | (374) | 173 |
Net of tax | 1,409 | (651) |
Defined benefit pension plans: | ||
Net loss arising during the period | (742) | (253) |
Reclassification adjustment for amortization of prior service benefit and net loss included in net periodic pension cost | 252 | 251 |
Other comprehensive loss on defined benefit plan, before tax adjustment | (490) | (2) |
Tax effect | 103 | |
Net of tax | (387) | (1) |
Net current period other comprehensive income (loss) | 1,022 | (652) |
Comprehensive income | $ 8,976 | $ 3,559 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Series C Preferred Stock [Member]Preferred Stock [Member] | Series C Preferred Stock [Member]Additional Paid-in Capital, Preferred [Member] | Series C Preferred Stock [Member]Common Stock [Member] | Series C Preferred Stock [Member]Additional Paid-in Capital, Common [Member] | Series C Preferred Stock [Member]Treasury Stock [Member] | Series C Preferred Stock [Member]Retained Earnings [Member] | Series C Preferred Stock [Member]AOCI Attributable to Parent [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member]Preferred Stock [Member] | Series D Preferred Stock [Member]Additional Paid-in Capital, Preferred [Member] | Series D Preferred Stock [Member]Common Stock [Member] | Series D Preferred Stock [Member]Additional Paid-in Capital, Common [Member] | Series D Preferred Stock [Member]Treasury Stock [Member] | Series D Preferred Stock [Member]Retained Earnings [Member] | Series D Preferred Stock [Member]AOCI Attributable to Parent [Member] | Series D Preferred Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital, Preferred [Member] | Common Stock [Member] | Additional Paid-in Capital, Common [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2017 | $ 2,966 | $ 31,031 | $ (2,114) | $ 32,726 | $ (5,518) | $ 59,091 | ||||||||||||||||||
Cumulative effect of change in accounting principle, net of tax at Dec. 31, 2017 | 187 | (187) | ||||||||||||||||||||||
Balance, as adjusted at Dec. 31, 2017 | 2,966 | 31,031 | (2,114) | 32,913 | (5,705) | 59,091 | ||||||||||||||||||
Net income | 4,211 | 4,211 | ||||||||||||||||||||||
Other comprehensive income (loss) | (652) | (652) | ||||||||||||||||||||||
Issuance of stock | $ 421 | $ 3,785 | $ 4,206 | 524 | 15,112 | 15,636 | ||||||||||||||||||
Cash dividends declared on preferred stock | (64) | (64) | $ (27) | $ (27) | ||||||||||||||||||||
Issuance of common stock for restricted stock awards, including tax benefit | 11 | (11) | ||||||||||||||||||||||
Stock compensation expense | 269 | 269 | ||||||||||||||||||||||
Cash dividends declared on common stock | (2,662) | (2,662) | ||||||||||||||||||||||
Balance at Dec. 31, 2018 | 421 | 3,785 | 3,501 | 46,401 | (2,114) | 34,371 | (6,357) | 80,008 | ||||||||||||||||
Cumulative effect of change in accounting principle, net of tax at Dec. 31, 2018 | (181) | (181) | ||||||||||||||||||||||
Balance, as adjusted at Dec. 31, 2018 | 421 | 3,785 | 3,501 | 46,401 | (2,114) | 34,190 | (6,357) | 79,827 | ||||||||||||||||
Net income | 7,954 | 7,954 | ||||||||||||||||||||||
Other comprehensive income (loss) | 1,022 | 1,022 | ||||||||||||||||||||||
Cash dividends declared on preferred stock | $ (129) | $ (129) | $ (53) | $ (53) | ||||||||||||||||||||
Issuance of common stock for restricted stock awards, including tax benefit | 12 | (12) | ||||||||||||||||||||||
Stock compensation expense | 368 | 368 | ||||||||||||||||||||||
Cash dividends declared on common stock | (3,131) | (3,131) | ||||||||||||||||||||||
Balance at Dec. 31, 2019 | $ 421 | $ 3,785 | $ 3,513 | $ 46,757 | $ (2,114) | $ 38,831 | $ (5,335) | $ 85,858 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Series C Preferred Stock [Member] | ||
Issuance of stock (in shares) | 286,888 | |
Cash dividends declared on preferred stock (in dollars per share) | $ 0.45 | $ 0.225 |
Series D Preferred Stock [Member] | ||
Issuance of stock (in shares) | 133,705 | |
Cash dividends declared on preferred stock (in dollars per share) | $ 0.40 | $ 0.20 |
Issuance of stock (in shares) | 419,173 | |
Issuance of common stock for restricted stock awards, including tax benefit (in shares) | 10,000 | 8,400 |
Cash dividends declared on common stock (in dollars per share) | $ 1.16 | $ 1.12 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 7,954 | $ 4,211 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 1,388 | 1,172 |
Provision for loan losses | 715 | 1,280 |
Amortization/accretion of premiums, discounts and deferred costs and fees, net | 406 | 63 |
Amortization of operating lease right-of-use assets | 132 | |
Amortization of intangible assets and mortgage servicing rights | 249 | 321 |
Realized (gain) loss on sales of debt securities, net | (78) | 9 |
Change in fair value of equity securities, including realized gain | (12) | (500) |
Net gain on sales of loans | (114) | (19) |
Net (gain) loss on foreclosed real estate | (49) | 34 |
Net loss on sale of premises and equipment | 279 | 108 |
Loans originated for sale | (6,027) | (5,329) |
Proceeds from the sale of loans originated for sale | 6,178 | 5,906 |
Write-down of foreclosed real estate | 37 | 266 |
Stock compensation expense | 368 | 269 |
Increase in bank-owned life insurance, net | (406) | (340) |
Proceeds from bank-owned life insurance claim | (160) | |
Decrease in deferred taxes | 122 | 234 |
Increase in accrued interest receivable | (30) | (65) |
Increase in prepaid expenses and other assets | (107) | (1,187) |
Increase in accrued interest payable | 121 | 21 |
Increase (decrease) in accrued expenses and other liabilities | (538) | 158 |
Net cash provided by operating activities | 10,428 | 6,612 |
Cash flows from investing activities | ||
Loan originations and principal collections, net | 10,791 | (24,474) |
Proceeds from sales of loans held for sale previously classified as portfolio loans | 967 | 2,355 |
Available-for-sale securities: | ||
Sales | 36,370 | 11,482 |
Maturities, repayments and calls | 19,007 | 10,615 |
Purchases | (76,149) | (19,145) |
Net cash received for acquisition | 1,557 | |
Net change in federal bank stocks | 561 | (1,499) |
Net change in interest earning time deposits | (2,960) | (2,540) |
Proceeds from the sale of bank premises and equipment | 251 | 155 |
Purchases of premises and equipment | (1,809) | (885) |
Proceeds from the sale of foreclosed real estate | 1,109 | 395 |
Net cash used in investing activities | (11,862) | (21,984) |
Cash flows from financing activities | ||
Net increase in deposits | 25,578 | 754 |
Proceeds from long-term debt | 15,000 | |
Repayments on long-term debt | (6,000) | (6,000) |
Net change in short-term borrowings | (10,800) | 9,150 |
Dividends paid | (3,313) | (2,753) |
Net cash provided by financing activities | 5,465 | 16,151 |
Net increase in cash and cash equivalents | 4,031 | 779 |
Cash and cash equivalents at beginning of period | 10,955 | 10,176 |
Cash and cash equivalents at end of period | 14,986 | 10,955 |
Supplemental information: | ||
Interest paid | 7,962 | 5,304 |
Income taxes paid | 1,410 | 830 |
Supplemental noncash disclosure: | ||
Transfers from loans to foreclosed real estate | 645 | 904 |
Initial recognition of operating lease right-of-use assets | 1,642 | |
Initial recognition of operating lease liabilities | 1,858 | |
Transfers from portfolio loans to loans held for sale | 1,004 | 2,409 |
Equity securities retired as a result of business combination | $ 931 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies Basis of Presentation and Consolidation. ) and Emclaire Settlement Services, LLC (the Title Company). During 2019, Nature of Operations. Use of Estimates and Classifications. may not Significant Group Concentrations of Credit Risk. 2 3 not one Cash and Cash Equivalents. one Dividend Restrictions. Banking r egulations require maintaining certain capital levels and may Securities Available for Sale. Debt securities are classified as available for sale when they might be sold before maturity. Debt securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income from securities includes amortization of purchase premium or discount. Discounts on securities are accreted using the level yield method through the maturity date. Premiums are amortized using the level yield method through the first Management evaluates debt securities for other-than-temporary impairment (OTTI) at least on a quarterly basis, and more frequently when economic, market or other concerns warrant such evaluation. Consideration is given to: ( 1 2 3 4 not not Equity Securities. Equity securities are carried at fair value. The holding gains or losses are reported in net income. Loans Receivable . The Corporation grants mortgage, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by loans collateralized by real estate primarily located throughout Western Pennsylvania. The ability of the Corporation’s debtors to honor their contracts is dependent upon real estate and general economic conditions in this area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allow The accrual of interest on all classes of loans is typically discontinued at the time the loan is 90 120 90 not Allowance for Loan Losses. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of loans in light of historic experience, the nature and volume of the loan portfolio, adverse situations that may A loan is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (TDR) and classified as impaired. Factors considered by management in determining impairment on all loan classes include demonstrated ability to repay, payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Impairment is measured on a loan by loan basis for commercial loans by either the present value of expected future cash flows discounted at the loans effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of small balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Corporation does not TDRs are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of collateral. For TDRs that subsequently default, the Corporation determines the amount of reserves in accordance with accounting policies for the allowance for loan losses. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Corporation over the prior 12 Residential mortgages: may Home equity loans and lines of credit: may Commercial real estate: may Commercial business: may not may Consumer: may Loans Held for Sale. Federal Bank Stocks. Bank-Owned Life Insurance (BOLI). Premises and Equipment . twenty-five forty three ten may not Goodwill and Intangible Assets . Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of acquired assets and liabilities. Core deposit intangible assets arise from whole bank or branch acquisitions and are measured at fair value and then are amortized over their estimated useful lives. Customer relationship intangible assets arise from the purchase of a customer list from another company or individual and then are amortized on a straight-line basis over two not November 30 Servicing Assets. Other Real Estate Acquired Through Foreclosure (OREO). Real estate properties acquired through foreclosure are initially recorded at fair value less cost to sell when acquired, thereby establishing a new cost basis for the asset. These assets are subsequently accounted for at the lower of carrying amount or fair value less cost to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Revenue and expenses from operations of the properties, gains and losses on sales and additions to the valuation allowance are included in operating results. Real estate acquired through foreclosure is classified in prepaid expenses and other assets and totaled $249,000 $701,000 December 31, 2019 2018, $545,000 $811,000 December 31, 2019 2018, Treasury Stock. first first Income Taxes. not” 50% not not” no Earnings Per Common Share (EPS). Comprehensive Income. Operating Segments. one Retirement Plans. January 1, 2009 March 12, 2013 not April 30, 2013, not 2013 2013. January 1, 2013. not 401 Stock Compensation Plans. not Transfers of Financial Assets. 1 2 3 not Off-Balance Sheet Financial Instruments . Fair Value of Financial Instruments . Loss Contingencies. not Newly Issued Not In June 2016, 2016 13, 326 2016 13 1 2 3 December 15, 2019, October 16, 2019, December 15, 2022. Management has selected a software vendor and is currently working through the implementation process. The Corporation is reviewing available historical information in order to assess the expected credit losses and determine the impact the adoption of ASU 2016 13 In January 2017, 2017 04, 2 not first December 15, 2019. January 1, 2017. not not not not 2 In August 2018, 2018 13, 2018 13 1 2, 3 3 3 December 15, 2019. not 2018 13 In August 2018, 2018 14, 2018 14 one December 15, 2020. not 2018 14 In December 2019, 2019 12, 2019 12 December 15, 2020, 2019 12 Adoption of New Accounting Policies. In February 2016, 2016 02 2016 02 December 15, 2018, January 2018, 2018 01, January 1, 2019 $1.6 $1.8 $171,000, $45,000. 5 21. In March 2017, 2017 08, 310 20 2017 08 December 15, 2018, January 1, 2019 $10,000, $3,000, one December 31, 2019, one September 15, 2020. In August 2017, 2017 12, 815 not not December 15, 2018, not no |
Note 2 - Securities
Note 2 - Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 2. Securities Equity Securities. $19,000 $7,000 December 31, 2019 2018, January 1, 2018, 2016 01, $12,000 $10,000 December 31, 2019 2018, 2018, $1.3 $43,000. October 1, 2018 18,000 $690,000. Debt Securities - Available for Sale. December 31: (Dollar amounts in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019: U.S. government sponsored entities and agencies $ 7,069 $ 14 $ (6 ) $ 7,077 U.S. agency mortgage-backed securities: residential 40,868 291 (84 ) 41,075 U.S. agency collateralized mortgage obligations: residential 33,001 71 (235 ) 32,837 State and political subdivisions 27,848 217 (269 ) 27,796 Corporate debt securities 11,459 93 (230 ) 11,322 Total securities available-for-sale $ 120,245 $ 686 $ (824 ) $ 120,107 December 31, 2018: U.S. Treasury $ 4,532 $ — $ (87 ) $ 4,445 U.S. government sponsored entities and agencies 17,052 30 (299 ) 16,783 U.S. agency mortgage-backed securities: residential 27,666 — (490 ) 27,176 U.S. agency collateralized mortgage obligations: residential 19,440 34 (810 ) 18,664 State and political subdivisions 22,943 13 (224 ) 22,732 Corporate debt securities 8,006 9 (97 ) 7,918 Total securities available-for-sale $ 99,639 $ 86 $ (2,007 ) $ 97,718 Securities with carrying values of $22.1 $20.6 December 31, 2019 2018, Gains on sales of available for sale debt securities for the years ended December 31 2019 2018 Proceeds $ 36,370 $ 11,482 Gains 135 17 Losses (57 ) (26 ) Tax provision related to gains (losses) 16 (2 ) The following table summarizes scheduled maturities of the Corporation’s debt securities as of December 31, 2019. may may not (Dollar amounts in thousands) Available-for-sale Amortized Cost Fair Value Due in one year or less $ 265 $ 265 Due after one year through five years 10,072 10,122 Due after five through ten years 13,883 13,848 Due after ten years 22,155 21,960 Mortgage-backed securities: residential 40,868 41,075 Collateralized mortgage obligations: residential 33,001 32,837 Total securities available-for-sale $ 120,245 $ 120,107 Information pertaining to securities with gross unrealized losses at December 31, 2019 2018 (Dollar amounts in thousands) Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2019: U.S. government sponsored entities and agencies — — 2,032 (6 ) 2,032 (6 ) U.S. agency mortgage-backed securities: residential 14,578 (76 ) 2,325 (8 ) 16,903 (84 ) U.S. agency collateralized mortgage obligations: residential 12,319 (32 ) 11,621 (203 ) 23,940 (235 ) State and political subdivisions 15,636 (269 ) — — 15,636 (269 ) Corporate debt securities 4,031 (229 ) 499 (1 ) 4,530 (230 ) Total $ 46,564 $ (606 ) $ 16,477 $ (218 ) $ 63,041 $ (824 ) December 31, 2018: U.S. Treasury $ — $ — $ 4,445 $ (87 ) $ 4,445 $ (87 ) U.S. government sponsored entities and agencies 2,472 (30 ) 10,337 (269 ) 12,809 (299 ) U.S. agency mortgage-backed securities: residential 19,483 (297 ) 7,693 (193 ) 27,176 (490 ) U.S. agency collateralized mortgage obligations: residential 1,443 (5 ) 15,388 (805 ) 16,831 (810 ) State and political subdivisions 7,061 (67 ) 10,083 (157 ) 17,144 (224 ) Corporate debt securities 962 (38 ) 2,448 (59 ) 3,410 (97 ) Total $ 31,421 $ (437 ) $ 50,394 $ (1,570 ) $ 81,815 $ (2,007 ) Management evaluates debt securities for other-than-temporary impairment at least on a quarterly basis, and more frequently when economic, market or other conditions warrant such evaluation. Consideration is given to: ( 1 2 3 4 not not There were 78 December 31, 2019, 29 12 78 30 23 13 10 2 not not not not not December 31, 2019 |
Note 3 - Loans Receivable and R
Note 3 - Loans Receivable and Related Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. Loans Receivable and Related Allowance for Loan Losses The following table summarizes the Corporation’s loans receivable as of December 31: (Dollar amounts in thousands) December 31, 2019 December 31, 2018 Mortgage loans on real estate: Residential first mortgages $ 293,170 $ 295,405 Home equity loans and lines of credit 97,541 103,752 Commercial real estate 229,951 238,734 Total real estate loans 620,662 637,891 Other loans: Commercial business 66,603 66,009 Consumer 14,639 11,272 Total other loans 81,242 77,281 Total loans, gross 701,904 715,172 Less allowance for loan losses 6,556 6,508 Total loans, net $ 695,348 $ 708,664 Included in total loans above are net deferred costs of $2.6 $2.2 December 31, 2019 2018, An allowance for loan losses (ALL) is maintained to absorb probable incurred losses from the loan portfolio. The ALL is based on management’s continuing evaluation of the risk characteristics and credit quality of the loan portfolio, assessment of current economic conditions, diversification and size of the portfolio, adequacy of collateral, past and anticipated loss experience and the amount of nonperforming loans. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the ALL. When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. Following is an analysis of the changes in the ALL for the years ended December 31: (Dollar amounts in thousands) 2019 2018 Balance at the beginning of the year $ 6,508 $ 6,127 Provision for loan losses 715 1,280 Charge-offs (913 ) (989 ) Recoveries 246 90 Balance at the end of the year $ 6,556 $ 6,508 The following table details activity in the ALL and the recorded investment by portfolio segment based on impairment method at December 31, 2019 2018: Home Equity Residential & Lines Commercial Commercial (Dollar amounts in thousands) Mortgages of Credit Real Estate Business Consumer Total December 31, 2019: Beginning Balance $ 2,198 $ 648 $ 3,106 $ 500 $ 56 $ 6,508 Charge-offs (227 ) (61 ) (242 ) (250 ) (133 ) (913 ) Recoveries 40 6 134 — 66 246 Provision 298 33 (100 ) 386 98 715 Ending Balance $ 2,309 $ 626 $ 2,898 $ 636 $ 87 $ 6,556 Ending ALL balance attributable to loans: Individually evaluated for impairment $ 5 $ — $ — $ — $ — $ 5 Acquired loans collectively evaluated for impairment — — — — — — Originated loans collectively evaluated for impairment 2,304 626 2,898 636 87 6,551 Total $ 2,309 $ 626 $ 2,898 $ 636 $ 87 $ 6,556 Total loans: Individually evaluated for impairment $ 358 $ 4 $ 81 $ 40 $ — $ 483 Acquired loans collectively evaluated for impairment 60,523 10,901 41,993 7,930 1,982 123,329 Originated loans collectively evaluated for impairment 232,289 86,636 187,877 58,633 12,657 578,092 Total $ 293,170 $ 97,541 $ 229,951 $ 66,603 $ 14,639 $ 701,904 At December 31, 2018: Beginning Balance $ 2,090 $ 646 $ 2,753 $ 585 $ 53 $ 6,127 Charge-offs (71 ) (155 ) (484 ) — (279 ) (989 ) Recoveries 3 14 48 1 24 90 Provision 176 143 789 (86 ) 258 1,280 Ending Balance $ 2,198 $ 648 $ 3,106 $ 500 $ 56 $ 6,508 Ending ALL balance attributable to loans: Individually evaluated for impairment $ 12 $ — $ — $ — $ — $ 12 Acquired loans collectively evaluated for impairment — — — — — — Originated loans collectively evaluated for impairment 2,186 648 3,106 500 56 6,496 Total $ 2,198 $ 648 $ 3,106 $ 500 $ 56 $ 6,508 Total loans: Individually evaluated for impairment $ 389 $ 6 $ 34 $ 39 $ — $ 468 Acquired loans collectively evaluated for impairment 72,654 13,750 56,690 12,974 3,306 159,374 Originated loans collectively evaluated for impairment 222,362 89,996 182,010 52,996 7,966 555,330 Total $ 295,405 $ 103,752 $ 238,734 $ 66,009 $ 11,272 $ 715,172 The allowance for loan losses is based on estimates, and actual losses will vary from current estimates. Management believes that the granularity of the homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. At December 31, 2019 2018, no 2016 2017 2018 The following tables present impaired loans by class, segregated by those for which a specific allowance was required and those for which a specific allowance was not December 31: (Dollar amounts in thousands) Impaired Loans with Specific Allowance As of December 31, 2019 For the year ended December 31, 2019 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 72 $ 72 $ 5 $ 72 $ 3 $ 3 Home equity and lines of credit 4 4 — 5 — — Commercial real estate — — — — — — Commercial business — — — — — — Consumer — — — — — — Total $ 76 $ 76 $ 5 $ 77 $ 3 $ 3 Impaired Loans with No Specific Allowance As of December 31, 2019 For the year ended December 31, 2019 Unpaid Principal Balance Recorded Investment Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 398 $ 286 $ 301 $ 4 $ 4 Home equity and lines of credit — — — — — Commercial real estate 81 81 1,019 88 35 Commercial business 40 40 79 7 2 Consumer — — — — — Total $ 519 $ 407 $ 1,399 $ 99 $ 41 (Dollar amounts in thousands) Impaired Loans with Specific Allowance As of December 31, 2018 For the year ended December 31, 2018 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 74 $ 74 $ 12 $ 74 $ 2 $ 2 Home equity and lines of credit 6 6 — 7 — — Commercial real estate — — — — — — Commercial business — — — — — — Consumer — — — — — — Total $ 80 $ 80 $ 12 $ 81 $ 2 $ 2 Impaired Loans with No Specific Allowance As of December 31, 2018 For the year ended December 31, 2018 Unpaid Principal Balance Recorded Investment Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 427 $ 315 $ 334 $ 5 $ 5 Home equity and lines of credit — — — — — Commercial real estate 34 34 768 156 73 Commercial business 39 39 248 74 74 Consumer — — — — — Total $ 500 $ 388 $ 1,350 $ 235 $ 152 Unpaid principal balance includes any loans that have been partially charged off but not not not Troubled debt restructurings (TDR). not not no At December 31, 2019 2018, $409,000 $394,000, December 31, 2019 2018, $5,000 $12,000, During the year ended December 31, 2019, one $67,000. not December 31, 2019, not December 31, 2018, not A loan is considered to be in payment default once it is 30 December 31, 2019 2018, no twelve Credit Quality Indicators. Commercial real estate and commercial business loans not Management has determined certain portions of the loan portfolio to be homogeneous in nature and assigns like reserve factors for the following loan pool types: residential real estate, home equity loans and lines of credit, and consumer installment and personal lines of credit. These homogeneous loans are not Management uses the following definitions for risk ratings: Pass: Special Mention: may Substandard: no Doubtful: The following table presents the classes of the loan portfolio summarized by the aggregate pass and the criticized categories of special mention, substandard and doubtful within the Corporation’s internal risk rating system as of December 31, 2019 2018: (Dollar amounts in thousands) Not Rated Pass Special Mention Substandard Doubtful Total December 31, 2019: Residential first mortgages $ 291,843 $ — $ — $ 1,327 $ — $ 293,170 Home equity and lines of credit 97,087 — — 454 — 97,541 Commercial real estate — 216,744 5,370 7,837 — 229,951 Commercial business — 64,636 204 1,763 — 66,603 Consumer 14,557 — — 82 — 14,639 Total loans $ 403,487 $ 281,380 $ 5,574 $ 11,463 $ — $ 701,904 December 31, 2018: Residential first mortgages $ 293,919 $ — $ — $ 1,486 $ — $ 295,405 Home equity and lines of credit 102,869 — — 883 — 103,752 Commercial real estate — 222,335 5,942 10,457 — 238,734 Commercial business — 62,022 542 3,445 — 66,009 Consumer 11,157 — — 115 — 11,272 Total loans $ 407,945 $ 284,357 $ 6,484 $ 16,386 $ — $ 715,172 Management further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a required payment is past due. The following table presents the classes of the loan portfolio summarized by the aging categories of performing loans and nonperforming loans as of December 31, 2019 2018: (Dollar amounts in thousands) Performing Nonperforming Accruing Loans Not Past Due Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90+ Days Past Due Nonaccrual Total December 31, 2019: Residential first mortgages $ 288,462 $ 2,405 $ 1,039 $ 309 $ 955 $ 293,170 Home equity and lines of credit 95,923 626 553 11 428 97,541 Commercial real estate 226,360 2,141 543 — 907 229,951 Commercial business 66,091 225 72 — 215 66,603 Consumer 14,458 84 15 — 82 14,639 Total loans $ 691,294 $ 5,481 $ 2,222 $ 320 $ 2,587 $ 701,904 December 31, 2018: Residential first mortgages $ 289,732 $ 3,586 $ 747 $ 485 $ 855 $ 295,405 Home equity and lines of credit 101,920 707 351 287 487 103,752 Commercial real estate 232,865 5,013 231 19 606 238,734 Commercial business 65,538 50 247 — 174 66,009 Consumer 10,961 160 36 — 115 11,272 Total loans $ 701,016 $ 9,516 $ 1,612 $ 791 $ 2,237 $ 715,172 The following table presents the Corporation’s nonaccrual loans by aging category as of December 31, 2019 2018: (Dollar amounts in thousands) Not Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days + Past Due Total December 31, 2019: Residential first mortgages $ 245 $ — $ 72 $ 638 $ 955 Home equity and lines of credit 4 — — 424 428 Commercial real estate 28 309 31 539 907 Commercial business — — 175 40 215 Consumer — — — 82 82 Total loans $ 277 $ 309 $ 278 $ 1,723 $ 2,587 December 31, 2018: Residential first mortgages $ 335 $ — $ 74 $ 446 $ 855 Home equity and lines of credit 6 — — 481 487 Commercial real estate 111 265 — 230 606 Commercial business — — 39 135 174 Consumer — — — 115 115 Total loans $ 452 $ 265 $ 113 $ 1,407 $ 2,237 |
Note 4 - Federal Bank Stocks
Note 4 - Federal Bank Stocks | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Federal Home Loan Bank Advances, Disclosure [Text Block] | 4. Federal Bank Stocks The Bank is a member of the FHLB and the FRB. As a member of these federal banking systems, the Bank maintains an investment in the capital stock of the respective regional banks, which are carried at cost. These stocks are purchased and redeemed at par as directed by the federal banks and levels maintained are based primarily on borrowing and other correspondent relationships. The Bank’s investment in FHLB and FRB stocks was $4.0 $1.8 December 31, 2019, $5.0 $1.3 December 31, 2018. |
Note 5 - Premises, Equipment an
Note 5 - Premises, Equipment and Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Premises, Equipment and Leases [Text Block] | 5. Premises, Equipment and Leases Premises and Equipment Premises and equipment at December 31 (Dollar amounts in thousands) 2019 2018 Land $ 5,269 $ 5,129 Buildings and improvements 15,127 15,008 Leasehold improvements 1,522 1,519 Furniture, fixtures and equipment 10,539 9,157 Software 3,397 3,347 Construction in progress 321 576 Total 36,175 34,736 Less: accumulated depreciation and amortization 17,134 15,825 Net premises and equipment $ 19,041 $ 18,911 Depreciation and amortization expense for the years ended December 31, 2019 2018 $1.4 $1.2 Leases Effective January 1, 2019, 2016 02, 842 December 31, 2019, five August 2025 December 2056, no 12.99 December 31, 2019. The discount rate used in determining the lease liability for each individual lease was the FHLB fixed advance rate which corresponded with the remaining lease terms as of January 1, 2019 3.49% December 31, 2019. The total operating lease costs were $194,000 December 31, 2019. $1.5 $1.7 December 31, 2019. 840 $208,000 December 31, 2018. Total estimated rental commitments for the operating leases were as follows as of December 31, 2019: (Dollar amounts in thousands) Year ending December 31: 2020 $ 212 2021 217 2022 222 2023 222 2024 227 Thereafter 1,063 Total minimum lease payments 2,163 Discount effect of cash flows (456 ) Present value of lease liabilities $ 1,707 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Goodwill and Intangible Assets The following table summarizes the Corporation’s acquired goodwill and intangible assets as of December 31: (Dollar amounts in thousands) December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Goodwill $ 19,460 $ — $ 19,448 $ — Core deposit intangibles 5,634 4,387 5,634 4,211 Total $ 25,094 $ 4,387 $ 25,082 $ 4,211 Goodwill resulted from five 2018, $9.2 (see Note 20 not may not November 30 No 2019 2018. The core deposit intangible asset, resulting from three not $176,000 $266,000 2019 2018, The estimated amortization expense of the core deposit intangible for the years ending December 31 (Dollar amounts in thousands) Amortization Expense 2020 $ 164 2021 154 2022 149 2023 149 2024 149 Thereafter 482 Total $ 1,247 |
Note 7 - Related Party Balances
Note 7 - Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 7. Related Party Balances and Transactions In the ordinary course of business, the Bank maintains loan and deposit relationships with employees, principal officers and directors and their affiliates. The Bank has granted loans to principal officers and directors and their affiliates amounting to $4.7 $5.3 December 31, 2019 2018, 2019, no $562,000. December 31, 2019 2018 $3.1 $3.2 In addition, directors and their affiliates may ess. The Corporation did not 2019. 2018, one |
Note 8 - Deposits
Note 8 - Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Deposit Liabilities Disclosures [Text Block] | 8. Deposits The following table summarizes the Corporation’s deposits as of December 31: (Dollar amounts in thousands) 2019 2018 Weighted Weighted Type of accounts average rate Amount Percent average rate Amount Percent Non-interest bearing deposits — $ 148,842 18.9 % — $ 148,893 19.5 % Interest bearing demand deposits 0.76 % 420,515 53.4 % 0.52 % 391,054 51.4 % Time deposits 2.17 % 217,767 27.7 % 1.84 % 221,599 29.1 % Total 1.01 % $ 787,124 100.0 % 0.80 % $ 761,546 100.0 % Scheduled maturities of time deposits for the next five (Dollar amounts in thousands) Amount Percent 2020 $ 66,039 30.3 % 2021 54,923 25.2 % 2022 17,110 7.9 % 2023 39,096 17.9 % 2024 34,382 15.8 % Thereafter 6,217 2.9 % Total $ 217,767 100.0 % The Corporation had a total of $67.9 $61.2 $250,000 December 31, 2019 2018, $250,000 December 31, 2019 (Dollar amounts in thousands) Amount Three months or less $ 6,036 Over three months to six months 9,844 Over six months to twelve months 6,749 Over twelve months 45,292 Total $ 67,921 |
Note 9 - Borrowed Funds
Note 9 - Borrowed Funds | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Borrowed Funds The following table summarizes the Corporation’s borrowed funds as of and for the year ended December 31: (Dollar amounts in thousands) 2019 2018 Average Average Average Average Balance Balance Rate Balance Balance Rate Short-term borrowed funds $ 2,050 $ 4,663 3.93% $ 12,850 $ 5,660 3.70% Long-term borrowed funds 26,500 31,845 2.55% 32,500 18,590 2.43% Total $ 28,550 $ 36,508 $ 45,350 $ 24,250 Short-term borrowed funds at December 31, 2019 $2.1 $7.0 5.00%, $10.8 2.62% $2.1 $7.0 5.75% December 31, 2018. Long-term borrowed funds at December 31, 2019 five $5.0 $25.0 2020 2023 1.97% 2.85%. six $ 5.0 $30.0 December 31, 2018. December 31, 2019 $407.4 five 4.75% $250,000 first December 31, 2019 2018, $1.5 $2.5 Scheduled maturities of borrowed funds for the next five (Dollar amounts in thousands) Amount 2020 $ 8,050 2021 10,500 2022 — 2023 10,000 2024 — Thereafter — Total $ 28,550 The Bank maintains a credit arrangement with the FHLB as a source of additional liquidity. The total maximum borrowing capacity with the FHLB, excluding loans outstanding of $25.0 $130.4 December 31, 2019 $252.0 $4.9 |
Note 10 - Regulatory Matters
Note 10 - Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Regulatory Capital Requirements under Banking Regulations [Text Block] | 10. Regulatory Matters Restrictions on Dividends, Loans and Advances The Bank is subject to a regulatory dividend restriction that generally limits the amount of dividends that can be paid by the Bank to the Corporation. Prior regulatory approval is required if the total of all dividends declared in any calendar year exceeds net profits (as defined in the regulations) for the year combined with net retained earnings (as defined) for the two December 31, 2019, $6.7 Loans or advances from the Bank to the Corporation are limited to 10% $6.0 December 31, 2019, no 2018, $2.2 Minimum Regulatory Capital Requirements Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action. In 2018, $1 $3 The final rules implementing Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (BASEL III rules) became effective for the Bank on January 1, 2015 January 1, 2019. 0.0% 2015 2.50% 2019. 2019 2.50% 1.875% 2018. not December 31, 2019, Prompt corrective action regulations provide five not 2019 2018, no The following table sets forth certain information concerning the Bank’s regulatory capital as of the dates presented. The capital adequacy ratios disclosed below are exclusive of the capital conservation buffer. (Dollar amounts in thousands) December 31, 2019 December 31, 2018 Amount Ratio Amount Ratio Total capital to risk-weighted assets: Actual $ 80,418 13.74 % $ 76,344 12.93 % For capital adequacy purposes 46,836 8.00 % 47,252 8.00 % To be well capitalized 58,544 10.00 % 59,065 10.00 % Tier 1 capital to risk-weighted assets: Actual $ 73,862 12.62 % $ 69,836 11.82 % For capital adequacy purposes 35,127 6.00 % 35,439 6.00 % To be well capitalized 46,836 8.00 % 47,252 8.00 % Common Equity Tier 1 capital to risk-weighted assets: Actual $ 73,862 12.62 % $ 69,836 11.82 % For capital adequacy purposes 26,345 4.50 % 26,579 4.50 % To be well capitalized 38,054 6.50 % 38,393 6.50 % Tier 1 capital to average assets: Actual $ 73,862 8.17 % $ 69,836 7.95 % For capital adequacy purposes 36,146 4.00 % 35,126 4.00 % To be well capitalized 45,182 5.00 % 43,908 5.00 % |
Note 11 - Commitments and Legal
Note 11 - Commitments and Legal Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Legal Contingencies In the ordinary course of business, the Corporation has various outstanding commitments and contingent liabilities that are not not not |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes The Corporation and the Bank file a consolidated federal income tax return. The provision for income taxes for the years ended December 31 (Dollar amounts in thousands) 2019 2018 Current $ 1,437 $ 298 Deferred 225 335 Total $ 1,662 $ 633 A reconciliation between the provision for income taxes and the amount computed by multiplying operating results before income taxes by the statutory federal income tax rate of 21% December 31, 2019 2018 (Dollar amounts in thousands) 2019 2018 % Pre-tax % Pre-tax Amount Income Amount Income Provision at statutory tax rate $ 2,019 21.0 % $ 1,017 21.0 % Increase (decrease) resulting from: Tax free interest, net of disallowance (210 ) (2.2 %) (234 ) (4.8 %) Earnings on bank-owned life insurance (85 ) (0.9 %) (71 ) (1.5 %) Tax free gain on retirement of CMFP shares — — (145 ) (3.0 %) Other, net (62 ) (0.6 %) 66 1.4 % Provision $ 1,662 17.3 % $ 633 13.1 % The tax effects of temporary differences between the financial reporting basis and income tax basis of assets and liabilities that are included in the net deferred tax asset as of December 31 (Dollar amounts in thousands) 2019 2018 Deferred tax assets: Allowance for loan losses $ 1,365 $ 1,351 Funded status of pension plan 1,389 1,287 Lease liability 358 — Net unrealized loss on securities 26 401 Deferred compensation 417 391 Accrued incentive compensation 91 148 Nonaccrual loan interest income 40 75 Securities impairment 70 70 Stock compensation 91 69 Other 9 17 Gross deferred tax assets 3,856 3,809 Deferred tax liabilities: Accrued pension liability 1,029 1,044 Depreciation 656 619 Deferred loan fees and costs 555 461 Lease right-of-use asset 317 — Intangible assets 260 215 Business combination adjustments 137 68 Other 51 53 Gross deferred tax liabilities 3,005 2,460 Net deferred tax asset $ 851 $ 1,349 In accordance with relevant accounting guidance, the Corporation determined that it was not not At December 31, 2019 December 31, 2018, no not twelve The Corporation and the Bank are subject to U.S. federal income tax, a capital-based franchise tax in the Commonwealth of Pennsylvania as well as a corporate income tax in West Virginia based on earnings derived from business activity in the state. The Corporation and the Bank are no 2016. |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 13. Employee Benefit Plans Defined Benefit Plan The Corporation provides pension benefits for eligible employees through a defined benefit pension plan. Substantially all employees participate in the retirement plan on a non-contributing basis, and are fully vested after three January 1, 2009, March 12, 2013 not April 30, 2013, not 2013 2013. January 1, 2013. not December 31. Information pertaining to changes in obligations and funded status of the defined benefit pension plan for the years ended December 31 (Dollar amounts in thousands) 2019 2018 Change in plan assets: Fair value of plan assets at beginning of year $ 9,482 $ 10,159 Actual return on plan assets 1,534 (479 ) Employer contribution — 500 Benefits paid (417 ) (698 ) Fair value of plan assets at end of year 10,599 9,482 Change in benefit obligation: Benefit obligation at beginning of year 10,628 11,801 Interest cost 443 423 Actuarial (gain) loss (22 ) 85 Effect of change in assumptions 1,672 (983 ) Benefits paid (417 ) (698 ) Benefit obligation at end of year 12,304 10,628 Funded status (plan assets less benefit obligation) $ (1,705 ) $ (1,146 ) Amounts recognized in accumulated other comprehensive loss consists of: Accumulated net actuarial loss $ 6,616 $ 6,126 Accumulated prior service benefit — — Amount recognized, end of year $ 6,616 $ 6,126 The following table presents the Corporation’s pension plan assets measured and recorded at estimated fair value on a recurring basis and their level within the estimated fair value hierarchy as described in Note 15: (Dollar amounts in thousands) (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Unobservable for Identical Observable Inputs Description Total Assets Inputs December 31, 2019: Money markets $ 385 $ 385 $ — $ — Mutual funds - debt 4,322 4,322 — — Mutual funds - equity 4,981 4,981 — — Emclaire stock 911 911 — — $ 10,599 $ 10,599 $ — $ — December 31, 2018: Money markets $ 77 $ 77 $ — $ — Mutual funds - debt 4,183 4,183 — — Mutual funds - equity 4,373 4,373 — — Emclaire stock 849 849 — — $ 9,482 $ 9,482 $ — $ — There were no 1 2 2019. The accumulated benefit obligation for the defined benefit pension plan was $12.3 $10.6 December 31, 2019 2018, The components of the periodic pension costs and other amounts recognized in other comprehensive income for the years ended December 31 (Dollar amounts in thousands) 2019 2018 Interest cost $ 443 $ 423 Expected return on plan assets (626 ) (672 ) Amortization of prior service beneft and net loss 252 251 Net periodic pension cost 69 2 Amortization of prior service benefit and net loss (252 ) (251 ) Net loss 742 253 Total recognized in other comprehensive loss 490 2 Total recognized in net periodic benefit and other comprehensive loss $ 559 $ 4 The estimated net loss and prior service benefit for the defined benefit pension plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $269,000 December 31, 2019. Weighted-average actuarial assumptions for the years ended December 31 2019 2018 Discount rate for net periodic benefit cost 4.26 % 3.62 % Discount rate for benefit obligations 3.28 % 4.26 % Expected rate of return on plan assets 6.75 % 6.75 % The Corporation’s pension plan asset allocation at December 31, 2019 2018, 2020, Asset Category Target Allocation Percentage of Plan Assets at Year End Weighted-Average Expected Long-Term Rate of Return 2020 2019 2018 2019 Equity securities 55% 56% 55% 5.02% Debt securities 37% 41% 44% 1.70% Money markets 8% 3% 1% 0.03% 100% 100% 100% 6.75% Investment Strategy The intent of the pension plan is to provide a range of investment options for building a diversified asset allocation strategy that will provide the highest likelihood of meeting the aggregate actuarial projections. In selecting the options and asset allocation strategy, the Corporation has determined that the benefits of reduced portfolio risk are best achieved through diversification. The following asset classes or investment categories are utilized to meet the Pension plan’s objectives: Small company stock, International stock, Mid-cap stock, Large company stock, Diversified bond, Money Market/Stable Value and Cash. The pension plan does not The Corporation does currently not 2020. Estimated future benefit payments are as follows: (Dollar amounts in thousands) Pension For year ended December 31, Benefits 2020 $ 450 2021 451 2022 491 2023 492 2024 500 2025-2029 2,715 Defined Contribution Plan The Corporation maintains a defined contribution 401 20% 4% 2019 2018, e $266,000 $235,000, may 2019 2018, $140,000 $124,000, Supplemental Executive Retirement Plan The Corporation maintains a Supplemental Executive Retirement Plan (SERP) to provide certain additional retirement benefits to participating officers. The SERP is subject to certain vesting provisions and provides that the officers shall receive a supplemental retirement benefit if the officer’s employment is terminated after reaching the normal retirement age of 65, December 31, 2019 2018, $1.9 $1.8 December 31, 2019 2018, $224,000 $156,000, |
Note 14 - Stock Compensation Pl
Note 14 - Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 14. Stock Compensation Plans In April 2014, 2014 2014 176,866 19,833 88,433 Incentive stock options, non-incentive or compensatory stock options and share awards may ten may During 2019 2018, 17,950 14,750 $558,000 $456,000, $31.10 $30.90, 100% third not not no 2019 2018. December 31, 2019 2018 $368,000 $269,000, A summary of the status of the Corporation’s nonvested restricted stock awards as of December 31, 2019, Shares Weighted-Average Grant-date Fair Value Nonvested at January 1, 2019 37,250 $ 29.94 Granted 17,950 31.10 Vested (10,000 ) 26.74 Forfeited (750 ) 30.90 Nonvested as of December 31, 2019 44,450 $ 31.11 As of December 31, 2019, $951,000 three |
Note 15 - Fair Values of Financ
Note 15 - Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 15. Fair Values of Financial Instruments The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability's level is based on the lowest level of input that is significant to the fair value measurement. There are three may Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Corporation has the ability to access at the measurement date. Level 2: Significant other observable inputs other than Level 1 not Level 3: Significant unobservable inputs that reflect the Corporation’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Management uses its best judgment in estimating the fair value of the Corporation’s financial instruments; however, there are inherent weaknesses in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates herein are not not may Assets measured at fair value on a recurring basis. Debt securities available for sale, equity securities 1 1 not 2 2 not 3 may 3 For assets measured at fair value on a recurring basis, the fair value measurements by level within the fair value hierarchy are as follows: (Dollar amounts in thousands) (Level 1) (Level 2) (Level 3) Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2019: Securities available-for-sale U.S. government sponsored entities and agencies $ 7,077 $ — $ 7,077 $ — U.S. agency mortgage-backed securities: residential 41,075 — 41,075 — U.S. agency collateralized mortgage obligations: residential 32,837 — 32,837 — State and political subdivision 27,796 — 27,796 — Corporate debt securities 11,322 — 7,072 4,250 Total available-for-sale securities $ 120,107 $ — $ 115,857 $ 4,250 Equity securities $ 19 $ 19 $ — $ — December 31, 2018: Securities available-for-sale U.S. Treasury $ 4,445 $ 4,445 $ — $ — U.S. government sponsored entities and agencies 16,783 — 16,783 — U.S. agency mortgage-backed securities: residential 27,176 — 27,176 — U.S. agency collateralized mortgage obligations: residential 18,664 — 18,664 — State and political subdivisions 22,732 — 22,732 — Corporate debt securities 7,918 — 4,418 3,500 Total available-for-sale securities $ 97,718 $ 4,445 $ 89,773 $ 3,500 Equity securities $ 7 $ 7 $ — $ — The Corporation’s policy is to transfer assets or liabilities from one 2019, 3 2018, 3 2. 2018, $25,000 3 3 December 31, 2019 2018: (Dollar amounts in thousands) 2019 2018 Balance at the beginning of the period $ 3,500 $ 8,132 Total gains or losses (realized/unrealized): Included in earnings — 1 Purchased into Level 3 750 — Sold out of Level 3 — (25 ) Transfers in and/or out of Level 3 — (4,608 ) Balance at the end of the period $ 4,250 $ 3,500 Assets measured at fair value on a non-recurring basis. Impaired loans – At the time a loan is considered impaired, it is valued at the lower of cost or fair value. Impaired loans carried at fair value generally receive a specific allowance for loan losses. For collateral dependent loans, fair value is commonly based on real estate appraisals. These appraisals may 3 may 3 December 31, 2019 2018, not no 2019 2018. Other real estate owned (OREO) – Assets acquired through or instead of foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals. Management’s ongoing review of appraisal information may 3 December 31, 2019, $88,000, $91,000 $3,000. December 31, 2018, $160,000, $415,000 $255,000. Appraisals for both collateral-dependent impaired loans and OREO are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed by the Corporation. Once received, management reviews the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value in comparison with independent data sources such as recent market data or industry-wide statistics. On an annual basis, the Corporation compares the actual selling price of OREO that has been sold to the most recent appraised value to determine what additional adjustment should be made to the appraisal value to arrive at fair value. The most recent analysis performed indicated that a discount of 10% For assets measured at fair value on a non-recurring basis at December 31, 2019 2018, (Dollar amounts in thousands) (Level 1) (Level 2) (Level 3) Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2019: Other real estate owned $ 88 $ — $ — $ 88 Total $ 88 $ — $ — $ 88 December 31, 2018: Other real estate owned $ 160 $ — $ — $ 160 Total $ 160 $ — $ — $ 160 The following table presents quantitative information about Level 3 (Dollar amounts in thousands) Valuation Unobservable Weighted Techniques(s) Input(s) Average December 31, 2019: Other real estate owned $ 88 Sales comparison approach Adjustment for differences between comparable sales 10% December 31, 2018: Other real estate owned $ 160 Sales comparison approach Adjustment for differences between comparable sales 10% Excluded from the tables above at December 31, 2019 2018 $67,000 $61,000, $4,000 $6,000, During the first 2018, 2016 01 December 31: (Dollar amounts in thousands) Carrying Fair Value Measurements using: Description Amount Total Level 1 Level 2 Level 3 December 31, 2019: Financial Assets: Cash and cash equivalents $ 14,986 $ 14,986 $ 14,986 $ — $ — Interest earning time deposits 9,698 9,698 — 9,698 — Securities - available-for-sale 120,107 120,107 — 115,857 4,250 Securities - equities 19 19 19 — — Loans, net 695,348 697,990 — — 697,990 Federal bank stock 5,790 N/A N/A N/A N/A Accrued interest receivable 2,600 2,600 78 419 2,103 Total $ 848,548 $ 845,400 $ 15,083 $ 125,974 $ 704,343 Financial Liabilities: Deposits 787,124 793,999 569,357 224,642 — Borrowed funds 28,550 29,133 — 29,133 — Accrued interest payable 616 616 51 565 — Total $ 816,290 $ 823,748 $ 569,408 $ 254,340 $ — December 31, 2018: Financial Assets: Cash and cash equivalents $ 10,955 $ 10,955 $ 10,955 $ — $ — Interest earning time deposits 6,738 6,738 — 6,738 — Securities - available-for-sale 97,718 97,718 4,445 89,773 3,500 Securities - equities 7 7 7 — — Loans, net 708,664 702,747 — — 702,747 Federal bank stock 6,351 N/A N/A N/A N/A Accrued interest receivable 2,570 2,570 63 351 2,156 Total $ 833,003 $ 820,735 $ 15,470 $ 96,862 $ 708,403 Financial Liabilities: Deposits 761,546 767,009 539,946 227,063 — Borrowed funds 45,350 44,869 — 44,869 — Accrued interest payable 495 495 30 465 — Total $ 807,391 $ 812,373 $ 539,976 $ 272,397 $ — This information should not may not Off-Balance Sheet Financial Instruments The Corporation is party to credit related financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and commercial letters of credit. Commitments to extend credit involve, to a varying degree, elements of credit and interest rate risk in excess of amounts recognized in the consolidated balance sheets. The Corporation’s exposure to credit loss in the event of non-performance by the other party for commitments to extend credit is represented by the contractual amount of these commitments, less any collateral value obtained. The Corporation uses the same credit policies in making commitments as for on-balance sheet instruments. The Corporation’s distribution of commitments to extend credit approximates the distribution of loans receivable outstanding. The following table presents the notional amount of the Corporation’s off-balance sheet commitment financial instruments as of December 31: (Dollar amounts in thousands) 2019 2018 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 1,646 $ 10,840 $ 684 $ 7,450 Unused lines of credit 21,928 88,071 16,287 81,261 Total $ 23,574 $ 98,911 $ 16,971 $ 88,711 Commitments to make loans are generally made for periods of 30 no may may not may Standby letters of credit are conditional commitments issued by the Corporation usually for commercial customers to guarantee the performance of a customer to a third $548,000 $1.0 December 31, 2019 2018, December 31, 2019 2018 not |
Note 16 - Emclaire Financial Co
Note 16 - Emclaire Financial Corp - Condensed Financial Statements, Parent Corporation Only | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 16. Emclaire Financial Corp – Condensed Financial Statements, Parent Corporation Only Following are condensed financial statements for the parent company as of and for the years ended December 31: Condensed Balance Sheets (Dollar amounts in thousands) 2019 2018 Assets: Cash and cash equivalents $ 40 $ 18 Equity in net assets of subsidiaries 84,065 79,302 Goodwill 5,190 5,190 Other assets 171 113 Total Assets $ 89,466 $ 84,623 Liabilities and Stockholders' Equity: Other short-term borrowed funds $ 2,050 $ 2,050 Long-term borrowed funds 1,500 2,500 Accrued expenses and other liabilities 58 65 Stockholders' equity 85,858 80,008 Total Liabilities and Stockholders' Equity $ 89,466 $ 84,623 Condensed Statements of Income (Dollar amounts in thousands) 2019 2018 Income: Dividends from subsidiaries $ 4,688 $ 3,316 Investment income — 10 Net gains on equity securities — 510 Total income 4,688 3,836 Expense: Interest expense 205 272 Noninterest expense 634 539 Total expense 839 811 Income before income taxes and undistributed subsidiary income 3,849 3,025 Undistributed equity in net income of subsidiary 3,922 1,125 Net income before income taxes 7,771 4,150 Income tax benefit 183 61 Net income $ 7,954 $ 4,211 Comprehensive income $ 8,976 $ 3,559 Condensed Statements of Cash Flows (Dollar amounts in thousands) 2019 2018 Operating activities: Net income $ 7,954 $ 4,211 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed equity in net income of subsidiary (3,922 ) (1,125 ) Change in fair value of equity securities — (510 ) Other, net 303 1,323 Net cash provided by operating activities 4,335 3,899 Investing activities: Sales of investment securities — 1,269 Net cash provided by investing activities — 1,269 Financing activities: Net change in borrowings (1,000 ) (2,450 ) Dividends paid (3,313 ) (2,753 ) Net cash used in financing activities (4,313 ) (5,203 ) Increase (decrease) in cash and cash equivalents 22 (35 ) Cash and cash equivalents at beginning of period 18 53 Cash and cash equivalents at end of period $ 40 $ 18 |
Note 17 - Other Noninterest Inc
Note 17 - Other Noninterest Income and Expense | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | 17. Other Noninterest Income and Expense Other noninterest income includes electronic banking fees of $1.4 $1.3 2019 2018, The following summarizes the Corporation’s other noninterest expenses for the years ended December 31: (Dollar amounts in thousands) 2019 2018 Customer bank card processing $ 697 $ 673 Subscriptions 607 513 Telephone and data communications 567 414 Pennsylvania shares and use taxes 482 316 Correspondent bank and courier fees 411 395 Travel, entertainment and conferences 390 337 Internet banking and bill pay 347 416 Item processing 310 — Printing and supplies 278 333 Marketing and advertising 264 292 Charitable contributions 240 220 Regulatory examinations 204 207 Bad checks and other losses 199 197 Postage and freight 169 134 Credit bureau and other loan expense 132 120 Memberships and dues 112 98 Other 225 150 Total other noninterest expenses $ 5,634 $ 4,815 |
Note 18 - Earnings Per Share
Note 18 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 18. Earnings Per Share The factors used in the Corporation’s earnings per share computation follow: (Dollar amounts in thousands, except for per share amounts) For the year ended December 31, 2019 2018 Net income $ 7,954 $ 4,211 Less: Preferred stock dividends 182 91 Net income available to common stockholders $ 7,772 $ 4,120 Average common shares outstanding 2,699,397 2,377,277 Add: Dilutive effects of restricted stock awards 19,349 18,400 Average shares and dilutive potential common shares 2,718,746 2,395,677 Basic earnings per common share $ 2.88 $ 1.73 Diluted earnings per common share $ 2.86 $ 1.72 Restricted stock awards not considered in computing earnings per share because they were antidulitive — — |
Note 19 - Accumulated Other Com
Note 19 - Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 19. Accumulated Other Comprehensive Income (Loss) The following is changes in Accumulated Other Comprehensive Income (Loss) by component, net of tax for the year ending December 31, 2019: (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at January 1, 2019 $ (1,517 ) $ (4,840 ) $ (6,357 ) Other comprehensive income before reclassification 1,471 (586 ) 885 Amounts reclassified from accumulated other comprehensive income (loss) (62 ) 199 137 Net current period other comprehensive income (loss) 1,409 (387 ) 1,022 Accumulated Other Comprehensive Income (Loss) at December 31, 2019 $ (108 ) $ (5,227 ) $ (5,335 ) The following is significant amounts reclassified out of each component of Accumulated Other Comprehensive Income (Loss) for the year ending December 31, 2019: (Dollar amount in thousands) Amount Reclassified Details about Accumulated Other Comprehensive Income Components from Accumulated Other Comprehensive Income For the year ended December 31, 2019 Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ (78 ) Net gain on sale of available-for-sale securities Tax effect 16 Provision for income taxes Total security reclassifications for the period (62 ) Amortization of defined benefit pension items Prior service costs — Other noninterest income Actuarial gains 252 Compensation and employee benefits Total before tax 252 Tax effect (53 ) Provision for income taxes Total defined benefit pension reclassifications for the period 199 Total reclassifications for the period $ 137 Net of tax The following is changes in Accumulated Other Comprehensive Income (Loss) by component, net of tax for the year ending December 31, 2018: (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at January 1, 2018 $ (679 ) $ (4,839 ) $ (5,518 ) Cumulative effect of change in accounting principle for marketable equity securities, net of tax (187 ) — (187 ) Accumulated Other Comprehensive Income (Loss) at January 1, 2018, as adjusted $ (866 ) $ (4,839 ) $ (5,705 ) Other comprehensive income before reclassification (658 ) (200 ) (858 ) Amounts reclassified from accumulated other comprehensive income (loss) 7 199 206 Net current period other comprehensive income (loss) (651 ) (1 ) (652 ) Accumulated Other Comprehensive Income (Loss) at December 31, 2018 $ (1,517 ) $ (4,840 ) $ (6,357 ) The following is significant amounts reclassified out of each component of Accumulated Other Comprehensive Income (Loss) for the year ending December 31, 2018: (Dollar amount in thousands) Amount Reclassified Details about Accumulated Other Comprehensive Income Components from Accumulated Other Comprehensive Income For the year ended December 31, 2018 Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ 9 Net loss on sale of available-for-sale securities Tax effect (2 ) Provision for income taxes Total security reclassifications for the period 7 Amortization of defined benefit pension items Prior service costs — Other noninterest income Actuarial gains 252 Compensation and employee benefits Total before tax 252 Tax effect (53 ) Provision for income taxes Total defined benefit pension reclassifications for the period 199 Total reclassifications for the period $ 206 Net of tax |
Note 20 - Mergers and Acquisiti
Note 20 - Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 20. Mergers and Acquisitions Community First Bancorp, Inc. On October 1, 2018, May 25, 2018, 419,173 $15.6 $2.4 $4.2 420,593 $4.2 18,000 $690,000 The assets and liabilities of CFB were recorded on the Corporation’s consolidated balance sheet at their estimated fair value as of October 1, 2018. Included in the purchase price was goodwill and a core deposit intangible of $9.2 $1.2 not not ten $121,000 2019 five 2020 $121,000 $453,000 2024. The following table summarizes the estimated fair value of the assets acquired, liabilities assumed and consideration transferred in connection with the acquisition: (Dollar amounts in thousands) Assets acquired: Cash and cash equivalents $ 3,986 Securities available for sale — Loans receivable 111,555 Federal bank stocks 190 Accrued interest receivable 288 Premises and equipment 1,321 Core deposit intangible 1,208 Prepaid expenses and other assets 3,341 Total assets acquired 121,889 Liabilities assumed: Deposits 106,149 Overnight borrowings 1,200 Accrued interest payable 61 Accrued expenses and other liabilities 449 Total liabilities assumed 107,859 Identifiable net assets acquired 14,030 Consideration paid: Cash 2,429 Preferred stock 4,206 Previously owned common stock of CFB 931 Common stock 15,636 Total consideration 23,202 Goodwill $ (9,172 ) The fair value of loans was estimated using discounted contractual cash flows. The book balance of the loans at the time of the acquisition was $112.8 not 1.7 $441,000. December 31, 2018 $3.6 $1.5 $531,000, $481,000, $427,000, $330,000, $50,000 $228,000, |
Note 21 - Revenue Recognition
Note 21 - Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 21. Revenue Recognition On January 1, 2018, 2014 09 606 606. not 606. 606, no Service charges on deposits: Electronic banking fees: The following table presents the Corporation's sources of noninterest income for the year ended December 31: (Dollar amounts in thousands) 2019 2018 Noninterest income In-scope of Topic 606: Service charges on deposits Maintenance fees $ 190 $ 160 Overdraft fees 1,657 1,587 Other fees 310 285 Electronic banking fees (1) 1,446 1,344 Noninterest income (in-scope of Topic 606) 3,603 3,376 Noninterest income (out-of-scope of Topic 606) 788 832 Total noninterest income $ 4,391 $ 4,208 ( 1 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Consolidation. ) and Emclaire Settlement Services, LLC (the Title Company). During 2019, |
Nature of Operations [Policy Text Block] | Nature of Operations. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates and Classifications. may not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Significant Group Concentrations of Credit Risk. 2 3 not one |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents. one |
Restrictions on Dividends [Policy Text Block] | Dividend Restrictions. Banking r egulations require maintaining certain capital levels and may |
Marketable Securities, Policy [Policy Text Block] | Securities Available for Sale. Debt securities are classified as available for sale when they might be sold before maturity. Debt securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income from securities includes amortization of purchase premium or discount. Discounts on securities are accreted using the level yield method through the maturity date. Premiums are amortized using the level yield method through the first Management evaluates debt securities for other-than-temporary impairment (OTTI) at least on a quarterly basis, and more frequently when economic, market or other concerns warrant such evaluation. Consideration is given to: ( 1 2 3 4 not not |
Equity Securities [Policy Text Block] | Equity Securities. Equity securities are carried at fair value. The holding gains or losses are reported in net income. |
Financing Receivable [Policy Text Block] | Loans Receivable . The Corporation grants mortgage, commercial and consumer loans to customers. A substantial portion of the loan portfolio is represented by loans collateralized by real estate primarily located throughout Western Pennsylvania. The ability of the Corporation’s debtors to honor their contracts is dependent upon real estate and general economic conditions in this area. Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at their outstanding unpaid principal balances adjusted for charge-offs, the allow The accrual of interest on all classes of loans is typically discontinued at the time the loan is 90 120 90 not |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses. The allowance for loan losses is evaluated on a regular basis by management and is based upon management’s periodic review of the collectability of loans in light of historic experience, the nature and volume of the loan portfolio, adverse situations that may A loan is considered impaired when, based on current information and events, it is probable that the Corporation will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings (TDR) and classified as impaired. Factors considered by management in determining impairment on all loan classes include demonstrated ability to repay, payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not Impairment is measured on a loan by loan basis for commercial loans by either the present value of expected future cash flows discounted at the loans effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral dependent. Large groups of small balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Corporation does not TDRs are separately identified for impairment disclosures and are measured at the present value of estimated future cash flows using the loan’s effective rate at inception. If a TDR is considered to be a collateral dependent loan, the loan is reported, net, at the fair value of collateral. For TDRs that subsequently default, the Corporation determines the amount of reserves in accordance with accounting policies for the allowance for loan losses. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. The general component covers non-impaired loans and is based on historical loss experience adjusted for qualitative factors. The historical loss experience is determined by portfolio segment and is based on the actual loss history experienced by the Corporation over the prior 12 Residential mortgages: may Home equity loans and lines of credit: may Commercial real estate: may Commercial business: may not may Consumer: may |
Financing Receivable, Held-for-sale [Policy Text Block] | Loans Held for Sale. |
Federal Bank Stocks [Policy Text Block] | Federal Bank Stocks. |
Bank Owned Life Insurance [Policy Text Block] | Bank-Owned Life Insurance (BOLI). |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment . twenty-five forty three ten may not |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets . Goodwill results from business acquisitions and represents the excess of the purchase price over the fair value of acquired assets and liabilities. Core deposit intangible assets arise from whole bank or branch acquisitions and are measured at fair value and then are amortized over their estimated useful lives. Customer relationship intangible assets arise from the purchase of a customer list from another company or individual and then are amortized on a straight-line basis over two not November 30 |
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy [Policy Text Block] | Servicing Assets. |
Financing Receivable, Real Estate Acquired Through Foreclosure [Policy Text Block] | Other Real Estate Acquired Through Foreclosure (OREO). Real estate properties acquired through foreclosure are initially recorded at fair value less cost to sell when acquired, thereby establishing a new cost basis for the asset. These assets are subsequently accounted for at the lower of carrying amount or fair value less cost to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. Revenue and expenses from operations of the properties, gains and losses on sales and additions to the valuation allowance are included in operating results. Real estate acquired through foreclosure is classified in prepaid expenses and other assets and totaled $249,000 $701,000 December 31, 2019 2018, $545,000 $811,000 December 31, 2019 2018, |
Treasury Stock [Policy Text Block] | Treasury Stock. first first |
Income Tax, Policy [Policy Text Block] | Income Taxes. not” 50% not not” no |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share (EPS). |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income. |
Segment Reporting, Policy [Policy Text Block] | Operating Segments. one |
Postemployment Benefit Plans, Policy [Policy Text Block] | Retirement Plans. January 1, 2009 March 12, 2013 not April 30, 2013, not 2013 2013. January 1, 2013. not 401 |
Share-based Payment Arrangement [Policy Text Block] | Stock Compensation Plans. not |
Transfers of Financial Assets [Policy Text Block] | Transfers of Financial Assets. 1 2 3 not |
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block] | Off-Balance Sheet Financial Instruments . |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments . |
Commitments and Contingencies, Policy [Policy Text Block] | Loss Contingencies. not |
New Accounting Pronouncements, Policy [Policy Text Block] | Newly Issued Not In June 2016, 2016 13, 326 2016 13 1 2 3 December 15, 2019, October 16, 2019, December 15, 2022. Management has selected a software vendor and is currently working through the implementation process. The Corporation is reviewing available historical information in order to assess the expected credit losses and determine the impact the adoption of ASU 2016 13 In January 2017, 2017 04, 2 not first December 15, 2019. January 1, 2017. not not not not 2 In August 2018, 2018 13, 2018 13 1 2, 3 3 3 December 15, 2019. not 2018 13 In August 2018, 2018 14, 2018 14 one December 15, 2020. not 2018 14 In December 2019, 2019 12, 2019 12 December 15, 2020, 2019 12 Adoption of New Accounting Policies. In February 2016, 2016 02 2016 02 December 15, 2018, January 2018, 2018 01, January 1, 2019 $1.6 $1.8 $171,000, $45,000. 5 21. In March 2017, 2017 08, 310 20 2017 08 December 15, 2018, January 1, 2019 $10,000, $3,000, one December 31, 2019, one September 15, 2020. In August 2017, 2017 12, 815 not not December 15, 2018, not no |
Note 2 - Securities (Tables)
Note 2 - Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | (Dollar amounts in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2019: U.S. government sponsored entities and agencies $ 7,069 $ 14 $ (6 ) $ 7,077 U.S. agency mortgage-backed securities: residential 40,868 291 (84 ) 41,075 U.S. agency collateralized mortgage obligations: residential 33,001 71 (235 ) 32,837 State and political subdivisions 27,848 217 (269 ) 27,796 Corporate debt securities 11,459 93 (230 ) 11,322 Total securities available-for-sale $ 120,245 $ 686 $ (824 ) $ 120,107 December 31, 2018: U.S. Treasury $ 4,532 $ — $ (87 ) $ 4,445 U.S. government sponsored entities and agencies 17,052 30 (299 ) 16,783 U.S. agency mortgage-backed securities: residential 27,666 — (490 ) 27,176 U.S. agency collateralized mortgage obligations: residential 19,440 34 (810 ) 18,664 State and political subdivisions 22,943 13 (224 ) 22,732 Corporate debt securities 8,006 9 (97 ) 7,918 Total securities available-for-sale $ 99,639 $ 86 $ (2,007 ) $ 97,718 |
Schedule of Realized Gain (Loss) [Table Text Block] | 2019 2018 Proceeds $ 36,370 $ 11,482 Gains 135 17 Losses (57 ) (26 ) Tax provision related to gains (losses) 16 (2 ) |
Investments Classified by Contractual Maturity Date [Table Text Block] | (Dollar amounts in thousands) Available-for-sale Amortized Cost Fair Value Due in one year or less $ 265 $ 265 Due after one year through five years 10,072 10,122 Due after five through ten years 13,883 13,848 Due after ten years 22,155 21,960 Mortgage-backed securities: residential 40,868 41,075 Collateralized mortgage obligations: residential 33,001 32,837 Total securities available-for-sale $ 120,245 $ 120,107 |
Schedule of Unrealized Loss on Investments [Table Text Block] | (Dollar amounts in thousands) Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss December 31, 2019: U.S. government sponsored entities and agencies — — 2,032 (6 ) 2,032 (6 ) U.S. agency mortgage-backed securities: residential 14,578 (76 ) 2,325 (8 ) 16,903 (84 ) U.S. agency collateralized mortgage obligations: residential 12,319 (32 ) 11,621 (203 ) 23,940 (235 ) State and political subdivisions 15,636 (269 ) — — 15,636 (269 ) Corporate debt securities 4,031 (229 ) 499 (1 ) 4,530 (230 ) Total $ 46,564 $ (606 ) $ 16,477 $ (218 ) $ 63,041 $ (824 ) December 31, 2018: U.S. Treasury $ — $ — $ 4,445 $ (87 ) $ 4,445 $ (87 ) U.S. government sponsored entities and agencies 2,472 (30 ) 10,337 (269 ) 12,809 (299 ) U.S. agency mortgage-backed securities: residential 19,483 (297 ) 7,693 (193 ) 27,176 (490 ) U.S. agency collateralized mortgage obligations: residential 1,443 (5 ) 15,388 (805 ) 16,831 (810 ) State and political subdivisions 7,061 (67 ) 10,083 (157 ) 17,144 (224 ) Corporate debt securities 962 (38 ) 2,448 (59 ) 3,410 (97 ) Total $ 31,421 $ (437 ) $ 50,394 $ (1,570 ) $ 81,815 $ (2,007 ) |
Note 3 - Loans Receivable and_2
Note 3 - Loans Receivable and Related Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (Dollar amounts in thousands) December 31, 2019 December 31, 2018 Mortgage loans on real estate: Residential first mortgages $ 293,170 $ 295,405 Home equity loans and lines of credit 97,541 103,752 Commercial real estate 229,951 238,734 Total real estate loans 620,662 637,891 Other loans: Commercial business 66,603 66,009 Consumer 14,639 11,272 Total other loans 81,242 77,281 Total loans, gross 701,904 715,172 Less allowance for loan losses 6,556 6,508 Total loans, net $ 695,348 $ 708,664 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Balance at the beginning of the year $ 6,508 $ 6,127 Provision for loan losses 715 1,280 Charge-offs (913 ) (989 ) Recoveries 246 90 Balance at the end of the year $ 6,556 $ 6,508 Home Equity Residential & Lines Commercial Commercial (Dollar amounts in thousands) Mortgages of Credit Real Estate Business Consumer Total December 31, 2019: Beginning Balance $ 2,198 $ 648 $ 3,106 $ 500 $ 56 $ 6,508 Charge-offs (227 ) (61 ) (242 ) (250 ) (133 ) (913 ) Recoveries 40 6 134 — 66 246 Provision 298 33 (100 ) 386 98 715 Ending Balance $ 2,309 $ 626 $ 2,898 $ 636 $ 87 $ 6,556 Ending ALL balance attributable to loans: Individually evaluated for impairment $ 5 $ — $ — $ — $ — $ 5 Acquired loans collectively evaluated for impairment — — — — — — Originated loans collectively evaluated for impairment 2,304 626 2,898 636 87 6,551 Total $ 2,309 $ 626 $ 2,898 $ 636 $ 87 $ 6,556 Total loans: Individually evaluated for impairment $ 358 $ 4 $ 81 $ 40 $ — $ 483 Acquired loans collectively evaluated for impairment 60,523 10,901 41,993 7,930 1,982 123,329 Originated loans collectively evaluated for impairment 232,289 86,636 187,877 58,633 12,657 578,092 Total $ 293,170 $ 97,541 $ 229,951 $ 66,603 $ 14,639 $ 701,904 At December 31, 2018: Beginning Balance $ 2,090 $ 646 $ 2,753 $ 585 $ 53 $ 6,127 Charge-offs (71 ) (155 ) (484 ) — (279 ) (989 ) Recoveries 3 14 48 1 24 90 Provision 176 143 789 (86 ) 258 1,280 Ending Balance $ 2,198 $ 648 $ 3,106 $ 500 $ 56 $ 6,508 Ending ALL balance attributable to loans: Individually evaluated for impairment $ 12 $ — $ — $ — $ — $ 12 Acquired loans collectively evaluated for impairment — — — — — — Originated loans collectively evaluated for impairment 2,186 648 3,106 500 56 6,496 Total $ 2,198 $ 648 $ 3,106 $ 500 $ 56 $ 6,508 Total loans: Individually evaluated for impairment $ 389 $ 6 $ 34 $ 39 $ — $ 468 Acquired loans collectively evaluated for impairment 72,654 13,750 56,690 12,974 3,306 159,374 Originated loans collectively evaluated for impairment 222,362 89,996 182,010 52,996 7,966 555,330 Total $ 295,405 $ 103,752 $ 238,734 $ 66,009 $ 11,272 $ 715,172 |
Impaired Financing Receivables [Table Text Block] | (Dollar amounts in thousands) Impaired Loans with Specific Allowance As of December 31, 2019 For the year ended December 31, 2019 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 72 $ 72 $ 5 $ 72 $ 3 $ 3 Home equity and lines of credit 4 4 — 5 — — Commercial real estate — — — — — — Commercial business — — — — — — Consumer — — — — — — Total $ 76 $ 76 $ 5 $ 77 $ 3 $ 3 Impaired Loans with No Specific Allowance As of December 31, 2019 For the year ended December 31, 2019 Unpaid Principal Balance Recorded Investment Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 398 $ 286 $ 301 $ 4 $ 4 Home equity and lines of credit — — — — — Commercial real estate 81 81 1,019 88 35 Commercial business 40 40 79 7 2 Consumer — — — — — Total $ 519 $ 407 $ 1,399 $ 99 $ 41 (Dollar amounts in thousands) Impaired Loans with Specific Allowance As of December 31, 2018 For the year ended December 31, 2018 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 74 $ 74 $ 12 $ 74 $ 2 $ 2 Home equity and lines of credit 6 6 — 7 — — Commercial real estate — — — — — — Commercial business — — — — — — Consumer — — — — — — Total $ 80 $ 80 $ 12 $ 81 $ 2 $ 2 Impaired Loans with No Specific Allowance As of December 31, 2018 For the year ended December 31, 2018 Unpaid Principal Balance Recorded Investment Average Recorded Investment Interest Income Recognized in Period Cash Basis Interest Recognized in Period Residential first mortgages $ 427 $ 315 $ 334 $ 5 $ 5 Home equity and lines of credit — — — — — Commercial real estate 34 34 768 156 73 Commercial business 39 39 248 74 74 Consumer — — — — — Total $ 500 $ 388 $ 1,350 $ 235 $ 152 |
Financing Receivable Credit Quality Indicators [Table Text Block] | (Dollar amounts in thousands) Not Rated Pass Special Mention Substandard Doubtful Total December 31, 2019: Residential first mortgages $ 291,843 $ — $ — $ 1,327 $ — $ 293,170 Home equity and lines of credit 97,087 — — 454 — 97,541 Commercial real estate — 216,744 5,370 7,837 — 229,951 Commercial business — 64,636 204 1,763 — 66,603 Consumer 14,557 — — 82 — 14,639 Total loans $ 403,487 $ 281,380 $ 5,574 $ 11,463 $ — $ 701,904 December 31, 2018: Residential first mortgages $ 293,919 $ — $ — $ 1,486 $ — $ 295,405 Home equity and lines of credit 102,869 — — 883 — 103,752 Commercial real estate — 222,335 5,942 10,457 — 238,734 Commercial business — 62,022 542 3,445 — 66,009 Consumer 11,157 — — 115 — 11,272 Total loans $ 407,945 $ 284,357 $ 6,484 $ 16,386 $ — $ 715,172 |
Financing Receivable, Past Due [Table Text Block] | (Dollar amounts in thousands) Performing Nonperforming Accruing Loans Not Past Due Accruing 30-59 Days Past Due Accruing 60-89 Days Past Due Accruing 90+ Days Past Due Nonaccrual Total December 31, 2019: Residential first mortgages $ 288,462 $ 2,405 $ 1,039 $ 309 $ 955 $ 293,170 Home equity and lines of credit 95,923 626 553 11 428 97,541 Commercial real estate 226,360 2,141 543 — 907 229,951 Commercial business 66,091 225 72 — 215 66,603 Consumer 14,458 84 15 — 82 14,639 Total loans $ 691,294 $ 5,481 $ 2,222 $ 320 $ 2,587 $ 701,904 December 31, 2018: Residential first mortgages $ 289,732 $ 3,586 $ 747 $ 485 $ 855 $ 295,405 Home equity and lines of credit 101,920 707 351 287 487 103,752 Commercial real estate 232,865 5,013 231 19 606 238,734 Commercial business 65,538 50 247 — 174 66,009 Consumer 10,961 160 36 — 115 11,272 Total loans $ 701,016 $ 9,516 $ 1,612 $ 791 $ 2,237 $ 715,172 |
Financing Receivable, Nonaccrual [Table Text Block] | (Dollar amounts in thousands) Not Past Due 30-59 Days Past Due 60-89 Days Past Due 90 Days + Past Due Total December 31, 2019: Residential first mortgages $ 245 $ — $ 72 $ 638 $ 955 Home equity and lines of credit 4 — — 424 428 Commercial real estate 28 309 31 539 907 Commercial business — — 175 40 215 Consumer — — — 82 82 Total loans $ 277 $ 309 $ 278 $ 1,723 $ 2,587 December 31, 2018: Residential first mortgages $ 335 $ — $ 74 $ 446 $ 855 Home equity and lines of credit 6 — — 481 487 Commercial real estate 111 265 — 230 606 Commercial business — — 39 135 174 Consumer — — — 115 115 Total loans $ 452 $ 265 $ 113 $ 1,407 $ 2,237 |
Note 5 - Premises, Equipment _2
Note 5 - Premises, Equipment and Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Land $ 5,269 $ 5,129 Buildings and improvements 15,127 15,008 Leasehold improvements 1,522 1,519 Furniture, fixtures and equipment 10,539 9,157 Software 3,397 3,347 Construction in progress 321 576 Total 36,175 34,736 Less: accumulated depreciation and amortization 17,134 15,825 Net premises and equipment $ 19,041 $ 18,911 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | (Dollar amounts in thousands) Year ending December 31: 2020 $ 212 2021 217 2022 222 2023 222 2024 227 Thereafter 1,063 Total minimum lease payments 2,163 Discount effect of cash flows (456 ) Present value of lease liabilities $ 1,707 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | (Dollar amounts in thousands) December 31, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Goodwill $ 19,460 $ — $ 19,448 $ — Core deposit intangibles 5,634 4,387 5,634 4,211 Total $ 25,094 $ 4,387 $ 25,082 $ 4,211 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | (Dollar amounts in thousands) Amortization Expense 2020 $ 164 2021 154 2022 149 2023 149 2024 149 Thereafter 482 Total $ 1,247 |
Note 8 - Deposits (Tables)
Note 8 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Deposit Liabilities, Type [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Weighted Weighted Type of accounts average rate Amount Percent average rate Amount Percent Non-interest bearing deposits — $ 148,842 18.9 % — $ 148,893 19.5 % Interest bearing demand deposits 0.76 % 420,515 53.4 % 0.52 % 391,054 51.4 % Time deposits 2.17 % 217,767 27.7 % 1.84 % 221,599 29.1 % Total 1.01 % $ 787,124 100.0 % 0.80 % $ 761,546 100.0 % |
Time Deposit Maturities [Table Text Block] | (Dollar amounts in thousands) Amount Percent 2020 $ 66,039 30.3 % 2021 54,923 25.2 % 2022 17,110 7.9 % 2023 39,096 17.9 % 2024 34,382 15.8 % Thereafter 6,217 2.9 % Total $ 217,767 100.0 % |
Schedule of Maturities Time Deposits 250,000 or More [Table Text Block] | (Dollar amounts in thousands) Amount Three months or less $ 6,036 Over three months to six months 9,844 Over six months to twelve months 6,749 Over twelve months 45,292 Total $ 67,921 |
Note 9 - Borrowed Funds (Tables
Note 9 - Borrowed Funds (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Average Average Average Average Balance Balance Rate Balance Balance Rate Short-term borrowed funds $ 2,050 $ 4,663 3.93% $ 12,850 $ 5,660 3.70% Long-term borrowed funds 26,500 31,845 2.55% 32,500 18,590 2.43% Total $ 28,550 $ 36,508 $ 45,350 $ 24,250 |
Schedule of Maturities of Debt [Table Text Block] | (Dollar amounts in thousands) Amount 2020 $ 8,050 2021 10,500 2022 — 2023 10,000 2024 — Thereafter — Total $ 28,550 |
Note 10 - Regulatory Matters (T
Note 10 - Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | (Dollar amounts in thousands) December 31, 2019 December 31, 2018 Amount Ratio Amount Ratio Total capital to risk-weighted assets: Actual $ 80,418 13.74 % $ 76,344 12.93 % For capital adequacy purposes 46,836 8.00 % 47,252 8.00 % To be well capitalized 58,544 10.00 % 59,065 10.00 % Tier 1 capital to risk-weighted assets: Actual $ 73,862 12.62 % $ 69,836 11.82 % For capital adequacy purposes 35,127 6.00 % 35,439 6.00 % To be well capitalized 46,836 8.00 % 47,252 8.00 % Common Equity Tier 1 capital to risk-weighted assets: Actual $ 73,862 12.62 % $ 69,836 11.82 % For capital adequacy purposes 26,345 4.50 % 26,579 4.50 % To be well capitalized 38,054 6.50 % 38,393 6.50 % Tier 1 capital to average assets: Actual $ 73,862 8.17 % $ 69,836 7.95 % For capital adequacy purposes 36,146 4.00 % 35,126 4.00 % To be well capitalized 45,182 5.00 % 43,908 5.00 % |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Current $ 1,437 $ 298 Deferred 225 335 Total $ 1,662 $ 633 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | (Dollar amounts in thousands) 2019 2018 % Pre-tax % Pre-tax Amount Income Amount Income Provision at statutory tax rate $ 2,019 21.0 % $ 1,017 21.0 % Increase (decrease) resulting from: Tax free interest, net of disallowance (210 ) (2.2 %) (234 ) (4.8 %) Earnings on bank-owned life insurance (85 ) (0.9 %) (71 ) (1.5 %) Tax free gain on retirement of CMFP shares — — (145 ) (3.0 %) Other, net (62 ) (0.6 %) 66 1.4 % Provision $ 1,662 17.3 % $ 633 13.1 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Deferred tax assets: Allowance for loan losses $ 1,365 $ 1,351 Funded status of pension plan 1,389 1,287 Lease liability 358 — Net unrealized loss on securities 26 401 Deferred compensation 417 391 Accrued incentive compensation 91 148 Nonaccrual loan interest income 40 75 Securities impairment 70 70 Stock compensation 91 69 Other 9 17 Gross deferred tax assets 3,856 3,809 Deferred tax liabilities: Accrued pension liability 1,029 1,044 Depreciation 656 619 Deferred loan fees and costs 555 461 Lease right-of-use asset 317 — Intangible assets 260 215 Business combination adjustments 137 68 Other 51 53 Gross deferred tax liabilities 3,005 2,460 Net deferred tax asset $ 851 $ 1,349 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Change in plan assets: Fair value of plan assets at beginning of year $ 9,482 $ 10,159 Actual return on plan assets 1,534 (479 ) Employer contribution — 500 Benefits paid (417 ) (698 ) Fair value of plan assets at end of year 10,599 9,482 Change in benefit obligation: Benefit obligation at beginning of year 10,628 11,801 Interest cost 443 423 Actuarial (gain) loss (22 ) 85 Effect of change in assumptions 1,672 (983 ) Benefits paid (417 ) (698 ) Benefit obligation at end of year 12,304 10,628 Funded status (plan assets less benefit obligation) $ (1,705 ) $ (1,146 ) Amounts recognized in accumulated other comprehensive loss consists of: Accumulated net actuarial loss $ 6,616 $ 6,126 Accumulated prior service benefit — — Amount recognized, end of year $ 6,616 $ 6,126 |
Schedule of Allocation of Plan Assets [Table Text Block] | (Dollar amounts in thousands) (Level 1) (Level 2) (Level 3) Quoted Prices in Significant Significant Active Markets Other Unobservable for Identical Observable Inputs Description Total Assets Inputs December 31, 2019: Money markets $ 385 $ 385 $ — $ — Mutual funds - debt 4,322 4,322 — — Mutual funds - equity 4,981 4,981 — — Emclaire stock 911 911 — — $ 10,599 $ 10,599 $ — $ — December 31, 2018: Money markets $ 77 $ 77 $ — $ — Mutual funds - debt 4,183 4,183 — — Mutual funds - equity 4,373 4,373 — — Emclaire stock 849 849 — — $ 9,482 $ 9,482 $ — $ — |
Schedule of Net Benefit Costs [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Interest cost $ 443 $ 423 Expected return on plan assets (626 ) (672 ) Amortization of prior service beneft and net loss 252 251 Net periodic pension cost 69 2 Amortization of prior service benefit and net loss (252 ) (251 ) Net loss 742 253 Total recognized in other comprehensive loss 490 2 Total recognized in net periodic benefit and other comprehensive loss $ 559 $ 4 |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | 2019 2018 Discount rate for net periodic benefit cost 4.26 % 3.62 % Discount rate for benefit obligations 3.28 % 4.26 % Expected rate of return on plan assets 6.75 % 6.75 % |
Schedule of Pension Plan Assets Allocation [Table Text Block] | Asset Category Target Allocation Percentage of Plan Assets at Year End Weighted-Average Expected Long-Term Rate of Return 2020 2019 2018 2019 Equity securities 55% 56% 55% 5.02% Debt securities 37% 41% 44% 1.70% Money markets 8% 3% 1% 0.03% 100% 100% 100% 6.75% |
Schedule of Expected Benefit Payments [Table Text Block] | (Dollar amounts in thousands) Pension For year ended December 31, Benefits 2020 $ 450 2021 451 2022 491 2023 492 2024 500 2025-2029 2,715 |
Note 14 - Stock Compensation _2
Note 14 - Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Shares Weighted-Average Grant-date Fair Value Nonvested at January 1, 2019 37,250 $ 29.94 Granted 17,950 31.10 Vested (10,000 ) 26.74 Forfeited (750 ) 30.90 Nonvested as of December 31, 2019 44,450 $ 31.11 |
Note 15 - Fair Values of Fina_2
Note 15 - Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | (Dollar amounts in thousands) (Level 1) (Level 2) (Level 3) Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2019: Securities available-for-sale U.S. government sponsored entities and agencies $ 7,077 $ — $ 7,077 $ — U.S. agency mortgage-backed securities: residential 41,075 — 41,075 — U.S. agency collateralized mortgage obligations: residential 32,837 — 32,837 — State and political subdivision 27,796 — 27,796 — Corporate debt securities 11,322 — 7,072 4,250 Total available-for-sale securities $ 120,107 $ — $ 115,857 $ 4,250 Equity securities $ 19 $ 19 $ — $ — December 31, 2018: Securities available-for-sale U.S. Treasury $ 4,445 $ 4,445 $ — $ — U.S. government sponsored entities and agencies 16,783 — 16,783 — U.S. agency mortgage-backed securities: residential 27,176 — 27,176 — U.S. agency collateralized mortgage obligations: residential 18,664 — 18,664 — State and political subdivisions 22,732 — 22,732 — Corporate debt securities 7,918 — 4,418 3,500 Total available-for-sale securities $ 97,718 $ 4,445 $ 89,773 $ 3,500 Equity securities $ 7 $ 7 $ — $ — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Balance at the beginning of the period $ 3,500 $ 8,132 Total gains or losses (realized/unrealized): Included in earnings — 1 Purchased into Level 3 750 — Sold out of Level 3 — (25 ) Transfers in and/or out of Level 3 — (4,608 ) Balance at the end of the period $ 4,250 $ 3,500 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | (Dollar amounts in thousands) (Level 1) (Level 2) (Level 3) Description Total Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs December 31, 2019: Other real estate owned $ 88 $ — $ — $ 88 Total $ 88 $ — $ — $ 88 December 31, 2018: Other real estate owned $ 160 $ — $ — $ 160 Total $ 160 $ — $ — $ 160 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | (Dollar amounts in thousands) Valuation Unobservable Weighted Techniques(s) Input(s) Average December 31, 2019: Other real estate owned $ 88 Sales comparison approach Adjustment for differences between comparable sales 10% December 31, 2018: Other real estate owned $ 160 Sales comparison approach Adjustment for differences between comparable sales 10% |
Fair Value, by Balance Sheet Grouping [Table Text Block] | (Dollar amounts in thousands) Carrying Fair Value Measurements using: Description Amount Total Level 1 Level 2 Level 3 December 31, 2019: Financial Assets: Cash and cash equivalents $ 14,986 $ 14,986 $ 14,986 $ — $ — Interest earning time deposits 9,698 9,698 — 9,698 — Securities - available-for-sale 120,107 120,107 — 115,857 4,250 Securities - equities 19 19 19 — — Loans, net 695,348 697,990 — — 697,990 Federal bank stock 5,790 N/A N/A N/A N/A Accrued interest receivable 2,600 2,600 78 419 2,103 Total $ 848,548 $ 845,400 $ 15,083 $ 125,974 $ 704,343 Financial Liabilities: Deposits 787,124 793,999 569,357 224,642 — Borrowed funds 28,550 29,133 — 29,133 — Accrued interest payable 616 616 51 565 — Total $ 816,290 $ 823,748 $ 569,408 $ 254,340 $ — December 31, 2018: Financial Assets: Cash and cash equivalents $ 10,955 $ 10,955 $ 10,955 $ — $ — Interest earning time deposits 6,738 6,738 — 6,738 — Securities - available-for-sale 97,718 97,718 4,445 89,773 3,500 Securities - equities 7 7 7 — — Loans, net 708,664 702,747 — — 702,747 Federal bank stock 6,351 N/A N/A N/A N/A Accrued interest receivable 2,570 2,570 63 351 2,156 Total $ 833,003 $ 820,735 $ 15,470 $ 96,862 $ 708,403 Financial Liabilities: Deposits 761,546 767,009 539,946 227,063 — Borrowed funds 45,350 44,869 — 44,869 — Accrued interest payable 495 495 30 465 — Total $ 807,391 $ 812,373 $ 539,976 $ 272,397 $ — |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to make loans $ 1,646 $ 10,840 $ 684 $ 7,450 Unused lines of credit 21,928 88,071 16,287 81,261 Total $ 23,574 $ 98,911 $ 16,971 $ 88,711 |
Note 16 - Emclaire Financial _2
Note 16 - Emclaire Financial Corp - Condensed Financial Statements, Parent Corporation Only (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | Condensed Balance Sheets (Dollar amounts in thousands) 2019 2018 Assets: Cash and cash equivalents $ 40 $ 18 Equity in net assets of subsidiaries 84,065 79,302 Goodwill 5,190 5,190 Other assets 171 113 Total Assets $ 89,466 $ 84,623 Liabilities and Stockholders' Equity: Other short-term borrowed funds $ 2,050 $ 2,050 Long-term borrowed funds 1,500 2,500 Accrued expenses and other liabilities 58 65 Stockholders' equity 85,858 80,008 Total Liabilities and Stockholders' Equity $ 89,466 $ 84,623 |
Condensed Income Statement [Table Text Block] | Condensed Statements of Income (Dollar amounts in thousands) 2019 2018 Income: Dividends from subsidiaries $ 4,688 $ 3,316 Investment income — 10 Net gains on equity securities — 510 Total income 4,688 3,836 Expense: Interest expense 205 272 Noninterest expense 634 539 Total expense 839 811 Income before income taxes and undistributed subsidiary income 3,849 3,025 Undistributed equity in net income of subsidiary 3,922 1,125 Net income before income taxes 7,771 4,150 Income tax benefit 183 61 Net income $ 7,954 $ 4,211 Comprehensive income $ 8,976 $ 3,559 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows (Dollar amounts in thousands) 2019 2018 Operating activities: Net income $ 7,954 $ 4,211 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed equity in net income of subsidiary (3,922 ) (1,125 ) Change in fair value of equity securities — (510 ) Other, net 303 1,323 Net cash provided by operating activities 4,335 3,899 Investing activities: Sales of investment securities — 1,269 Net cash provided by investing activities — 1,269 Financing activities: Net change in borrowings (1,000 ) (2,450 ) Dividends paid (3,313 ) (2,753 ) Net cash used in financing activities (4,313 ) (5,203 ) Increase (decrease) in cash and cash equivalents 22 (35 ) Cash and cash equivalents at beginning of period 18 53 Cash and cash equivalents at end of period $ 40 $ 18 |
Note 17 - Other Noninterest I_2
Note 17 - Other Noninterest Income and Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Customer bank card processing $ 697 $ 673 Subscriptions 607 513 Telephone and data communications 567 414 Pennsylvania shares and use taxes 482 316 Correspondent bank and courier fees 411 395 Travel, entertainment and conferences 390 337 Internet banking and bill pay 347 416 Item processing 310 — Printing and supplies 278 333 Marketing and advertising 264 292 Charitable contributions 240 220 Regulatory examinations 204 207 Bad checks and other losses 199 197 Postage and freight 169 134 Credit bureau and other loan expense 132 120 Memberships and dues 112 98 Other 225 150 Total other noninterest expenses $ 5,634 $ 4,815 |
Note 18 - Earnings Per Share (T
Note 18 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | (Dollar amounts in thousands, except for per share amounts) For the year ended December 31, 2019 2018 Net income $ 7,954 $ 4,211 Less: Preferred stock dividends 182 91 Net income available to common stockholders $ 7,772 $ 4,120 Average common shares outstanding 2,699,397 2,377,277 Add: Dilutive effects of restricted stock awards 19,349 18,400 Average shares and dilutive potential common shares 2,718,746 2,395,677 Basic earnings per common share $ 2.88 $ 1.73 Diluted earnings per common share $ 2.86 $ 1.72 Restricted stock awards not considered in computing earnings per share because they were antidulitive — — |
Note 19 - Accumulated Other C_2
Note 19 - Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at January 1, 2019 $ (1,517 ) $ (4,840 ) $ (6,357 ) Other comprehensive income before reclassification 1,471 (586 ) 885 Amounts reclassified from accumulated other comprehensive income (loss) (62 ) 199 137 Net current period other comprehensive income (loss) 1,409 (387 ) 1,022 Accumulated Other Comprehensive Income (Loss) at December 31, 2019 $ (108 ) $ (5,227 ) $ (5,335 ) (Dollar amounts in thousands) Unrealized Gains and Losses on Available-for-Sale Securities Defined Benefit Pension Items Totals Accumulated Other Comprehensive Income (Loss) at January 1, 2018 $ (679 ) $ (4,839 ) $ (5,518 ) Cumulative effect of change in accounting principle for marketable equity securities, net of tax (187 ) — (187 ) Accumulated Other Comprehensive Income (Loss) at January 1, 2018, as adjusted $ (866 ) $ (4,839 ) $ (5,705 ) Other comprehensive income before reclassification (658 ) (200 ) (858 ) Amounts reclassified from accumulated other comprehensive income (loss) 7 199 206 Net current period other comprehensive income (loss) (651 ) (1 ) (652 ) Accumulated Other Comprehensive Income (Loss) at December 31, 2018 $ (1,517 ) $ (4,840 ) $ (6,357 ) |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | (Dollar amount in thousands) Amount Reclassified Details about Accumulated Other Comprehensive Income Components from Accumulated Other Comprehensive Income For the year ended December 31, 2019 Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ (78 ) Net gain on sale of available-for-sale securities Tax effect 16 Provision for income taxes Total security reclassifications for the period (62 ) Amortization of defined benefit pension items Prior service costs — Other noninterest income Actuarial gains 252 Compensation and employee benefits Total before tax 252 Tax effect (53 ) Provision for income taxes Total defined benefit pension reclassifications for the period 199 Total reclassifications for the period $ 137 Net of tax (Dollar amount in thousands) Amount Reclassified Details about Accumulated Other Comprehensive Income Components from Accumulated Other Comprehensive Income For the year ended December 31, 2018 Affected Line Item in the Statement Where Net Income is Presented Unrealized gains and losses on available-for-sale securities $ 9 Net loss on sale of available-for-sale securities Tax effect (2 ) Provision for income taxes Total security reclassifications for the period 7 Amortization of defined benefit pension items Prior service costs — Other noninterest income Actuarial gains 252 Compensation and employee benefits Total before tax 252 Tax effect (53 ) Provision for income taxes Total defined benefit pension reclassifications for the period 199 Total reclassifications for the period $ 206 Net of tax |
Note 20 - Mergers and Acquisi_2
Note 20 - Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (Dollar amounts in thousands) Assets acquired: Cash and cash equivalents $ 3,986 Securities available for sale — Loans receivable 111,555 Federal bank stocks 190 Accrued interest receivable 288 Premises and equipment 1,321 Core deposit intangible 1,208 Prepaid expenses and other assets 3,341 Total assets acquired 121,889 Liabilities assumed: Deposits 106,149 Overnight borrowings 1,200 Accrued interest payable 61 Accrued expenses and other liabilities 449 Total liabilities assumed 107,859 Identifiable net assets acquired 14,030 Consideration paid: Cash 2,429 Preferred stock 4,206 Previously owned common stock of CFB 931 Common stock 15,636 Total consideration 23,202 Goodwill $ (9,172 ) |
Note 21 - Revenue Recognition (
Note 21 - Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | (Dollar amounts in thousands) 2019 2018 Noninterest income In-scope of Topic 606: Service charges on deposits Maintenance fees $ 190 $ 160 Overdraft fees 1,657 1,587 Other fees 310 285 Electronic banking fees (1) 1,446 1,344 Noninterest income (in-scope of Topic 606) 3,603 3,376 Noninterest income (out-of-scope of Topic 606) 788 832 Total noninterest income $ 4,391 $ 4,208 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Real Estate Acquired Through Foreclosure | $ 249,000 | $ 701,000 | |
Mortgage Loans in Process of Foreclosure, Amount | 545,000 | 811,000 | |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 38,831,000 | $ 34,371,000 | |
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | $ 1,600,000 | ||
Operating Lease, Liability, Total | 1,800,000 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | 171,000 | ||
Deferred Income Tax Assets, Net, Total | (45,000) | ||
Accounting Standards Update 2017-08 [Member] | |||
Retained Earnings (Accumulated Deficit), Ending Balance | 10,000 | ||
Deferred Income Tax Assets, Net, Total | $ (3,000) | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 25 years | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 40 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years |
Note 2 - Securities (Details Te
Note 2 - Securities (Details Textual) | Oct. 01, 2018USD ($)shares | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Equity Securities, FV-NI | $ 19,000 | $ 7,000 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | 12,000 | (10,000) | |
Equity Securities Sold, Amount | 1,300,000 | ||
Equity Securities, FV-NI, Realized Gain (Loss), Total | (43,000) | ||
Debt Securities, Available-for-sale, Restricted | $ 22,100,000 | $ 20,600,000 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 78 | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 29 | ||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | $ 0 | ||
US States and Political Subdivisions Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 30 | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 23 | ||
Collateralized Mortgage Backed Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 13 | ||
Corporate Debt Securities [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 10 | ||
US Treasury and Government [Member] | |||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | 2 | ||
Community First [Member] | |||
Equity Securities, FV-NI, Realized Gain (Loss), Total | $ 690,000 | ||
Investment Owned, Balance, Shares | shares | 18,000 |
Note 2 - Securities - Summary o
Note 2 - Securities - Summary of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt securities, amortized cost | $ 120,245 | $ 99,639 |
Debt securities, gross unrealized gains | 686 | 86 |
Debt securities, gross unrealized gains | (824) | (2,007) |
Debt securities, fair value | 120,107 | 97,718 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Debt securities, amortized cost | 7,069 | 17,052 |
Debt securities, gross unrealized gains | 14 | 30 |
Debt securities, gross unrealized gains | (6) | (299) |
Debt securities, fair value | 7,077 | 16,783 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Debt securities, amortized cost | 40,868 | 27,666 |
Debt securities, gross unrealized gains | 291 | |
Debt securities, gross unrealized gains | (84) | (490) |
Debt securities, fair value | 41,075 | 27,176 |
Collateralized Mortgage Obligations [Member] | ||
Debt securities, amortized cost | 33,001 | 19,440 |
Debt securities, gross unrealized gains | 71 | 34 |
Debt securities, gross unrealized gains | (235) | (810) |
Debt securities, fair value | 32,837 | 18,664 |
US States and Political Subdivisions Debt Securities [Member] | ||
Debt securities, amortized cost | 27,848 | 22,943 |
Debt securities, gross unrealized gains | 217 | 13 |
Debt securities, gross unrealized gains | (269) | (224) |
Debt securities, fair value | 27,796 | 22,732 |
Corporate Debt Securities [Member] | ||
Debt securities, amortized cost | 11,459 | 8,006 |
Debt securities, gross unrealized gains | 93 | 9 |
Debt securities, gross unrealized gains | (230) | (97) |
Debt securities, fair value | $ 11,322 | 7,918 |
US Treasury and Government [Member] | ||
Debt securities, amortized cost | 4,532 | |
Debt securities, gross unrealized gains | ||
Debt securities, gross unrealized gains | (87) | |
Debt securities, fair value | $ 4,445 |
Note 2 - Securities - Gains on
Note 2 - Securities - Gains on Sales of Available for Sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Proceeds | $ 36,370 | $ 11,482 |
Gains | 135 | 17 |
Losses | (57) | (26) |
Tax provision related to gains (losses) | $ 16 | $ (2) |
Note 2 - Securities - Maturity
Note 2 - Securities - Maturity of Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Due in one year or less, amortized cost | $ 265 | |
Due in one year or less, fair value | 265 | |
Due after one year through five years, amortized cost | 10,072 | |
Due after one year through five years, fair value | 10,122 | |
Due after five through ten years, amortized cost | 13,883 | |
Due after five through ten years, fair value | 13,848 | |
Due after ten years, amortized cost | 22,155 | |
Due after ten years, fair value | 21,960 | |
Debt securities, amortized cost | 120,245 | $ 99,639 |
Debt securities, fair value | 120,107 | 97,718 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities without maturity date, amortized cost | 40,868 | |
Securities without maturity date, fair value | 41,075 | |
Debt securities, amortized cost | 40,868 | 27,666 |
Debt securities, fair value | 41,075 | 27,176 |
Collateralized Mortgage Obligations [Member] | ||
Securities without maturity date, amortized cost | 33,001 | |
Securities without maturity date, fair value | 32,837 | |
Debt securities, amortized cost | 33,001 | 19,440 |
Debt securities, fair value | $ 32,837 | $ 18,664 |
Note 2 - Securities - Securitie
Note 2 - Securities - Securities in a Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Less than 12 months, fair value | $ 46,564 | $ 31,421 |
12 months or more, fair value | 16,477 | 50,394 |
12 months or more, unrealized loss | (218) | (1,570) |
Total, fair value | 63,041 | 81,815 |
Total, unrealized loss | (824) | (2,007) |
Less than 12 months, unrealized loss | (606) | (437) |
US Government Agencies Debt Securities [Member] | ||
Less than 12 months, fair value | 2,472 | |
12 months or more, fair value | 2,032 | 10,337 |
12 months or more, unrealized loss | (6) | (269) |
Total, fair value | 2,032 | 12,809 |
Total, unrealized loss | (6) | (299) |
Less than 12 months, unrealized loss | (30) | |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Less than 12 months, fair value | 14,578 | 19,483 |
12 months or more, fair value | 2,325 | 7,693 |
12 months or more, unrealized loss | (8) | (193) |
Total, fair value | 16,903 | 27,176 |
Total, unrealized loss | (84) | (490) |
Less than 12 months, unrealized loss | (76) | (297) |
Collateralized Mortgage Obligations [Member] | ||
Less than 12 months, fair value | 12,319 | 1,443 |
12 months or more, fair value | 11,621 | 15,388 |
12 months or more, unrealized loss | (203) | (805) |
Total, fair value | 23,940 | 16,831 |
Total, unrealized loss | (235) | (810) |
Less than 12 months, unrealized loss | (32) | (5) |
US States and Political Subdivisions Debt Securities [Member] | ||
Less than 12 months, fair value | 15,636 | 7,061 |
12 months or more, fair value | 10,083 | |
12 months or more, unrealized loss | (157) | |
Total, fair value | 15,636 | 17,144 |
Total, unrealized loss | (269) | (224) |
Less than 12 months, unrealized loss | (269) | (67) |
Corporate Debt Securities [Member] | ||
Less than 12 months, fair value | 4,031 | 962 |
12 months or more, fair value | 499 | 2,448 |
12 months or more, unrealized loss | (1) | (59) |
Total, fair value | 4,530 | 3,410 |
Total, unrealized loss | (230) | (97) |
Less than 12 months, unrealized loss | $ (229) | (38) |
US Treasury and Government [Member] | ||
Less than 12 months, fair value | ||
12 months or more, fair value | 4,445 | |
12 months or more, unrealized loss | (87) | |
Total, fair value | 4,445 | |
Total, unrealized loss | $ (87) |
Note 3 - Loans Receivable and_3
Note 3 - Loans Receivable and Related Allowance for Loan Losses (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Loans and Leases Receivable, Deferred Income, Total | $ 2,600,000 | $ 2,200,000 | |
Loans and Leases Receivable, Allowance, Ending Balance | 6,556,000 | 6,508,000 | $ 6,127,000 |
Financing Receivable, Troubled Debt Restructuring | 409,000 | 394,000 | |
Allowance for Losses Allocated to Loans Classified as TDRS | $ 5,000 | $ 12,000 | |
Financing Receivable, Modifications, Number of Contracts | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | |
Residential Portfolio Segment [Member] | |||
Loans and Leases Receivable, Allowance, Ending Balance | $ 2,309,000 | $ 2,198,000 | $ 2,090,000 |
Financing Receivable, Troubled Debt Restructuring | 67,000 | ||
Allowance for Losses Allocated to Loans Classified as TDRS | $ 0 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
United American Savings Bank [Member] | |||
Loans and Leases Receivable, Allowance, Ending Balance | $ 0 | $ 0 |
Note 3 - Loans Receivable and_4
Note 3 - Loans Receivable and Related Allowance for Loan Losses - Summary of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Total | $ 701,904 | $ 715,172 | |
Loans and Leases Receivable, Allowance, Ending Balance | 6,556 | 6,508 | $ 6,127 |
Total loans, net | 695,348 | 708,664 | |
Mortgage Receivable [Member] | |||
Total | 620,662 | 637,891 | |
Other Loans [Member] | |||
Total | 81,242 | 77,281 | |
Residential Portfolio Segment [Member] | |||
Total | 293,170 | 295,405 | |
Loans and Leases Receivable, Allowance, Ending Balance | 2,309 | 2,198 | 2,090 |
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Total | 293,170 | 295,405 | |
Home Equity Loans and Lines of Credit [Member] | |||
Total | 97,541 | 103,752 | |
Loans and Leases Receivable, Allowance, Ending Balance | 626 | 648 | 646 |
Home Equity Loans and Lines of Credit [Member] | Mortgage Receivable [Member] | |||
Total | 97,541 | 103,752 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Total | 229,951 | 238,734 | |
Loans and Leases Receivable, Allowance, Ending Balance | 2,898 | 3,106 | 2,753 |
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | |||
Total | 229,951 | 238,734 | |
Commercial Portfolio Segment [Member] | |||
Total | 66,603 | 66,009 | |
Loans and Leases Receivable, Allowance, Ending Balance | 636 | 500 | 585 |
Commercial Portfolio Segment [Member] | Other Loans [Member] | |||
Total | 66,603 | 66,009 | |
Consumer Portfolio Segment [Member] | |||
Total | 14,639 | 11,272 | |
Loans and Leases Receivable, Allowance, Ending Balance | 87 | 56 | $ 53 |
Consumer Portfolio Segment [Member] | Other Loans [Member] | |||
Total | $ 14,639 | $ 11,272 |
Note 3 - Loans Receivable and_5
Note 3 - Loans Receivable and Related Allowance for Loan Losses - Analysis of Changes in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at the beginning of the year | $ 6,508 | $ 6,127 | ||
Provision for loan losses | 715 | 1,280 | ||
Charge-offs | (913) | (989) | ||
Recoveries | 246 | 90 | ||
Balance at the end of the year | 6,556 | 6,508 | ||
Individually evaluated for impairment | $ 5 | $ 12 | ||
Total | 6,508 | 6,127 | 6,556 | 6,508 |
Individually evaluated for impairment | 483 | 468 | ||
Total | 701,904 | 715,172 | ||
Financial Asset Acquired and No Credit Deterioration [Member] | ||||
Loans collectively evaluated for impairment | ||||
Loans collectively evaluated for impairment | 123,329 | 159,374 | ||
Financial Asset Originated [Member] | ||||
Loans collectively evaluated for impairment | 6,551 | 6,496 | ||
Loans collectively evaluated for impairment | 578,092 | 555,330 | ||
Residential Portfolio Segment [Member] | ||||
Balance at the beginning of the year | 2,198 | 2,090 | ||
Provision for loan losses | 298 | 176 | ||
Charge-offs | (227) | (71) | ||
Recoveries | 40 | 3 | ||
Balance at the end of the year | 2,309 | 2,198 | ||
Individually evaluated for impairment | 5 | 12 | ||
Total | 2,309 | 2,090 | 2,309 | 2,198 |
Individually evaluated for impairment | 358 | 389 | ||
Total | 293,170 | 295,405 | ||
Residential Portfolio Segment [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||||
Loans collectively evaluated for impairment | ||||
Loans collectively evaluated for impairment | 60,523 | 72,654 | ||
Residential Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Loans collectively evaluated for impairment | 2,304 | 2,186 | ||
Loans collectively evaluated for impairment | 232,289 | 222,362 | ||
Home Equity Loans and Lines of Credit [Member] | ||||
Balance at the beginning of the year | 648 | 646 | ||
Provision for loan losses | 33 | 143 | ||
Charge-offs | (61) | (155) | ||
Recoveries | 6 | 14 | ||
Balance at the end of the year | 626 | 648 | ||
Individually evaluated for impairment | ||||
Total | 626 | 646 | 626 | 648 |
Individually evaluated for impairment | 4 | 6 | ||
Total | 97,541 | 103,752 | ||
Home Equity Loans and Lines of Credit [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||||
Loans collectively evaluated for impairment | ||||
Loans collectively evaluated for impairment | 10,901 | 13,750 | ||
Home Equity Loans and Lines of Credit [Member] | Financial Asset Originated [Member] | ||||
Loans collectively evaluated for impairment | 626 | 648 | ||
Loans collectively evaluated for impairment | 86,636 | 89,996 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Balance at the beginning of the year | 3,106 | 2,753 | ||
Provision for loan losses | (100) | 789 | ||
Charge-offs | (242) | (484) | ||
Recoveries | 134 | 48 | ||
Balance at the end of the year | 2,898 | 3,106 | ||
Individually evaluated for impairment | ||||
Total | 2,898 | 2,753 | 2,898 | 3,106 |
Individually evaluated for impairment | 81 | 34 | ||
Total | 229,951 | 238,734 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||||
Loans collectively evaluated for impairment | ||||
Loans collectively evaluated for impairment | 41,993 | 56,690 | ||
Commercial Real Estate Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Loans collectively evaluated for impairment | 2,898 | 3,106 | ||
Loans collectively evaluated for impairment | 187,877 | 182,010 | ||
Commercial Portfolio Segment [Member] | ||||
Balance at the beginning of the year | 500 | 585 | ||
Provision for loan losses | 386 | (86) | ||
Charge-offs | (250) | |||
Recoveries | 1 | |||
Balance at the end of the year | 636 | 500 | ||
Individually evaluated for impairment | ||||
Total | 636 | 585 | 636 | 500 |
Individually evaluated for impairment | 40 | 39 | ||
Total | 66,603 | 66,009 | ||
Commercial Portfolio Segment [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||||
Loans collectively evaluated for impairment | ||||
Loans collectively evaluated for impairment | 7,930 | 12,974 | ||
Commercial Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Loans collectively evaluated for impairment | 636 | 500 | ||
Loans collectively evaluated for impairment | 58,633 | 52,996 | ||
Consumer Portfolio Segment [Member] | ||||
Balance at the beginning of the year | 56 | 53 | ||
Provision for loan losses | 98 | 258 | ||
Charge-offs | (133) | (279) | ||
Recoveries | 66 | 24 | ||
Balance at the end of the year | 87 | 56 | ||
Individually evaluated for impairment | ||||
Total | $ 87 | $ 53 | 87 | 56 |
Individually evaluated for impairment | ||||
Total | 14,639 | 11,272 | ||
Consumer Portfolio Segment [Member] | Financial Asset Acquired and No Credit Deterioration [Member] | ||||
Loans collectively evaluated for impairment | ||||
Loans collectively evaluated for impairment | 1,982 | 3,306 | ||
Consumer Portfolio Segment [Member] | Financial Asset Originated [Member] | ||||
Loans collectively evaluated for impairment | 87 | 56 | ||
Loans collectively evaluated for impairment | $ 12,657 | $ 7,966 |
Note 3 - Loans Receivable and_6
Note 3 - Loans Receivable and Related Allowance for Loan Losses - Impaired Loans by Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Impaired loans with specific allowance, unpaid principal balance | $ 76 | $ 80 |
Impaired loans with specific allowance, recorded investment | 76 | 80 |
Related allowance | 5 | 12 |
Impaired loans with specific allowance, average recorded investment | 77 | 81 |
Impaired loans with specific allowance, interest income recognized in period | 3 | 2 |
Impaired loans with specific allowance, cash basis interest recognized in period | 3 | 2 |
Impaired loans with no specific allowance, unpaid principal balance | 519 | 500 |
Impaired loans with no specific allowance, recorded investment | 407 | 388 |
Impaired loans with no specific allowance, average recorded investment | 1,399 | 1,350 |
Impaired loans with no specific allowance, interest income recognized in period | 99 | 235 |
Impaired loans with no specific allowance, cash basis interest recognized in period | 41 | 152 |
Residential Portfolio Segment [Member] | ||
Impaired loans with specific allowance, unpaid principal balance | 72 | 74 |
Impaired loans with specific allowance, recorded investment | 72 | 74 |
Related allowance | 5 | 12 |
Impaired loans with specific allowance, average recorded investment | 72 | 74 |
Impaired loans with specific allowance, interest income recognized in period | 3 | 2 |
Impaired loans with specific allowance, cash basis interest recognized in period | 3 | 2 |
Impaired loans with no specific allowance, unpaid principal balance | 398 | 427 |
Impaired loans with no specific allowance, recorded investment | 286 | 315 |
Impaired loans with no specific allowance, average recorded investment | 301 | 334 |
Impaired loans with no specific allowance, interest income recognized in period | 4 | 5 |
Impaired loans with no specific allowance, cash basis interest recognized in period | 4 | 5 |
Home Equity Loans and Lines of Credit [Member] | ||
Impaired loans with specific allowance, unpaid principal balance | 4 | 6 |
Impaired loans with specific allowance, recorded investment | 4 | 6 |
Related allowance | ||
Impaired loans with specific allowance, average recorded investment | 5 | 7 |
Impaired loans with specific allowance, interest income recognized in period | ||
Impaired loans with specific allowance, cash basis interest recognized in period | ||
Impaired loans with no specific allowance, unpaid principal balance | ||
Impaired loans with no specific allowance, recorded investment | ||
Impaired loans with no specific allowance, average recorded investment | ||
Impaired loans with no specific allowance, interest income recognized in period | ||
Impaired loans with no specific allowance, cash basis interest recognized in period | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Impaired loans with specific allowance, unpaid principal balance | ||
Impaired loans with specific allowance, recorded investment | ||
Related allowance | ||
Impaired loans with specific allowance, average recorded investment | ||
Impaired loans with specific allowance, interest income recognized in period | ||
Impaired loans with specific allowance, cash basis interest recognized in period | ||
Impaired loans with no specific allowance, unpaid principal balance | 81 | 34 |
Impaired loans with no specific allowance, recorded investment | 81 | 34 |
Impaired loans with no specific allowance, average recorded investment | 1,019 | 768 |
Impaired loans with no specific allowance, interest income recognized in period | 88 | 156 |
Impaired loans with no specific allowance, cash basis interest recognized in period | 35 | 73 |
Commercial Portfolio Segment [Member] | ||
Impaired loans with specific allowance, unpaid principal balance | ||
Impaired loans with specific allowance, recorded investment | ||
Related allowance | ||
Impaired loans with specific allowance, average recorded investment | ||
Impaired loans with specific allowance, interest income recognized in period | ||
Impaired loans with specific allowance, cash basis interest recognized in period | ||
Impaired loans with no specific allowance, unpaid principal balance | 40 | 39 |
Impaired loans with no specific allowance, recorded investment | 40 | 39 |
Impaired loans with no specific allowance, average recorded investment | 79 | 248 |
Impaired loans with no specific allowance, interest income recognized in period | 7 | 74 |
Impaired loans with no specific allowance, cash basis interest recognized in period | 2 | 74 |
Consumer Portfolio Segment [Member] | ||
Impaired loans with specific allowance, unpaid principal balance | ||
Impaired loans with specific allowance, recorded investment | ||
Related allowance | ||
Impaired loans with specific allowance, average recorded investment | ||
Impaired loans with specific allowance, interest income recognized in period | ||
Impaired loans with specific allowance, cash basis interest recognized in period | ||
Impaired loans with no specific allowance, unpaid principal balance | ||
Impaired loans with no specific allowance, recorded investment | ||
Impaired loans with no specific allowance, average recorded investment | ||
Impaired loans with no specific allowance, interest income recognized in period | ||
Impaired loans with no specific allowance, cash basis interest recognized in period |
Note 3 - Loans Receivable and_7
Note 3 - Loans Receivable and Related Allowance for Loan Losses - Loan Portfolio by Internal Risk Rating (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Loans | $ 701,904 | $ 715,172 |
Residential Portfolio Segment [Member] | ||
Loans | 293,170 | 295,405 |
Home Equity Loans and Lines of Credit [Member] | ||
Loans | 97,541 | 103,752 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 229,951 | 238,734 |
Commercial Portfolio Segment [Member] | ||
Loans | 66,603 | 66,009 |
Consumer Portfolio Segment [Member] | ||
Loans | 14,639 | 11,272 |
Not Rated [Member] | ||
Loans | 403,487 | 407,945 |
Not Rated [Member] | Residential Portfolio Segment [Member] | ||
Loans | 291,843 | 293,919 |
Not Rated [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Loans | 97,087 | 102,869 |
Not Rated [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | ||
Not Rated [Member] | Commercial Portfolio Segment [Member] | ||
Loans | ||
Not Rated [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 14,557 | 11,157 |
Pass [Member] | ||
Loans | 281,380 | 284,357 |
Pass [Member] | Residential Portfolio Segment [Member] | ||
Loans | ||
Pass [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Loans | ||
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 216,744 | 222,335 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 64,636 | 62,022 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | ||
Special Mention [Member] | ||
Loans | 5,574 | 6,484 |
Special Mention [Member] | Residential Portfolio Segment [Member] | ||
Loans | ||
Special Mention [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Loans | ||
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 5,370 | 5,942 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 204 | 542 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans | ||
Substandard [Member] | ||
Loans | 11,463 | 16,386 |
Substandard [Member] | Residential Portfolio Segment [Member] | ||
Loans | 1,327 | 1,486 |
Substandard [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Loans | 454 | 883 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 7,837 | 10,457 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 1,763 | 3,445 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 82 | 115 |
Doubtful [Member] | ||
Loans | ||
Doubtful [Member] | Residential Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Loans | ||
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Loans |
Note 3 - Loans Receivable and_8
Note 3 - Loans Receivable and Related Allowance for Loan Losses - Classes of Loan Portfolio by Aging Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accruing loans not past due | $ 691,294 | $ 701,016 |
Nonaccrual | 2,587 | 2,237 |
Loans | 701,904 | 715,172 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing loans past due | 5,481 | 9,516 |
Nonaccrual | 309 | 265 |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing loans past due | 2,222 | 1,612 |
Nonaccrual | 278 | 113 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing loans past due | 320 | 791 |
Nonaccrual | 1,723 | 1,407 |
Residential Portfolio Segment [Member] | ||
Accruing loans not past due | 288,462 | 289,732 |
Nonaccrual | 955 | 855 |
Loans | 293,170 | 295,405 |
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing loans past due | 2,405 | 3,586 |
Nonaccrual | ||
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing loans past due | 1,039 | 747 |
Nonaccrual | 72 | 74 |
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing loans past due | 309 | 485 |
Nonaccrual | 638 | 446 |
Home Equity Loans and Lines of Credit [Member] | ||
Accruing loans not past due | 95,923 | 101,920 |
Nonaccrual | 428 | 487 |
Loans | 97,541 | 103,752 |
Home Equity Loans and Lines of Credit [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing loans past due | 626 | 707 |
Nonaccrual | ||
Home Equity Loans and Lines of Credit [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing loans past due | 553 | 351 |
Nonaccrual | ||
Home Equity Loans and Lines of Credit [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing loans past due | 11 | 287 |
Nonaccrual | 424 | 481 |
Commercial Real Estate Portfolio Segment [Member] | ||
Accruing loans not past due | 226,360 | 232,865 |
Nonaccrual | 907 | 606 |
Loans | 229,951 | 238,734 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing loans past due | 2,141 | 5,013 |
Nonaccrual | 309 | 265 |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing loans past due | 543 | 231 |
Nonaccrual | 31 | |
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing loans past due | 19 | |
Nonaccrual | 539 | 230 |
Commercial Portfolio Segment [Member] | ||
Accruing loans not past due | 66,091 | 65,538 |
Nonaccrual | 215 | 174 |
Loans | 66,603 | 66,009 |
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing loans past due | 225 | 50 |
Nonaccrual | ||
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing loans past due | 72 | 247 |
Nonaccrual | 175 | 39 |
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing loans past due | ||
Nonaccrual | 40 | 135 |
Consumer Portfolio Segment [Member] | ||
Accruing loans not past due | 14,458 | 10,961 |
Nonaccrual | 82 | 115 |
Loans | 14,639 | 11,272 |
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member] | ||
Accruing loans past due | 84 | 160 |
Nonaccrual | ||
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member] | ||
Accruing loans past due | 15 | 36 |
Nonaccrual | ||
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Accruing loans past due | ||
Nonaccrual | $ 82 | $ 115 |
Note 3 - Loans Receivable and_9
Note 3 - Loans Receivable and Related Allowance for Loan Losses - Nonaccrual Loans by Aging Category (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Nonaccrual | $ 2,587 | $ 2,237 |
Residential Portfolio Segment [Member] | ||
Nonaccrual | 955 | 855 |
Home Equity Loans and Lines of Credit [Member] | ||
Nonaccrual | 428 | 487 |
Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual | 907 | 606 |
Commercial Portfolio Segment [Member] | ||
Nonaccrual | 215 | 174 |
Consumer Portfolio Segment [Member] | ||
Nonaccrual | 82 | 115 |
Not Past Due [Member] | ||
Nonaccrual | 277 | 452 |
Not Past Due [Member] | Residential Portfolio Segment [Member] | ||
Nonaccrual | 245 | 335 |
Not Past Due [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Nonaccrual | 4 | 6 |
Not Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual | 28 | 111 |
Not Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Nonaccrual | ||
Not Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Nonaccrual | ||
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Nonaccrual | 309 | 265 |
Financial Asset, 30 to 59 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Nonaccrual | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Nonaccrual | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual | 309 | 265 |
Financial Asset, 30 to 59 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Nonaccrual | ||
Financial Asset, 30 to 59 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Nonaccrual | ||
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Nonaccrual | 278 | 113 |
Financial Asset, 60 to 89 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Nonaccrual | 72 | 74 |
Financial Asset, 60 to 89 Days Past Due [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Nonaccrual | ||
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual | 31 | |
Financial Asset, 60 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Nonaccrual | 175 | 39 |
Financial Asset, 60 to 89 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Nonaccrual | ||
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Nonaccrual | 1,723 | 1,407 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Residential Portfolio Segment [Member] | ||
Nonaccrual | 638 | 446 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Home Equity Loans and Lines of Credit [Member] | ||
Nonaccrual | 424 | 481 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Nonaccrual | 539 | 230 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Nonaccrual | 40 | 135 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Consumer Portfolio Segment [Member] | ||
Nonaccrual | $ 82 | $ 115 |
Note 4 - Federal Bank Stocks (D
Note 4 - Federal Bank Stocks (Details Textual) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Federal Home Loan Bank Stock | $ 4 | $ 5 |
Federal Reserve Bank Stock | $ 1.8 | $ 1.3 |
Note 5 - Premises, Equipment _3
Note 5 - Premises, Equipment and Leases (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Depletion and Amortization, Total | $ 1,388,000 | $ 1,172,000 |
Operating Lease, Weighted Average Remaining Lease Term | 12 years 361 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.49% | |
Operating Lease, Cost | $ 194,000 | |
Operating Leases, Rent Expense, Total | $ 208,000 | |
Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | 1,500,000 | |
Other Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 1,707,000 |
Note 5 - Premises, Equipment _4
Note 5 - Premises, Equipment and Leases - Major Classification of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Premise and equipment, gross | $ 36,175 | $ 34,736 |
Less: accumulated depreciation and amortization | 17,134 | 15,825 |
Net premises and equipment | 19,041 | 18,911 |
Land [Member] | ||
Premise and equipment, gross | 5,269 | 5,129 |
Building and Building Improvements [Member] | ||
Premise and equipment, gross | 15,127 | 15,008 |
Leasehold Improvements [Member] | ||
Premise and equipment, gross | 1,522 | 1,519 |
Furniture Fixtures and Equipment [Member] | ||
Premise and equipment, gross | 10,539 | 9,157 |
Software Development [Member] | ||
Premise and equipment, gross | 3,397 | 3,347 |
Construction in Progress [Member] | ||
Premise and equipment, gross | $ 321 | $ 576 |
Note 5 - Premises, Equipment _5
Note 5 - Premises, Equipment and Leases - Estimated Rental Commitments for Operating Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 212 |
2021 | 217 |
2022 | 222 |
2023 | 222 |
2024 | 227 |
Thereafter | 1,063 |
Total minimum lease payments | 2,163 |
Discount effect of cash flows | (456) |
Other Liabilities [Member] | |
Present value of lease liabilities | $ 1,707 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 01, 2018USD ($) | |
Business Acquisition Number of Acquisitions Resulting in Goodwill | 5 | ||
Goodwill, Ending Balance | $ 19,460,000 | $ 19,448,000 | |
Goodwill, Impairment Loss | $ 0 | 0 | |
Business Acquisition, Number of Acquisitions Resulting in Intangible Assets | 3 | ||
Amortization of Intangible Assets, Total | $ 176,000 | 266,000 | |
Community First [Member] | |||
Goodwill, Ending Balance | $ 9,200,000 | $ 9,172,000 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Acquired Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill | $ 19,460 | $ 19,448 |
Core deposit intangibles, gross carring amount | 5,634 | 5,634 |
Core deposit intangibles, accumulated amortization | 4,387 | 4,211 |
Total, gross carring amount | $ 25,094 | $ 25,082 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 164 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 154 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 149 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 149 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 149 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 482 | |
Total | $ 1,247 | $ 1,423 |
Note 7 - Related Party Balanc_2
Note 7 - Related Party Balances and Transactions (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and Leases Receivable, Related Parties, Ending Balance | $ 4,700,000 | $ 5,300,000 |
Loans and Leases Receivable, Related Parties, Additions | 0 | |
Loans and Leases Receivable, Related Parties, Proceeds | 562,000 | |
Related Party Deposit Liabilities | $ 3,100,000 | $ 3,200,000 |
Note 8 - Deposits (Details Text
Note 8 - Deposits (Details Textual) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Time Deposits, at or Above FDIC Insurance Limit | $ 67.9 | $ 61.2 |
Note 8 - Deposits - Deposits (D
Note 8 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-interest bearing | $ 148,842 | $ 148,893 |
Non-interest bearing deposits | 18.90% | 19.50% |
Interest bearing demand deposits, weighted average rate | 0.76% | 0.52% |
Interest bearing demand deposits, amount | $ 420,515 | $ 391,054 |
Interest bearing demand deposits | 53.40% | 51.40% |
Time deposits, weighted average rate | 2.17% | 1.84% |
Time deposits, amount | $ 217,767 | $ 221,599 |
Time deposits | 27.70% | 29.10% |
Weighted average rate | 1.01% | 0.80% |
Amount | $ 787,124 | $ 761,546 |
Percent | 100.00% | 100.00% |
Note 8 - Deposits - Scheduled M
Note 8 - Deposits - Scheduled Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020, amount | $ 66,039 | |
2020, percentage | 30.30% | |
2021, amount | $ 54,923 | |
2021, percentage | 25.20% | |
2022, amount | $ 17,110 | |
2022, percentage | 7.90% | |
2023, amount | $ 39,096 | |
2023, percentage | 17.90% | |
2024, amount | $ 34,382 | |
2024, percentage | 15.80% | |
Thereafter, amount | $ 6,217 | |
Thereafter, percentage | 2.90% | |
Total, amount | $ 217,767 | $ 221,599 |
Total, percentage | 100.00% |
Note 8 - Deposits - Scheduled_2
Note 8 - Deposits - Scheduled Maturities of Time Deposits $250,000 or More (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Three months or less | $ 6,036 |
Over three months to six months | 9,844 |
Over six months to twelve months | 6,749 |
Over twelve months | 45,292 |
Total | $ 67,921 |
Note 9 - Borrowed Funds (Detail
Note 9 - Borrowed Funds (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Long-term Line of Credit, Total | $ 0 | |
Long-term Debt, Total | 26,500,000 | $ 32,500,000 |
Loans from Other Federal Home Loan Banks | 25,000,000 | |
Deposits with Other Federal Home Loan Banks | 130,400,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available | 252,000,000 | |
Federal Home Loan Bank Advances, Maturing 2019 to 2023 [Member] | ||
Federal Home Loan Bank, Advances, Par Value, Total | $ 25,000,000 | $ 30,000,000 |
Federal Home Loan Bank Advances, Number of Advances Outstanding | 5 | 6 |
Federal Home Loan Bank Advances, Maturing 2019 to 2023 [Member] | Minimum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 1.97% | |
Federal Home Loan Bank Advances, Maturing 2019 to 2023 [Member] | Maximum [Member] | ||
Federal Home Loan Bank, Advances, Interest Rate | 2.85% | |
Federal Home Loan Bank Advances, Maturing 2019 to 2023, Advance 1 [Member] | ||
Federal Home Loan Bank, Advances, Par Value, Total | $ 5,000,000 | $ 5,000,000 |
Federal Home Loan Bank Advances, Maturing 2019 to 2023, Advance 2 [Member] | ||
Federal Home Loan Bank, Advances, Par Value, Total | 5,000,000 | 5,000,000 |
Federal Home Loan Bank Advances, Maturing 2019 to 2023, Advance 3 [Member] | ||
Federal Home Loan Bank, Advances, Par Value, Total | 5,000,000 | 5,000,000 |
Federal Home Loan Bank Advances, Maturing 2019 to 2023, Advance 4 [Member] | ||
Federal Home Loan Bank, Advances, Par Value, Total | 5,000,000 | 5,000,000 |
Federal Home Loan Bank Advances, Maturing 2019 to 2023, Advance 5 [Member] | ||
Federal Home Loan Bank, Advances, Par Value, Total | $ 5,000,000 | 5,000,000 |
Federal Home Loan Bank Advances, Maturing 2019 to 2023, Advance 6 [Member] | ||
Federal Home Loan Bank, Advances, Par Value, Total | 5,000,000 | |
Unsecured Term Loan [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 407,400,000 | |
Debt Instrument, Term | 5 years | |
Debt Instrument, Periodic Payment, Principal | $ 250,000 | |
Long-term Debt, Total | 1,500,000 | 2,500,000 |
Line of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 7,000,000 | 7,000,000 |
Long-term Line of Credit, Total | $ 2,100,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 4,900,000 | |
Maturity Overnight [Member] | ||
Federal Home Loan Bank, Advances, Par Value, Total | $ 2,100,000 | $ 10,800,000 |
Federal Home Loan Bank, Advances, Interest Rate | 5.00% | 2.62% |
Note 9 - Borrowed Funds - Sched
Note 9 - Borrowed Funds - Schedule of Borrowed Funds (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term borrowed funds | $ 2,050 | $ 12,850 |
Short-term borrowed funds, average balance | $ 4,663 | $ 5,660 |
Short-term borrowed funds, average rate | 3.93% | 3.70% |
Long-term borrowed funds | $ 26,500 | $ 32,500 |
Long-term borrowed funds, average balance | $ 31,845 | $ 18,590 |
Long-term borrowed funds, average rate | 2.55% | 2.43% |
Total | $ 28,550 | $ 45,350 |
Average Balance | $ 36,508 | $ 24,250 |
Note 9 - Borrowed Funds - Matur
Note 9 - Borrowed Funds - Maturities of Borrowed Funds (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 8,050 | |
2021 | 10,500 | |
2022 | ||
2023 | 10,000 | |
2024 | ||
Thereafter | ||
Total | $ 28,550 | $ 45,350 |
Note 10 - Regulatory Matters (D
Note 10 - Regulatory Matters (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2015 | |
Undistributed Earnings Available for Dividends | $ 6,700 | ||
Percentage of Maximum Limit for Loans and Advances | 10.00% | ||
Maximum Funds Available for Loans and Advances | $ 6,000 | ||
Long-term Line of Credit, Total | $ 0 | ||
Repayments of Lines of Credit | $ 2,200 | ||
Capital Conservation Buffer | 2.50% | 1.875% | 0.00% |
Note 10 - Regulatory Matters -
Note 10 - Regulatory Matters - Schedule of Regulatory Capital (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Total capital to risk-weighted assets, actual, amount | $ 80,418 | $ 76,344 |
Total capital to risk-weighted assets, actual, ratio | 13.74% | 12.93% |
Total capital to risk-weighted assets, for capital adequacy purposes, amount | $ 46,836 | $ 47,252 |
Total capital to risk-weighted assets, for capital adequacy purposes, ratio | 8.00% | 8.00% |
Total capital to risk-weighted assets, to be well capitalized, amount | $ 58,544 | $ 59,065 |
Total capital to risk-weighted assets, to be well capitalized, ratio | 10.00% | 10.00% |
Tier 1 capital to risk-weighted assets, actual, amount | $ 73,862 | $ 69,836 |
Tier 1 capital to risk-weighted assets, actual, ratio | 12.62% | 11.82% |
Tier 1 capital to risk-weighted assets, for capital adequacy purposes, amount | $ 35,127 | $ 35,439 |
Tier 1 capital to risk-weighted assets, for capital adequacy purposes, ratio | 6.00% | 6.00% |
Tier 1 capital to risk-weighted assets, to be well capitalized, amount | $ 46,836 | $ 47,252 |
Tier 1 capital to risk-weighted assets, to be well capitalized, ratio | 8.00% | 8.00% |
Common equity tier 1 capital to risk-weighted assets, actual, amount | $ 73,862 | $ 69,836 |
Common equity tier 1 capital to risk weighted assets, actual, ratio | 12.62% | 11.82% |
Common equity tier 1 capital to risk-weighted assets, for capital adequacy purposes, amount | $ 26,345 | $ 26,579 |
Common equity tier 1 capital to risk weighted assets, for capital adequacy purposes, ratio | 4.50% | 4.50% |
Common equity tier 1 capital to risk-weighted assets, to. be well capitalized, amount | $ 38,054 | $ 38,393 |
Common equity tier 1 capital to risk weighted assets, to be well capitalized, ratio | 6.50% | 6.50% |
Tier 1 capital to average assets, actual, amount | $ 73,862 | $ 69,836 |
Tier 1 capital to average asset, actual, ratio | 8.17% | 7.95% |
Tier 1 capital to average assets, for capital adequacy purposes, amount | $ 36,146 | $ 35,126 |
Tier 1 capital to average asset, for capital adequacy purposes, ratio | 4.00% | 4.00% |
Tier 1 capital to average assets, to be well capitalized, amount | $ 45,182 | $ 43,908 |
Tier 1 capital to average asset, to be well capitalized, ratio | 5.00% | 5.00% |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Increase in Unrecognized Tax Benefits is Reasonably Possible | $ 0 | $ 0 |
Note 12 - Income Taxes - Provis
Note 12 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current | $ 1,437 | $ 298 |
Deferred | 225 | 335 |
Total | $ 1,662 | $ 633 |
Note 12 - Income Taxes - Reconc
Note 12 - Income Taxes - Reconciliation for Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Provision at statutory tax rate, amount | $ 2,019 | $ 1,017 |
Provision at statutory tax rate, percent | 21.00% | 21.00% |
Tax free interest, net of disallowance, amount | $ (210) | $ (234) |
Tax free interest, net of disallowance, percent | (2.20%) | (4.80%) |
Earnings on bank-owned life insurance, amount | $ (85) | $ (71) |
Earnings on bank-owned life insurance, percent | (0.90%) | (1.50%) |
Tax free gain on retirement of CMFP shares, amount | $ (145) | |
Tax free gain on retirement of CMFP shares, percent | (3.00%) | |
Other, net, amount | $ (62) | $ 66 |
Other, net, percent | (0.60%) | 1.40% |
Provision for income taxes | $ 1,662 | $ 633 |
Provision, percent | 17.30% | 13.10% |
Note 12 - Income Taxes - Tax Ef
Note 12 - Income Taxes - Tax Effects of Temporary Differences (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 1,365 | $ 1,351 |
Funded status of pension plan | 1,389 | 1,287 |
Lease liability | 358 | |
Net unrealized loss on securities | 26 | 401 |
Deferred compensation | 417 | 391 |
Accrued incentive compensation | 91 | 148 |
Nonaccrual loan interest income | 40 | 75 |
Securities impairment | 70 | 70 |
Stock compensation | 91 | 69 |
Other | 9 | 17 |
Gross deferred tax assets | 3,856 | 3,809 |
Deferred tax liabilities: | ||
Accrued pension liability | 1,029 | 1,044 |
Depreciation | 656 | 619 |
Deferred loan fees and costs | 555 | 461 |
Lease right-of-use asset | 317 | |
Intangible assets | 260 | 215 |
Business combination adjustments | 137 | 68 |
Other | 51 | 53 |
Gross deferred tax liabilities | 3,005 | 2,460 |
Net deferred tax asset | $ 851 | $ 1,349 |
Note 13 - Employee Benefit Pl_3
Note 13 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Requisite Service Period | 3 years | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ 12,300,000 | $ 10,600,000 |
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | $ 269,000 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 20.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 266,000 | 235,000 |
Liability, Defined Benefit Plan, Total | 1,900,000 | 1,800,000 |
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | 224,000 | 156,000 |
Board of Directors [Member] | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 140,000 | $ 124,000 |
Note 13 - Employee Benefit Pl_4
Note 13 - Employee Benefit Plans - Changes in Obligations and Funded Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of plan assets at beginning of year | $ 9,482 | $ 10,159 |
Actual return on plan assets | 1,534 | (479) |
Employer contribution | 500 | |
Benefits paid | (417) | (698) |
Benefit obligation at beginning of year | 10,628 | 11,801 |
Interest cost | 443 | 423 |
Actuarial (gain) loss | (22) | 85 |
Effect of change in assumptions | 1,672 | (983) |
Benefit obligation at end of year | 12,304 | 10,628 |
Funded status (plan assets less benefit obligation) | (1,705) | (1,146) |
Amounts recognized in accumulated other comprehensive loss consists of: | ||
Accumulated net actuarial loss | 6,616 | 6,126 |
Accumulated prior service benefit | ||
Amount recognized, end of year | $ 6,616 | $ 6,126 |
Note 13 - Employee Benefit Pl_5
Note 13 - Employee Benefit Plans - Pension Plan Assets Measured and Recorded at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair value of plan assets | $ 10,599 | $ 9,482 | $ 10,159 |
Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 10,599 | 9,482 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | |||
Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | |||
Money Market Funds [Member] | |||
Fair value of plan assets | 385 | 77 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 385 | 77 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | |||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | |||
Mutual Funds, Debt [Member] | |||
Fair value of plan assets | 4,322 | 4,183 | |
Mutual Funds, Debt [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 4,322 | 4,183 | |
Mutual Funds, Debt [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | |||
Mutual Funds, Debt [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | |||
Mutual Funds, Equity [Member] | |||
Fair value of plan assets | 4,981 | 4,373 | |
Mutual Funds, Equity [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 4,981 | 4,373 | |
Mutual Funds, Equity [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | |||
Mutual Funds, Equity [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets | |||
Emclaire Stock [Member] | |||
Fair value of plan assets | 911 | 849 | |
Emclaire Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair value of plan assets | 911 | 849 | |
Emclaire Stock [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair value of plan assets | |||
Emclaire Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair value of plan assets |
Note 13 - Employee Benefit Pl_6
Note 13 - Employee Benefit Plans - Components of Periodic Pension Costs and Other Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest cost | $ 443 | $ 423 |
Expected return on plan assets | (626) | (672) |
Amortization of prior service beneft and net loss | 252 | 251 |
Net periodic pension cost | 69 | 2 |
Amortization of prior service benefit and net loss | (252) | (251) |
Net loss | 742 | 253 |
Total recognized in other comprehensive loss | 490 | 2 |
Total recognized in net periodic benefit and other comprehensive loss | $ 559 | $ 4 |
Note 13 - Employee Benefit Pl_7
Note 13 - Employee Benefit Plans - Weighted Average Actuarial Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Discount rate for net periodic benefit cost | 4.26% | 3.62% |
Discount rate for benefit obligations | 3.28% | 4.26% |
Expected rate of return on plan assets | 6.75% | 6.75% |
Note 13 - Employee Benefit Pl_8
Note 13 - Employee Benefit Plans - Pension Plan Asset Allocation (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Target allocation | 100.00% | |
Percentage of plan assets at year end | 100.00% | 100.00% |
Expected rate of return on plan assets | 6.75% | 6.75% |
Equity Securities [Member] | ||
Target allocation | 55.00% | |
Percentage of plan assets at year end | 56.00% | 55.00% |
Expected rate of return on plan assets | 5.02% | |
Debt Securities [Member] | ||
Target allocation | 37.00% | |
Percentage of plan assets at year end | 41.00% | 44.00% |
Expected rate of return on plan assets | 1.70% | |
Money Market Funds [Member] | ||
Target allocation | 8.00% | |
Percentage of plan assets at year end | 3.00% | 1.00% |
Expected rate of return on plan assets | 0.03% |
Note 13 - Employee Benefit Pl_9
Note 13 - Employee Benefit Plans - Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 450 |
2021 | 451 |
2022 | 491 |
2023 | 492 |
2024 | 500 |
2025-2029 | $ 2,715 |
Note 14 - Stock Compensation _3
Note 14 - Stock Compensation Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Apr. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 176,866 | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 17,950 | 14,750 | |
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ 558,000 | $ 456,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 31.10 | $ 30.90 | |
Share Based Compensation Arrangement By Share Based Payment Award Vested, Percentage | 100.00% | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Share-based Payment Arrangement, Expense | $ 368,000 | $ 269,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 951,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 19,833 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 31.10 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 88,433 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years |
Note 14 - Stock Compensation _4
Note 14 - Stock Compensation Plans - Summary of Nonvested Restricted Stock Awards (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 31.10 | $ 30.90 |
Restricted Stock [Member] | ||
Nonvested (in shares) | 37,250 | |
Nonvested, weighted average grant date fair value (in dollars per share) | $ 29.94 | |
Granted (in shares) | 17,950 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 31.10 | |
Vested (in shares) | (10,000) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 26.74 | |
Forfeited (in shares) | (750) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 30.90 | |
Nonvested (in shares) | 44,450 | 37,250 |
Nonvested, weighted average grant date fair value (in dollars per share) | $ 31.11 | $ 29.94 |
Note 15 - Fair Values of Fina_3
Note 15 - Fair Values of Financial Instruments (Details Textual) | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | $ 25,000 | |
Standby Letters of Credit | 548,000 | 1,000,000 |
Real Estate Loan [Member] | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | 67,000 | 61,000 |
Home Equity Loan [Member] | ||
Impaired Financing Receivable, Unpaid Principal Balance, Total | $ 4,000 | 6,000 |
Measurement Input, Discount Rate [Member] | ||
Other Real Estate Owned, Measurement Input | 0.1 | |
Fair Value, Nonrecurring [Member] | ||
Other Real Estate, Ending Balance | $ 88,000 | 160,000 |
Other Real Estate, Gross Amount | 91,000 | 415,000 |
Other Real Estate, Disposals | 3,000 | 255,000 |
Market and Income Approach Valuation Technique [Member] | ||
Impaired Financing Receivable, Recorded Investment, Total | $ 0 | $ 0 |
Note 15 - Fair Values of Fina_4
Note 15 - Fair Values of Financial Instruments - Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Securities - available-for-sale | $ 120,107,000 | $ 97,718,000 |
Securities - equity investments | 19,000 | 7,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Securities - available-for-sale | 4,445,000 | |
Securities - equity investments | 19,000 | 7,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities - available-for-sale | 115,857,000 | 89,773,000 |
Securities - equity investments | ||
Fair Value, Inputs, Level 3 [Member] | ||
Securities - available-for-sale | 4,250,000 | 3,500,000 |
Securities - equity investments | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities - available-for-sale | 7,077,000 | 16,783,000 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities - available-for-sale | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities - available-for-sale | 7,077,000 | 16,783,000 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities - available-for-sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | ||
Securities - available-for-sale | 41,075,000 | 27,176,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities - available-for-sale | ||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities - available-for-sale | 41,075,000 | 27,176,000 |
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities - available-for-sale | ||
Collateralized Mortgage Obligations [Member] | ||
Securities - available-for-sale | 32,837,000 | 18,664,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities - available-for-sale | ||
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities - available-for-sale | 32,837,000 | 18,664,000 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities - available-for-sale | ||
US States and Political Subdivisions Debt Securities [Member] | ||
Securities - available-for-sale | 27,796,000 | 22,732,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities - available-for-sale | ||
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities - available-for-sale | 27,796,000 | 22,732,000 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities - available-for-sale | ||
Corporate Debt Securities [Member] | ||
Securities - available-for-sale | 11,322,000 | 7,918,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities - available-for-sale | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities - available-for-sale | 7,072,000 | 4,418,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities - available-for-sale | $ 4,250,000 | 3,500,000 |
US Treasury and Government [Member] | ||
Securities - available-for-sale | 4,445,000 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities - available-for-sale | 4,445,000 | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities - available-for-sale | ||
US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities - available-for-sale |
Note 15 - Fair Values of Fina_5
Note 15 - Fair Values of Financial Instruments - Changes in Level 3 Assets Measured on a Recurring Basis (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at the beginning of the period | $ 3,500,000 | $ 8,132,000 |
Included in earnings | 1,000 | |
Purchased into Level 3 | 750,000 | |
Sold out of Level 3 | (25,000) | |
Transfers in and/or out of Level 3 | (4,608,000) | |
Balance at the end of the period | $ 4,250,000 | $ 3,500,000 |
Note 15 - Fair Values of Fina_6
Note 15 - Fair Values of Financial Instruments - Assets Measured at Fair Value on a Non-recurring Basis (Details) - Fair Value, Nonrecurring [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Other real estate owned | $ 88,000 | $ 160,000 |
Total | 88,000 | 160,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Other real estate owned | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Other real estate owned | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | ||
Other real estate owned | 88,000 | 160,000 |
Total | $ 88,000 | $ 160,000 |
Note 15 - Fair Values of Fina_7
Note 15 - Fair Values of Financial Instruments - Schedule of Quantitative Information About Level 3 Fair Value Measurements (Details) - Fair Value, Nonrecurring [Member] | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Other real estate owned | $ 88,000 | $ 160,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Other real estate owned | $ 88,000 | $ 160,000 |
Fair Value, Inputs, Level 3 [Member] | Weighted Average [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Other real estate owned, measurement input | 10 | 10 |
Note 15 - Fair Values of Fina_8
Note 15 - Fair Values of Financial Instruments - Carrying Amount and Fair Value of Financial Instruments Included in the Consolidated Balance Sheet (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt securities, fair value | $ 120,107,000 | $ 97,718,000 |
Securities - equities | 19,000 | 7,000 |
Federal bank stock | 5,790,000 | 6,351,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Debt securities, fair value | 4,445,000 | |
Securities - equities | 19,000 | 7,000 |
Fair Value, Inputs, Level 2 [Member] | ||
Debt securities, fair value | 115,857,000 | 89,773,000 |
Securities - equities | ||
Fair Value, Inputs, Level 3 [Member] | ||
Debt securities, fair value | 4,250,000 | 3,500,000 |
Securities - equities | ||
Reported Value Measurement [Member] | ||
Cash and cash equivalents | 14,986,000 | 10,955,000 |
Interest earning time deposits | 9,698,000 | 6,738,000 |
Debt securities, fair value | 120,107,000 | 97,718,000 |
Securities - equities | 19,000 | 7,000 |
Loans, net | 695,348,000 | 708,664,000 |
Federal bank stock | 5,790,000 | 6,351,000 |
Accrued interest receivable | 2,600,000 | 2,570,000 |
Total | 848,548,000 | 833,003,000 |
Deposits | 787,124,000 | 761,546,000 |
Borrowed funds | 28,550,000 | 45,350,000 |
Accrued interest payable | 616,000 | 495,000 |
Total | 816,290,000 | 807,391,000 |
Estimate of Fair Value Measurement [Member] | ||
Cash and cash equivalents | 14,986,000 | 10,955,000 |
Interest earning time deposits | 9,698,000 | 6,738,000 |
Debt securities, fair value | 120,107,000 | 97,718,000 |
Securities - equities | 19,000 | 7,000 |
Loans, net | 697,990,000 | 702,747,000 |
Federal bank stock | ||
Accrued interest receivable | 2,600,000 | 2,570,000 |
Total | 845,400,000 | 820,735,000 |
Deposits | 793,999,000 | 767,009,000 |
Borrowed funds | 29,133,000 | 44,869,000 |
Accrued interest payable | 616,000 | 495,000 |
Total | 823,748,000 | 812,373,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | 14,986,000 | 10,955,000 |
Interest earning time deposits | ||
Debt securities, fair value | 4,445,000 | |
Securities - equities | 19,000 | 7,000 |
Loans, net | ||
Federal bank stock | ||
Accrued interest receivable | 78,000 | 63,000 |
Total | 15,083,000 | 15,470,000 |
Deposits | 569,357,000 | 539,946,000 |
Borrowed funds | ||
Accrued interest payable | 51,000 | 30,000 |
Total | 569,408,000 | 539,976,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and cash equivalents | ||
Interest earning time deposits | 9,698,000 | 6,738,000 |
Debt securities, fair value | 115,857,000 | 89,773,000 |
Securities - equities | ||
Loans, net | ||
Accrued interest receivable | 419,000 | 351,000 |
Total | 125,974,000 | 96,862,000 |
Deposits | 224,642,000 | 227,063,000 |
Borrowed funds | 29,133,000 | 44,869,000 |
Accrued interest payable | 565,000 | 465,000 |
Total | 254,340,000 | 272,397,000 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and cash equivalents | ||
Interest earning time deposits | ||
Debt securities, fair value | 4,250,000 | 3,500,000 |
Securities - equities | ||
Loans, net | 697,990,000 | 702,747,000 |
Federal bank stock | ||
Accrued interest receivable | 2,103,000 | 2,156,000 |
Total | 704,343,000 | 708,403,000 |
Deposits | ||
Borrowed funds | ||
Accrued interest payable | ||
Total |
Note 15 - Fair Values of Fina_9
Note 15 - Fair Values of Financial Instruments - Notional Amount of Off-Balance Sheet Commitment Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fixed rate | $ 23,574 | $ 16,971 |
Variable rate | 98,911 | 88,711 |
Commitments to Extend Credit [Member] | ||
Fixed rate | 1,646 | 684 |
Variable rate | 10,840 | 7,450 |
Unused lines of Credit [Member] | ||
Fixed rate | 21,928 | 16,287 |
Variable rate | $ 88,071 | $ 81,261 |
Note 16 - Emclaire Financial _3
Note 16 - Emclaire Financial Corp - Condensed Financial Statements, Parent Corporation Only - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and cash equivalents | $ 14,986 | $ 10,955 | $ 10,176 |
Goodwill | 19,460 | 19,448 | |
Total Assets | 915,296 | 898,875 | |
Long-term borrowed funds | 26,500 | 32,500 | |
Accrued expenses and other liabilities | 13,148 | 11,476 | |
Stockholders' equity | 85,858 | 80,008 | 59,091 |
Total Liabilities and Stockholders' Equity | 915,296 | 898,875 | |
Parent Company [Member] | |||
Cash and cash equivalents | 40 | 18 | $ 53 |
Equity in net assets of subsidiaries | 84,065 | 79,302 | |
Goodwill | 5,190 | 5,190 | |
Other assets | 171 | 113 | |
Total Assets | 89,466 | 84,623 | |
Other short-term borrowed funds | 2,050 | 2,050 | |
Long-term borrowed funds | 1,500 | 2,500 | |
Accrued expenses and other liabilities | 58 | 65 | |
Stockholders' equity | 85,858 | 80,008 | |
Total Liabilities and Stockholders' Equity | $ 89,466 | $ 84,623 |
Note 16 - Emclaire Financial _4
Note 16 - Emclaire Financial Corp - Condensed Financial Statements, Parent Corporation Only - Condensed Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net gains on equity securities | $ 12 | $ 500 |
Total income | 36,145 | 30,962 |
Interest expense | 8,083 | 5,386 |
Noninterest expense | 22,122 | 23,660 |
Net income before income taxes | 9,616 | 4,844 |
Income tax benefit | 1,662 | 633 |
Net income | 7,954 | 4,211 |
Comprehensive income | 8,976 | 3,559 |
Parent Company [Member] | ||
Dividends from subsidiaries | 4,688 | 3,316 |
Investment income | 10 | |
Net gains on equity securities | 510 | |
Total income | 4,688 | 3,836 |
Interest expense | 205 | 272 |
Noninterest expense | 634 | 539 |
Total expense | 839 | 811 |
Income before income taxes and undistributed subsidiary income | 3,849 | 3,025 |
Undistributed equity in net income of subsidiary | 3,922 | 1,125 |
Net income before income taxes | 7,771 | 4,150 |
Income tax benefit | (183) | (61) |
Net income | 7,954 | 4,211 |
Comprehensive income | $ 8,976 | $ 3,559 |
Note 16 - Emclaire Financial _5
Note 16 - Emclaire Financial Corp - Condensed Financial Statements, Parent Corporation Only - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 7,954 | $ 4,211 |
Change in fair value of equity securities, including realized gain | (12) | (500) |
Net cash provided by operating activities | 10,428 | 6,612 |
Net cash provided by investing activities | (11,862) | (21,984) |
Dividends paid | (3,313) | (2,753) |
Net cash used in financing activities | 5,465 | 16,151 |
Increase (decrease) in cash and cash equivalents | 4,031 | 779 |
Cash and cash equivalents at beginning of period | 10,955 | 10,176 |
Cash and cash equivalents at end of period | 14,986 | 10,955 |
Parent Company [Member] | ||
Net income | 7,954 | 4,211 |
Undistributed equity in net income of subsidiary | (3,922) | (1,125) |
Change in fair value of equity securities, including realized gain | (510) | |
Other, net | 303 | 1,323 |
Net cash provided by operating activities | 4,335 | 3,899 |
Sales of investment securities | 1,269 | |
Net cash provided by investing activities | 1,269 | |
Net change in borrowings | (1,000) | (2,450) |
Dividends paid | (3,313) | (2,753) |
Net cash used in financing activities | (4,313) | (5,203) |
Increase (decrease) in cash and cash equivalents | 22 | (35) |
Cash and cash equivalents at beginning of period | 18 | 53 |
Cash and cash equivalents at end of period | $ 40 | $ 18 |
Note 17 - Other Noninterest I_3
Note 17 - Other Noninterest Income and Expense (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Customer Bank Card Processing Fee Income [Member] | ||
Noninterest Income, Other Operating Income | $ 1.4 | $ 1.3 |
Note 17 - Other Noninterest I_4
Note 17 - Other Noninterest Income and Expense - Summary of Noninterest Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Total other noninterest expenses | $ 5,634 | $ 4,815 |
Customer Bank Card Processing [Member] | ||
Total other noninterest expenses | 697 | 673 |
Subscriptions [Member] | ||
Total other noninterest expenses | 607 | 513 |
Telephone and Data Communications [Member] | ||
Total other noninterest expenses | 567 | 414 |
Pennsylvania Shares and Use Taxes [Member] | ||
Total other noninterest expenses | 482 | 316 |
Correspondent Bank and Courier Fees [Member] | ||
Total other noninterest expenses | 411 | 395 |
Travel Entertainment and Conferences [Member] | ||
Total other noninterest expenses | 390 | 337 |
Internet Banking and Bill Pay [Member] | ||
Total other noninterest expenses | 347 | 416 |
Item Processing [Member] | ||
Total other noninterest expenses | 310 | |
Printing and Supplies [Member] | ||
Total other noninterest expenses | 278 | 333 |
Marketing and Advising [Member] | ||
Total other noninterest expenses | 264 | 292 |
Charitable Contributions [Member] | ||
Total other noninterest expenses | 240 | 220 |
Regulatory Examinations [Member] | ||
Total other noninterest expenses | 204 | 207 |
Bad Checks and Other losses [Member] | ||
Total other noninterest expenses | 199 | 197 |
Postage and Freight [Member] | ||
Total other noninterest expenses | 169 | 134 |
Credit Bureau and Other Loan Expense [Member] | ||
Total other noninterest expenses | 132 | 120 |
Memberships and Dues [Member] | ||
Total other noninterest expenses | 112 | 98 |
Other Expenses [Member] | ||
Total other noninterest expenses | $ 225 | $ 150 |
Note 18 - Earnings Per Share -
Note 18 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 7,954 | $ 4,211 |
Preferred stock dividends | 182 | 91 |
Net income available to common stockholders | $ 7,772 | $ 4,120 |
Average common shares outstanding (in shares) | 2,699,397 | 2,377,277 |
Add: Dilutive effects of restricted stock awards (in shares) | 19,349 | 18,400 |
Average shares and dilutive potential common shares (in shares) | 2,718,746 | 2,395,677 |
Basic (in dollars per share) | $ 2.88 | $ 1.73 |
Diluted (in dollars per share) | $ 2.86 | $ 1.72 |
Restricted stock awards not considered in computing earnings per share because they were antidulitive (in shares) |
Note 19 - Accumulated Other C_3
Note 19 - Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Other Comprehensive Income (Loss) by Component, Net of Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 80,008 | $ 59,091 |
Net current period other comprehensive income (loss) | 1,022 | (652) |
Cumulative effect of change in accounting principle, net of tax | (181) | |
Balance, as adjusted | 79,827 | 59,091 |
Balance | 85,858 | 80,008 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Balance | (1,517) | (679) |
Other comprehensive income before reclassification | 1,471 | (658) |
Amounts reclassified from accumulated other comprehensive income (loss) | (62) | 7 |
Net current period other comprehensive income (loss) | 1,409 | (651) |
Cumulative effect of change in accounting principle, net of tax | (187) | |
Balance, as adjusted | (866) | |
Balance | (108) | (1,517) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (4,840) | (4,839) |
Other comprehensive income before reclassification | (586) | (200) |
Amounts reclassified from accumulated other comprehensive income (loss) | 199 | 199 |
Net current period other comprehensive income (loss) | (387) | (1) |
Cumulative effect of change in accounting principle, net of tax | ||
Balance, as adjusted | (4,839) | |
Balance | (5,227) | (4,840) |
AOCI Attributable to Parent [Member] | ||
Balance | (6,357) | (5,518) |
Other comprehensive income before reclassification | 885 | (858) |
Amounts reclassified from accumulated other comprehensive income (loss) | 137 | 206 |
Net current period other comprehensive income (loss) | 1,022 | (652) |
Cumulative effect of change in accounting principle, net of tax | (187) | |
Balance, as adjusted | (6,357) | (5,705) |
Balance | $ (5,335) | $ (6,357) |
Note 19 - Accumulated Other C_4
Note 19 - Accumulated Other Comprehensive Income (Loss) - Significant Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Provision for income taxes | $ (1,662) | $ (633) |
Total security reclassifications for the period | (7,954) | (4,211) |
Other noninterest income | (1,476) | (1,766) |
Compensation and employee benefits | (11,738) | (10,320) |
Total before tax | (9,616) | (4,844) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Total security reclassifications for the period | 137 | 206 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Unrealized gains and losses on available-for-sale securities | (78) | 9 |
Provision for income taxes | 16 | (2) |
Total security reclassifications for the period | (62) | 7 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||
Other noninterest income | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Compensation and employee benefits | 252 | 252 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Provision for income taxes | (53) | (53) |
Total security reclassifications for the period | 199 | 199 |
Total before tax | $ 252 | $ 252 |
Note 20 - Mergers and Acquisi_3
Note 20 - Mergers and Acquisitions (Details Textual) - USD ($) | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 |
Goodwill, Ending Balance | $ 19,460,000 | $ 19,448,000 | ||
Amortization of Intangible Assets, Total | 176,000 | 266,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 164,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 154,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 149,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 149,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 149,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 482,000 | |||
Community First [Member] | ||||
Payments to Acquire Businesses, Gross | $ 2,429,000 | |||
Goodwill, Ending Balance | 9,172,000 | 9,200,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 1,208,000 | |||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | 0 | |||
Business Combination, Acquired Receivable, Fair Value | $ 112,800,000 | |||
Business Combination, Loans Receivable, Credit Adjustment | 1,700,000 | |||
Business Combination, Loans Receivable, Other Adjustment | 441,000 | |||
Business Combination, Acquisition Related Costs | 3,600,000 | |||
Community First [Member] | Employee Non-Compete and Severance Costs [Member] | ||||
Business Combination, Acquisition Related Costs | 1,500,000 | |||
Community First [Member] | Professional Fees [Member] | ||||
Business Combination, Acquisition Related Costs | 531,000 | |||
Community First [Member] | System Conversion Costs [Member] | ||||
Business Combination, Acquisition Related Costs | 481,000 | |||
Community First [Member] | Contract Termination Fees [Member] | ||||
Business Combination, Acquisition Related Costs | 427,000 | |||
Community First [Member] | Legal Fees [Member] | ||||
Business Combination, Acquisition Related Costs | 330,000 | |||
Community First [Member] | Accounting and Auditing Fees [Member] | ||||
Business Combination, Acquisition Related Costs | 50,000 | |||
Community First [Member] | Other Costs [Member] | ||||
Business Combination, Acquisition Related Costs | $ 228,000 | |||
Community First [Member] | Core Deposits [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,200,000 | |||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Amortization of Intangible Assets, Total | 121,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 121,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 121,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 121,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 121,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 121,000 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 453,000 | |||
Community First [Member] | Common Stock [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 419,173 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 15,636,000 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Shares | 18,000 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Gain on Retirement | $ 690,000 | |||
Community First [Member] | Preferred Stock [Member] | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 4,206,000 | |||
Business Acquisition, Number of Shares Received | 420,593 | |||
Business Acquisition, Number of Shares Received, Value | $ 4,200,000 |
Note 20 - Mergers and Acquisi_4
Note 20 - Mergers and Acquisitions - Estimated Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill | $ (19,460,000) | $ (19,448,000) | |
Community First [Member] | |||
Cash and cash equivalents | $ 3,986,000 | ||
Securities available for sale | |||
Loans receivable | 111,555,000 | ||
Federal bank stocks | 190,000 | ||
Accrued interest receivable | 288,000 | ||
Premises and equipment | 1,321,000 | ||
Core deposit intangible | 1,208,000 | ||
Prepaid expenses and other assets | 3,341,000 | ||
Total assets acquired | 121,889,000 | ||
Deposits | 106,149,000 | ||
Overnight borrowings | 1,200,000 | ||
Accrued interest payable | 61,000 | ||
Accrued expenses and other liabilities | 449,000 | ||
Total liabilities assumed | 107,859,000 | ||
Identifiable net assets acquired | 14,030,000 | ||
Cash | 2,429,000 | ||
Total consideration | 23,202,000 | ||
Goodwill | (9,172,000) | $ (9,200,000) | |
Community First [Member] | Preferred Stock [Member] | |||
Stock | 4,206,000 | ||
Community First [Member] | Previously Owned Common Stock of CFB [Member] | |||
Stock | 931,000 | ||
Community First [Member] | Common Stock [Member] | |||
Stock | $ 15,636,000 |
Note 21 - Revenue Recognition -
Note 21 - Revenue Recognition - Noninterest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Noninterest income (in-scope of Topic 606) | $ 3,603 | $ 3,376 | |
Noninterest income (out-of-scope of Topic 606) | 788 | 832 | |
Total noninterest income | 4,391 | 4,208 | |
Maintenance Fees [Member] | |||
Noninterest income (in-scope of Topic 606) | 190 | 160 | |
Overdraft Fees [Member] | |||
Noninterest income (in-scope of Topic 606) | 1,657 | 1,587 | |
Other Fees [Member] | |||
Noninterest income (in-scope of Topic 606) | 310 | 285 | |
Electronic Banking Fees [Member] | |||
Noninterest income (in-scope of Topic 606) | [1] | $ 1,446 | $ 1,344 |
[1] | included in other noninterest income on the consolidated statements of income |