PRIME MERIDIAN HOLDING CO, 10-Q filed on 11/8/2024
Quarterly Report
v3.24.3
Document And Entity Information - shares
 9 Months Ended
Sep. 30, 2024
Nov. 05, 2024
Document Information [Line Items]    
Entity Central Index Key 0001586454  
Entity Registrant Name Prime Meridian Holding Co  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2024  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 333-191801  
Entity Incorporation, State or Country Code FL  
Entity Tax Identification Number 27-2980805  
Entity Address, Address Line One 1471 Timberlane Road  
Entity Address, City or Town Tallahassee  
Entity Address, State or Province FL  
Entity Address, Postal Zip Code 32312  
City Area Code 850  
Local Phone Number 907-230029  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   3,287,747
v3.24.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets [Abstract]    
Cash and due from banks $ 12,161 $ 9,003
Federal funds sold 37,075 14,856
Interest-bearing deposits 47,288 4,557
Total cash and cash equivalents 96,524 28,416
Debt securities available for sale at fair value (amortized cost of $98,586 and $134,940) 90,935 124,475
Debt securities held to maturity (fair value of $12,311 and $10,358) 13,276 11,850
Loans held for sale 7,457 5,288
Loans, net of allowance for credit losses of $5,389 and $5,609 687,057 646,127
Federal Home Loan Bank stock 1,073 1,283
Premises and equipment, net 7,112 7,476
Right of use operating lease asset 2,654 2,823
Accrued interest receivable 3,213 3,114
Bank-owned life insurance 17,228 16,921
Other Assets 5,093 6,755
Total assets 931,622 854,528
Liabilities [Abstract]    
Noninterest-bearing demand deposits 202,659 189,426
Savings, NOW and money-market deposits 503,768 476,826
Time deposits 117,559 82,436
Total deposits 823,986 748,688
Federal Home Loan Bank advances 10,000 15,000
Official checks 1,338 2,377
Operating lease liability 2,857 3,013
Other Liabilities 4,943 5,474
Total liabilities 843,124 774,552
Stockholders' equity:    
Preferred stock, undesignated; 1,000,000 shares authorized, none issued or outstanding 0 0
Common stock, $.01 par value; 9,000,000 shares authorized, 3,293,755 and 3,259,881 issued and outstanding 33 33
Additional paid-in capital 41,452 40,522
Retained earnings 52,724 47,234
Accumulated other comprehensive loss (5,711) (7,813)
Total stockholders' equity 88,498 79,976
Total liabilities and stockholders' equity $ 931,622 $ 854,528
v3.24.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Debt securities available for sale, fair value $ 98,586 $ 134,940
Debt securities held to maturity, fair value 12,311 10,358
Loans receivable, allowance for loan losses $ 5,389 $ 5,609
Preferred stock, shares authorized (in shares) 1,000,000 1,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 9,000,000 9,000,000
Common stock, shares issued (in shares) 3,293,755 3,259,881
Common stock, shares outstanding (in shares) 3,293,755 3,259,881
v3.24.3
Condensed Consolidated Statements of Earnings (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Interest income:        
Loans $ 10,995 $ 9,019 $ 31,584 $ 25,633
Debt securities 757 919 2,505 2,777
Other 942 244 1,408 650
Total interest income 12,694 10,182 35,497 29,060
Interest expense:        
Deposits 4,643 2,691 12,410 6,141
Other borrowings and FHLB advances 110 304 619 824
Total interest expense 4,753 2,995 13,029 6,965
Net interest income 7,941 7,187 22,468 22,095
Credit loss expense 100 175 755 743
Net interest income after credit loss expense 7,841 7,012 21,713 21,352
Noninterest income:        
Mortgage banking revenue, net 133 121 329 250
Income from bank-owned life insurance 105 100 307 290
Other income 53 49 166 165
Total noninterest income 531 499 1,511 1,403
Noninterest expense:        
Salaries and employee benefits 3,011 2,864 8,900 8,359
Occupancy and equipment 408 427 1,238 1,235
Professional fees 151 149 447 416
Marketing 243 215 816 688
FDIC assessment 111 104 325 275
Software maintenance, amortization and other 433 341 1,378 912
Other 577 623 1,821 1,814
Total noninterest expense 4,934 4,723 14,925 13,699
Earnings before income taxes 3,438 2,788 8,299 9,056
Income taxes 835 668 1,991 2,178
Net earnings $ 2,603 $ 2,120 $ 6,308 $ 6,878
Earnings per common share:        
Basic (in dollars per share) $ 0.79 $ 0.66 $ 1.92 $ 2.15
Diluted (in dollars per share) 0.78 0.66 1.89 2.13
Cash dividends per common share (in dollars per share) $ 0 $ 0 $ 0.25 $ 0.22
Deposit Account [Member]        
Noninterest income:        
Revenue from customer $ 81 $ 92 $ 228 $ 261
Debit Card [Member]        
Noninterest income:        
Revenue from customer $ 159 $ 137 $ 481 $ 437
v3.24.3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net earnings $ 2,603 $ 2,120 $ 6,308 $ 6,878
Other comprehensive income (loss):        
Unrealized gain (loss) arising during the period 3,011 (2,172) 2,814 (1,408)
Deferred income tax (expense) benefit on above change (762) 551 (712) 357
Total other comprehensive income (loss) 2,249 (1,621) 2,102 (1,051)
Comprehensive income $ 4,852 $ 499 $ 8,410 $ 5,827
v3.24.3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Additional Paid-in Capital [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
AOCI Attributable to Parent [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance (in shares) at Dec. 31, 2022           3,164,491        
Balance at Dec. 31, 2022 $ 0 $ 0 $ 1,946 $ 0 $ 1,946 $ 32 $ 39,718 $ 37,278 $ (9,975) $ 67,053
Net earnings           0 0 2,501 0 2,501
Dividends paid (unaudited)           0 0 (698) 0 (698)
Net change in unrealized loss on debt securities available for sale, net of income tax expense (unaudited)           $ 0 0 0 1,478 1,478
Stock options exercised (unaudited) (in shares)           15,867        
Stock options exercised (unaudited)           $ 0 273 0 0 273
Common stock issued as compensation to directors (unaudited) (in shares)           1,573        
Common stock issued as compensation to directors (unaudited)           $ 0 40 0 0 40
Issuance of restricted stock (unaudited) (in shares)           3,834        
Issuance of restricted stock (unaudited)           $ 0 0 0 0 0
Stock-based compensation (unaudited)           $ 0 83 0 0 83
Common stock issued as compensation to directors (unaudited) (in shares)           1,573        
Balance (in shares) at Mar. 31, 2023           3,185,765        
Balance at Mar. 31, 2023           $ 32 40,114 41,027 (8,497) 72,676
Balance (in shares) at Dec. 31, 2022           3,164,491        
Balance at Dec. 31, 2022 $ 0 $ 0 $ 1,946 $ 0 $ 1,946 $ 32 39,718 37,278 (9,975) 67,053
Net earnings                   6,878
Net change in unrealized loss on debt securities available for sale, net of income tax expense (unaudited)                   (1,051)
Balance (in shares) at Sep. 30, 2023           3,263,733        
Balance at Sep. 30, 2023           $ 33 40,376 45,404 (11,026) 74,787
Balance (in shares) at Mar. 31, 2023           3,185,765        
Balance at Mar. 31, 2023           $ 32 40,114 41,027 (8,497) 72,676
Net earnings           0 0 2,257 0 2,257
Net change in unrealized loss on debt securities available for sale, net of income tax expense (unaudited)           $ 0 0 0 (908) (908)
Stock options exercised (unaudited) (in shares)           2,750        
Stock options exercised (unaudited)           $ 0 56 0 0 56
Common stock issued as compensation to directors (unaudited) (in shares)           1,537        
Common stock issued as compensation to directors (unaudited)           $ 0 40 0 0 40
Stock-based compensation (unaudited)           $ 0 49 0 0 49
Common stock issued as compensation to directors (unaudited) (in shares)           1,537        
Balance (in shares) at Jun. 30, 2023           3,190,052        
Balance at Jun. 30, 2023           $ 32 40,259 43,284 (9,405) 74,170
Net earnings           0 0 2,120 0 2,120
Net change in unrealized loss on debt securities available for sale, net of income tax expense (unaudited)           $ 0 0 0 (1,621) (1,621)
Common stock issued as compensation to directors (unaudited) (in shares)           1,764        
Common stock issued as compensation to directors (unaudited)           $ 0 40 0 0 40
Issuance of restricted stock (unaudited) (in shares)           71,917        
Issuance of restricted stock (unaudited)           $ 1 (1) 0 0 0
Stock-based compensation (unaudited)           $ 0 78 0 0 78
Common stock issued as compensation to directors (unaudited) (in shares)           1,764        
Balance (in shares) at Sep. 30, 2023           3,263,733        
Balance at Sep. 30, 2023           $ 33 40,376 45,404 (11,026) $ 74,787
Balance (in shares) at Dec. 31, 2023           3,259,881       3,259,881
Balance at Dec. 31, 2023           $ 33 40,522 47,234 (7,813) $ 79,976
Net earnings           0 0 1,931 0 1,931
Dividends paid (unaudited)           0 0 (818) 0 (818)
Net change in unrealized loss on debt securities available for sale, net of income tax expense (unaudited)           $ 0 0 0 (291) (291)
Stock options exercised (unaudited) (in shares)           23,940        
Stock options exercised (unaudited)           $ 0 481 0 0 481
Common stock issued as compensation to directors (unaudited) (in shares)           1,654        
Common stock issued as compensation to directors (unaudited)           $ 0 41 0 0 41
Issuance of restricted stock (unaudited) (in shares)           9,790        
Issuance of restricted stock (unaudited)           $ 0 113 0 0 113
Stock-based compensation (unaudited)           $ 0 6 0 0 6
Common stock issued as compensation to directors (unaudited) (in shares)           1,654        
Balance (in shares) at Mar. 31, 2024           3,295,265        
Balance at Mar. 31, 2024           $ 33 41,163 48,347 (8,104) $ 81,439
Balance (in shares) at Dec. 31, 2023           3,259,881       3,259,881
Balance at Dec. 31, 2023           $ 33 40,522 47,234 (7,813) $ 79,976
Net earnings                   6,308
Net change in unrealized loss on debt securities available for sale, net of income tax expense (unaudited)                   $ 2,102
Balance (in shares) at Sep. 30, 2024           3,293,755       3,293,755
Balance at Sep. 30, 2024           $ 33 41,452 52,724 (5,711) $ 88,498
Balance (in shares) at Mar. 31, 2024           3,295,265        
Balance at Mar. 31, 2024           $ 33 41,163 48,347 (8,104) 81,439
Net earnings           0 0 1,774 0 1,774
Net change in unrealized loss on debt securities available for sale, net of income tax expense (unaudited)           0 0 0 144 144
Stock options exercised (unaudited)           $ 0 0 0 0 0
Common stock issued as compensation to directors (unaudited) (in shares)           1,798        
Common stock issued as compensation to directors (unaudited)           $ 0 44 0 0 44
Issuance of restricted stock (unaudited)           0 108 0 0 108
Stock-based compensation (unaudited)           $ 0 2 0 0 2
Common stock issued as compensation to directors (unaudited) (in shares)           1,798        
Forfeiture of restricted stock (unaudited) (in shares)           (3,200)        
Balance (in shares) at Jun. 30, 2024           3,293,863        
Balance at Jun. 30, 2024           $ 33 41,317 50,121 (7,960) 83,511
Net earnings           0 0 2,603 0 2,603
Net change in unrealized loss on debt securities available for sale, net of income tax expense (unaudited)           $ 0 0 0 2,249 2,249
Common stock issued as compensation to directors (unaudited) (in shares)           992        
Common stock issued as compensation to directors (unaudited)           $ 0 25 0 0 25
Issuance of restricted stock (unaudited)           0 106 0 0 106
Stock-based compensation (unaudited)           $ 0 4 0 0 $ 4
Common stock issued as compensation to directors (unaudited) (in shares)           992        
Forfeiture of restricted stock (unaudited) (in shares)           (1,100)        
Balance (in shares) at Sep. 30, 2024           3,293,755       3,293,755
Balance at Sep. 30, 2024           $ 33 $ 41,452 $ 52,724 $ (5,711) $ 88,498
v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net earnings $ 6,308 $ 6,878
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation and amortization 525 540
Credit loss expense 755 743
Net amortization of deferred loan fees 75 207
Net accretion of discounts on debt securities (202) (208)
Gain on sale of loans held for sale (329) (250)
Proceeds from the sale of loans held for sale 52,198 48,454
Loans originated as held for sale (54,038) (46,328)
Stock issued as compensation to directors 110 120
Stock-based compensation expense 339 210
Income from bank-owned life insurance (307) (290)
Net increase in accrued interest receivable (99) (286)
Net change in operating leases 13 19
Net decrease (increase) in other assets 950 (268)
Net decrease in other liabilities and official checks (1,710) (2,776)
Net cash provided by operating activities 4,588 6,765
Cash flows from investing activities:    
Loan originations, net of principal repayments (41,620) (38,716)
Purchase of debt securities available for sale (6,255) (1,206)
Purchase of debt securities held to maturity (1,396) 0
Principal repayments of debt securities available for sale 7,221 5,559
Maturities and calls of debt securities available for sale 35,560 12
Redemption (purchase) of Federal Home Loan Bank stock 210 (1,295)
Purchase of premises and equipment (161) (131)
Net cash used in investing activities (6,441) (35,777)
Cash flows from financing activities:    
Net increase (decrease) in deposits 75,298 (8,728)
Change in other borrowings 0 (4,275)
(Decrease) increase in Federal Home Loan Bank advances (5,000) 25,000
Proceeds from stock options exercised 481 329
Common stock dividends paid (818) (698)
Net cash provided by financing activities 69,961 11,628
Net increase (decrease) in cash and cash equivalents 68,108 (17,384)
Cash and cash equivalents at beginning of period 28,416 39,788
Cash and cash equivalents at end of period 96,524 22,404
Supplemental disclosure of cash flow information    
Interest 12,952 6,719
Income taxes 2,180 2,387
Noncash transactions:    
Accumulated other comprehensive income (loss), net change in unrealized loss on debt securities available for sale, net of income tax (expense) benefit 2,102 (1,051)
Impact of adopting ASC 326 (net of tax) 0 1,946
Loans transferred to other real estate owned $ 0 $ 117
v3.24.3
Note 1 - General
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Significant Accounting Policies [Text Block]

(1)

General

 

Prime Meridian Holding Company (“PMHG”) owns 100% of the outstanding common stock of Prime Meridian Bank (the "Bank") (collectively the "Company"). PMHG’s primary activity is the operation of the Bank. The Bank is a Florida state-chartered commercial bank, and the deposit accounts of the Bank are insured up to the applicable limits by the Federal Deposit Insurance Corporation ("FDIC"). The Bank offers a variety of community banking services to individual and corporate clients through its four banking offices located in Tallahassee, Crawfordville, and Lakeland, Florida and its online banking platform.

 

The accounting and financial reporting policies of the Company conform, in all material respects, to accounting principles generally accepted in the United States of America (“GAAP”) and to general practices within the banking industry. The condensed consolidated financial statements in the Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management, reflect all necessary adjustments for a fair presentation of the Company’s condensed consolidated financial position and condensed consolidated results of operations. All adjustments were of a normal and recurring nature. The condensed consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the condensed consolidated financial statements do not include all information and footnotes required by GAAP for complete financial presentation and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2023, included in our Annual Report on Form 10-K filed with the SEC on March 21, 2024. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year or any future period.

 

Comprehensive Income. GAAP generally requires that recognized revenue, expenses, gains and losses be included in earnings. Although certain changes in assets and liabilities, such as unrealized gains and losses on debt securities available for sale, are reported as a separate component of the equity section of the condensed consolidated balance sheet, such items along with net earnings, are components of comprehensive income. The only component of other comprehensive income (loss) is the net change in the unrealized loss on debt securities available for sale.

 

Stock-Based Compensation. The Company expenses the fair value of stock options and restricted stock granted. The Company recognizes stock-based compensation expense in the condensed consolidated statements of earnings over the vesting period.

 

Derivatives. The Company enters into interest rate swaps in order to provide commercial loan clients the ability to swap from variable to fixed interest rates.  Under these agreements, the Company enters into a variable rate loan with a client in addition to a swap agreement.  This swap agreement effectively converts the client’s variable rate loan into a fixed rate.  The Company then enters into a matching swap agreement with a third-party dealer in order to offset its exposure on the client swap.  The Company does not use derivatives for trading purposes. The derivative transactions are considered instruments with no hedging designation, otherwise known as stand-alone derivatives. 

 
v3.24.3
Note 2 - Debt Securities
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

(2)

Debt Securities 

 

Debt securities are classified according to management's intent. Our investments in U.S. agency mortgage-backed securities are with government-sponsored enterprises (GSEs) such as Federal National Mortgage Association, Government National Mortgage Association, Federal Home Loan Bank, and Federal Home Loan Mortgage Corporation. The amortized cost of debt securities and fair values are as follows:

 

      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

(in thousands)

                

At September 30, 2024

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $13,247  $-  $(542) $12,705 

Municipal securities

  20,142   -   (1,545)  18,597 

U.S. agency mortgage-backed securities

  60,715   55   (5,588)  55,182 

Asset-backed securities

  4,482   6   (37)  4,451 

Total

 $98,586  $61  $(7,712) $90,935 
                 

Debt Securities Held to Maturity

                

Municipal securities

 $9,289  $36  $(1,057) $8,268 

U.S. agency mortgage-backed securities

  3,987   97   (41)  4,043 

Total

 $13,276  $133  $(1,098) $12,311 
                 

At December 31, 2023

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $46,492  $-  $(1,234) $45,258 

Municipal securities

  22,259   -   (2,151)  20,108 

U.S. agency mortgage-backed securities

  63,165   7   (7,013)  56,159 

Asset-backed securities

  3,024   -   (74)  2,950 

Total

 $134,940  $7  $(10,472) $124,475 
                 

Debt Securities Held to Maturity

                

Municipal securities

 $9,257  $39  $(1,378) $7,918 

U.S. agency mortgage-backed securities

  2,593   -   (153)  2,440 

Total

 $11,850  $39  $(1,531) $10,358 

 

 

There were no debt securities available for sale sold during the three and nine months ended September 30, 2024 and 2023.

 

Debt securities with gross unrealized losses, aggregated by investment category and length of time that individual securities have been in a continuous loss position, are as follows:

 

  

Less Than Twelve Months

  

More Than Twelve Months

 
  

Gross

      

Gross

     
  

Unrealized

  

Fair

  

Unrealized

  

Fair

 
  

Losses

  

Value

  

Losses

  

Value

 

(in thousands)

                

At September 30, 2024

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $-  $-  $(542) $12,705 

Municipal securities

  -   -   (1,545)  18,597 

U.S. agency mortgage-backed securities

  (46)  3,674   (5,542)  50,328 

Asset-backed securities

  -   -   (37)  1,694 

Total

 $(46) $3,674  $(7,666) $83,324 
                 

Debt Securities Held to Maturity

                

Municipal securities

 $-  $-  $(1,057) $6,388 

U.S. agency mortgage-backed securities

  -   -   (41)  2,554 

Total

 $-  $-  $(1,098) $8,942 
                 

At December 31, 2023

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $-  $-  $(1,234) $45,258 

Municipal securities

  (2)  386   (2,149)  19,722 

U.S. agency mortgage-backed securities

  -   -   (7,013)  54,987 

Asset-backed securities

  -   -   (74)  2,950 

Total

 $(2) $386  $(10,470) $122,917 
                 

Debt Securities Held to Maturity

                

Municipal securities

 $-  $-  $(1,378) $6,884 

U.S. agency mortgage-backed securities

  -   -   (153)  2,440 

Total

 $-  $-  $(1,531) $9,324 

 

The unrealized losses at September 30, 2024 and December 31, 2023 on 95 and 103 debt securities, respectively, were caused by market conditions such as interest rate movements, and not changes in credit quality. It is expected that the debt securities would not be settled at a price less than the par value of the debt securities. 

 

Management evaluates debt securities for credit loss where there has been a decline in fair value below the amortized cost basis of a debt security to determine whether there is a credit loss associated with the decline in fair value on at least a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Credit losses are calculated individually and collectively, using a discounted cash flow method, whereby management compares the present value of expected cash flows with the amortized cost basis of the debt security.

 

Any credit loss component would be recognized through a credit loss expense. Consideration is given to (1) the financial condition and near-term prospects of the issuer including looking at default and delinquency rates, (2) the outlook for receiving the contractual cash flows of the debt securities, (3) the length of time and the extent to which the fair value has been less than cost, (4) our intent and ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value or for a debt security whether it is more-likely-than-not that we will be required to sell the debt security prior to recovering its fair value, (5) the anticipated outlook for changes in the general level of interest rates, (6) credit ratings, (7) third party guarantees, and (8) collateral values. In analyzing an issuer's financial condition, management considers whether the debt securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, the results of reviews of the issuer's financial condition, and the issuer's anticipated ability to pay the contractual cash flows of the debt securities. The Company determined that the U.S. government agency and treasury securities (including mortgage-backed securities) have a zero expected credit loss. All of the government agency securities have the full faith and credit backing of the United States government or one of its agencies. Municipal securities and asset-backed securities that do not have a zero expected credit loss are evaluated quarterly by a third-party resource to determine whether there is a credit loss associated with a decline in fair value. At September 30, 2024 and December 31, 2023, all municipal and asset-backed securities were rated as investment grade. All debt securities in an unrealized loss position as of  September 30, 2024 continue to perform as scheduled and we do not believe that there is a credit loss or that a credit loss expense is necessary. At September 30, 2024 and December 31, 2023, no debt securities are on nonaccrual. Also, as part of our evaluation of our intent and ability to hold investments for a period of time sufficient to allow for any anticipated recovery in the market, we consider our investment strategy, cash flow needs, liquidity position, capital adequacy and interest rate risk position. We do not currently intend to sell the debt securities within the portfolio, and it is not more-likely-than-not that we will be required to sell the debt securities.

 

Debt securities available for sale measured at fair value on a recurring basis are summarized below:

 

      

Fair Value Measurements Using

 
      

Quoted Prices

         
      

In Active

  

Significant

     
      

Markets for

  

Other

  

Significant

 
      

Identical

  

Observable

  

Unobservable

 
  

Fair

  

Assets

  

Inputs

  

Inputs

 
  

Value

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

(in thousands)

                

At September 30, 2024

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $12,705  $-  $12,705  $- 

Municipal securities

  18,597   -   18,597   - 

U.S. agency mortgage-backed securities

  55,182   -   55,182   - 

Asset-backed securities

  4,451   -   4,451   - 

Total

 $90,935  $-  $90,935  $- 
                 

At December 31, 2023

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $45,258  $-  $45,258  $- 

Municipal securities

  20,108   -   20,108   - 

U.S. agency mortgage-backed securities

  56,159   -   56,159   - 

Asset-backed securities

  2,950   -   2,950   - 

Total

 $124,475  $-  $124,475  $- 

 

The scheduled maturities of debt securities are as follows:

 

  

Debt Securities Available for Sale

  

Debt Securities Held to Maturity

 
  

Amortized

  

Fair

  

Amortized

  

Fair

 
  

Cost

  

Value

  

Cost

  

Value

 

(in thousands)

                

Due in less than one year

 $8,368  $8,287  $-  $- 

Due in one to five years

  11,953   11,161   -   - 

Due in five to ten years

  10,827   9,897   2,070   2,030 

Due after ten years

  6,723   6,408   7,219   6,238 

U.S. agency mortgage-backed securities

  60,715   55,182   3,987   4,043 

Total

 $98,586  $90,935  $13,276  $12,311 

 

 

At September 30, 2024 and  December 31, 2023 debt securities with a fair value of $18.2 million and $16.4 million, respectively, were pledged as collateral for public deposits.  
v3.24.3
Note 3 - Loans
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

(3)

Loans

 

Segments and classes of loans, excluding loans held for sale, are as follows:

 

         

(in thousands)

 

At September 30, 2024

  

At December 31, 2023

 

Real estate mortgage loans:

        

Commercial(1)

 $216,379  $208,429 

Residential and home equity(1)

  297,887   273,383 

Construction(1)

  82,639   78,197 

Total real estate mortgage loans

  596,905   560,009 
         

Commercial loans

  89,788   85,983 

Consumer and other loans

  5,971   5,936 

Total loans

  692,664   651,928 
         

Add (deduct):

        

Net deferred loan fees

  (218)  (192)

Allowance for credit losses

  (5,389)  (5,609)

Loans, net

 $687,057  $646,127 

 

(1) Certain loans as of December 31, 2023 have been reclassed to conform to current loan class presentation. 

The Company has divided the loan portfolio into three portfolio segments and five portfolio classes, each with different risk characteristics and methodologies for assessing risk. All loans are underwritten based upon standards set forth in the policies approved by the Company’s Board of Directors. The Company identifies the portfolio segments and classes as follows:

 

Real Estate Mortgage Loans. Real estate mortgage loans are typically divided into three classes: commercial, residential and home equity, and construction loans.

 

Commercial. Loans of this type are typically our more complex loans. This category of real estate loans is comprised of loans secured by mortgages on commercial property that are typically owner-occupied, but also includes nonowner-occupied investment properties. Commercial loans that are secured by owner-occupied commercial real estate are repaid through operating cash flows of the borrower. Commercial loans that are secured by nonowner-occupied commercial real estate are underwritten by assessing the property’s current and future income potential and appraised value.  For both owner-occupied and nonowner-occupied commercial loans, the maturity is generally limited to three to five years; however, payments may be structured on a longer amortization basis. Typically, interest rates on these types of loans are fixed for five years or less after which they may adjust based upon a predetermined spread over a market index rate. At times, a rate may be fixed for longer than five years.  As part of our credit underwriting standards, the Company typically requires personal guarantees from the principal owners of the business supported by a review of the principal owners’ personal financial statements and tax returns. As part of the enterprise risk management process, it is understood that risks associated with commercial real estate loans include fluctuations in real estate values, the overall strength of the borrower and the economy, new job creation trends, tenant vacancy rates, environmental contamination, and the quality of the borrowers’ management. In order to mitigate and limit these risks, we analyze the borrowers’ cash flows and evaluate collateral value. Currently, the collateral securing our commercial real estate loans includes a variety of property types, such as office, warehouse, hotels, commercial properties and retail facilities.  Generally, commercial real estate loans present a higher risk profile than our consumer real estate loan portfolio.

 

Residential and Home Equity. The Company offers first and second one-to-four family mortgage loans and home equity lines of credit; the collateral for these loans is generally the clients' owner-occupied residences. Although these types of loans present lower levels of risk than commercial real estate loans, risks do still exist because of possible fluctuations in the value of the real estate collateral securing the loan, as well as changes in the borrowers' financial condition. The nonowner-occupied investment properties are more similar in risk to commercial real estate loans, and therefore, are underwritten by assessing the property’s income potential and appraised value. In both cases, we underwrite the borrower’s financial condition and evaluate his or her global cash flow position. Borrowers may be affected by numerous factors, including job loss, illness, or other personal hardship. As part of our product mix, the Bank offers both portfolio and secondary market mortgages; portfolio loans generally are based on a 1-year, 3-year, 5-year, or 7-year adjustable rate mortgage; while 15-year or 30-year fixed-rate loans are generally sold in the secondary market.  The Company also offers multi-family and mixed-use residential loans; risks associated with these types of real estate loans include fluctuations in real estate values, the overall strength of the borrower and the economy, new job creation trends, tenant vacancy rates, environmental contamination, and the quality of the borrowers’ management. In order to mitigate and limit these risks, we analyze the borrowers’ cash flows and evaluate the underlying collateral value. 

 

Construction. Typically, these loans have a construction period of one to two years and the interest is paid monthly. Once the construction period terminates, some of these loans convert to a term loan with a maturity of one to ten years. This portion of our loan portfolio includes loans to small and midsized businesses to construct owner-user properties, loans to developers of commercial real estate investment properties, and residential developments. This type of loan is also made to individual clients for construction of single-family homes in our market area. An independent appraisal is used to determine the value of the collateral and confirm that the ratio of the loan principal to the value of the collateral will not exceed policies of the Bank. As the construction project progresses, loan proceeds are requested by the borrower to complete phases of construction and funding is only disbursed after the project has been inspected by a third-party inspector or experienced construction lender. Risks associated with construction loans include fluctuations in the value of real estate, project completion risk, and changes in market trends. The ability of the construction loan borrower to finance the loan or sell the property upon completion of the project is another risk factor that also may be affected by changes in market trends since the initial funding of the loan.

 

Commercial Loans. The Company offers a wide range of commercial loans, including business term loans, equipment financing, lines of credit, and U.S. Small Business Administration (SBA) loans. Small-to-medium sized businesses, retail, and professional establishments, make up our target market for commercial loans. Our Relationship Managers primarily underwrite these loans based on the borrower's ability to service the loan from cash flow. Lines of credit and loans secured by accounts receivable and/or inventory are monitored periodically by our staff. Loans secured by "all business assets," or a "blanket lien" are typically only made to highly qualified borrowers due to the nonspecific nature of the collateral and do not require a formal valuation of the business collateral. When commercial loans are secured by specifically identified collateral, then the valuation of the collateral is generally supported by an appraisal, purchase order, or third-party physical inspection. Personal guarantees of the principals of business borrowers are usually required. Equipment loans generally have a term of five years or less and may have a fixed or variable rate; we use conservative margins when pricing these loans. Working capital loans generally do not exceed one year and typically, they are secured by accounts receivable, inventory, and personal guarantees of the principals of the business. The Bank currently offers SBA 504 and SBA 7A loans. SBA 504 loans provide financing for major fixed assets such as real estate and equipment while SBA 7A loans are generally used to establish a new business or assist in the acquisition, operation, or expansion of an existing business. With both SBA loan programs, there are set eligibility requirements and underwriting standards outlined by SBA that can change as the government alters its fiscal policy. Significant factors affecting a commercial borrower's creditworthiness include the quality of management and the ability both to evaluate changes in the supply and demand characteristics affecting the business' markets for products and services and to respond effectively to such changes. These loans may be made unsecured or secured, but most are made on a secured basis. Risks associated with our commercial loan portfolio include local, regional, and national market conditions. Other factors of risk could include changes in the borrower's management and fluctuations in collateral value. Additionally, there may be refinancing risk if a commercial loan includes a balloon payment which must be refinanced or paid off at loan maturity. In reference to our risk management process, our commercial loan portfolio presents a higher risk profile than our consumer real estate and consumer loan portfolios. Therefore, we require that all loans to businesses must have a clearly stated and reasonable payment plan to allow for timely retirement of debt, unless secured by liquid collateral or as otherwise justified. 

 

Consumer and Other Loans. These loans are made for various consumer purposes, such as the financing of automobiles, boats, and recreational vehicles. The payment structure of these loans is normally on an installment basis. The risk associated with this category of loans stems from the reduced collateral value for a defaulted loan; the collateral may not provide an adequate source of repayment of the principal. The underwriting on these loans is primarily based on the borrower's financial condition. In many cases, these are unsecured credits that subject us to risk when the borrower's financial condition declines or deteriorates. Based upon our current trend in consumer loans, management does not anticipate consumer loans will become a substantial component of our loan portfolio at any time in the foreseeable future. Consumer loans are made at fixed and variable interest rates and are based on the appropriate amortization for the asset and purpose.

 

The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. Loans classified as substandard or special mention are reviewed quarterly by the Company for further deterioration or improvement to determine if they are appropriately classified and whether there is any impairment. All loans are graded upon initial issuance. Furthermore, construction loans, owner-occupied and nonowner-occupied commercial real estate loans, and commercial loan relationships in excess of $1 million are reviewed at least annually. The Company determines the appropriate loan grade during the renewal process and reevaluates the loan grade in situations when a loan becomes past due.

 

Loans excluded from the review process above are generally classified as pass credits until: (a) they become past due; (b) management becomes aware of deterioration in the credit worthiness of the borrower; or (c) the client contacts the Company for a modification. In these circumstances, the loan is specifically evaluated for potential classification as to special mention, substandard or even charged-off. The Company uses the following definitions for risk ratings:

 

Pass – A Pass loan's primary source of loan repayment is satisfactory, with secondary sources very likely to be realized if necessary.

 

Special Mention – A Special Mention loan has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company's credit position at some future date. Special Mention loans are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

 

Substandard – A Substandard loan is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

 

Doubtful – A loan classified Doubtful has all the weaknesses inherent in one classified Substandard with the added characteristics that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

 

Loss – A loan classified Loss is considered uncollectible and of such little value that continuance as a bankable asset is not warranted. This classification does not necessarily preclude the potential for recovery, but rather signifies it is no longer practical to defer writing off the asset.

 

 

Loan balances classified by credit quality indicator, loan type and based on year of origination are as follows:

 

(in thousands)

 Term Loans by Origination Year       

At September 30, 2024

 2024  2023  2022  2021  2020  Prior  Revolving Loans  Total 

Commercial Real Estate Loans

                                

Pass

 $15,985  $28,610  $61,667  $28,179  $34,341  $43,011  $2,816  $214,609 

Special mention

  -   -   -   -   -   1,715   -   1,715 

Substandard

  -   -   -   -   -   55   -   55 

Total commercial real estate loans

 $15,985  $28,610  $61,667  $28,179  $34,341  $44,781  $2,816  $216,379 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential and Home Equity Loans

                                

Pass

 $23,941  $47,994  $53,929  $63,236  $28,374  $37,924  $38,143  $293,541 

Special mention

  -   -   354   1,370   325   199   247   2,495 

Substandard

  -   -   98   571   619   -   563   1,851 

Total residential loans

 $23,941  $47,994  $54,381  $65,177  $29,318  $38,123  $38,953  $297,887 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Construction Loans

                                

Pass

 $28,369  $16,909  $8,588  $17,728  $803  $1,568  $8,077  $82,042 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   178   -   419   -   -   597 

Total construction loans

 $28,369  $16,909  $8,766  $17,728  $1,222  $1,568  $8,077  $82,639 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Commercial Loans

                                

Pass

 $6,489  $10,961  $10,882  $5,351  $2,621  $6,121  $44,659  $87,084 

Special mention

  -   -   -   -   -   35   2,665   2,700 

Substandard

  -   4   -   -   -   -   -   4 

Total commercial loans

 $6,489  $10,965  $10,882  $5,351  $2,621  $6,156  $47,324  $89,788 

Year-to-date gross charge-offs

 $-  $-  $75  $83  $-  $607  $-  $765 
                                 

Consumer & Other Loans

                                

Pass

 $1,203  $952  $432  $152  $107  $350  $2,711  $5,907 

Special mention

  64   -   -   -   -   -   -   64 

Substandard

  -   -   -   -   -   -   -   - 

Total consumer & other loans

 $1,267  $952  $432  $152  $107  $350  $2,711  $5,971 

Year-to-date gross charge-offs

 $62  $-  $16  $-  $-  $-  $-  $78 

 

(in thousands)

 Term Loans by Origination Year       

At December 31, 2023

 

2023

  

2022

  

2021

  

2020

  

2019

  

Prior

  

Revolving Loans

  

Total

 

Commercial Real Estate Loans

                                

Pass

 $26,574  $59,554  $29,233  $40,719  $12,492  $36,045  $2,045  $206,662 

Special mention

  -   -   -   -   -   1,767   -   1,767 

Substandard

  -   -   -   -   -   -   -   - 

Total commercial real estate loans

 $26,574  $59,554  $29,233  $40,719  $12,492  $37,812  $2,045  $208,429 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential and Home Equity Loans

                                

Pass

 $43,809  $55,374  $64,522  $31,339  $11,717  $30,253  $33,144  $270,158 

Special mention

  -   -   1,391   278   -   203   357   2,229 

Substandard

  -   -   585   367   -   -   44   996 

Total residential loans

 $43,809  $55,374  $66,498  $31,984  $11,717  $30,456  $33,545  $273,383 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Construction Loans

                                

Pass

 $34,896  $17,078  $12,563  $1,425  $1,611  $1,997  $8,045  $77,615 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   198   -   384   -   -   -   582 

Total construction loans

 $34,896  $17,276  $12,563  $1,809  $1,611  $1,997  $8,045  $78,197 

Year-to-date gross charge-offs

 $-  $-  $-  $386  $-  $-  $-  $386 
                                 

Commercial Loans

                                

Pass

 $12,024  $12,130  $7,247  $3,543  $4,823  $5,250  $40,064  $85,081 

Special mention

  24   -   -   45   -   32   -   101 

Substandard

  -   -   -   36   -   -   765   801 

Total commercial loans

 $12,048  $12,130  $7,247  $3,624  $4,823  $5,282  $40,829  $85,983 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $1  $-  $1 
                                 

Consumer & Other Loans

                                

Pass

 $1,317  $688  $275  $122  $348  $176  $3,010  $5,936 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Total consumer & other loans

 $1,317  $688  $275  $122  $348  $176  $3,010  $5,936 

Year-to-date gross charge-offs

 $46  $-  $-  $-  $-  $-  $-  $46 

 

A loan is defined as a past due loan when one full or partial payment is past due or a contractual maturity is over 30 days past due.  Age analysis of past due loans is as follows:

 

  

Accruing Loans

         
          

Greater Than

                 
  

30-59 Days

  

60-89 Days

  

90 Days

  

Total Past

      

Nonaccrual

  

Total

 

(in thousands)

 

Past Due

  

Past Due

  

Past Due

  

Due

  

Current

  

Loans

  

Loans

 

At September 30, 2024

                            

Real estate mortgage loans:

                            

Commercial

 $173  $-  $-  $173  $216,151  $55  $216,379 

Residential and home equity

  83   648   -   731   295,348   1,808   297,887 

Construction

  -   -   -   -   82,042   597   82,639 

Commercial loans

  -   -   -   -   89,784   4   89,788 

Consumer and other loans

  2   -   -   2   5,969   -   5,971 

Total

 $258  $648  $-  $906  $689,294  $2,464  $692,664 
                             

At December 31, 2023

                            

Real estate mortgage loans:

                            

Commercial

 $57  $-  $-  $57  $208,372  $-  $208,429 

Residential and home equity

  3,792   492   1,110   5,394   267,036   953   273,383 

Construction

  648   -   -   648   76,967   582   78,197 

Commercial loans

  18   318   -   336   84,847   800   85,983 

Consumer and other loans

  28   -   -   28   5,908   -   5,936 

Total

 $4,543  $810  $1,110  $6,463  $643,130  $2,335  $651,928 

 

Loans are generally placed on nonaccrual status if principal or interest payments become 90 days past due and/or management deems the collectability of the principal and/or interest to be doubtful.  Loans are returned to accrual status when the principal and interest amounts contractually due are brought current or when future payments are reasonably assured. The following tables present the amortized cost basis of loans in nonaccrual status and loans past due over 90 days and still on accrual by class of loans and the related ACL, if any.  The amount of ACL attributed to the $179,000 residential and home equity loan balance on nonaccrual at September 30, 2024 was $37,000. The amount of ACL attributed to the $764,000 commercial loan balance on nonaccrual at December 31, 2023 was $556,000.

 

                 
                 

(in thousands)

 

Total Nonaccrual Loans

  

Nonaccrual Loans with No ACL

  

Nonaccrual Loans with ACL

  

90+ Days Still Accruing

 

At September 30, 2024

                

Commercial real estate

 $55  $55  $-  $- 

Residential and home equity

  1,808   1,629   179   - 

Construction

  597   597   -   - 

Commercial

  4   4   -   - 

Total

 $2,464  $2,285  $179  $- 
                 
                 

At December 31, 2023

                

Residential and home equity

 $953  $953  $-  $1,110 

Construction

  582   582   -   - 

Commercial

  800   36   764   - 

Total

 $2,335  $1,571  $764  $1,110 

 

 

The restructuring of a loan exists if the creditor grants a modification as a result of financial hardship. A loan modification  may include an extension of repayment terms which would not normally be granted, a reduction in interest rate or the forgiveness of principal and/or accrued interest. The Company entered into no new restructured loans during the three and nine months ended September 30, 2024 and 2023.

 
v3.24.3
Note 4 - Allowance for Credit Losses
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Allowance for Credit Losses [Text Block]
(4)

Allowance for Credit Losses

 

Activity in the ACL is summarized as follows:

 

  

Loans

         
  

Real Estate Mortgage Loans

                     

(in thousands)

 

Commercial

  

Residential and Home Equity

  

Construction

  

Commercial Loans

  

Consumer and Other Loans

  

Total Funded Loans

  

Unfunded Commitments

  

Total

 

Three Month Period Ended September 30, 2024

                                

Beginning balance

 $1,576  $2,286  $621  $782  $17  $5,282  $158  $5,440 

Credit loss expense (income)

  55   107   (52)  (7)  15   118   (18)  100 

Charge-offs

  -   -   -   -   (13)  (13)  -   (13)

Recoveries

  -   -   -   -   2   2   -   2 

Ending balance

 $1,631  $2,393  $569  $775  $21  $5,389  $140  $5,529 
                                 

Three Month Period Ended September 30, 2023

                                

Beginning balance

 $1,586  $1,811  $544  $771  $17  $4,729  $48  $4,777 

Credit loss expense (income)

  75   121   (31)  41   13   219   (44)  175 

Charge-offs

  -   -   (40)  -   (15)  (55)  -   (55)

Recoveries

  -   -   -   5   1   6   -   6 

Ending balance

 $1,661  $1,932  $473  $817  $16  $4,899  $4  $4,903 
                                 
                                 

Nine Month Period Ended September 30, 2024

                                

Beginning balance

 $1,713  $2,034  $559  $1,272  $31  $5,609  $-  $5,609 

Credit loss (income) expense

  (82)  359   10   267   61   615   140   755 

Charge-offs

  -   -   -   (765)  (78)  (843)  -   (843)

Recoveries

  -   -   -   1   7   8   -   8 

Ending balance

 $1,631  $2,393  $569  $775  $21  $5,389  $140  $5,529 
                                 

Nine Month Period Ended September 30, 2023

                                

Beginning balance

 $2,303  $2,607  $922  $1,223  $90  $7,145   -  $7,145 

Impact of adopting ASC 326

  (740)  (892)  (403)  (504)  (67)  (2,606)  -   (2,606)

Credit loss expense

  98   217   340   60   24   739   4   743 

Charge-offs

  -      (386)  -   (37)  (423)  -   (423)

Recoveries

  -   -   -   38   6   44   -   44 

Ending balance

 $1,661  $1,932  $473  $817  $16  $4,899  $4  $4,903 

 
v3.24.3
Note 5 - Regulatory Capital
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Regulatory Capital Requirements under Banking Regulations [Text Block]

(5)

Regulatory Capital

 

The Bank is subject to various regulatory capital requirements administered by the banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

 

The Bank is subject to the Basel III capital level threshold requirements under the Prompt Corrective Action regulations. These regulations were designed to ensure that banks maintain strong capital positions even in the event of severe economic downturns or unforeseen losses.

 

The Bank is subject to the capital conservation buffer rules which place limitations on distributions, including dividend payments, and certain discretionary bonus payments to executive officers. In order to avoid these limitations, a bank must hold a capital conservation buffer above its minimum risk-based capital requirements. As of September 30, 2024, the Bank’s capital conservation buffer exceeded the minimum requirement.

 

Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and percentages (set forth in the table below) of total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of  September 30, 2024, that the Bank meets all capital adequacy requirements to which it is subject.

 

As of September 30, 2024, the Bank is well capitalized under the regulatory framework for prompt corrective action. To be categorized as adequately capitalized, the Bank must maintain minimum total risk-based, Tier 1 risk-based, and Tier 1 leverage percentages as set forth in the table. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank’s actual capital amounts and percentages are also presented in the following table.

 

          

For Capital Adequacy

  

For Well Capitalized

 
  

Actual

  

Purposes

  

Purposes

 

(dollars in thousands)

 

Amount

  

Percentage

  

Amount

  

Percentage

  

Amount

  

Percentage

 

As of September 30, 2024

                        

Tier 1 Leverage Capital

 $93,581   10.21%  36,670   4.00%  45,837   5.00%

Common Equity Tier 1 Risk-based Capital

  93,581   13.53   31,113   4.50   44,942   6.50 

Tier 1 Risk-based Capital

  93,581   13.53   41,485   6.00   55,313   8.00 

Total Risk-based Capital

  99,110   14.33   55,313   8.00   69,141   10.00 
                         

As of December 31, 2023

                        

Tier 1 Leverage Capital

 $86,576   10.15% $34,133   4.00% $42,666   5.00%

Common Equity Tier 1 Risk-based Capital

  86,576   13.18   29,566   4.50   42,706   6.50 

Tier 1 Risk-based Capital

  86,576   13.18   39,421   6.00   52,561   8.00 

Total Risk-based Capital

  92,185   14.03   52,561   8.00   65,702   10.00 

 
v3.24.3
Note 6 - Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Earnings Per Share [Text Block]

(6)

Earnings Per Share

 

Earnings per share, (“EPS”) have been computed on the basis of the weighted-average number of shares of common stock outstanding. For the three and nine months ended September 30, 2024 and 2023, outstanding stock options are considered dilutive securities for purposes of calculating diluted EPS which was computed using the treasury stock method.

 

  

2024

  

2023

 
      

Weighted-

  

Per

      

Weighted-

  

Per

 
      

Average

  

Share

      

Average

  

Share

 

(dollars in thousands, except per share amounts)

 

Earnings

  

Shares

  

Amount

  

Earnings

  

Shares

  

Amount

 

Three Months Ending September 30:

                        

Basic EPS:

                        

Net earnings

 $2,603   3,293,993  $0.79  $2,120   3,214,323  $0.66 

Effect of dilutive securities-incremental shares from assumed conversion of stock options

      28,543           21,597     

Diluted EPS:

                        

Net earnings

 $2,603   3,322,536  $0.78  $2,120   3,235,920  $0.66 
                         

Nine Months Ending September 30:

                        

Basic EPS:

                        

Net earnings

 $6,308   3,288,322  $1.92  $6,878   3,193,302  $2.15 

Effect of dilutive securities-incremental shares from assumed conversion of stock options

      42,541           28,650     

Diluted EPS:

                        

Net earnings

 $6,308   3,330,863  $1.89  $6,878   3,221,952  $2.13 

 
v3.24.3
Note 7 - Stock Benefit Plans
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

(7)

Stock Benefit Plans

 

2015 Stock Incentive Compensation Plan 

 

The 2015 Stock Incentive Compensation Plan (the “2015 Plan”) permits the Company to grant the Company’s key employees and directors stock options, restricted stock, stock appreciation rights, performance shares, and phantom stock. Under the 2015 Plan, the number of shares which may be issued is 500,000 and limited to no more than 15% of the issued and outstanding shares of the Company's common stock at that time.  This is determined annually.

 

As of September 30, 2024, 153,629 shares are available to be issued under the 2015 Stock Plan as restricted stock, underlying options, or otherwise. A summary of the stock option activity for the nine months ended September 30, 2024 and 2023 is as follows:

 

          

Weighted-

     
      

Weighted-

  

Average

     
      

Average

  

Remaining

  

Aggregate

 
  

Number of

  

Exercise

  

Contractual

  

Intrinsic

 
  

Options

  

Price

  

Term (years)

  

Value

 

Outstanding at December 31, 2022

  251,367  $19.99         

Options exercised

  (18,617)  (20.09)        

Options forfeited

  (50)  (20.09)        

Outstanding at September 30, 2023

  232,700  $20.68         

Options exercised

  (600)  (20.09)        

Options forfeited

  (10,000)  (28.40)        

Outstanding at December 31, 2023

  222,100  $20.33         

Options exercised

  (23,940)  (20.09)        

Options forfeited

  (25,180)  (20.10)        

Outstanding at September 30, 2024

  172,980  $20.40   2.2  $882,000 

Exercisable at September 30, 2024

  168,480  $20.23   2.2  $889,000 

 

The fair value of shares vested and recognized as compensation expense was $110,000 and $339,000 for the three and nine months ended September 30, 2024, respectively, and $78,000 and $210,000 for the three and nine months ended September 30, 2023 respectively. These amounts include expense recognized on restricted common stock shares of $106,000 and $327,000 for the three and nine months ended September 30, 2024, and $66,000 and $142,000 for the three and nine months ended September 30, 2023, respectively. The deferred tax benefit related to stock options was zero for the three and nine months ended September 30, 2024 and $1,000 and $6,000 for the three and nine months ended September 30, 2023, respectively. At September 30, 2024, there was $33,000 in unrecognized compensation expense related to unvested stock options granted under the 2015 Plan, with an average remaining vesting period of 2.5 years.  

 

Restricted Stock   

 

During the nine months ended September 30, 2024 and 2023, the Company issued 10,040 and 75,751 restricted common stock shares, respectively, to some of its executives and employees. The restricted stock awards are on a three to five year vesting schedule.  Holders of restricted stock have the right to vote and the right to receive dividends declared on common stock, if any. A summary of restricted stock transactions follows:

 

 

      

Wtd-Avg

     
      

Grant-Date

     
  

Number of

  

Fair Value

  

Grant-Date Fair

 
  

Shares

  

per Share

  

Value

 

Non-vested restricted stock outstanding at December 31, 2022

  14,203  $25.30  $359,000 

Non-vested restricted stock granted

  75,751  $22.68   1,718,000 

Restricted stock shares vested

  (6,040)  (24.06)  (145,000)

Non-vested restricted stock outstanding at September 30, 2023

  83,914  $23.02  $1,932,000 

Forfeited

  (6,278)  (23.42)  (147,000)

Non-vested restricted stock outstanding at December 31, 2023

  77,636  $22.99  $1,785,000 

Non-vested restricted stock granted

  10,040  $23.23  $233,000 

Restricted stock shares vested

  (17,984)  (23.26)  (418,000)

Forfeited

  (4,550)  (22.74)  (103,000)

Non-vested restricted stock outstanding at September 30, 2024

  65,142  $23.05  $1,497,000 

 

Expense recognized during the three months ended September 30, 2024 and 2023 totaled $106,000 and $66,000, respectively.  Expense recognized during the nine months ended September 30, 2024 and 2023 totaled $327,000 and $142,000, respectively.  At September 30, 2024, the Company had $1,369,000 in unrecognized expense related to unvested restricted shares to be recognized over a weighted-average period of 3.9 years. 

 

Director s’ Plan
 
In 2012, the Company’s Board of Directors and shareholders adopted the Directors’ Plan. The Directors’ Plan permits the Company’s and the Bank’s non-employee directors to elect to receive any compensation to be paid to them in shares of the Company’s common stock. Pursuant to the Directors’ Plan, each non-employee director is permitted to make an election to receive shares of stock instead of cash. To encourage directors to elect to receive stock, the Directors’ Plan provides that if a director elects to receive stock, he or she will receive in common stock 110% of the amount of cash fees set by the Board or the Compensation Committee. The value of stock to be awarded pursuant to the Directors’ Plan will be the closing price of a share of common stock as traded on the Over-the-Counter Bulletin Board, or a price set by the Board or its Compensation Committee, acting in good faith, but in no case less than fair market value. The maximum number of shares to be issued pursuant to the Directors’ Plan is limited to 74,805 shares. For the three months ended September 30, 2024 and 2023  our directors received 992 and 1,764 shares of common stock, respectively, in lieu of cash fees calculated at 110% to be $25,000 and $40,000, respectively.  For the nine months ended September 30, 2024 and 2023, our directors received 4,444 and 4,874 shares of common stock,  respectively, in lieu of cash fees calculated at 110% to be $110,000 and $120,000, respectively.  At September 30, 2024, 25,218 shares remained available for grant.  
v3.24.3
Note 8 - Other Borrowings
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Debt Disclosure [Text Block]

(8)

Other Borrowings

 

In 2020, the Company entered into a Promissory Note (the "Note") and a Security Agreement with Thomasville National Bank ("TNB"). Pursuant to the Note, the Company obtained a $15 million revolving line of credit with a 5-year term. The interest rate on the line of credit adjusts daily to the then-current Wall Street Journal Prime Rate. At September 30, 2024, the interest rate was 8.00%. Pursuant to the Security Agreement, the Company has pledged to TNB all of the outstanding shares of common stock of the Company's wholly-owned subsidiary, the Bank. At September 30, 2024 and December 31, 2023, the Company had a zero outstanding loan balance under this line of credit.

 

 
v3.24.3
Note 9 - Federal Home Loan Bank Advances
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Federal Home Loan Bank Advances, Disclosure [Text Block]

(9)

Federal Home Loan Bank Advances

 

Federal Home Loan Bank of Atlanta (“FHLB”) advances are collateralized by a blanket lien on qualifying residential real estate, commercial real estate, home equity lines of credit and multi-family loans. Under this blanket lien, the Company could borrow up to $123.8 million at  September 30, 2024.   The following table details rate and maturity information for FHLB advances:

 

(dollars in thousands)

            

Maturity Year

 

Interest Rate

  

At September 30, 2024

  

At December 31, 2023

 

2024

  4.48% - 4.83%  $5,000  $10,000 

2025

  4.18%  5,000   5,000 
      $10,000  $15,000 

 

 
v3.24.3
Note 10 - Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

(10)

Derivative Financial Instruments

 

The Company has entered into interest rate swaps in order to provide commercial real estate loan clients the ability to swap from variable to fixed interest rates.  Under these agreements, the Company enters into a variable rate loan with a client at a specified index (Wall Street Journal Prime Lending Rate) in addition to a borrower swap agreement.  This swap agreement effectively converts the client’s variable rate loan into a fixed rate.  The Company then enters into a matching swap agreement with a third-party dealer counterparty in order to offset its exposure on the borrower swap. These interest rate swaps are considered derivative financial instruments.  These derivative instruments involve both credit and market risk.  The notional amounts are amounts on which calculations, payments, and the value of the derivatives are based.  Notional amounts do not represent direct credit exposures.  Direct credit exposure is limited to the net difference between the calculated amounts to be received and paid, if any, over the life of the contract.  Such differences, which represent the fair value of the derivative instruments, are included in “other assets” and “other liabilities” on the Company’s condensed consolidated balance sheets, and the net change in each of these financial statement line items in the accompanying condensed consolidated statements of cash flows.  The derivative transactions are considered instruments with no hedging designation, otherwise known as stand-alone derivatives.   

 

         
  

At September 30, 2024

  

At December 31, 2023

 

(dollars in thousands)

        

Notional amount - interest rate swaps:

        

Stand-alone derivatives

 $10,900  $19,548 
         

Weighted-average pay rate - interest rate swaps

  3.63%  3.68%

Weighted-average receive rate - interest rate swaps

  3.00%  3.00%

Weighted-average maturity (in years) - interest rate swaps

  10.8   11.6 
         

Net realized fair value adjustments:

        

Stand-alone derivatives - interest rate swaps (other assets)

 $1,291  $2,253 

Stand-alone derivatives - interest rate swaps (other liabilities)

 $(1,291) $(2,253)

 

The Company is party to a collateral support agreement with its dealer counterparty.  Such agreement requires that the Company or the dealer counterparty to maintain collateral based on the fair values of derivative instruments.  In the event of default by a counterparty the non-defaulting counterparty would be entitled to the collateral. The Company does not require borrower counterparties to post cash collateral based on the fair values of borrower interest rate swaps.  In the event of default of a borrower counterparty wherein the fair value of the derivative instrument is owed to the Company, the fair value is collected through a real property foreclosure or liquidation.     

 
v3.24.3
Note 11 - Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

(11)

Fair Value of Financial Instruments

 

The estimated fair values and fair value measurement method with respect to the Company's financial instruments were as follows:

 

      

At September 30, 2024

  

At December 31, 2023

 
      

Carrying

  

Fair

  

Carrying

  

Fair

 

(in thousands)

 

Level

  

Amount

  

Value

  

Amount

  

Value

 

Financial assets:

                    

Cash and cash equivalents

  1  $96,524  $96,524   28,416   28,416 

Debt securities available for sale

  2   90,935   90,935   124,475   124,475 

Debt securities held to maturity

  2   13,276   12,311   11,850   10,358 

Loans held for sale

  3   7,457   7,577   5,288   5,371 

Loans, net

  3   687,057   617,091   646,127   557,847 

Federal Home Loan Bank stock

  3   1,073   1,073   1,283   1,283 

Accrued interest receivable

  3   3,213   3,213   3,114   3,114 

Bank-owned life insurance

  3   17,228   17,228   16,921   16,921 

Derivative contract assets

  2   1,291   1,291   2,253   2,253 
                     

Financial liabilities:

                    

Deposits

  3   823,986   825,169   748,688   749,411 

FHLB Advances

  3   10,000   9,952   15,000   14,848 

Derivative contract liabilities

  2   1,291   1,291   2,253   2,253 
                     

Off-Balance Sheet Items

  3   -   -   -   - 

 

Discussion regarding the assumptions used to compute the estimated fair values of financial instruments can be found in Note 1 to the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended  December 31, 2023.

 
v3.24.3
Note 12 - Off-balance Sheet Financial Instruments
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Off-balance Sheet Financial Instruments [Text Block]

(12)

Off-Balance Sheet Financial Instruments

 

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments are commitments to extend credit, construction loans in process, unused lines of credit, standby letters of credit, and guaranteed accounts and may involve, to varying degrees, elements of credit and interest-rate risk in excess of the amount recognized in the condensed consolidated balance sheets. The contract amounts of these instruments reflect the extent of involvement the Company has in these financial instruments.

 

The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for available lines of credit, construction loans in process and standby letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments as it does for on-balance sheet instruments.

 

Commitments to extend credit, construction loans in process and unused lines of credit are agreements to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each client’s credit worthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the counterparty.

 

Standby letters of credit are written conditional commitments issued by the Company to guarantee the financial obligation or performance of a client to a third party. These letters of credit are primarily issued to support third-party borrowing arrangements and generally have expiration dates within one year of issuance. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to clients. In the event the client does not perform in accordance with the terms of the agreement with the third party, we would be required to fund the commitment. The maximum potential amount of future payments we could be required to make is represented by the contractual amount of the commitment. If the commitment is funded, we would be entitled to seek recovery from the client. Some of the Company’s standby letters of credit are secured by collateral and those secured letters of credit totaled $632,000 at  September 30, 2024.

 

Guaranteed accounts are irrevocable standby letters of credit issued by us to guarantee a client’s credit line with our third-party credit card company, Card Assets and its issuing bank, First Arkansas Bank & Trust. As a part of this agreement, we are responsible for the established credit limit on certain accounts plus 10%. The maximum potential amount of future payments we could be required to make is represented by the dollar amount disclosed in the table below.

 

Standby letters of credit and commitments to extend credit typically result in loans with a market interest rate when funded.

 

At  September 30, 2024, there was $140,000 included in the ACL for general unfunded loan commitments. There was none at December 31, 2023.  

 

The maximum potential amount of future payments we could be required to make for off-balance sheet financial instruments is represented by the dollar amount disclosed in the table below.

 

  

At September 30, 2024

 

(in thousands)

    

Commitments to extend credit

 $3,275 

Construction loans in process

 $24,389 

Unused lines of credit

 $76,871 

Standby financial letters of credit

 $2,501 

Standby performance letters of credit

 $89 

Guaranteed accounts

 $1,276 

 
v3.24.3
Insider Trading Arrangements
 9 Months Ended
Sep. 30, 2024
Insider Trading Arr Line Items  
Material Terms of Trading Arrangement [Text Block]

Item 5. Other Information

 

Not applicable.

 
Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
v3.24.3
Note 2 - Debt Securities (Tables)
 9 Months Ended
Sep. 30, 2024
Notes Tables  
Debt Securities, Available-for-Sale and Held-to-Maturity [Table Text Block]
      

Gross

  

Gross

     
  

Amortized

  

Unrealized

  

Unrealized

  

Fair

 
  

Cost

  

Gains

  

Losses

  

Value

 

(in thousands)

                

At September 30, 2024

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $13,247  $-  $(542) $12,705 

Municipal securities

  20,142   -   (1,545)  18,597 

U.S. agency mortgage-backed securities

  60,715   55   (5,588)  55,182 

Asset-backed securities

  4,482   6   (37)  4,451 

Total

 $98,586  $61  $(7,712) $90,935 
                 

Debt Securities Held to Maturity

                

Municipal securities

 $9,289  $36  $(1,057) $8,268 

U.S. agency mortgage-backed securities

  3,987   97   (41)  4,043 

Total

 $13,276  $133  $(1,098) $12,311 
                 

At December 31, 2023

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $46,492  $-  $(1,234) $45,258 

Municipal securities

  22,259   -   (2,151)  20,108 

U.S. agency mortgage-backed securities

  63,165   7   (7,013)  56,159 

Asset-backed securities

  3,024   -   (74)  2,950 

Total

 $134,940  $7  $(10,472) $124,475 
                 

Debt Securities Held to Maturity

                

Municipal securities

 $9,257  $39  $(1,378) $7,918 

U.S. agency mortgage-backed securities

  2,593   -   (153)  2,440 

Total

 $11,850  $39  $(1,531) $10,358 
Debt Securities, Available-for-Sale and Held-to-maturity, Unrealized Loss Position, Fair Value [Table Text Block]
  

Less Than Twelve Months

  

More Than Twelve Months

 
  

Gross

      

Gross

     
  

Unrealized

  

Fair

  

Unrealized

  

Fair

 
  

Losses

  

Value

  

Losses

  

Value

 

(in thousands)

                

At September 30, 2024

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $-  $-  $(542) $12,705 

Municipal securities

  -   -   (1,545)  18,597 

U.S. agency mortgage-backed securities

  (46)  3,674   (5,542)  50,328 

Asset-backed securities

  -   -   (37)  1,694 

Total

 $(46) $3,674  $(7,666) $83,324 
                 

Debt Securities Held to Maturity

                

Municipal securities

 $-  $-  $(1,057) $6,388 

U.S. agency mortgage-backed securities

  -   -   (41)  2,554 

Total

 $-  $-  $(1,098) $8,942 
                 

At December 31, 2023

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $-  $-  $(1,234) $45,258 

Municipal securities

  (2)  386   (2,149)  19,722 

U.S. agency mortgage-backed securities

  -   -   (7,013)  54,987 

Asset-backed securities

  -   -   (74)  2,950 

Total

 $(2) $386  $(10,470) $122,917 
                 

Debt Securities Held to Maturity

                

Municipal securities

 $-  $-  $(1,378) $6,884 

U.S. agency mortgage-backed securities

  -   -   (153)  2,440 

Total

 $-  $-  $(1,531) $9,324 
Fair Value, Assets Measured on Recurring Basis [Table Text Block]
      

Fair Value Measurements Using

 
      

Quoted Prices

         
      

In Active

  

Significant

     
      

Markets for

  

Other

  

Significant

 
      

Identical

  

Observable

  

Unobservable

 
  

Fair

  

Assets

  

Inputs

  

Inputs

 
  

Value

  

(Level 1)

  

(Level 2)

  

(Level 3)

 

(in thousands)

                

At September 30, 2024

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $12,705  $-  $12,705  $- 

Municipal securities

  18,597   -   18,597   - 

U.S. agency mortgage-backed securities

  55,182   -   55,182   - 

Asset-backed securities

  4,451   -   4,451   - 

Total

 $90,935  $-  $90,935  $- 
                 

At December 31, 2023

                

Debt Securities Available for Sale

                

U.S. Government treasury and agency securities

 $45,258  $-  $45,258  $- 

Municipal securities

  20,108   -   20,108   - 

U.S. agency mortgage-backed securities

  56,159   -   56,159   - 

Asset-backed securities

  2,950   -   2,950   - 

Total

 $124,475  $-  $124,475  $- 
Investments Classified by Contractual Maturity Date [Table Text Block]
  

Debt Securities Available for Sale

  

Debt Securities Held to Maturity

 
  

Amortized

  

Fair

  

Amortized

  

Fair

 
  

Cost

  

Value

  

Cost

  

Value

 

(in thousands)

                

Due in less than one year

 $8,368  $8,287  $-  $- 

Due in one to five years

  11,953   11,161   -   - 

Due in five to ten years

  10,827   9,897   2,070   2,030 

Due after ten years

  6,723   6,408   7,219   6,238 

U.S. agency mortgage-backed securities

  60,715   55,182   3,987   4,043 

Total

 $98,586  $90,935  $13,276  $12,311 
v3.24.3
Note 3 - Loans (Tables)
 9 Months Ended
Sep. 30, 2024
Notes Tables  
Schedule of Portfolio of Loans [Table Text Block]
         

(in thousands)

 

At September 30, 2024

  

At December 31, 2023

 

Real estate mortgage loans:

        

Commercial(1)

 $216,379  $208,429 

Residential and home equity(1)

  297,887   273,383 

Construction(1)

  82,639   78,197 

Total real estate mortgage loans

  596,905   560,009 
         

Commercial loans

  89,788   85,983 

Consumer and other loans

  5,971   5,936 

Total loans

  692,664   651,928 
         

Add (deduct):

        

Net deferred loan fees

  (218)  (192)

Allowance for credit losses

  (5,389)  (5,609)

Loans, net

 $687,057  $646,127 
Financing Receivable Credit Quality Indicators [Table Text Block]

(in thousands)

 Term Loans by Origination Year       

At September 30, 2024

 2024  2023  2022  2021  2020  Prior  Revolving Loans  Total 

Commercial Real Estate Loans

                                

Pass

 $15,985  $28,610  $61,667  $28,179  $34,341  $43,011  $2,816  $214,609 

Special mention

  -   -   -   -   -   1,715   -   1,715 

Substandard

  -   -   -   -   -   55   -   55 

Total commercial real estate loans

 $15,985  $28,610  $61,667  $28,179  $34,341  $44,781  $2,816  $216,379 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential and Home Equity Loans

                                

Pass

 $23,941  $47,994  $53,929  $63,236  $28,374  $37,924  $38,143  $293,541 

Special mention

  -   -   354   1,370   325   199   247   2,495 

Substandard

  -   -   98   571   619   -   563   1,851 

Total residential loans

 $23,941  $47,994  $54,381  $65,177  $29,318  $38,123  $38,953  $297,887 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Construction Loans

                                

Pass

 $28,369  $16,909  $8,588  $17,728  $803  $1,568  $8,077  $82,042 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   178   -   419   -   -   597 

Total construction loans

 $28,369  $16,909  $8,766  $17,728  $1,222  $1,568  $8,077  $82,639 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Commercial Loans

                                

Pass

 $6,489  $10,961  $10,882  $5,351  $2,621  $6,121  $44,659  $87,084 

Special mention

  -   -   -   -   -   35   2,665   2,700 

Substandard

  -   4   -   -   -   -   -   4 

Total commercial loans

 $6,489  $10,965  $10,882  $5,351  $2,621  $6,156  $47,324  $89,788 

Year-to-date gross charge-offs

 $-  $-  $75  $83  $-  $607  $-  $765 
                                 

Consumer & Other Loans

                                

Pass

 $1,203  $952  $432  $152  $107  $350  $2,711  $5,907 

Special mention

  64   -   -   -   -   -   -   64 

Substandard

  -   -   -   -   -   -   -   - 

Total consumer & other loans

 $1,267  $952  $432  $152  $107  $350  $2,711  $5,971 

Year-to-date gross charge-offs

 $62  $-  $16  $-  $-  $-  $-  $78 

(in thousands)

 Term Loans by Origination Year       

At December 31, 2023

 

2023

  

2022

  

2021

  

2020

  

2019

  

Prior

  

Revolving Loans

  

Total

 

Commercial Real Estate Loans

                                

Pass

 $26,574  $59,554  $29,233  $40,719  $12,492  $36,045  $2,045  $206,662 

Special mention

  -   -   -   -   -   1,767   -   1,767 

Substandard

  -   -   -   -   -   -   -   - 

Total commercial real estate loans

 $26,574  $59,554  $29,233  $40,719  $12,492  $37,812  $2,045  $208,429 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Residential and Home Equity Loans

                                

Pass

 $43,809  $55,374  $64,522  $31,339  $11,717  $30,253  $33,144  $270,158 

Special mention

  -   -   1,391   278   -   203   357   2,229 

Substandard

  -   -   585   367   -   -   44   996 

Total residential loans

 $43,809  $55,374  $66,498  $31,984  $11,717  $30,456  $33,545  $273,383 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $-  $-  $- 
                                 

Construction Loans

                                

Pass

 $34,896  $17,078  $12,563  $1,425  $1,611  $1,997  $8,045  $77,615 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   198   -   384   -   -   -   582 

Total construction loans

 $34,896  $17,276  $12,563  $1,809  $1,611  $1,997  $8,045  $78,197 

Year-to-date gross charge-offs

 $-  $-  $-  $386  $-  $-  $-  $386 
                                 

Commercial Loans

                                

Pass

 $12,024  $12,130  $7,247  $3,543  $4,823  $5,250  $40,064  $85,081 

Special mention

  24   -   -   45   -   32   -   101 

Substandard

  -   -   -   36   -   -   765   801 

Total commercial loans

 $12,048  $12,130  $7,247  $3,624  $4,823  $5,282  $40,829  $85,983 

Year-to-date gross charge-offs

 $-  $-  $-  $-  $-  $1  $-  $1 
                                 

Consumer & Other Loans

                                

Pass

 $1,317  $688  $275  $122  $348  $176  $3,010  $5,936 

Special mention

  -   -   -   -   -   -   -   - 

Substandard

  -   -   -   -   -   -   -   - 

Total consumer & other loans

 $1,317  $688  $275  $122  $348  $176  $3,010  $5,936 

Year-to-date gross charge-offs

 $46  $-  $-  $-  $-  $-  $-  $46 
Financing Receivable, Past Due [Table Text Block]
  

Accruing Loans

         
          

Greater Than

                 
  

30-59 Days

  

60-89 Days

  

90 Days

  

Total Past

      

Nonaccrual

  

Total

 

(in thousands)

 

Past Due

  

Past Due

  

Past Due

  

Due

  

Current

  

Loans

  

Loans

 

At September 30, 2024

                            

Real estate mortgage loans:

                            

Commercial

 $173  $-  $-  $173  $216,151  $55  $216,379 

Residential and home equity

  83   648   -   731   295,348   1,808   297,887 

Construction

  -   -   -   -   82,042   597   82,639 

Commercial loans

  -   -   -   -   89,784   4   89,788 

Consumer and other loans

  2   -   -   2   5,969   -   5,971 

Total

 $258  $648  $-  $906  $689,294  $2,464  $692,664 
                             

At December 31, 2023

                            

Real estate mortgage loans:

                            

Commercial

 $57  $-  $-  $57  $208,372  $-  $208,429 

Residential and home equity

  3,792   492   1,110   5,394   267,036   953   273,383 

Construction

  648   -   -   648   76,967   582   78,197 

Commercial loans

  18   318   -   336   84,847   800   85,983 

Consumer and other loans

  28   -   -   28   5,908   -   5,936 

Total

 $4,543  $810  $1,110  $6,463  $643,130  $2,335  $651,928 
Financing Receivable, Nonaccrual [Table Text Block]
                 
                 

(in thousands)

 

Total Nonaccrual Loans

  

Nonaccrual Loans with No ACL

  

Nonaccrual Loans with ACL

  

90+ Days Still Accruing

 

At September 30, 2024

                

Commercial real estate

 $55  $55  $-  $- 

Residential and home equity

  1,808   1,629   179   - 

Construction

  597   597   -   - 

Commercial

  4   4   -   - 

Total

 $2,464  $2,285  $179  $- 
                 
                 

At December 31, 2023

                

Residential and home equity

 $953  $953  $-  $1,110 

Construction

  582   582   -   - 

Commercial

  800   36   764   - 

Total

 $2,335  $1,571  $764  $1,110 
v3.24.3
Note 4 - Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2024
Notes Tables  
Financing Receivable, Allowance for Credit Loss [Table Text Block]
  

Loans

         
  

Real Estate Mortgage Loans

                     

(in thousands)

 

Commercial

  

Residential and Home Equity

  

Construction

  

Commercial Loans

  

Consumer and Other Loans

  

Total Funded Loans

  

Unfunded Commitments

  

Total

 

Three Month Period Ended September 30, 2024

                                

Beginning balance

 $1,576  $2,286  $621  $782  $17  $5,282  $158  $5,440 

Credit loss expense (income)

  55   107   (52)  (7)  15   118   (18)  100 

Charge-offs

  -   -   -   -   (13)  (13)  -   (13)

Recoveries

  -   -   -   -   2   2   -   2 

Ending balance

 $1,631  $2,393  $569  $775  $21  $5,389  $140  $5,529 
                                 

Three Month Period Ended September 30, 2023

                                

Beginning balance

 $1,586  $1,811  $544  $771  $17  $4,729  $48  $4,777 

Credit loss expense (income)

  75   121   (31)  41   13   219   (44)  175 

Charge-offs

  -   -   (40)  -   (15)  (55)  -   (55)

Recoveries

  -   -   -   5   1   6   -   6 

Ending balance

 $1,661  $1,932  $473  $817  $16  $4,899  $4  $4,903 
                                 
                                 

Nine Month Period Ended September 30, 2024

                                

Beginning balance

 $1,713  $2,034  $559  $1,272  $31  $5,609  $-  $5,609 

Credit loss (income) expense

  (82)  359   10   267   61   615   140   755 

Charge-offs

  -   -   -   (765)  (78)  (843)  -   (843)

Recoveries

  -   -   -   1   7   8   -   8 

Ending balance

 $1,631  $2,393  $569  $775  $21  $5,389  $140  $5,529 
                                 

Nine Month Period Ended September 30, 2023

                                

Beginning balance

 $2,303  $2,607  $922  $1,223  $90  $7,145   -  $7,145 

Impact of adopting ASC 326

  (740)  (892)  (403)  (504)  (67)  (2,606)  -   (2,606)

Credit loss expense

  98   217   340   60   24   739   4   743 

Charge-offs

  -      (386)  -   (37)  (423)  -   (423)

Recoveries

  -   -   -   38   6   44   -   44 

Ending balance

 $1,661  $1,932  $473  $817  $16  $4,899  $4  $4,903 
v3.24.3
Note 5 - Regulatory Capital (Tables)
 9 Months Ended
Sep. 30, 2024
Notes Tables  
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]
          

For Capital Adequacy

  

For Well Capitalized

 
  

Actual

  

Purposes

  

Purposes

 

(dollars in thousands)

 

Amount

  

Percentage

  

Amount

  

Percentage

  

Amount

  

Percentage

 

As of September 30, 2024

                        

Tier 1 Leverage Capital

 $93,581   10.21%  36,670   4.00%  45,837   5.00%

Common Equity Tier 1 Risk-based Capital

  93,581   13.53   31,113   4.50   44,942   6.50 

Tier 1 Risk-based Capital

  93,581   13.53   41,485   6.00   55,313   8.00 

Total Risk-based Capital

  99,110   14.33   55,313   8.00   69,141   10.00 
                         

As of December 31, 2023

                        

Tier 1 Leverage Capital

 $86,576   10.15% $34,133   4.00% $42,666   5.00%

Common Equity Tier 1 Risk-based Capital

  86,576   13.18   29,566   4.50   42,706   6.50 

Tier 1 Risk-based Capital

  86,576   13.18   39,421   6.00   52,561   8.00 

Total Risk-based Capital

  92,185   14.03   52,561   8.00   65,702   10.00 
v3.24.3
Note 6 - Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
  

2024

  

2023

 
      

Weighted-

  

Per

      

Weighted-

  

Per

 
      

Average

  

Share

      

Average

  

Share

 

(dollars in thousands, except per share amounts)

 

Earnings

  

Shares

  

Amount

  

Earnings

  

Shares

  

Amount

 

Three Months Ending September 30:

                        

Basic EPS:

                        

Net earnings

 $2,603   3,293,993  $0.79  $2,120   3,214,323  $0.66 

Effect of dilutive securities-incremental shares from assumed conversion of stock options

      28,543           21,597     

Diluted EPS:

                        

Net earnings

 $2,603   3,322,536  $0.78  $2,120   3,235,920  $0.66 
                         

Nine Months Ending September 30:

                        

Basic EPS:

                        

Net earnings

 $6,308   3,288,322  $1.92  $6,878   3,193,302  $2.15 

Effect of dilutive securities-incremental shares from assumed conversion of stock options

      42,541           28,650     

Diluted EPS:

                        

Net earnings

 $6,308   3,330,863  $1.89  $6,878   3,221,952  $2.13 
v3.24.3
Note 7 - Stock Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Notes Tables  
Nonvested Restricted Stock Shares Activity [Table Text Block]
      

Wtd-Avg

     
      

Grant-Date

     
  

Number of

  

Fair Value

  

Grant-Date Fair

 
  

Shares

  

per Share

  

Value

 

Non-vested restricted stock outstanding at December 31, 2022

  14,203  $25.30  $359,000 

Non-vested restricted stock granted

  75,751  $22.68   1,718,000 

Restricted stock shares vested

  (6,040)  (24.06)  (145,000)

Non-vested restricted stock outstanding at September 30, 2023

  83,914  $23.02  $1,932,000 

Forfeited

  (6,278)  (23.42)  (147,000)

Non-vested restricted stock outstanding at December 31, 2023

  77,636  $22.99  $1,785,000 

Non-vested restricted stock granted

  10,040  $23.23  $233,000 

Restricted stock shares vested

  (17,984)  (23.26)  (418,000)

Forfeited

  (4,550)  (22.74)  (103,000)

Non-vested restricted stock outstanding at September 30, 2024

  65,142  $23.05  $1,497,000 
The 2015 Stock Incentive Compensation Plan [Member]  
Notes Tables  
Share-Based Payment Arrangement, Option, Activity [Table Text Block]
          

Weighted-

     
      

Weighted-

  

Average

     
      

Average

  

Remaining

  

Aggregate

 
  

Number of

  

Exercise

  

Contractual

  

Intrinsic

 
  

Options

  

Price

  

Term (years)

  

Value

 

Outstanding at December 31, 2022

  251,367  $19.99         

Options exercised

  (18,617)  (20.09)        

Options forfeited

  (50)  (20.09)        

Outstanding at September 30, 2023

  232,700  $20.68         

Options exercised

  (600)  (20.09)        

Options forfeited

  (10,000)  (28.40)        

Outstanding at December 31, 2023

  222,100  $20.33         

Options exercised

  (23,940)  (20.09)        

Options forfeited

  (25,180)  (20.10)        

Outstanding at September 30, 2024

  172,980  $20.40   2.2  $882,000 

Exercisable at September 30, 2024

  168,480  $20.23   2.2  $889,000 
v3.24.3
Note 9 - Federal Home Loan Bank Advances (Tables)
 9 Months Ended
Sep. 30, 2024
Notes Tables  
Federal Home Loan Bank, Advances [Table Text Block]

(dollars in thousands)

            

Maturity Year

 

Interest Rate

  

At September 30, 2024

  

At December 31, 2023

 

2024

  4.48% - 4.83%  $5,000  $10,000 

2025

  4.18%  5,000   5,000 
      $10,000  $15,000 
v3.24.3
Note 10 - Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Notes Tables  
Schedule of Derivative Instruments [Table Text Block]
         
  

At September 30, 2024

  

At December 31, 2023

 

(dollars in thousands)

        

Notional amount - interest rate swaps:

        

Stand-alone derivatives

 $10,900  $19,548 
         

Weighted-average pay rate - interest rate swaps

  3.63%  3.68%

Weighted-average receive rate - interest rate swaps

  3.00%  3.00%

Weighted-average maturity (in years) - interest rate swaps

  10.8   11.6 
         

Net realized fair value adjustments:

        

Stand-alone derivatives - interest rate swaps (other assets)

 $1,291  $2,253 

Stand-alone derivatives - interest rate swaps (other liabilities)

 $(1,291) $(2,253)
v3.24.3
Note 11 - Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Notes Tables  
Fair Value, by Balance Sheet Grouping [Table Text Block]
      

At September 30, 2024

  

At December 31, 2023

 
      

Carrying

  

Fair

  

Carrying

  

Fair

 

(in thousands)

 

Level

  

Amount

  

Value

  

Amount

  

Value

 

Financial assets:

                    

Cash and cash equivalents

  1  $96,524  $96,524   28,416   28,416 

Debt securities available for sale

  2   90,935   90,935   124,475   124,475 

Debt securities held to maturity

  2   13,276   12,311   11,850   10,358 

Loans held for sale

  3   7,457   7,577   5,288   5,371 

Loans, net

  3   687,057   617,091   646,127   557,847 

Federal Home Loan Bank stock

  3   1,073   1,073   1,283   1,283 

Accrued interest receivable

  3   3,213   3,213   3,114   3,114 

Bank-owned life insurance

  3   17,228   17,228   16,921   16,921 

Derivative contract assets

  2   1,291   1,291   2,253   2,253 
                     

Financial liabilities:

                    

Deposits

  3   823,986   825,169   748,688   749,411 

FHLB Advances

  3   10,000   9,952   15,000   14,848 

Derivative contract liabilities

  2   1,291   1,291   2,253   2,253 
                     

Off-Balance Sheet Items

  3   -   -   -   - 
v3.24.3
Note 12 - Off-balance Sheet Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Notes Tables  
Schedule of Fair Value, off-Balance-Sheet Risks [Table Text Block]
  

At September 30, 2024

 

(in thousands)

    

Commitments to extend credit

 $3,275 

Construction loans in process

 $24,389 

Unused lines of credit

 $76,871 

Standby financial letters of credit

 $2,501 

Standby performance letters of credit

 $89 

Guaranteed accounts

 $1,276 
v3.24.3
Note 1 - General (Details Textual)
 9 Months Ended
Sep. 30, 2024
Subsidiary, Ownership Percentage By Parent 100.00%
Number of Banking Offices 4
v3.24.3
Note 2 - Debt Securities (Details Textual)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Proceeds from Sale of Debt Securities, Available-for-Sale $ 0 $ 0 $ 0  
Debt Securities, Available-for-Sale, Unrealized Loss Position, Number of Positions 95 95   103
Debt Securities, Available-for-Sale, Allowance for Credit Loss $ 0 $ 0   $ 0
Debt Securities, Held-to-Maturity, Nonaccrual 0 0   0
Debt Securities, Available-for-Sale, Restricted 18,200 18,200   16,400
Debt Securities, Available-for-Sale, Nonaccrual $ 0 $ 0   $ 0
v3.24.3
Note 2 - Debt Securities - Summary of Carrying Amount and Fair Values of Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Debt securities available for sale, fair value $ 98,586 $ 134,940
Gross Unrealized Gains, available for sale 61 7
Gross Unrealized Losses, available for sale (7,712) (10,472)
Debt securities available for sale at fair value (amortized cost of $98,586 and $134,940) 90,935 124,475
Amortized Cost, held to maturity 13,276 11,850
Gross Unrealized Gains, held to maturity 133 39
Gross Unrealized Losses, held to maturity (1,098) (1,531)
Debt securities held to maturity, fair value 12,311 10,358
US Treasury and Government [Member]    
Debt securities available for sale, fair value 13,247 46,492
Gross Unrealized Gains, available for sale 0 0
Gross Unrealized Losses, available for sale (542) (1,234)
Debt securities available for sale at fair value (amortized cost of $98,586 and $134,940) 12,705 45,258
US States and Political Subdivisions Debt Securities [Member]    
Debt securities available for sale, fair value 20,142 22,259
Gross Unrealized Gains, available for sale 0 0
Gross Unrealized Losses, available for sale (1,545) (2,151)
Debt securities available for sale at fair value (amortized cost of $98,586 and $134,940) 18,597 20,108
Amortized Cost, held to maturity 9,289 9,257
Gross Unrealized Gains, held to maturity 36 39
Gross Unrealized Losses, held to maturity (1,057)  
Debt securities held to maturity, fair value 8,268  
Collateralized Mortgage-Backed Securities [Member]    
Debt securities available for sale, fair value 60,715 63,165
Gross Unrealized Gains, available for sale 55 7
Gross Unrealized Losses, available for sale (5,588) (7,013)
Debt securities available for sale at fair value (amortized cost of $98,586 and $134,940) 55,182 56,159
Amortized Cost, held to maturity 3,987 2,593
Gross Unrealized Gains, held to maturity 97 0
Gross Unrealized Losses, held to maturity (41) (1,378)
Debt securities held to maturity, fair value 4,043 7,918
Asset-Backed Securities [Member]    
Debt securities available for sale, fair value 4,482 3,024
Gross Unrealized Gains, available for sale 6 0
Gross Unrealized Losses, available for sale (37) (74)
Debt securities available for sale at fair value (amortized cost of $98,586 and $134,940) $ 4,451 2,950
Gross Unrealized Losses, held to maturity   (153)
Debt securities held to maturity, fair value   $ 2,440
v3.24.3
Note 2 - Debt Securities - Summary of Securities in Continuous Unrealized Loss Position (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Gross Unrealized Losses, Less Than Twelve Months, AFS $ (46) $ (2)
Fair Value, Less Than Twelve Months, AFS 3,674 386
Gross Unrealized Losses, Over Twelve Months, AFS (7,666) (10,470)
Fair Value, Over Twelve Months, AFS 83,324 122,917
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity 0 0
Fair Value, Less Than Twelve Months, held-to-maturity 0 0
Gross Unrealized Losses, Over Twelve Months, held-to-maturity (1,098) (1,531)
Fair Value, Over Twelve Months, Held-to-maturity 8,942 9,324
US Treasury and Government [Member]    
Gross Unrealized Losses, Less Than Twelve Months, AFS 0 0
Fair Value, Less Than Twelve Months, AFS 0 0
Gross Unrealized Losses, Over Twelve Months, AFS (542) (1,234)
Fair Value, Over Twelve Months, AFS 12,705 45,258
US States and Political Subdivisions Debt Securities [Member]    
Gross Unrealized Losses, Less Than Twelve Months, AFS 0 (2)
Fair Value, Less Than Twelve Months, AFS 0 386
Gross Unrealized Losses, Over Twelve Months, AFS (1,545) (2,149)
Fair Value, Over Twelve Months, AFS 18,597 19,722
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity 0 0
Fair Value, Less Than Twelve Months, held-to-maturity 0 0
Gross Unrealized Losses, Over Twelve Months, held-to-maturity (1,057) (1,378)
Fair Value, Over Twelve Months, Held-to-maturity 6,388 6,884
Collateralized Mortgage-Backed Securities [Member]    
Gross Unrealized Losses, Less Than Twelve Months, AFS (46) 0
Fair Value, Less Than Twelve Months, AFS 3,674 0
Gross Unrealized Losses, Over Twelve Months, AFS (5,542) (7,013)
Fair Value, Over Twelve Months, AFS 50,328 54,987
Gross Unrealized Losses, Less Than Twelve Months, Held-to-maturity 0 0
Fair Value, Less Than Twelve Months, held-to-maturity 0 0
Gross Unrealized Losses, Over Twelve Months, held-to-maturity (41) (153)
Fair Value, Over Twelve Months, Held-to-maturity 2,554 2,440
Asset-Backed Securities [Member]    
Gross Unrealized Losses, Less Than Twelve Months, AFS 0 0
Fair Value, Less Than Twelve Months, AFS 0 0
Gross Unrealized Losses, Over Twelve Months, AFS (37) (74)
Fair Value, Over Twelve Months, AFS $ 1,694 $ 2,950
v3.24.3
Note 2 - Debt Securities - Securities Available for Sale Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Debt securities available for sale $ 90,935 $ 124,475
US Treasury and Government [Member]    
Debt securities available for sale 12,705 45,258
US States and Political Subdivisions Debt Securities [Member]    
Debt securities available for sale 18,597 20,108
Collateralized Mortgage-Backed Securities [Member]    
Debt securities available for sale 55,182 56,159
Asset-Backed Securities [Member]    
Debt securities available for sale 4,451 2,950
Fair Value, Recurring [Member]    
Debt securities available for sale 90,935 124,475
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Debt securities available for sale 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt securities available for sale 90,935 124,475
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt securities available for sale 0 0
Fair Value, Recurring [Member] | US Treasury and Government [Member]    
Debt securities available for sale 12,705 45,258
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member]    
Debt securities available for sale 0 0
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt securities available for sale 12,705 45,258
Fair Value, Recurring [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt securities available for sale 0 0
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member]    
Debt securities available for sale 18,597 20,108
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]    
Debt securities available for sale 0 0
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt securities available for sale 18,597 20,108
Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt securities available for sale 0 0
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member]    
Debt securities available for sale 55,182 56,159
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]    
Debt securities available for sale 0 0
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt securities available for sale 55,182 56,159
Fair Value, Recurring [Member] | Collateralized Mortgage-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt securities available for sale 0 0
Fair Value, Recurring [Member] | Asset-Backed Securities [Member]    
Debt securities available for sale 4,451 2,950
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member]    
Debt securities available for sale 0 0
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt securities available for sale 4,451 2,950
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member]    
Debt securities available for sale $ 0 $ 0
v3.24.3
Note 2 - Debt Securities - Scheduled Maturities of Securities with Fair Value and Amortized Cost (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Due in less than one year, amortized cost $ 8,368  
Due in less than one year, fair value 8,287  
Due in one to five years, amortized cost 11,953  
Due in one to five years, fair value 11,161  
Due in five to ten years, amortized cost 10,827  
Due in five to ten years, fair value 9,897  
Due in five to ten years, held-to-maturity 2,070  
Due in five to ten years, fair value, held-to-maturity 2,030  
Due after ten years, amortized cost 6,723  
Due after ten years, fair value 6,408  
Due after ten years, held-to-maturity 7,219  
Due after ten years, fair value, held-to-maturity 6,238  
U.S. agency mortgage-backed securities, amortized cost 60,715  
U.S. agency mortgage-backed securities, fair value 55,182  
U.S. agency mortgage-backed securities, HTM 3,987  
U.S. agency mortgage-backed securities, fair value HTM 4,043  
Total, amortized cost, AFS 98,586 $ 134,940
Total, fair value, AFS 90,935 124,475
Total, HTM 13,276 $ 11,850
Total, fair value, HTM $ 12,311  
v3.24.3
Note 3 - Loans (Details Textual)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
Sep. 30, 2024
USD ($)
Sep. 30, 2023
Dec. 31, 2023
USD ($)
Number of Portfolio Classes 5   5    
Impairment Valuation Loan Limit     $ 1,000,000    
Financing Receivable, Nonaccrual, With Allowance $ 179,000   $ 179,000   $ 764,000
Financing Receivable, Modifications, Number of Contracts 1 0 0 0 0  
Minimum [Member] | Loans Receivable [Member]          
Loan Maturity Period (Year)     1 year    
Maximum [Member] | Loans Receivable [Member]          
Loan Maturity Period (Year)     10 years    
Real Estate Mortgage Loans [Member]          
Number of Portfolio Classes 3   3    
Commercial Real Estate Portfolio Segment [Member]          
Period of Fixed Interest Rate (Year)     5 years    
Commercial Real Estate Portfolio Segment [Member] | Minimum [Member]          
Loan Maturity Period (Year)     3 years    
Commercial Real Estate Portfolio Segment [Member] | Maximum [Member]          
Loan Maturity Period (Year)     5 years    
Residential Portfolio Segment [Member] | Period 1 [Member]          
Period of Fixed Interest Rate (Year)     15 years    
Period of Adjustment of Interest Rate (Year)     1 year    
Residential Portfolio Segment [Member] | Period 2 [Member]          
Period of Fixed Interest Rate (Year)     30 years    
Period of Adjustment of Interest Rate (Year)     3 years    
Residential Portfolio Segment [Member] | Period 3 [Member]          
Period of Adjustment of Interest Rate (Year)     5 years    
Residential Portfolio Segment [Member] | Period 4 [Member]          
Period of Adjustment of Interest Rate (Year)     7 years    
Real Estate Construction Loan [Member] | Minimum [Member]          
Loan Maturity Period (Year)     1 year    
Real Estate Construction Loan [Member] | Maximum [Member]          
Loan Maturity Period (Year)     2 years    
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member]          
Financing Receivable, Nonaccrual, With Allowance $ 0   $ 0   764,000
Financing Receivable, Nonaccrual, Allowance for Credit Loss         $ 556,000
Commercial Portfolio Segment [Member] | Maximum [Member] | Equipment Loans [Member]          
Loan Maturity Period (Year)     5 years    
Residential and Home Equity Loans [Member] | Loans and Finance Receivables [Member]          
Financing Receivable, Nonaccrual, With Allowance 179,000   $ 179,000    
Financing Receivable, Nonaccrual, Allowance for Credit Loss $ 37,000   $ 37,000    
v3.24.3
Note 3 - Loans - Composition of Company's Loan Portfolio, Excluding Loans Held for Sale (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Dec. 31, 2022
Total loans $ 692,664   $ 651,928      
Net deferred loan fees (218)   (192)      
Allowance for credit losses (5,389)   (5,609)      
Loans, net 687,057   646,127      
Mortgage Receivable [Member]            
Total loans 596,905   560,009      
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member]            
Total loans 216,379   208,429      
Allowance for credit losses (1,631) $ (1,576) (1,713) $ (1,661) $ (1,586) $ (2,303)
Mortgage Receivable [Member] | Residential Portfolio Segment [Member]            
Total loans 297,887   273,383      
Allowance for credit losses (2,393) (2,286) (2,034) (1,932) (1,811) (2,607)
Mortgage Receivable [Member] | Real Estate Construction Loan [Member]            
Total loans 82,639   78,197      
Allowance for credit losses (569) (621) (559) (473) (544) (922)
Loans and Finance Receivables [Member]            
Total loans 692,664   651,928      
Allowance for credit losses (5,389) (5,282) (5,609) (4,899) (4,729) (7,145)
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member]            
Total loans 89,788   85,983      
Allowance for credit losses (775) (782) (1,272) (817) (771) (1,223)
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member]            
Total loans 5,971   5,936      
Allowance for credit losses $ (21) $ (17) $ (31) $ (16) $ (17) $ (90)
v3.24.3
Note 3 - Loans - Summary of Loan Credit Quality (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Financing receivable, originated $ 692,664   $ 692,664   $ 651,928
Mortgage Receivable [Member]          
Financing receivable, originated 596,905   596,905   560,009
Loans and Finance Receivables [Member]          
Financing receivable, originated 692,664   692,664   651,928
Current period gross writeoffs, originated 13 $ 55 843 $ 423  
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 15,985   15,985   26,574
Financing receivable, originated in fiscal year before latest fiscal year 28,610   28,610   59,554
Financing receivable, originated two fiscal years before latest fiscal year 61,667   61,667   29,233
Financing receivable, originated three fiscal years before latest fiscal year 28,179   28,179   40,719
Financing receivable, originated four fiscal years before latest fiscal year 34,341   34,341   12,492
Financing receivable, originated five and prior fiscal years before latest fiscal year 44,781   44,781   37,812
Financing receivable, originated, revolving 2,816   2,816   2,045
Financing receivable, originated 216,379   216,379   208,429
Year-to-date gross charge-offs     0   0
Fiscal year before current fiscal year period gross writeoffs     0   0
Second fiscal year before current fiscal year period gross writeoffs     0   0
Third fiscal year before current fiscal year period gross writeoffs     0   0
Fourth fiscal year before current fiscal year period gross writeoffs     0   0
Fifth and prior fiscal year before current fiscal year period gross writeoffs     0   0
Current period gross writeoffs, revolving     0   0
Current period gross writeoffs, originated (0) (0) 0 (0) 0
Commercial Real Estate Portfolio Segment [Member] | Pass [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 15,985   15,985   26,574
Financing receivable, originated in fiscal year before latest fiscal year 28,610   28,610   59,554
Financing receivable, originated two fiscal years before latest fiscal year 61,667   61,667   29,233
Financing receivable, originated three fiscal years before latest fiscal year 28,179   28,179   40,719
Financing receivable, originated four fiscal years before latest fiscal year 34,341   34,341   12,492
Financing receivable, originated five and prior fiscal years before latest fiscal year 43,011   43,011   36,045
Financing receivable, originated, revolving 2,816   2,816   2,045
Financing receivable, originated 214,609   214,609   206,662
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 0   0   0
Financing receivable, originated in fiscal year before latest fiscal year 0   0   0
Financing receivable, originated two fiscal years before latest fiscal year 0   0   0
Financing receivable, originated three fiscal years before latest fiscal year 0   0   0
Financing receivable, originated four fiscal years before latest fiscal year 0   0   0
Financing receivable, originated five and prior fiscal years before latest fiscal year 1,715   1,715   1,767
Financing receivable, originated, revolving 0   0   0
Financing receivable, originated 1,715   1,715   1,767
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 0   0   0
Financing receivable, originated in fiscal year before latest fiscal year 0   0   0
Financing receivable, originated two fiscal years before latest fiscal year 0   0   0
Financing receivable, originated three fiscal years before latest fiscal year 0   0   0
Financing receivable, originated four fiscal years before latest fiscal year 0   0   0
Financing receivable, originated five and prior fiscal years before latest fiscal year 55   55   0
Financing receivable, originated, revolving 0   0   0
Financing receivable, originated 55   55   0
Residential Portfolio Segment [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 23,941   23,941   43,809
Financing receivable, originated in fiscal year before latest fiscal year 47,994   47,994   55,374
Financing receivable, originated two fiscal years before latest fiscal year 54,381   54,381   66,498
Financing receivable, originated three fiscal years before latest fiscal year 65,177   65,177   31,984
Financing receivable, originated four fiscal years before latest fiscal year 29,318   29,318   11,717
Financing receivable, originated five and prior fiscal years before latest fiscal year 38,123   38,123   30,456
Financing receivable, originated, revolving 38,953   38,953   33,545
Financing receivable, originated 297,887   297,887   273,383
Year-to-date gross charge-offs     0   0
Fiscal year before current fiscal year period gross writeoffs     0   0
Second fiscal year before current fiscal year period gross writeoffs     0   0
Third fiscal year before current fiscal year period gross writeoffs     0   0
Fourth fiscal year before current fiscal year period gross writeoffs     0   0
Fifth and prior fiscal year before current fiscal year period gross writeoffs     0   0
Current period gross writeoffs, revolving     0   0
Current period gross writeoffs, originated (0) (0) 0 0
Residential Portfolio Segment [Member] | Pass [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 23,941   23,941   43,809
Financing receivable, originated in fiscal year before latest fiscal year 47,994   47,994   55,374
Financing receivable, originated two fiscal years before latest fiscal year 53,929   53,929   64,522
Financing receivable, originated three fiscal years before latest fiscal year 63,236   63,236   31,339
Financing receivable, originated four fiscal years before latest fiscal year 28,374   28,374   11,717
Financing receivable, originated five and prior fiscal years before latest fiscal year 37,924   37,924   30,253
Financing receivable, originated, revolving 38,143   38,143   33,144
Financing receivable, originated 293,541   293,541   270,158
Residential Portfolio Segment [Member] | Special Mention [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 0   0   0
Financing receivable, originated in fiscal year before latest fiscal year 0   0   0
Financing receivable, originated two fiscal years before latest fiscal year 354   354   1,391
Financing receivable, originated three fiscal years before latest fiscal year 1,370   1,370   278
Financing receivable, originated four fiscal years before latest fiscal year 325   325   0
Financing receivable, originated five and prior fiscal years before latest fiscal year 199   199   203
Financing receivable, originated, revolving 247   247   357
Financing receivable, originated 2,495   2,495   2,229
Residential Portfolio Segment [Member] | Substandard [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 0   0   0
Financing receivable, originated in fiscal year before latest fiscal year 0   0   0
Financing receivable, originated two fiscal years before latest fiscal year 98   98   585
Financing receivable, originated three fiscal years before latest fiscal year 571   571   367
Financing receivable, originated four fiscal years before latest fiscal year 619   619   0
Financing receivable, originated five and prior fiscal years before latest fiscal year 0   0   0
Financing receivable, originated, revolving 563   563   44
Financing receivable, originated 1,851   1,851   996
Real Estate Construction Loan [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 28,369   28,369   34,896
Financing receivable, originated in fiscal year before latest fiscal year 16,909   16,909   17,276
Financing receivable, originated two fiscal years before latest fiscal year 8,766   8,766   12,563
Financing receivable, originated three fiscal years before latest fiscal year 17,728   17,728   1,809
Financing receivable, originated four fiscal years before latest fiscal year 1,222   1,222   1,611
Financing receivable, originated five and prior fiscal years before latest fiscal year 1,568   1,568   1,997
Financing receivable, originated, revolving 8,077   8,077   8,045
Financing receivable, originated 82,639   82,639   78,197
Year-to-date gross charge-offs     0   0
Fiscal year before current fiscal year period gross writeoffs     0   0
Second fiscal year before current fiscal year period gross writeoffs     0   0
Third fiscal year before current fiscal year period gross writeoffs     0   386
Fourth fiscal year before current fiscal year period gross writeoffs     0   0
Fifth and prior fiscal year before current fiscal year period gross writeoffs     0   0
Current period gross writeoffs, revolving     0   0
Current period gross writeoffs, originated (0) 40 0 386 386
Real Estate Construction Loan [Member] | Pass [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 28,369   28,369   34,896
Financing receivable, originated in fiscal year before latest fiscal year 16,909   16,909   17,078
Financing receivable, originated two fiscal years before latest fiscal year 8,588   8,588   12,563
Financing receivable, originated three fiscal years before latest fiscal year 17,728   17,728   1,425
Financing receivable, originated four fiscal years before latest fiscal year 803   803   1,611
Financing receivable, originated five and prior fiscal years before latest fiscal year 1,568   1,568   1,997
Financing receivable, originated, revolving 8,077   8,077   8,045
Financing receivable, originated 82,042   82,042   77,615
Real Estate Construction Loan [Member] | Special Mention [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 0   0   0
Financing receivable, originated in fiscal year before latest fiscal year 0   0   0
Financing receivable, originated two fiscal years before latest fiscal year 0   0   0
Financing receivable, originated three fiscal years before latest fiscal year 0   0   0
Financing receivable, originated four fiscal years before latest fiscal year 0   0   0
Financing receivable, originated five and prior fiscal years before latest fiscal year 0   0   0
Financing receivable, originated, revolving 0   0   0
Financing receivable, originated 0   0   0
Real Estate Construction Loan [Member] | Substandard [Member] | Mortgage Receivable [Member]          
Financing receivable, originated in current fiscal year 0   0   0
Financing receivable, originated in fiscal year before latest fiscal year 0   0   198
Financing receivable, originated two fiscal years before latest fiscal year 178   178   0
Financing receivable, originated three fiscal years before latest fiscal year 0   0   384
Financing receivable, originated four fiscal years before latest fiscal year 419   419   0
Financing receivable, originated five and prior fiscal years before latest fiscal year 0   0   0
Financing receivable, originated, revolving 0   0   0
Financing receivable, originated 597   597   582
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member]          
Financing receivable, originated in current fiscal year 6,489   6,489   12,048
Financing receivable, originated in fiscal year before latest fiscal year 10,965   10,965   12,130
Financing receivable, originated two fiscal years before latest fiscal year 10,882   10,882   7,247
Financing receivable, originated three fiscal years before latest fiscal year 5,351   5,351   3,624
Financing receivable, originated four fiscal years before latest fiscal year 2,621   2,621   4,823
Financing receivable, originated five and prior fiscal years before latest fiscal year 6,156   6,156   5,282
Financing receivable, originated, revolving 47,324   47,324   40,829
Financing receivable, originated 89,788   89,788   85,983
Year-to-date gross charge-offs     0   0
Fiscal year before current fiscal year period gross writeoffs     0   0
Second fiscal year before current fiscal year period gross writeoffs     75   0
Third fiscal year before current fiscal year period gross writeoffs     83   0
Fourth fiscal year before current fiscal year period gross writeoffs     0   0
Fifth and prior fiscal year before current fiscal year period gross writeoffs     607   1
Current period gross writeoffs, revolving     0   0
Current period gross writeoffs, originated (0) (0) 765 (0) 1
Commercial Portfolio Segment [Member] | Pass [Member] | Loans and Finance Receivables [Member]          
Financing receivable, originated in current fiscal year 6,489   6,489   12,024
Financing receivable, originated in fiscal year before latest fiscal year 10,961   10,961   12,130
Financing receivable, originated two fiscal years before latest fiscal year 10,882   10,882   7,247
Financing receivable, originated three fiscal years before latest fiscal year 5,351   5,351   3,543
Financing receivable, originated four fiscal years before latest fiscal year 2,621   2,621   4,823
Financing receivable, originated five and prior fiscal years before latest fiscal year 6,121   6,121   5,250
Financing receivable, originated, revolving 44,659   44,659   40,064
Financing receivable, originated 87,084   87,084   85,081
Commercial Portfolio Segment [Member] | Special Mention [Member] | Loans and Finance Receivables [Member]          
Financing receivable, originated in current fiscal year 0   0   24
Financing receivable, originated in fiscal year before latest fiscal year 0   0   0
Financing receivable, originated two fiscal years before latest fiscal year 0   0   0
Financing receivable, originated three fiscal years before latest fiscal year 0   0   45
Financing receivable, originated four fiscal years before latest fiscal year 0   0   0
Financing receivable, originated five and prior fiscal years before latest fiscal year 35   35   32
Financing receivable, originated, revolving 2,665   2,665   0
Financing receivable, originated 2,700   2,700   101
Commercial Portfolio Segment [Member] | Substandard [Member] | Loans and Finance Receivables [Member]          
Financing receivable, originated in current fiscal year 0   0   0
Financing receivable, originated in fiscal year before latest fiscal year 4   4   0
Financing receivable, originated two fiscal years before latest fiscal year 0   0   0
Financing receivable, originated three fiscal years before latest fiscal year 0   0   36
Financing receivable, originated four fiscal years before latest fiscal year 0   0   0
Financing receivable, originated five and prior fiscal years before latest fiscal year 0   0   0
Financing receivable, originated, revolving 0   0   765
Financing receivable, originated 4   4   801
Consumer Portfolio Segment [Member] | Loans and Finance Receivables [Member]          
Financing receivable, originated in current fiscal year 1,267   1,267   1,317
Financing receivable, originated in fiscal year before latest fiscal year 952   952   688
Financing receivable, originated two fiscal years before latest fiscal year 432   432   275
Financing receivable, originated three fiscal years before latest fiscal year 152   152   122
Financing receivable, originated four fiscal years before latest fiscal year 107   107   348
Financing receivable, originated five and prior fiscal years before latest fiscal year 350   350   176
Financing receivable, originated, revolving 2,711   2,711   3,010
Financing receivable, originated 5,971   5,971   5,936
Year-to-date gross charge-offs     62   46
Fiscal year before current fiscal year period gross writeoffs     0   0
Second fiscal year before current fiscal year period gross writeoffs     16   0
Third fiscal year before current fiscal year period gross writeoffs     0   0
Fourth fiscal year before current fiscal year period gross writeoffs     0   0
Fifth and prior fiscal year before current fiscal year period gross writeoffs     0   0
Current period gross writeoffs, revolving     0   0
Current period gross writeoffs, originated 13 $ 15 78 $ 37 46
Consumer Portfolio Segment [Member] | Pass [Member] | Loans and Finance Receivables [Member]          
Financing receivable, originated in current fiscal year 1,203   1,203   1,317
Financing receivable, originated in fiscal year before latest fiscal year 952   952   688
Financing receivable, originated two fiscal years before latest fiscal year 432   432   275
Financing receivable, originated three fiscal years before latest fiscal year 152   152   122
Financing receivable, originated four fiscal years before latest fiscal year 107   107   348
Financing receivable, originated five and prior fiscal years before latest fiscal year 350   350   176
Financing receivable, originated, revolving 2,711   2,711   3,010
Financing receivable, originated 5,907   5,907   5,936
Consumer Portfolio Segment [Member] | Special Mention [Member] | Loans and Finance Receivables [Member]          
Financing receivable, originated in current fiscal year 64   64   0
Financing receivable, originated in fiscal year before latest fiscal year 0   0   0
Financing receivable, originated two fiscal years before latest fiscal year 0   0   0
Financing receivable, originated three fiscal years before latest fiscal year 0   0   0
Financing receivable, originated four fiscal years before latest fiscal year 0   0   0
Financing receivable, originated five and prior fiscal years before latest fiscal year 0   0   0
Financing receivable, originated, revolving 0   0   0
Financing receivable, originated 64   64   0
Consumer Portfolio Segment [Member] | Substandard [Member] | Loans and Finance Receivables [Member]          
Financing receivable, originated in current fiscal year 0   0   0
Financing receivable, originated in fiscal year before latest fiscal year 0   0   0
Financing receivable, originated two fiscal years before latest fiscal year 0   0   0
Financing receivable, originated three fiscal years before latest fiscal year 0   0   0
Financing receivable, originated four fiscal years before latest fiscal year 0   0   0
Financing receivable, originated five and prior fiscal years before latest fiscal year 0   0   0
Financing receivable, originated, revolving 0   0   0
Financing receivable, originated $ 0   $ 0   $ 0
v3.24.3
Note 3 - Loans - Summary of Past Due Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Financing receivable, originated $ 692,664 $ 651,928
Total nonaccrual loans 2,464 2,335
Mortgage Receivable [Member]    
Financing receivable, originated 596,905 560,009
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member]    
Financing receivable, originated 216,379 208,429
Total nonaccrual loans 55 0
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Financing receivable, originated 173 57
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Financing receivable, originated 0 0
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Financing receivable, originated 0 0
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Financing receivable, originated 173 57
Mortgage Receivable [Member] | Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Financing receivable, originated 216,151 208,372
Mortgage Receivable [Member] | Residential Portfolio Segment [Member]    
Financing receivable, originated 297,887 273,383
Total nonaccrual loans 1,808 953
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Financing receivable, originated 83 3,792
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Financing receivable, originated 648 492
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Financing receivable, originated 0 1,110
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Financing receivable, originated 731 5,394
Mortgage Receivable [Member] | Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Financing receivable, originated 295,348 267,036
Mortgage Receivable [Member] | Real Estate Construction Loan [Member]    
Financing receivable, originated 82,639 78,197
Total nonaccrual loans 597 582
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Financing receivable, originated 0 648
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Financing receivable, originated 0 0
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Financing receivable, originated 0 0
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Past Due [Member]    
Financing receivable, originated 0 648
Mortgage Receivable [Member] | Real Estate Construction Loan [Member] | Financial Asset, Not Past Due [Member]    
Financing receivable, originated 82,042 76,967
Loans and Finance Receivables [Member]    
Financing receivable, originated 692,664 651,928
Total nonaccrual loans 2,464 2,335
Loans and Finance Receivables [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Financing receivable, originated 258 4,543
Loans and Finance Receivables [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Financing receivable, originated 648 810
Loans and Finance Receivables [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Financing receivable, originated 0 1,110
Loans and Finance Receivables [Member] | Financial Asset, Past Due [Member]    
Financing receivable, originated 906 6,463
Loans and Finance Receivables [Member] | Financial Asset, Not Past Due [Member]    
Financing receivable, originated 689,294 643,130
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member]    
Financing receivable, originated 89,788 85,983
Total nonaccrual loans 4 800
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Financing receivable, originated 0 18
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Financing receivable, originated 0 318
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Financing receivable, originated 0 0
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Financing receivable, originated 0 336
Loans and Finance Receivables [Member] | Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Financing receivable, originated 89,784 84,847
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member]    
Financing receivable, originated 5,971 5,936
Total nonaccrual loans 0 0
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Financing receivable, originated 2 28
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Financing receivable, originated 0 0
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Financing receivable, originated 0 0
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Financing receivable, originated 2 28
Loans and Finance Receivables [Member] | Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Financing receivable, originated $ 5,969 $ 5,908
v3.24.3
Note 3 - Loans - Loans on Nonaccrual Status (Details) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Total nonaccrual loans $ 2,464,000 $ 2,335,000
Nonaccrual loans with no ACL 2,285,000 1,571,000
Nonaccrual loan with acl 179,000 764,000
Still accruing 0 1,110,000
Loans and Finance Receivables [Member]    
Total nonaccrual loans 2,464,000 2,335,000
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member]    
Total nonaccrual loans 55,000 0
Nonaccrual loans with no ACL 55,000  
Nonaccrual loan with acl 0  
Still accruing 0  
Residential Portfolio Segment [Member] | Mortgage Receivable [Member]    
Total nonaccrual loans 1,808,000 953,000
Nonaccrual loans with no ACL 1,629,000 953,000
Nonaccrual loan with acl 179,000 0
Still accruing 0 1,110,000
Real Estate Construction Loan [Member] | Mortgage Receivable [Member]    
Total nonaccrual loans 597,000 582,000
Nonaccrual loans with no ACL 597,000 582,000
Nonaccrual loan with acl 0 0
Still accruing 0 0
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member]    
Total nonaccrual loans 4,000 800,000
Nonaccrual loans with no ACL 4,000 36,000
Nonaccrual loan with acl 0 764,000
Still accruing $ 0 $ 0
v3.24.3
Note 4 - Allowance for Credit Losses - Summary of Changes in Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Beginning balance     $ 5,609    
Ending balance $ 5,389   5,389   $ 5,609
Loans and Finance Receivables [Member]          
Beginning balance 5,282 $ 4,729 5,609 $ 7,145 7,145
Credit loss expense (income) 118 219 615 739  
Charge-offs (13) (55) (843) (423)  
Recoveries 2 6 8 44  
Ending balance 5,389 4,899 5,389 4,899 5,609
Loans and Finance Receivables [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]          
Beginning balance       (2,606) (2,606)
Loans and Finance Receivables [Member] | Unfunded Loan Commitment [Member]          
Beginning balance 158 48 0 0 0
Credit loss expense (income) (18) (44) 140 4  
Charge-offs 0 0 0 0  
Recoveries 0 0 0 0  
Ending balance 140 4 140 4 0
Loans and Finance Receivables [Member] | Unfunded Loan Commitment [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]          
Beginning balance       0 0
Loans and Financing Receivables Including Unfunded Commitments [Member]          
Beginning balance 5,440 4,777 5,609 7,145 7,145
Credit loss expense (income) 100 175 755 743  
Charge-offs (13) (55) (843) (423)  
Recoveries 2 6 8 44  
Ending balance 5,529 4,903 5,529 4,903 5,609
Loans and Financing Receivables Including Unfunded Commitments [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]          
Beginning balance       (2,606) (2,606)
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member]          
Beginning balance 1,576 1,586 1,713 2,303 2,303
Credit loss expense (income) 55 75 (82) 98  
Charge-offs 0 0 0 0 0
Recoveries 0 0 0 0  
Ending balance 1,631 1,661 1,631 1,661 1,713
Commercial Real Estate Portfolio Segment [Member] | Mortgage Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]          
Beginning balance       (740) (740)
Residential Portfolio Segment [Member] | Mortgage Receivable [Member]          
Beginning balance 2,286 1,811 2,034 2,607 2,607
Credit loss expense (income) 107 121 359 217  
Charge-offs 0 0 0 0
Recoveries 0 0 0 0  
Ending balance 2,393 1,932 2,393 1,932 2,034
Residential Portfolio Segment [Member] | Mortgage Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]          
Beginning balance       (892) (892)
Real Estate Construction Loan [Member] | Mortgage Receivable [Member]          
Beginning balance 621 544 559 922 922
Credit loss expense (income) (52) (31) 10 340  
Charge-offs 0 (40) 0 (386) (386)
Recoveries 0 0 0 0  
Ending balance 569 473 569 473 559
Real Estate Construction Loan [Member] | Mortgage Receivable [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]          
Beginning balance       (403) (403)
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member]          
Beginning balance 782 771 1,272 1,223 1,223
Credit loss expense (income) (7) 41 267 60  
Charge-offs 0 0 (765) 0 (1)
Recoveries 0 5 1 38  
Ending balance 775 817 775 817 1,272
Commercial Portfolio Segment [Member] | Loans and Finance Receivables [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]          
Beginning balance       (504) (504)
Consumer Portfolio Segment [Member] | Loans and Finance Receivables [Member]          
Beginning balance 17 17 31 90 90
Credit loss expense (income) 15 13 61 24  
Charge-offs (13) (15) (78) (37) (46)
Recoveries 2 1 7 6  
Ending balance $ 21 $ 16 $ 21 16 31
Consumer Portfolio Segment [Member] | Loans and Finance Receivables [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]          
Beginning balance       $ (67) $ (67)
v3.24.3
Note 5 - Regulatory Capital - Summary of Regulatory Capital Requirements and Bank's Capital Position (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Tier 1 Leverage Capital, actual amount $ 93,581 $ 86,576
Tier 1 Leverage Capital, actual percentage 0.1021 0.1015
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Amount $ 36,670 $ 34,133
Tier 1 Leverage Capital, For Capital Adequacy Purposes, Percentage 0.04 0.04
Tier 1 Leverage Capital, For Well Capitalized Purposes, Amount $ 45,837 $ 42,666
Tier 1 Leverage Capital, For Well Capitalized Purposes, Percentage 0.05 0.05
Common Equity Tier 1 Risk-based Capital, actual amount $ 93,581 $ 86,576
Common Equity Tier 1 Risk-based Capital, actual percentage 0.1353 0.1318
Common Equity Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Amount $ 31,113 $ 29,566
Common Equity Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Percentage 4.50% 4.50%
Common Equity Tier 1 Risk-based Capital, For Well Capitalized Purposes, Amount $ 44,942 $ 42,706
Common Equity Tier 1 Risk-based Capital, For Well Capitalized Purposes, Percentage 6.50% 6.50%
Tier 1 Risk-based Capital, actual amount $ 93,581 $ 86,576
Tier 1 Risk-based Capital, actual percentage 0.1353 0.1318
Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Amount $ 41,485 $ 39,421
Tier 1 Risk-based Capital, For Capital Adequacy Purposes, Percentage 0.06 0.06
Tier 1 Risk-based Capital, For Well Capitalized Purposes, Amount $ 55,313 $ 52,561
Tier 1 Risk-based Capital, For Well Capitalized Purposes, Percentage 0.08 0.08
Total Risk-based Capital, actual amount $ 99,110 $ 92,185
Total Risk-based Capital, actual percentage 0.1433 0.1403
Total Risk-based Capital, For Capital Adequacy Purposes, Amount $ 55,313 $ 52,561
Total Risk-based Capital, For Well Capitalized Purposes, Amount $ 69,141 $ 65,702
Total Risk-based Capital, For Well Capitalized Purposes, Percentage 0.10 0.10
v3.24.3
Note 6 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net earnings, basic $ 2,603 $ 2,120 $ 6,308 $ 6,878
Weighted-average Shares, basic (in shares) 3,293,993 3,214,323 3,288,322 3,193,302
Net earnings, per share amount, basic (in dollars per share) $ 0.79 $ 0.66 $ 1.92 $ 2.15
Effect of dilutive securities-incremental shares from assumed conversion of stock options (in shares) 28,543 21,597 42,541 28,650
Net earnings, diluted $ 2,603 $ 2,120 $ 6,308 $ 6,878
Weighted-average Shares, diluted (in shares) 3,322,536 3,235,920 3,330,863 3,221,952
Net earnings, per share amount, diluted (in dollars per share) $ 0.78 $ 0.66 $ 1.89 $ 2.13
v3.24.3
Note 7 - Stock Benefit Plans (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended
May 20, 2015
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restricted Stock [Member]          
Share-Based Payment Arrangement, Expense   $ 106,000 $ 66,000 $ 327,000 $ 142,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   $ 1,369,000   $ 1,369,000  
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)       3 years 10 months 24 days  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)       10,040 75,751
Restricted Stock [Member] | Minimum [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)       3 years  
Restricted Stock [Member] | Maximum [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)       5 years  
The 2015 Stock Incentive Compensation Plan [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)   153,629   153,629  
Share-Based Payment Arrangement, Expense   $ 110,000 78,000 $ 339,000 $ 210,000
The 2015 Stock Incentive Compensation Plan [Member] | Share-Based Payment Arrangement, Option [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) 500,000        
Maximum Percentage of Shares Issued 15.00%        
Share-Based Payment Arrangement, Expense, Tax Benefit   0 1,000 0 6,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount   33,000   $ 33,000  
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)       2 years 6 months  
The 2015 Stock Incentive Compensation Plan [Member] | Restricted Stock [Member]          
Share-Based Payment Arrangement, Expense   $ 106,000 66,000 $ 327,000 142,000
Directors' Plan [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)   74,805   74,805  
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)   25,218   25,218  
Share-Based Payment Arrangement, Expense   $ 25,000 $ 40,000 $ 110,000 $ 120,000
Stock Consideration on Percentage of Common Stock Received Upon Cash Fees   110.00%   110.00%  
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)   992 1,764 4,444 4,874
v3.24.3
Note 7 - Stock Benefit Plans - Summary of the 2015 Plan (Details) - The 2015 Stock Incentive Compensation Plan [Member] - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Outstanding, Balance (in shares) 232,700 222,100 251,367
Weighted-average Exercise Price, Outstanding (in dollars per share) $ 20.68 $ 20.33 $ 19.99
Number of Options, exercised (in shares) (600) (23,940) (18,617)
Weighted-average Exercise Price, exercised (in dollars per share) $ (20.09) $ (20.09) $ (20.09)
Number of Options, forfeited (in shares) (10,000) (25,180) (50)
Weighted-average Exercise Price, forfeited (in dollars per share) $ (28.4) $ (20.1) $ (20.09)
Outstanding, Balance (in shares) 222,100 172,980 232,700
Weighted-average Exercise Price, Outstanding (in dollars per share) $ 20.33 $ 20.4 $ 20.68
Weighted-average Remaining Contractual Term, Outstanding (Year)   2 years 2 months 12 days  
Aggregate Intrinsic Value, Outstanding   $ 882,000  
Number of Options, Exercisable (in shares)   168,480  
Weighted-average Exercise Price, Exercisable (in dollars per share)   $ 20.23  
Weighted-average Remaining Contractual Term, Exercisable (Year)   2 years 2 months 12 days  
Aggregate Intrinsic Value, Exercisable   $ 889,000  
v3.24.3
Note 7 - Stock Benefit Plans - Restricted Stock Activity (Details) - Restricted Stock [Member] - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Non-vested restricted stock outstanding, shares (in shares) 83,914 77,636 14,203
Non-vested restricted stock outstanding, weighted average grant date fair value (in dollars per share) $ 23.02 $ 22.99 $ 25.3
Non-vested restricted stock outstanding, grant date fair value $ 1,932,000 $ 1,785,000 $ 359,000
Non-vested restricted stock granted (in shares)   10,040 75,751
Non-vested restricted stock issued, weighted average grant date fair value (in dollars per share)   $ 23.23 $ 22.68
Non-vested restricted stock granted, grant date fair value   $ 233,000 $ 1,718,000
Restricted stock shares vested (in shares)   (17,984) (6,040)
Restricted stock shares vested, weighted average grant date fair value (in dollars per share)   $ (23.26) $ (24.06)
Restricted stock vested, grant date fair value   $ (418,000) $ (145,000)
Forfeited (in shares) (6,278) (4,550)  
Forfeited, weighted average grant date fair value (in dollars per share) $ (23.42) $ (22.74)  
Forfeited, grant date fair value $ (147,000) $ (103,000)  
Non-vested restricted stock outstanding, shares (in shares) 77,636 65,142 83,914
Non-vested restricted stock outstanding, weighted average grant date fair value (in dollars per share) $ 22.99 $ 23.05 $ 23.02
Non-vested restricted stock granted, grant date fair value $ 1,785,000 $ 1,497,000 $ 1,932,000
v3.24.3
Note 8 - Other Borrowings (Details Textual) - Revolving Credit Facility [Member] - Thomasville National Bank [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Sep. 30, 2024
Dec. 31, 2023
Line of Credit Facility, Maximum Borrowing Capacity $ 15,000    
Debt Instrument, Term (Year) 5 years    
Debt Instrument, Interest Rate, Stated Percentage   8.00%  
Long-Term Line of Credit   $ 0 $ 0
v3.24.3
Note 9 - Federal Home Loan Bank Advances (Details Textual)
$ in Millions
Sep. 30, 2024
USD ($)
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available $ 123.8
v3.24.3
Note 9 - Federal Home Loan Bank Advances - Maturity Schedule (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
2025, interest rate 4.18%  
Minimum [Member]    
2024, interest rate 4.48%  
Maximum [Member]    
2024, interest rate 4.83%  
2024, amount $ 5 $ 10
2025, amount 5 5
Advance from Federal Home Loan Bank $ 10 $ 15
v3.24.3
Note 10 - Derivative Financial Instruments - Schedule of Derivatives (Details) - Interest Rate Swap [Member] - Not Designated as Hedging Instrument [Member] - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Stand-alone derivatives $ 10,900 $ 19,548
Weighted-average pay rate - interest rate swaps 3.63% 3.68%
Weighted-average receive rate - interest rate swaps 3.00% 3.00%
Weighted-average maturity (in years) - interest rate swaps (Year) 10 years 9 months 18 days 11 years 7 months 6 days
Stand-alone derivatives - interest rate swaps (other assets) $ 1,291 $ 2,253
Stand-alone derivatives - interest rate swaps (other liabilities) $ (1,291) $ (2,253)
v3.24.3
Note 11 - Fair Value of Financial Instruments - Fair Values and Fair Value Measurement Method of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Debt securities available for sale $ 90,935 $ 124,475
Loans held for sale 7,457 5,288
Accrued interest receivable 3,213 3,114
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash and cash equivalents 96,524 28,416
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt securities available for sale 90,935 124,475
Debt securities held to maturity 13,276 11,850
Derivative contract assets 1,291 2,253
Derivative contract liabilities 1,291 2,253
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Loans held for sale 7,457 5,288
Loans, net 687,057 646,127
Federal Home Loan Bank stock 1,073 1,283
Accrued interest receivable 3,213 3,114
Bank-owned life insurance 17,228 16,921
Deposits 823,986 748,688
FHLB Advances 10,000 15,000
Off-Balance Sheet Items 0 0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash and cash equivalents 96,524 28,416
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Debt securities available for sale 90,935 124,475
Debt securities held to maturity 12,311 10,358
Derivative contract assets 1,291 2,253
Derivative contract liabilities 1,291 2,253
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Loans held for sale 7,577 5,371
Loans, net 617,091 557,847
Federal Home Loan Bank stock 1,073 1,283
Accrued interest receivable 3,213 3,114
Bank-owned life insurance 17,228 16,921
Deposits 825,169 749,411
FHLB Advances 9,952 14,848
Off-Balance Sheet Items $ 0 $ 0
v3.24.3
Note 11 - Fair Value of Financial Instruments - Fair Values and Fair Value Measurement Method of Financial Instruments (Details) (Parentheticals)
Sep. 30, 2024
Dec. 31, 2023
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Other Assets Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Other Liabilities Other Liabilities
v3.24.3
Note 12 - Off-balance Sheet Financial Instruments (Details Textual) - USD ($)
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Off-Balance-Sheet, Credit Loss, Liability $ 140,000 $ 0
Standby Financial Letters of Credit [Member]    
Debt Instrument, Term (Year) 1 year  
Debt Instrument, Collateral Amount $ 632,000  
Standby Financial Letters of Credit [Member] | Credit Availability Concentration Risk [Member] | Swap Liabilities [Member]    
Concentration Risk, Percentage 10.00%  
v3.24.3
Note 12 - Off-balance Sheet Financial Instruments - Summary of Off-balance Sheet Financial Instruments (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Commitments to Extend Credit [Member]  
Contractual amounts with off-balance-sheet risk $ 3,275
Construction Loans In Process [Member]  
Contractual amounts with off-balance-sheet risk 24,389
Unused lines of Credit [Member]  
Contractual amounts with off-balance-sheet risk 76,871
Standby Financial Letters of Credit [Member]  
Contractual amounts with off-balance-sheet risk 2,501
Performance Standby Letters Of Credit [Member]  
Contractual amounts with off-balance-sheet risk 89
Guaranteed Accounts [Member]  
Contractual amounts with off-balance-sheet risk $ 1,276