FARMERS & MERCHANTS BANCSHARES, INC., 10-Q filed on 11/14/2025
Quarterly Report
v3.25.3
Document And Entity Information - shares
 9 Months Ended
Sep. 30, 2025
Nov. 13, 2025
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 000-55756  
Entity Registrant Name Farmers and Merchants Bancshares, Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 81-3605835  
Entity Address, Address Line One 4510 Lower Beckleysville Road, Suite H  
Entity Address, City or Town Hampstead  
Entity Address, State or Province MD  
Entity Address, Postal Zip Code 21074  
City Area Code 410  
Local Phone Number 374-1510  
Entity Current Reporting Status Yes  
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 (in shares)   3,202,935
Entity Central Index Key 0001698022  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.25.3
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
 [1]
Assets [Abstract]    
Cash and due from banks $ 51,666 $ 63,962
Federal funds sold and other interest-bearing deposits 521 697
Cash and cash equivalents 52,187 64,659
Certificates of deposit in other banks 100 100
Securities available for sale, at fair value 121,138 125,713
Securities held to maturity, at amortized cost less allowance for credit losses of $79 and $60 21,128 20,499
Equity security, at fair value 546 518
Restricted stock, at cost 3,100 921
Mortgage loans held for sale 0 157
Loans, less allowance for credit losses of $4,257 and $4,260 622,457 582,993
Premises and equipment, net 7,222 7,349
Accrued interest receivable 2,550 2,439
Deferred income taxes, net 6,410 7,606
Other real estate owned, net 2,775 1,176
Bank owned life insurance 15,640 15,324
Goodwill and other intangibles, net 7,020 7,026
Other assets 7,359 8,163
Total Assets 869,632 844,643
Deposits [Abstract]    
Noninterest-bearing 116,187 107,197
Interest-bearing 617,909 651,609
Total deposits 734,096 758,806
Securities sold under repurchase agreements 2,458 5,564
Federal Home Loan Bank of Atlanta advances 50,200 5,000
Long-term debt, net of issuance costs 12,024 11,329
Accrued interest payable 935 1,003
Total liabilities 6,756 6,669
Total liabilities 806,469 788,371
Stockholders' equity    
Common stock, par value $.01 per share, authorized 5,000,000 shares; issued and outstanding 3,202,935 shares in 2025 and 3,166,653 shares in 2024 32 32
Additional paid-in capital 31,718 31,136
Retained earnings 44,602 41,613
Accumulated other comprehensive loss (13,189) (16,509)
Total Stockholders' equity 63,163 56,272
Total liabilities and stockholders' equity $ 869,632 $ 844,643
[1] Derived from audited consolidated financial statements
v3.25.3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Debt Securities, Held-to-Maturity, Allowance for Credit Loss, Excluding Accrued Interest $ 79 $ 60
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest $ 4,257 $ 4,260
Common Stock, Par or Stated Value Per Share (in dollars per share) $ 1 $ 1
Common Stock, Shares Authorized (in shares) 5,000,000 5,000,000
Common Stock, Shares, Outstanding (in shares) 3,202,935 3,166,653
Common Stock, Shares, Issued (in shares) 3,202,935 3,166,653
v3.25.3
Consolidated Statements of Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest income        
Loans, including fees $ 9,307 $ 7,902 $ 26,572 $ 22,021
Investment securities - taxable 1,071 1,623 3,191 4,794
Investment securities - tax exempt 157 141 467 416
Federal funds sold and other interest earning assets 424 181 909 861
Total interest income 10,959 9,847 31,139 28,092
Interest expense        
Deposits 4,344 3,911 12,665 10,244
Securities sold under repurchase agreements 13 13 42 49
Federal Home Loan Bank advances 129 65 251 109
Federal Reserve Bank advances 0 648 0 1,911
Long-term debt 120 125 342 387
Total interest expense 4,606 4,762 13,300 12,700
Net interest income 6,353 5,085 17,839 15,392
Provision for (recovery of) credit losses 327 0 595 0
Net interest income after provision for (recovery of) credit losses 6,026 5,085 17,244 15,392
Noninterest income        
Mortgage banking income 75 43 151 66
Bank owned life insurance income 105 103 316 288
Fair value adjustment of equity security 7 20 16 14
Loss on sale of debt securities 0 0 0 (32)
Gain on settlement of fair value hedge 0 0 94 0
Loss on sale of premises and equipment 0 (5) 0 (5)
Gain on insurance proceeds, net 73 0 73 143
Total noninterest income 551 451 1,520 1,329
Noninterest expense        
Salaries 2,178 1,878 6,576 5,848
Employee benefits 573 549 1,486 1,597
Occupancy 281 275 890 799
Furniture and equipment 370 327 1,185 897
Professional services 174 167 565 530
Automated teller machine and debit card expenses 71 173 407 474
Federal Deposit Insurance Corporation premiums 150 91 466 282
Postage, delivery, and armored carrier 62 72 204 217
Advertising 63 57 193 180
Other real estate owned expense/(income), net (13) 11 58 17
Other 500 471 1,607 1,466
Total noninterest expense 4,409 4,071 13,637 12,307
Income before income taxes 2,168 1,465 5,127 4,414
Income taxes 462 342 1,058 993
Net income $ 1,706 $ 1,123 $ 4,069 $ 3,421
Earnings per common share - basic (in dollars per share) $ 0.53 $ 0.36 $ 1.28 $ 1.09
Earnings per common share - diluted (in dollars per share) $ 0.53 $ 0.36 $ 1.28 $ 1.09
Deposit Account [Member]        
Noninterest income        
Service charges on deposit accounts $ 185 $ 209 $ 527 $ 621
Other fees and commissions 185 209 527 621
Financial Service, Other [Member]        
Noninterest income        
Service charges on deposit accounts 106 81 343 234
Other fees and commissions $ 106 $ 81 $ 343 $ 234
v3.25.3
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net income $ 1,706 $ 1,123 $ 4,069 $ 3,421
Other comprehensive income, net of income taxes:        
Total unrealized gain on investment securities available for sale, net of hedges 2,582 4,818 4,577 5,695
Reclassification adjustment for realized loss (gains) 0 0 0 32
Income tax expense (710) (1,326) (1,257) (1,576)
Total other comprehensive income 1,872 3,492 3,320 4,151
Total comprehensive income $ 3,578 $ 4,615 $ 7,389 $ 7,572
v3.25.3
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance (in shares) at Dec. 31, 2023 3,116,966        
Balance at Dec. 31, 2023 $ 31 $ 30,398 $ 39,434 $ (17,683) $ 52,180
Net income 0 0 3,421 0 3,421
Other comprehensive loss $ 0 0 0 4,151 4,151
Stock-based compensation (in shares) 0        
Stock-based compensation $ 0 14 0    
Vested restricted stock units (in shares) 1,000        
Vested restricted stock units $ 0 0 0 0 0
Cash dividends, $0.33 per share $ 0 0 1,029 0 1,029
Dividends reinvested (in shares) 28,008        
Dividends reinvested $ 0 425 0 0 425
Cash dividends, $.34 per share $ 0 0 (1,029) 0 (1,029)
Balance (in shares) at Sep. 30, 2024 3,145,974        
Balance at Sep. 30, 2024 $ 31 30,837 41,826 (13,532) 59,162
Balance (in shares) at Jun. 30, 2024 3,144,974        
Balance at Jun. 30, 2024 $ 31 30,833 40,703 (17,024) 54,543
Net income 0 0 1,123 0 1,123
Other comprehensive loss $ 0 0 0 3,492 3,492
Stock-based compensation (in shares) 0        
Stock-based compensation $ 0 4     4
Vested restricted stock units (in shares) 1,000        
Vested restricted stock units $ 0 0 0 0 0
Balance (in shares) at Sep. 30, 2024 3,145,974        
Balance at Sep. 30, 2024 $ 31 30,837 41,826 (13,532) 59,162
Balance (in shares) at Dec. 31, 2024 3,166,653        
Balance at Dec. 31, 2024 $ 32 31,136 41,613 (16,509) 56,272 [1]
Net income 0 0 4,069 0 4,069
Other comprehensive loss $ 0 0 0 3,320 3,320
Stock-based compensation (in shares) 8,694        
Stock-based compensation $ 0 168 0 0 168
Vested restricted stock units (in shares) 1,000        
Vested restricted stock units $ 0 0 0 0 0
Cash dividends, $0.33 per share $ 0 0 1,080 0 1,080
Dividends reinvested (in shares) 26,588        
Dividends reinvested $ 0 414 0 0 414
Cash dividends, $.34 per share $ 0 0 (1,080) 0 (1,080)
Balance (in shares) at Sep. 30, 2025 3,202,935        
Balance at Sep. 30, 2025 $ 32 31,718 44,602 (13,189) 63,163
Balance (in shares) at Jun. 30, 2025 3,175,347        
Balance at Jun. 30, 2025 $ 32 31,298 43,976 (15,061) 60,245
Net income 0 0 1,706 0 1,706
Other comprehensive loss $ 0 0 0 1,872 1,872
Stock-based compensation (in shares) 0        
Stock-based compensation $ 0 5 0 0 5
Vested restricted stock units (in shares) 1,000        
Vested restricted stock units $ 0 0 0 0 0
Cash dividends, $0.33 per share $ 0 0 1,080 0 1,080
Dividends reinvested (in shares) 26,588        
Dividends reinvested $ 0 415 0 0 415
Cash dividends, $.34 per share $ 0 0 (1,080) 0 (1,080)
Balance (in shares) at Sep. 30, 2025 3,202,935        
Balance at Sep. 30, 2025 $ 32 $ 31,718 $ 44,602 $ (13,189) $ 63,163
[1] Derived from audited consolidated financial statements
v3.25.3
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Sep. 30, 2024
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) $ 34 $ 34 $ 0.33
v3.25.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation [Abstract]    
Net income $ 4,069 $ 3,421
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 565 446
Provision for (recovery of) credit losses 595 0
Amortization (accretion) of right of use asset (5) 5
Unrealized loss (gain) on equity security (16) (14)
Write down of other real estate owned 83 0
Non cash compensation 0 10
Loss on disposal of premises and equipment 0 5
Gain on insurance proceeds (73) (143)
Loss on fair value hedge 50 21
Settlement of fair value hedge (94) 0
Loss on sale of debt securities 0 32
Stock based compensation 168 14
Amortization of debt issuance costs 4 4
Amortization of premiums and (accretion of discounts), net (345) (767)
Increase in bank owned life insurance cash surrender value (316) (288)
Increase (decrease) in    
Deferred loan fees and costs, net 54 85
Accrued interest payable (68) 1,099
Other liabilities 81 6
Decrease (increase) in    
Mortgage loans held for sale 157 (759)
Accrued interest receivable (111) (181)
Other assets (65) (548)
Net cash provided by operating activities 4,733 2,448
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation [Abstract]    
Proceeds from paydowns, maturity and call of securities, Available for sale 10,158 14,168
Proceeds from paydowns, maturity and call of securities Held to maturity 353 63
Proceeds from sale of securities Available for sale 0 521
Purchases of securities, Available for sale (887) (3,269)
Loans made to customers, net of principal collected (41,816) (48,372)
Purchase of stock in FHLB of Atlanta (2,179) (153)
Equity securities dividend reinvested (12) (11)
Proceeds from insurance 73 143
Purchases of premises, equipment and software (305) (1,279)
Net cash used in investing activities (34,615) (38,189)
Cash flows from financing activities    
Noninterest-bearing deposits 8,989 (6,842)
Interest-bearing deposits (33,699) (371)
Securities sold under repurchase agreements (3,106) (3,875)
Federal Home Loan Bank of Atlanta advances 45,200 0
Federal Reserve Bank advances 0 21,000
Subordinated debt offering 12,024 0
Long-term debt principal payments (11,333) (1,416)
Dividends paid, net of reinvestments (665) (603)
Net cash used in financing activities 17,410 7,893
Net decrease in cash and cash equivalents (12,472) (27,848)
Cash and cash equivalents at beginning of period 64,659 44,690
Cash and cash equivalents at end of period 52,187 16,842
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 13,834 11,595
Cash paid during the period for income taxes 508 380
Supplemental disclosure of non-cash transactions:    
Net unrealized gain (loss) on securities available for sale 4,577 6,207
(Decrease) increase in fair value of interest rate swap agreements (1,473) (459)
Additions to right of use assets obtained in exchange for lease liabilities 0 705
Foreclosure in settlement of loan receivable $ 1,682 $ 0
v3.25.3
Note 1 - Principles of Consolidation
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

1.

Principles of consolidation

 

The consolidated financial statements include the accounts of Farmers and Merchants Bancshares, Inc. and its wholly owned subsidiaries, Farmers and Merchants Bank (the “Bank”), and Series Protected Cell FCB-4 (the “Insurance Subsidiary”), and one subsidiary of the Bank, Reliable Community Financial Services, Inc. (collectively the “Company”, “we”, “us”, or “our”). The Insurance Subsidiary is a series investment, 100% owned by Farmers and Merchants Bancshares, Inc. in First Community Bankers Insurance Co., LLC, a Tennessee “series” limited liability company and licensed property and casualty insurance company. Intercompany balances and transactions, including insurance premium paid by the Bank that were received by the Insurance Subsidiary through an intermediary, have been eliminated.
v3.25.3
Note 2 - Basis of Presentation
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Business Description and Basis of Presentation [Text Block]

2.

Basis of Presentation

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments necessary for a fair presentation of the results of operations for the interim periods have been made. Such adjustments were normal and recurring in nature. The results of operations for the three and nine month periods ended September 30, 2025 do not necessarily reflect the results that may be expected for the fiscal year ending December 31, 2025 or any future interim period. The consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2024, which are included in Farmers and Merchants Bancshares, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2024 that was filed with the Securities and Exchange Commission (the “SEC”).

 

Recent Accounting Pronouncements

 

Management has the responsibility for the selection and use of appropriate accounting policies. The significant accounting policies used by the Company are described in the notes to the consolidated financial statements.         

 

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” ASU 2024-03 requires public companies to disclose, in the notes to the financial statements, specific information about certain costs and expenses at each interim and annual reporting period. This includes disclosing amounts related to employee compensation, depreciation, and intangible asset amortization. In addition, public companies will need to provide qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. The FASB subsequently issued ASU 2025-01, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date”, which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in ASU 2024-03 in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. Implementation of ASU 2024-03 may be applied prospectively or retrospectively. The Company does not expect the adoption of ASU 2024-03 to have a material impact on its consolidated financial statements.

 

 

Recently Adopted Accounting Developments

 

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The amendments in this ASU require an entity to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, which is greater than five percent of the amount computed by multiplying pretax income by the entity’s applicable statutory rate, on an annual basis. Additionally, the amendments in this ASU require an entity to disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions that are equal to or greater than five percent of total income taxes paid (net of refunds received). Lastly, the amendments in this ASU require an entity to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. ASU 2023-09 was effective for the Company on January 1, 2025. The adoption of ASU 2023-09 did not have a material impact on its consolidated financial statements.

 

Management believes that the accounting policies adopted by management are consistent with authoritative GAAP and are consistent with those followed by our peers.

 

Summary of Significant Accounting Policies

 

There have been no changes to significant accounting policies since the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 was filed with the SEC.

 

  
v3.25.3
Note 3 - Investment Securities
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

3.

Investment Securities

 

Investments in debt securities are summarized as follows:

 

(dollars in thousands)

  

Amortized

    

Unrealized

    

Unrealized

    

Fair

    

Allowance for

    

Net Carrying

  

September 30, 2025

  

cost (1)

    

gains

    

losses

    

value

    

Credit Losses

    

Amount

  
                                                 

Available for sale

                                               
                                                 

State and municipal

   $ 455     $ -     $ 3     $ 452     $ -     $ 452  

SBA pools

     542       1       4       539       -       539  

Corporate bonds

     7,047       -       719       6,328       -       6,328  

Mortgage-backed securities

     131,068       162       17,411       113,819       -       113,819  
    $ 139,112     $ 163     $ 18,137     $ 121,138     $ -     $ 121,138  
                                                 

Held to maturity

                                               
                                                 

State and municipal

   $ 21,207     $ -     $ 956     $ 20,251     $ 79     $ 21,128  

 

(dollars in thousands)

  

Amortized

    

Unrealized

    

Unrealized

    

Fair

    

Allowance for

    

Net Carrying

  

December 31, 2024

  

cost (1)

    

gains

    

losses

    

value

    

Credit Losses

    

Amount

  
                                                 

Available for sale

                                               
                                                 

State and municipal

   $ 500     $ -     $ 13     $ 487     $ -     $ 487  

SBA pools

     634       1       6       629       -       629  

Corporate bonds

     8,054       -       869       7,185       -       7,185  

Mortgage-backed securities

     139,853       13       22,454       117,412       -       117,412  
    $ 149,041     $ 14     $ 23,342     $ 125,713     $ -     $ 125,713  
                                                 

Held to maturity

                                               
                                                 

State and municipal

   $ 20,559     $ 1     $ 1,628     $ 18,932     $ 60     $ 20,499  

 

 

(1)

Exluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $222 thousand and ($556) thousand as of September 30, 2025 and December 31, 2024, respectively.

 

 

The allowance for credit losses on held-to-maturity securities is a contra-asset valuation allowance that is deducted from the amortized cost basis of held-to-maturity securities to present the net amount expected to be collected. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type with each type sharing similar risk characteristics, and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. With regard to securities issued by states and political subdivisions, management considers (i) issuer bond ratings, (ii) historical loss rates for given bond ratings, (iii) whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, and (iv) internal forecasts. Unrated bonds were underwritten similar to commercial loans and the financial condition of the issuer is monitored periodically. Expected credit losses on commercial loans are applied to unrated bonds. The duration of each bond is used as the remaining life in the calculation of expected credit losses.

 

The following table summarizes Moody's and/or Standard & Poor's bond ratings (the Company’s primary credit quality indicators) for our portfolio of held-to-maturity securities issued by states and political subdivisions as of September 30, 2025 and December 31, 2024 at amortized cost:

 

(dollars in thousands)

  

September 30, 2025

    

December 31, 2024

  

AAA

   $ 2,816     $ 2,803  

AA

     12,443       12,603  

A

     1,202       1,811  

Not rated

     4,746       3,342  

Total

   $ 21,207     $ 20,559  

 

Generally, the historical loss rates associated with securities having similar grades as those in our portfolio have not been significant. Furthermore, as of September 30, 2025, there were no past due principal or interest payments associated with these securities and none were on nonaccrual status.

 

The following table details activity in the allowance for credit losses on held-to-maturity securities for the three- and nine-month periods ended September 30, 2025 and 2024:

 

   

Three Months

    

Nine Months

    

Three Months

    

Nine Months

  
   

Ended

    

Ended

    

Ended

    

Ended

  

(dollars in thousands)

   September 30, 2025    

September 30, 2025

    

September 30, 2024

    

September 30, 2024

  
                                 

Beginning balance

   $ 81     $ 60     $ 127     $ 36  
                                 

Credit loss provision

     (2 )     19       (90 )     1  

Ending balance

   $ 79     $ 79     $ 37     $ 37  

 

Accrued interest receivable on available for sale securities totaled $281.1 thousand and $302.5 thousand as of September 30, 2025 and December 31, 2024, respectively, and accrued interest receivable on held to maturity securities totaled $120.2 thousand and $122.0 thousand as of September 30, 2025 and December 31, 2024, respectively.  Both are grouped in accrued interest receivable on the consolidated balance sheets.

 

 

Contractual maturities, shown below, will differ from actual maturities because borrowers and issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

 

   

Available for Sale

    

Held to Maturity

  

(dollars in thousands)

  

Amortized

    

Fair

    

Amortized

    

Fair

  

September 30, 2025

  

cost (1)

    

value

    

cost

    

value

  
                                 

Within one year

   $ 250     $ 250     $ 181     $ 181  

Over one to five years

     752       707       1,577       1,595  

Over five to ten years

     6,500       5,822       8,104       7,883  

Over ten years

     -       -       11,345       10,592  
      7,502       6,779       21,207       20,251  

Mortgage-backed securities and SBA pools, due in monthly installments

     131,610       114,359       -       -  
    $ 139,112     $ 121,138     $ 21,207     $ 20,251  

 

 

(1)

Exluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $222 thousand as of September 30, 2025.

 

Securities with a carrying value of $21.5 million and $26.3 million as of September 30, 2025 and December 31, 2024, respectively, were pledged as collateral for borrowings, securities sold under repurchase agreements and other collateralized deposits.

 

During the three- and nine-month periods ended September 30, 2025, there were no sales of available for sale securities. The Bank settled a fair value hedge during the first quarter of 2025 which resulted in a gain of $94 thousand. There were no sales of available for sale securities during the three and nine- month periods ended September 30, 2024.

 

The following table sets forth the Company’s gross unrealized losses on a continuous basis for available for sale debt securities, by category and length of time.

 

(dollars in thousands)

                                                

September 30, 2025

  

Less than 12 months

    

12 months or more

    

Total

  

Description of investments

  

Fair Value

    

Unrealized

Loss

    

Fair Value

    

Unrealized

Loss

    

Fair Value

    

Unrealized

Loss

  
                                                 

State and municipal

   $ -     $ -     $ 452     $ 3     $ 452     $ 3  

SBA pools

     148       -       326       4       474       4  

Corporate bonds

     -       -       6,327       719       6,327       719  

Mortgage-backed securities

     9,059       89       89,099       17,322       98,158       17,411  

Total

   $ 9,207     $ 89     $ 96,204     $ 18,048     $ 105,411     $ 18,137  

 

 

(dollars in thousands)

                                                

December 31, 2024

  

Less than 12 months

    

12 months or more

    

Total

  
           

Unrealized

            

Unrealized

            

Unrealized

  

Description of investments

  

Fair value

    

losses

    

Fair value

    

losses

    

Fair value

    

losses

  
                                                 

State and municipal

   $ -     $ -     $ 487     $ 13     $ 487     $ 13  

SBA pools

     162       -       372       6       534       6  

Corporate bonds

     -       -       7,185       869       7,185       869  

Mortgage-backed securities

     22,141       552       91,991       21,902       114,132       22,454  

Total

   $ 22,303     $ 552     $ 100,035     $ 22,790     $ 122,338     $ 23,342  

 

As of September 30, 2025, management did not have the intent to sell any of the securities before the recovery of cost and it is not more likely than not that the Company will be required to sell before the recovery of the amortized cost basis. The unrealized losses as of September 30, 2025 were due to increases in market interest rates over the yields available at the time the underlying securities were purchased as well as other market conditions for each particular security based upon the structure and remaining principal balance. The fair values of the investment securities are expected to recover as the securities approach their maturity dates or repricing dates or if market yields for such investments decline. Based on these factors, as of September 30, 2025, management believes that the unrealized losses detailed in the table above are temporary and, accordingly, none of these unrealized losses have been recognized in the Company’s consolidated statement of income.
v3.25.3
Note 4 - Loans and Allowance for Credit Losses
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

4.

Loans and Allowance for Credit Losses

 

Major categories of loans are as follows:

 

   

September 30,

    

December 31,

  

(Dollars in Thousands)

  

2025

    

2024

  
                 

Real estate:

                

Commercial

   $ 430,518     $ 398,126  

Construction/Land development

     34,217       27,357  

Residential

     111,032       111,898  

Commercial

     51,864       50,405  

Consumer

     133       176  

Total Loans

     627,764       587,962  

Less: Allowance for credit losses

     4,257       4,260  

  Deferred origination fees, net of costs

     1,050       709  
    $ 622,457     $ 582,993  

 

For purposes of monitoring the performance of the loan portfolio and estimating the allowance for credit losses, the Company's loans receivable portfolio is segmented as follows: (i) commercial real estate; (ii) construction and land development; (iii) residential; (iv) commercial and industrial; (v) and consumer.

 

 

Commercial real estate loans carry risks associated with the borrower’s ability to repay the loan from the cash flow derived from the underlying real estate. Risks inherent in managing a commercial real estate portfolio relate to sudden or gradual drops in property values as well as changes in the economic climate. Real estate security diminishes risks only to the extent that a market exists for the subject collateral. These risks are attempted to be mitigated by carefully underwriting loans of this type and by following appropriate loan-to-value standards. The Company generally requires personal guarantees or endorsements with respect to these loans and loan-to-value ratios for real estate-commercial loans generally do not exceed 80%.

 

Construction and land development real estate loans carry risks that the project will not be finished according to schedule, the project will not be finished according to budget, and/or the value of the collateral may, at any point in time, be less than the principal amount of the loan. Construction loans also bear the risk that the general contractor, who may or may not be a loan customer, may be unable to finish the construction project as planned because of financial pressure unrelated to the project. The Company generally requires personal guarantees or endorsements with respect to these loans and loan-to-value ratios for real estate-commercial loans generally do not exceed 80%.

 

Residential real estate mortgage loans, including equity lines of credit, carry risks associated with the continued credit-worthiness of the borrower and the changes in the value of the collateral.

 

Commercial and industrial loans carry risks associated with the successful operation of a business or a real estate project, in addition to other risks associated with the ownership of real estate, because the repayment of these loans may be dependent upon the profitability and cash flows of the business or project. In addition, there is risk associated with the value of collateral other than real estate which may depreciate over time and cannot be appraised with as much precision.

 

Consumer loans carry risks associated with the continued credit-worthiness of the borrower and the value of the collateral. The Company's consumer loans consist primarily of installment loans made to individuals for personal, family and household purposes. These risks are attempted to be mitigated by following appropriate loan-to-value standards and an experienced management team for this type of portfolio.

 

 

The following tables present the amortized cost basis of loans on nonaccrual status as of September 30, 2025 and December 31, 2024:

 

   

Nonaccrual

    

Nonaccrual

    

Loans Past

  
   

With No

    

With

    

Due 90 Days

  
   

Allowance

    

Allowance

    

or More and

  

(Dollars in thousands)

  

for Credit Loss

    

for Credit Loss

    

Still Accruing

  

September 30, 2025

                        

Real estate:

                        

Commercial

   $ -     $ -     $ 1,262  

Construction and land development

     -       -       -  

Residential

     -       -       -  

Commercial

     -       -       -  

Consumer

     -       -       -  
    $ -     $ -     $ 1,262  
                         

December 31, 2024

                        

Real estate:

                        

Commercial

   $ -     $ 2,440     $ -  

Construction and land development

     -       -       -  

Residential

     -       -       -  

Commercial

     -       -       -  

Consumer

     -       -       -  
    $ -     $ 2,440     $ -  

 

The Company did not recognize any interest income on nonaccrual loans during the three or nine month periods ended September 30, 2025 or 2024.

 

At September 30, 2025, the Company had no nonaccrual loans. At December 31, 2024, the Company had three nonaccrual loans totaling $2.4 million which were secured by real estate, business assets and a personal guaranty. Gross interest income of $38 thousand would have been recorded in 2024 if these nonaccrual loans had been current and performing in accordance with their original terms.

 

 

An age analysis of past due loans, segregated by type of loan, is as follows:

 

                   

90 Days

                            

Past Due 90

  

(Dollars in thousands)

  

30 - 59 Days

    

60 - 89 Days

    

or More

    

Total

            

Total

    

Days or More

  

September 30, 2025

  

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Loans

    

and Accruing

  
                                                         

Real estate:

                                                        

Commercial

   $ -     $ -     $ 1,262     $ 1,262     $ 429,256     $ 430,518     $ 1,262  

Construction and land development

     -       -       -       -       34,217       34,217       -  

Residential

     202       -       -       202       110,830       111,032       -  

Commercial

     -       -       -       -       51,864       51,864       -  

Consumer

     -       -       -       -       133       133       -  

Total

   $ 202     $ -     $ 1,262     $ 1,464     $ 626,300     $ 627,764     $ 1,262  
                                                         

December 31, 2024

                                                        

Real estate:

                                                        

Commercial

   $ -     $ -     $ 404     $ 404     $ 397,722     $ 398,126     $ -  

Construction and land development

     -       -       -       -       27,357       27,357       -  

Residential

     -       270       -       270       111,628       111,898       -  

Commercial

     -       -       -       -       50,405       50,405       -  

Consumer

     -       -       -       -       176       176       -  

Total

   $ -     $ 270     $ 404     $ 674     $ 587,288     $ 587,962     $ -  

 

The following table presents the amortized cost basis of collateral-dependent loans by class of loans as of September 30, 2025 and December 31, 2024:

 

   

September 30,

    

December 31,

  

(Dollars in thousands)

  

2025

    

2024

  

Real estate:

                

Commercial

   $ -     $ 2,440  

Residential

     -       270  

Commercial

     -       -  
    $ -     $ 2,710  

 

 

From time to time, loans to borrowers experiencing financial difficulty may be modified. Generally, the modifications we grant are extensions of terms, deferrals of payments for an extended period or interest rate reductions. Occasionally, we may modify a loan by providing principal forgiveness. In some cases, we will modify a loan by providing multiple types, or combinations, of concessions.

 

The following table presents the amortized cost basis of the loan modifications at September 30, 2025 and December 31, 2024 and the percentage of the amortized cost basis of the loan to the total cost basis of the class of loans and total loans.          

 

   

September 30, 2025

    

December 31, 2024

  
           

Total Class

            

Total Class

  
   

Term

    

of Financing

    

Term

    

of Financing

  

(Dollars in thousands)

  

Extension

    

Receivable

    

Extension

    

Receivable

  
                                 

Commercial real estate

   $ 4,380       1.02 %   $ 2,038       0.51 %

 

The Bank did not modift any loans during the three month period ended September 30, 2025, and it modified one commercial real estate loan to a borrower experiencing financial distress during the nine month period ended September 30, 2025. There were two modifications to borrowers experiencing financial distress during each of the three and nine month periods ended September 30, 2024. There were no loan payment defaults during the three or nine month periods ended September 30, 2025 or 2024.

 

Accrued interest receivable on loans totaled $2.0 million and $1.9 million at September 30, 2025 and December 31, 2024, respectively, and is included in accrued interest receivable on the consolidated balance sheets. Accrued interest receivable is not included as part of the amortized costs of loans for the allowance for credit losses estimate.

 

Credit Quality Indicators

 

As part of our portfolio risk management, the Company assigns a risk grade to each loan. The factors used to determine the grade are the payment history of the loan and the borrower, the value of the collateral and net worth of the guarantor, and cash flow projections of the borrower. Excellent, Above Average, Average, Acceptable, and Pass/Watch grades are assigned to loans with limited or no delinquent payments and more than sufficient collateral and/or cash flow.

 

A description of the general characteristics of loans characterized as watch list or classified is as follows:

 

Special Mention

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

 

 

Borrowers may exhibit poor liquidity and leverage positions resulting from generally negative cash flow or negative trends in earnings. Access to alternative financing may be limited to finance companies for business borrowers and may be unavailable for commercial real estate borrowers.

 

Substandard

A substandard loan is a loan that management believes is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Such loans 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.

 

Borrowers may exhibit recent or unexpected unprofitable operations, an inadequate debt service coverage ratio, or marginal liquidity and capitalization. Substandard loans require more intense supervision by Company management.

 

Doubtful

A doubtful loan is a loan that management believes has all of the weaknesses inherent in a substandard loan with the added characteristic that the weaknesses, based on currently existing facts, conditions, and values, make collection or liquidation in full highly questionable and improbable.

 

 

Loans by credit grade, segregated by loan type, and year originated as of September 30, 2025 as well as charge-offs for the nine months ended September 30, 2025 were as follows:

 

   

Term Loans Amortized Cost Basis by Origination

  
   

As of and for the nine months ended September, 2025

  

(dollars in thousands)

                                                  

Revolving

          
   

2025

    

2024

    

2023

    

2022

    

2021

    

Prior

    

Loans

    

Total

  

Commercial Real Estate

                                                                
                                                                 

Pass

   $ 63,805     $ 46,571     $ 26,582     $ 59,483     $ 53,005     $ 150,047     $ 5,501     $ 404,274  

Special Mention

     2,200       12,762       -       5,914       -       -       400       21,276  

Substandard

     341       -       -       -       -       4,627       -       4,968  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 65,626     $ 59,333     $ 26,582     $ 65,397     $ 53,005     $ 154,674     $ 5,901     $ 430,518  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 646     $ -     $ 646  
                                                                 

Construction and Land Development

  
                                                                 

Pass

   $ 7,909     $ 13,949     $ 2,651     $ 3,888     $ 152     $ 5,668     $ -     $ 34,217  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       -       -       -  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 7,909     $ 13,949     $ 2,651     $ 3,888     $ 152     $ 5,668     $ -     $ 34,217  

Charge-offs

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

Residential Real Estate

                                                                
                                                                 

Pass

   $ 13,237     $ 10,433     $ 10,014     $ 17,493     $ 5,661     $ 42,303     $ 10,591     $ 109,732  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       1,280       20       1,300  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 13,237     $ 10,433     $ 10,014     $ 17,493     $ 5,661     $ 43,583     $ 10,611     $ 111,032  

Charge-offs

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

Commercial

                                                                
                                                                 

Pass

   $ 4,807     $ 10,501     $ 3,447     $ 4,570     $ 2,071     $ 713     $ 17,421     $ 43,530  

Special Mention

     2,163       111       -       -       -       -       5,627       7,901  

Substandard

     8       -       -       -       -       -       425       433  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 6,978     $ 10,612     $ 3,447     $ 4,570     $ 2,071     $ 713     $ 23,473     $ 51,864  

Charge-offs

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

Consumer

                                                                
                                                                 

Pass

   $ 32     $ 59     $ 40     $ -     $ -     $ 2     $ -     $ 133  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       -       -       -  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 32     $ 59     $ 40     $ -     $ -     $ 2     $ -     $ 133  

Charge-offs

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

Aggregate total

                                                                
                                                                 

Pass

   $ 89,070       81,513       42,734       85,434       60,889       198,733       33,513       591,886  

Special Mention

     4,363       12,873       -       5,914       -       6,027       6,027       29,177  

Substandard

     349       -       -       -       -       445       445       6,701  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 93,782       94,386       42,734       91,348       60,889       204,640       39,985       627,764  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 646     $ -     $ 646  

 

 

Loans by credit grade, segregated by loan type, and year originated as of December 31, 2024 as well as gross charge-offs for the year ended December 31, 2024 were as follows:

 

   

Term Loans Amortized Cost Basis by Origination

  
   

As of and for the year ended December 31, 2024

  

(dollars in thousands)

                                                  

Revolving

          
   

2024

    

2023

    

2022

    

2021

    

2020

    

Prior

    

Loans

    

Total

  

Commercial Real Estate

  
                                                                 

Pass

   $ 63,427     $ 26,745     $ 69,261     $ 54,346     $ 19,727     $ 151,876     $ 3,559     $ 388,941  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       9,185       -       9,185  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 63,427     $ 26,745     $ 69,261     $ 54,346     $ 19,727     $ 161,061     $ 3,559     $ 398,126  

Charge-offs

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

Construction and Land Development

  
                                                                 

Pass

   $ 14,710     $ 3,365     $ 1,568     $ 1,443     $ 930     $ 5,341     $ -     $ 27,357  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       -       -       -  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 14,710     $ 3,365     $ 1,568     $ 1,443     $ 930     $ 5,341     $ -     $ 27,357  

Charge-offs

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

Residential Real Estate

                                                                
                                                                 

Pass

   $ 12,385     $ 10,592     $ 18,474     $ 9,363     $ 7,084     $ 44,409     $ 7,985     $ 110,292  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       1,582       24       1,606  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 12,385     $ 10,592     $ 18,474     $ 9,363     $ 7,084     $ 45,991     $ 8,009     $ 111,898  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 5     $ -     $ 5  
                                                                 

Commercial

                                                                
                                                                 

Pass

   $ 9,928     $ 5,017     $ 5,675     $ 2,632     $ 472     $ 467     $ 21,040     $ 45,231  

Special Mention

     4,674       -       -       -       -       -       -       4,674  

Substandard

     -       -       -       -       -       500       -       500  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 14,602     $ 5,017     $ 5,675     $ 2,632     $ 472     $ 967     $ 21,040     $ 50,405  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 152     $ -     $ 152  
                                                                 

Consumer

                                                                
                                                                 

Pass

   $ 106     $ 57     $ 9     $ -     $ 1     $ -     $ -     $ 173  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       2       -       1       -       -       -       3  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 106     $ 59     $ 9     $ 1     $ 1     $ -     $ -     $ 176  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 5     $ -     $ 5  
                                                                 

Aggregate total

                                                                
                                                                 

Pass

   $ 100,556       45,776       94,987       67,784       28,214       202,093       32,584       571,994  

Special Mention

     4,674       -       -       -       -       -       -       4,674  

Substandard

     -       2       -       1       -       11,267       24       11,294  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 105,230     $ 45,778     $ 94,987     $ 67,785     $ 28,214     $ 213,360     $ 32,608     $ 587,962  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 162     $ -     $ 162  

 

 

The following tables detail activity in the allowance for credit losses and loan balances by portfolio as of and for the nine month periods ended September 30, 2025 and 2024, and as of and for the year ended December 31, 2024. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories.

 

                                           

Allowance for credit losses ending

    

Outstanding loan balances

  

(Dollars in thousands)

          

Provision for

                            

by evaluation method

    

evaluated:

  

Nine months ended

  

Beginning

    

(recovery of)

    

Charge

            

Ending

                                  

September 30, 2025

  

balance

    

credit losses

    

offs

    

Recoveries

    

balance

    

Individually

    

Collectively

    

Individually

    

Collectively

  
                                                                         

Real estate:

                                                                        

Commercial

   $ 2,481     $ 448     $ (646 )   $ -     $ 2,283     $ -     $ 2,283     $ -     $ 430,518  

Construction and land development

     478       42       -       -       520       -       520       -       34,217  

Residential

     751       (130 )     -       21       642       -       642       -       111,032  

Commercial

     513       249       -       -       762       -       762       -       51,864  

Consumer

     4       (3 )     -       -       1       -       1       -       133  

Unallocated

     33       16       -       -       49       -       49       -       -  
    $ 4,260     $ 622     $ (646 )   $ 21     $ 4,257     $ -     $ 4,257     $ -     $ 627,764  

 

 

                                           

Allowance for credit losses ending

    

Outstanding loan balances

  

(Dollars in thousands)

          

Provision for

                            

by evaluation method

    

evaluated:

  

Nine months ended

  

Beginning

    

(recovery of)

    

Charge

            

Ending

                                  

September 30, 2024

  

balance

    

credit losses

    

offs

    

Recoveries

    

balance

    

Individually

    

Collectively

    

Individually

    

Collectively

  
                                                                         

Real estate:

                                                                        

Commercial

   $ 2,448     $ (12 )   $ -     $ -     $ 2,436     $ 392     $ 2,044     $ 2,441     $ 383,354  

Construction and land development

     253       162       -       -       415       -       415       -       30,328  

Residential

     1,013       (255 )     -       19       777       -       777       272       108,931  

Commercial

     494       200       (153 )     -       541       -       541       -       50,932  

Consumer

     2       3       (3 )     -       2       -       2       -       154  

Unallocated

     74       (54 )     -       -       20       -       20       -       -  
    $ 4,284     $ 44     $ (156 )   $ 19     $ 4,191     $ 392     $ 3,799     $ 2,713     $ 573,699  

 

 

                                           

Allowance for credit losses ending

    

Outstanding loan balances

  
           

Provision for

                            

balance evaluated for impairment:

    

evaluated:

  

(Dollars in thousands)

  

Beginning

    

(recovery of)

    

Charge

            

Ending

                                  

December 31, 2024

  

balance

    

credit losses

    

offs

    

Recoveries

    

balance

    

Individually

    

Collectively

    

Individually

    

Collectively

  
                                                                         

Real estate:

                                                                        

Commercial

   $ 2,448     $ 33     $ -     $ -     $ 2,481     $ 360     $ 2,122     $ 2,440     $ 395,686  

Construction and land development

     253       225       -       -       478       -       478       -       27,357  

Residential

     1,013       (281 )     (5 )     24       751       -       751       270       111,628  

Commercial

     494       171       (152 )     -       513       -       512       -       50,405  

Consumer

     2       7       (5 )     -       4       -       4       -       176  

Unallocated

     74       (41 )     -       -       33       -       33       -       -  
    $ 4,284     $ 114     $ (162 )   $ 24     $ 4,260     $ 360     $ 3,899     $ 2,710     $ 585,252  

 

 

Loans acquired from Carroll Community Bank in 2020 in connection with the Company’s acquisition of Carroll Bancorp, Inc. and Carroll Community Bank (collectively, the “Merger”) were measured at fair value at the acquisition date with no carryover of any allowance for credit losses. The following table provides activity for the accretable discount of purchased loans:

 

(Dollars in thousands)

        

Balance at December 31, 2024

   $ 286  

Accretion

     (114 )

Balance at September 30, 2025

   $ 172  

 

The following table details activity in the allowance for credit losses on unfunded loan commitments for the three- and nine- month periods ended September 30, 2025 and 2024:

 

   

Three Months

    

Three Months

    

Nine Moths

    

Nine Moths

  
   

Ended

    

Ended

    

Ended

    

Ended

  

(dollars in thousands)

   September 30, 2025    

September 30, 2024

    

September 30, 2025

    

September 30, 2024

  
                                 

Beginning balance

   $ 173     $ 196     $ 240     $ 228  

Provision for/(recovery of) credit losses

     21       (13 )     (46 )     (45 )
                                 

Ending balance

   $ 194     $ 183     $ 194     $ 183  

 

 

The following table provides a summary of all of the components of the allowance for credit losses:

 

   

Three Months Ended September 30, 2025

  

(Dollars in thousands)

  

 

Held to

maturity

securities

    

Loans

    

Unfunded

loan

commitments

    

Total

  
                                 

Beginning balance

   $ 81     $ 4,233     $ 173     $ 4,487  

Provision for (recovery of) credit losses

     (2 )     308       21       327  

Charge-offs

     -       (290 )     -       (290 )

Recoveries

     -       6       -       6  

Ending balance

   $ 79     $ 4,257     $ 194     $ 4,530  

 

 

   

Three Months Ended September 30, 2024

  

(Dollars in thousands)

  

 

Held to

maturity

securities

    

Loans

    

Unfunded

loan

commitments

    

Total

  
                                 

Beginning balance

   $ 127     $ 4,082     $ 196     $ 4,405  

Provision for (recovery of) credit losses

     (90 )     103       (13 )     -  

Charge-offs

     -       -       -       -  

Recoveries

     -       6       -       6  

Ending balance

   $ 37     $ 4,191     $ 183     $ 4,411  

 

 

   

Nine Months Ended September 30, 2025

  

(Dollars in thousands)

  

 

Held to

maturity

securities

    

Loans

     Unfunded

loan

commitments

    

Total

  
                                 

Beginning balance

   $ 60     $ 4,260     $ 240     $ 4,560  

Provision for (recovery of) credit losses

     19       622       (46 )     595  

Charge-offs

     -       (646 )     -       (646 )

Recoveries

     -       21       -       21  

Ending balance

   $ 79     $ 4,257     $ 194     $ 4,530  

 

 

   

Nine Months Ended September 30, 2024

  

(Dollars in thousands)

  

 

Held to

maturity

securities

    

Loans

     Unfunded

loan

commitments

    

Total

  
                                 

Beginning balance

   $ 36     $ 4,284     $ 228     $ 4,548  

Provision for (recovery of) credit losses

     1       44       (45 )     -  

Charge-offs

     -       (156 )     -       (156 )

Recoveries

     -       19       -       19  

Ending balance

   $ 37     $ 4,191     $ 183     $ 4,411  

  
v3.25.3
Note 5 - Goodwill and Other Intangibles
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]

5.

Goodwill and Other Intangibles

 

The Merger resulted in the recording of goodwill and a core deposit intangible (“CDI”). The following table presents the changes in both assets for the nine-month periods ended September 30, 2025 and 2024:

 

(dollars in thousands)

  

Goodwill

    

CDI

    

Total

  
                         

Balance at December 31, 2024

   $ 6,978     $ 48     $ 7,026  

Amortization

     -       (6 )   $ (6 )

Balance at September 30, 2025

   $ 6,978     $ 42     $ 7,020  
                         
                         

Balance at December 31, 2023

   $ 6,978     $ 56     $ 7,034  

Amortization

     -       (6 )     (6 )

Balance at September 30, 2024

   $ 6,978     $ 50     $ 7,028  

 

The CDI is being amortized over 10 years on a straight-line basis. Annual amortization will be $8.3 thousand per year through year nine and $6.2 thousand in year 10. Because the Merger was a tax-free reorganization, neither the goodwill nor the CDI is deductible for income tax purposes. A goodwill impairment analysis is performed annually.

 

  
v3.25.3
Note 6 - Capital Standards
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Regulatory Capital Requirements under Banking Regulations [Text Block]

6.

Capital Standards

 

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

 

Quantitative measures established by the Basel III Capital Rules require the maintenance of minimum amounts and ratios (set forth in the table below) of Common Equity Tier 1 capital, Tier 1 capital, and Total capital (as defined in the regulations) to risk-weighted assets (as defined), and of Tier 1 capital to adjusted quarterly average assets (as defined).

 

In connection with the adoption of the Basel III Capital Rules, the Bank elected to opt-out of the requirement to include accumulated other comprehensive income in Common Equity Tier 1 capital. Common Equity Tier 1 capital for the Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities and subject to transition provisions.

 

Under the revised prompt corrective action requirements, insured depository institutions are required to meet the following in order to qualify as “well capitalized:” (i) a Common Equity Tier 1 risk-based capital ratio of 6.5%; (ii) a Tier 1 risk-based capital ratio of 8%; (iii) a total risk-based capital ratio of 10%; and (iv) a Tier 1 leverage ratio of 5%.

 

The implementation of the capital conservation buffer began on January 1, 2015, at the 0.625% level and was phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reached 2.5% on January 1, 2019). The Basel III Capital Rules also provide for a “countercyclical capital buffer” that is applicable to only certain covered institutions and does not have current applicability to the Bank.

 

The aforementioned capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of Common Equity Tier 1 capital to risk-weighted assets above the minimum but below the conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases, and compensation based on the amount of the shortfall.

 

On September 17, 2019, the Federal Deposit Insurance Corporation (the “FDIC”) finalized a rule that introduces an optional simplified measure of capital adequacy for qualifying community banking organizations (i.e., the community bank leverage ratio (“CBLR”) framework), as required by the Economic Growth, Regulatory Relief and Consumer Protection Act. The CBLR framework is designed to reduce burden by removing the requirements for calculating and reporting risk-based capital ratios for qualifying community banking organizations that opt into the framework.

 

 

Under the interim final rules, the community bank leverage ratio was reduced to 8% beginning in the second quarter and for the remainder of calendar year 2020, 8.5% for calendar year 2021, and 9% thereafter. In order to qualify for the CBLR framework, a community banking organization must have a tier 1 leverage ratio of greater than 8%, less than $10 billion in total consolidated assets, and limited amounts of off-balance-sheet exposures and trading assets and liabilities. A qualifying community banking organization that opts into the CBLR framework and meets all requirements under the framework will be considered to have met the well-capitalized ratio requirements under the Prompt Corrective Action regulations and will not be required to report or calculate risk-based capital. The Company has not opted-in to the CBLR framework.

 

As of September 30, 2025, the most recent notification from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized the Bank must maintain ratios as set forth in the table. There have been no conditions or events since that notification that management believes have changed the Bank’s category. The Company’s capital ratios as of September 30, 2025 were substantially the same as the Bank’s capital ratios as of such date.

 

The FDIC, through formal or informal agreement, has the authority to require an institution to maintain higher capital ratios than those provided by statute, to be categorized as well capitalized under the regulatory framework for prompt corrective action.

 

The following table presents actual and required capital ratios as of September 30, 2025 and December 31, 2024 for the Bank under the Basel III Capital Rules. The minimum required capital amounts presented include the minimum required capital levels as of September 30, 2025 and December 31, 2024, based on the provisions of the Basel III Capital Rules. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules.

 

                   

Minimum

    

To Be Well

  

(Dollars in thousands)

  

Actual

    

Capital Adequacy

    

Capitalized

  

September 30, 2025

  

Amount

    

Ratio

    

Amount

    

Ratio

    

Amount

    

Ratio

  
                                                 

Total capital (to risk-weighted assets)

   $ 83,176       11.90 %   $ 73,403       10.50 %   $ 69,907       10.00 %

Tier 1 capital (to risk-weighted assets)

     78,646       11.25 %     59,421       8.50 %     55,926       8.00 %

Common equity tier 1 (to risk- weighted assets)

     78,646       11.25 %     48,935       7.00 %     45,440       6.50 %

Tier 1 leverage (to average assets)

     78,646       9.29 %     33,869       4.00 %     42,336       5.00 %
                                                 

December 31, 2024

                                                
                                                 

Total capital (to risk-weighted assets)

   $ 81,161       12.37 %   $ 68,910       10.50 %   $ 65,628       10.00 %

Tier 1 capital (to risk-weighted assets)

     76,601       11.67 %     55,784       8.50 %     52,503       8.00 %

Common equity tier 1 (to risk- weighted assets)

     76,601       11.67 %     45,940       7.00 %     42,658       6.50 %

Tier 1 leverage (to average assets)

     76,601       9.12 %     33,580       4.00 %     41,974       5.00 %

 

  
v3.25.3
Note 7 - Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Derivative Instruments and Hedging Activities Disclosure [Text Block]

7.

Derivative Financial Instruments

 

The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and other terms of the individual interest rate swap agreements.

 

Fair Value Hedges: Interest rate swaps with notional amounts totaling $63.8 million and $75.3 million as of September 30, 2025 and December 31, 2024, respectively, were designated as fair value hedges under the portfolio layer method of certain government agency mortgage backed securities. The hedges were determined to be effective during all periods presented. The Company expects the hedges to remain effective during the remaining terms of the swaps.

 

The following table presents the amounts recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges at September 30, 2025 and December 31, 2024:

 

(dollars in thousands)

Line Item in the          

Carrying

            

Carrying

  

Balance Sheet in

  

Carrying

    

amount of fair

    

Carrying

    

amount of fair

  

Which the Hedged

  

amount of the

    

value hedging

    

amount of the

    

value hedging

  

Item is Included

  

hedged assets

    

adjustment

    

hedged assets

    

adjustment

  
   

September 30, 2025

     September 30, 2025    

December 31, 2024

    

December 31, 2024

  
                                 

Securities available for sale

   $ 82,902     $ 222     $ 103,174     $ 556  

 

 

The Company presents derivative positions gross on the balance sheet. The following table reflects the derivatives recorded on the balance sheet at September 30, 2025 and December 31, 2024:

 

   

September 30, 2025

    

December 31, 2024

  
   

Fair

    

Fair

  
(Dollars in thousands)  

Value

    

Value

  
                 

Included in other assets:

                

Derivatives designated as hedges:

                

Interest rate swaps related to securities available for sale

   $ 56     $ 626  
                 

Total included in other assets

   $ 56     $ 626  
                 

Included in other liabilities:

                

Derivatives designated as hedges:

                

Interest rate swaps related to securities available for sale

   $ 251     $ 28  
                 

Total included in other liabilities

   $ 251     $ 28  

 

 

The effect of fair value hedge accounting on the statement of income for the three and nine month periods ended September 30, 2025 and 2024 were as follows:

 

Fair Value Hedging Relationships

  
                                 

Total amounts of income and expense line items presented in the statements of income in

  

which the effects of the fair value hedge is recorded are as follows:

  
   
   

Three Months

Ended

September 30,2025

    

Nine Months Ended

September 30,2025

    

Three Months

Ended

September 30,2024

    

Nine Months Ended

September 30, 2024

  
(Dollars in thousands)  

Interest

     Interest    

Interest

     Interest  
   

Income

    

Income

    

Income

    

Income

  

The effects of fair value hedging:

                                

Gain (loss) on fair value hedging relationships:

                                

Hedged items

   $ 14     $ (3 )   $ 21     $ 21  

Interest rate contracts designated as hedging instruments

     118       343       208       565  

Net gain on fair value hedging relationships included in interest income from investment securities - taxable

   $ 132     $ 340     $ 229     $ 586  

  
v3.25.3
Note 8 - Fair Value
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

8.

Fair Value

 

In accordance with FASB Accounting Standards Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosure”, the Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for the Company’s various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.

 

The fair value guidance provides a consistent definition of fair value, which focuses on exit price in the principal or most advantageous market for the asset or liability in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is the most representative of fair value under current market conditions.

 

 

In accordance with the guidance, a hierarchy of valuation techniques is based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. The three levels of the fair value hierarchy under ASC Topic 820 based on these two types of inputs, are as follows:

 

 

●

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

 

 

●

Level 2: Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data.

 

 

●

Level 3: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

 

The Company uses the following methods and significant assumptions to estimate the fair values of the following assets:

 

 

●

Securities available for sale: The fair values of securities available for sale are determined by obtaining quoted prices from a nationally recognized securities pricing agent. If quoted market prices are not available, fair value is determined using quoted market prices for similar securities.

 

 

●

Equity security at fair value: The Company’s investment in an equity mutual fund is valued based on the net asset value of the fund, which is classified as Level 1.

 

 

●

Other real estate owned (“OREO”): Nonrecurring fair value adjustments to OREO reflect full or partial write-downs that are based on the OREO’s observable market price or current appraised value of the real estate. Since the market for OREO is not active, OREO subjected to nonrecurring fair value adjustments based on the current appraised value of the real estate are classified as Level 3. The appraised value is obtained annually from an independent third party appraiser and is reduced by expected sales costs, which has historically been 10% of the appraised value.

 

 

●

Collateral-dependent loans: Nonrecurring fair value adjustments to collateral-dependent loans reflect full or partial write-downs and reserves that are based on the collateral-dependent loan’s observable market price or current appraised value of the collateral. Because the market for collateral-dependent loans is not active, such loans subjected to nonrecurring fair value adjustments based on the current appraised value of the collateral are classified as Level 3. The appraised value is obtained annually from an independent third party appraiser and is reduced by expected sales costs, which has historically been 10% of the appraised value.

 

 

●

Fair value hedges: The market value based on independent third party valuation sources that uses observable and traded prices of interest rate swaps from leading banks and brokers.  

 

 

●

Loans held for sale: These loans are carried at the lower of cost or market. The market value is considered to approximate the price at which the loan is locked in with the investor.

 

 

The following tables summarize financial assets measured at fair value on a recurring and nonrecurring basis at September 30, 2025 and December 31, 2024, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

 

   

Carrying Value:

  

(Dollars in thousands)

                                

September 30, 2025

  

Level 1

    

Level 2

    

Level 3

    

Total

  
                                 

Recurring:

                                

Available for sale securities

                                

State and municipal

   $ -     $ 452     $ -     $ 452  

SBA pools

     -       539       -       539  

Corporate bonds

     -       6,328       -       6,328  

Mortgage-backed securities

     -       113,819       -       113,819  
    $ -     $ 121,138     $ -     $ 121,138  

Fair value hedge:

                                

Hedging asset

   $ -     $ 56     $ -     $ 56  

Hedging liability

     -       251       -       251  

Net fair value hedge

   $ -     $ (195 )   $ -     $ (195 )
                                 

Equity security at fair value

                                

Mutual fund

   $ -     $ 546     $ -     $ 546  
                                 

Nonrecurring:

                                

Other real estate owned, net

   $ -     $ -     $ 2,775     $ 2,775  

 

 

   

Carrying Value:

  

(dollars in thousands)

                                

December 31, 2024

  

Level 1

    

Level 2

    

Level 3

    

Total

  
                                 

Recurring:

                                

Available for sale securities

                                

State and municipal

   $ -     $ 487     $ -     $ 487  

SBA pools

     -       629       -       629  

Corporate bonds

     -       7,185       -       7,185  

Mortgage-backed securities

     -       117,412       -       117,412  
    $ -     $ 125,713     $ -     $ 125,713  
                                 

Fair value hedge:

                                

Hedging asset

   $ -     $ 626     $ -     $ 626  

Hedging liability

     -       28       -       28  

Net fair value hedge

   $ -     $ 598     $ -     $ 598  
                                 

Equity securities at fair value

                                

Mutual fund

   $ -     $ 518     $ -     $ 518  
                                 

Nonrecurring:

                                

Other real estate owned, net

   $ -     $ -     $ 1,176     $ 1,176  

Collateral-dependent loans, net

   $ -     $ -     $ 2,080     $ 2,080  

 

 

The following table provides information describing the unobservable inputs used in level 3 fair value measurements at September 30, 2025 and December 31, 2024:

 

September 30, 2025:

                        

(dollars in thousands)

                        

Assets

  

Fair Value

  

Valuation Technique

  

Unobservable Inputs

  

Range (Average)

  
                         

Other real estate owned

   $ 2,775  

Third party appraisals and in-house real estate valuations of fair value

  

Marketability/selling costs and current market conditions

    0% to 10% (5%)

 

December 31, 2024:

                        

(dollars in thousands)

                        

Assets

  

Fair Value

  

Valuation Techniques

  

Unobservable Input

  

Average

  
                         

Collateral-dependent loans

   $ 2,080  

Third party appraisals and in-house real estate valuations of fair value

  

Marketability/selling costs and current market conditions

    0% to 20% (10%)
                         

Other real estate owned

   $ 1,176  

Third party appraisals and in-house real estate valuations of fair value

  

Marketability/selling costs and current market conditions

    0% to 10% (5%)

 

 

The estimated fair value of financial instruments that are reported at amortized cost less allowance for credit losses in the Company’s consolidated balance sheets, segregated by the level of the valuation inputs were as follows:

 

   

September 30, 2025

    

December 31, 2024

  
(Dollars in thousands)  

Carrying

    

Estimated

    

Carrying

    

Estimated

  
   

Amount

    

Fair Value

    

Amount

    

Fair Value

  

Financial assets

                                

Level 1 inputs

                                

Cash and cash equivalents

   $ 52,187     $ 52,187     $ 64,659     $ 64,659  

Equity security

     546       546       518       518  

Level 2 inputs

                                

Certificates of deposit in other banks

     100       100       100       100  

Accrued interest receivable

     2,550       2,550       2,439       2,439  

Securities available for sale

     121,138       121,138       125,713       125,713  

Securities held to maturity

     17,036       16,159       17,156       15,589  

Mortgage loans held for sale

     -       -       157       157  

Restricted stock, at cost

     3,100       3,100       921       921  

Bank owned life insurance

     15,640       15,640       15,324       15,324  

Fair value hedge

     56       56       626       626  

Level 3 inputs

                                

Securities held to maturity

     4,092       4,092       3,343       3,343  

Loans, net

     622,457       617,664       582,993       572,346  
                                 

Financial liabilities

                                

Level 1 inputs

                                

Noninterest-bearing deposits

   $ 116,187     $ 116,187     $ 107,197     $ 107,197  

Securities sold under repurchase agreements

     2,458       2,458       5,564       5,564  

Level 2 inputs

                                

Interest-bearing deposits

     617,909       615,437       651,609       654,346  

Federal Home Loan Bank advances

     50,200       49,251       5,000       4,957  

Long-term debt

     12,024       11,797       11,329       11,066  

Accrued interest payable

     935       935       1,003       1,003  

Fair value hedge

     251       233       28       28  

 

  
v3.25.3
Note 9 - Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Earnings Per Share [Text Block]

9.

Earnings per Share

 

Earnings per share is determined by dividing net income by the weighted average number of shares of common stock outstanding, giving retroactive effect to any stock dividends. The following table shows the weighted average number of shares used in computing earnings per share and the effect of the weighted average number of shares of dilutive potential common stock. The weighted average number of dilutive shares included 164 and 154 shares subject to restrictive stock units (“RSUs”) for the three and nine month periods ended September 30, 2025, respectively, and 0 and 250 shares subject to RSUs , respectively, for the same periods of 2024.

 

   

Three Months Ended

    

Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2025

    

2024

    

2025

    

2024

  
                                 

Net income

   $ 1,705,529     $ 1,123,127     $ 4,068,715     $ 3,421,623  
                                 

Weighted average shares outstanding - basic

     3,195,097       3,145,061       3,181,334       3,127,728  
                                 

Effect of dilutive restricted stock units

     -       -       241       167  
                                 

Weighted average shares outstanding - diluted

     3,195,097       3,145,061       3,181,575       3,127,895  
                                 

Earnings per share - basic

   $ 0.53     $ 0.36     $ 1.28     $ 1.09  

Earnings per share - diluted

   $ 0.53     $ 0.36     $ 1.28     $ 1.09  

  
v3.25.3
Note 10 - Retirement Plans
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Retirement Benefits [Text Block]

10.

Retirement Plans

 

The Company has a profit sharing plan qualifying under Section 401(k) of the Internal Revenue Code. All employees age 21 or older with nine months of service are eligible for participation in the plan. The Company matches employee contributions up to 4% of total compensation and may make additional discretionary contributions. Employee and employer contributions are 100% vested when made. The Company’s contributions to this plan were $64.0 thousand and $57.9 thousand for the three- month periods ended September 30, 2025 and 2024, respectively, and $230.2 thousand and $206.3 thousand for the nine-month periods ended September 30, 2025 and 2024, respectively.

 

The Company has entered into agreements with certain employees to provide life insurance benefits payable in connection with policies of life insurance on those employees that are owned by the Company. Some of the policies provide benefits subsequent to the employee’s employment with the Company. For this plan, the Company expensed $2.1 thousand and $2.0 thousand for the three month periods ended ended September 30, 2025 and 2024, respectively, and $6.4 thousand and $5.9 thousand for the nine month periods ended September 30, 2025 and 2024, respectively.

 

The Company adopted supplemental executive retirement plans for four of its executives. The plans provide cash compensation to the executive officers under certain circumstances, including a separation of service. The benefits vest over the period from adoption to a specified age for each executive. The Company recorded expenses, including interest, of $58.5 thousand and $66.0 thousand for the three-month periods ended September 30, 2025 and 2024, respectively, and $187.9 thousand and $198.0 thousand for the nine-month periods ended September 30, 2025 and 2024, respectively.

 

 

Retirement plan expenses are included in employee benefits on the Consolidated Statements of Income.
v3.25.3
Note 11 - Borrowed Funds
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Debt Disclosure [Text Block]

11.

Borrowed Funds

 

Borrowed funds may consist of securities sold under repurchase agreements, which represent overnight or term borrowings from customers, advances from the Federal Home Loan Bank of Atlanta (“FHLB”), advances from the Federal Reserve Bank of Richmond (the “Reserve Bank”), term borrowings from a commercial bank, subordinated note issuances, and overnight borrowings from commercial banks.

 

Additional information is as follows:

 

   

September 30,

    

December 31,

  

(Dollars in thousands)

  

2025

    

2024

  

Amount oustanding at period end:

                

Securities sold under repurchase agreements

   $ 2,458     $ 5,564  

Federal Home Loan Bank advances

     50,200       5,000  

Long-term debt (net of issuance costs)

     12,024       11,329  
                 

Weighted average rate paid at period end:

                

Securites sold under repurchase agreements

     1.25 %     1.25 %

Federal Home Loan Bank advances

     3.88 %     1.00 %

Long-term debt

     7.88 %     4.10 %

 

The Bank is approved to borrow 75% of eligible pledged single-family residential loans and 50% of eligible pledged commercial loans as well as investment securities, or approximately $22.2 million under a secured line of credit with the FHLB at September 30, 2025. The Bank also has a facility with the Reserve Bank, which has been in place for over 10 years and is collateralized by loans. Under this facility, the Bank can borrow approximately $30.2 million. Additionally, the Bank has $23.5 million ($14.5 million unsecured and $9.0 million secured) of overnight federal funds lines of credit available from commercial banks.

 

FHLB advances of $50.2 million and $5.0 million were outstanding as of September 30, 2025 and December 31, 2024, respectively. The Company borrowed $17.0 million to facilitate the Merger in 2020, of which $11.3 million was outstanding as of December 31, 2024. (The “Merger Loan”) was fully repaid on September 30, 2025. There were no borrowings from the Reserve Bank or our commercial bank lenders at September 30, 2025 or December 31, 2024.

 

On September 25, 2025, the Company entered into a Subordinated Note Purchase Agreements with certain qualified institutional buyers and institutional accredited investors pursuant to which the Company issued and sold $12.5 million in aggregate principal amount of its 7.875% Fixed to Floating Rate Subordinated Notes due September 25, 2035. The Company used a portion of the net proceeds from the offering to repay the outstanding balance of approximately $10.1 million that was due under the Merger Loan.
v3.25.3
Note 12 - Stock-based Compensation
 9 Months Ended
Sep. 30, 2025
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

12.

Stock-Based Compensation

 

On November 22, 2023, the Board of Directors approved the Farmers and Merchants Bancshares, Inc. 2023 Equity Compensation Plan (the “Equity Plan”). The Equity Plan allows the Board of Directors or its Compensation Committee to grant awards that may be payable in shares of common stock or the cash equivalent thereof.

 

 

The Company complies with the provisions of ASC Topic 718, Compensation-Stock Compensation, in measuring and disclosing stock compensation cost. The measurement objective in ASC Paragraph 718-10-30-6 requires public companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The cost is recognized in expense over the period in which an employee is required to provide service in exchange for the award (the vesting period).

 

During the year ended December 31, 2023, 2,000 fully vested shares of common stock and RSUs relating to 3,000 shares of common stock were granted to one executive officer. The RSUs contemplate the issuance of shares of common stock of Farmers and Merchants Bancshares, Inc. if and when the RSUs vest. One-third of the RSUs vested on September 22, 2024, one-third vested on September 22, 2025 and one-third will vest on September 22, 2026 provided that the grantee is employed and in good standing with the Company on such date.

 

A summary of the Company’s RSU activity during the nine months ended September 30, 2025 is shown below:

 

           

Weighted Average

  
   

Number of

    

Grant Date

  
   

Shares

    

Fair Value per Share

  
                 

Balance at December 31, 2024

     2,000       18.54  

Granted

     -       -  

Vested

     1,000       18.54  

Forfeited

     -       -  

Balance at September 30, 2025

     1,000       18.54  

 

The compensation cost charged to income in respect of awards granted under the Equity Plan was $4.5 thousand for each of the three month periods ended September 30, 2025 and 2024 and was $13.6 thousand for each of the nine month periods ended September 30, 2025 and 2024, respectively. As of September 30, 2025, there was $18.2 thousand of unrecognized compensation cost related to the unvested RSUs, which is expected to be recognized over a period of 12 months.

 

During the nine months ended September 30, 2025, the Company paid bonuses in the aggregate amount of $37.3 thousand to certain employees in the form of common stock. To effect this, the Company issued 1,963 shares having a grant date fair value of $19.00 per share. Additionally, certain directors elected to have some or all of their 2024 fees paid in common stock. The Company paid $116.1 thousand of board fees in the form of common stock by issuing 6,731 shares having a grant date fair value of $17.25 per share. There was no other stock based compensation during the nine month period ended September 30, 2025.

 

  
v3.25.3
Insider Trading Arrangements
 9 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual [Table]  
Material Terms of Trading Arrangement [Text Block]

Item 5.   Other Information

 

None of the directors or officers of the Company notified the Company that, during the quarter ended September 30, 2025, they adopted or terminated (i) any contract, instruction or written plan for the purchase or sale of securities of the registrant intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) promulgated under the Exchange Act or (ii) any “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of the SEC’s Regulation S-K.

 

  
Rule 10b5-1 Arrangement Adopted [Flag] false
Rule 10b5-1 Arrangement Terminated [Flag] false
Non-Rule 10b5-1 Arrangement Adopted [Flag] false
Non-Rule 10b5-1 Arrangement Terminated [Flag] false
v3.25.3
Note 3 - Investment Securities (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Marketable Securities [Table Text Block]

(dollars in thousands)

  

Amortized

    

Unrealized

    

Unrealized

    

Fair

    

Allowance for

    

Net Carrying

  

September 30, 2025

  

cost (1)

    

gains

    

losses

    

value

    

Credit Losses

    

Amount

  
                                                 

Available for sale

                                               
                                                 

State and municipal

   $ 455     $ -     $ 3     $ 452     $ -     $ 452  

SBA pools

     542       1       4       539       -       539  

Corporate bonds

     7,047       -       719       6,328       -       6,328  

Mortgage-backed securities

     131,068       162       17,411       113,819       -       113,819  
    $ 139,112     $ 163     $ 18,137     $ 121,138     $ -     $ 121,138  
                                                 

Held to maturity

                                               
                                                 

State and municipal

   $ 21,207     $ -     $ 956     $ 20,251     $ 79     $ 21,128  

(dollars in thousands)

  

Amortized

    

Unrealized

    

Unrealized

    

Fair

    

Allowance for

    

Net Carrying

  

December 31, 2024

  

cost (1)

    

gains

    

losses

    

value

    

Credit Losses

    

Amount

  
                                                 

Available for sale

                                               
                                                 

State and municipal

   $ 500     $ -     $ 13     $ 487     $ -     $ 487  

SBA pools

     634       1       6       629       -       629  

Corporate bonds

     8,054       -       869       7,185       -       7,185  

Mortgage-backed securities

     139,853       13       22,454       117,412       -       117,412  
    $ 149,041     $ 14     $ 23,342     $ 125,713     $ -     $ 125,713  
                                                 

Held to maturity

                                               
                                                 

State and municipal

   $ 20,559     $ 1     $ 1,628     $ 18,932     $ 60     $ 20,499  
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Table Text Block]

(dollars in thousands)

  

September 30, 2025

    

December 31, 2024

  

AAA

   $ 2,816     $ 2,803  

AA

     12,443       12,603  

A

     1,202       1,811  

Not rated

     4,746       3,342  

Total

   $ 21,207     $ 20,559  
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Table Text Block]
   

Three Months

    

Nine Months

    

Three Months

    

Nine Months

  
   

Ended

    

Ended

    

Ended

    

Ended

  

(dollars in thousands)

   September 30, 2025    

September 30, 2025

    

September 30, 2024

    

September 30, 2024

  
                                 

Beginning balance

   $ 81     $ 60     $ 127     $ 36  
                                 

Credit loss provision

     (2 )     19       (90 )     1  

Ending balance

   $ 79     $ 79     $ 37     $ 37  
Investments Classified by Contractual Maturity Date [Table Text Block]
   

Available for Sale

    

Held to Maturity

  

(dollars in thousands)

  

Amortized

    

Fair

    

Amortized

    

Fair

  

September 30, 2025

  

cost (1)

    

value

    

cost

    

value

  
                                 

Within one year

   $ 250     $ 250     $ 181     $ 181  

Over one to five years

     752       707       1,577       1,595  

Over five to ten years

     6,500       5,822       8,104       7,883  

Over ten years

     -       -       11,345       10,592  
      7,502       6,779       21,207       20,251  

Mortgage-backed securities and SBA pools, due in monthly installments

     131,610       114,359       -       -  
    $ 139,112     $ 121,138     $ 21,207     $ 20,251  
Gain (Loss) on Securities [Table Text Block]

(dollars in thousands)

                                                

September 30, 2025

  

Less than 12 months

    

12 months or more

    

Total

  

Description of investments

  

Fair Value

    

Unrealized

Loss

    

Fair Value

    

Unrealized

Loss

    

Fair Value

    

Unrealized

Loss

  
                                                 

State and municipal

   $ -     $ -     $ 452     $ 3     $ 452     $ 3  

SBA pools

     148       -       326       4       474       4  

Corporate bonds

     -       -       6,327       719       6,327       719  

Mortgage-backed securities

     9,059       89       89,099       17,322       98,158       17,411  

Total

   $ 9,207     $ 89     $ 96,204     $ 18,048     $ 105,411     $ 18,137  

(dollars in thousands)

                                                

December 31, 2024

  

Less than 12 months

    

12 months or more

    

Total

  
           

Unrealized

            

Unrealized

            

Unrealized

  

Description of investments

  

Fair value

    

losses

    

Fair value

    

losses

    

Fair value

    

losses

  
                                                 

State and municipal

   $ -     $ -     $ 487     $ 13     $ 487     $ 13  

SBA pools

     162       -       372       6       534       6  

Corporate bonds

     -       -       7,185       869       7,185       869  

Mortgage-backed securities

     22,141       552       91,991       21,902       114,132       22,454  

Total

   $ 22,303     $ 552     $ 100,035     $ 22,790     $ 122,338     $ 23,342  
v3.25.3
Note 4 - Loans and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]
   

September 30,

    

December 31,

  

(Dollars in Thousands)

  

2025

    

2024

  
                 

Real estate:

                

Commercial

   $ 430,518     $ 398,126  

Construction/Land development

     34,217       27,357  

Residential

     111,032       111,898  

Commercial

     51,864       50,405  

Consumer

     133       176  

Total Loans

     627,764       587,962  

Less: Allowance for credit losses

     4,257       4,260  

  Deferred origination fees, net of costs

     1,050       709  
    $ 622,457     $ 582,993  
Financing Receivable, Nonaccrual [Table Text Block]
   

Nonaccrual

    

Nonaccrual

    

Loans Past

  
   

With No

    

With

    

Due 90 Days

  
   

Allowance

    

Allowance

    

or More and

  

(Dollars in thousands)

  

for Credit Loss

    

for Credit Loss

    

Still Accruing

  

September 30, 2025

                        

Real estate:

                        

Commercial

   $ -     $ -     $ 1,262  

Construction and land development

     -       -       -  

Residential

     -       -       -  

Commercial

     -       -       -  

Consumer

     -       -       -  
    $ -     $ -     $ 1,262  
                         

December 31, 2024

                        

Real estate:

                        

Commercial

   $ -     $ 2,440     $ -  

Construction and land development

     -       -       -  

Residential

     -       -       -  

Commercial

     -       -       -  

Consumer

     -       -       -  
    $ -     $ 2,440     $ -  
Financing Receivable, Past Due [Table Text Block]
                   

90 Days

                            

Past Due 90

  

(Dollars in thousands)

  

30 - 59 Days

    

60 - 89 Days

    

or More

    

Total

            

Total

    

Days or More

  

September 30, 2025

  

Past Due

    

Past Due

    

Past Due

    

Past Due

    

Current

    

Loans

    

and Accruing

  
                                                         

Real estate:

                                                        

Commercial

   $ -     $ -     $ 1,262     $ 1,262     $ 429,256     $ 430,518     $ 1,262  

Construction and land development

     -       -       -       -       34,217       34,217       -  

Residential

     202       -       -       202       110,830       111,032       -  

Commercial

     -       -       -       -       51,864       51,864       -  

Consumer

     -       -       -       -       133       133       -  

Total

   $ 202     $ -     $ 1,262     $ 1,464     $ 626,300     $ 627,764     $ 1,262  
                                                         

December 31, 2024

                                                        

Real estate:

                                                        

Commercial

   $ -     $ -     $ 404     $ 404     $ 397,722     $ 398,126     $ -  

Construction and land development

     -       -       -       -       27,357       27,357       -  

Residential

     -       270       -       270       111,628       111,898       -  

Commercial

     -       -       -       -       50,405       50,405       -  

Consumer

     -       -       -       -       176       176       -  

Total

   $ -     $ 270     $ 404     $ 674     $ 587,288     $ 587,962     $ -  
Collateral Dependent Loans [Table Text Block]
   

September 30,

    

December 31,

  

(Dollars in thousands)

  

2025

    

2024

  

Real estate:

                

Commercial

   $ -     $ 2,440  

Residential

     -       270  

Commercial

     -       -  
    $ -     $ 2,710  
Financing Receivable, Modified [Table Text Block]
   

September 30, 2025

    

December 31, 2024

  
           

Total Class

            

Total Class

  
   

Term

    

of Financing

    

Term

    

of Financing

  

(Dollars in thousands)

  

Extension

    

Receivable

    

Extension

    

Receivable

  
                                 

Commercial real estate

   $ 4,380       1.02 %   $ 2,038       0.51 %
Financing Receivable Credit Quality Indicators [Table Text Block]
   

Term Loans Amortized Cost Basis by Origination

  
   

As of and for the nine months ended September, 2025

  

(dollars in thousands)

                                                  

Revolving

          
   

2025

    

2024

    

2023

    

2022

    

2021

    

Prior

    

Loans

    

Total

  

Commercial Real Estate

                                                                
                                                                 

Pass

   $ 63,805     $ 46,571     $ 26,582     $ 59,483     $ 53,005     $ 150,047     $ 5,501     $ 404,274  

Special Mention

     2,200       12,762       -       5,914       -       -       400       21,276  

Substandard

     341       -       -       -       -       4,627       -       4,968  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 65,626     $ 59,333     $ 26,582     $ 65,397     $ 53,005     $ 154,674     $ 5,901     $ 430,518  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 646     $ -     $ 646  
                                                                 

Construction and Land Development

  
                                                                 

Pass

   $ 7,909     $ 13,949     $ 2,651     $ 3,888     $ 152     $ 5,668     $ -     $ 34,217  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       -       -       -  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 7,909     $ 13,949     $ 2,651     $ 3,888     $ 152     $ 5,668     $ -     $ 34,217  

Charge-offs

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

Residential Real Estate

                                                                
                                                                 

Pass

   $ 13,237     $ 10,433     $ 10,014     $ 17,493     $ 5,661     $ 42,303     $ 10,591     $ 109,732  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       1,280       20       1,300  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 13,237     $ 10,433     $ 10,014     $ 17,493     $ 5,661     $ 43,583     $ 10,611     $ 111,032  

Charge-offs

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

Commercial

                                                                
                                                                 

Pass

   $ 4,807     $ 10,501     $ 3,447     $ 4,570     $ 2,071     $ 713     $ 17,421     $ 43,530  

Special Mention

     2,163       111       -       -       -       -       5,627       7,901  

Substandard

     8       -       -       -       -       -       425       433  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 6,978     $ 10,612     $ 3,447     $ 4,570     $ 2,071     $ 713     $ 23,473     $ 51,864  

Charge-offs

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

Consumer

                                                                
                                                                 

Pass

   $ 32     $ 59     $ 40     $ -     $ -     $ 2     $ -     $ 133  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       -       -       -  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 32     $ 59     $ 40     $ -     $ -     $ 2     $ -     $ 133  

Charge-offs

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

Aggregate total

                                                                
                                                                 

Pass

   $ 89,070       81,513       42,734       85,434       60,889       198,733       33,513       591,886  

Special Mention

     4,363       12,873       -       5,914       -       6,027       6,027       29,177  

Substandard

     349       -       -       -       -       445       445       6,701  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 93,782       94,386       42,734       91,348       60,889       204,640       39,985       627,764  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 646     $ -     $ 646  
   

Term Loans Amortized Cost Basis by Origination

  
   

As of and for the year ended December 31, 2024

  

(dollars in thousands)

                                                  

Revolving

          
   

2024

    

2023

    

2022

    

2021

    

2020

    

Prior

    

Loans

    

Total

  

Commercial Real Estate

  
                                                                 

Pass

   $ 63,427     $ 26,745     $ 69,261     $ 54,346     $ 19,727     $ 151,876     $ 3,559     $ 388,941  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       9,185       -       9,185  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 63,427     $ 26,745     $ 69,261     $ 54,346     $ 19,727     $ 161,061     $ 3,559     $ 398,126  

Charge-offs

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

Construction and Land Development

  
                                                                 

Pass

   $ 14,710     $ 3,365     $ 1,568     $ 1,443     $ 930     $ 5,341     $ -     $ 27,357  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       -       -       -  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 14,710     $ 3,365     $ 1,568     $ 1,443     $ 930     $ 5,341     $ -     $ 27,357  

Charge-offs

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

Residential Real Estate

                                                                
                                                                 

Pass

   $ 12,385     $ 10,592     $ 18,474     $ 9,363     $ 7,084     $ 44,409     $ 7,985     $ 110,292  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       -       -       -       -       1,582       24       1,606  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 12,385     $ 10,592     $ 18,474     $ 9,363     $ 7,084     $ 45,991     $ 8,009     $ 111,898  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 5     $ -     $ 5  
                                                                 

Commercial

                                                                
                                                                 

Pass

   $ 9,928     $ 5,017     $ 5,675     $ 2,632     $ 472     $ 467     $ 21,040     $ 45,231  

Special Mention

     4,674       -       -       -       -       -       -       4,674  

Substandard

     -       -       -       -       -       500       -       500  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 14,602     $ 5,017     $ 5,675     $ 2,632     $ 472     $ 967     $ 21,040     $ 50,405  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 152     $ -     $ 152  
                                                                 

Consumer

                                                                
                                                                 

Pass

   $ 106     $ 57     $ 9     $ -     $ 1     $ -     $ -     $ 173  

Special Mention

     -       -       -       -       -       -       -       -  

Substandard

     -       2       -       1       -       -       -       3  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 106     $ 59     $ 9     $ 1     $ 1     $ -     $ -     $ 176  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 5     $ -     $ 5  
                                                                 

Aggregate total

                                                                
                                                                 

Pass

   $ 100,556       45,776       94,987       67,784       28,214       202,093       32,584       571,994  

Special Mention

     4,674       -       -       -       -       -       -       4,674  

Substandard

     -       2       -       1       -       11,267       24       11,294  

Doubtful

     -       -       -       -       -       -       -       -  

Total

   $ 105,230     $ 45,778     $ 94,987     $ 67,785     $ 28,214     $ 213,360     $ 32,608     $ 587,962  

Charge-offs

   $ -     $ -     $ -     $ -     $ -     $ 162     $ -     $ 162  
Financing Receivable, Allowance for Credit Loss [Table Text Block]
                                           

Allowance for credit losses ending

    

Outstanding loan balances

  

(Dollars in thousands)

          

Provision for

                            

by evaluation method

    

evaluated:

  

Nine months ended

  

Beginning

    

(recovery of)

    

Charge

            

Ending

                                  

September 30, 2025

  

balance

    

credit losses

    

offs

    

Recoveries

    

balance

    

Individually

    

Collectively

    

Individually

    

Collectively

  
                                                                         

Real estate:

                                                                        

Commercial

   $ 2,481     $ 448     $ (646 )   $ -     $ 2,283     $ -     $ 2,283     $ -     $ 430,518  

Construction and land development

     478       42       -       -       520       -       520       -       34,217  

Residential

     751       (130 )     -       21       642       -       642       -       111,032  

Commercial

     513       249       -       -       762       -       762       -       51,864  

Consumer

     4       (3 )     -       -       1       -       1       -       133  

Unallocated

     33       16       -       -       49       -       49       -       -  
    $ 4,260     $ 622     $ (646 )   $ 21     $ 4,257     $ -     $ 4,257     $ -     $ 627,764  
                                           

Allowance for credit losses ending

    

Outstanding loan balances

  

(Dollars in thousands)

          

Provision for

                            

by evaluation method

    

evaluated:

  

Nine months ended

  

Beginning

    

(recovery of)

    

Charge

            

Ending

                                  

September 30, 2024

  

balance

    

credit losses

    

offs

    

Recoveries

    

balance

    

Individually

    

Collectively

    

Individually

    

Collectively

  
                                                                         

Real estate:

                                                                        

Commercial

   $ 2,448     $ (12 )   $ -     $ -     $ 2,436     $ 392     $ 2,044     $ 2,441     $ 383,354  

Construction and land development

     253       162       -       -       415       -       415       -       30,328  

Residential

     1,013       (255 )     -       19       777       -       777       272       108,931  

Commercial

     494       200       (153 )     -       541       -       541       -       50,932  

Consumer

     2       3       (3 )     -       2       -       2       -       154  

Unallocated

     74       (54 )     -       -       20       -       20       -       -  
    $ 4,284     $ 44     $ (156 )   $ 19     $ 4,191     $ 392     $ 3,799     $ 2,713     $ 573,699  
                                           

Allowance for credit losses ending

    

Outstanding loan balances

  
           

Provision for

                            

balance evaluated for impairment:

    

evaluated:

  

(Dollars in thousands)

  

Beginning

    

(recovery of)

    

Charge

            

Ending

                                  

December 31, 2024

  

balance

    

credit losses

    

offs

    

Recoveries

    

balance

    

Individually

    

Collectively

    

Individually

    

Collectively

  
                                                                         

Real estate:

                                                                        

Commercial

   $ 2,448     $ 33     $ -     $ -     $ 2,481     $ 360     $ 2,122     $ 2,440     $ 395,686  

Construction and land development

     253       225       -       -       478       -       478       -       27,357  

Residential

     1,013       (281 )     (5 )     24       751       -       751       270       111,628  

Commercial

     494       171       (152 )     -       513       -       512       -       50,405  

Consumer

     2       7       (5 )     -       4       -       4       -       176  

Unallocated

     74       (41 )     -       -       33       -       33       -       -  
    $ 4,284     $ 114     $ (162 )   $ 24     $ 4,260     $ 360     $ 3,899     $ 2,710     $ 585,252  
Amortizable Yield Premium on Purchased Loans [Table Text Block]

(Dollars in thousands)

        

Balance at December 31, 2024

   $ 286  

Accretion

     (114 )

Balance at September 30, 2025

   $ 172  
   

Three Months

    

Three Months

    

Nine Moths

    

Nine Moths

  
   

Ended

    

Ended

    

Ended

    

Ended

  

(dollars in thousands)

   September 30, 2025    

September 30, 2024

    

September 30, 2025

    

September 30, 2024

  
                                 

Beginning balance

   $ 173     $ 196     $ 240     $ 228  

Provision for/(recovery of) credit losses

     21       (13 )     (46 )     (45 )
                                 

Ending balance

   $ 194     $ 183     $ 194     $ 183  
Components of Allowance for Credit Losses [Table Text Block]
   

Three Months Ended September 30, 2025

  

(Dollars in thousands)

  

 

Held to

maturity

securities

    

Loans

    

Unfunded

loan

commitments

    

Total

  
                                 

Beginning balance

   $ 81     $ 4,233     $ 173     $ 4,487  

Provision for (recovery of) credit losses

     (2 )     308       21       327  

Charge-offs

     -       (290 )     -       (290 )

Recoveries

     -       6       -       6  

Ending balance

   $ 79     $ 4,257     $ 194     $ 4,530  
   

Three Months Ended September 30, 2024

  

(Dollars in thousands)

  

 

Held to

maturity

securities

    

Loans

    

Unfunded

loan

commitments

    

Total

  
                                 

Beginning balance

   $ 127     $ 4,082     $ 196     $ 4,405  

Provision for (recovery of) credit losses

     (90 )     103       (13 )     -  

Charge-offs

     -       -       -       -  

Recoveries

     -       6       -       6  

Ending balance

   $ 37     $ 4,191     $ 183     $ 4,411  
   

Nine Months Ended September 30, 2025

  

(Dollars in thousands)

  

 

Held to

maturity

securities

    

Loans

     Unfunded

loan

commitments

    

Total

  
                                 

Beginning balance

   $ 60     $ 4,260     $ 240     $ 4,560  

Provision for (recovery of) credit losses

     19       622       (46 )     595  

Charge-offs

     -       (646 )     -       (646 )

Recoveries

     -       21       -       21  

Ending balance

   $ 79     $ 4,257     $ 194     $ 4,530  
   

Nine Months Ended September 30, 2024

  

(Dollars in thousands)

  

 

Held to

maturity

securities

    

Loans

     Unfunded

loan

commitments

    

Total

  
                                 

Beginning balance

   $ 36     $ 4,284     $ 228     $ 4,548  

Provision for (recovery of) credit losses

     1       44       (45 )     -  

Charge-offs

     -       (156 )     -       (156 )

Recoveries

     -       19       -       19  

Ending balance

   $ 37     $ 4,191     $ 183     $ 4,411  
v3.25.3
Note 5 - Goodwill and Other Intangibles (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Intangible Assets and Goodwill [Table Text Block]

(dollars in thousands)

  

Goodwill

    

CDI

    

Total

  
                         

Balance at December 31, 2024

   $ 6,978     $ 48     $ 7,026  

Amortization

     -       (6 )   $ (6 )

Balance at September 30, 2025

   $ 6,978     $ 42     $ 7,020  
                         
                         

Balance at December 31, 2023

   $ 6,978     $ 56     $ 7,034  

Amortization

     -       (6 )     (6 )

Balance at September 30, 2024

   $ 6,978     $ 50     $ 7,028  
v3.25.3
Note 6 - Capital Standards (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block]
                   

Minimum

    

To Be Well

  

(Dollars in thousands)

  

Actual

    

Capital Adequacy

    

Capitalized

  

September 30, 2025

  

Amount

    

Ratio

    

Amount

    

Ratio

    

Amount

    

Ratio

  
                                                 

Total capital (to risk-weighted assets)

   $ 83,176       11.90 %   $ 73,403       10.50 %   $ 69,907       10.00 %

Tier 1 capital (to risk-weighted assets)

     78,646       11.25 %     59,421       8.50 %     55,926       8.00 %

Common equity tier 1 (to risk- weighted assets)

     78,646       11.25 %     48,935       7.00 %     45,440       6.50 %

Tier 1 leverage (to average assets)

     78,646       9.29 %     33,869       4.00 %     42,336       5.00 %
                                                 

December 31, 2024

                                                
                                                 

Total capital (to risk-weighted assets)

   $ 81,161       12.37 %   $ 68,910       10.50 %   $ 65,628       10.00 %

Tier 1 capital (to risk-weighted assets)

     76,601       11.67 %     55,784       8.50 %     52,503       8.00 %

Common equity tier 1 (to risk- weighted assets)

     76,601       11.67 %     45,940       7.00 %     42,658       6.50 %

Tier 1 leverage (to average assets)

     76,601       9.12 %     33,580       4.00 %     41,974       5.00 %
v3.25.3
Note 7 - Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]
Line Item in the          

Carrying

            

Carrying

  

Balance Sheet in

  

Carrying

    

amount of fair

    

Carrying

    

amount of fair

  

Which the Hedged

  

amount of the

    

value hedging

    

amount of the

    

value hedging

  

Item is Included

  

hedged assets

    

adjustment

    

hedged assets

    

adjustment

  
   

September 30, 2025

     September 30, 2025    

December 31, 2024

    

December 31, 2024

  
                                 

Securities available for sale

   $ 82,902     $ 222     $ 103,174     $ 556  
   

September 30, 2025

    

December 31, 2024

  
   

Fair

    

Fair

  
(Dollars in thousands)  

Value

    

Value

  
                 

Included in other assets:

                

Derivatives designated as hedges:

                

Interest rate swaps related to securities available for sale

   $ 56     $ 626  
                 

Total included in other assets

   $ 56     $ 626  
                 

Included in other liabilities:

                

Derivatives designated as hedges:

                

Interest rate swaps related to securities available for sale

   $ 251     $ 28  
                 

Total included in other liabilities

   $ 251     $ 28  
Derivative Instruments, Gain (Loss) [Table Text Block]

Fair Value Hedging Relationships

  
                                 

Total amounts of income and expense line items presented in the statements of income in

  

which the effects of the fair value hedge is recorded are as follows:

  
   
   

Three Months

Ended

September 30,2025

    

Nine Months Ended

September 30,2025

    

Three Months

Ended

September 30,2024

    

Nine Months Ended

September 30, 2024

  
(Dollars in thousands)  

Interest

     Interest    

Interest

     Interest  
   

Income

    

Income

    

Income

    

Income

  

The effects of fair value hedging:

                                

Gain (loss) on fair value hedging relationships:

                                

Hedged items

   $ 14     $ (3 )   $ 21     $ 21  

Interest rate contracts designated as hedging instruments

     118       343       208       565  

Net gain on fair value hedging relationships included in interest income from investment securities - taxable

   $ 132     $ 340     $ 229     $ 586  
v3.25.3
Note 8 - Fair Value (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]
   

Carrying Value:

  

(Dollars in thousands)

                                

September 30, 2025

  

Level 1

    

Level 2

    

Level 3

    

Total

  
                                 

Recurring:

                                

Available for sale securities

                                

State and municipal

   $ -     $ 452     $ -     $ 452  

SBA pools

     -       539       -       539  

Corporate bonds

     -       6,328       -       6,328  

Mortgage-backed securities

     -       113,819       -       113,819  
    $ -     $ 121,138     $ -     $ 121,138  

Fair value hedge:

                                

Hedging asset

   $ -     $ 56     $ -     $ 56  

Hedging liability

     -       251       -       251  

Net fair value hedge

   $ -     $ (195 )   $ -     $ (195 )
                                 

Equity security at fair value

                                

Mutual fund

   $ -     $ 546     $ -     $ 546  
                                 

Nonrecurring:

                                

Other real estate owned, net

   $ -     $ -     $ 2,775     $ 2,775  
   

Carrying Value:

  

(dollars in thousands)

                                

December 31, 2024

  

Level 1

    

Level 2

    

Level 3

    

Total

  
                                 

Recurring:

                                

Available for sale securities

                                

State and municipal

   $ -     $ 487     $ -     $ 487  

SBA pools

     -       629       -       629  

Corporate bonds

     -       7,185       -       7,185  

Mortgage-backed securities

     -       117,412       -       117,412  
    $ -     $ 125,713     $ -     $ 125,713  
                                 

Fair value hedge:

                                

Hedging asset

   $ -     $ 626     $ -     $ 626  

Hedging liability

     -       28       -       28  

Net fair value hedge

   $ -     $ 598     $ -     $ 598  
                                 

Equity securities at fair value

                                

Mutual fund

   $ -     $ 518     $ -     $ 518  
                                 

Nonrecurring:

                                

Other real estate owned, net

   $ -     $ -     $ 1,176     $ 1,176  

Collateral-dependent loans, net

   $ -     $ -     $ 2,080     $ 2,080  
Fair Value Measurements, Nonrecurring [Table Text Block]

September 30, 2025:

                        

(dollars in thousands)

                        

Assets

  

Fair Value

  

Valuation Technique

  

Unobservable Inputs

  

Range (Average)

  
                         

Other real estate owned

   $ 2,775  

Third party appraisals and in-house real estate valuations of fair value

  

Marketability/selling costs and current market conditions

    0% to 10% (5%)

December 31, 2024:

                        

(dollars in thousands)

                        

Assets

  

Fair Value

  

Valuation Techniques

  

Unobservable Input

  

Average

  
                         

Collateral-dependent loans

   $ 2,080  

Third party appraisals and in-house real estate valuations of fair value

  

Marketability/selling costs and current market conditions

    0% to 20% (10%)
                         

Other real estate owned

   $ 1,176  

Third party appraisals and in-house real estate valuations of fair value

  

Marketability/selling costs and current market conditions

    0% to 10% (5%)
Fair Value, by Balance Sheet Grouping [Table Text Block]
   

September 30, 2025

    

December 31, 2024

  
(Dollars in thousands)  

Carrying

    

Estimated

    

Carrying

    

Estimated

  
   

Amount

    

Fair Value

    

Amount

    

Fair Value

  

Financial assets

                                

Level 1 inputs

                                

Cash and cash equivalents

   $ 52,187     $ 52,187     $ 64,659     $ 64,659  

Equity security

     546       546       518       518  

Level 2 inputs

                                

Certificates of deposit in other banks

     100       100       100       100  

Accrued interest receivable

     2,550       2,550       2,439       2,439  

Securities available for sale

     121,138       121,138       125,713       125,713  

Securities held to maturity

     17,036       16,159       17,156       15,589  

Mortgage loans held for sale

     -       -       157       157  

Restricted stock, at cost

     3,100       3,100       921       921  

Bank owned life insurance

     15,640       15,640       15,324       15,324  

Fair value hedge

     56       56       626       626  

Level 3 inputs

                                

Securities held to maturity

     4,092       4,092       3,343       3,343  

Loans, net

     622,457       617,664       582,993       572,346  
                                 

Financial liabilities

                                

Level 1 inputs

                                

Noninterest-bearing deposits

   $ 116,187     $ 116,187     $ 107,197     $ 107,197  

Securities sold under repurchase agreements

     2,458       2,458       5,564       5,564  

Level 2 inputs

                                

Interest-bearing deposits

     617,909       615,437       651,609       654,346  

Federal Home Loan Bank advances

     50,200       49,251       5,000       4,957  

Long-term debt

     12,024       11,797       11,329       11,066  

Accrued interest payable

     935       935       1,003       1,003  

Fair value hedge

     251       233       28       28  
v3.25.3
Note 9 - Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
   

Three Months Ended

    

Nine Months Ended

  
   

September 30,

    

September 30,

  
   

2025

    

2024

    

2025

    

2024

  
                                 

Net income

   $ 1,705,529     $ 1,123,127     $ 4,068,715     $ 3,421,623  
                                 

Weighted average shares outstanding - basic

     3,195,097       3,145,061       3,181,334       3,127,728  
                                 

Effect of dilutive restricted stock units

     -       -       241       167  
                                 

Weighted average shares outstanding - diluted

     3,195,097       3,145,061       3,181,575       3,127,895  
                                 

Earnings per share - basic

   $ 0.53     $ 0.36     $ 1.28     $ 1.09  

Earnings per share - diluted

   $ 0.53     $ 0.36     $ 1.28     $ 1.09  
v3.25.3
Note 11 - Borrowed Funds (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Long-Term Debt Instruments [Table Text Block]
   

September 30,

    

December 31,

  

(Dollars in thousands)

  

2025

    

2024

  

Amount oustanding at period end:

                

Securities sold under repurchase agreements

   $ 2,458     $ 5,564  

Federal Home Loan Bank advances

     50,200       5,000  

Long-term debt (net of issuance costs)

     12,024       11,329  
                 

Weighted average rate paid at period end:

                

Securites sold under repurchase agreements

     1.25 %     1.25 %

Federal Home Loan Bank advances

     3.88 %     1.00 %

Long-term debt

     7.88 %     4.10 %
v3.25.3
Note 12 - Stock-based Compensation (Tables)
 9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]
           

Weighted Average

  
   

Number of

    

Grant Date

  
   

Shares

    

Fair Value per Share

  
                 

Balance at December 31, 2024

     2,000       18.54  

Granted

     -       -  

Vested

     1,000       18.54  

Forfeited

     -       -  

Balance at September 30, 2025

     1,000       18.54  
v3.25.3
Note 1 - Principles of Consolidation (Details Textual)
 9 Months Ended
Sep. 30, 2025
First Community Bankers Insurance Co., LLC [Member]  
Percentage of Ownership 100.00%
v3.25.3
Note 3 - Investment Securities (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss $ 281,100     $ 281,100   $ 302,500
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss 120,200     120,200   122,000
Proceeds from sale of securities Available for sale 0     0 $ 521,000  
Gain (Loss) from Hedged Firm Commitment Not Qualifying as Fair Value Hedge, Net 0 $ 94,000 $ 0 94,000 $ 0  
Asset Pledged as Collateral [Member] | Government Deposits and Securities Sold Under Repurchase Agreement [Member]            
Debt Securities $ 21,500,000     $ 21,500,000   $ 26,300,000
v3.25.3
Note 3 - Investment Securities - Investments in Debt Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2023
Amortized cost, available for sale [1] $ 139,112 [2]   $ 149,041      
Unrealized gains, available for sale 163   14      
Unrealized losses, available for sale 18,137   23,342      
Securities available for sale, at fair value 121,138   125,713 [3]      
AFS, allowance for credit losses 0   0      
AFS, net 121,138   125,713      
Amortized cost, available for sale [1] 139,112 [2]   149,041      
Amortized cost, available for sale 0   0      
Amortized cost, available for sale 121,138   125,713      
Held to maturity securities 21,207          
Fair value, held to maturity 20,251          
HTM, allowance for credit losses 79 $ 81 60 $ 37 $ 127 $ 36
HTM, net 21,128   20,499 [3]      
US States and Political Subdivisions Debt Securities [Member]            
Amortized cost, available for sale [1] 455   500      
Unrealized gains, available for sale 0   0      
Unrealized losses, available for sale 3   13      
Securities available for sale, at fair value 452   487      
AFS, allowance for credit losses 0   0      
AFS, net 452   487      
Amortized cost, available for sale [1] 455   500      
Amortized cost, available for sale 0   0      
Amortized cost, available for sale 452   487      
Held to maturity securities [1] 21,207   20,559      
Unrealized gains, held to maturity 0   1      
Unrealized losses, held to maturity 956   1,628      
Fair value, held to maturity 20,251   18,932      
HTM, allowance for credit losses 79   60      
HTM, net 21,128   20,499      
SBA Pools [Member]            
Amortized cost, available for sale [1] 542   634      
Unrealized gains, available for sale 1   1      
Unrealized losses, available for sale 4   6      
Securities available for sale, at fair value 539   629      
AFS, allowance for credit losses 0   0      
AFS, net 539   629      
Amortized cost, available for sale [1] 542   634      
Amortized cost, available for sale 0   0      
Amortized cost, available for sale 539   629      
Corporate Debt Securities [Member]            
Amortized cost, available for sale [1] 7,047   8,054      
Unrealized gains, available for sale 0   0      
Unrealized losses, available for sale 719   869      
Securities available for sale, at fair value 6,328   7,185      
AFS, allowance for credit losses 0   0      
AFS, net 6,328   7,185      
Amortized cost, available for sale [1] 7,047   8,054      
Amortized cost, available for sale 0   0      
Amortized cost, available for sale 6,328   7,185      
Collateralized Mortgage-Backed Securities [Member]            
Amortized cost, available for sale [1] 131,068   139,853      
Unrealized gains, available for sale 162   13      
Unrealized losses, available for sale 17,411   22,454      
Securities available for sale, at fair value 113,819   117,412      
AFS, allowance for credit losses 0   0      
AFS, net 113,819   117,412      
Amortized cost, available for sale [1] 131,068   139,853      
Amortized cost, available for sale 0   0      
Amortized cost, available for sale $ 113,819   $ 117,412      
[1] Exluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $222 thousand and ($556) thousand as of September 30, 2025 and December 31, 2024, respectively.
[2] Exluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $222 thousand as of September 30, 2025.
[3] Derived from audited consolidated financial statements
v3.25.3
Note 3 - Investment Securities - Rating for Held to Maturity Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Held to maturity securities $ 21,207  
US States and Political Subdivisions Debt Securities [Member]    
Held to maturity securities [1] 21,207 $ 20,559
Standard & Poor's, AAA Rating [Member] | US States and Political Subdivisions Debt Securities [Member]    
Held to maturity securities 2,816 2,803
Standard & Poor's, AA Rating [Member] | US States and Political Subdivisions Debt Securities [Member]    
Held to maturity securities 12,443 12,603
Standard & Poor's, A Rating [Member] | US States and Political Subdivisions Debt Securities [Member]    
Held to maturity securities 1,202 1,811
Not Rated [Member] | US States and Political Subdivisions Debt Securities [Member]    
Held to maturity securities $ 4,746 $ 3,342
[1] Exluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $222 thousand and ($556) thousand as of September 30, 2025 and December 31, 2024, respectively.
v3.25.3
Note 3 - Investment Securities - Allowance for Credit Loss on Held to Maturity Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Beginning balance $ 81 $ 127 $ 60 $ 36
Credit loss expense (2) (90) 19 1
Ending balance $ 79 $ 37 $ 79 $ 37
v3.25.3
Note 3 - Investment Securities - Contractual Maturities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Available for Sale Amortized cost, Within one year [1] $ 250  
Available for Sale Fair value, Within one year 250  
Held to Maturity Amortized cost, Within one year 181  
Held to Maturity Fair value, Within one year 181  
Available for Sale Amortized cost, Over one to five years [1] 752  
Available for Sale Fair value, Over one to five years 707  
Held to Maturity Amortized cost, Over one to five years 1,577  
Held to Maturity Fair value, Over one to five years 1,595  
Available for Sale Amortized cost, Fair value, Over one to five years [1] 6,500  
Available for Sale Fair value, Over five to ten years 5,822  
Held to Maturity Amortized cost, Over five to ten years 8,104  
Held to Maturity Fair value, Over five to ten years 7,883  
Available for Sale Amortized cost, Over ten years [1] 0  
Available for Sale Fair value, Over ten years 0  
Held to Maturity Amortized cost, Over ten years 11,345  
Held to Maturity Fair value, Over ten years 10,592  
Available for Sale Amortized cost, Fair value, total [1] 7,502  
Available for Sale Fair value, total 6,779  
Held to Maturity Amortized cost, total 21,207  
Held to Maturity Fair value, total 20,251  
Mortgage-backed securities and SBA pools, amortized cost, available for sale [1] 131,610  
Mortgage-backed securities and SBA pools, fair value, available for sale 114,359  
Mortgage-backed securities and SBA pools, held to maturity, amortized cost 0  
Mortgage-backed securities and SBA pools, held to maturity, fair value 0  
Debt Securities, Available-for-Sale, Amortized Cost, Excluding Accrued Interest, before Allowance for Credit Loss [2] 139,112 [1] $ 149,041
Available for Sale Fair value Total 121,138 $ 125,713 [3]
Debt Securities, Held-to-Maturity, Excluding Accrued Interest, before Allowance for Credit Loss 21,207  
Held to Maturity Fair value total $ 20,251  
[1] Exluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $222 thousand as of September 30, 2025.
[2] Exluded from the amortized cost of securities available for sale are basis adjustments for securities designated in active fair value hedges. Basis adjustments totaled $222 thousand and ($556) thousand as of September 30, 2025 and December 31, 2024, respectively.
[3] Derived from audited consolidated financial statements
v3.25.3
Note 3 - Investment Securities - Gross Unrealized Losses on Continuous Basis for Investment Securities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Less than 12 months Fair Value $ 9,207 $ 22,303
Less than 12 months Unrealized losses 89 552
12 months or more Fair value 96,204 100,035
12 months or more Unrealized losses 18,048 22,790
Total Fair value 105,411 122,338
Total Unrealized losses 18,137 23,342
US States and Political Subdivisions Debt Securities [Member]    
Less than 12 months Fair Value 0 0
Less than 12 months Unrealized losses 0 0
12 months or more Fair value 452 487
12 months or more Unrealized losses 3 13
Total Fair value 452 487
Total Unrealized losses 3 13
SBA Pools [Member]    
Less than 12 months Fair Value 148 162
Less than 12 months Unrealized losses 0 0
12 months or more Fair value 326 372
12 months or more Unrealized losses 4 6
Total Fair value 474 534
Total Unrealized losses 4 6
Corporate Debt Securities [Member]    
Less than 12 months Fair Value 0 0
Less than 12 months Unrealized losses 0 0
12 months or more Fair value 6,327 7,185
12 months or more Unrealized losses 719 869
Total Fair value 6,327 7,185
Total Unrealized losses 719 869
Collateralized Mortgage-Backed Securities [Member]    
Less than 12 months Fair Value 9,059 22,141
Less than 12 months Unrealized losses 89 552
12 months or more Fair value 89,099 91,991
12 months or more Unrealized losses 17,322 21,902
Total Fair value 98,158 114,132
Total Unrealized losses $ 17,411 $ 22,454
v3.25.3
Note 4 - Loans and Allowance for Credit Losses (Details Textual)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Financing Receivable, Nonaccrual, Interest Income $ 0 $ 0 $ 0 $ 0  
Financing Receivable, Modifications, Number of Contracts 0 0 0 0  
Financing Receivable, Accrued Interest, after Allowance for Credit Loss $ 2,000   $ 2,000   $ 1,900
Nonperforming Financial Instruments [Member]          
Financing Receivable, Nonaccrual, Interest Income         38
Commercial Real Estate Portfolio Segment [Member]          
Financing Receivable, Excluding Accrued Interest, Nonaccrual $ 0   $ 0   $ 2,400
Financing Receivable, Number of Loans, Nonaccrual Status         3
v3.25.3
Note 4 - Loans and Allowance for Credit Losses - Major Categories of Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Dec. 31, 2023
Loans $ 627,764 $ 587,962    
Loans 627,764 587,962    
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 4,257 4,260 $ 4,191 $ 4,284
Deferred origination fees net of costs 1,050 709    
Financing Receivable, Excluding Accrued Interest, after Allowance for Credit Loss 622,457 582,993 [1]    
Commercial Real Estate Portfolio Segment [Member]        
Loans 430,518 398,126    
Loans 430,518 398,126    
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 2,283 2,481 2,436 2,448
Construction and Land Development [Member]        
Loans 34,217 27,357    
Loans 34,217 27,357    
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 520 478 415 253
Residential Portfolio Segment [Member]        
Loans 111,032 111,898    
Loans 111,032 111,898    
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 642 751 777 1,013
Commercial Portfolio Segment [Member]        
Loans 51,864 50,405    
Loans 51,864 50,405    
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest 762 513 541 494
Consumer Portfolio Segment [Member]        
Loans 133 176    
Loans 133 176    
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest $ 1 $ 4 $ 2 $ 2
[1] Derived from audited consolidated financial statements
v3.25.3
Note 4 - Loans and Allowance for Credit Losses - Non-accrual Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Nonaccrual, No Allowance $ 0 $ 0
Nonaccrual loans, with allowance 0 2,440
Still accruing 1,262 0
Construction and land development 0 0
Nonaccrual loans 0 2,440
Nonaccrual, No Allowance 1,262 0
Commercial Real Estate Portfolio Segment [Member]    
Nonaccrual, No Allowance 0 0
Nonaccrual loans, with allowance 0 2,440
Still accruing 1,262 0
Construction and land development 0 0
Nonaccrual loans 0 2,440
Nonaccrual, No Allowance 1,262 0
Construction and Land Development [Member]    
Nonaccrual, No Allowance 0 0
Nonaccrual loans, with allowance 0 0
Still accruing 0 0
Construction and land development 0 0
Nonaccrual loans 0 0
Nonaccrual, No Allowance 0 0
Residential Portfolio Segment [Member]    
Nonaccrual, No Allowance 0 0
Nonaccrual loans, with allowance 0 0
Still accruing 0 0
Construction and land development 0 0
Nonaccrual loans 0 0
Nonaccrual, No Allowance 0 0
Commercial Portfolio Segment [Member]    
Nonaccrual, No Allowance 0 0
Nonaccrual loans, with allowance 0 0
Still accruing 0 0
Construction and land development 0 0
Nonaccrual loans 0 0
Nonaccrual, No Allowance 0 0
Consumer Portfolio Segment [Member]    
Nonaccrual, No Allowance 0 0
Nonaccrual loans, with allowance 0 0
Still accruing 0 0
Construction and land development 0 0
Nonaccrual loans 0 0
Nonaccrual, No Allowance $ 0 $ 0
v3.25.3
Note 4 - Loans and Allowance for Credit Losses - Past Due Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Loans $ 627,764 $ 587,962
Loans, 90 days past due and still accruing 1,262 0
Financial Asset, 30 to 59 Days Past Due [Member]    
Loans 202 0
Financial Asset, 60 to 89 Days Past Due [Member]    
Loans 0 270
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans 1,262 404
Financial Asset, Past Due [Member]    
Loans 1,464 674
Financial Asset, Not Past Due [Member]    
Loans 626,300 587,288
Commercial Real Estate Portfolio Segment [Member]    
Loans 430,518 398,126
Loans, 90 days past due and still accruing 1,262 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Loans 0 0
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans 1,262 404
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Loans 1,262 404
Commercial Real Estate Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Loans 429,256 397,722
Construction and Land Development [Member]    
Loans 34,217 27,357
Loans, 90 days past due and still accruing 0 0
Construction and Land Development [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Loans 0 0
Construction and Land Development [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Loans 0 0
Construction and Land Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans 0 0
Construction and Land Development [Member] | Financial Asset, Past Due [Member]    
Loans 0 0
Construction and Land Development [Member] | Financial Asset, Not Past Due [Member]    
Loans 34,217 27,357
Residential Portfolio Segment [Member]    
Loans 111,032 111,898
Loans, 90 days past due and still accruing 0 0
Residential Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Loans 202 0
Residential Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Loans 0 270
Residential Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans 0 0
Residential Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Loans 202 270
Residential Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Loans 110,830 111,628
Commercial Portfolio Segment [Member]    
Loans 51,864 50,405
Loans, 90 days past due and still accruing 0 0
Commercial Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Loans 0 0
Commercial Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Loans 0 0
Commercial Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans 0 0
Commercial Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Loans 0 0
Commercial Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Loans 51,864 50,405
Consumer Portfolio Segment [Member]    
Loans 133 176
Loans, 90 days past due and still accruing 0 0
Consumer Portfolio Segment [Member] | Financial Asset, 30 to 59 Days Past Due [Member]    
Loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, 60 to 89 Days Past Due [Member]    
Loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due [Member]    
Loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, Past Due [Member]    
Loans 0 0
Consumer Portfolio Segment [Member] | Financial Asset, Not Past Due [Member]    
Loans $ 133 $ 176
v3.25.3
Note 4 - Loans and Allowance for Credit Losses - Collateral Dependent Loans (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Loans $ 627,764 $ 587,962
Loans 627,764 587,962
Commercial Real Estate Portfolio Segment [Member]    
Loans 430,518 398,126
Loans 430,518 398,126
Residential Portfolio Segment [Member]    
Loans 111,032 111,898
Loans 111,032 111,898
Commercial Portfolio Segment [Member]    
Loans 51,864 50,405
Loans 51,864 50,405
Collateral Pledged [Member]    
Loans 0 2,710
Loans 0 2,710
Collateral Pledged [Member] | Commercial Real Estate Portfolio Segment [Member]    
Loans 0 2,440
Loans 0 2,440
Collateral Pledged [Member] | Residential Portfolio Segment [Member]    
Loans 0 270
Loans 0 270
Collateral Pledged [Member] | Commercial Portfolio Segment [Member]    
Loans 0 0
Loans $ 0 $ 0
v3.25.3
Note 4 - Loans and Allowance for Credit Losses - Loan Modifications (Details) - Commercial Real Estate Portfolio Segment [Member] - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Total Financing Receivables, Percentage 1.02%  
Extended Maturity [Member]    
Financing Receivable, Modified $ 4,380 $ 2,038
Financing Receivable, Modified   0.51%
v3.25.3
Note 4 - Loans and Allowance for Credit Losses - Loans by Credit Grade (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Pass $ 93,782   $ 93,782   $ 105,230
Pass 94,386   94,386   45,778
Pass 42,734   42,734   94,987
Pass 91,348   91,348   67,785
Pass 60,889   60,889   28,214
Pass 204,640   204,640   213,360
Pass 39,985   39,985   32,608
Loans 627,764   627,764   587,962
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     646   162
Charge-offs     0   0
Charge-offs 290 $ (0) 646 $ 156 162
Pass [Member]          
Pass 89,070   89,070   100,556
Pass 81,513   81,513   45,776
Pass 42,734   42,734   94,987
Pass 85,434   85,434   67,784
Pass 60,889   60,889   28,214
Pass 198,733   198,733   202,093
Pass 33,513   33,513   32,584
Loans 591,886   591,886   571,994
Special Mention [Member]          
Pass 4,363   4,363   4,674
Pass 12,873   12,873   0
Pass 0   0   0
Pass 5,914   5,914   0
Pass 0   0   0
Pass 6,027   6,027   0
Pass 6,027   6,027   0
Loans 29,177   29,177   4,674
Substandard [Member]          
Pass 349   349   0
Pass 0   0   2
Pass 0   0   0
Pass 0   0   1
Pass 0   0   0
Pass 445   445   11,267
Pass 445   445   24
Loans 6,701   6,701   11,294
Doubtful [Member]          
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Loans 0   0   0
Commercial Real Estate Portfolio Segment [Member]          
Pass 65,626   65,626   63,427
Pass 59,333   59,333   26,745
Pass 26,582   26,582   69,261
Pass 65,397   65,397   54,346
Pass 53,005   53,005   19,727
Pass 154,674   154,674   161,061
Pass 5,901   5,901   3,559
Loans 430,518   430,518   398,126
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     646   0
Charge-offs     0   0
Charge-offs     646 0 0
Commercial Real Estate Portfolio Segment [Member] | Pass [Member]          
Pass 63,805   63,805   63,427
Pass 46,571   46,571   26,745
Pass 26,582   26,582   69,261
Pass 59,483   59,483   54,346
Pass 53,005   53,005   19,727
Pass 150,047   150,047   151,876
Pass 5,501   5,501   3,559
Loans 404,274   404,274   388,941
Commercial Real Estate Portfolio Segment [Member] | Special Mention [Member]          
Pass 2,200   2,200   0
Pass 12,762   12,762   0
Pass 0   0   0
Pass 5,914   5,914   0
Pass 0   0   0
Pass 0   0   0
Pass 400   400   0
Loans 21,276   21,276   0
Commercial Real Estate Portfolio Segment [Member] | Substandard [Member]          
Pass 341   341   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 4,627   4,627   9,185
Pass 0   0   0
Loans 4,968   4,968   9,185
Commercial Real Estate Portfolio Segment [Member] | Doubtful [Member]          
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Loans 0   0   0
Construction and Land Development [Member]          
Pass 7,909   7,909   14,710
Pass 13,949   13,949   3,365
Pass 2,651   2,651   1,568
Pass 3,888   3,888   1,443
Pass 152   152   930
Pass 5,668   5,668   5,341
Pass         0
Loans 34,217   34,217   27,357
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0 0 0
Construction and Land Development [Member] | Pass [Member]          
Pass 7,909   7,909   14,710
Pass 13,949   13,949   3,365
Pass 2,651   2,651   1,568
Pass 3,888   3,888   1,443
Pass 152   152   930
Pass 5,668   5,668   5,341
Pass 0   0   0
Loans 34,217   34,217   27,357
Construction and Land Development [Member] | Special Mention [Member]          
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Loans 0   0   0
Construction and Land Development [Member] | Substandard [Member]          
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Loans 0   0   0
Construction and Land Development [Member] | Doubtful [Member]          
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Loans 0   0   0
Residential Portfolio Segment [Member]          
Pass 13,237   13,237   12,385
Pass 10,433   10,433   10,592
Pass 10,014   10,014   18,474
Pass 17,493   17,493   9,363
Pass 5,661   5,661   7,084
Pass 43,583   43,583   45,991
Pass 10,611   10,611   8,009
Loans 111,032   111,032   111,898
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   5
Charge-offs     0   0
Charge-offs     0 0 5
Residential Portfolio Segment [Member] | Pass [Member]          
Pass 13,237   13,237   12,385
Pass 10,433   10,433   10,592
Pass 10,014   10,014   18,474
Pass 17,493   17,493   9,363
Pass 5,661   5,661   7,084
Pass 42,303   42,303   44,409
Pass 10,591   10,591   7,985
Loans 109,732   109,732   110,292
Residential Portfolio Segment [Member] | Special Mention [Member]          
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Loans 0   0   0
Residential Portfolio Segment [Member] | Substandard [Member]          
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 1,280   1,280   1,582
Pass 20   20   24
Loans 1,300   1,300   1,606
Residential Portfolio Segment [Member] | Doubtful [Member]          
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Loans 0   0   0
Commercial Portfolio Segment [Member]          
Pass 6,978   6,978   14,602
Pass 10,612   10,612   5,017
Pass 3,447   3,447   5,675
Pass 4,570   4,570   2,632
Pass 2,071   2,071   472
Pass 713   713   967
Pass 23,473   23,473   21,040
Loans 51,864   51,864   50,405
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   152
Charge-offs     0   0
Charge-offs     0 153 152
Commercial Portfolio Segment [Member] | Pass [Member]          
Pass 4,807   4,807   9,928
Pass 10,501   10,501   5,017
Pass 3,447   3,447   5,675
Pass 4,570   4,570   2,632
Pass 2,071   2,071   472
Pass 713   713   467
Pass 17,421   17,421   21,040
Loans 43,530   43,530   45,231
Commercial Portfolio Segment [Member] | Special Mention [Member]          
Pass 2,163   2,163   4,674
Pass 111   111   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 5,627   5,627   0
Loans 7,901   7,901   4,674
Commercial Portfolio Segment [Member] | Substandard [Member]          
Pass 8   8   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   500
Pass 425   425   0
Loans 433   433   500
Commercial Portfolio Segment [Member] | Doubtful [Member]          
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Loans 0   0   0
Consumer Portfolio Segment [Member]          
Pass 32   32   106
Pass 59   59   59
Pass 40   40   9
Pass 0   0   1
Pass 0   0   1
Pass 2   2   0
Pass 0   0   0
Loans 133   133   176
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   0
Charge-offs     0   5
Charge-offs     0   0
Charge-offs     0 $ 3 5
Consumer Portfolio Segment [Member] | Pass [Member]          
Pass 32   32   106
Pass 59   59   57
Pass 40   40   9
Pass 0   0   0
Pass 0   0   1
Pass 2   2   0
Pass 0   0   0
Loans 133   133   173
Consumer Portfolio Segment [Member] | Special Mention [Member]          
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Loans 0   0   0
Consumer Portfolio Segment [Member] | Substandard [Member]          
Pass 0   0   0
Pass 0   0   2
Pass 0   0   0
Pass 0   0   1
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Loans 0   0   3
Consumer Portfolio Segment [Member] | Doubtful [Member]          
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Pass 0   0   0
Loans $ 0   $ 0   $ 0
v3.25.3
Note 4 - Loans and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Allowance for loan losses     $ 4,260 $ 4,284 $ 4,284
Provision for loan losses     622 44  
Charge-offs $ (290) $ 0 (646) (156) (162)
Charge-offs 290 (0) 646 156 162
Recoveries 6 6 21 19 24
Allowance for loan losses 4,257 4,191 4,257 4,191 4,260
Allowance for loan losses ending balance evaluated for impairment individually 0 392 0 392 360
Allowance for loan losses ending balance evaluated for impairment collectively 4,257 3,799 4,257 3,799 3,899
Outstanding loan balances evaluated for impairment individually 0 2,713 0 2,713 2,710
Outstanding loan balances evaluated for impairment collectively 627,764 573,699 627,764 573,699 585,252
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]          
Provision for loan losses         114
Commercial Real Estate Portfolio Segment [Member]          
Allowance for loan losses     2,481 2,448 2,448
Provision for loan losses     448 (12) 33
Charge-offs     (646) 0 0
Charge-offs     646 0 0
Recoveries     0 0 0
Allowance for loan losses 2,283 2,436 2,283 2,436 2,481
Allowance for loan losses ending balance evaluated for impairment individually 0 392 0 392 360
Allowance for loan losses ending balance evaluated for impairment collectively 2,283 2,044 2,283 2,044 2,122
Outstanding loan balances evaluated for impairment individually 0 2,441 0 2,441 2,440
Outstanding loan balances evaluated for impairment collectively 430,518 383,354 430,518 383,354 395,686
Construction and Land Development [Member]          
Allowance for loan losses     478 253 253
Provision for loan losses     42 162 225
Charge-offs     0 0 0
Charge-offs     0 0 0
Recoveries     0 0 0
Allowance for loan losses 520 415 520 415 478
Allowance for loan losses ending balance evaluated for impairment individually 0 0 0 0 0
Allowance for loan losses ending balance evaluated for impairment collectively 520 415 520 415 478
Outstanding loan balances evaluated for impairment individually 0 0 0 0 0
Outstanding loan balances evaluated for impairment collectively 34,217 30,328 34,217 30,328 27,357
Residential Portfolio Segment [Member]          
Allowance for loan losses     751 1,013 1,013
Provision for loan losses     (130) (255) (281)
Charge-offs     0 0 (5)
Charge-offs     0 0 5
Recoveries     21 19 24
Allowance for loan losses 642 777 642 777 751
Allowance for loan losses ending balance evaluated for impairment individually 0 0 0 0 0
Allowance for loan losses ending balance evaluated for impairment collectively 642 777 642 777 751
Outstanding loan balances evaluated for impairment individually 0 272 0 272 270
Outstanding loan balances evaluated for impairment collectively 111,032 108,931 111,032 108,931 111,628
Commercial Portfolio Segment [Member]          
Allowance for loan losses     513 494 494
Provision for loan losses     249 200 171
Charge-offs     0 (153) (152)
Charge-offs     0 153 152
Recoveries     0 0 0
Allowance for loan losses 762 541 762 541 513
Allowance for loan losses ending balance evaluated for impairment individually 0 0 0 0 0
Allowance for loan losses ending balance evaluated for impairment collectively 762 541 762 541 512
Outstanding loan balances evaluated for impairment individually 0 0 0 0 0
Outstanding loan balances evaluated for impairment collectively 51,864 50,932 51,864 50,932 50,405
Consumer Portfolio Segment [Member]          
Allowance for loan losses     4 2 2
Provision for loan losses     (3) 3 7
Charge-offs     0 (3) (5)
Charge-offs     0 3 5
Recoveries     0 0 0
Allowance for loan losses 1 2 1 2 4
Allowance for loan losses ending balance evaluated for impairment individually 0 0 0 0 0
Allowance for loan losses ending balance evaluated for impairment collectively 1 2 1 2 4
Outstanding loan balances evaluated for impairment individually 0 0 0 0 0
Outstanding loan balances evaluated for impairment collectively 133 154 133 154 176
Unallocated Financing Receivables [Member]          
Allowance for loan losses     33 74 74
Provision for loan losses     16 (54) (41)
Charge-offs     0 0 0
Charge-offs     (0) 0 (0)
Recoveries     0 0 0
Allowance for loan losses 49 20 49 20 33
Allowance for loan losses ending balance evaluated for impairment individually 0 0 0 0 0
Allowance for loan losses ending balance evaluated for impairment collectively 49 20 49 20 33
Outstanding loan balances evaluated for impairment individually 0 0 0 0 0
Outstanding loan balances evaluated for impairment collectively $ 0 $ 0 $ 0 $ 0 $ 0
v3.25.3
Note 4 - Loans and Allowance for Credit Losses - Amortizable Yield Premium on Purchased Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Beginning balance     $ 286  
Beginning balance $ 173 $ 196 240 $ 228
Accretion     (114)  
Ending balance 172   172  
Provision for/(recovery of) credit losses 21 (13) (46) (45)
Ending balance $ 194 $ 183 $ 194 $ 183
v3.25.3
Note 4 - Loans and Allowance for Credit Losses - Components of Allowance for Credit Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Beginning balance $ 4,487 $ 4,405 $ 4,560 $ 4,548 $ 4,548
Provision for (recovery of) credit losses 327 0 595 0  
Charge-offs (290) 0 (646) (156) (162)
Charge-offs (290) 0 (646) (156) (162)
Recoveries 6 6 21 19 24
Ending balance 4,530 4,411 4,530 4,411 4,560
Held-to-Maturity Securities [Member]          
Beginning balance 81 127 60 36 36
Provision for (recovery of) credit losses (2) (90) 19 1  
Charge-offs 0 0 0 0  
Charge-offs 0 0 0 0  
Recoveries 0 0 0 0  
Ending balance 79 37 79 37 60
Loans [Member]          
Beginning balance 4,233 4,082 4,260 4,284 4,284
Provision for (recovery of) credit losses 308 103 622 44  
Charge-offs (290) 0 (646) (156)  
Charge-offs (290) 0 (646) (156)  
Recoveries 6 6 21 19  
Ending balance 4,257 4,191 4,257 4,191 4,260
Unfunded Loan Commitment [Member]          
Beginning balance   196   228 228
Provision for (recovery of) credit losses   (13)   (45)  
Charge-offs   0   0  
Charge-offs   0   0  
Recoveries   0   0  
Ending balance   $ 183   $ 183  
Unfunded Loan Commitments [Member]          
Beginning balance 173   240    
Provision for (recovery of) credit losses 21   (46)    
Charge-offs 0   0    
Charge-offs 0   0    
Recoveries 0   0    
Ending balance $ 194   $ 194   $ 240
v3.25.3
Note 5 - Goodwill and Other Intangibles (Details Textual) - Core Deposits [Member]
Sep. 30, 2025
USD ($)
Finite-Lived Intangible Asset, Useful Life (Year) 10 years
Finite-Lived Intangible Asset, Expected Amortization, Year Two $ 8,300
Finite-Lived Intangible Asset, Expected Amortization, Year One 8,300
Finite-Lived Intangible Asset, Expected Amortization, Year Three 8,300
Finite-Lived Intangible Asset, Expected Amortization, Year Four 8,300
Finite-Lived Intangible Asset, Expected Amortization, Year Five 8,300
Finite-Lived Intangible Asset, Expected Amortization, Year Six 8,300
Finite-Lived Intangible Asset, Expected Amortization, Year Seven 8,300
Finite-Lived Intangible Asset, Expected Amortization, Year Eight 8,300
Finite-Lived Intangible Asset, Expected Amortization, Year Nine 8,300
Finite-Lived Intangible Asset, Expected Amortization, Year Ten $ 6,200
v3.25.3
Note 5 - Goodwill and Other Intangibles - Changes in Goodwill and Other Intangibles (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Balance $ 6,978 $ 6,978
Balance 7,026 [1] 7,034
Amortization (6) (6)
Amortization (6) (6)
Balance 6,978 6,978
Balance 7,020 7,028
Core Deposits [Member]    
Balance, other intangible 48 56
Amortization, other intangible (6) (6)
Balance, other intangible $ 42 $ 50
[1] Derived from audited consolidated financial statements
v3.25.3
Note 6 - Capital Standards (Details Textual)
Sep. 30, 2025
Dec. 31, 2024
Banking Regulation, Common Equity Tier 1 Risk-Based Capital Ratio, Well Capitalized, Minimum 0.065 0.065
Banking Regulation, Tier 1 Risk-Based Capital Ratio, Well Capitalized, Minimum 0.08 0.08
Banking Regulation, Total Risk-Based Capital Ratio, Well Capitalized, Minimum 0.10 0.10
Banking Regulation, Tier 1 Leverage Capital Ratio, Well Capitalized, Minimum 0.05 0.05
v3.25.3
Note 6 - Capital Standards - Capital Requirements (Details)
$ in Thousands
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Capital $ 83,176 $ 81,161
Capital to Risk Weighted Assets 0.119 0.1237
Capital Required for Capital Adequacy $ 73,403 $ 68,910
Capital Required for Capital Adequacy to Risk Weighted Assets 0.105 0.105
Capital Required to be Well Capitalized $ 69,907 $ 65,628
Capital Required to be Well Capitalized to Risk Weighted Assets 0.10 0.10
Tier One Risk Based Capital $ 78,646 $ 76,601
Tier One Risk Based Capital to Risk Weighted Assets 0.1125 0.1167
Tier One Risk Based Capital Required for Capital Adequacy $ 59,421 $ 55,784
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets 0.085 0.085
Tier One Risk Based Capital Required to be Well Capitalized $ 55,926 $ 52,503
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets 0.08 0.08
Common Equity Tier One Capital $ 78,646 $ 76,601
Common Equity Tier One Capital Ratio 0.1125 0.1167
Common Equity Tier One Capital Required for Capital Adequacy $ 48,935 $ 45,940
Common Equity Tier One Capital Required for Capital Adequacy Ratio 0.07 0.07
Common Equity Tier One Capital Required to be Well-Capitalized $ 45,440 $ 42,658
Common Equity Tier One Capital Required to be Well Capitalized Ratio 0.065 0.065
Tier One Leverage Capital $ 78,646 $ 76,601
Tier One Leverage Capital to Average Assets 0.0929 0.0912
Tier One Leverage Capital Required for Capital Adequacy $ 33,869 $ 33,580
Tier One Leverage Capital Required for Capital Adequacy to Average Assets 0.04 0.04
Tier One Leverage Capital Required to be Well Capitalized $ 42,336 $ 41,974
Tier One Leverage Capital Required to be Well Capitalized to Average Assets 0.05 0.05
v3.25.3
Note 7 - Derivative Financial Instruments (Details Textual) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Interest Rate Swap [Member] | Fair Value Hedging [Member]    
Derivative, Notional Amount $ 63.8 $ 75.3
v3.25.3
Note 7 - Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Securities available for sale $ 82,902 $ 103,174
Derivative Assets 82,902 103,174
Hedged Asset, Fair Value Hedge, Cumulative Increase (Decrease) 222 556
Designated as Hedging Instrument [Member]    
Securities available for sale 56 626
Derivative Assets 56 626
Derivative liability 251 28
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]    
Securities available for sale 56 626
Derivative Assets 56 626
Derivative liability $ 251 $ 28
v3.25.3
Note 7 - Derivative Financial Instruments - Derivative Instruments, Gain (Loss) (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Hedged items $ 14 $ 21 $ (3) $ 21
Interest rate contracts designated as hedging instruments 118 208 343 565
Net gain on fair value hedging relationships included in interest income from investment securities - taxable $ 132 $ 229 $ 340 $ 586
v3.25.3
Note 8 - Fair Value (Details Textual)
 9 Months Ended
Sep. 30, 2025
Other Real Estate Owned [Member]  
Expected Sales Costs to Appraised Value, Percentage 10.00%
Impaired Loans [Member]  
Expected Sales Costs to Appraised Value, Percentage 10.00%
v3.25.3
Note 8 - Fair Value - Summarizes Financial Assets Measured at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Available for sale securities $ 121,138 $ 125,713 [1]
Hedging asset 82,902 103,174
Equity security, at fair value 546 518 [1]
Fair Value, Recurring [Member]    
Available for sale securities 121,138 125,713
Equity security, at fair value 546 518
Fair Value, Recurring [Member] | Fair Value Hedging [Member]    
Hedging asset 56 626
Hedging liability 251 28
Net fair value hedge (195) 598
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Available for sale securities 0 0
Equity security, at fair value 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value Hedging [Member]    
Hedging asset 0 0
Hedging liability 0 0
Net fair value hedge 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Available for sale securities 121,138 125,713
Equity security, at fair value 546 518
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value Hedging [Member]    
Hedging asset 56 626
Hedging liability 251 28
Net fair value hedge (195) 598
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Available for sale securities 0 0
Equity security, at fair value 0 0
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value Hedging [Member]    
Hedging asset 0 0
Hedging liability 0 0
Net fair value hedge 0 0
Fair Value, Nonrecurring [Member]    
Other real estate owned, net 2,775 1,176
Collateral-dependent loans, net   2,080
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Other real estate owned, net 0 0
Collateral-dependent loans, net   0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Other real estate owned, net 0 0
Collateral-dependent loans, net   0
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Other real estate owned, net 2,775 1,176
Collateral-dependent loans, net   2,080
US States and Political Subdivisions Debt Securities [Member]    
Available for sale securities 452 487
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member]    
Available for sale securities 452 487
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Available for sale securities 0 0
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Available for sale securities 452 487
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Available for sale securities 0 0
SBA Pools [Member]    
Available for sale securities 539 629
SBA Pools [Member] | Fair Value, Recurring [Member]    
Available for sale securities 539 629
SBA Pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Available for sale securities 0 0
SBA Pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Available for sale securities 539 629
SBA Pools [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Available for sale securities 0 0
Corporate Debt Securities [Member]    
Available for sale securities 6,328 7,185
Corporate Debt Securities [Member] | Fair Value, Nonrecurring [Member]    
Available for sale securities 6,328 7,185
Corporate Debt Securities [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Available for sale securities 0 0
Corporate Debt Securities [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Available for sale securities 6,328 7,185
Corporate Debt Securities [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Available for sale securities 0 0
Collateralized Mortgage-Backed Securities [Member]    
Available for sale securities 113,819 117,412
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member]    
Available for sale securities 113,819 117,412
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]    
Available for sale securities 0 0
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]    
Available for sale securities 113,819 117,412
Collateralized Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]    
Available for sale securities $ 0 $ 0
[1] Derived from audited consolidated financial statements
v3.25.3
Note 8 - Fair Value - Assets Measured on a Nonrecurring Basis (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Dec. 31, 2024
Other Real Estate Owned [Member]      
Expected Sales Costs to Appraised Value, Percentage   10.00%  
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]      
Other real estate owned $ 2,775 $ 2,775 $ 1,176
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Minimum [Member]      
Expected Sales Costs to Appraised Value, Percentage 0.00%    
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Maximum [Member]      
Expected Sales Costs to Appraised Value, Percentage 10.00% 10.00%  
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Weighted Average [Member]      
Expected Sales Costs to Appraised Value, Percentage 5.00% 5.00%  
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member]      
Other real estate owned     $ 2,080
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Minimum [Member]      
Expected Sales Costs to Appraised Value, Percentage 0.00%    
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Maximum [Member]      
Expected Sales Costs to Appraised Value, Percentage 20.00%    
Collateral Dependent Loans [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Nonrecurring [Member] | Weighted Average [Member]      
Expected Sales Costs to Appraised Value, Percentage 10.00%    
v3.25.3
Note 8 - Fair Value - Estimated Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Securities available for sale, at fair value $ 121,138 $ 125,713 [1]
Fair value, held to maturity 20,251  
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash and cash equivalents 52,187 64,659
Equity security 546 518
Noninterest-bearing deposits 116,187 107,197
Securities sold under repurchase agreements 2,458 5,564
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Certificates of deposit in other banks 100 100
Accrued interest receivable 2,550 2,439
Securities available for sale, at fair value 121,138 125,713
Fair value, held to maturity 17,036 17,156
Mortgage loans held for sale 0 157
Restricted stock, at cost 3,100 921
Bank owned life insurance 15,640 15,324
Fair value hedge 56 626
Interest-bearing deposits 617,909 651,609
Federal Home Loan Bank advances 50,200 5,000
Long-term debt, net 12,024 11,329
Accrued interest payable 935 1,003
Fair value hedge 251 28
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair value, held to maturity 4,092 3,343
Loans, net 622,457 582,993
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash and cash equivalents 52,187 64,659
Equity security 546 518
Noninterest-bearing deposits 116,187 107,197
Securities sold under repurchase agreements 2,458 5,564
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Certificates of deposit in other banks 100 100
Accrued interest receivable 2,550 2,439
Securities available for sale, at fair value 121,138 125,713
Fair value, held to maturity 16,159 15,589
Mortgage loans held for sale 0 157
Restricted stock, at cost 3,100 921
Bank owned life insurance 15,640 15,324
Fair value hedge 56 626
Interest-bearing deposits 615,437 654,346
Federal Home Loan Bank advances 49,251 4,957
Long-term debt, net 11,797 11,066
Accrued interest payable 935 1,003
Fair value hedge 233 28
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]    
Fair value, held to maturity 4,092 3,343
Loans, net $ 617,664 $ 572,346
[1] Derived from audited consolidated financial statements
v3.25.3
Note 9 - Earnings Per Share (Details Textual) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Weighted Average Number of Shares Outstanding, Diluted, Adjustment (in shares) 164 0 154 250
v3.25.3
Note 9 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Net income $ 1,706,000 $ 1,123,000 $ 4,069,000 $ 3,421,000
Weighted average shares outstanding (in shares) 3,195,097 3,145,061 3,181,334 3,127,728
Effect of dilutive restricted stock units (in shares) 0 0 241 167
Weighted average shares outstanding - diluted (in shares) 3,195,097 3,145,061 3,181,575 3,127,895
Earnings per common share - basic (in dollars per share) $ 0.53 $ 0.36 $ 1.28 $ 1.09
Earnings per common share - diluted (in dollars per share) $ 0.53 $ 0.36 $ 1.28 $ 1.09
Approximate [Member]        
Net income $ 1,705,529 $ 1,123,127 $ 4,068,715 $ 3,421,623
v3.25.3
Note 10 - Retirement Plans (Details Textual)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Defined Contribution Plan, Employer Discretionary Contribution Amount $ 64,000 $ 57,900 $ 230,200 $ 206,300
Other Postretirement Benefits Cost (Reversal of Cost) 2,100 2,000 6,400 5,900
Employee benefits $ 573,000 549,000 $ 1,486,000 1,597,000
Supplemental Employee Retirement Plan [Member]        
Number of Employees Participating in Plan 4   4  
Employee benefits $ 58,500 $ 66,000 $ 187,900 $ 198,000
Profit Sharing Plan [Member]        
Defined Contribution Plan, Employer Matching Contribution, Percent of Match     4.00%  
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage     100.00%  
v3.25.3
Note 11 - Borrowed Funds (Details Textual) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 25, 2025
Dec. 31, 2024
Dec. 31, 2020
Federal Home Loan Bank, Advance, Branch of FHLBank, Amount $ 50,200      
Long-Term Debt 12,024   $ 11,329 [1]  
Carroll Bancorp, Inc.[Member]        
Debt Instrument, Face Amount       $ 17,000
Long-Term Debt 11,300      
Long-Term Debt, Gross 10,100      
Subordinated Debt [Member]        
Debt Instrument, Face Amount   $ 12,500    
Debt Instrument, Interest Rate, Effective Percentage   7.875%    
Federal Reserve Bank Advances, Facility One [Member]        
Line of Credit Facility, Maximum Borrowing Capacity 30,200      
Commercial Banks [Member]        
Line of Credit Facility, Maximum Borrowing Capacity 23,500      
Commercial Banks [Member] | Unsecured Debt [Member]        
Line of Credit Facility, Maximum Borrowing Capacity 14,500      
Commercial Banks [Member] | Secured Debt [Member]        
Line of Credit Facility, Maximum Borrowing Capacity 9,000      
Federal Reserve Bank Advances [Member]        
Long-Term Line of Credit 0   0  
Federal Home Loan Bank of Atlanta [Member]        
Federal Home Loan Bank, Advances, General Debt Obligations, Maximum Amount Available 22,200      
Federal Home Loan Bank, Advance, Branch of FHLBank, Amount $ 50,200   $ 5,000  
Federal Home Loan Bank of Atlanta [Member] | Pledged Single-family Residential Loans [Member]        
Debt Instruments, Borrowing Capacity, Percentage 75.00%      
Federal Home Loan Bank of Atlanta [Member] | Pledged Commercial Loan [Member]        
Debt Instruments, Borrowing Capacity, Percentage 50.00%      
[1] Derived from audited consolidated financial statements
v3.25.3
Note 11 - Borrowed Funds - Borrowed Funds (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Securities sold under repurchase agreements $ 2,458 $ 5,564 [1]
Federal Home Loan Bank advances 50,200  
Long-term debt, net of issuance costs 12,024 11,329 [1]
Long-Term Debt [Member]    
Long-term debt, net of issuance costs $ 12,024 $ 11,329
Weighted average rate 7.88% 4.10%
Securities Sold under Agreements to Repurchase [Member]    
Weighted average rate 1.25% 1.25%
Federal Home Loan Bank Advances [Member]    
Weighted average rate 3.88% 1.00%
Federal Home Loan Bank of Atlanta [Member]    
Federal Home Loan Bank advances $ 50,200 $ 5,000
[1] Derived from audited consolidated financial statements
v3.25.3
Note 12 - Stock-based Compensation (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2023
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture $ 5,000 $ 4,000 $ 168,000    
Share-Based Payment Arrangement, Employee [Member]          
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture     $ 37,300    
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture     1,963    
Shares Issued, Price Per Share $ 19   $ 19    
Director [Member]          
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture     $ 116,100    
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture     6,731    
Shares Issued, Price Per Share $ 17.25   $ 17.25    
The 2023 Equity Compensation Plan [Member]          
Share-Based Payment Arrangement, Expense $ 4,500 $ 4,500 $ 13,600 $ 13,600  
The 2023 Equity Compensation Plan [Member] | Restricted Stock Units (RSUs) [Member]          
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount $ 18,200   $ 18,200    
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition     12 months    
The 2023 Equity Compensation Plan [Member] | Executive Officer [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period         2,000
The 2023 Equity Compensation Plan [Member] | Executive Officer [Member] | Restricted Stock Units (RSUs) [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted         3,000
The 2023 Equity Compensation Plan [Member] | Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage         33.33%
The 2023 Equity Compensation Plan [Member] | Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche Two [Member]          
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage         33.33%
v3.25.3
Note 12 - Stock-based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) [Member]
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Nonvested, number of shares (in shares) | shares 2,000
Nonvested, grant date fair value per share (in dollars per share) | $ / shares $ 18.54
Granted, number of shares (in shares) | shares 0
Granted, grant date fair value per share (in dollars per share) | $ / shares $ 0
Vested, number of shares (in shares) | shares 1,000
Vested, grant date fair value per share (in dollars per share) | $ / shares $ 18.54
Forfeited, number of shares (in shares) | shares 0
Forfeited, grant date fair value per share (in dollars per share) | $ / shares $ 0
Balance, number of shares (in shares) | shares 1,000
Balance, grant date fair value per share (in dollars per share) | $ / shares $ 18.54