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REGULATORY MATTERS

9 Months Ended

Sep. 30, 2023

REGULATORY MATTERS

REGULATORY MATTERS

NOTE 9 – REGULATORY MATTERS

Banks and certain bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate regulatory action.

The Economic Growth, Regulatory Relief, and Consumer Protection Act, signed into law in May 2018 raised the threshold for those bank holding companies subject to the Federal Reserve’s Small Bank Holding Company Policy Statement to $3 billion. As a result, as of the effective date of that change in 2018, the Company was no longer required to comply with the risk-based capital rules applicable to the Bank. The Federal Reserve may, however, require smaller bank holding companies to maintain certain minimum capital levels, depending upon general economic conditions and a bank holding company’s particular condition, risk profile and growth plans. Due to the acquisition of Denmark Bancshares, Inc. (“Denmark”) the Company is subject to compliance with risk-based capital rules beginning with the third quarter of 2022, and will remain so as long as it remains above the $3 billion threshold.

Under regulatory guidance for non-advanced approaches institutions, the Bank is required to maintain minimum amounts and ratios of common equity Tier I capital to risk-weighted assets, including an additional conservation buffer determined by banking regulators. As of September 30, 2023 and December 31, 2022, this buffer was 2.5%. The Bank met all capital adequacy requirements to which they are subject as of September 30, 2023 and December 31, 2022.

Actual and required capital amounts and ratios are presented below at period-end:

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​				​	​	​	​	​	​	To Be Well
​	​	​	​	​	​	​	​	​	​	​	​	Minimum Capital				​	Capitalized Under
​	​	​	​	​	​	​	For Capital				​	Adequacy with				​	Prompt Corrective
​	​	Actual				​	Adequacy Purposes				​	Capital Buffer				​	Action Provisions
​		Amount			Ratio		Amount			Ratio		Amount			Ratio		Amount			Ratio	​
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
September 30, 2023	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total capital (to risk-weighted assets):		​					​					​					​				​
Company	​	$	469,931		12.97	%	$	289,759		8.00	%	$	380,309		10.50	%	$	362,199		10.00	%
Bank	​	$	432,259		11.94	%	$	289,528		8.00	%	$	380,005		10.50	%	$	361,909		10.00	%
Tier 1 capital (to risk-weighted assets):	​		​	​	​	​					​					​		​			​
Company	​	$	412,915		11.40	%	$	217,319		6.00	%	$	307,869		8.50	%	$	289,759		8.00	%
Bank	​	$	398,743		11.02	%	$	217,146		6.00	%	$	307,623		8.50	%	$	289,528		8.00	%
Common Equity Tier 1 capital (to risk-weighted assets):	​		​	​	​	​					​					​					​
Company	​	$	400,915		11.07	%	$	162,989		4.50	%	$	253,539		7.00	%	$	235,429		6.50	%
Bank	​	$	398,743		11.02	%	$	162,859		4.50	%	$	253,337		7.00	%	$	235,241		6.50	%
Tier 1 capital (to average assets):	​	​	​	​	​	​	​				​					​					​
Company	​	$	412,915		10.56	%	$	156,440		4.00	%	$	156,440		4.00	%	$	195,550		5.00	%
Bank	​	$	398,743		10.20	%	$	156,313		4.00	%	$	156,313		4.00	%	$	195,391		5.00	%
December 31, 2022	​		​			​		​			​					​					​
Total capital (to risk-weighted assets):	​		​			​					​					​					​
Company	​	$	387,814		12.23	%	$	253,689		8.00	%	$	332,967		10.50	%	$	317,112		10.00	%
Bank	​	$	372,312		11.75	%	$	253,504		8.00	%	$	332,724		10.50	%	$	316,880		10.00	%
Tier 1 capital (to risk-weighted assets):	​		​	​	​	​					​					​		​			​
Company	​	$	341,634		10.77	%	$	190,267		6.00	%	$	269,545		8.50	%	$	253,689		8.00	%
Bank	​	$	349,632		11.03	%	$	190,128		6.00	%	$	269,348		8.50	%	$	253,504		8.00	%
Common Equity Tier 1 capital (to risk-weighted assets):	​		​	​	​	​					​					​					​
Company	​	$	341,634		10.77	%	$	142,700		4.50	%	$	221,978		7.00	%	$	206,123		6.50	%
Bank	​	$	349,632		11.03	%	$	142,596		4.50	%	$	221,816		7.00	%	$	205,972		6.50	%
Tier 1 capital (to average assets):	​		​	​	​	​					​					​					​
Company	​	$	341,634		9.69	%	$	140,992		4.00	%	$	140,992		4.00	%	$	176,240		5.00	%
Bank	​	$	349,632		9.93	%	$	140,887		4.00	%	$	140,887		4.00	%	$	176,108		5.00	%

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The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

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-Topic 942
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
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