Note 25 - Subsequent Events	12 Months Ended
Dec. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	*Note 25.* Subsequent Events** On February 18, 2021, the Company entered into an agreement to acquire The Bank of Fincastle (Fincastle) for an aggregate purchase price of $31.6 million in cash and stock. The financial position and results of operations of Fincastle are not reflected in the Company’s financial statements as of December 31, 2020. At the time of closing of the acquisition, The Bank of Fincastle is expected to have six retail bank offices operating in the greater Roanoke region of Virginia, including its main office in the Town of Fincastle. As of December 31, 2020, Fincastle reported assets of $255.9 million, loans, net of allowance for loan losses, of $198.4 million, and deposits of $224.3 million. In connection with the transaction, the Company expects to pay cash consideration of $6.7 million and issue approximately 1.3 million shares of its common stock to the shareholders of Fincastle. Upon completion of the transaction, the Bank of Fincastle is expected to be merged with and into First Bank. The acquisition will be accounted for as a business combination under ASC 805, Business Combinations. Under acquisition accounting, assets acquired and liabilities assumed are recorded at their acquisition date fair values, and any excess of the purchase price over the aggregate fair value of the net assets acquired is recognized as goodwill.

Note 25 - Subsequent Events

12 Months Ended

Dec. 31, 2020

Note 25. Subsequent Events

On February 18, 2021, the Company entered into an agreement to acquire The Bank of Fincastle (Fincastle) for an aggregate purchase price of $31.6 million in cash and stock. The financial position and results of operations of Fincastle are not reflected in the Company’s financial statements as of December 31, 2020. At the time of closing of the acquisition, The Bank of Fincastle is expected to have six retail bank offices operating in the greater Roanoke region of Virginia, including its main office in the Town of Fincastle. As of December 31, 2020, Fincastle reported assets of $255.9 million, loans, net of allowance for loan losses, of $198.4 million, and deposits of $224.3 million.

In connection with the transaction, the Company expects to pay cash consideration of $6.7 million and issue approximately 1.3 million shares of its common stock to the shareholders of Fincastle. Upon completion of the transaction, the Bank of Fincastle is expected to be merged with and into First Bank. The acquisition will be accounted for as a business combination under ASC 805, Business Combinations. Under acquisition accounting, assets acquired and liabilities assumed are recorded at their acquisition date fair values, and any excess of the purchase price over the aggregate fair value of the net assets acquired is recognized as goodwill.