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Note 11 - Acquisitions | 6 Months Ended
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Jun. 30, 2024
Notes to Financial Statements |
Business Combination Disclosure [Text Block] | Note 11. Acquisition On March 25, 2024, the Company entered into an agreement to acquire Touchstone for an aggregate purchase price of $47.0 million in stock (based on the Company's closing stock price as of March 25, 2024). The financial position and results of operations of Touchstone are not reflected in the Company’s financial statements as of June 30, 2024. At the time of closing of the acquisition, Touchstone is expected to have twelve retail bank offices serving south-central Virginia and northern North Carolina, and an administrative office in Prince George, Virginia. The Company has received regulatory approvals from the Federal Reserve Bank of Richmond, acting under authority delegated by the Board of Governors of the Federal Reserve System, and the Bureau of Financial Institutions division of the State Corporation Commission of the Commonwealth of Virginia. The closing of the acquisition is subject to customary closing conditions, including shareholder approval. As of June 30, 2024, Touchstone reported total assets of $662.7 million, gross loans of $500.6 million, and total deposits of $546.7 million. In connection with the transaction, the Company expects to issue approximately 2.7 million shares of its common stock to the shareholders of Touchstone. Upon completion of the transaction, Touchstone Bank, which is Touchstone’s wholly owned banking subsidiary, 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.

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