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Note 13 - Regulatory Matters

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Regulatory Capital Requirements under Banking Regulations [Text Block]

13. Regulatory Matters

The Company and the Banks are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements (as shown in the following table) can result in certain mandatory and possibly additional discretionary actions by regulators, which, if undertaken, could have a direct material effect on the Company's consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Banks must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The Company's and the Banks' capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Management believed the Company and the Banks met all capital adequacy requirements to which they were subject as of March 31, 2022.

The Company and the Banks’ capital amounts and ratios as of March 31, 2022 and December 31, 2021 are as follows (dollars in thousands):

																		To Be Well
																		Capitalized Under
										For Capital								Prompt Corrective
		Actual								Adequacy Purposes								Action Provisions
		Amount				Ratio				Amount				Ratio				Amount				Ratio
As of March 31, 2022:
Total capital (to risk-weighted assets):
Consolidated		$	211,219				14.9	%		$	148,534				10.50	%			N/A				N/A
Boone Bank & Trust			15,704				13.5				12,251				10.50				11,668				10.0	%
First National Bank			106,493				14.5				77,007				10.50				73,340				10.0
Iowa State Savings Bank			24,309				15.9				16,043				10.50				15,280				10.0
Reliance State Bank			27,424				15.0				19,235				10.50				18,319				10.0
State Bank & Trust			21,243				14.8				15,114				10.50				14,395				10.0
United Bank & Trust			12,137				15.3				8,328				10.50				7,931				10.0
Tier 1 capital (to risk-weighted assets):
Consolidated		$	194,024				13.7	%		$	120,242				8.50	%			N/A				N/A
Boone Bank & Trust			14,778				12.7				9,917				8.50				9,334				8.0	%
First National Bank			97,319				13.3				62,339				8.50				58,672				8.0
Iowa State Savings Bank			23,048				15.1				12,988				8.50				12,224				8.0
Reliance State Bank			25,131				13.7				15,571				8.50				14,655				8.0
State Bank & Trust			19,590				13.6				12,235				8.50				11,516				8.0
United Bank & Trust			11,144				14.1				6,742				8.50				6,345				8.0
Tier 1 capital (to average-assets):
Consolidated		$	194,024				9.1	%		$	85,639				4.00	%			N/A				N/A
Boone Bank & Trust			14,778				9.0				6,538				4.00				8,172				5.0	%
First National Bank			97,319				8.9				43,893				4.00				54,866				5.0
Iowa State Savings Bank			23,048				9.0				10,219				4.00				12,774				5.0
Reliance State Bank			25,131				8.6				11,642				4.00				14,553				5.0
State Bank & Trust			19,590				8.9				8,812				4.00				11,016				5.0
United Bank & Trust			11,144				8.7				5,137				4.00				6,421				5.0
Common equity tier 1 capital (to risk-weighted assets):
Consolidated		$	194,024				13.7	%		$	99,022				7.00	%			N/A				N/A
Boone Bank & Trust			14,778				12.7				8,167				7.00				7,584				6.5	%
First National Bank			97,319				13.3				51,338				7.00				47,671				6.5
Iowa State Savings Bank			23,048				15.1				10,696				7.00				9,932				6.5
Reliance State Bank			25,131				13.7				12,823				7.00				11,907				6.5
State Bank & Trust			19,590				13.6				10,076				7.00				9,356				6.5
United Bank & Trust			11,144				15.1				5,552				7.00				5,155				6.5

																		To Be Well
																		Capitalized Under
										For Capital								Prompt Corrective
		Actual								Adequacy Purposes								Action Provisions
		Amount				Ratio				Amount				Ratio				Amount				Ratio
As of December 31, 2021:
Total capital (to risk-weighted assets):
Consolidated		$	208,480				14.8	%		$	146,881				10.50	%			N/A				N/A
Boone Bank & Trust			15,603				14.2				11,562				10.50				11,012				10.0	%
First National Bank			104,608				14.5				75,832				10.50				72,221				10.0
Iowa State Savings Bank			24,008				15.9				15,895				10.50				15,138				10.0
Reliance State Bank			27,292				13.6				21,136				10.50				20,129				10.0
State Bank & Trust			20,885				15.2				14,416				10.50				13,730				10.0
United Bank & Trust			12,001				15.7				8,039				10.50				7,657				10.0
Tier 1 capital (to risk-weighted assets):
Consolidated		$	191,161				13.7	%		$	118,904				8.50	%			N/A				N/A
Boone Bank & Trust			14,652				13.3				9,360				8.50				8,809				8.0	%
First National Bank			95,573				13.2				61,388				8.50				57,777				8.0
Iowa State Savings Bank			22,747				15.0				12,868				8.50				12,111				8.0
Reliance State Bank			24,774				12.3				17,110				8.50				16,103				8.0
State Bank & Trust			19,231				14.0				11,670				8.50				10,984				8.0
United Bank & Trust			11,042				14.4				6,508				8.50				6,125				8.0
Tier 1 capital (to average-assets):
Consolidated		$	191,161				9.0	%		$	84,585				4.00	%			N/A				N/A
Boone Bank & Trust			14,652				9.0				6,525				4.00				8,157				5.0	%
First National Bank			95,573				8.7				44,333				4.00				55,416				5.0
Iowa State Savings Bank			22,747				9.1				10,102				4.00				12,628				5.0
Reliance State Bank			24,774				8.8				11,396				4.00				14,245				5.0
State Bank & Trust			19,231				9.1				8,469				4.00				10,586				5.0
United Bank & Trust			11,042				8.9				4,955				4.00				6,193				5.0
Common equity tier 1 capital (to risk-weighted assets):
Consolidated		$	191,161				13.7	%		$	97,921				7.00	%			N/A				N/A
Boone Bank & Trust			14,652				13.3				7,708				7.00				7,158				6.5	%
First National Bank			95,573				13.2				50,555				7.00				46,944				6.5
Iowa State Savings Bank			22,747				15.0				10,597				7.00				9,840				6.5
Reliance State Bank			24,774				12.3				14,091				7.00				13,084				6.5
State Bank & Trust			19,231				14.0				9,611				7.00				8,924				6.5
United Bank & Trust			11,042				14.4				5,360				7.00				4,977				6.5

The Company and the Banks are subject to the rules of the Basel III regulatory capital framework and related Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules include the implementation of a 2.5 percent capital conservation buffer that is added to the minimum requirements for capital adequacy purposes for all capital ratios except tier 1 capital to average assets. A banking organization with a capital conservation buffer of less than the required amount will be subject to limitations on capital distributions, including dividend payments, and certain discretionary bonus payments to executive officers. At March 31, 2022, the capital ratios for the Company and the Banks were sufficient to meet the conservation buffer.

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 505
-Section 50
-Paragraph 1F
-URI https://asc.fasb.org/extlink&oid=117337116&loc=SL5958575-112826

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826

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-URI https://asc.fasb.org/extlink&oid=117337116&loc=SL5958568-112826

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