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Note 14 - Regulatory Matters | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Regulatory Capital Requirements under Banking Regulations [Text Block] |
14. | 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 September 30, 2023. The Company and the Banks’ capital amounts and ratios as of September 30, 2023 and December 31, 2022 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 September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital (to risk-weighted assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 217,473 |  |  |  | 14.1 | % |  | $ | 161,572 |  |  |  | 10.50 | % |  |  | N/A |  |  |  | N/A |
Boone Bank & Trust |  |  | 16,212 |  |  |  | 13.7 |  |  |  | 12,381 |  |  |  | 10.50 |  |  |  | 11,791 |  |  |  | 10.0 | %
First National Bank |  |  | 111,884 |  |  |  | 14.0 |  |  |  | 83,616 |  |  |  | 10.50 |  |  |  | 79,635 |  |  |  | 10.0 |
Iowa State Savings Bank |  |  | 26,454 |  |  |  | 16.2 |  |  |  | 17,163 |  |  |  | 10.50 |  |  |  | 16,346 |  |  |  | 10.0 |
Reliance State Bank |  |  | 28,670 |  |  |  | 12.0 |  |  |  | 25,044 |  |  |  | 10.50 |  |  |  | 23,851 |  |  |  | 10.0 |
State Bank & Trust |  |  | 22,184 |  |  |  | 16.1 |  |  |  | 14,443 |  |  |  | 10.50 |  |  |  | 13,755 |  |  |  | 10.0 |
United Bank & Trust |  |  | 12,976 |  |  |  | 16.0 |  |  |  | 8,524 |  |  |  | 10.50 |  |  |  | 8,119 |  |  |  | 10.0 |
Tier 1 capital (to risk-weighted assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 200,329 |  |  |  | 13.0 | % |  | $ | 130,796 |  |  |  | 8.50 | % |  |  | N/A |  |  |  | N/A |
Boone Bank & Trust |  |  | 15,342 |  |  |  | 13.0 |  |  |  | 10,023 |  |  |  | 8.50 |  |  |  | 9,433 |  |  |  | 8.0 | %
First National Bank |  |  | 102,720 |  |  |  | 12.9 |  |  |  | 67,689 |  |  |  | 8.50 |  |  |  | 63,708 |  |  |  | 8.0 |
Iowa State Savings Bank |  |  | 24,508 |  |  |  | 15.0 |  |  |  | 13,894 |  |  |  | 8.50 |  |  |  | 13,077 |  |  |  | 8.0 |
Reliance State Bank |  |  | 25,974 |  |  |  | 10.9 |  |  |  | 20,273 |  |  |  | 8.50 |  |  |  | 19,081 |  |  |  | 8.0 |
State Bank & Trust |  |  | 20,700 |  |  |  | 15.0 |  |  |  | 11,692 |  |  |  | 8.50 |  |  |  | 11,004 |  |  |  | 8.0 |
United Bank & Trust |  |  | 12,003 |  |  |  | 14.8 |  |  |  | 6,901 |  |  |  | 8.50 |  |  |  | 6,495 |  |  |  | 8.0 |
Tier 1 capital (to average-assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 200,329 |  |  |  | 9.0 | % |  | $ | 88,779 |  |  |  | 4.00 | % |  |  | N/A |  |  |  | N/A |
Boone Bank & Trust |  |  | 15,342 |  |  |  | 9.6 |  |  |  | 6,363 |  |  |  | 4.00 |  |  |  | 7,954 |  |  |  | 5.0 | %
First National Bank |  |  | 102,720 |  |  |  | 8.9 |  |  |  | 46,107 |  |  |  | 4.00 |  |  |  | 57,634 |  |  |  | 5.0 |
Iowa State Savings Bank |  |  | 24,508 |  |  |  | 9.9 |  |  |  | 9,949 |  |  |  | 4.00 |  |  |  | 12,436 |  |  |  | 5.0 |
Reliance State Bank |  |  | 25,974 |  |  |  | 8.4 |  |  |  | 12,340 |  |  |  | 4.00 |  |  |  | 15,426 |  |  |  | 5.0 |
State Bank & Trust |  |  | 20,700 |  |  |  | 9.5 |  |  |  | 8,682 |  |  |  | 4.00 |  |  |  | 10,853 |  |  |  | 5.0 |
United Bank & Trust |  |  | 12,003 |  |  |  | 9.4 |  |  |  | 5,082 |  |  |  | 4.00 |  |  |  | 6,353 |  |  |  | 5.0 |
Common equity tier 1 capital (to risk-weighted assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 200,329 |  |  |  | 13.0 | % |  | $ | 107,714 |  |  |  | 7.00 | % |  |  | N/A |  |  |  | N/A |
Boone Bank & Trust |  |  | 15,342 |  |  |  | 13.0 |  |  |  | 8,254 |  |  |  | 7.00 |  |  |  | 7,664 |  |  |  | 6.5 | %
First National Bank |  |  | 102,720 |  |  |  | 12.9 |  |  |  | 55,744 |  |  |  | 7.00 |  |  |  | 51,762 |  |  |  | 6.5 |
Iowa State Savings Bank |  |  | 24,508 |  |  |  | 15.0 |  |  |  | 11,442 |  |  |  | 7.00 |  |  |  | 10,625 |  |  |  | 6.5 |
Reliance State Bank |  |  | 25,974 |  |  |  | 10.9 |  |  |  | 16,696 |  |  |  | 7.00 |  |  |  | 15,503 |  |  |  | 6.5 |
State Bank & Trust |  |  | 20,700 |  |  |  | 15.0 |  |  |  | 9,629 |  |  |  | 7.00 |  |  |  | 8,941 |  |  |  | 6.5 |
United Bank & Trust |  |  | 12,003 |  |  |  | 14.8 |  |  |  | 5,683 |  |  |  | 7.00 |  |  |  | 5,277 |  |  |  | 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, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total capital (to risk-weighted assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 215,799 |  |  |  | 14.1 | % |  | $ | 160,370 |  |  |  | 10.50 | % |  |  | N/A |  |  |  | N/A |
Boone Bank & Trust |  |  | 15,962 |  |  |  | 12.9 |  |  |  | 12,984 |  |  |  | 10.50 |  |  |  | 12,366 |  |  |  | 10.0 | %
First National Bank |  |  | 110,887 |  |  |  | 14.2 |  |  |  | 82,089 |  |  |  | 10.50 |  |  |  | 78,180 |  |  |  | 10.0 |
Iowa State Savings Bank |  |  | 25,398 |  |  |  | 15.5 |  |  |  | 17,210 |  |  |  | 10.50 |  |  |  | 16,390 |  |  |  | 10.0 |
Reliance State Bank |  |  | 28,385 |  |  |  | 12.4 |  |  |  | 24,103 |  |  |  | 10.50 |  |  |  | 22,955 |  |  |  | 10.0 |
State Bank & Trust |  |  | 22,011 |  |  |  | 14.7 |  |  |  | 15,716 |  |  |  | 10.50 |  |  |  | 14,968 |  |  |  | 10.0 |
United Bank & Trust |  |  | 12,633 |  |  |  | 15.1 |  |  |  | 8,759 |  |  |  | 10.50 |  |  |  | 8,342 |  |  |  | 10.0 |
Tier 1 capital (to risk-weighted assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 199,069 |  |  |  | 13.0 | % |  | $ | 129,823 |  |  |  | 8.50 | % |  |  | N/A |  |  |  | N/A |
Boone Bank & Trust |  |  | 14,990 |  |  |  | 12.1 |  |  |  | 10,511 |  |  |  | 8.50 |  |  |  | 9,893 |  |  |  | 8.0 | %
First National Bank |  |  | 101,976 |  |  |  | 13.0 |  |  |  | 66,453 |  |  |  | 8.50 |  |  |  | 62,544 |  |  |  | 8.0 |
Iowa State Savings Bank |  |  | 24,113 |  |  |  | 14.7 |  |  |  | 13,932 |  |  |  | 8.50 |  |  |  | 13,112 |  |  |  | 8.0 |
Reliance State Bank |  |  | 25,647 |  |  |  | 11.2 |  |  |  | 19,512 |  |  |  | 8.50 |  |  |  | 18,364 |  |  |  | 8.0 |
State Bank & Trust |  |  | 20,392 |  |  |  | 13.6 |  |  |  | 12,723 |  |  |  | 8.50 |  |  |  | 11,974 |  |  |  | 8.0 |
United Bank & Trust |  |  | 11,677 |  |  |  | 14.0 |  |  |  | 7,090 |  |  |  | 8.50 |  |  |  | 6,673 |  |  |  | 8.0 |
Tier 1 capital (to average-assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 199,069 |  |  |  | 9.1 | % |  | $ | 87,392 |  |  |  | 4.00 | % |  |  | N/A |  |  |  | N/A |
Boone Bank & Trust |  |  | 14,990 |  |  |  | 8.7 |  |  |  | 6,868 |  |  |  | 4.00 |  |  |  | 8,585 |  |  |  | 5.0 | %
First National Bank |  |  | 101,976 |  |  |  | 8.9 |  |  |  | 45,582 |  |  |  | 4.00 |  |  |  | 56,978 |  |  |  | 5.0 |
Iowa State Savings Bank |  |  | 24,113 |  |  |  | 9.3 |  |  |  | 10,423 |  |  |  | 4.00 |  |  |  | 13,029 |  |  |  | 5.0 |
Reliance State Bank |  |  | 25,647 |  |  |  | 8.5 |  |  |  | 12,001 |  |  |  | 4.00 |  |  |  | 15,001 |  |  |  | 5.0 |
State Bank & Trust |  |  | 20,392 |  |  |  | 9.1 |  |  |  | 8,932 |  |  |  | 4.00 |  |  |  | 11,165 |  |  |  | 5.0 |
United Bank & Trust |  |  | 11,677 |  |  |  | 8.9 |  |  |  | 5,274 |  |  |  | 4.00 |  |  |  | 6,592 |  |  |  | 5.0 |
Common equity tier 1 capital (to risk-weighted assets): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated |  | $ | 199,069 |  |  |  | 13.0 | % |  | $ | 106,913 |  |  |  | 7.00 | % |  |  | N/A |  |  |  | N/A |
Boone Bank & Trust |  |  | 14,990 |  |  |  | 12.1 |  |  |  | 8,656 |  |  |  | 7.00 |  |  |  | 8,038 |  |  |  | 6.5 | %
First National Bank |  |  | 101,976 |  |  |  | 13.0 |  |  |  | 54,726 |  |  |  | 7.00 |  |  |  | 50,817 |  |  |  | 6.5 |
Iowa State Savings Bank |  |  | 24,113 |  |  |  | 14.7 |  |  |  | 11,473 |  |  |  | 7.00 |  |  |  | 10,654 |  |  |  | 6.5 |
Reliance State Bank |  |  | 25,647 |  |  |  | 11.2 |  |  |  | 16,069 |  |  |  | 7.00 |  |  |  | 14,921 |  |  |  | 6.5 |
State Bank & Trust |  |  | 20,392 |  |  |  | 13.6 |  |  |  | 10,477 |  |  |  | 7.00 |  |  |  | 9,729 |  |  |  | 6.5 |
United Bank & Trust |  |  | 11,677 |  |  |  | 14.0 |  |  |  | 5,839 |  |  |  | 7.00 |  |  |  | 5,422 |  |  |  | 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 included 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 is subject to limitations on capital distributions, including dividend payments, and certain discretionary bonus payments to executive officers. At September 30, 2023, the capital ratios for the Company and the Banks were sufficient to meet the conservation buffer.

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