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Note 13 - Regulatory Matters

9 Months Ended

Sep. 30, 2024

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 September 30, 2024.

The Company and the Banks’ capital amounts and ratios as of September 30, 2024 and  December 31, 2023 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, 2024
Total capital (to risk-weighted assets):
Consolidated		$	219,188				14.2	%		$	162,579				10.50	%			N/A				N/A
Boone Bank & Trust			16,332				13.0				13,174				10.50				12,547				10.0	%
First National Bank			112,001				14.2				82,712				10.50				78,774				10.0
Iowa State Savings Bank			27,061				15.7				18,155				10.50				17,290				10.0
Reliance State Bank			28,874				12.3				24,589				10.50				23,419				10.0
State Bank & Trust			22,183				15.5				14,984				10.50				14,271				10.0
United Bank & Trust			13,155				15.7				8,820				10.50				8,400				10.0
Tier 1 capital (to risk-weighted assets):
Consolidated		$	200,610				13.0	%		$	131,611				8.50	%			N/A				N/A
Boone Bank & Trust			15,283				12.2				10,665				8.50				10,038				8.0	%
First National Bank			102,863				13.1				66,958				8.50				63,019				8.0
Iowa State Savings Bank			24,899				14.4				14,697				8.50				13,832				8.0
Reliance State Bank			25,946				11.1				19,906				8.50				18,735				8.0
State Bank & Trust			20,394				14.3				12,130				8.50				11,417				8.0
United Bank & Trust			12,105				14.4				7,140				8.50				6,720				8.0
Tier 1 capital (to average-assets):
Consolidated		$	200,610				9.3	%		$	86,434				4.00	%			N/A				N/A
Boone Bank & Trust			15,283				9.2				6,637				4.00				8,296				5.0	%
First National Bank			102,863				9.3				44,333				4.00				55,416				5.0
Iowa State Savings Bank			24,899				9.8				10,162				4.00				12,702				5.0
Reliance State Bank			25,946				8.7				11,987				4.00				14,984				5.0
State Bank & Trust			20,394				9.9				8,203				4.00				10,254				5.0
United Bank & Trust			12,105				9.9				4,903				4.00				6,129				5.0
Common equity tier 1 capital (to risk-weighted assets):
Consolidated		$	200,610				13.0	%		$	108,386				7.00	%			N/A				N/A
Boone Bank & Trust			15,283				12.2				8,783				7.00				8,156				6.5	%
First National Bank			102,863				13.1				55,142				7.00				51,203				6.5
Iowa State Savings Bank			24,899				14.4				12,103				7.00				11,239				6.5
Reliance State Bank			25,946				11.1				16,393				7.00				15,222				6.5
State Bank & Trust			20,394				14.3				9,990				7.00				9,276				6.5
United Bank & Trust			12,105				14.4				5,880				7.00				5,460				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, 2023
Total capital (to risk-weighted assets):
Consolidated		$	218,049				14.0	%		$	164,005				10.50	%			N/A				N/A
Boone Bank & Trust			16,232				13.6				12,510				10.50				11,914				10.0	%
First National Bank			112,057				13.9				84,863				10.50				80,822				10.0
Iowa State Savings Bank			26,691				15.7				17,854				10.50				17,004				10.0
Reliance State Bank			28,755				11.9				25,293				10.50				24,089				10.0
State Bank & Trust			22,283				16.0				14,597				10.50				13,902				10.0
United Bank & Trust			12,989				16.1				8,486				10.50				8,082				10.0
Tier 1 capital (to risk-weighted assets):
Consolidated		$	200,187				12.8	%		$	132,766				8.50	%			N/A				N/A
Boone Bank & Trust			15,309				12.8				10,127				8.50				9,532				8.0	%
First National Bank			102,634				12.7				68,699				8.50				64,658				8.0
Iowa State Savings Bank			24,619				14.5				14,453				8.50				13,603				8.0
Reliance State Bank			25,937				10.8				20,476				8.50				19,271				8.0
State Bank & Trust			20,676				14.9				11,817				8.50				11,122				8.0
United Bank & Trust			11,979				14.8				6,870				8.50				6,466				8.0
Tier 1 capital (to average-assets):
Consolidated		$	200,187				9.0	%		$	88,992				4.00	%			N/A				N/A
Boone Bank & Trust			15,309				9.6				6,393				4.00				7,991				5.0	%
First National Bank			102,634				8.8				46,878				4.00				58,597				5.0
Iowa State Savings Bank			24,619				9.6				10,234				4.00				12,792				5.0
Reliance State Bank			25,937				8.3				12,464				4.00				15,580				5.0
State Bank & Trust			20,676				9.6				8,573				4.00				10,717				5.0
United Bank & Trust			11,979				9.5				5,039				4.00				6,299				5.0
Common equity tier 1 capital (to risk-weighted assets):
Consolidated		$	200,187				12.8	%		$	109,337				7.00	%			N/A				N/A
Boone Bank & Trust			15,309				12.8				8,340				7.00				7,744				6.5	%
First National Bank			102,634				12.7				56,576				7.00				52,534				6.5
Iowa State Savings Bank			24,619				14.5				11,903				7.00				11,052				6.5
Reliance State Bank			25,937				10.8				16,862				7.00				15,658				6.5
State Bank & Trust			20,676				14.9				9,731				7.00				9,036				6.5
United Bank & Trust			11,979				14.8				5,657				7.00				5,253				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, 2024, 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
-Topic 942
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477270/942-505-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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