Note 5 - Loans Receivable

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

Note

5.

Loans Receivable

The major components of loans in the consolidated balance sheets at

December 31, 2019

and

December 31, 2018

are as follows:

(dollars in thousands)	2019			2018
Construction & development	$	39,649		$	33,449
Farmland		34,166			33,291
Residential		253,674			235,689
Commercial mortgage		190,817			176,192
Commercial & agricultural		32,426			37,491
Consumer & other		19,621			20,353
Total loans		570,353			536,465
Allowance for loan losses		(3,893	)		(3,495	)
Loans, net of allowance for loan losses	$	566,460		$	532,970

The major components of loans, net of fair value adjustments, acquired from Great State Bank as of

July 1, 2018,

the acquisition date, are as follows:

(dollars in thousands)
Construction & development	$	7,496
Farmland		720
Residential		26,006
Commercial mortgage		47,953
Commercial & agricultural		11,793
Consumer & other		1,140
Total loans acquired	$	95,108

As of

December 31, 2019

and

2018,

substantially all of the Bank’s residential

1

-

4

family loans were pledged as collateral toward borrowings with the Federal Home Loan Bank.