Quarterly report pursuant to Section 13 or 15(d)

Note 14 - Fair Value (Tables)

v3.23.2
Note 14 - Fair Value (Tables)
 6 Months Ended
Jun. 30, 2023
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
           

(Dollars in thousands)

  
   

 

    

Fair Value Measurements at June 30, 2023 Using

  

(Dollars in thousands)

  

Estimated
Fair
Value

    

Quoted Prices in

Active Markets for Identical Assets
(Level 1)

    

Significant Other Observable Inputs
(Level 2)

    

Significant Unobservable

Inputs
(Level 3)

  

Assets:

                                

Interest rate swap contracts

   $ 8,492     $ -     $ 8,492     $ -  

Interest rate lock commitments

     87       -       87       -  

Available-for-sale debt securities:

                                

U.S. government sponsored entities

     7,673       -       7,673       -  

U.S. treasury securities

     124       -       124       -  

Collateralized mortgage obligations and residential mortgage-backed securities

     127,661       -       127,661       -  

Municipal securities

     231,603       -       231,603       -  

Collateralized debt obligations

     1,075       -       -       1,075  

Total securities available-for-sale

   $ 368,136     $ -     $ 367,061     $ 1,075  
                                 

Liabilities:

                                

Interest rate swap contracts

   $ 8,492     $ -     $ 8,492     $ -  
           

(Dollars in thousands)

  
           

Fair Value Measurements at December 31, 2022 Using

  

(Dollars in thousands)

  

Estimated
Fair
Value

    

Quoted Prices in Active Markets for Identical Assets
(Level 1)

    

Significant Other Observable Inputs
(Level 2)

    

Significant Unobservable Inputs
(Level 3)

  

Assets:

                                

Interest rate swap contracts

   $ 8,972     $ -     $ 8,972     $ -  

Interest rate lock commitments

     38       -       38       -  

Available-for-sale debt securities:

                                

U.S. government sponsored entities

     7,625       -       7,625       -  

U.S. treasury securities

     389       -       389       -  

Collateralized mortgage obligations and residential mortgage-backed securities

     134,116       -       134,116       -  

Municipal securities

     227,718       -       227,718       -  

Collateralized debt obligations

     1,048       -       -       1,048  

Total securities available-for-sale

   $ 370,896     $ -     $ 369,848     $ 1,048  
                                 

Liabilities:

                                

Interest rate swap contracts

   $ 8,972     $ -     $ 8,972     $ -  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
   

(Dollars in thousands)

  
   

Estimated Fair Value
Measurements Using
Significant Unobservable
Inputs
(Level 3)

  
   

Available-for-
sale securities

  

Beginning balance, January 1, 2022

   $ 992  

Principal payments

     -  

Total unrealized gains, included in other comprehensive income.

     (20 )

Ending balance, June 30, 2022

   $ 972  
         

Beginning balance, January 1, 2023

   $ 1,048  

Principal payments

     -  

Total unrealized gains, included in other comprehensive loss

     27  

Ending balance, June 30, 2023

   $ 1,075  
Fair Value Measurements, Nonrecurring [Table Text Block]
           

(Dollars in thousands)

  
           

Fair Value Measurements at June 30, 2023 Using

  

(Dollars in thousands)

  

Estimated
Fair
Value

    

Quoted Prices in Active Markets for

Identical Assets
(Level 1)

    

Significant Other Observable Inputs
(Level 2)

    

Significant Unobservable

Inputs
(Level 3)

  

Collateral dependent loans

   $ 6,945     $ -     $ -     $ 6,945  
           

(Dollars in thousands)

  
           

Fair Value Measurements at December 31, 2022 Using

  

(Dollars in thousands)

  

Estimated
Fair
Value

    

Quoted Prices in Active Markets for

Identical Assets
(Level 1)

    

Significant Other Observable Inputs
(Level 2)

    

Significant Unobservable

Inputs
(Level 3)

  

Impaired loans

   $ 2,620     $ -     $ -     $ 2,620  
Fair Value, by Balance Sheet Grouping [Table Text Block]
   

June 30, 2023

    

Estimated Fair Value Measurements at June 30, 2023 Using

  

(Dollars in thousands)

  

Carrying
Value

    

Estimated
Fair Value

    

Quoted Prices in
Active Markets for Identical Assets
(Level 1)

    

Significant
Other Observable
Inputs
(Level 2)

    

Significant
Unobservable
Inputs
(Level 3)

  

Financial assets:

                                        

Cash and cash equivalents

   $ 115,673     $ 115,673     $ 115,673     $ -     $ -  

Loans held-for-sale

     1,832       1,859       -       1,859       -  

Loans receivable, net

     1,514,654       1,422,459       -       -       1,422,459  

Federal Home Loan Bank stock

     6,547       6,547       -       6,547       -  

Accrued interest receivable

     7,714       7,714       -       7,714       -  
                                         

Financial liabilities:

                                        

Non-interest bearing deposits

     315,671       315,671       315,671       -       -  

Interest bearing deposits

     1,479,476       1,476,202       974,771       501,431       -  

Repurchase agreements

     46,402       46,226       39,420       6,806       -  

Borrowed funds

     150,000       149,147       -       149,147       -  

Accrued interest payable

     1,630       1,630       -       1,630       -  
                                         
   

December 31, 2022

    

Estimated Fair Value Measurements at December 31, 2022 Using

  

(Dollars in thousands)

  

Carrying
Value

    

Estimated
Fair Value

    

Quoted Prices in
Active Markets for Identical Assets
(Level 1)

    

Significant
Other Observable
Inputs
(Level 2)

    

Significant
Unobservable
Inputs
(Level 3)

  

Financial assets:

                                        

Cash and cash equivalents

   $ 31,282     $ 31,282     $ 31,282     $ -     $ -  

Certificates of deposit in other financial institutions

     2,456       2,404       -       2,404       -  

Loans held-for-sale

     1,543       1,555       -       1,555       -  

Loans receivable, net

     1,500,734       1,437,496       -       -       1,437,496  

Federal Home Loan Bank stock

     6,547       6,547       -       6,547       -  

Accrued interest receivable

     7,421       7,421       -       7,421       -  
                                         

Financial liabilities:

                                        

Non-interest bearing deposits

     359,092       359,092       359,092       -       -  

Interest bearing deposits

     1,415,925       1,414,738       1,052,807       361,931       -  

Repurchase agreements

     15,503       15,361       7,975       7,386       -  

Borrowed funds

     120,000       119,689       -       119,689       -  

Accrued interest payable

     336       336       -       336       -