Annual report pursuant to Section 13 and 15(d)

Note 17 - Fair Value of Financial Instruments (Tables)

v3.24.1
Note 17 - Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2023
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
           

(Dollars in thousands)

 
           

Fair Value Measurements at December 31, 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

  $ 5,591     $ -     $ 5,591     $ -  

Interest rate lock commitments

    35       -       35       -  

Available-for-sale debt securities:

                               

U.S. government sponsored entities

    7,883       -       7,883       -  

Collateralized mortgage obligations and residential mortgage-backed securities

    123,464       -       123,464       -  

Municipal securities

    238,670       -       238,670       -  

Collateralized debt obligations

    1,357       -       -       1,357  

Total securities available-for-sale

  $ 371,374     $ -     $ 370,017     $ 1,357  
                                 

Liabilities:

                               

Interest rate swap contracts

  $ 5,591     $ -     $ 5,591     $ -  
           

(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

    56  

Ending balance, December 31, 2022

  $ 1,048  
         

Beginning balance, January 1, 2023

  $ 1,048  

Principal payments

    (3 )

Total unrealized gains, included in other comprehensive loss

    312  

Ending balance, December 31, 2023

  $ 1,357  
Fair Value Measurements, Nonrecurring [Table Text Block]
           

(Dollars in thousands)

 
           

Fair Value Measurements at December 31, 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

  $ 8,673     $ -     $ -     $ 8,673  
                                 
           

(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]
   

December 31, 2023

   

Estimated Fair Value Measurements at December 31, 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

  $ 86,008     $ 86,008     $ 86,008     $ -     $ -  

Loans held-for-sale

    340       349       -       349       -  

Loans receivable, net

    1,493,827       1,412,069       -       -       1,412,069  

Federal Home Loan Bank stock

    6,547       6,547       -       6,547       -  

Accrued interest receivable

    8,045       8,045       -       8,045       -  
                                         

Financial liabilities:

                                       

Non-interest bearing deposits

    295,594       295,594       295,594       -       -  

Interest bearing deposits

    1,517,827       1,513,640       985,710       527,930       -  

Repurchase agreements

    38,124       37,938       31,033       6,905       -  

Borrowed funds

    80,000       79,791       -       79,791       -  

Accrued interest payable

    3,065       3,065       -       3,065       -  
   

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       -  

Interest rate swap agreements

    8,972       8,972       -       8,972       -  

Accrued interest payable

    336       336       -       336       -  
Trust Preferred Securities Debt [Member]  
Notes Tables  
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Table Text Block]
    (Dollars in thousands)  
   

Allowance for

 
   

collateralized debt credit losses

 

Ending balance, December 31, 2022

  $ 173  

Additions not previously recognized

    -  

Ending balance, December 31, 2023

  $ 173