Quarterly report [Sections 13 or 15(d)]

Note 12 - Fair Value (Tables)

v3.25.1
Note 12 - Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
           

Fair Value Measurements at March 31, 2025 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

   $ 4,382     $ -     $ 4,382     $ -  

Interest rate lock commitments

     47       -       47       -  

Available-for-sale debt securities:

                                

U.S. government sponsored entities

     8,215       -       8,215       -  

Collateralized mortgage obligations and residential mortgage-backed securities

     109,583       -       109,583       -  

Municipal securities

     210,699       -       210,699       -  

Collateralized debt obligations

     1,630       -       -       1,630  

Total securities available-for-sale

   $ 330,127     $ -     $ 328,497     $ 1,630  
                                 

Liabilities:

                                

Interest rate swap contracts

   $ 4,382     $ -     $ 4,382     $ -  
           

Fair Value Measurements at December 31, 2024 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

   $ 5,486     $ -     $ 5,486     $ -  

Interest rate lock commitments

     82       -       82       -  

Available-for-sale debt securities:

                                

U.S. government sponsored entities

     8,061       -       8,061       -  

Collateralized mortgage obligations and residential mortgage-backed securities

     109,325       -       109,325       -  

Municipal securities

     214,749       -       214,749       -  

Collateralized debt obligations

     1,419       -       -       1,419  

Total securities available-for-sale

   $ 333,554     $ -     $ 332,135     $ 1,419  
                                 

Liabilities:

                                

Interest rate swap contracts

   $ 5,486     $ -     $ 5,486     $ -  
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, 2025

   $ 1,419  

Principal payments

     (4 )

Total unrealized gains, included in other comprehensive loss

     215  

Ending balance, March 31, 2025

   $ 1,630  
         

Beginning balance, January 1, 2024

   $ 1,357  

Principal payments

     (4 )

Total unrealized gains, included in other comprehensive loss

     89  

Ending balance, March 31, 2024

   $ 1,442  
Fair Value Measurements, Nonrecurring [Table Text Block]
           

Fair Value Measurements at March 31, 2025 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

   $ -     $ -     $ -     $ -  
           

Fair Value Measurements at December 31, 2024 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

   $ 1,496     $ -     $ -     $ 1,496  
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
   

Fair Value at

  

Valuation

  

Significate Unobservable

            

Weighted-Average

  

(Dollars in thousands)

  

March 31, 2025

  

Technique

  

Inputs

  

Range

    

Range

  

Collateral dependent loans

   $ -  

Fair value of collateral

  

Discount for type of property and current market conditions

   0% - 80%       0%  
   

Fair Value at

  

Valuation

  

Significate Unobservable

            

Weighted-Average

  

(Dollars in thousands)

  

December 31, 2024

  

Technique

  

Inputs

  

Range

    

Range

  

Collateral dependent loans

   $ 1,496  

Fair value of collateral

  

Discount for type of property and current market conditions

   0% - 80%       8%  
Fair Value, by Balance Sheet Grouping [Table Text Block]
   

March 31, 2025

    

Estimated Fair Value Measurements at March 31, 2025 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

   $ 72,367     $ 72,367     $ 72,367     $ -     $ -  

Loans held-for-sale

     2,849       2,913       -       2,913       -  

Loans receivable, net

     1,473,741       1,424,533       -       -       1,424,533  

Federal Home Loan Bank stock

     6,547       6,547       -       6,547       -  

Accrued interest receivable

     7,821       7,821       -       7,821       -  
                                         

Financial liabilities:

                                        

Non-interest bearing deposits

   $ 281,461     $ 281,461     $ 281,461     $ -     $ -  

Interest bearing deposits

     1,468,923       1,468,595       924,076       544,519       -  

Repurchase agreements

     45,053       44,915       37,163       7,752       -  

Borrowed funds

     56,657       56,384       -       56,384       -  

Accrued interest payable

     654       654       -       654       -  
   

December 31, 2024

    

Estimated Fair Value Measurements at December 31, 2024 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

   $ 70,584     $ 70,584     $ 70,584     $ -     $ -  

Loans held-for-sale

     1,253       1,277       -       1,277       -  

Loans receivable, net

     1,492,065       1,435,148       -       -       1,435,148  

Federal Home Loan Bank stock

     6,547       6,547       -       6,547       -  

Accrued interest receivable

     7,721       7,721       -       7,721       -  
                                         

Financial liabilities:

                                        

Non-interest bearing deposits

   $ 263,324     $ 263,324     $ 263,324     $ -     $ -  

Interest bearing deposits

     1,497,242       1,496,638       936,989       559,649       -  

Repurchase agreements

     40,116       39,960       32,364       7,596       -  

Borrowed funds

     65,000       63,432       -       63,432       -  

Accrued interest payable

     620       620       -       620       -