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Note 8 - Derivative Instruments and Hedging Activities | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Note 8. Derivative Instruments and Hedging Activities Generally, derivative instruments help the Company manage exposure to market risk and meet customer financing needs. Market risk represents the possibility that fluctuations in external factors such as interest rates, market-driven loan rates, prices, or other economic factors will adversely affect economic value or net interest income. The Company has used interest rate swap contracts to modify its exposure to interest rate risk caused by changes in benchmark interest rates in relation to certain designated fixed rate loans. These instruments are used to convert these fixed rate loans to an effective floating rate. If the Secured Overnight Financing Rate ("SOFR") plus a spread falls below the loan’s stated fixed rate for a given period, the Company will owe the floating rate payer the notional amount times the difference between the floating rate and the stated fixed rate. If SOFR is above the stated rate for a given period, the Company will receive payments based on the notional amount times the difference between the floating rate and the stated fixed rate. The Company's interest rate swaps qualify as fair value hedging instruments; therefore, fair value changes in the derivative and hedged item attributable to the hedged risk are recognized in earnings in the same period. The fair value hedges were effective as of September 30, 2025, and December 31, 2024. The following table presents the notional, or contractual, amounts and fair values of derivative instruments as of the dates indicated:
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Notional or |  |  | Fair Value |  |  | Notional or |  |  | Fair Value |
|  | Contractual |  |  | Derivative |  |  | Derivative |  |  | Contractual |  |  | Derivative |  |  | Derivative |
(Amounts in thousands) |  | Amount |  |  | Assets |  |  | Liabilities |  |  | Amount |  |  | Assets |  |  | Liabilities |
Derivatives designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 2,758 |  |  | $ | 51 |  |  | $ | - |  |  | $ | 3,109 |  |  | $ | 116 |  |  | $ | - |
Total derivatives |  | $ | 2,758 |  |  | $ | 51 |  |  | $ | - |  |  | $ | 3,109 |  |  | $ | 116 |  |  | $ | - |
The following table presents the effect of derivative and hedging activity, if applicable, on the consolidated statements of income for the periods indicated:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |
(Amounts in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |  | Income Statement Location
Derivatives designated as hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | (15 | ) |  | $ | (25 | ) |  | $ | (45 | ) |  | $ | (78 | ) | Interest and fees on loans
Total derivative (income) expense |  | $ | (15 | ) |  | $ | (25 | ) |  | $ | (45 | ) |  | $ | (78 | ) |

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