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Note 8 - Loan Servicing | 9 Months Ended
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Sep. 30, 2024
Notes to Financial Statements |
Transfers and Servicing of Financial Assets [Text Block] | NOTE 8 Loan Servicing Loans serviced for others are not included in the accompanying consolidated balance sheets. The unpaid principal balances of loans serviced for others totaled $181.8 million and $190.0 million as of September 30, 2024 and December 31, 2023, respectively. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and collection and foreclosure processing. Loan servicing income is recorded on an accrual basis and includes servicing fees from investors and certain charges collected from borrowers, such as late payment fees, and is net of fair value adjustments to capitalized mortgage servicing rights. The following table summarizes the Company’s activity related to servicing rights for the three and nine months ended September 30, 2024 and 2023:
|  | Three months ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(dollars in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Servicing Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 1,963 |  |  | $ | 2,351 |  |  | $ | 2,052 |  |  | $ | 2,643 |
Additions, net of valuation reserve (1) |  |  | 225 |  |  |  | 210 |  |  |  | 358 |  |  |  | 236 |
Amortization (2) |  |  | (105 | ) |  |  | (140 | ) |  |  | (327 | ) |  |  | (458 | )
Balance at end of period |  |  | 2,083 |  |  |  | 2,421 |  |  |  | 2,083 |  |  |  | 2,421 |
Less valuation reserve (3) |  |  | (209 | ) |  |  | (207 | ) |  |  | (209 | ) |  |  | (207 | )
Balance at end of period, net of valuation reserve |  | $ | 1,874 |  |  | $ | 2,214 |  |  | $ | 1,874 |  |  | $ | 2,214 |
Fair value, beginning of period |  | $ | 2,082 |  |  | $ | 2,351 |  |  | $ | 2,062 |  |  | $ | 2,643 |
Fair value, end of period |  | $ | 1,874 |  |  | $ | 2,269 |  |  | $ | 1,874 |  |  | $ | 2,269 |
(1) | Associated income was reported within mortgage banking income, net on the consolidated statements of income.
(2) | Associated amortization expense was reported within other noninterest income on the consolidated statements of income.
(3) | Associated valuation reserve was reported within mortgage and lending expenses on the consolidated statements of income.
The following is a summary of key data and assumptions used in the valuation of servicing rights as of September 30, 2024 and December 31, 2023. Increases or decreases in any one of these assumptions would result in lower or higher fair value measurements.
|  | September 30, |  |  | December 31, |
(dollars in thousands) |  | 2024 |  |  | 2023 |
Fair value of servicing rights |  | $ | 1,874 |  |  | $ | 2,062 |
Weighted-average remaining term, years |  |  | 19.1 |  |  |  | 18.8 |
Prepayment speeds |  |  | 10.1 | % |  |  | 6.2 | %
Discount rate |  |  | 10.5 | % |  |  | 11.1 | %

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- Definition The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(11)) -Publisher 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