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Note 11 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Financial Assets		At March 31, 2024
Securities available-for-sale:		Level 1				Level 2				Level 3				Total
U.S. agency securities		$	—			$	17,898			$	—			$	17,898
Corporate securities			—				15,200				—				15,200
Municipal bonds			—				73,553				—				73,553
Mortgage-backed securities			—				119,802				—				119,802
U.S. Small Business Administration securities			—				53,190				—				53,190
Mortgage loans held for sale, at fair value			—				49,957				—				49,957
Loans receivable, at fair value			—				15,003				—				15,003
Derivatives:
Interest rate lock commitments with customers			—				—				251				251
Interest rate swaps - cash flow and fair value hedges			—				9,380				—				9,380
Interest rate swaps - dealer offsets to customer swap positions			—				73				—				73
Total assets measured at fair value		$	—			$	354,056			$	251			$	354,307
Financial Liabilities
Derivatives:
Interest rate swaps - customer swap positions		$	—			$	(73	)		$	—			$	(73	)
Mandatory and best effort forward commitments with investors			—				—				(73	)			(73	)
Forward TBA mortgage-backed securities			—				(78	)			—				(78	)
Total liabilities measured at fair value		$	—			$	(151	)		$	(73	)		$	(224	)

Financial Assets		At December 31, 2023
Securities available-for-sale:		Level 1				Level 2				Level 3				Total
U.S. agency securities		$	—			$	18,018			$	—			$	18,018
Corporate securities			—				12,872				—				12,872
Municipal bonds			—				119,447				—				119,447
Mortgage-backed securities			—				101,248				—				101,248
U.S. Small Business Administration securities			—				41,348				—				41,348
Mortgage loans held for sale, at fair value			—				25,668				—				25,668
Loans receivable, at fair value			—				15,088				—				15,088
Derivatives:
Interest rate lock commitments with customers			—				—				329				329
Interest rate swaps- cash flow and fair value hedges			—				6,431				—				6,431
Interest rate swaps - dealer offsets to customer swap positions			—				64				—				64
Total assets measured at fair value		$	—			$	340,184			$	329			$	340,513
Financial Liabilities
Derivatives:
Mandatory and best effort forward commitments with investors		$	—			$	—			$	(188	)		$	(188	)
Forward TBA mortgage-backed securities			—				(284	)			—				(284	)
Interest rate swaps - cash flow and fair value hedges			—				(375	)			—				(375	)
Interest rate swaps - customer swap positions			—				(63	)			—				(63	)
Total liabilities measured at fair value		$	—			$	(722	)		$	(188	)		$	(910	)

Fair Value Measurements, Nonrecurring [Table Text Block]

		March 31, 2024
		Level 1				Level 2				Level 3				Total
MSRs		$	—			$	—			$	20,315			$	20,315

		December 31, 2023
		Level 1				Level 2				Level 3				Total
MSRs		$	—			$	—			$	38,163			$	38,163

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

Level 3				Significant						Weighted Average Rate
Fair Value		Valuation		Unobservable						March 31,				December 31,
Instruments		Techniques		Inputs		Range				2024				2023
RECURRING
Interest rate lock commitments with customers		Quoted market prices		Pull-through expectations			80% - 99%				89.4	%			90.5	%
Individual forward sale commitments with investors		Quoted market prices		Pull-through expectations			80% - 99%				89.4	%			90.5	%
NONRECURRING
MSR		Industry sources		Pre-payment speeds			0% - 50%				8.9	%			7.2	%

Fair Value, Assets (Liabilities) Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

						Purchases												Net change in				Net change in
Three Months Ended		Beginning				and				Sales and				Ending				fair value for				fair value for
March 31, 2024		Balance				Issuances				Settlements				Balance				gains/(losses) (1)				gains/(losses) (2)
Interest rate lock commitments with customers		$	329			$	965			$	(1,043	)		$	251			$	(78	)		$	—
Individual forward sale commitments with investors			(188	)			(15	)			130				(73	)			115				—
March 31, 2023
Interest rate lock commitments with customers		$	107			$	994			$	(536	)		$	565			$	458			$	—
Individual forward sale commitments with investors			(38	)			222				(197	)			(13	)			25				—

Fair Value, by Balance Sheet Grouping [Table Text Block]

		March 31,								December 31,
		2024								2023
Financial Assets		Carrying				Fair				Carrying				Fair
Level 1 inputs:		Amount				Value				Amount				Value
Cash and cash equivalents		$	45,406			$	45,406			$	65,691			$	65,691
Certificates of deposit at other financial institutions			23,222				23,222				24,167				24,167
Level 2 inputs:
Securities available-for-sale, at fair value			279,643				279,643				292,933				292,933
Securities held-to-maturity, gross			8,500				7,785				8,500				7,666
Loans held for sale, at fair value			49,957				49,957				25,668				25,668
FHLB stock, at cost			2,909				2,909				2,114				2,114
Loans receivable, at fair value			15,003				15,003				15,088				15,088
Interest rate swaps - cash flow and fair value hedges			9,380				9,380				6,431				6,431
Accrued interest receivable			14,455				14,455				14,005				14,005
Interest rate swaps - dealer offsets to customer swap positions			73				73				64				64
Level 3 inputs:
Loans receivable, net			2,400,376				2,284,273				2,417,927				2,276,397
MSRs, held at lower of cost or fair value			9,009				20,315				9,090				20,552
MSRs held for sale, held at lower of cost or fair value			—				—				8,086				17,611
Fair value interest rate locks with customers			251				251				—				—
Financial Liabilities
Level 2 inputs:
Deposits			2,465,297				2,453,676				2,522,323				2,515,026
Borrowings			129,940				129,474				93,746				93,416
Subordinated notes, excluding unamortized debt issuance costs			50,000				43,812				50,000				43,480
Accrued interest payable			6,966				6,966				5,473				5,473
Interest rate swaps - cash flow and fair value hedges			—				—				375				375
Forward TBA mortgage-backed securities			78				78				284				284
Interest rate swaps - customer swap positions			73				73				63				63
Level 3 inputs:
Mandatory and best effort forward commitments with investors			73				73				188				188

X

- Definition

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