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Note 10 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Notes Tables

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

Financial Assets		At June 30, 2024
Securities available-for-sale:		Level 1				Level 2				Level 3				Total
U.S. agency securities		$	—			$	17,116			$	—			$	17,116
Corporate securities			—				15,185				—				15,185
Municipal bonds			—				71,645				—				71,645
Mortgage-backed securities			—				100,721				—				100,721
U.S. Small Business Administration securities			—				16,515				—				16,515
Mortgage loans held for sale, at fair value			—				53,811				—				53,811
Loans receivable, at fair value			—				13,868				—				13,868
Derivatives:
Interest rate lock commitments with customers			—				—				378				378
Forward TBA mortgage-backed securities			—				122				—				122
Interest rate swaps - cash flow and fair value hedges			—				9,654				—				9,654
Interest rate swaps - dealer offsets to customer swap positions			—				—				—				—
Total assets measured at fair value		$	—			$	298,637			$	378			$	299,015
Financial Liabilities
Derivatives:
Interest rate swaps - customer swap positions		$	—			$	—			$	—			$	—
Mandatory and best effort forward commitments with investors			—				—				(316	)			(316	)
Total liabilities measured at fair value		$	—			$	—			$	(316	)		$	(316	)

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]

		June 30, 2024
		Level 1				Level 2				Level 3				Total
MSRs		$	—			$	—			$	20,788			$	20,788

		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						June 30,				December 31,
Instruments		Techniques		Inputs		Range				2024				2023
RECURRING
Interest rate lock commitments with customers		Quoted market prices		Pull-through expectations			80% - 99%				90.8	%			90.5	%
Individual forward sale commitments with investors		Quoted market prices		Pull-through expectations			80% - 99%				90.8	%			90.5	%
NONRECURRING
MSR		Industry sources		Pre-payment speeds			0% - 50%				8.5	%			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
June 30, 2024		Balance				Issuances				Settlements				Balance				gains/(losses) (1)				gains/(losses) (2)
Interest rate lock commitments with customers		$	251			$	693			$	(566	)		$	378			$	127			$	—
Individual forward sale commitments with investors			(73	)			36				(279	)			(316	)			(243	)			—
June 30, 2023
Interest rate lock commitments with customers		$	565			$	948			$	(1,240	)		$	273			$	(292	)		$	—
Individual forward sale commitments with investors			(13	)			188				(52	)			123				136				—

						Purchases												Net change in				Net change in
Six Months Ended		Beginning				and				Sales and				Ending				fair value for				fair value for
June 30, 2024		Balance				Issuances				Settlements				Balance				gains/(losses) (1)				gains/(losses) (2)
Interest rate lock commitments with customers		$	329			$	1,658			$	(1,609	)		$	378			$	49			$	—
Individual forward sale commitments with investors			(188	)			21				(149	)			(316	)			128				—
June 30, 2023
Interest rate lock commitments with customers		$	107			$	1,942			$	(1,776	)		$	273			$	166			$	—
Individual forward sale commitments with investors			(38	)			410				(249	)			123				161				—

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

		June 30,								December 31,
		2024								2023
Financial Assets		Carrying				Fair				Carrying				Fair
Level 1 inputs:		Amount				Value				Amount				Value
Cash and cash equivalents		$	33,011			$	33,011			$	65,691			$	65,691
Certificates of deposit at other financial institutions			12,707				12,707				24,167				24,167
Level 2 inputs:
Securities available-for-sale, at fair value			221,182				221,182				292,933				292,933
Securities held-to-maturity, gross			8,500				7,867				8,500				7,666
Loans held for sale, at fair value			53,811				53,811				25,668				25,668
FHLB stock, at cost			10,322				10,322				2,114				2,114
Forward TBA mortgage-backed securities			122				122				—				—
Loans receivable, at fair value			13,868				13,868				15,088				15,088
Interest rate swaps - cash flow and fair value hedges			9,654				9,654				6,431				6,431
Accrued interest receivable			13,792				13,792				14,005				14,005
Interest rate swaps - dealer offsets to customer swap positions			71				71				64				64
Level 3 inputs:
Loans receivable, gross			2,474,554				2,364,761				2,417,927				2,276,397
MSRs, held at lower of cost or fair value			9,352				20,788				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			378				378				—				—
Financial Liabilities
Level 2 inputs:
Deposits			2,382,803				2,374,574				2,522,323				2,515,026
Borrowings			181,895				180,748				93,746				93,416
Subordinated notes, excluding unamortized debt issuance costs			50,000				44,151				50,000				43,480
Accrued interest payable			3,116				3,116				5,473				5,473
Interest rate swaps - cash flow and fair value hedges			—				—				375				375
Forward TBA mortgage-backed securities			—				—				284				284
Interest rate swaps - customer swap positions			71				71				63				63
Level 3 inputs:
Mandatory and best effort forward commitments with investors			316				316				188				188

X

- Definition

Tabular disclosure of the fair value measurement of assets (liabilities) using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets (liabilities)) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets (liabilities)) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset (liability).

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