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Note 10 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

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

Financial Assets		At September 30, 2024
Securities available-for-sale:		Level 1				Level 2				Level 3				Total
U.S. agency securities		$	—			$	17,682			$	—			$	17,682
Corporate securities			—				15,404				—				15,404
Municipal bonds			—				72,326				—				72,326
Mortgage-backed securities			—				110,919				—				110,919
U.S. Small Business Administration securities			—				11,868				—				11,868
Mortgage loans held for sale, at fair value			—				49,373				—				49,373
Loans receivable, at fair value			—				13,861				—				13,861
Derivatives:
Interest rate lock commitments with customers			—				—				292				292
Interest rate swaps - cash flow and fair value hedges			—				1,943				—				1,943
Interest rate swaps - dealer offsets to customer swap positions			—				47				—				47
Total assets measured at fair value		$	—			$	293,376			$	292			$	293,668
Financial Liabilities
Derivatives:
Interest rate swaps - customer swap positions		$	—			$	(46	)		$	—			$	(46	)
Interest rate swaps - cash flow and fair value hedges			—				(1,175	)			—				(1,175	)
Mandatory and best effort forward commitments with investors			—				—				(77	)			(77	)
Forward TBA mortgage-backed securities			—				(61	)			—				(61	)
Total liabilities measured at fair value		$	—			$	(1,282	)		$	(77	)		$	(1,359	)

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]

		September 30, 2024
		Level 1				Level 2				Level 3				Total
Collateral dependent loans		$	—			$	—			$	1,386			$	1,386
MSRs			—				—				19,901				19,901

		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						September 30,				December 31,
Instruments		Techniques		Inputs		Range				2024				2023
RECURRING
Interest rate lock commitments with customers		Quoted market prices		Pull-through expectations			80% - 99%				90.2	%			90.5	%
Individual forward sale commitments with investors		Quoted market prices		Pull-through expectations			80% - 99%				90.2	%			90.5	%
NONRECURRING
Collateral dependent loans		Fair value of underlying collateral		Discount applied to the obtained appraisal			0% - 25%				—	%			—	%
MSR		Industry sources		Pre-payment speeds			0% - 50%				11.8	%			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
September 30, 2024		Balance				Issuances				Settlements				Balance				gains/(losses) (1)				gains/(losses) (2)
Interest rate lock commitments with customers		$	378			$	1,587			$	(1,673	)		$	292			$	(86	)		$	—
Individual forward sale commitments with investors			(316	)			(1,138	)			1,377				(77	)			239				—
September 30, 2023
Interest rate lock commitments with customers		$	273			$	1,109			$	(1,207	)		$	175			$	(98	)		$	—
Individual forward sale commitments with investors			123				—				(102	)			21				(102	)			—

						Purchases												Net change in				Net change in
Nine Months Ended		Beginning				and				Sales and				Ending				fair value for				fair value for
September 30, 2024		Balance				Issuances				Settlements				Balance				gains/(losses) (1)				gains/(losses) (2)
Interest rate lock commitments with customers		$	329			$	3,245			$	(3,282	)		$	292			$	(37	)		$	—
Individual forward sale commitments with investors			(188	)			(1,117	)			1,228				(77	)			(111	)			—
September 30, 2023
Interest rate lock commitments with customers		$	107			$	3,051			$	(2,983	)		$	175			$	68			$	—
Individual forward sale commitments with investors			(38	)			410				(351	)			21				(59	)			—

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

		September 30,								December 31,
		2024								2023
Financial Assets		Carrying				Fair				Carrying				Fair
Level 1 inputs:		Amount				Value				Amount				Value
Cash and cash equivalents		$	40,340			$	40,340			$	65,691			$	65,691
Certificates of deposit at other financial institutions			12,001				12,001				24,167				24,167
Level 2 inputs:
Securities available-for-sale, at fair value			228,199				228,199				292,933				292,933
Securities held-to-maturity, gross			8,500				7,983				8,500				7,666
Loans held for sale, at fair value			49,373				49,373				25,668				25,668
FHLB stock, at cost			9,504				9,504				2,114				2,114
Loans receivable, at fair value			13,861				13,861				15,088				15,088
Interest rate swaps - cash flow and fair value hedges			1,943				1,943				6,431				6,431
Accrued interest receivable			14,014				14,014				14,005				14,005
Interest rate swaps - dealer offsets to customer swap positions			47				47				64				64
Level 3 inputs:
Loans receivable, gross			2,481,068				2,353,912				2,417,927				2,276,397
MSRs, held at lower of cost or fair value			8,739				19,901				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			292				292				—				—
Financial Liabilities
Level 2 inputs:
Deposits			2,427,331				2,429,371				2,522,323				2,515,026
Borrowings			163,806				163,723				93,746				93,416
Subordinated notes, excluding unamortized debt issuance costs			50,000				45,514				50,000				43,480
Accrued interest payable			2,349				2,349				5,473				5,473
Interest rate swaps - cash flow and fair value hedges			1,175				1,175				375				375
Forward TBA mortgage-backed securities			61				61				284				284
Interest rate swaps - customer swap positions			46				46				63				63
Level 3 inputs:
Mandatory and best effort forward commitments with investors			77				77				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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Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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