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Note 9 - Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Notes Tables

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

Financial Assets		At March 31, 2025
Securities available-for-sale:		Level 1				Level 2				Level 3				Total
U.S. agency securities		$	—			$	17,568			$	—			$	17,568
Corporate securities			—				15,187				—				15,187
Municipal bonds			—				70,121				—				70,121
Mortgage-backed securities			—				177,382				—				177,382
Asset-backed securities			—				10,875				—				10,875
Mortgage loans held for sale, at fair value			—				31,038				—				31,038
Loans receivable, at fair value			—				14,526				—				14,526
Derivatives:
Interest rate lock commitments with customers			—				—				439				439
Interest rate swaps - cash flow and fair value hedges			—				4,242				—				4,242
Interest rate swaps - dealer offsets to customer swap positions			—				50				—				50
Total assets measured at fair value		$	—			$	340,989			$	439			$	341,428
Financial Liabilities
Derivatives:
Interest rate swaps - customer swap positions		$	—			$	(50	)		$	—			$	(50	)
Interest rate swaps - cash flow and fair value hedges			—				(256	)			—				(256	)
Mandatory and best effort forward commitments with investors			—				—				(60	)			(60	)
Forward TBA mortgage-backed securities			—				(166	)			—				(166	)
Total liabilities measured at fair value		$	—			$	(472	)		$	(60	)		$	(532	)

Financial Assets		At December 31, 2024
Securities available-for-sale:		Level 1				Level 2				Level 3				Total
U.S. agency securities		$	—			$	17,138			$	—			$	17,138
Corporate securities			—				15,126				—				15,126
Municipal bonds			—				70,344				—				70,344
Mortgage-backed securities			—				167,186				—				167,186
Asset-backed securities			—				11,381				—				11,381
Mortgage loans held for sale, at fair value			—				27,835				—				27,835
Loans receivable, at fair value			—				12,728				—				12,728
Derivatives:
Mandatory and best effort forward commitments with investors			—				—				31				31
Interest rate lock commitments with customers			—				—				103				103
Forward TBA mortgage-backed securities			—				180				—				180
Interest rate swaps- cash flow and fair value hedges			—				7,244				—				7,244
Interest rate swaps - dealer offsets to customer swap positions			—				62				—				62
Total assets measured at fair value		$	—			$	329,224			$	134			$	329,358
Financial Liabilities
Derivatives:
Interest rate swaps - customer swap positions		$	—			$	(61	)		$	—			$	(61	)
Total liabilities measured at fair value		$	—			$	(61	)		$	—			$	(61	)

Fair Value Measurements, Nonrecurring [Table Text Block]

		March 31, 2025
		Level 1				Level 2				Level 3				Total
Collateral dependent loans		$	—			$	—			$	1,459			$	1,459
MSRs			—				—				20,655				20,655

		December 31, 2024
		Level 1				Level 2				Level 3				Total
Collateral dependent loans		$	—			$	—			$	1,130			$	1,130
MSRs			—				—				21,043				21,043

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				2025				2024
RECURRING
Interest rate lock commitments with customers		Quoted market prices		Pull-through expectations			80% - 99%				88.2	%			94.0	%
Individual forward sale commitments with investors		Quoted market prices		Pull-through expectations			80% - 99%				88.2	%			94.0	%
NONRECURRING
Collateral dependent loans		Fair value of underlying collateral		Discount applied to the obtained appraisal			0% - 25%				1.8	%			—	%
MSRs		Industry sources		Pre-payment speeds			0% - 50%				8.9	%			8.3	%

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, 2025		Balance				Issuances				Settlements				Balance				gains/(losses) (1)				gains/(losses) (2)
Interest rate lock commitments with customers		$	103			$	1,141			$	(805	)		$	439			$	336			$	—
Individual forward sale commitments with investors			31				(84	)			(7	)			(60	)			(91	)			—
March 31, 2024
Interest rate lock commitments with customers		$	329			$	965			$	(1,043	)		$	251			$	(78	)		$	—
Individual forward sale commitments with investors			(188	)			(15	)			130				(73	)			115				—

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

		March 31, 2025								December 31, 2024
Financial Assets		Carrying				Fair				Carrying				Fair
Level 1 inputs:		Amount				Value				Amount				Value
Cash and cash equivalents		$	62,741			$	62,741			$	31,635			$	31,635
Certificates of deposit at other financial institutions			1,234				1,234				1,727				1,727
Level 2 inputs:
Securities available-for-sale, at fair value			291,133				291,133				281,175				281,175
Securities held-to-maturity, gross			10,500				10,258				8,500				8,144
Loans held for sale, at fair value			31,038				31,038				27,835				27,835
FHLB stock, at cost			5,256				5,256				15,621				15,621
Forward TBA mortgage-backed securities			—				—				180				180
Loans receivable, at fair value			14,526				14,526				12,728				12,728
Interest rate swaps - cash flow and fair value hedges			4,242				4,242				7,244				7,244
Interest rate swaps - dealer offsets to customer swap positions			50				50				62				62
Level 3 inputs:
Loans receivable, gross			2,518,244				2,405,337				2,521,093				2,385,213
MSRs, held at lower of cost or fair value			8,926				20,655				9,204				21,043
Mandatory and best effort forward commitments with investors			—				—				31				31
Fair value interest rate locks with customers			439				439				103				103
Financial Liabilities
Level 2 inputs:
Time deposits			1,233,295				1,230,853				1,028,896				1,024,663
Borrowings			68,805				68,596				307,806				307,408
Subordinated notes, excluding unamortized debt issuance costs			50,000				48,500				50,000				45,504
Interest rate swaps - cash flow and fair value hedges			256				256				—				—
Forward TBA mortgage-backed securities			166				166				—				—
Interest rate swaps - customer swap positions			50				50				61				61
Level 3 inputs:
Mandatory and best effort forward commitments with investors			60				60				—				—

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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