XML 36 R28.htm IDEA: XBRL DOCUMENT
v3.24.3

Note 6 - 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] |
|  |  |  |  | Fair Value Measurement Using |
September 30, 2024 |  | Balance |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
U.S. government agencies and corporations |  | $ | 320,432 |  |  | $ | - |  |  | $ | 320,432 |  |  | $ | - |
States and political subdivisions |  |  | 152,728 |  |  |  | - |  |  |  | 152,728 |  |  |  | - |
Mortgage-backed securities |  |  | 142,245 |  |  |  | - |  |  |  | 142,245 |  |  |  | - |
Corporate debt securities |  |  | 5,876 |  |  |  | - |  |  |  | 5,876 |  |  |  | - |
U.S. treasury |  |  | 990 |  |  |  | - |  |  |  | 990 |  |  |  | - |
Total securities available for sale |  | $ | 622,271 |  |  | $ | - |  |  | $ | 622,271 |  |  | $ | - |
|  |  |  |  | Fair Value Measurement Using |
December 31, 2023 |  | Balance |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
U.S. government agencies and corporations |  | $ | 311,844 |  |  | $ | - |  |  | $ | 311,844 |  |  | $ | - |
States and political subdivisions |  |  | 149,893 |  |  |  | - |  |  |  | 149,893 |  |  |  | - |
Mortgage-backed securities |  |  | 150,151 |  |  |  | - |  |  |  | 150,151 |  |  |  | - |
Corporate debt securities |  |  | 5,750 |  |  |  | - |  |  |  | 5,750 |  |  |  | - |
U.S. treasury |  |  | 963 |  |  |  | - |  |  |  | 963 |  |  |  | - |
Total securities available for sale |  | $ | 618,601 |  |  | $ | - |  |  | $ | 618,601 |  |  | $ | - |
|  |  |  |  | Fair Value Measurement Using |
September 30, 2024 |  | Balance |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Forward sale commitment |  | $ | (3 | ) |  | $ | - |  |  | $ | - |  |  | $ | (3 | )
September 30, 2024 |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
Forward sale commitment |  | Market approach |  | Pull-through rate |  | 100%(1)
Forward sale commitment |  | Market approach |  | Current reference price |  | 101.99% - 102.63% (102.14) (2)
|  |  |  |  | Fair Value Measurement Using |
December 31, 2023 |  | Balance |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
Interest rate loan contract |  | $ | 3 |  |  | $ | - |  |  | $ | - |  |  | $ | 3 |
Forward sale commitment |  | $ | (4 | ) |  | $ | - |  |  | $ | - |  |  | $ | (4 | )
December 31, 2023 |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
Interest rate loan contract |  | Market approach |  | Pull-through rate |  | 100%(1)
Forward sale commitment |  | Market approach |  | Pull-through rate |  | 100%(1)
Interest rate loan contract |  | Market approach |  | Current reference price |  | 102.64%(3)
Forward sale commitment |  | Market approach |  | Current reference price |  | 101.60% - 102.64% (101.98%)(2)
(1) All contracts are valued using the same pull-through rate (2) Current reference prices were weighted by the relative amount of the loan (3) Comprised of only one loan. Financial Instruments Measured at Fair Value on a Non-Recurring Basis Certain financial instruments are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. The following describes the valuation techniques used by the Company to measure certain assets recorded at fair value on a nonrecurring basis in the consolidated financial statements. Loans Held for Sale Loans held for sale are carried at the lower of cost or fair value. These loans currently consist of one-to-four family residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). As such, the Company records any fair value adjustments on a nonrecurring basis. A liability of $3 for the fair value of loans held for sale was recorded as of September 30, 2024. No nonrecurring fair value adjustments were recorded on loans held for sale at December 31, 2023. Collateral Dependent Loans Collateral dependent loans are measured on a non-recurring basis for the ACLL. If the fair value of the collateral is lower than the loan’s amortized cost basis, the shortfall is recognized in the ACLL. When repayment is expected from the operation of the collateral, fair value is estimated as the present value of expected cash flows from the operation of the collateral. When repayment is expected from the sale of the collateral, fair value is estimated using measurement techniques discussed below and discounted by the estimated cost to sell. The ACLL may be zero if the fair value of the collateral at the measurement date exceeds the amortized cost basis of the financial asset. For loans secured by real estate, fair value of collateral is determined by the “as-is” value of appraisals or third party evaluations that are less than 24 months of age. Appraisals are prepared by independent, licensed appraisers. Appraisals are based upon observable market data analyzed through an income or sales valuation approach. Valuation falls within Level 2 categorization. The Company may further discount appraisals for marketing strategies, which results in Level 3 categorization. The value of business equipment is based upon an outside appraisal (Level 2) if deemed significant, or the net book value on the applicable business’ financial statements (Level 3) if not considered significant. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). As of September 30, 2024, one consumer real estate loan totaling $84 and three commercial real estate loans totaling $9,344 were collateral dependent. Valuation of the consumer real estate loan and two of the commercial real estate loans were based upon third party evaluations (Level 2). Valuation for one commercial real estate loan was based upon an internal evaluation (Level 3). None of the measurements resulted in a specific allocation.
Fair Value, by Balance Sheet Grouping [Table Text Block] |
|  |  |  |  | Estimated Fair Value |
September 30, 2024 |  | Carrying Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 15,990 |  |  | $ | 15,990 |  |  | $ | - |  |  | $ | - |
Interest-bearing deposits |  |  | 33,707 |  |  |  | 33,707 |  |  |  |  |  |  |
Federal funds sold |  |  | 73 |  |  |  | 73 |  |  |  | - |  |  |  | - |
Securities available for sale |  |  | 622,271 |  |  |  | - |  |  |  | 622,271 |  |  |  | - |
Restricted stock, at cost |  |  | 1,849 |  |  |  | - |  |  |  | 1,849 |  |  |  | - |
Mortgage loans held for sale |  |  | 457 |  |  |  | - |  |  |  | 457 |  |  |  | - |
Loans, net |  |  | 991,331 |  |  |  | - |  |  |  | - |  |  |  | 934,186 |
Accrued interest receivable |  |  | 6,648 |  |  |  | - |  |  |  | 6,648 |  |  |  | - |
Bank-owned life insurance |  |  | 47,071 |  |  |  | - |  |  |  | 47,071 |  |  |  | - |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,602,953 |  |  | $ | - |  |  | $ | 1,292,876 |  |  | $ | 310,116 |
Accrued interest payable |  |  | 2,074 |  |  |  | - |  |  |  | 2,074 |  |  |  | - |
Forward sale commitment |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 3 |
|  |  |  |  | Estimated Fair Value |
December 31, 2023 |  | Carrying Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 12,967 |  |  | $ | 12,967 |  |  | $ | - |  |  | $ | - |
Interest-bearing deposits |  |  | 73,636 |  |  |  | 73,636 |  |  |  | - |  |  |  | - |
Securities available for sale |  |  | 618,601 |  |  |  | - |  |  |  | 618,601 |  |  |  | - |
Restricted stock, at cost |  |  | 1,264 |  |  |  | - |  |  |  | 1,264 |  |  |  | - |
Mortgage loans held for sale |  |  | 406 |  |  |  | - |  |  |  | 406 |  |  |  | - |
Loans, net |  |  | 847,552 |  |  |  | - |  |  |  | - |  |  |  | 793,800 |
Accrued interest receivable |  |  | 6,313 |  |  |  | - |  |  |  | 6,313 |  |  |  | - |
Bank-owned life insurance |  |  | 43,583 |  |  |  | - |  |  |  | 43,583 |  |  |  | - |
Interest rate loan contract |  |  | 3 |  |  |  | - |  |  |  | - |  |  |  | 3 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,503,972 |  |  | $ | - |  |  | $ | 1,280,732 |  |  | $ | 222,374 |
Accrued interest payable |  |  | 1,416 |  |  |  | - |  |  |  | 1,416 |  |  |  | - |
Forward sale commitment |  |  | 4 |  |  |  | - |  |  |  | - |  |  |  | 4 |

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration