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Note 3 - Securities | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 3 - SECURITIES The fair value of securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income is as follows:
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Available-for-Sale Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 2,725 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,725 |
Municipal securities |  |  | 240 |  |  |  | — |  |  |  | (11 | ) |  |  | 229 |
U.S. Treasury Notes |  |  | 128,326 |  |  |  | — |  |  |  | (5,231 | ) |  |  | 123,095 |
U.S. government-sponsored agencies |  |  | 28,000 |  |  |  | — |  |  |  | (137 | ) |  |  | 27,863 |
Mortgage-backed securities - residential |  |  | 3,622 |  |  |  | 23 |  |  |  | (165 | ) |  |  | 3,480 |
Collateralized mortgage obligations - residential |  |  | 1,059 |  |  |  | — |  |  |  | (26 | ) |  |  | 1,033 |
|  | $ | 163,972 |  |  | $ | 23 |  |  | $ | (5,570 | ) |  | $ | 158,425 |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  | $ | 2,233 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,233 |
Municipal securities |  |  | 240 |  |  |  | — |  |  |  | (15 | ) |  |  | 225 |
U.S. Treasury Notes |  |  | 170,906 |  |  |  | — |  |  |  | (7,803 | ) |  |  | 163,103 |
U.S. government-sponsored agencies |  |  | 40,000 |  |  |  | — |  |  |  | (301 | ) |  |  | 39,699 |
Mortgage-backed securities - residential |  |  | 3,997 |  |  |  | 27 |  |  |  | (143 | ) |  |  | 3,881 |
Collateralized mortgage obligations - residential |  |  | 1,223 |  |  |  | — |  |  |  | (26 | ) |  |  | 1,197 |
|  | $ | 218,599 |  |  | $ | 27 |  |  | $ | (8,288 | ) |  | $ | 210,338 |
Mortgage-backed securities and collateralized mortgage obligations reflected in the preceding table were issued by U.S. government-sponsored entities and agencies, Freddie Mac, Fannie Mae and Ginnie Mae, and are obligations which the government has affirmed its commitment to support. The amortized cost and fair values of securities available-for-sale by contractual maturity are shown below. Securities not due at a single maturity date are shown separately. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | September 30, 2023 |
|  | Amortized Cost |  |  | Fair Value |
Due in one year or less |  | $ | 87,637 |  |  | $ | 86,118 |
Due after one year through five years |  |  | 71,654 |  |  |  | 67,794 |
|  |  | 159,291 |  |  |  | 153,912 |
Mortgage-backed securities - residential |  |  | 3,622 |  |  |  | 3,480 |
Collateralized mortgage obligations - residential |  |  | 1,059 |  |  |  | 1,033 |
|  | $ | 163,972 |  |  | $ | 158,425 |
Securities available-for-sale with unrealized losses not recognized in income are as follows:
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
|  | Count |  |  | Fair Value |  |  | Unrealized Loss |  |  | Count |  |  | Fair Value |  |  | Unrealized Loss |  |  | Count |  |  | Fair Value |  |  | Unrealized Loss |
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 1 |  |  | $ | 229 |  |  | $ | (11 | ) |  |  | 1 |  |  | $ | 229 |  |  | $ | (11 | )
U.S. Treasury Notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 181 |  |  |  | 123,095 |  |  |  | (5,231 | ) |  |  | 181 |  |  |  | 123,095 |  |  |  | (5,231 | )
U.S. government-sponsored agencies |  |  | 3 |  |  |  | 12,922 |  |  |  | (78 | ) |  |  | 3 |  |  |  | 14,941 |  |  |  | (59 | ) |  |  | 6 |  |  |  | 27,863 |  |  |  | (137 | )
Mortgage-backed securities - residential |  |  | 2 |  |  |  | 111 |  |  |  | (3 | ) |  |  | 16 |  |  |  | 2,652 |  |  |  | (162 | ) |  |  | 18 |  |  |  | 2,763 |  |  |  | (165 | )
Collateralized mortgage obligations - residential |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | 1,033 |  |  |  | (26 | ) |  |  | 7 |  |  |  | 1,033 |  |  |  | (26 | )
|  |  | 5 |  |  | $ | 13,033 |  |  | $ | (81 | ) |  |  | 208 |  |  | $ | 141,950 |  |  | $ | (5,489 | ) |  |  | 213 |  |  | $ | 154,983 |  |  | $ | (5,570 | )
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal securities |  |  | 1 |  |  | $ | 225 |  |  | $ | (15 | ) |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 1 |  |  | $ | 225 |  |  | $ | (15 | )
U.S. Treasury Notes |  |  | 147 |  |  |  | 104,439 |  |  |  | (4,104 | ) |  |  | 53 |  |  |  | 58,664 |  |  |  | (3,699 | ) |  |  | 200 |  |  |  | 163,103 |  |  |  | (7,803 | )
U.S. government-sponsored agencies |  |  | 9 |  |  |  | 39,699 |  |  |  | (301 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 39,699 |  |  |  | (301 | )
Mortgage-backed securities - residential |  |  | 18 |  |  |  | 3,016 |  |  |  | (143 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | 3,016 |  |  |  | (143 | )
Collateralized mortgage obligations - residential |  |  | 5 |  |  |  | 1,009 |  |  |  | (18 | ) |  |  | 1 |  |  |  | 171 |  |  |  | (8 | ) |  |  | 6 |  |  |  | 1,180 |  |  |  | (26 | )
|  |  | 180 |  |  | $ | 148,388 |  |  | $ | (4,581 | ) |  |  | 54 |  |  | $ | 58,835 |  |  | $ | (3,707 | ) |  |  | 234 |  |  | $ | 207,223 |  |  | $ | (8,288 | )
The Company evaluates marketable investment securities with significant declines in fair value on a quarterly basis to determine whether they should be considered impaired under current accounting guidance, which generally provides that if a marketable security is in an unrealized loss position, whether due to general market conditions or industry or issuer-specific factors, the holder of the securities must assess whether the security is impaired. U.S. Treasury Notes, U.S. government-sponsored agencies and certain other available-for-sale securities reflected in the above table that the Company holds in its investment portfolio were in an unrealized loss position at September 30, 2023, but the unrealized loss was not recognized into income because the U.S. Treasury Notes are backed by the full faith and credit of the United States and the other issuers were high credit quality, it is not likely that the Company will be required to sell these securities before their anticipated recovery occurs and the decline in fair value was due to changes in interest rates and other market conditions. The fair values are expected to recover as maturity dates of these securities approach. We reviewed the available-for-sale securities in an unrealized loss position within the guidelines of ASC 326 and determined that no credit loss is required to be recognized. The proceeds from sales of securities and the associated losses were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Proceeds |  | $ | — |  |  | $ | — |  |  | $ | 42,631 |  |  | $ | — |
Gross gains |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gross losses |  |  | — |  |  |  | — |  |  |  | (454 | ) |  |  | — |

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