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v3.23.3

Note 14 - Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2023
Notes Tables |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
|  |  |  |  |  | (Dollars in thousands) |
|  |  |  |  |  | Fair Value Measurements at September 30, 2023 Using |
(Dollars in thousands) |  | Estimated Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts |  | $ | 9,834 |  |  | $ | - |  |  | $ | 9,834 |  |  | $ | - |
Interest rate lock commitments |  |  | 51 |  |  |  | - |  |  |  | 51 |  |  |  | - |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored entities |  |  | 7,550 |  |  |  | - |  |  |  | 7,550 |  |  |  | - |
U.S. treasury securities |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Collateralized mortgage obligations and residential mortgage-backed securities |  |  | 119,096 |  |  |  | - |  |  |  | 119,096 |  |  |  | - |
Municipal securities |  |  | 211,479 |  |  |  | - |  |  |  | 211,479 |  |  |  | - |
Collateralized debt obligations |  |  | 1,155 |  |  |  | - |  |  |  | - |  |  |  | 1,155 |
Total securities available-for-sale |  | $ | 339,280 |  |  | $ | - |  |  | $ | 338,125 |  |  | $ | 1,155 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts |  | $ | 9,834 |  |  | $ | - |  |  | $ | 9,834 |  |  | $ | - |
|  |  |  |  |  | (Dollars in thousands) |
|  |  |  |  |  | Fair Value Measurements at December 31, 2022 Using |
(Dollars in thousands) |  | Estimated Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts |  | $ | 8,972 |  |  | $ | - |  |  | $ | 8,972 |  |  | $ | - |
Interest rate lock commitments |  |  | 38 |  |  |  | - |  |  |  | 38 |  |  |  | - |
Available-for-sale debt securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. government sponsored entities |  |  | 7,625 |  |  |  | - |  |  |  | 7,625 |  |  |  | - |
U.S. treasury securities |  |  | 389 |  |  |  | - |  |  |  | 389 |  |  |  | - |
Collateralized mortgage obligations and residential mortgage-backed securities |  |  | 134,116 |  |  |  | - |  |  |  | 134,116 |  |  |  | - |
Municipal securities |  |  | 227,718 |  |  |  | - |  |  |  | 227,718 |  |  |  | - |
Collateralized debt obligations |  |  | 1,048 |  |  |  | - |  |  |  | - |  |  |  | 1,048 |
Total securities available-for-sale |  | $ | 370,896 |  |  | $ | - |  |  | $ | 369,848 |  |  | $ | 1,048 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap contracts |  | $ | 8,972 |  |  | $ | - |  |  | $ | 8,972 |  |  | $ | - |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
|  | (Dollars in thousands) |
|  | Estimated Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
|  | Available-for- sale securities |
Beginning balance, June 30, 2022 |  | $ | 972 |
Principal payments |  |  | - |
Total unrealized gains, included in other comprehensive income |  |  | 55 |
Ending balance, September 30, 2022 |  | $ | 1,027 |
Beginning balance, June 30, 2023 |  | $ | 1,075 |
Principal payments |  |  | - |
Total unrealized gains, included in other comprehensive loss |  |  | 80 |
Ending balance, September 30, 2023 |  | $ | 1,155 |
|  | (Dollars in thousands) |
|  | Estimated Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
|  | Available-for- sale securities |
Beginning balance, January 1, 2022 |  | $ | 992 |
Principal payments |  |  | - |
Total unrealized gains, included in other comprehensive income |  |  | 35 |
Ending balance, September 30, 2022 |  | $ | 1,027 |
Beginning balance, January 1, 2023 |  | $ | 1,048 |
Principal payments |  |  | - |
Total unrealized gains, included in other comprehensive loss |  |  | 107 |
Ending balance, September 30, 2023 |  | $ | 1,155 |
Fair Value Measurements, Nonrecurring [Table Text Block] |
|  |  |  |  |  | (Dollars in thousands) |
|  |  |  |  |  | Fair Value Measurements at September 30, 2023 Using |
(Dollars in thousands) |  | Estimated Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Collateral dependent loans |  | $ | 6,132 |  |  | $ | - |  |  | $ | - |  |  | $ | 6,132 |
|  |  |  |  |  | (Dollars in thousands) |
|  |  |  |  |  | Fair Value Measurements at December 31, 2022 Using |
(Dollars in thousands) |  | Estimated Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Impaired loans |  | $ | 2,620 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,620 |
Fair Value, by Balance Sheet Grouping [Table Text Block] |
|  | September 30, 2023 |  |  | Estimated Fair Value Measurements at September 30, 2023 Using |
(Dollars in thousands) |  | Carrying Value |  |  | Estimated Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 71,648 |  |  | $ | 71,648 |  |  | $ | 71,648 |  |  | $ | - |  |  | $ | - |
Loans held-for-sale |  |  | 2,057 |  |  |  | 2,080 |  |  |  | - |  |  |  | 2,080 |  |  |  | - |
Loans receivable, net |  |  | 1,506,230 |  |  |  | 1,400,946 |  |  |  | - |  |  |  | - |  |  |  | 1,400,946 |
Federal Home Loan Bank stock |  |  | 6,547 |  |  |  | 6,547 |  |  |  | - |  |  |  | 6,547 |  |  |  | - |
Accrued interest receivable |  |  | 7,864 |  |  |  | 7,864 |  |  |  | - |  |  |  | 7,864 |  |  |  | - |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing deposits |  |  | 312,635 |  |  |  | 312,635 |  |  |  | 312,635 |  |  |  | - |  |  |  | - |
Interest bearing deposits |  |  | 1,471,402 |  |  |  | 1,468,670 |  |  |  | 928,390 |  |  |  | 540,280 |  |  |  | - |
Repurchase agreements |  |  | 48,310 |  |  |  | 48,274 |  |  |  | 39,420 |  |  |  | 8,854 |  |  |  | - |
Borrowed funds |  |  | 100,000 |  |  |  | 99,394 |  |  |  | - |  |  |  | 99,394 |  |  |  | - |
Accrued interest payable |  |  | 3,035 |  |  |  | 3,035 |  |  |  | - |  |  |  | 3,035 |  |  |  | - |
|  | December 31, 2022 |  |  | Estimated Fair Value Measurements at December 31, 2022 Using |
(Dollars in thousands) |  | Carrying Value |  |  | Estimated Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 31,282 |  |  | $ | 31,282 |  |  | $ | 31,282 |  |  | $ | - |  |  | $ | - |
Certificates of deposit in other financial institutions |  |  | 2,456 |  |  |  | 2,404 |  |  |  | - |  |  |  | 2,404 |  |  |  | - |
Loans held-for-sale |  |  | 1,543 |  |  |  | 1,555 |  |  |  | - |  |  |  | 1,555 |  |  |  | - |
Loans receivable, net |  |  | 1,500,734 |  |  |  | 1,437,496 |  |  |  | - |  |  |  | - |  |  |  | 1,437,496 |
Federal Home Loan Bank stock |  |  | 6,547 |  |  |  | 6,547 |  |  |  | - |  |  |  | 6,547 |  |  |  | - |
Accrued interest receivable |  |  | 7,421 |  |  |  | 7,421 |  |  |  | - |  |  |  | 7,421 |  |  |  | - |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-interest bearing deposits |  |  | 359,092 |  |  |  | 359,092 |  |  |  | 359,092 |  |  |  | - |  |  |  | - |
Interest bearing deposits |  |  | 1,415,925 |  |  |  | 1,414,738 |  |  |  | 1,052,807 |  |  |  | 361,931 |  |  |  | - |
Repurchase agreements |  |  | 15,503 |  |  |  | 15,361 |  |  |  | 7,975 |  |  |  | 7,386 |  |  |  | - |
Borrowed funds |  |  | 120,000 |  |  |  | 119,689 |  |  |  | - |  |  |  | 119,689 |  |  |  | - |
Accrued interest payable |  |  | 336 |  |  |  | 336 |  |  |  | - |  |  |  | 336 |  |  |  | - |

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