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Note 14 - Fair Value (Tables)

9 Months Ended

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				-

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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