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Note 16 - Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
      

Fair Value Measurements at December 31, 2024 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

 $5,486  $-  $5,486  $- 

Interest rate lock commitments

  82   -   82   - 

Available-for-sale debt securities:

                

US government sponsored entities

  8,061   -   8,061   - 

Collateralized mortgage obligations and residential mortgage-backed securities

  109,325   -   109,325   - 

Municipal securities

  214,749   -   214,749   - 

Collateralized debt obligations

  1,419   -   -   1,419 

Total securities available-for-sale

 $333,554  $-  $332,135  $1,419 
                 

Liabilities:

                

Interest rate swap contracts

 $5,486  $-  $5,486  $- 
      

Fair Value Measurements at December 31, 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

 $5,591  $-  $5,591  $- 

Interest rate lock commitments

  35   -   35   - 

Available-for-sale debt securities:

                

US government sponsored entities

  7,883   -   7,883   - 

Collateralized mortgage obligations and residential mortgage-backed securities

  123,464   -   123,464   - 

Municipal securities

  238,670   -   238,670   - 

Collateralized debt obligations

  1,357   -   -   1,357 

Total securities available-for-sale

 $371,374  $-  $370,017  $1,357 
                 

Liabilities:

                

Interest rate swap contracts

 $5,591  $-  $5,591  $- 
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, January 1, 2024

 $1,357 

Principal payments

  (14)

Total unrealized gains, included in other comprehensive income

  76 

Ending balance, December 31, 2024

 $1,419 
     

Beginning balance, January 1, 2023

 $1,048 

Principal payments

  (3)

Total unrealized gains, included in other comprehensive loss

  312 

Ending balance, December 31, 2023

 $1,357 
Fair Value Measurements, Nonrecurring [Table Text Block]
      

Fair Value Measurements at December 31, 2024 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

 $1,496  $-  $-  $1,496 
      

(Dollars in thousands)

 
      

Fair Value Measurements at December 31, 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

 $8,673  $-  $-  $8,673 
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
  

Fair Value at

 

 

Valuation 

Significate Unobservable

      

Weighted-Average

 

(Dollars in thousands)

 

December 31, 2024

 

 

Technique 

Inputs

 

Range

  

Range

 

Collateral dependent loans

 $1,496 

 

Fair value of collateral 

Discount for type of property and current market conditions

 0%-80%   8% 
  

Fair Value at

  

Valuation

 

Significate Unobservable

      

Weighted-Average

 

(Dollars in thousands)

 

December 31, 2023

  

Technique

 

Inputs

 

Range

  

Range

 

Collateral dependent loans

 $8,673  

Fair value of collateral

 

Discount for type of property and current market conditions

 0%-80%   17% 
Fair Value, by Balance Sheet Grouping [Table Text Block]
  

December 31, 2024

  

Estimated Fair Value Measurements at December 31, 2024 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

 $70,584  $70,584  $70,584  $-  $- 

Loans held-for-sale

  1,253   1,277   -   1,277   - 

Loans receivable, net

  1,492,065   1,435,148   -   -   1,435,148 

Federal Home Loan Bank stock

  6,547   6,547   -   6,547   - 

Accrued interest receivable

  7,721   7,721   -   7,721   - 
                     

Financial liabilities:

                    

Non-interest bearing deposits

  263,324   263,324   263,324   -   - 

Interest bearing deposits

  1,497,242   1,496,638   936,989   559,649   - 

Repurchase agreements

  40,116   39,960   32,364   7,596   - 

Borrowed funds

  65,000   63,432   -   63,432   - 

Accrued interest payable

  620   620   -   620   - 
  

December 31, 2023

  

Estimated Fair Value Measurements at December 31, 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

 $86,008  $86,008  $86,008  $-  $- 

Loans held-for-sale

  340   349   -   349   - 

Loans receivable, net

  1,493,827   1,412,069   -   -   1,412,069 

Federal Home Loan Bank stock

  6,547   6,547   -   6,547   - 

Accrued interest receivable

  8,045   8,045   -   8,045   - 
                     

Financial liabilities:

                    

Non-interest bearing deposits

  295,594   295,594   295,594   -   - 

Interest bearing deposits

  1,517,827   1,513,640   985,710   527,930   - 

Repurchase agreements

  38,124   37,938   31,033   6,905   - 

Borrowed funds

  80,000   79,791   -   79,791   - 

Accrued interest payable

  3,065   3,065   -   3,065   -