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Note 9 - Derivatives and Hedging Activities | 3 Months Ended
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Mar. 31, 2026
Notes to Financial Statements |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | NOTE 9. DERIVATIVES AND HEDGING ACTIVITIES The Company enters into commitments to originate and sell mortgage loans. The Bank uses derivatives to hedge the risk of changes in fair values of interest rate lock commitments and mortgage loans held-for-sale. An optimal amount of mortgage loans are sold directly into bulk commitments with investors at the time an interest rate is locked, other loans are sold on an individual best-efforts basis at the time an interest rate is locked, and the remaining balance of locked loans are hedged using To-Be-Announced (“TBA”) mortgage-backed securities or bulk mandatory forward loan sale commitments. Derivatives are accounted for as free-standing or economic derivatives and are measured at fair value. Derivatives are recorded as either other assets or other liabilities on the condensed consolidated statements of condition. Derivatives are summarized as follows:
|  | March 31, 2026 |  |  | December 31, 2025 |
|  | Notional |  |  | Fair Value |  |  | Notional |  |  | Fair Value |
|  | Amount |  |  | Asset |  |  | Liability |  |  | Amount |  |  | Asset |  |  | Liability |
|  | (In Thousands) |
Interest rate lock commitments |  | $ | 16,558 |  |  | $ | - |  |  | $ | 101 |  |  | $ | 14,949 |  |  | $ | - |  |  | $ | 49 |
Forward TBA mortgage-backed securities |  |  | 13,000 |  |  |  | 231 |  |  |  | - |  |  |  | 16,000 |  |  |  | - |  |  |  | 55 |
Mandatory forward commitments |  |  | 1,500 |  |  |  | - |  |  |  | 8 |  |  |  | - |  |  |  | - |  |  |  | - |
Changes in the fair value of the derivatives are recorded in mortgage banking, net, within noninterest income on the condensed consolidated statements of income. Net gains of $226,000 were recorded for the three months ended March 31, 2026, compared to net losses of $93,000 for the three months ended March 31, 2025.

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