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Note 4 - Mortgage Servicing Rights

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Transfers and Servicing of Financial Assets [Text Block]

NOTE 4. MORTGAGE SERVICING RIGHTS

The Company is servicing mortgage loans for the benefit of others which are not included in the condensed consolidated statements of financial condition and have unpaid principal balances of $1,967,740,000 and $1,976,243,000 at  March 31, 2026 and  December 31, 2025, respectively. Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and foreclosure processing. Mortgage loan servicing fees were $1,234,000 and $1,256,000 for the three months ended March 31, 2026 and 2025, respectively. These fees, net of amortization, are included in mortgage banking, net, which is a component of noninterest income on the condensed consolidated statements of income.

Custodial balances maintained in connection with the foregoing loan servicing are included in noninterest checking deposits and were $24,809,000 and $15,598,000 at  March 31, 2026 and December 31, 2025, respectively.

The following is a summary of activity in mortgage servicing rights:

		As of or For the
		Three Months Ended
		March 31,
		2026				2025
		(In Thousands)
Mortgage servicing rights:
Beginning balance		$	15,043			$	15,376
Mortgage servicing rights capitalized			486				271
Amortization of mortgage servicing rights			(620	)			(365	)
Mortgage servicing rights, net		$	14,909			$	15,282

The fair values of these mortgage servicing rights were $19,747,000 and $20,302,000 at  March 31, 2026 and  December 31, 2025, respectively. The fair value of mortgage servicing rights was determined at loan level, depending on the interest rate and term of the specific loan, using the following valuation assumptions:

		March 31,				December 31,
		2026				2025
Key assumptions:
Discount rate			12	%			12	%
Prepayment speed range			94 - 279	%			90 - 211	%
Weighted average prepayment speed			127	%			119	%

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The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

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