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Note 13 - Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Notes Tables |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
|  | September 30, 2024 |
|  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Financial Assets |  |  | (In thousands) |
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 5,054 |  |  | $ | 76,309 |  |  | $ | — |  |  | $ | 81,363 |
ABS agency |  |  | — |  |  |  | 13,296 |  |  |  | — |  |  |  | 13,296 |
ABS corporate |  |  | — |  |  |  | 16,391 |  |  |  | — |  |  |  | 16,391 |
Corporate debt |  |  | 1,945 |  |  |  | 52,113 |  |  |  | — |  |  |  | 54,058 |
SBA |  |  | — |  |  |  | 9,317 |  |  |  | — |  |  |  | 9,317 |
MBS agency |  |  | — |  |  |  | 78,549 |  |  |  | — |  |  |  | 78,549 |
MBS non-agency |  |  | — |  |  |  | 40,791 |  |  |  | 17,095 |  |  |  | 57,886 |
Sold loan servicing rights |  |  | — |  |  |  | — |  |  |  | 3,584 |  |  |  | 3,584 |
Equity and partnership investments |  |  | — |  |  |  | 1,762 |  |  |  | 12,650 |  |  |  | 14,412 |
Total assets measured at fair value |  | $ | 6,999 |  |  | $ | 288,528 |  |  | $ | 33,329 |  |  | $ | 328,856 |
Financial Liabilities |  |  |
Interest rate swap derivative |  | $ | — |  |  | $ | 2,749 |  |  | $ | — |  |  | $ | 2,749 |
|  | December 31, 2023 |
|  | Quoted Prices in Active Markets for Identical Assets or Liabilities |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |  |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Total |
Financial Assets |  | (In thousands) |
Securities available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Municipal bonds |  | $ | 5,118 |  |  | $ | 82,643 |  |  | $ | — |  |  | $ | 87,761 |
ABS agency |  |  | — |  |  |  | 11,782 |  |  |  | — |  |  |  | 11,782 |
ABS corporate |  |  | — |  |  |  | 5,286 |  |  |  | — |  |  |  | 5,286 |
Corporate debt |  |  | 1,883 |  |  |  | 49,571 |  |  |  | — |  |  |  | 51,454 |
MBS agency |  |  | — |  |  |  | 63,247 |  |  |  | — |  |  |  | 63,247 |
MBS non-agency |  |  | — |  |  |  | 48,624 |  |  |  | 27,469 |  |  |  | 76,093 |
Sold loan servicing rights |  |  | — |  |  |  | — |  |  |  | 3,793 |  |  |  | 3,793 |
Partnership investments |  |  | — |  |  |  | — |  |  |  | 13,183 |  |  |  | 13,183 |
Total assets measured at fair value |  | $ | 7,001 |  |  | $ | 261,153 |  |  | $ | 44,445 |  |  | $ | 312,599 |
Financial Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap derivative |  | $ | — |  |  | $ | 1,002 |  |  | $ | — |  |  | $ | 1,002 |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
September 30, 2024 |  | Fair Value (In thousands) |  | Valuation Technique |  | Unobservable Input (1) |  | Range (Weighted Average) |
Sold loan servicing rights |  | $ | 3,584 |  | Discounted cash flow |  | Constant prepayment rate |  |  | 5.21% - 41.27% (7.83%) |
|  |  |  |  |  |  | Discount rate |  |  | 10.25% - 12.53% (10.92%) |
MBS non-agency |  | $ | 17,095 |  | Consensus pricing |  | Offered quotes |  |  | 99 - 100 |
Partnership investments |  | $ | 12,650 |  | Net asset value per share |  | Net asset value |  |  | n/a |
(1) Unobservable inputs were weighted by the relative fair value of the instruments. |
December 31, 2023 |  | Fair Value (In thousands) |  | Valuation Technique |  | Unobservable Input (1) |  | Range (Weighted Average) |
Sold loan servicing rights |  | $ | 3,793 |  | Discounted cash flow |  | Constant prepayment rate |  |  | 4.10% - 47.53% (7.39%) |
|  |  |  |  |  |  | Discount rate |  |  | 11.00% - 13.42% (11.74%) |
MBS non-agency |  | $ | 27,469 |  | Consensus pricing |  | Offered quotes |  |  | 98 - 100 |
Partnership investments |  | $ | 13,183 |  | Net asset value per share |  | Net asset value |  |  | n/a |
(1) Unobservable inputs were weighted by the relative fair value of the instruments. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] |
|  | As of or For the Three Months Ended September 30, |  |  | As of or For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Sold loan servicing rights: |  | (In thousands) |
Balance at beginning of period |  | $ | 3,740 |  |  | $ | 3,825 |  |  | $ | 3,793 |  |  | $ | 3,887 |
Servicing rights that result from transfers and sale of financial assets |  |  | 5 |  |  |  | 71 |  |  |  | 38 |  |  |  | 145 |
Changes in fair value due to changes in model inputs or assumptions (1) |  |  | (161 | ) |  |  | (167 | ) |  |  | (247 | ) |  |  | (303 | )
Balance at end of period |  | $ | 3,584 |  |  | $ | 3,729 |  |  | $ | 3,584 |  |  | $ | 3,729 |
(1) Represents changes due to collection/realization of expected cash flows and curtailments. |
|  | As of or For the Three Months Ended September 30, |  |  | As of or For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Securities available for sale: |  | (In thousands) |
MBS non-agency |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | 17,231 |  |  | $ | 29,378 |  |  | $ | 27,469 |  |  | $ | 29,599 |
Principal payments received |  |  | (148 | ) |  |  | — |  |  |  | (10,530 | ) |  |  | — |
Unrealized Gains (Losses) |  |  | 12 |  |  |  | (186 | ) |  |  | 156 |  |  |  | (407 | )
Balance at end of period |  | $ | 17,095 |  |  | $ | 29,192 |  |  | $ | 17,095 |  |  | $ | 29,192 |
|  | As of or For the Three Months Ended September 30, |  |  | As of or For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Partnership investments: |  | (In thousands) |
Balance at beginning of period |  | $ | 12,823 |  |  | $ | 12,733 |  |  | $ | 13,183 |  |  | $ | 12,563 |
Funding contributions (1) |  |  | 80 |  |  |  | 126 |  |  |  | 6,386 |  |  |  | 335 |
Distributions received (1) |  |  | (283 | ) |  |  | (57 | ) |  |  | (6,782 | ) |  |  | (404 | )
Unrealized Gains (Losses) |  |  | 30 |  |  |  | (15 | ) |  |  | (137 | ) |  |  | 293 |
Balance at end of period |  | $ | 12,650 |  |  | $ | 12,787 |  |  | $ | 12,650 |  |  | $ | 12,787 |
Fair Value Measurements, Nonrecurring [Table Text Block] |
|  | September 30, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Individually evaluated collateral dependent loans |  | $ | — |  |  | $ | — |  |  | $ | 27,181 |  |  | $ | 27,181 |
|  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (In thousands) |
Individually evaluated collateral dependent loans |  | $ | — |  |  | $ | — |  |  | $ | 17,388 |  |  | $ | 17,388 |
Fair Value, by Balance Sheet Grouping [Table Text Block] |
|  | September 30, 2024 |
|  |  |  |  |  |  |  |  |  | Fair Value Measurements Using: |
|  | Carrying Amount |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 82,722 |  |  | $ | 82,722 |  |  | $ | 82,722 |  |  | $ | — |  |  | $ | — |
Investment securities available for sale |  |  | 310,860 |  |  |  | 310,860 |  |  |  | 6,999 |  |  |  | 286,766 |  |  |  | 17,095 |
Loans held for sale |  |  | 378 |  |  |  | 378 |  |  |  | — |  |  |  | 378 |  |  |  | — |
Loans receivable, net |  |  | 1,714,416 |  |  |  | 1,580,047 |  |  |  | — |  |  |  | — |  |  |  | 1,580,047 |
FHLB stock |  |  | 14,435 |  |  |  | 14,435 |  |  |  | — |  |  |  | 14,435 |  |  |  | — |
Accrued interest receivable |  |  | 8,939 |  |  |  | 8,939 |  |  |  | — |  |  |  | 8,939 |  |  |  | — |
Sold loan servicing rights, at fair value |  |  | 3,584 |  |  |  | 3,584 |  |  |  | — |  |  |  | — |  |  |  | 3,584 |
Equity and partnership investments |  |  | 14,412 |  |  |  | 14,412 |  |  |  | — |  |  |  | 1,762 |  |  |  | 12,650 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits |  | $ | 1,066,271 |  |  | $ | 1,066,271 |  |  | $ | 1,066,271 |  |  | $ | — |  |  | $ | — |
Time deposits |  |  | 645,370 |  |  |  | 647,583 |  |  |  | — |  |  |  | — |  |  |  | 647,583 |
FHLB Borrowings |  |  | 290,000 |  |  |  | 290,119 |  |  |  | — |  |  |  | — |  |  |  | 290,119 |
Line of Credit |  |  | 5,500 |  |  |  | 5,525 |  |  |  | — |  |  |  | — |  |  |  | 5,525 |
Subordinated debt, net |  |  | 39,494 |  |  |  | 42,016 |  |  |  | — |  |  |  | — |  |  |  | 42,016 |
Accrued interest payable |  |  | 2,153 |  |  |  | 2,153 |  |  |  | — |  |  |  | 2,153 |  |  |  | — |
Interest rate swap derivative |  |  | 2,749 |  |  |  | 2,749 |  |  |  | — |  |  |  | 2,749 |  |  |  | — |
|  | December 31, 2023 |
|  |  |  |  |  |  |  |  |  | Fair Value Measurements Using: |
|  | Carrying Amount |  |  | Estimated Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (In thousands) |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 123,169 |  |  | $ | 123,169 |  |  | $ | 123,169 |  |  | $ | — |  |  | $ | — |
Investment securities available for sale |  |  | 295,623 |  |  |  | 295,623 |  |  |  | 7,001 |  |  |  | 261,153 |  |  |  | 27,469 |
Loans held for sale |  |  | 753 |  |  |  | 753 |  |  |  | — |  |  |  | 753 |  |  |  | — |
Loans receivable, net |  |  | 1,642,518 |  |  |  | 1,506,130 |  |  |  | — |  |  |  | — |  |  |  | 1,506,130 |
FHLB stock |  |  | 13,664 |  |  |  | 13,664 |  |  |  | — |  |  |  | 13,664 |  |  |  | — |
Accrued interest receivable |  |  | 7,894 |  |  |  | 7,894 |  |  |  | — |  |  |  | 7,894 |  |  |  | — |
Sold loan servicing rights, at fair value |  |  | 3,793 |  |  |  | 3,793 |  |  |  | — |  |  |  | — |  |  |  | 3,793 |
Partnership investments |  |  | 13,183 |  |  |  | 13,183 |  |  |  | — |  |  |  | — |  |  |  | 13,183 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand deposits |  |  | 1,025,854 |  |  | $ | 1,025,854 |  |  | $ | 1,025,854 |  |  | $ | — |  |  | $ | — |
Time deposits |  |  | 651,038 |  |  |  | 648,428 |  |  |  | — |  |  |  | — |  |  |  | 648,428 |
FHLB Borrowings |  |  | 275,000 |  |  |  | 271,284 |  |  |  | — |  |  |  | — |  |  |  | 271,284 |
Line of Credit |  |  | 6,500 |  |  |  | 6,524 |  |  |  | — |  |  |  | — |  |  |  | 6,524 |
Subordinated debt, net |  |  | 39,436 |  |  |  | 42,116 |  |  |  | — |  |  |  | — |  |  |  | 42,116 |
Accrued interest payable |  |  | 3,396 |  |  |  | 3,396 |  |  |  | — |  |  |  | 3,396 |  |  |  | — |
Interest rate swap derivative |  |  | 1,002 |  |  |  | 1,002 |  |  |  | — |  |  |  | 1,002 |  |  |  | — |

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- 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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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