Note 11 - Fair Value Measurements (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Notes Tables |
|
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
| |
|
June 30, 2025 |
|
| |
|
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 |
|
$ |
11,154 |
|
|
$ |
66,170 |
|
|
$ |
— |
|
|
$ |
77,324 |
|
| ABS agency |
|
|
— |
|
|
|
12,298 |
|
|
|
— |
|
|
|
12,298 |
|
| ABS corporate |
|
|
— |
|
|
|
13,105 |
|
|
|
— |
|
|
|
13,105 |
|
| Corporate debt |
|
|
1,955 |
|
|
|
53,805 |
|
|
|
— |
|
|
|
55,760 |
|
| SBA |
|
|
— |
|
|
|
7,504 |
|
|
|
— |
|
|
|
7,504 |
|
| MBS agency |
|
|
— |
|
|
|
96,014 |
|
|
|
— |
|
|
|
96,014 |
|
| MBS non-agency |
|
|
— |
|
|
|
28,312 |
|
|
|
13,198 |
|
|
|
41,510 |
|
| Sold loan servicing rights |
|
|
— |
|
|
|
— |
|
|
|
3,220 |
|
|
|
3,220 |
|
| Total assets measured at fair value |
|
$ |
13,109 |
|
|
$ |
277,208 |
|
|
$ |
16,418 |
|
|
$ |
306,735 |
|
| Financial Liabilities |
|
|
|
| Interest rate swap derivative |
|
$ |
— |
|
|
$ |
1,684 |
|
|
$ |
— |
|
|
$ |
1,684 |
|
| |
|
December 31, 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 |
|
$ |
12,059 |
|
|
$ |
65,817 |
|
|
$ |
— |
|
|
$ |
77,876 |
|
| ABS agency |
|
|
— |
|
|
|
12,876 |
|
|
|
— |
|
|
|
12,876 |
|
| ABS corporate |
|
|
— |
|
|
|
16,122 |
|
|
|
— |
|
|
|
16,122 |
|
| Corporate debt |
|
|
1,917 |
|
|
|
52,574 |
|
|
|
— |
|
|
|
54,491 |
|
| SBA |
|
|
— |
|
|
|
8,666 |
|
|
|
— |
|
|
|
8,666 |
|
| MBS agency |
|
|
— |
|
|
|
98,697 |
|
|
|
— |
|
|
|
98,697 |
|
| MBS non-agency |
|
|
— |
|
|
|
39,735 |
|
|
|
31,881 |
|
|
|
71,616 |
|
| Sold loan servicing rights |
|
|
— |
|
|
|
— |
|
|
|
3,281 |
|
|
|
3,281 |
|
| Interest rate swap derivative |
|
|
— |
|
|
|
267 |
|
|
|
— |
|
|
|
267 |
|
| Total assets measured at fair value |
|
$ |
13,976 |
|
|
$ |
294,754 |
|
|
$ |
35,162 |
|
|
$ |
343,892 |
|
| Financial Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate swap derivative |
|
$ |
— |
|
|
$ |
123 |
|
|
$ |
— |
|
|
$ |
123 |
|
|
| Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] |
| June 30, 2025 |
|
Fair Value (In thousands) |
|
Valuation Technique |
|
Unobservable Input (1) |
|
Range (Weighted Average) |
|
| Sold loan servicing rights |
|
$ |
3,220 |
|
Discounted cash flow |
|
Constant prepayment rate |
|
|
4.38% - 28.24% (5.89%) |
|
| |
|
|
|
|
|
|
Discount rate |
|
|
10.75% - 12.86% (11.33%) |
|
| MBS non-agency |
|
$ |
13,198 |
|
Consensus pricing |
|
Offered quotes |
|
|
98.7 - 100.6 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| (1) Unobservable inputs were weighted by the relative fair value of the instruments. |
|
| December 31, 2024 |
|
Fair Value (In thousands) |
|
Valuation Technique |
|
Unobservable Input (1) |
|
Range (Weighted Average) |
|
| Sold loan servicing rights |
|
$ |
3,281 |
|
Discounted cash flow |
|
Constant prepayment rate |
|
|
5.05% - 29.58% (6.83%) |
|
| |
|
|
|
|
|
|
Discount rate |
|
|
11.13% - 13.52% (11.78%) |
|
| MBS non-agency |
|
$ |
31,881 |
|
Consensus pricing |
|
Offered quotes |
|
|
99 - 101 |
|
| |
|
| (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 June 30, |
|
|
As of or For the Six Months Ended June 30, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| Sold loan servicing rights: |
|
(In thousands) |
|
| Balance at beginning of period |
|
$ |
3,301 |
|
|
$ |
3,820 |
|
|
$ |
3,281 |
|
|
$ |
3,793 |
|
| Servicing rights that result from transfers and sale of financial assets |
|
|
6 |
|
|
|
23 |
|
|
|
17 |
|
|
|
33 |
|
| Changes in fair value due to changes in model inputs or assumptions (1) |
|
|
(87 |
) |
|
|
(103 |
) |
|
|
(78 |
) |
|
|
(86 |
) |
| Balance at end of period |
|
$ |
3,220 |
|
|
$ |
3,740 |
|
|
$ |
3,220 |
|
|
$ |
3,740 |
|
| (1) Represents changes due to collection/realization of expected cash flows and curtailments. |
|
| |
|
As of or For the Three Months Ended June 30, |
|
|
As of or For the Six Months Ended June 30, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| Securities available for sale: |
|
(In thousands) |
|
| MBS non-agency |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at beginning of period |
|
$ |
18,543 |
|
|
$ |
17,351 |
|
|
$ |
31,881 |
|
|
$ |
27,469 |
|
| Principal payments and maturities |
|
|
(5,349 |
) |
|
|
(134 |
) |
|
|
(18,773 |
) |
|
|
(10,382 |
) |
| Unrealized Gains |
|
|
4 |
|
|
|
14 |
|
|
|
90 |
|
|
|
144 |
|
| Balance at end of period |
|
$ |
13,198 |
|
|
$ |
17,231 |
|
|
$ |
13,198 |
|
|
$ |
17,231 |
|
|
| Fair Value Measurements, Nonrecurring [Table Text Block] |
| |
|
June 30, 2025 |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
(In thousands) |
|
| Individually evaluated collateral dependent loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30,781 |
|
|
$ |
30,781 |
|
| Other real estate owned |
|
|
— |
|
|
|
— |
|
|
|
1,297 |
|
|
|
1,297 |
|
| |
|
December 31, 2024 |
|
| |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
| |
|
(In thousands) |
|
| Individually evaluated collateral dependent loans |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
33,246 |
|
|
$ |
33,246 |
|
|
| Fair Value, by Balance Sheet Grouping [Table Text Block] |
| |
|
June 30, 2025 |
|
| |
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using: |
|
| |
|
Carrying Amount |
|
|
Estimated Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
(In thousands) |
|
| Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
87,863 |
|
|
$ |
87,863 |
|
|
$ |
87,863 |
|
|
$ |
— |
|
|
$ |
— |
|
| Investment securities available for sale |
|
|
303,515 |
|
|
|
303,515 |
|
|
|
13,109 |
|
|
|
277,208 |
|
|
|
13,198 |
|
| Loans held for sale |
|
|
1,557 |
|
|
|
1,557 |
|
|
|
— |
|
|
|
1,557 |
|
|
|
— |
|
| Loans receivable, net |
|
|
1,647,217 |
|
|
|
1,526,496 |
|
|
|
— |
|
|
|
— |
|
|
|
1,526,496 |
|
| FHLB stock |
|
|
14,906 |
|
|
|
14,906 |
|
|
|
— |
|
|
|
14,906 |
|
|
|
— |
|
| Accrued interest receivable |
|
|
8,305 |
|
|
|
8,305 |
|
|
|
— |
|
|
|
8,305 |
|
|
|
— |
|
| Sold loan servicing rights, at fair value |
|
|
3,220 |
|
|
|
3,220 |
|
|
|
— |
|
|
|
— |
|
|
|
3,220 |
|
| Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits |
|
$ |
1,097,215 |
|
|
$ |
1,097,215 |
|
|
$ |
1,097,215 |
|
|
$ |
— |
|
|
$ |
— |
|
| Time deposits |
|
|
557,421 |
|
|
|
556,473 |
|
|
|
— |
|
|
|
— |
|
|
|
556,473 |
|
| FHLB Borrowings |
|
|
300,000 |
|
|
|
299,865 |
|
|
|
— |
|
|
|
— |
|
|
|
299,865 |
|
| Line of Credit |
|
|
9,500 |
|
|
|
9,537 |
|
|
|
— |
|
|
|
— |
|
|
|
9,537 |
|
| Subordinated debt, net |
|
|
34,608 |
|
|
|
36,379 |
|
|
|
— |
|
|
|
— |
|
|
|
36,379 |
|
| Accrued interest payable |
|
|
1,514 |
|
|
|
1,514 |
|
|
|
— |
|
|
|
1,514 |
|
|
|
— |
|
| Interest rate swap derivative |
|
|
1,684 |
|
|
|
1,684 |
|
|
|
— |
|
|
|
1,684 |
|
|
|
— |
|
| |
|
December 31, 2024 |
|
| |
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using: |
|
| |
|
Carrying Amount |
|
|
Estimated Fair Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
(In thousands) |
|
| Financial assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
72,448 |
|
|
$ |
72,448 |
|
|
$ |
72,448 |
|
|
$ |
— |
|
|
$ |
— |
|
| Investment securities available for sale |
|
|
340,344 |
|
|
|
340,344 |
|
|
|
13,976 |
|
|
|
294,487 |
|
|
|
31,881 |
|
| Loans held for sale |
|
|
472 |
|
|
|
472 |
|
|
|
— |
|
|
|
472 |
|
|
|
— |
|
| Loans receivable, net |
|
|
1,675,186 |
|
|
|
1,536,748 |
|
|
|
— |
|
|
|
— |
|
|
|
1,536,748 |
|
| FHLB stock |
|
|
14,435 |
|
|
|
14,435 |
|
|
|
— |
|
|
|
14,435 |
|
|
|
— |
|
| Accrued interest receivable |
|
|
8,159 |
|
|
|
8,159 |
|
|
|
— |
|
|
|
8,159 |
|
|
|
— |
|
| Sold loan servicing rights, at fair value |
|
|
3,281 |
|
|
|
3,281 |
|
|
|
— |
|
|
|
— |
|
|
|
3,281 |
|
| Interest rate swap derivative |
|
|
267 |
|
|
|
267 |
|
|
|
— |
|
|
|
267 |
|
|
|
— |
|
| Financial liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Demand deposits |
|
|
1,040,184 |
|
|
$ |
1,040,184 |
|
|
$ |
1,040,184 |
|
|
$ |
— |
|
|
$ |
— |
|
| Time deposits |
|
|
647,842 |
|
|
|
648,232 |
|
|
|
— |
|
|
|
— |
|
|
|
648,232 |
|
| FHLB Borrowings |
|
|
290,000 |
|
|
|
288,512 |
|
|
|
— |
|
|
|
— |
|
|
|
288,512 |
|
| Line of Credit |
|
|
6,500 |
|
|
|
6,526 |
|
|
|
— |
|
|
|
— |
|
|
|
6,526 |
|
| Subordinated debt, net |
|
|
39,514 |
|
|
|
39,974 |
|
|
|
— |
|
|
|
— |
|
|
|
39,974 |
|
| Accrued interest payable |
|
|
3,295 |
|
|
|
3,295 |
|
|
|
— |
|
|
|
3,295 |
|
|
|
— |
|
| Interest rate swap derivative |
|
|
123 |
|
|
|
123 |
|
|
|
— |
|
|
|
123 |
|
|
|
— |
|
|