v3.26.3
Note 11 - Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2026
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
  

September 30, 2026

 
  

Quoted Prices in Active Markets for Identical Assets or Liabilities

  

Significant Other Observable Inputs

  

Significant Unobservable Inputs

     

(dollars in thousands)

 

(Level 1)

  

(Level 2)

  

(Level 3)

  

Total

 

Financial Assets

                

Securities available-for-sale

                

Municipal bonds

 $10,490  $62,268  $—  $72,758 

ABS agency

  —   11,170   —   11,170 

ABS corporate

  —   21,088   —   21,088 

Corporate debt

  1,957   58,234   —   60,191 

SBA

  —   4,923   —   4,923 

MBS agency

  —   91,217   —   91,217 

MBS non-agency

  —   39,607   9,234   48,841 

Servicing rights on sold loans

  —   —   2,776   2,776 

Interest rate swap derivative - securities and loans

  —   734   —   734 

Total assets measured at fair value

 $12,447  $289,241  $12,010  $313,698 
  

December 31, 2025

 
  

Quoted Prices in Active Markets for Identical Assets or Liabilities

  

Significant Other Observable Inputs

  

Significant Unobservable Inputs

     

(dollars in thousands)

 

(Level 1)

  

(Level 2)

  

(Level 3)

  

Total

 

Financial Assets

                

Securities available-for-sale

                

Municipal bonds

 $11,908  $68,344  $—  $80,252 

ABS agency

  —   11,943   —   11,943 

ABS corporate

  —   7,961   —   7,961 

Corporate debt

  1,977   36,824   —   38,801 

SBA

  —   6,293   —   6,293 

MBS agency

  —   91,656   —   91,656 

MBS non-agency

  —   26,805   6,599   33,404 

Servicing rights on sold loans

  —   —   3,014   3,014 

Total assets measured at fair value

 $13,885  $249,826  $9,613  $273,324 

Financial Liabilities

                

Interest rate swap derivative - securities and loans

 $—  $1,703  $—  $1,703 
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

September 30, 2026

 

Fair Value (dollars in thousands)

 

Valuation Technique

 

Unobservable Input (1)

 

Range (Weighted Average)

 

Servicing rights on sold loans

 $2,776 

Discounted cash flow

 

Constant prepayment rate

  

2.94% - 31.35% (5.09%)

 
       

Discount rate

  

11.38% - 15.13% (12.02%)

 

MBS non-agency

 $9,234 

Consensus pricing

 

Offered quotes

  

99.25 - 100.11

 

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

 

December 31, 2025

 

Fair Value (dollars in thousands)

 

Valuation Technique

 

Unobservable Input (1)

 

Range (Weighted Average)

 

Servicing rights on sold loans

 $3,014 

Discounted cash flow

 

Constant prepayment rate

  

4.31% - 31.02% (5.88%)

 
       

Discount rate

  

10.38% - 12.52% (10.99%)

 

MBS non-agency

 $6,599 

Consensus pricing

 

Offered quotes

  

99.0 - 100.4

 

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

 

September 30, 2026

 

Fair Value (dollars in thousands)

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Average)

 

Collateral dependent loans

 $22,343 

Market comparable

 

Discount to appraisal

  0% 

Other real estate owned

  1,101 

Market comparable

 

Discount to appraisal

  0% - 10% (8%) 

December 31, 2025

 

Fair Value (dollars in thousands)

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Average)

 

Collateral dependent loans

 $25,582 

Market comparable

 

Discount to appraisal

  0% 

Other real estate owned

  1,380 

Market comparable

 

Discount to appraisal

  0% - 10% (5%) 
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,

 

(dollars in thousands)

 

2026

  

2025

  

2026

  

2025

 

Servicing rights on sold loans:

                

Balance at beginning of period

 $3,012  $3,220  $3,014  $3,281 

Servicing rights that result from transfers and sale of financial assets

  —   (4)  8   13 

Changes in fair value due to changes in model inputs or assumptions (1)

  (236)  (123)  (246)  (201)

Balance at end of period

 $2,776  $3,093  $2,776  $3,093 

(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,

 

(dollars in thousands)

 

2026

  

2025

  

2026

  

2025

 

Securities available for sale:

                

MBS non-agency

                

Balance at beginning of period

 $11,580  $13,198  $6,599  $31,881 

Purchases

  —   —   5,000   — 

Principal payments and maturities

  (2,350)  (3,944)  (2,350)  (22,717)

Unrealized Gains (Losses)

  4   50   (15)  140 

Balance at end of period

 $9,234  $9,304  $9,234  $9,304 
Fair Value Measurements, Nonrecurring [Table Text Block]
  

September 30, 2026

 

(dollars in thousands)

 

Level 1

  

Level 2

  

Level 3

  

Total

 

Collateral dependent loans

 $—  $—  $22,343  $22,343 

Other real estate owned

  —   —   1,101   1,101 
  

December 31, 2025

 

(dollars in thousands)

 

Level 1

  

Level 2

  

Level 3

  

Total

 

Collateral dependent loans

 $—  $—  $25,582  $25,582 

Other real estate owned

  —   —   1,380   1,380 
Fair Value, by Balance Sheet Grouping [Table Text Block]
  

September 30, 2026

 
          

Fair Value Measurements Using:

 

(dollars in thousands)

 

Carrying Amount

  

Estimated Fair Value

  

Level 1

  

Level 2

  

Level 3

 

Financial assets

                    

Cash and cash equivalents

 $103,625  $103,625  $103,625  $—  $— 

Investment securities available for sale

  310,188   310,188   12,447   288,507   9,234 

Loans held for sale

  300   300   —   300   — 

Loans receivable, net

  1,577,186   1,482,591   —   —   1,482,591 

FHLB stock

  13,211   13,211   —   13,211   — 

Accrued interest receivable

  8,197   8,197   —   8,197   — 

Servicing rights on sold loans, at fair value

  2,776   2,776   —   —   2,776 

Interest rate swap derivative - securities and loans

  734   734   —   734   — 

Financial liabilities

                    

Demand deposits

 $1,111,061  $1,111,061  $1,111,061  $—  $— 

Time deposits

  523,347   520,551   —   —   520,551 

FHLB Borrowings

  263,500   262,998   —   —   262,998 

Line of Credit

  13,500   13,597   —   —   13,597 

Subordinated debt, net

  34,694   39,394   —   —   39,394 

Accrued interest payable

  145   145   —   145   — 
  

December 31, 2025

 
          

Fair Value Measurements Using:

 

(dollars in thousands)

 

Carrying Amount

  

Estimated Fair Value

  

Level 1

  

Level 2

  

Level 3

 

Financial assets

                    

Cash and cash equivalents

 $85,117  $85,117  $85,117  $—  $— 

Investment securities available for sale

  270,310   270,310   13,885   249,826   6,599 

Loans held for sale

  1,063   1,063   —   1,063   — 

Loans receivable, net

  1,612,028   1,504,219   —   —   1,504,219 

FHLB stock

  13,105   13,105   —   13,105   — 

Accrued interest receivable

  6,498   6,498   —   6,498   — 

Servicing rights on sold loans, at fair value

  3,014   3,014   —   —   3,014 

Financial liabilities

                    

Demand deposits

  1,079,327  $1,079,327  $1,079,327  $—  $— 

Time deposits

  519,774   520,033   —   —   520,033 

FHLB Borrowings

  260,000   260,510   —   —   260,510 

Line of Credit

  13,500   13,589   —   —   13,589 

Subordinated debt, net

  34,643   35,973   —   —   35,973 

Accrued interest payable

  1,223   1,223   —   1,223   — 

Interest rate swap derivative - securities and loans

  1,703   1,703   —   1,703   —