Note 3 - Mortgage-backed Securities

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE 3. MORTGAGE-BACKED SECURITIES

The following table presents the Company’s MBS portfolio as of March 31, 2024 and December 31, 2023:

(in thousands)
	March 31, 2024						December 31, 2023
	Par Value		Cost (1)		Fair Value		Par Value		Cost (1)		Fair Value
Fixed-rate MBS	$	85,355	$	88,144	$	86,232	$	88,807	$	91,701	$	90,181
Structured MBS (2)		n/a		1,725		2,431		n/a		1,787		2,550
Total	$	85,355	$	89,869	$	88,663	$	88,807	$	93,488	$	92,731

(1)	The cost information in the table above represents the aggregate current par value, multiplied by the purchase price of each security in the portfolio.
(2)	The notional balance for the structured MBS portfolio was $18.3 million and $18.9 million as of March 31, 2024 and December 31, 2023, respectively.

The Company did not sell any MBS during the three months ended March 31, 2024 and 2023.