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Note 13 - Fair Value Measurements (Tables)

9 Months Ended

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				—

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.

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