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Note 15 - Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

 

 

 

 

Fair Value Measurement Using

 

December 31, 2024

 

Balance

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

U.S. government agencies and corporations

 

$

311,124

 

 

$

-

 

 

$

311,124

 

 

$

-

 

States and political subdivisions

 

 

145,734

 

 

 

-

 

 

 

145,734

 

 

 

-

 

Mortgage-backed securities

 

 

138,298

 

 

 

-

 

 

 

138,298

 

 

 

-

 

Corporate debt securities

 

 

5,743

 

 

 

-

 

 

 

5,743

 

 

 

-

 

U.S. treasury

 

 

999

 

 

 

-

 

 

 

999

 

 

 

-

 

Total securities available for sale

 

$

601,898

 

 

$

-

 

 

$

601,898

 

 

$

-

 

 

 

 

 

 

Fair Value Measurement Using

 

December 31, 2023

 

Balance

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

U.S. government agencies and corporations

 

$

311,844

 

 

$

-

 

 

$

311,844

 

 

$

-

 

States and political subdivisions

 

 

149,893

 

 

 

-

 

 

 

149,893

 

 

 

-

 

Mortgage-backed securities

 

 

150,151

 

 

 

-

 

 

 

150,151

 

 

 

-

 

Corporate debt securities

 

 

5,750

 

 

 

-

 

 

 

5,750

 

 

 

-

 

U.S. treasury

 

 

963

 

 

 

-

 

 

 

963

 

 

 

-

 

Total securities available for sale

 

$

618,601

 

 

$

-

 

 

$

618,601

 

 

$

-

 

 

 

 

 

Fair Value Measurement Using

 

December 31, 2024

 

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Forward sale commitment

 

$

1

 

 

$

-

 

 

$

-

 

 

$

1

 

Interest rate loan contract

 

$

(1

)

 

$

-

 

 

$

-

 

 

$

(1

)

 

December 31, 2024

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Average)

Interest rate loan contract

 

Market approach

 

Pull-through rate

 

96.00%(1)(2)

Forward sale commitment

 

Market approach

 

Pull-through rate

 

96.00%(1)(2)

 

 

 

 

 

 

 

Interest rate loan contract

 

Market approach

 

Current reference price

 

100.44%(1)(2)

Forward sale commitment

 

Market approach

 

Current reference price

 

100.44%(1)(2)

 

(1)
All contracts are valued using the same pull-through rate
(2)
Comprised of only one loan.

 

 

 

 

 

Fair Value Measurement Using

 

December 31, 2023

 

Balance

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Interest rate loan contract

 

$

3

 

 

$

-

 

 

$

-

 

 

$

3

 

Forward sale commitment

 

$

(4

)

 

$

-

 

 

$

-

 

 

$

(4

)

 

December 31, 2023

 

Valuation Technique

 

Unobservable Input

 

Range (Weighted Average)

Interest rate loan contract

 

Market approach

 

Pull-through rate

 

100%(1)

Forward sale commitment

 

Market approach

 

Pull-through rate

 

100%(1)

 

 

 

 

 

 

 

Interest rate loan contract

 

Market approach

 

Current reference price

 

102.64%(2)

Forward sale commitment

 

Market approach

 

Current reference price

 

101.60% - 102.64% (101.98%)(3)

 

(1)
All contracts are valued using the same pull-through rate
(2)
Comprised of only one loan.
(3)
Current reference prices were weighted by the relative amount of the loan
Fair Value, by Balance Sheet Grouping [Table Text Block]

 

 

 

 

Estimated Fair Value

 

December 31, 2024

 

Carrying Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

13,564

 

 

$

13,564

 

 

$

-

 

 

$

-

 

Federal funds sold

 

 

299

 

 

 

299

 

 

 

-

 

 

 

-

 

Interest-bearing deposits

 

 

94,254

 

 

 

94,254

 

 

 

-

 

 

 

-

 

Securities available for sale

 

 

601,898

 

 

 

-

 

 

 

601,898

 

 

 

-

 

Restricted stock, at cost

 

 

1,848

 

 

 

-

 

 

 

1,848

 

 

 

-

 

Mortgage loans held for sale

 

 

619

 

 

 

-

 

 

 

619

 

 

 

-

 

Loans, net

 

 

977,688

 

 

 

-

 

 

 

-

 

 

 

927,581

 

Accrued interest receivable

 

 

6,469

 

 

 

-

 

 

 

6,469

 

 

 

-

 

Bank-owned life insurance

 

 

47,369

 

 

 

-

 

 

 

47,369

 

 

 

-

 

Forward sale commitment

 

 

1

 

 

 

-

 

 

 

-

 

 

 

1

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

1,644,752

 

 

$

-

 

 

$

1,332,138

 

 

$

312,811

 

Accrued interest payable

 

 

1,462

 

 

 

-

 

 

 

1,462

 

 

 

-

 

Interest rate loan contract

 

 

1

 

 

 

-

 

 

 

-

 

 

 

1

 

 

 

 

 

 

Estimated Fair Value

 

December 31, 2023

 

Carrying Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

12,967

 

 

$

12,967

 

 

$

-

 

 

$

-

 

Interest-bearing deposits

 

 

73,636

 

 

 

73,636

 

 

 

-

 

 

 

-

 

Securities available for sale

 

 

618,601

 

 

 

-

 

 

 

618,601

 

 

 

-

 

Restricted stock, at cost

 

 

1,264

 

 

 

-

 

 

 

1,264

 

 

 

-

 

Mortgage loans held for sale

 

 

406

 

 

 

-

 

 

 

406

 

 

 

-

 

Loans, net

 

 

847,552

 

 

 

-

 

 

 

-

 

 

 

793,800

 

Accrued interest receivable

 

 

6,313

 

 

 

-

 

 

 

6,313

 

 

 

-

 

Bank-owned life insurance

 

 

43,583

 

 

 

-

 

 

 

43,583

 

 

 

-

 

Interest rate loan contract

 

 

3

 

 

 

-

 

 

 

-

 

 

 

3

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

1,503,972

 

 

$

-

 

 

$

1,280,732

 

 

$

222,374

 

Accrued interest payable

 

 

1,416

 

 

 

-

 

 

 

1,416

 

 

 

-

 

Forward sale commitment

 

 

4

 

 

 

-

 

 

 

-

 

 

 

4