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Note 8 - Fair Values of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

		*Estimated*				*Quoted Prices in Active Markets for Identical Assets*				*Significant Other Observable Inputs*				*Significant Unobservable Inputs*
		*Fair Value*				*(Level 1)*				*(Level 2)*				*(Level 3)*
March 31, 2024
Assets:
Obligations of the U.S. Treasury and U.S. government agencies and corporations		$	18,649			$	—			$	18,649			$	—
Obligations of state and political subdivisions			15,850				—				11,376				4,474
Corporate bonds			26,311				—				25,842				469
Residential mortgage-backed securities			225,861				—				225,861				—
Commercial mortgage-backed securities			66,669				—				66,669				—
Equity securities at fair value			2,260				2,260				—				—
Interest rate swaps - gross assets			18,959				—				18,959				—
Total assets		$	374,559			$	2,260			$	367,356			$	4,943
Liabilities:
Interest rate swaps - gross liabilities		$	18,959			$	—			$	18,959			$	—

December 31, 2023
Assets:
Obligations of the U.S. Treasury and U.S. government agencies and corporations		$	20,043			$	—			$	20,043			$	—
Obligations of state and political subdivisions			16,703				—				11,453				5,250
Corporate bonds			26,356				—				25,893				463
Residential mortgage-backed securities			232,045				—				232,045				—
Commercial mortgage-backed securities			66,771				—				66,771				—
Equity securities at fair value			1,180				1,180				—				—
Interest rate swaps - gross assets			17,325				—				17,325				—
Total assets		$	380,423			$	1,180			$	373,530			$	5,713
Liabilities:
Interest rate swaps - gross liabilities		$	17,325			$	—			$	17,325			$	—

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

		*Obligations of State and Political Subdivisions*				*Corporate Bonds*
Balance at December 31, 2023		$	5,250			$	463
Realized gain (loss) included in earnings			—				—
Unrealized (loss) gain included in other comprehensive loss			(749	)			6
Purchases			—				—
Sales			—				—
Maturities, prepayments, and calls			(27	)			—
Transfers into level 3			—				—
Transfers out of level 3			—				—
Balance at March 31, 2024		$	4,474			$	469

		*Obligations of State and Political Subdivisions*				*Corporate Bonds*
Balance at December 31, 2022		$	5,965			$	479
Realized gain (loss) included in earnings			—				—
Unrealized loss included in other comprehensive income			(667	)			(11	)
Purchases			—				—
Sales			—				—
Maturities, prepayments, and calls			(26	)			—
Transfers into level 3			—				—
Transfers out of level 3			—				—
Balance at March 31, 2023		$	5,272			$	468

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

		*Estimated Fair Value*				*Valuation Technique*		*Unobservable Inputs*		*Range of Discounts*
March 31, 2024
Obligations of state and political subdivisions		$	4,474			Option-adjusted discounted cash flow model; present value of expected future cash flow model		Bond appraisal adjustment⁽¹⁾		0% - 5%
Corporate bonds			469			Option-adjusted discounted cash flow model; present value of expected future cash flow model		Bond appraisal adjustment⁽¹⁾		6%

December 31, 2023
Obligations of state and political subdivisions		$	5,250			Option-adjusted discounted cash flow model; present value of expected future cash flow model		Bond appraisal adjustment⁽¹⁾		0% - 11%
Corporate bonds			463			Option-adjusted discounted cash flow model; present value of expected future cash flow model		Bond appraisal adjustment⁽¹⁾		8%

		*Estimated Fair Value*				*Valuation Technique*		*Unobservable Inputs*		*Range of Discounts*		Weighted Average Discount⁽³⁾
March 31, 2024
Loans individually evaluated for impairment⁽¹⁾		$	1,141			Discounted cash flows; underlying collateral value		Collateral discounts and estimated costs to sell		0% - 100%		19%
Other real estate owned⁽²⁾			1,035			Underlying collateral value, third party appraisals		Collateral discounts and discount rates		18% - 19%		18%

December 31, 2023
Loans individually evaluated for impairment⁽¹⁾		$	1,293			Discounted cash flows; underlying collateral value		Collateral discounts and estimated costs to sell		6% - 100%		29%

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

		*March 31, 2024*
		*Carrying Amount*				*Estimated Fair Value*				*Level 1*				*Level 2*				*Level 3*
Financial assets:
Cash and cash equivalents		$	41,845			$	41,845			$	41,845			$	—			$	—
Investment securities - AFS			353,340				353,340				—				348,397				4,943
Investment securities - HTM			17,755				18,148				—				2,044				16,104
Equity securities at fair value			2,260				2,260				2,260				—				—
Nonmarketable equity securities			12,723				12,723				—				12,723				—
Loans, net of allowance			2,151,464				1,994,035				—				—				1,994,035
Interest rate swaps - gross assets			18,959				18,959				—				18,959				—

Financial liabilities:
Deposits, noninterest-bearing		$	435,397			$	435,397			$	—			$	435,397			$	—
Deposits, interest-bearing			1,772,431				1,693,579				—				—				1,693,579
Borrowings under BTFP and repurchase agreements			236,850				236,002				—				236,002				—
FHLB long-term advances			23,500				23,108				—				—				23,108
Junior subordinated debt			8,657				8,657				—				—				8,657
Subordinated debt			44,000				42,156				—				42,156				—
Interest rate swaps - gross liabilities			18,959				18,959				—				18,959				—

		*December 31, 2023*
		*Carrying Amount*				*Estimated Fair Value*				*Level 1*				*Level 2*				*Level 3*
Financial assets:
Cash and cash equivalents		$	32,009			$	32,009			$	32,009			$	—			$	—
Investment securities - AFS			361,918				361,918				—				356,205				5,713
Investment securities - HTM			20,472				20,513				—				2,118				18,395
Equity securities at fair value			1,180				1,180				1,180				—				—
Nonmarketable equity securities			13,417				13,417				—				13,417				—
Loans, net of allowance			2,180,079				2,020,924				—				—				2,020,924
Interest rate swaps - gross assets			17,325				17,325				—				17,325				—

Financial liabilities:
Deposits, noninterest-bearing		$	448,752			$	448,752			$	—			$	448,752			$	—
Deposits, interest-bearing			1,806,975				1,735,562				—				—				1,735,562
Borrowings under BTFP and repurchase agreements			221,133				221,133				—				221,133				—
FHLB long-term advances			23,500				22,945				—				—				22,945
Junior subordinated debt			8,630				8,630				—				—				8,630
Subordinated debt			45,000				44,544				—				44,544				—
Interest rate swaps - gross liabilities			17,325				17,325				—				17,325				—

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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