Fair Value Accounting (Tables)
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3 Months Ended |
Mar. 31, 2025 |
Fair Value Disclosures [Abstract] |
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Schedule of assets and liabilities measured at fair value on a recurring basis |
Schedule of assets and liabilities measured at fair value on a recurring basis |
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March 31, 2025 | |
(dollars in thousands) | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets | |
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Securities available for sale Level 1 [Member] | |
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Corporate bonds | |
$ | - | | |
| 1,951 | | |
| - | | |
| 1,951 | |
US treasuries Level 2 [Member] | |
| - | | |
| 926 | | |
| - | | |
| 926 | |
US government agencies Level 3 [Member] | |
| - | | |
| 15,782 | | |
| - | | |
| 15,782 | |
State and political subdivisions | |
| - | | |
| 19,506 | | |
| - | | |
| 19,506 | |
Asset-backed securities | |
| - | | |
| 35,701 | | |
| - | | |
| 35,701 | |
Mortgage-backed securities | |
| - | | |
| 57,424 | | |
| - | | |
| 57,424 | |
Mortgage loans held for sale | |
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| 11,524 | | |
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| 11,524 | |
Mortgage loan interest rate lock commitments | |
| - | | |
| 320 | | |
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| 320 | |
Derivative asset | |
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| 257 | | |
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| 257 | |
Total assets measured at fair value on a recurring basis | |
$ | - | | |
| 143,391 | | |
| - | | |
| 143,391 | |
Liabilities | |
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MBS forward sales commitments | |
$ | - | | |
| 47 | | |
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| 47 | |
Total liabilities measured at fair value on a recurring basis | |
$ | - | | |
| 47 | | |
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| 47 | |
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December 31, 2024 | |
(dollars in thousands) | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets | |
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Securities available for sale: | |
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Corporate bonds | |
$ | - | | |
| 1,927 | | |
| - | | |
| 1,927 | |
US treasuries | |
| - | | |
| 908 | | |
| - | | |
| 908 | |
US government agencies | |
| - | | |
| 15,795 | | |
| - | | |
| 15,795 | |
State and political subdivisions | |
| - | | |
| 19,322 | | |
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| 19,322 | |
Asset-backed securities | |
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| 36,538 | | |
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| 36,538 | |
Mortgage-backed securities | |
| - | | |
| 57,637 | | |
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| 57,637 | |
Mortgage loans held for sale | |
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| 4,565 | | |
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| 4,565 | |
Mortgage loan interest rate lock commitments | |
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| 188 | | |
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| 188 | |
Derivative asset | |
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| 3,698 | | |
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| 3,698 | |
MBS forward sales commitments | |
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| 40 | | |
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| 40 | |
Total assets measured at fair value on a recurring basis | |
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| 140,618 | | |
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| 140,618 | |
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Schedule of assets and liabilities measured at fair value on a nonrecurring basis |
Schedule of assets and liabilities measured at fair value on a nonrecurring basis |
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As of March 31, 2025 | |
(dollars in thousands) | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total | |
Assets | |
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Individually evaluated loans | |
$ | - | | |
| 9,145 | | |
| 1,110 | | |
| 10,255 | |
Total assets measured at fair value on a nonrecurring basis | |
$ | - | | |
| 9,145 | | |
| 1,110 | | |
| 10,255 | |
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| As of December 31, 2024 | |
(dollars in thousands) | |
| Level 1 | | |
| Level 2 | | |
| Level 3 | | |
| Total | |
Assets | |
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Individually evaluated loans | |
$ | - | | |
| 9,139 | | |
| 1,127 | | |
| 10,266 | |
Total assets measured at fair value on a nonrecurring basis | |
$ | - | | |
| 9,139 | | |
| 1,127 | | |
| 10,266 | |
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Schedule of unobservable inputs used in the fair value measurements |
Schedule of unobservable inputs used in the fair value measurements |
Valuation
Technique |
Significant
Unobservable Inputs |
Range
of Inputs |
Individually evaluated loans |
Appraised Value/Discounted Cash Flows |
Discounts to appraisals or cash flows for estimated holding and/or selling costs or age of appraisal |
0-25% |
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Schedule of estimated fair values of the company’s financial instruments |
Schedule of estimated fair values of the company’s financial instruments | |
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March 31, 2025 | |
(dollars in thousands) | |
Carrying Amount | | |
Fair Value | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Financial Assets: | |
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Other investments, at cost | |
$ | 19,927 | | |
| 19,927 | | |
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| 19,927 | |
Loans1 | |
| 3,631,130 | | |
| 3,383,168 | | |
| - | | |
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| 3,383,168 | |
Financial Liabilities: | |
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Deposits | |
| 3,620,886 | | |
| 3,378,274 | | |
| - | | |
| 3,378,274 | | |
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Subordinated debentures | |
| 24,903 | | |
| 27,462 | | |
| - | | |
| 27,462 | | |
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| December
31, 2024 | |
(dollars in thousands) | |
| Carrying Amount | | |
| Fair Value | | |
| Level 1 | | |
| Level 2 | | |
| Level 3 | |
Financial Assets: | |
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Other investments, at cost | |
$ | 19,490 | | |
| 19,490 | | |
| - | | |
| - | | |
| 19,490 | |
Loans1 | |
| 3,579,640 | | |
| 3,319,602 | | |
| - | | |
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| 3,319,602 | |
Financial Liabilities: | |
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Deposits | |
| 3,435,765 | | |
| 3,158,893 | | |
| - | | |
| 3,158,893 | | |
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Subordinated debentures | |
| 24,903 | | |
| 27,539 | | |
| - | | |
| 27,539 | | |
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1 | Carrying amount is net of the allowance for credit losses and individually evaluated loans. |
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