v3.25.1
Fair Value Accounting (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of assets and liabilities measured at fair value on a recurring basis
                       
             
           March 31, 2025 
(dollars in thousands)  Level 1   Level 2   Level 3   Total 
Assets                
Securities available for sale                     
Corporate bonds  $-    1,951    -    1,951 
US treasuries    -    926    -    926 
US government agencies    -    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   -    11,524    -    11,524 
Mortgage loan interest rate lock commitments   -    320    -    320 
Derivative asset   -    257         257 
Total assets measured at fair value on a recurring basis  $-    143,391    -    143,391 
Liabilities                    
MBS forward sales commitments  $-    47    -    47 
Total liabilities measured at fair value on a recurring basis  $-    47    -    47 

 

 

                         
                 
   December 31, 2024 
(dollars in thousands)  Level 1   Level 2   Level 3   Total 
Assets                
Securities available for sale:                    
Corporate bonds  $-    1,927    -    1,927 
US treasuries   -    908    -    908 
US government agencies   -    15,795    -    15,795 
State and political subdivisions   -    19,322    -    19,322 
Asset-backed securities   -    36,538    -    36,538 
Mortgage-backed securities   -    57,637    -    57,637 
Mortgage loans held for sale    -    4,565    -    4,565 
Mortgage loan interest rate lock commitments    -    188    -    188 
Derivative asset   -    3,698    -    3,698 
MBS forward sales commitments   -    40    -    40 
Total assets measured at fair value on a recurring basis   -    140,618    -    140,618 
Schedule of assets and liabilities measured at fair value on a nonrecurring basis
                               
                 
           As of March 31, 2025 
(dollars in thousands)  Level 1   Level 2   Level 3   Total 
Assets                
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 
                     
              As of December 31, 2024 
(dollars in thousands)   Level 1    Level 2    Level 3    Total 
Assets                    
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 
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%
Schedule of estimated fair values of the company’s financial instruments
            
   March 31, 2025 
(dollars in thousands)  Carrying
Amount
   Fair
Value
   Level 1   Level 2   Level 3 
Financial Assets:                         
Other investments, at cost  $19,927    19,927    -    -    19,927 
Loans1   3,631,130    3,383,168    -    -    3,383,168 
Financial Liabilities:                         
Deposits   3,620,886    3,378,274    -    3,378,274    - 
Subordinated debentures   24,903    27,462    -    27,462    - 
                          
              December 31, 2024 
(dollars in thousands)   Carrying
Amount
    Fair
Value
    Level 1    Level 2    Level 3 
Financial Assets:                         
Other investments, at cost  $19,490    19,490    -    -    19,490 
Loans1   3,579,640    3,319,602    -    -    3,319,602 
Financial Liabilities:                         
Deposits   3,435,765    3,158,893    -    3,158,893    - 
Subordinated debentures   24,903    27,539    -    27,539    - 

 

1Carrying amount is net of the allowance for credit losses and individually evaluated loans.