v3.25.1
Disclosures about Fair Value of Assets and Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Disclosures about Fair Value of Assets and Liabilities [Abstract]  
Schedule of Fair Value Measurements of Assets Measured at Fair Value on a Recurring Basis

The following tables present the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fell at March 31, 2025, and at December 31, 2024.

($ in thousands)  Fair value at
March 31,
2025		   (Level 1)   (Level 2)   (Level 3) 
                 
U.S. Treasury and Government Agencies  $6,318   $
-
   $6,318   $
-
 
Mortgage-backed securities   168,621    
-
    168,621    
-
 
State and political subdivisions   9,429    
-
    9,429    
-
 
Other corporate securities   15,353    
-
    15,353    
-
 
Interest rate contracts - assets   2,756    
-
    2,756    
-
 
Interest rate contracts - liabilities   (2,756)   
-
    (2,756)   
-
 
Forward contracts   25    25    
-
    
-
 
IRLCs   (3)   
-
    
-
    (3)

 

($ in thousands)  Fair value at
December 31,
2024		   (Level 1)   (Level 2)   (Level 3) 
                 
U.S. Treasury and Government Agencies  $7,389   $
-
   $7,389   $
-
 
Mortgage-backed securities   169,620    
-
    169,620    
-
 
State and political subdivisions   9,407    
-
    9,407    
-
 
Other corporate securities   15,171    
-
    15,171    
-
 
Interest rate contracts - assets   4,029    
-
    4,029    
-
 
Interest rate contracts - liabilities   (4,029)   
-
    (4,029)   
-
 
Forward contracts   69    69    
-
    
-
 
IRLCs   (21)   
-
    
-
    (21)
Schedule of Fair Value Measurements Recognized in the Accompanying Consolidated Balance Sheets Using Significant Unobservable (Level 3) Inputs

The following table reconciles the beginning and ending balances of recurring fair value measurements recognized in the accompanying consolidated balance sheets using significant unobservable (Level 3) inputs for the three months ended March 31, 2025, and 2024.

 

   for the Three Months Ended
March 31,		 
($ in thousands)  2025   2024 
Interest rate lock commitments        
Balance at beginning of period  $(21)  $45 
Total realized gains (losses)          
Change in fair value   18    9 
Balance at end of period  $(3)  $54 
Schedule of Mortgage Servicing Rights are Tested for Impairment on a Quarterly Basis These mortgage servicing rights are tested for impairment on a quarterly basis.
($ in thousands)  Fair value at
March 31,
2025		   (Level 1)   (Level 2)   (Level 3) 
Collateral-dependent Individually evaluated loans  $849   $
      -
   $
      -
   $849 
Mortgage servicing rights   4,242    
-
    
-
    4,242 

 

($ in thousands)   Fair value at
December 31,
2024		     (Level 1)     (Level 2)    (Level 3) 
Collateral-dependent impaired loans  $1,167   $
-
   $
-
   $1,167 
Mortgage servicing rights   1,814    
-
    
-
    1,814 
Schedule of Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.

 

   Fair value at          
($ in thousands)  March 31,
2025		   Valuation
technique		  Unobservable inputs  Range (weighted-
average)
              
Collateral-dependent individually evaluated loans  $849   Market comparable properties  Comparability adjustments (%)  1 - 28% (14)%
               
Mortgage servicing rights   4,242   Discounted cash flow  Discount rate  11.01%
           Constant prepayment rate  6.50%
           P&I earnings credit  4.22%
           T&I earnings credit  4.33%
           Inflation for cost of servicing  3.50%
               
IRLCs   (3)  Discounted cash flow  Loan closing rates  48% - 99%

 

   Fair value at          
($ in thousands)  December 31,
2024		   Valuation
technique		  Unobservable inputs  Range (weighted-
average)
              
Collateral-dependent impaired loans  $1,167   Market comparable properties  Comparability adjustments (%)  24 - 404% (84)%
               
Mortgage servicing rights   1,814   Discounted cash flow  Discount rate  11.13%
           Constant prepayment rate  7.30%
           P&I earnings credit  4.44%
           T&I earnings credit  4.49%
           Inflation for cost of servicing  3.50%
               
IRLCs   (21)  Discounted cash flow  Loan closing rates  64% - 99%
Schedule of Fair Values Financial Instruments the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate.
($ in thousands)  Carrying   Fair   Fair value measurements using 
March 31, 2025  amount   value   (Level 1)   (Level 2)   (Level 3) 
Financial assets                    
Cash and due from banks  $105,145   $105,145   $105,145   $
-
   $
-
 
Interest bearing time deposits   1,565    1,565    
-
    1,565    
-
 
Loans held for sale   4,286    4,372    
-
    4,372    
-
 
Loans, net of allowance for credit losses   1,072,883    1,068,405    
-
    
-
    1,068,405 
Federal Reserve and FHLB Bank stock, at cost   5,340    5,340    
-
    5,340    
-
 
Interest receivable   5,072    5,072    
-
    5,072    
-
 
                          
Financial liabilities                         
Deposits  $1,271,220   $1,271,345   $991,944   $279,401   $
-
 
Short-term borrowings   11,058    11,058    
-
    11,058    
-
 
FHLB advances   35,000    35,047    
-
    35,047    
-
 
Trust preferred securities   10,310    9,302    
-
    9,302    
-
 
Subordinated debt, net of issuance costs   19,702    18,863    
-
    18,863    
-
 
Interest payable   2,634    2,634    
-
    2,634    
-
 

 

($ in thousands)  Carrying   Fair   Fair value measurements using 
December 31, 2024  amount   value   (Level 1)   (Level 2)   (Level 3) 
Financial assets                    
Cash and due from banks  $25,928   $25,928   $25,928   $
-
   $
-
 
Interest bearing time deposits   1,565    1,565    
-
    1,565    
-
 
Loans held for sale   6,770    6,861    
-
    6,861    
-
 
Loans, net of allowance for credit losses   1,031,639    1,033,064    
-
    
-
    1,033,064 
Federal Reserve and FHLB Bank stock, at cost   5,223    5,223    
-
    5,223    
-
 
Interest receivable   4,908    4,908    
-
    4,908    
-
 
                          
Financial liabilities                         
Deposits  $1,152,605   $1,155,747   $893,388   $262,359   $
-
 
Short-term borrowings   10,585    10,585    
-
    10,585    
-
 
FHLB advances   35,000    34,782    
-
    34,782    
-
 
Trust preferred securities   10,310    9,495    
-
    9,495    
-
 
Subordinated debt, net of issuance costs   19,690    19,155    
-
    19,155    
-
 
Interest payable   2,351    2,351    
-
    2,351    
-