v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
3 Months Ended
Mar. 31, 2025
FAIR VALUE MEASUREMENTS  
Schedule of fair value of assets measured at fair value on a recurring basis

Information regarding the fair value of assets measured at fair value on a recurring basis is as follows:

    

Instruments

    

Markets

    

Other

    

Significant

Measured

for Identical

Observable

Unobservable

At Fair

Assets

Inputs

Inputs

Value

(Level 1)

(Level 2)

(Level 3)

March 31, 2025

 

  

 

  

 

  

 

  

Assets

 

  

 

  

 

  

 

  

Securities available for sale

 

  

 

  

 

 

  

Obligations of U.S. Government sponsored agencies

$

32,364

$

$

32,364

$

Obligations of states and political subdivisions

 

56,090

 

 

56,090

 

Mortgage-backed securities

60,784

60,784

Corporate notes

 

14,505

 

 

14,505

 

Mortgage servicing rights

 

13,544

 

 

13,544

 

December 31, 2024

 

  

 

  

 

  

 

  

Assets

 

  

 

  

 

  

 

  

Securities available for sale

U.S. Treasury securities

$

99,656

$

99,656

$

$

Obligations of U.S. Government sponsored agencies

24,741

24,741

Obligations of states and political subdivisions

 

56,357

 

 

56,357

 

Mortgage-backed securities

27,993

27,993

Corporate notes

 

14,314

 

 

14,314

 

Mortgage servicing rights

 

13,369

 

 

13,369

 

Schedule of fair value of assets measured on a non-recurring basis

Information regarding the fair value of assets measured at fair value on a non-recurring basis is as follows:

    

    

Quoted Prices

    

    

In Active

Significant

Assets

Markets

Other

Significant

Measured

for Identical

Observable

Unobservable

At Fair

Assets

Inputs

Inputs

Value

(Level 1)

(Level 2)

(Level 3)

March 31, 2025

 

  

 

  

 

  

 

  

OREO

$

741

$

$

$

741

Loans individually evaluated, net of reserve

5,906

5,906

$

6,647

$

$

$

6,647

December 31, 2024

 

  

 

  

 

  

 

  

OREO

$

741

$

$

$

741

Loans individually evaluated, net of reserve

 

6,194

 

 

 

6,194

$

6,935

$

$

$

6,935

Schedule of fair value measurement on inputs and valuation techniques

The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets:

    

    

    

    

Weighted

 

Unobservable

Range of

Average

 

Valuation Technique

Inputs

Discounts

 

Discount

As of March 31, 2025

 

  

 

  

 

  

 

  

OREO

 

Third party appraisals, sales contracts or brokered price options

 

Collateral discounts and estimated costs to sell

 

0

%  

0

%

Loans individually evaluated

 

Third party appraisals and discounted cash flows

 

Collateral discounts and discount rates

 

0% - 100

%  

23

%

As of December 31, 2024

 

  

 

  

 

  

 

  

OREO

 

Third party appraisals, sales contracts or brokered price options

 

Collateral discounts and estimated costs to sell

 

0

%  

0

%

Loans individually evaluated

 

Third party appraisals and discounted cash flows

 

Collateral discounts and discount rates

 

0% - 100

%  

28

%

Schedule of carrying value and estimated fair value of financial instruments

The carrying value and estimated fair value of financial instruments not measured and reported at fair value on a recurring or non-recurring basis at March 31, 2025 and December 31, 2024 are as follows:

Carrying

March 31, 2025

    

amount

    

Level 1

    

Level 2

    

Level 3

    

Total

Financial assets:

Cash and cash equivalents

$

300,865

$

300,865

$

$

$

300,865

Securities held to maturity

 

110,241

 

106,982

 

3,195

 

 

110,177

Loans held for sale

 

2,676

 

 

2,676

 

 

2,676

Loans, net

 

3,504,321

 

 

 

3,346,003

 

3,346,003

Other investments

 

23,161

 

 

 

23,161

 

23,161

Financial liabilities:

 

 

 

Deposits

$

3,674,218

$

$

$

3,407,535

$

3,407,535

Notes payable

134,890

134,890

134,890

Subordinated notes

 

12,000

12,000

12,000

    

Carrying

    

    

    

    

December 31, 2024

amount

Level 1

Level 2

Level 3

Total

Financial assets:

Cash and cash equivalents

$

261,332

$

261,332

$

$

$

261,332

Securities held to maturity

 

110,756

 

106,229

 

3,195

 

 

109,424

Loans held for sale

 

3,088

 

 

3,088

 

 

3,088

Loans, net

 

3,473,017

 

 

 

3,285,498

 

3,285,498

Other investments

 

22,643

 

 

 

22,643

 

22,643

Financial liabilities:

 

 

 

Deposits

$

3,661,073

$

$

$

3,388,650

$

3,388,650

Notes payable

 

135,372

135,372

135,372

Subordinated notes

 

12,000

12,000

12,000