| Schedule of Financial Assets (Liabilities) Measured at Fair Value |
The following tables summarize quantitative disclosures about the fair value measurements for each category of financial assets (liabilities) carried at fair value:
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June 30, 2025 |
|
Fair Value |
|
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Other
Unobservable
Inputs
(Level 3) |
|
Assets at fair value on a recurring basis: |
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|
|
|
|
|
|
|
|
|
|
Available for sale securities: |
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|
|
|
|
|
|
|
|
|
|
|
Treasury securities |
|
$ |
44,383 |
|
|
$ |
44,383 |
|
|
$ |
— |
|
|
$ |
— |
|
Mortgage-backed securities |
|
|
270,927 |
|
|
|
— |
|
|
|
270,927 |
|
|
|
— |
|
Collateralized mortgage obligations |
|
|
17,819 |
|
|
|
— |
|
|
|
17,819 |
|
|
|
— |
|
Municipal securities |
|
|
14,331 |
|
|
|
— |
|
|
|
14,331 |
|
|
|
— |
|
Corporate bonds |
|
|
20,469 |
|
|
|
— |
|
|
|
20,469 |
|
|
|
— |
|
Loans held for sale |
|
|
705 |
|
|
|
— |
|
|
|
— |
|
|
|
705 |
|
Cash surrender value of life insurance |
|
|
43,395 |
|
|
|
— |
|
|
|
43,395 |
|
|
|
— |
|
SBA servicing assets |
|
|
425 |
|
|
|
— |
|
|
|
— |
|
|
|
425 |
|
Derivative instrument assets |
|
|
311 |
|
|
|
— |
|
|
|
311 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets at fair value on a nonrecurring basis: |
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|
|
|
|
|
|
|
|
|
|
|
Individually evaluated collateral dependent loans |
|
|
600 |
|
|
|
— |
|
|
|
— |
|
|
|
600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
Fair Value |
|
|
Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Other
Unobservable
Inputs
(Level 3) |
|
Assets at fair value on a recurring basis: |
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Treasury securities |
|
$ |
43,675 |
|
|
$ |
43,675 |
|
|
$ |
— |
|
|
$ |
— |
|
Mortgage-backed securities |
|
|
248,734 |
|
|
|
— |
|
|
|
248,734 |
|
|
|
— |
|
Collateralized mortgage obligations |
|
|
19,519 |
|
|
|
— |
|
|
|
19,519 |
|
|
|
— |
|
Municipal securities |
|
|
2,393 |
|
|
|
— |
|
|
|
2,393 |
|
|
|
— |
|
Corporate bonds |
|
|
25,983 |
|
|
|
— |
|
|
|
25,983 |
|
|
|
— |
|
Loans held for sale |
|
|
143 |
|
|
|
— |
|
|
|
— |
|
|
|
143 |
|
Cash surrender value of life insurance |
|
|
42,883 |
|
|
|
— |
|
|
|
42,883 |
|
|
|
— |
|
SBA servicing assets |
|
|
495 |
|
|
|
— |
|
|
|
— |
|
|
|
495 |
|
|
|
|
|
|
|
|
|
|
|
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|
Assets at fair value on a nonrecurring basis: |
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|
|
|
|
|
|
|
|
|
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|
Other real estate owned |
|
|
1,184 |
|
|
|
— |
|
|
|
— |
|
|
|
1,184 |
|
Individually evaluated collateral dependent loans |
|
|
1,280 |
|
|
|
— |
|
|
|
— |
|
|
|
1,280 |
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|
| Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments |
The carrying amounts and estimated fair values of financial instruments not previously discussed in this note, as of June 30, 2025 and December 31, 2024, are as follows:
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|
Fair value measurements as of
June 30, 2025 using: |
|
|
|
Carrying
Amount |
|
|
Level 1
Inputs |
|
|
Level 2
Inputs |
|
|
Level 3
Inputs |
|
|
Total
Fair Value |
|
Financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, due from banks, federal funds sold and interest-bearing deposits |
|
$ |
193,166 |
|
|
$ |
193,166 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
193,166 |
|
Marketable securities held to maturity |
|
|
280,835 |
|
|
|
— |
|
|
|
253,573 |
|
|
|
— |
|
|
|
253,573 |
|
Loans, net |
|
|
2,112,851 |
|
|
|
— |
|
|
|
— |
|
|
|
2,093,234 |
|
|
|
2,093,234 |
|
Accrued interest receivable |
|
|
11,559 |
|
|
|
— |
|
|
|
11,559 |
|
|
|
— |
|
|
|
11,559 |
|
Nonmarketable equity securities |
|
|
17,671 |
|
|
|
— |
|
|
|
17,671 |
|
|
|
— |
|
|
|
17,671 |
|
Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
2,708,502 |
|
|
$ |
1,982,604 |
|
|
$ |
726,981 |
|
|
$ |
— |
|
|
$ |
2,709,585 |
|
Securities sold under repurchase agreements |
|
|
30,309 |
|
|
|
— |
|
|
|
30,309 |
|
|
|
— |
|
|
|
30,309 |
|
Accrued interest payable |
|
|
4,508 |
|
|
|
— |
|
|
|
4,508 |
|
|
|
— |
|
|
|
4,508 |
|
Subordinated debt |
|
|
41,985 |
|
|
|
— |
|
|
|
41,982 |
|
|
|
— |
|
|
|
41,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Fair value measurements as of
December 31, 2024 using: |
|
|
|
Carrying
Amount |
|
|
Level 1
Inputs |
|
|
Level 2
Inputs |
|
|
Level 3
Inputs |
|
|
Total
Fair Value |
|
Financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, due from banks, federal funds sold and interest-bearing deposits |
|
$ |
145,964 |
|
|
$ |
145,964 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
145,964 |
|
Marketable securities held to maturity |
|
|
334,732 |
|
|
|
— |
|
|
|
303,245 |
|
|
|
— |
|
|
|
303,245 |
|
Loans, net |
|
|
2,102,565 |
|
|
|
— |
|
|
|
— |
|
|
|
2,088,644 |
|
|
|
2,088,644 |
|
Accrued interest receivable |
|
|
12,016 |
|
|
|
— |
|
|
|
12,016 |
|
|
|
— |
|
|
|
12,016 |
|
Nonmarketable equity securities |
|
|
17,167 |
|
|
|
— |
|
|
|
17,167 |
|
|
|
— |
|
|
|
17,167 |
|
Financial liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
$ |
2,692,167 |
|
|
$ |
1,949,499 |
|
|
$ |
745,763 |
|
|
$ |
— |
|
|
$ |
2,695,262 |
|
Securities sold under repurchase agreements |
|
|
31,075 |
|
|
|
— |
|
|
|
31,075 |
|
|
|
— |
|
|
|
31,075 |
|
Accrued interest payable |
|
|
5,116 |
|
|
|
— |
|
|
|
5,116 |
|
|
|
— |
|
|
|
5,116 |
|
Federal Home Loan Bank advances |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Subordinated debt |
|
|
41,918 |
|
|
|
— |
|
|
|
44,133 |
|
|
|
— |
|
|
|
44,133 |
|
|