v3.25.2
Disclosures about Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2025, and at December 31, 2024.

 

($ in thousands)  Fair value at
June 30,
2025		   (Level 1)   (Level 2)   (Level 3) 
                 
U.S. Treasury and Government Agencies  $5,832   $
-
   $5,832   $
-
 
Mortgage-backed securities   165,314    
-
    165,314    
-
 
State and political subdivisions   9,430    
-
    9,430    
-
 
Other corporate securities   15,379    
-
    15,379    
-
 
Interest rate contracts - assets   1,852    
-
    1,852    
-
 
Interest rate contracts - liabilities   (1,852)   
-
    (1,852)   
-
 
Forward contracts   96    96    
-
    
-
 
IRLCs   (188)   
-
    
-
    (188)

 

($ 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 six months ended June 30, 2025, and 2024.

 

   for the Three Months Ended
June 30,		   for the Six Months Ended
June 30,		 
($ in thousands)  2025   2024   2025   2024 
Interest rate lock commitments                    
Balance at beginning of period  $(3)  $54   $(21)  $45 
Total realized gains (losses)                    
Change in fair value   (185)   (39)   (167)   (30)
Balance at end of period  $(188)  $15   $(188)  $15 
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
June 30,
2025		   (Level 1)   (Level 2)   (Level 3) 
Collateral-dependent Individually evaluated loans  $845   $
     -
   $
     -
   $845 
Mortgage servicing rights   445    
-
    
-
    445 

 

($ 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
June 30,		   Valuation     Range
(weighted-
($ in thousands)  2025   technique  Unobservable inputs  average)
              
Collateral-dependent individually evaluated loans  $845   Market comparable properties  Comparability adjustments (%)  1 - 28% (14%)
Mortgage servicing rights   445   Discounted cash flow  Discount rate  10.76%
           Constant prepayment rate  5.93%
           P&I earnings credit  4.32%
           T&I earnings credit  4.23%
           Inflation for cost of servicing  3.50%
               
IRLCs   (188)  Discounted cash flow  Loan closing rates  55% - 96%

 

   Fair value at
December 31,		   Valuation     Range
(weighted-
($ in thousands)  2024   technique  Unobservable inputs  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 
June 30, 2025  amount   value   (Level 1)   (Level 2)   (Level 3) 
Financial assets                    
Cash and due from banks  $79,463   $79,463   $79,463   $
-
   $
-
 
Interest bearing time deposits   1,565    1,565    
-
    1,565    
-
 
Loans held for sale   12,774    12,956    
-
    12,956    
-
 
Loans, net of allowance for credit losses   1,079,074    1,070,331    
-
    
-
    1,070,331 
Federal Reserve and FHLB Bank stock, at cost   5,466    5,466    
-
    5,466    
-
 
Interest receivable   5,299    5,299    
-
    5,299    
-
 
                          
Financial liabilities                         
Deposits  $1,249,822   $1,249,129   $978,673   $270,456   $
-
 
Short-term borrowings   15,640    15,640    
-
    15,640    
-
 
FHLB advances   35,000    35,126    
-
    35,126    
-
 
Trust preferred securities   10,310    9,366    
-
    9,366    
-
 
Subordinated debt, net of issuance costs   19,715    19,150    
-
    19,150    
-
 
Interest payable   2,258    2,258    
-
    2,258    
-
 

 

($ 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    
-