v3.25.2
Fair Value of Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value of Assets and Liabilities [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis

Fair Value Measurement Using

Reporting Date

Description

Total

Level 1

Level 2

Level 3

June 30, 2025

(In thousands)

ASSETS

Available for Sale:

U.S. Treasury securities

$

17,812

$

17,812

$

-

$

-

U.S. Government agencies

9,561

-

9,561

-

States and political subdivisions

87,748

-

87,748

-

Corporate obligations

3,531

-

3,531

-

Mortgage-backed securities-government

sponsored entities

283,808

-

283,808

-

Interest rate derivatives

875

-

875

-

LIABILITIES

Interest rate derivatives

875

-

875

-

Description

Total

Level 1

Level 2

Level 3

December 31, 2024

(In thousands)

ASSETS

Available for Sale:

U.S. Treasury securities

$

19,598

$

19,598

$

-

$

-

U.S. Government agencies

11,364

-

11,364

-

States and political subdivisions

87,274

-

87,274

-

Mortgage-backed securities-government

sponsored entities

279,609

-

279,609

-

Interest rate derivatives

1,193

-

1,193

-

LIABILITIES

Interest rate derivatives

1,193

-

1,193

-
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

Fair Value Measurement Using Reporting Date

(In thousands)

Description

Total

Level 1

Level 2

Level 3

June 30, 2025

Individually analyzed loans held for investment

$

9,619

$

-

$

-

$

9,619

December 31, 2024

Individually analyzed loans held for investment

$

9,363

$

-

$

-

$

9,363
Additional Qualitative Information about Level 3 Assets

Quantitative Information about Level 3 Fair Value Measurements

(dollars in thousands)

Fair Value Estimate

Valuation Techniques

Unobservable Input

Range (Weighted Average)

June 30, 2025

Individually analyzed loans held for investment

$

9,619

Appraisal of collateral(1)

Appraisal adjustments(2)

0%-100.0% (9.48%)

Quantitative Information about Level 3 Fair Value Measurements

(dollars in thousands)

Fair Value Estimate

Valuation Techniques

Unobservable Input

Range (Weighted Average)

December 31, 2024

Individually analyzed loans held for investment

$

9,363

Appraisal of collateral(1)

Appraisal adjustments(2)

0%-50.0% (8.01%)

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance.

(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.
Fair Value, by Balance Sheet Grouping

Fair Value Measurements at June 30, 2025

Carrying Amount

Fair Value

Level 1

Level 2

Level 3

Financial assets:

Cash and cash equivalents (1)

$

53,045

$

53,045

$

53,045

$

-

$

-

Loans receivable, net

1,769,666

1,758,620

-

-

1,758,620

Mortgage servicing rights

205

638

-

-

638

Regulatory stock (1)

7,538

7,538

7,538

-

-

Bank owned life insurance (1)

46,099

46,099

46,099

-

-

Accrued interest receivable (1)

8,642

8,642

8,642

-

-

Financial liabilities:

Deposits

1,997,834

1,933,904

1,119,178

-

814,726

Short-term borrowings (1)

26,500

26,500

26,500

-

-

Other borrowings

85,350

85,455

-

-

85,455

Accrued interest payable (1)

10,975

10,975

10,975

-

-

Off-balance sheet financial instruments:

Commitments to extend credit and
‎outstanding letters of credit

-

-

-

-

-

Fair Value Measurements at December 31, 2024

Carrying Amount

Fair Value

Level 1

Level 2

Level 3

Financial assets:

Cash and cash equivalents (1)

$

72,339

$

72,339

$

72,339

$

-

$

-

Loans receivable, net

1,693,795

1,687,128

-

-

1,687,128

Mortgage servicing rights

199

575

-

-

575

Regulatory stock (1)

13,366

13,366

13,366

-

-

Bank owned life insurance (1)

46,657

46,657

46,657

-

-

Accrued interest receivable (1)

8,466

8,466

8,466

-

-

Financial liabilities:

Deposits

1,859,163

1,788,123

1,023,619

-

764,504

Short-term borrowings (1)

113,069

113,069

113,069

-

-

Other borrowings

101,793

102,220

-

-

102,220

Accrued interest payable (1)

12,615

12,615

12,615

-

-

Off-balance sheet financial instruments:

Commitments to extend credit and
‎outstanding letters of credit

-

-

-

-

-

(1)This financial instrument is carried at cost, which approximates the fair value of the instrument.