| Schedule of assets measured at fair value on a recurring basis |
The balances of available for sale securities, which are the only assets measured at fair value on a recurring basis, by level within the fair value hierarchy and by investment type, as of June 30, 2025 and December 31, 2024, were as follows (in thousands): | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | Total | | Level 1 | | Level 2 | | Level 3 | June 30, 2025: | | | | | | | | | | | | | U.S. Treasuries | | $ | 151,645 | | $ | — | | $ | 151,645 | | $ | — | Mortgage-backed securities | | | 41,102 | | | — | | | 41,102 | | | — | Collateralized mortgage obligations | | | 61,791 | | | — | | | 61,791 | | | — | States and political subdivisions | | | 82,435 | | | — | | | 82,435 | | | — | Total | | $ | 336,973 | | $ | — | | $ | 336,973 | | $ | — | | | | | | | | | | | | | | December 31, 2024: | | | | | | | | | | | | | U.S. Treasuries | | $ | 117,045 | | $ | — | | $ | 117,045 | | $ | — | Mortgage-backed securities | | | 42,512 | | | — | | | 42,512 | | | — | Collateralized mortgage obligations | | | 68,864 | | | — | | | 68,864 | | | — | States and political subdivisions | | | 80,227 | | | — | | | 80,227 | | | — | Total | | $ | 308,648 | | $ | — | | $ | 308,648 | | $ | — |
|
| Collateral dependent loans, measured at fair value on a non-recurring basis |
Collateral dependent loans, which are measured at fair value on a non-recurring basis, by level within the fair value hierarchy as of June 30, 2025 and December 31, 2024 were as follows (in thousands): | | | | | | | | | | | | | | | | | | Fair Value Measurements Using | | | | Total | | Level 1 | | Level 2 | | Level 3 | | June 30, 2025 | | $ | — | | $ | — | | $ | — | | $ | — | | December 31, 2024 | | $ | — | | $ | — | | $ | — | | $ | — | |
|
| Schedule of carrying value and estimated fair value of financial instruments |
The carrying value and estimated fair value of financial instruments, by level within the fair value hierarchy, at June 30, 2025 and December 31, 2024 are as follows (in thousands): | | | | | | | | | | | | | | | | | | Carrying | | Fair Value Measurements Using | | | | | Amount | | Level 1 | | Level 2 | | Level 3 | | Total | June 30, 2025: | | | | | | | | | | | | | | | | Financial Assets: | | | | | | | | | | | | | | | | Cash and due from banks | | $ | 18,379 | | $ | 18,379 | | $ | — | | $ | — | | $ | 18,379 | Available for sale securities | | | 336,973 | | | — | | | 336,973 | | | — | | | 336,973 | Held to maturity securities, net | | | 100,896 | | | — | | | 90,063 | | | — | | | 90,063 | Loans, net | | | 245,332 | | | — | | | — | | | 238,993 | | | 238,993 | Financial Liabilities: | | | | | | | | | | | | | | | | Deposits: | | | | | | | | | | | | | | | | Non-interest bearing | | | 168,205 | | | 168,205 | | | — | | | — | | | 168,205 | Interest bearing | | | 435,510 | | | — | | | — | | | 392,743 | | | 392,743 | Time deposits | | | 40,596 | | | — | | | — | | | 40,024 | | | 40,024 |
| | | | | | | | | | | | | | | | | | Carrying | | Fair Value Measurements Using | | | | | Amount | | Level 1 | | Level 2 | | Level 3 | | Total | December 31, 2024: | | | | | | | | | | | | | | | | Financial Assets: | | | | | | | | | | | | | | | | Cash and due from banks | | $ | 107,744 | | $ | 107,744 | | $ | — | | $ | — | | $ | 107,744 | Available for sale securities | | | 308,648 | | | — | | | 308,648 | | | — | | | 308,648 | Held to maturity securities, net | | | 123,156 | | | — | | | 111,112 | | | — | | | 111,112 | Loans, net | | | 230,594 | | | — | | | — | | | 225,422 | | | 225,422 | Financial Liabilities: | | | | | | | | | | | | | | | | Deposits: | | | | | | | | | | | | | | | | Non-interest bearing | | | 235,183 | | | 235,183 | | | — | | | — | | | 235,183 | Interest bearing | | | 434,680 | | | — | | | — | | | 377,233 | | | 377,233 | Time deposits | | | 50,867 | | | — | | | — | | | 50,212 | | | 50,212 |
|