v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Hierarchy for Assets Measured at Fair Value

The following table presents the Company’s approximate fair value hierarchy for assets measured at fair value as of June 30:

 

Schedule of Fair Value Hierarchy for Assets Measured at Fair Value 

             
2025
   Fair Value Measurements at 
       Reporting Date Using 
   Total   (Level 1)   (Level 2)   (Level 3) 
Assets measured at fair value on a recurring basis:                    
Assets:                    
Debt securities available for sale  $148,152   $19,134   $129,018      
Mortgage loans held for sale  $22,683        $22,683      
Derivative assets  $948        $948      
Liabilities:                    
Forward contracts  $279        $279      
                     
Assets measured at fair value on a non-recurring basis:                    
Assets:                    
Collateral-dependent loans, net of specific reserves  $1,873             $1,873 
Foreclosed assets  $101             $101 

 

The following table presents the Company’s approximate fair value hierarchy for assets measured at fair value as of December 31:

 

             
2024
   Fair Value Measurements at 
       Reporting Date Using 
   Total   (Level 1)   (Level 2)   (Level 3) 
Assets measured at fair value on a recurring basis:                
Assets:                    
Debt securities available for sale  $143,735   $24,598   $119,137      
Mortgage loans held for sale  $9,011        $9,011      
Derivative assets  $188        $188      
Forward contracts  $62        $62      
                     
Assets measured at fair value on a non-recurring basis:                    
Assets:                    
Collateral-dependent loans, net of specific reserves  $6,460             $6,460 
Foreclosed assets  $920             $920 
Schedule of Carrying Amounts and Estimated Fair Values

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of June 30, 2025:

 

Schedule of Carrying Amounts and Estimated Fair Values 

                
2025
           Fair Value Measurements at     
           Reporting Date Using     
   Carrying Amount   (Level 1)   (Level 2)   (Level 3)   Total 
Financial assets:                    
Cash and cash equivalents  $47,436   $47,436             $47,436 
Securities available for sale   148,152    19,134    129,018         148,152 
Federal Home Loan Bank stock   3,977              3,977    3,977 
Mortgage held for sale   22,683         22,683         22,683 
Loans, net   1,264,434              1,234,649    1,234,649 
Accrued interest receivable   8,031    8,031              8,031 
Mortgage servicing rights   637         5,274         5,274 
Derivative assets   948         948         948 
                          
Financial liabilities:                         
Deposits  $1,268,776   $865,222        $404,095   $1,269,317 
FHLB advances and other borrowings   86,917              86,917    86,917 
Securities sold under agreements to repurchase   26,199    26,199              26,199 
Accrued interest payable   2,990    2,990              2,990 
Forward commitments   279         279         279 

 

 

TRI-COUNTY FINANCIAL GROUP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

(000s omitted except share data)

 

(15) Fair Value Measurements (continued):

 

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of December 31, 2024:

 

                
2024
           Fair Value Measurements at     
           Reporting Date Using     
   Carrying Amount   (Level 1)   (Level 2)   (Level 3)   Total 
Financial assets:                    
Cash and cash equivalents  $44,976   $44,976             $44,976 
Securities available for sale   143,735    24,598    119,137         143,735 
Federal Home Loan Bank stock   3,420              3,420    3,420 
Mortgage held for sale   9,011         9,011         9,011 
Loans, net   1,261,965              1,219,281    1,219,281 
Accrued interest receivable   7,474    7,474              7,474 
Mortgage servicing rights   790         5,274         5,274 
Derivative assets   188         188         188 
Forward commitments   62         62         62 
                          
Financial liabilities:                         
Deposits  $1,273,296   $865,392        $408,560   $1,273,952 
FHLB advances and other borrowings   67,917              67,917    67,917 
Securities sold under agreements to repurchase   22,679    22,679              22,679 
Accrued interest payable   2,899    2,899              2,899