Fair Value of Financial Instruments (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Fair Value, Assets Measured on Recurring Basis |
The following table presents assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2025 Using |
|
|
|
Totals At
December 31,
2025 |
|
|
Quoted Prices
in Active
Markets For
Identical Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
|
(Dollars in Thousands) |
|
Investment securities, available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
105,778 |
|
|
$ |
— |
|
|
$ |
105,778 |
|
|
$ |
— |
|
Commercial |
|
|
7,583 |
|
|
|
— |
|
|
|
7,583 |
|
|
|
— |
|
Obligations of U.S. government-sponsored agencies |
|
|
16,504 |
|
|
|
— |
|
|
|
16,504 |
|
|
|
— |
|
Obligations of states and political subdivisions |
|
|
1,750 |
|
|
|
— |
|
|
|
1,750 |
|
|
|
— |
|
Corporate notes |
|
|
17,026 |
|
|
|
|
|
|
17,026 |
|
|
|
— |
|
U.S. Treasury securities |
|
|
19,434 |
|
|
|
19,434 |
|
|
|
— |
|
|
|
— |
|
Derivative contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
Other assets - interest rate caps |
|
|
795 |
|
|
|
— |
|
|
|
795 |
|
|
|
— |
|
Other assets - interest rate floors |
|
|
166 |
|
|
|
— |
|
|
|
166 |
|
|
|
— |
|
Other assets - customer-related interest rate swaps - borrower |
|
|
106 |
|
|
|
|
|
|
106 |
|
|
|
|
Other liabilities - customer-related interest rate swaps - third party counterparties |
|
|
106 |
|
|
|
|
|
|
106 |
|
|
|
|
Other liabilities - credit risk participation agreements |
|
|
46 |
|
|
|
— |
|
|
|
46 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2024 Using |
|
|
|
Totals At
December 31,
2024 |
|
|
Quoted Prices
in Active
Markets For
Identical Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
|
(Dollars in Thousands) |
|
Investment securities, available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage-backed securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Residential |
|
$ |
85,282 |
|
|
$ |
— |
|
|
$ |
85,282 |
|
|
$ |
— |
|
Commercial |
|
|
11,920 |
|
|
|
— |
|
|
|
11,920 |
|
|
|
— |
|
Obligations of U.S. government-sponsored agencies |
|
|
10,834 |
|
|
|
— |
|
|
|
10,834 |
|
|
|
— |
|
Obligations of states and political subdivisions |
|
|
1,549 |
|
|
|
— |
|
|
|
1,549 |
|
|
|
— |
|
Corporate notes |
|
|
15,944 |
|
|
|
|
|
|
15,944 |
|
|
|
— |
|
U.S. Treasury securities |
|
|
42,359 |
|
|
|
42,359 |
|
|
|
— |
|
|
|
— |
|
Derivative contracts: |
|
|
|
|
|
|
|
|
|
|
|
|
Other assets - interest rate swaps |
|
|
678 |
|
|
|
— |
|
|
|
678 |
|
|
|
— |
|
Other assets - interest rate floors |
|
|
18 |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
Other liabilities - credit risk participation agreements |
|
|
54 |
|
|
|
— |
|
|
|
54 |
|
|
|
— |
|
|
| Fair Value Assets Measured on Nonrecurring Basis |
The following table presents the balances of collateral dependent loans, OREO and other assets held-for-sale measured at fair value on a non-recurring basis as of December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2025 Using |
|
|
|
Totals At
December 31,
2025 |
|
|
Quoted Prices
in Active
Markets For
Identical Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
|
(Dollars in Thousands) |
|
Collateral dependent loans |
|
$ |
161 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
161 |
|
OREO and other assets held-for-sale |
|
|
256 |
|
|
|
— |
|
|
|
— |
|
|
|
256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2024 Using |
|
|
|
Totals At
December 31,
2024 |
|
|
Quoted Prices
in Active
Markets For
Identical Assets
(Level 1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level 3) |
|
|
|
(Dollars in Thousands) |
|
Collateral dependent loans |
|
$ |
2,026 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,026 |
|
OREO and other assets held-for-sale |
|
|
1,509 |
|
|
|
— |
|
|
|
— |
|
|
|
1,509 |
|
|
| Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques |
Following the tables is a description of the valuation technique and the sensitivity of the technique to changes in the significant unobservable input.
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Significant Unobservable Input Assumptions |
|
|
Fair Value
December 31,
2025 |
|
Valuation Technique |
|
Unobservable Input |
|
Quantitative Range
of Unobservable
Inputs
(Weighted Average) |
|
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
Non-recurring fair value measurements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral dependent loans |
|
$161 |
|
Multiple data points, including discount to appraised value of collateral based on recent market activity |
|
Appraisal comparability adjustment (discount) |
|
9%-10% |
|
9.5% |
|
|
|
|
|
|
|
|
|
|
|
OREO and other assets held-for-sale |
|
$256 |
|
Discount to appraised value of property based on recent market activity for sales of similar properties |
|
Appraisal comparability adjustment (discount) |
|
9%-10% |
|
9.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 3 Significant Unobservable Input Assumptions |
|
|
Fair Value
December 31,
2024 |
|
Valuation Technique |
|
Unobservable Input |
|
Quantitative Range
of Unobservable
Inputs
(Weighted Average) |
|
|
(Dollars in Thousands) |
|
|
|
|
|
|
|
|
Non-recurring fair value measurements: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Collateral dependent loans |
|
$2,026 |
|
Multiple data points, including discount to appraised value of collateral based on recent market activity |
|
Appraisal comparability adjustment (discount) |
|
9%-10% |
|
9.5% |
|
|
|
|
|
|
|
|
|
|
|
OREO and other assets held-for-sale |
|
$1,509 |
|
Discount to appraised value of property based on recent market activity for sales of similar properties |
|
Appraisal comparability adjustment (discount) |
|
9%-10% |
|
9.5% |
|
| Fair Value, by Balance Sheet Grouping |
The estimated fair value and related carrying or notional amounts, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of December 31, 2025 and 2024 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Carrying
Amount |
|
|
Estimated
Fair
Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
(Dollars in Thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
73,547 |
|
|
$ |
73,547 |
|
|
$ |
73,547 |
|
|
$ |
— |
|
|
$ |
— |
|
Investment securities available-for-sale |
|
|
168,075 |
|
|
|
168,075 |
|
|
|
19,434 |
|
|
|
148,641 |
|
|
|
— |
|
Investment securities held-to-maturity |
|
|
465 |
|
|
|
449 |
|
|
|
— |
|
|
|
449 |
|
|
|
— |
|
Federal funds sold and securities purchased under reverse repurchase agreements |
|
|
4,850 |
|
|
|
4,850 |
|
|
|
— |
|
|
|
4,850 |
|
|
|
— |
|
Federal Home Loan Bank stock |
|
|
791 |
|
|
|
791 |
|
|
|
— |
|
|
|
— |
|
|
|
791 |
|
Loans, net of allowance for credit losses |
|
|
842,314 |
|
|
|
817,766 |
|
|
|
— |
|
|
|
— |
|
|
|
817,766 |
|
Other assets - interest rate caps |
|
|
795 |
|
|
|
795 |
|
|
|
— |
|
|
|
795 |
|
|
|
— |
|
Other assets - interest rate floors |
|
|
166 |
|
|
|
166 |
|
|
|
— |
|
|
|
166 |
|
|
|
— |
|
Other assets - customer-related interest rate swaps - borrower |
|
|
106 |
|
|
|
106 |
|
|
|
— |
|
|
|
106 |
|
|
|
— |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
1,027,962 |
|
|
|
973,141 |
|
|
|
— |
|
|
|
973,141 |
|
|
|
— |
|
Short-term borrowings |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Long-term borrowings |
|
|
10,945 |
|
|
|
10,126 |
|
|
|
|
|
|
10,126 |
|
|
|
— |
|
Other liabilities - customer-related interest rate swaps - third party counterparties |
|
|
106 |
|
|
|
106 |
|
|
|
— |
|
|
|
106 |
|
|
|
— |
|
Other liabilities - credit risk participation agreements |
|
|
46 |
|
|
|
46 |
|
|
|
— |
|
|
|
46 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
Carrying
Amount |
|
|
Estimated
Fair
Value |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
|
(Dollars in Thousands) |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
47,216 |
|
|
$ |
47,216 |
|
|
$ |
47,216 |
|
|
$ |
— |
|
|
$ |
— |
|
Investment securities available-for-sale |
|
|
167,888 |
|
|
|
167,888 |
|
|
|
42,359 |
|
|
|
125,529 |
|
|
|
— |
|
Investment securities held-to-maturity |
|
|
682 |
|
|
|
642 |
|
|
|
— |
|
|
|
642 |
|
|
|
— |
|
Federal funds sold |
|
|
5,727 |
|
|
|
5,727 |
|
|
|
— |
|
|
|
5,727 |
|
|
|
— |
|
Federal Home Loan Bank stock |
|
|
1,256 |
|
|
|
1,256 |
|
|
|
— |
|
|
|
— |
|
|
|
1,256 |
|
Loans, net of allowance for loan losses |
|
|
812,855 |
|
|
|
759,870 |
|
|
|
— |
|
|
|
— |
|
|
|
759,870 |
|
Other assets - interest rate swaps |
|
|
678 |
|
|
|
678 |
|
|
|
— |
|
|
|
678 |
|
|
|
— |
|
Other assets - interest rate floors |
|
|
18 |
|
|
|
18 |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
972,557 |
|
|
|
893,814 |
|
|
|
— |
|
|
|
893,814 |
|
|
|
— |
|
Short-term borrowings |
|
|
10,000 |
|
|
|
10,000 |
|
|
|
— |
|
|
|
10,000 |
|
|
|
— |
|
Long-term borrowings |
|
|
10,872 |
|
|
|
9,590 |
|
|
|
|
|
|
9,590 |
|
|
|
|
Other liabilities - interest rate swaps |
|
|
54 |
|
|
|
54 |
|
|
|
— |
|
|
|
54 |
|
|
|
— |
|
|