| Schedule of assets and liabilities measured at fair value on a recurring basis |
Assets and liabilities measured at fair value on a recurring basis are summarized below (in thousands): | | | | | | | | | | | | Fair Value Measurements Using | | | Quoted Prices | | Significant | | | | | | In Active | | Other | | Significant | | | Markets for | | Observable | | Unobservable | | | Identical Assets | | Inputs | | Inputs | | | (Level 1) | | (Level 2) | | (Level 3) | June 30, 2026 | | | | | | | | | | Assets: | | | | | | | | | | Available-for-sale securities: | | | | | | | | | | U.S. Treasury securities | | $ | 29,585 | | $ | — | | $ | — | State and political subdivisions | | | — | | | 27,541 | | | — | MBSs – residential | | | — | | | 51,132 | | | — | CMOs | | | — | | | 2,751 | | | 47 | Corporate securities | | | — | | | 3,977 | | | — | Total investment securities available-for-sale | | $ | 29,585 | | $ | 85,401 | | $ | 47 | | | | | | | | | | | Derivatives | | $ | — | | $ | 285 | | $ | — | | | | | | | | | | | December 31, 2025 | | | | | | | | | | Assets: | | | | | | | | | | Available-for-sale securities: | | | | | | | | | | U.S. Treasury securities | | $ | 2,961 | | $ | — | | $ | — | State and political subdivisions | | | — | | | 12,019 | | | — | MBSs – residential | | | — | | | 46,047 | | | — | CMOs | | | — | | | — | | | 53 | Corporate securities | | | — | | | 5,482 | | | — | Total investment securities available-for-sale | | $ | 2,961 | | $ | 63,548 | | $ | 53 | Liabilities: | | | | | | | | | | Derivatives | | $ | — | | $ | (86) | | $ | — |
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| Schedule of carrying values and estimated fair values of financial assets and liabilities |
The carrying values and estimated fair values of financial assets and liabilities as of June 30, 2026 and December 31, 2025 were as follows (in thousands): | | | | | | | | | | | | | | | | | | Carrying | | | | | | | | | | | | | | | Value | | Fair Value | | Level 1 | | Level 2 | | Level 3 | June 30, 2026 | | | | | | | | | | | | | | | | Financial assets | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 93,141 | | $ | 93,141 | | $ | 93,141 | | $ | — | | $ | — | Securities available for sale | | | 115,033 | | | 115,033 | | | 29,585 | | | 85,401 | | | 47 | FHLB and FRB stock | | | 7,047 | | | N/A | | | N/A | | | N/A | | | N/A | Loans, net of allowance for credit losses | | | 1,096,969 | | | 1,076,167 | | | — | | | — | | | 1,076,167 | Accrued interest receivable | | | 4,528 | | | 4,528 | | | — | | | 570 | | | 3,958 | Financial liabilities | | | | | | | | | | | | | | | | Deposits | | $ | 1,199,941 | | $ | 1,200,076 | | $ | 929,659 | | $ | 270,417 | | $ | — | FHLB borrowings | | | 17,298 | | | 17,292 | | | — | | | 17,292 | | | — | Junior subordinated debentures | | | 39,936 | | | 33,861 | | | — | | | 33,861 | | | — | Accrued interest payable | | | 1,167 | | | 1,167 | | | 1,167 | | | — | | | — | | | | | | | | | | | | | | | | | December 31, 2025 | | | | | | | | | | | | | | | | Financial assets | | | | | | | | | | | | | | | | Cash and cash equivalents | | $ | 28,146 | | $ | 28,146 | | $ | 28,146 | | $ | — | | $ | — | Securities available for sale | | | 66,562 | | | 66,562 | | | 2,961 | | | 63,548 | | | 53 | FHLB and FRB stock | | | 7,908 | | | N/A | | | N/A | | | N/A | | | N/A | Loans, net of allowance for credit losses | | | 794,470 | | | 786,241 | | | — | | | — | | | 786,241 | Accrued interest receivable | | | 3,143 | | | 3,143 | | | — | | | 310 | | | 2,833 | Financial liabilities | | | | | | | | | | | | | | | | Deposits | | $ | 765,233 | | $ | 765,846 | | $ | 618,031 | | $ | 147,815 | | $ | — | FHLB borrowings | | | 74,000 | | | 74,062 | | | — | | | 74,062 | | | — | Junior subordinated debentures | | | 7,750 | | | 7,917 | | | — | | | 7,917 | | | — | Accrued interest payable | | | 902 | | | 902 | | | 902 | | | — | | | — |
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