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Fair Value of Assets and Liabilities (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The tables below present the recorded amount of assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):

    

    

Quoted Prices in

    

Significant

    

Significant

Active Markets

Other

Other

for Identical

Observable

Unobservable

Assets

Inputs

Inputs

Description

Fair Value

(Level 1)

(Level 2)

(Level 3)

December 31, 2024:

 

  

Assets:

 

  

Securities available-for-sale:

 

  

U.S. Treasury

$

76,226

$

$

76,226

$

U.S. Government-sponsored enterprises (GSEs)

39,188

39,188

Municipal securities

 

17,690

 

 

17,690

 

Other debt securities

 

39,435

 

 

39,435

 

Mortgage-backed securities (GSEs)

 

309,789

 

 

309,789

 

Total securities available-for-sale

482,328

482,328

Derivative financial instruments and interest rate swap agreements

12,135

12,135

Total assets at fair value

$

494,463

$

$

494,463

$

Liabilities:

 

  

Derivative financial instruments and interest rate swap agreements

$

13,198

$

$

13,198

$

December 31, 2023:

 

  

 

  

 

  

 

  

Assets:

 

  

 

  

 

  

 

  

Securities available-for-sale:

 

  

 

  

 

  

 

  

U.S. Treasury

$

76,033

$

$

76,033

$

U.S. Government-sponsored enterprises (GSEs)

48,093

48,093

Municipal securities

 

18,276

 

 

18,276

 

Other debt securities

 

33,069

 

 

33,069

 

Mortgage-backed securities (GSEs)

 

232,939

 

 

232,939

 

Total securities available-for-sale

408,410

408,410

Derivative financial instruments and interest rate swap agreements

12,821

12,821

Total assets at fair value

$

421,231

$

$

421,231

$

Liabilities:

 

  

 

  

 

  

 

  

Derivative financial instruments and interest rate swap agreements

$

14,807

$

$

14,807

$

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

    

    

Quoted Prices in

    

Significant

    

Significant

Active Markets

Other

Other

for Identical

Observable

Unobservable

Assets

Inputs

Inputs

Fair Value

(Level 1)

(Level 2)

(Level 3)

December 31, 2024:

 

  

 

  

 

  

 

  

Collateral-dependent loans

$

1,813

$

$

$

1,813

December 31, 2023:

 

  

 

  

 

  

 

  

Collateral-dependent loans

$

1,295

$

$

$

1,295

Other real estate owned

 

279

 

 

 

279

Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets measured at fair value on a non-recurring basis, the significant unobservable inputs used in the fair value measurements are presented below (dollars in thousands):

    

    

    

    

Weighted

Valuation

Significant Other

Average of

Fair Value

Technique

Unobservable Input

Input

December 31, 2024:

Collateral-dependent loans

$

1,813

 

Appraisal

 

Appraisal discounts

 

68

%

December 31, 2023:

Collateral-dependent loans

$

1,295

 

Appraisal

 

Appraisal discounts

 

73

%

Other real estate owned

 

279

 

Appraisal

 

Appraisal discounts

 

33

%

Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value of the Company’s financial instruments are as follows (in thousands):

Fair Value Measurements Using

    

Carrying

    

    

    

    

Estimated

Amount

Level 1

Level 2

Level 3

Fair Value

December 31, 2024:

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

387,570

 

$

387,570

 

$

 

$

$

387,570

Securities available-for-sale

 

482,328

 

 

482,328

 

 

482,328

Securities held-to-maturity

126,659

108,080

108,080

Other investments

 

14,740

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

3,874,913

 

 

 

3,768,452

 

3,768,452

Derivative financial instruments and interest rate swap agreements

12,135

12,135

12,135

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

965,552

 

 

965,552

 

 

965,552

Interest-bearing demand deposits

 

836,731

 

 

836,731

 

 

836,731

Money market and savings deposits

 

2,039,560

 

 

2,039,560

 

 

2,039,560

Time deposits

 

844,640

 

 

844,694

 

 

844,694

Borrowings

8,135

8,135

8,135

Subordinated debt

 

39,684

 

 

 

38,043

 

38,043

Derivative financial instruments and interest rate swap agreements

 

13,198

 

 

13,198

 

 

13,198

December 31, 2023:

    

    

    

    

    

Assets:

 

  

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

352,271

 

$

352,271

 

$

 

$

$

352,271

Securities available-for-sale

 

408,410

 

 

408,410

 

 

408,410

Securities held-to-maturity

281,236

262,538

262,538

Other investments

 

13,662

 

N/A

 

N/A

 

N/A

 

N/A

Loans and leases, net and loans held for sale

 

3,413,814

 

 

 

3,308,980

 

3,308,980

Derivative financial instruments and interest rate swap agreements

12,821

12,821

12,821

Liabilities:

 

 

  

 

  

 

  

 

  

Noninterest-bearing demand deposits

 

898,044

 

 

898,044

 

 

898,044

Interest-bearing demand deposits

 

1,006,915

 

 

1,006,915

 

 

1,006,915

Money market and savings deposits

 

1,812,427

 

 

1,812,427

 

 

1,812,427

Time deposits

 

550,468

 

 

548,397

 

 

548,397

Borrowings

13,078

13,078

13,078

Subordinated debt

 

42,099

 

 

 

39,822

 

39,822

Derivative financial instruments and interest rate swap agreements

 

14,807

 

 

14,807

 

 

14,807