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FAIR VALUE (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets (Liabilities) Measured at Fair Value

The following tables summarize quantitative disclosures about the fair value measurements for each category of financial assets (liabilities) carried at fair value:

December 31, 2024

 

Fair Value

 

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Other
Unobservable
Inputs
(Level 3)

 

Assets at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Treasury securities

 

$

43,675

 

 

$

43,675

 

 

$

 

 

$

 

Mortgage-backed securities

 

 

248,734

 

 

 

 

 

 

248,734

 

 

 

 

Collateralized mortgage obligations

 

 

19,519

 

 

 

 

 

 

19,519

 

 

 

 

Municipal securities

 

 

2,393

 

 

 

 

 

 

2,393

 

 

 

 

Corporate bonds

 

 

25,983

 

 

 

 

 

 

25,983

 

 

 

 

Loans held for sale

 

 

143

 

 

 

 

 

 

 

 

 

143

 

Cash surrender value of life insurance

 

 

42,883

 

 

 

 

 

 

42,883

 

 

 

 

SBA servicing assets

 

 

495

 

 

 

 

 

 

 

 

 

495

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets at fair value on a nonrecurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

Other real estate owned

 

 

1,184

 

 

 

 

 

 

 

 

 

1,184

 

 

December 31, 2023

 

Fair Value

 

 

Quoted
Prices in
Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Other
Unobservable
Inputs
(Level 3)

 

Assets at fair value on a recurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

Available for sale securities:

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage-backed securities

 

$

149,812

 

 

$

 

 

$

149,812

 

 

$

 

Collateralized mortgage obligations

 

 

17,074

 

 

 

 

 

 

17,074

 

 

 

 

Municipal securities

 

 

2,504

 

 

 

 

 

 

2,504

 

 

 

 

Corporate bonds

 

 

26,805

 

 

 

 

 

 

26,805

 

 

 

 

Loans held for sale

 

 

976

 

 

 

 

 

 

 

 

 

976

 

Cash surrender value of life insurance

 

 

42,348

 

 

 

 

 

 

42,348

 

 

 

 

SBA servicing assets

 

 

691

 

 

 

 

 

 

 

 

 

691

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets at fair value on a nonrecurring basis:

 

 

 

 

 

 

 

 

 

 

 

 

Individually evaluated collateral dependent loans

 

 

14,527

 

 

 

 

 

 

 

 

 

14,527

 

 

Schedule of Quantitative Information About Nonrecurring Level 3 Fair Value Measurements

The following tables present quantitative information about nonrecurring Level 3 fair value measurements as of December 31, 2024 and 2023:

December 31, 2024

 

Fair Value

 

 

Valuation
Technique(s)

 

Unobservable Input(s)

 

Range
(Weighted
Average)

Individually evaluated collateral dependent loans

 

$

1,530

 

 

Market approach

 

Appraised value less selling costs

 

16.00%

Other real estate owned

 

$

1,184

 

 

Market approach

 

Appraised value less selling costs

 

26.00%

 

December 31, 2023

 

Fair Value

 

 

Valuation
Technique(s)

 

Unobservable Input(s)

 

Range
(Weighted
Average)

Individually evaluated collateral dependent loans

 

$

14,527

 

 

Income approach

 

Capitalization rate

 

6.50%

Schedule of Individually Evaluated Collateral Dependent Loans at Fair Value

The following tables present information on individually evaluated collateral dependent loans, net of any specific reserves assigned to them, included in the ACL model as of December 31, 2024 and 2023.

 

 

Fair Value Measurements Using

 

 

 

 

December 31, 2024

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total Fair Value

 

Commercial real estate

 

$

 

 

$

 

 

$

1,280

 

 

$

1,280

 

Total

 

$

 

 

$

 

 

$

1,280

 

 

$

1,280

 

 

 

 

Fair Value Measurements Using

 

 

 

 

December 31, 2023

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total Fair Value

 

Commercial real estate

 

$

 

 

$

 

 

$

14,527

 

 

$

14,527

 

Total

 

$

 

 

$

 

 

$

14,527

 

 

$

14,527

 

 

Schedule of Carrying Amounts And Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments not previously discussed in this note, as of December 31, 2024 and 2023, are as follows:

 

 

Fair value measurements as of
December 31, 2024 using:

 

 

 

Carrying
Amount

 

 

Level 1
Inputs

 

 

Level 2
Inputs

 

 

Level 3
Inputs

 

 

Total
Fair Value

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, due from banks, federal funds sold and interest-bearing deposits

 

$

145,964

 

 

$

145,964

 

 

$

 

 

$

 

 

$

145,964

 

Marketable securities held to maturity

 

 

334,732

 

 

 

 

 

 

303,245

 

 

 

 

 

 

303,245

 

Loans, net

 

 

2,102,565

 

 

 

 

 

 

 

 

 

2,088,644

 

 

 

2,088,644

 

Accrued interest receivable

 

 

12,016

 

 

 

 

 

 

12,016

 

 

 

 

 

 

12,016

 

Nonmarketable equity securities

 

 

17,167

 

 

 

 

 

 

17,167

 

 

 

 

 

 

17,167

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

2,692,167

 

 

$

1,949,499

 

 

$

745,763

 

 

$

 

 

$

2,695,262

 

Securities sold under repurchase agreements

 

 

31,075

 

 

 

 

 

 

31,075

 

 

 

 

 

 

31,075

 

Accrued interest payable

 

 

5,116

 

 

 

 

 

 

5,116

 

 

 

 

 

 

5,116

 

Federal Home Loan Bank advances

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated debt

 

 

41,918

 

 

 

 

 

 

44,133

 

 

 

 

 

 

44,133

 

 

 

 

Fair value measurements as of
December 31, 2023 using:

 

 

 

Carrying
Amount

 

 

Level 1
Inputs

 

 

Level 2
Inputs

 

 

Level 3
Inputs

 

 

Total
Fair Value

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash, due from banks, federal funds sold and interest-bearing deposits

 

$

89,524

 

 

$

89,524

 

 

$

 

 

$

 

 

$

89,524

 

Marketable securities held to maturity

 

 

404,208

 

 

 

 

 

 

374,523

 

 

 

 

 

 

374,523

 

Loans, net

 

 

2,290,881

 

 

 

 

 

 

 

 

 

2,187,669

 

 

 

2,187,669

 

Accrued interest receivable

 

 

13,143

 

 

 

 

 

 

13,143

 

 

 

 

 

 

13,143

 

Nonmarketable equity securities

 

 

24,128

 

 

 

 

 

 

24,128

 

 

 

 

 

 

24,128

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

2,633,246

 

 

$

1,928,063

 

 

$

706,074

 

 

$

 

 

$

2,634,137

 

Securities sold under repurchase agreements

 

 

25,172

 

 

 

 

 

 

25,172

 

 

 

 

 

 

25,172

 

Accrued interest payable

 

 

5,272

 

 

 

 

 

 

5,272

 

 

 

 

 

 

5,272

 

Federal Home Loan Bank advances

 

 

140,000

 

 

 

 

 

 

139,963

 

 

 

 

 

 

139,963

 

Subordinated debt

 

 

45,785

 

 

 

 

 

 

46,433

 

 

 

 

 

 

46,433