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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]  
Summary of Financial Instruments Financial instruments as of the dates indicated were as follows:

 

 

 

 

 

 

 

 

Quoted Prices

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Active

 

 

Significant

 

 

 

 

 

 

 

 

 

 

 

Markets for

 

 

Other

 

 

Significant

 

 

 

 

 

 

 

 

Identical

 

 

Observable

 

 

Unobservable

 

(Dollars in thousands)

Carrying

 

 

Estimated

 

 

Assets

 

 

Inputs

 

 

Inputs

 

 

Amount

 

 

Fair Value

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

September 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

145,938

 

 

$

145,938

 

 

$

145,938

 

 

$

-

 

 

$

-

 

Equity securities at fair value

 

7,816

 

 

 

7,816

 

 

 

4,919

 

 

 

-

 

 

 

2,897

 

Securities available for sale

 

497,552

 

 

 

497,552

 

 

 

82,232

 

 

 

415,320

 

 

 

-

 

Securities held to maturity

 

391,954

 

 

 

345,900

 

 

 

-

 

 

 

331,677

 

 

 

14,223

 

Federal Home Loan Bank and Federal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserve Bank stock

 

9,756

 

 

 

9,756

 

 

 

-

 

 

 

9,756

 

 

 

-

 

Loans held for sale

 

5,994

 

 

 

6,174

 

 

 

-

 

 

 

6,174

 

 

 

-

 

Loans, net

 

1,487,460

 

 

 

1,472,115

 

 

 

-

 

 

 

-

 

 

 

1,472,115

 

Accrued interest receivable

 

11,400

 

 

 

11,400

 

 

 

-

 

 

 

11,400

 

 

 

-

 

Interest rate lock commitments

 

23

 

 

 

23

 

 

 

-

 

 

 

23

 

 

 

-

 

Interest rate derivative contracts

 

6,410

 

 

 

6,410

 

 

 

-

 

 

 

6,410

 

 

 

-

 

Loan swaps

 

1,331

 

 

 

1,331

 

 

 

-

 

 

 

1,331

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

521,055

 

 

 

521,055

 

 

 

521,055

 

 

 

-

 

 

 

-

 

Interest-bearing deposits

 

1,680,546

 

 

 

1,680,622

 

 

 

-

 

 

 

1,680,622

 

 

 

-

 

Brokered deposits

 

6,627

 

 

 

6,646

 

 

 

-

 

 

 

6,646

 

 

 

-

 

Borrowings

 

210,000

 

 

 

210,349

 

 

 

-

 

 

 

210,349

 

 

 

-

 

Subordinated debentures

 

35,691

 

 

 

32,881

 

 

 

-

 

 

 

32,881

 

 

 

-

 

Accrued interest payable

 

6,838

 

 

 

6,838

 

 

 

-

 

 

 

6,838

 

 

 

-

 

Interest rate derivative contracts

 

2,004

 

 

 

2,004

 

 

 

-

 

 

 

2,004

 

 

 

-

 

Loan swaps

 

1,331

 

 

 

1,331

 

 

 

-

 

 

 

1,331

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

55,433

 

 

$

55,433

 

 

$

55,433

 

 

$

-

 

 

$

-

 

Equity securities at fair value

 

7,505

 

 

 

7,505

 

 

 

4,749

 

 

 

-

 

 

 

2,756

 

Securities available for sale

 

514,598

 

 

 

514,598

 

 

 

80,194

 

 

 

434,404

 

 

 

-

 

Securities held to maturity

 

407,959

 

 

 

348,791

 

 

 

-

 

 

 

335,493

 

 

 

13,298

 

Federal Home Loan Bank and Federal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reserve Bank stock

 

9,514

 

 

 

9,514

 

 

 

-

 

 

 

9,514

 

 

 

-

 

Loans held for sale

 

4,710

 

 

 

4,851

 

 

 

-

 

 

 

4,851

 

 

 

-

 

Loans, net

 

1,394,968

 

 

 

1,362,920

 

 

 

-

 

 

 

-

 

 

 

1,362,920

 

Accrued interest receivable

 

10,066

 

 

 

10,066

 

 

 

-

 

 

 

10,066

 

 

 

-

 

Interest rate lock commitments

 

64

 

 

 

64

 

 

 

-

 

 

 

64

 

 

 

-

 

Interest rate derivative contracts

 

8,880

 

 

 

8,880

 

 

 

-

 

 

 

8,880

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

547,625

 

 

 

547,625

 

 

 

547,625

 

 

 

-

 

 

 

-

 

Interest-bearing deposits

 

1,550,985

 

 

 

1,549,386

 

 

 

-

 

 

 

1,549,386

 

 

 

-

 

Brokered deposits

 

23,445

 

 

 

23,435

 

 

 

-

 

 

 

23,435

 

 

 

-

 

Borrowings

 

200,000

 

 

 

199,743

 

 

 

-

 

 

 

199,743

 

 

 

-

 

Subordinated debentures

 

35,507

 

 

 

31,748

 

 

 

-

 

 

 

31,748

 

 

 

-

 

Accrued interest payable

 

6,223

 

 

 

6,223

 

 

 

-

 

 

 

6,223

 

 

 

-

 

Interest rate derivative contracts

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-