Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Note 17 – Fair Value of Financial Instruments

The carrying values and estimated fair values of financial instruments are summarized as follows:

Fair Value Measurements at:


(Dollars in thousands)	Carrying Value		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level I)		Significant Other Observable Inputs (Level II)		Significant Unobservable Inputs (Level III)
December 31, 2024
Financial Assets:
Cash and cash equivalents	$	317,913	$	317,913	$	317,913	$	—	$	—

Securities available-for-sale	411,640		411,640		—		386,147		25,493
Equity securities	42,583		42,583		4,994		—		37,589

Loans receivable, net	2,080,468		2,186,572		—		—		2,186,572
Servicing assets	1,388		1,388		—		—		1,388
Interest rate swaps	5,913		5,913		—		5,913		—

Accrued interest receivable	16,537		16,537		—		6,815		9,722
FHLB Stock	2,011		2,011		—		2,011		—
Embedded derivative	648		648		—		—		648

Financial Liabilities:
Deposits	$	2,693,615	$	2,606,342	$	—	$	2,606,342	$	—
Repurchase Agreements	2,759		2,759		—		2,759		—
Interest rate swaps	5,913		5,913		—		5,913		—
Fair value hedge	112		112		—		112		—
Accrued interest payable	5,788		5,788		—		5,788		—


Subordinated debt	73,787		106,038		—		106,038		—

December 31, 2023
Financial assets:
Cash and cash equivalents	$	398,229	$	398,229	$	398,229	$	—	$	—
Securities available-for-sale	345,275		345,275		—		319,530		25,745
Equity securities	41,086		41,086		3,590		—		37,496
Loans held-for-sale	629		629		—		629		—
Loans receivable, net	2,295,470		2,230,279		—		—		2,230,279
Servicing rights	1,768		1,799		—		—		1,799
Interest rate swaps	6,249		6,249		—		6,249		—
Accrued interest receivable	15,267		15,267		—		2,836		12,431
FHLB Stock	2,094		2,094		—		2,094		—
Embedded derivative	648		648		—		—		648

Financial liabilities:
Deposits	$	2,901,476	$	2,587,246	$	—	$	2,587,246	$	—
Repurchase agreements	4,821		4,821		—		4,821		—
Interest rate swaps	6,249		6,249		—		6,249		—
Fair value hedges	6,111		6,111		—		6,111
Accrued interest payable	2,385		2,385		—		2,385		—
Senior term loan	6,786		6,786		—		6,786		—
Subordinated debt	73,540		57,234		—		57,234		—