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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Measurements [Abstract]

Assets Measured at Fair Value on a Recurring Basis

The following tables present the assets and liabilities reported on the Consolidated Balance Sheet at their fair value on a recurring basis as of September 30, 2025 and December 31, 2024 by level within the fair value hierarchy (in thousands). Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

September 30, 2025		Level I				Level II				Level III				Total
Fair value measurements on a recurring basis:
Assets
Equity securities		$	1,803			$	-			$	-			$	1,803
Available for sale securities:
U.S. Agency securities			-				51,417				-				51,417
U.S. Treasury securities			93,927				-				-				93,927
Obligations of state and political subdivisions			-				114,185				-				114,185
Corporate obligations			-				11,164				-				11,164
Mortgage-backed securities in government sponsored entities			-				180,664				-				180,664
Loans held for sale			-				13,508				-				13,508
Derivative instruments – assets			-				7,062				425				7,487
Derivative instruments - liabilities			-				(4,332	)			-				(4,332	)

December 31, 2024		Level I				Level II				Level III				Total
Fair value measurements on a recurring basis:
Assets
Equity securities		$	1,747			$	-			$	-			$	1,747
Available for sale securities:
U.S. Agency securities			-				53,487				-				53,487
U.S. Treasuries securities			120,502				-				-				120,502
Obligations of state and political subdivisions			-				94,902				-				94,902
Corporate obligations			-				10,438				-				10,438
Mortgage-backed securities in government sponsored entities			-				146,583				-				146,583
Loans held for sale							9,607								9,607
Derivative instruments – assets			-				10,053				317				10,370
Derivative instruments - liabilities			-				(5,817	)			-				(5,817	)

Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3)

The following tables represent the change in the assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2025 and 2024 for interest rate lock commitments (IRLC) (in thousands):

		IRLC-
For the three months ended September 30, 2025		Asset
Balance: June 30, 2025		$	548
Total unrealized losses:
Included in other comprehensive loss			-
Total losses included in earnings and held at reporting date			(123	)
Purchases, sales and settlements			-
Transfers in and/or out of Level 3			-
Ending Balance: September 30, 2025		$	425
Change in unrealized (losses) for the period included in earnings for assets held as of September 30, 2025			(123	)
Change in unrealized loss for the period included other comprehensive loss for assets held as of December 31, 2024			-

		IRLC-
For the nine months ended September 30, 2025		Asset
Balance: December 31, 2024		$	317
Total unrealized losses:
Included in other comprehensive loss			-
Total gains included in earnings and held at reporting date			108
Purchases, sales and settlements			-
Transfers in and/or out of Level 3			-
Ending Balance: September 30, 2025		$	425
Change in unrealized gains for the period included in earnings  for assets held as of September 30, 2025			108
Change in unrealized loss for the period included other comprehensive loss for assets held as of December 31, 2024			-

		IRLC-
For the three months ended September 30, 2024		Asset
Balance: June 30, 2024		$	494
Total unrealized losses:
Included in other comprehensive loss			-
Total losses included in earnings and held at reporting date			(92	)
Purchases, sales and settlements			-
Transfers in and/or out of Level 3			-
Ending Balance: September 30, 2024		$	402
Change in unrealized (losses) for the period included in earnings for assets held as of September 30, 2024			(92	)
Change in unrealized loss for the period included other comprehensive loss for assets held as of December 31, 2023			-

For the nine months ended September 30, 2024		IRLC- Asset
Balance: December 31, 2023		$	324
Total unrealized losses:
Included in other comprehensive loss			-
Total gains included in earnings and held at reporting date			78
Purchases, sales and settlements			-
Transfers in and/or out of Level 3			-
Ending Balance: September 30, 2024		$	402
Change in unrealized gains for the period included in earnings for assets held as of September 30, 2024			78
Change in unrealized loss for the period included other comprehensive loss for assets held as of December 31, 2023			-

Significant Unobservable Inputs Used in Fair Value Measurement Process

Significant unobservable inputs for assets measured at fair value on a recurring basis at September 30, 2025 and December 31, 2024 (dollars in thousands):

Quantitative Information about Level 3 Fair Value Measurements

September 30, 2025

Fair Value

Valuation Technique

Significant Unobservable Input

Range

Weighted Average

Measured at Fair Value on a Recurring Basis:

Net derivative asset and liability:

IRLC

$

425

Discounted cash flows

Pull-through rates

76.76%- 97.57

%

89.36

%

December 31, 2024

Measured at Fair Value on a Recurring Basis:

Net derivative asset and liability:

IRLC

$

317

Discounted cash flows

Pull-through rates

76.35%-100.00%

89.65

%

Quantitative Information about Level III Fair Value Measurements
September 30, 2025		Fair Value			Valuation Technique(s)	Unobservable input		Range				Weighted average
Collateral-dependent loans		$	1,649		Appraised Collateral Values	Discount for time since appraisal			0-100	%			30.43	%
						Selling costs			0%-10	%			9.93	%
						Holding period		0 - 12 months				10.08 months
Other real estate owned			2,434		Appraised Collateral Values	Discount for time since appraisal			7.0-20.0	%			7.96	%
December 31, 2024			Fair Value		Valuation Technique(s)	Unobservable input		Range				Weighted average
Collateral dependent loans		$	3,579		Appraised Collateral Values	Discount for time since appraisal			0-100	%			36.67	%
						Selling costs			4%-12	%			7.05	%
						Holding period		1 - 12 months				11.04 months
Other real estate owned			2,486		Appraised Collateral Values	Discount for time since appraisal			20-32	%			31.32	%

Assets Measured at Fair Value on Non-recurring Basis

Assets measured at fair value on a nonrecurring basis as of September 30, 2025 and December 31, 2024 are included in the table below (in thousands):

September 30, 2025		Level I				Level II				Level III				Total
Collateral-dependent loans		$	-			$	-			$	1,649			$	1,649
Other real estate owned			-				-				2,434				2,434

December 31, 2024		Level I				Level II				Level III				Total
Collateral-dependent loans		$	-			$	-			$	3,579			$	3,579
Other real estate owned			-				-				2,486				2,486

Carrying Amount and Fair Value of Financial Instruments

The carrying amount and fair value of the Company’s financial instruments that are not required to be measured or reported at fair value on a recurring basis are as follows (in thousands):

		Carrying
September 30, 2025		Amount				Fair Value				Level I				Level II				Level III
Financial assets:
Interest bearing time deposits with other banks		$	3,820			$	3,800			$	-			$	-			$	3,800
Net loans			2,312,934				2,267,591				-				-				2,267,591
Financial liabilities:
Deposits			2,411,203				2,409,324				1,941,622				-				467,702
Borrowed funds			279,589				277,636				-				-				277,636

		Carrying
December 31, 2024		Amount				Fair Value				Level I					Level II				Level III
Financial assets:
Interest bearing time deposits with other banks		$	3,820			$	3,820			$	-			$	-			$	3,820
Net loans			2,291,543				2,209,083				-				-				2,209,083
Financial liabilities:
Deposits			2,382,028				2,377,438				1,860,227				-				517,211
Borrowed funds			297,721				284,952				-				-				284,952

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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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