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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Summary of fair value of assets measured at fair value on a recurring basis


					Fair Value Measurements at March 31, 2025 Using
					Quoted Prices in						Significant
					Active Markets for			Significant Other			Unobservable
		Balance as of			Identical Assets			Observable Inputs			Inputs
(Dollars in thousands)		March 31, 2025			(Level 1)			(Level 2)			(Level 3)
Assets:
Securities available-for-sale:
U.S. Treasuries		$	22,638		$	—		$	22,638		$	—
U.S. government and federal agencies			8,689			—			8,689			—
Corporate bonds			2,788			—			2,788			—
U.S. agency collateralized mortgage obligations			30,421			—			30,421			—
Tax-exempt municipal			1,157			—			1,157			—
Taxable municipal			265			—			265			—
U.S. agency mortgage-backed			58,511			—			58,511			—
Equity securities, at fair value			2,888			2,888			—			—
Interest rate swap agreements			408			—			408			—
Total assets at fair value		$	127,765		$	2,888		$	124,877		$	—

Liabilities:
Interest rate swap agreements		$	408		$	—		$	408		$	—
Total liabilities at fair value		$	408		$	—		$	408		$	—


					Fair Value Measurements at December 31, 2024 Using
					Quoted Prices in						Significant
					Active Markets for			Significant Other			Unobservable
		Balance as of			Identical Assets			Observable Inputs			Inputs
(Dollars in thousands)		December 31, 2024			(Level 1)			(Level 2)			(Level 3)
Assets:
Securities available-for-sale:
U.S. Treasuries		$	27,137		$	—		$	27,137		$	—
U.S. government and federal agencies			10,581			—			10,581			—
Corporate bonds			2,739			—			2,739			—
Collateralized mortgage obligations			29,611			—			29,611			—
Tax-exempt municipal			1,171			—			1,171			—
Taxable municipal			263			—			263			—
Mortgage-backed			58,755			—			58,755			—
Equity securities, at fair value			2,832			2,832			—			—
Interest rate swap agreements			549			—			549			—
Total assets at fair value		$	133,638		$	2,832		$	130,806		$	—

Liabilities:
Interest rate swap agreements		$	549		$	—		$	549		$	—
Total liabilities at fair value		$	549		$	—		$	549		$	—

Summary of carrying value and estimated fair value of financial instruments


					Fair Value Measurements at March 31, 2025 Using
					Quoted Prices in
					Active Markets						Significant
					for Identical			Significant Other			Unobservable
		Carrying Value as of			Assets			Observable Inputs			Inputs			Fair Value as of
(Dollars in thousands)		March 31, 2025			(Level 1)			(Level 2)			(Level 3)			March 31, 2025
Assets:
Cash and cash equivalents		$	169,060		$	169,060		$	—		$	—		$	169,060
Securities:
Available-for-sale			124,469			—			124,469			—			124,469
Held-to-maturity			91,172			—			77,456			—			77,456
Equity securities, at fair value			2,888			2,888			—			—			2,888
Restricted securities, at cost			7,634			—			7,634			—			7,634
Loans, net			1,851,646			—			—			1,755,704			1,755,704
Interest rate swap agreements			408			—			408			—			408
Accrued interest receivable			5,902			—			5,902			—			5,902
Liabilities:
Deposits		$	1,922,175		$	—		$	1,924,014		$	—		$	1,924,014
Federal Home Loan Bank advances			56,000			—			56,000			—			56,000
Subordinated debt			24,812			—			—			22,364			22,364
Interest rate swap agreements			408			—			408			—			408
Accrued interest payable			2,072			—			2,072			—			2,072


					Fair Value Measurements at December 31, 2024 Using
					Quoted Prices in
					Active Markets						Significant
					for Identical			Significant Other			Unobservable
		Carrying Value as of			Assets			Observable Inputs			Inputs			Fair Value as of
(Dollars in thousands)		December 31, 2024			(Level 1)			(Level 2)			(Level 3)			December 31, 2024
Assets:
Cash and cash equivalents		$	122,469		$	122,469		$	—		$	—		$	122,469
Securities:
Available-for-sale			130,257			—			130,257			—			130,257
Held-to-maturity			92,009			—			76,270			—			76,270
Equity securities, at fair value			2,832			2,832			—			—			2,832
Restricted securities, at cost			7,634			—			7,634			—			7,634
Loans, net			1,853,458			—			—			1,749,721			1,749,721
Interest rate swap agreement			549			—			549			—			549
Accrued interest receivable			5,996			—			5,996			—			5,996
Liabilities:
Deposits		$	1,892,415		$	—		$	1,895,118		$	—		$	1,895,118
Federal Reserve Bank borrowings			56,000			—			56,000			—			56,000
Federal funds purchased			—			—			—			—			—
Subordinated debt			24,791			—			—			22,126			22,126
Interest rate swap agreement			549			—			549			—			549
Accrued interest payable			2,394			—			2,394			—			2,394