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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, Assets Measured on Recurring Basis | The following table presents the balances of financial assets measured at fair value on a recurring basis (dollars in thousands):
|  |  | Fair Value Measurements Using
Financial Assets | Balances |  | Level 1 |  | Level 2 |  | Level 3
As of September 30, 2024: |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |
U.S. government and federal agencies | $ | 129,725 |  |  | $ | 125,773 |  |  | $ | 3,952 |  |  | $ | — |
Mortgage backed securities | 8,229 |  |  | — |  |  | 8,229 |  |  | — |
Corporate bonds | 52,595 |  |  | 492 |  |  | 52,103 |  |  | — |
State and municipal securities | 104,205 |  |  | — |  |  | 104,205 |  |  | — |
Total available for sale securities | $ | 294,754 |  |  | $ | 126,265 |  |  | $ | 168,489 |  |  | $ | — |
Equity securities | 527 |  |  | 527 |  |  | — |  |  | — |
Total | $ | 295,281 |  |  | $ | 126,792 |  |  | $ | 168,489 |  |  | $ | — |
As of December 31, 2023: |  |  |  |  |  |  |
Available for sale securities: |  |  |  |  |  |  |
U.S. government and federal agencies | $ | 92,297 |  |  | $ | 78,817 |  |  | $ | 13,480 |  |  | $ | — |
Mortgage backed securities | 8,649 |  |  | — |  |  | 8,649 |  |  | — |
Corporate bonds | 55,472 |  |  | 475 |  |  | 54,997 |  |  | — |
State and municipal securities | 101,696 |  |  | — |  |  | 101,696 |  |  | — |
Total available for sale securities | $ | 258,114 |  |  | $ | 79,292 |  |  | $ | 178,822 |  |  | $ | — |
Equity securities | 505 |  |  | 505 |  |  | — |  |  | — |
Total | $ | 258,619 |  |  | $ | 79,797 |  |  | $ | 178,822 |  |  | $ | — |
Schedule of Fair Value, by Balance Sheet Grouping | The following tables present the carrying value and estimated fair value including the level within the fair value hierarchy of the Company’s financial instruments as of September 30, 2024 and December 31, 2023 (dollars in thousands):
| Carrying Amount |  | Fair Value Measurements Using |  | Total Fair Value
|  | Level 1 |  | Level 2 |  | Level 3 |
As of September 30, 2024: |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 639,767 |  |  | $ | 639,767 |  |  | $ | — |  |  | $ | — |  |  | $ | 639,767 |
Securities available for sale | 294,754 |  |  | 126,265 |  |  | 168,489 |  |  | — |  |  | 294,754 |
Securities held to maturity, net | 302,348 |  |  | 109,514 |  |  | 176,266 |  |  | — |  |  | 285,780 |
Equity securities | 527 |  |  | 527 |  |  | — |  |  | — |  |  | 527 |
Restricted securities | 2,886 |  |  | — |  |  | 2,886 |  |  | — |  |  | 2,886 |
Loans, net | 295,826 |  |  | — |  |  | — |  |  | 286,987 |  |  | 286,987 |
Accrued interest receivable | 5,360 |  |  | — |  |  | 5,360 |  |  | — |  |  | 5,360 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Demand and savings deposits | $ | 1,421,999 |  |  | $ | — |  |  | $ | 1,249,724 |  |  | $ | 163,186 |  |  | $ | 1,412,910 |
Time deposits | 11,869 |  |  | — |  |  | — |  |  | 11,829 |  |  | 11,829 |
Short-term borrowings | 10,000 |  |  | — |  |  | 10,000 |  |  | — |  |  | 10,000 |
Accrued interest payable | 25 |  |  | — |  |  | 25 |  |  | — |  |  | 25 |
| Carrying Amount |  | Fair Value Measurements Using |  | Total Fair Value
|  | Level 1 |  | Level 2 |  | Level 3 |
As of December 31, 2023: |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 316,767 |  |  | $ | 316,767 |  |  | $ | — |  |  | $ | — |  |  | $ | 316,767 |
Securities available for sale | 258,114 |  |  | 79,292 |  |  | 178,822 |  |  | — |  |  | 258,114 |
Securities held to maturity, net | 308,058 |  |  | 106,837 |  |  | 177,079 |  |  | — |  |  | 283,916 |
Equity securities | 505 |  |  | 505 |  |  | — |  |  | — |  |  | 505 |
Restricted securities | 2,613 |  |  | — |  |  | 2,613 |  |  | — |  |  | 2,613 |
Loans, net | 299,825 |  |  | — |  |  | — |  |  | 280,352 |  |  | 280,352 |
Accrued interest receivable | 4,354 |  |  | — |  |  | 4,354 |  |  | — |  |  | 4,354 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Demand and savings deposits | $ | 1,095,283 |  |  | $ | — |  |  | $ | 766,933 |  |  | $ | 299,765 |  |  | $ | 1,066,698 |
Time deposits | 16,742 |  |  | — |  |  | — |  |  | 16,600 |  |  | 16,600 |
Short-term borrowings | 5,000 |  |  | — |  |  | 5,000 |  |  | — |  |  | 5,000 |
Accrued interest payable | 61 |  |  | — |  |  | 61 |  |  | — |  |  | 61 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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