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Fair Value Measurements (Tables)

9 Months Ended

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

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X

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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- References

No definition available.

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