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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2024:
Available for sale securities:
U.S. government and federal agencies			$	206,403					$	204,452					$	1,951					$	—
Mortgage-backed securities			7,395						—						7,395						—
Corporate bonds			43,974						480						43,494						—
State and municipal securities			100,557						—						100,557						—
Total available for sale securities			$	358,329					$	204,932					$	153,397					$	—
Equity securities			515						515						—						—
Total			$	358,844					$	205,447					$	153,397					$	—
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 December 31, 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 December 31, 2024:
Financial assets:
Cash and due from banks			$	410,739					$	410,739					$	—					$	—					$	410,739
Securities available for sale			358,329						204,932						153,397						—						358,329
Securities held to maturity, net			300,451						107,593						171,358						—						278,951
Equity securities			515						515						—						—						515
Restricted securities			2,886						—						2,886						—						2,886
Loans held for sale			316						—						316						—						316
Loans, net			308,773						—						—						294,316						294,316
Accrued interest receivable			4,231						—						4,231						—						4,231
Financial liabilities:
Demand and savings deposits			$	1,238,224					$	—					$	913,379					$	306,907					$	1,220,286
Time deposits			11,711						—						—						11,650						11,650
Accrued interest payable			46						—						46						—						46

			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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