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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of September 30, 2024 and December 31, 2023 are as follows: 

Schedule of Fair Value, by Balance Sheet Grouping

		September 30, 2024
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial assets:
Cash and short term investments		$	171,499			$	171,499			$	171,499			$	—			$	—
Available-for-sale securities			269,553				269,553				—				269,553				—
Held-to-maturity securities			212,219				204,622				—				204,622				—
Other investments, at cost			5,054				5,054				—				—				5,054
Loans held for sale			3,935				3,935				—				3,935				—
Net loans receivable			1,183,257				1,133,928				—				—				1,133,928
Accrued interest receivable			5,994				5,994				5,994				—				—
Financial liabilities:
Non-interest bearing demand		$	441,386			$	441,386			$	—			$	441,386			$	—
Interest bearing demand deposits and money market accounts			771,319				771,319				—				771,319				—
Savings			108,640				108,640				—				108,640				—
Time deposits			313,706				317,725				—				317,725				—
Total deposits			1,635,051				1,639,070				—				1,639,070				—
Federal Home Loan Bank Advances			50,000				50,000				—				50,000				—
Short term borrowings			70,589				70,589				—				70,589				—
Derivative financial instruments			82				82				—				82				—
Junior subordinated debentures			14,964				12,906				—				12,906				—
Accrued interest payable			5,635				5,635				5,635				—				—

		December 31, 2023
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	94,695			$	94,695			$	94,695			$	—			$	—
Available-for-sale securities			282,226				282,226				—				282,226				—
Held-to-maturity securities			217,170				205,518				—				205,518				—
Other investments, at cost			6,800				6,800				—				—				6,800
Loans held for sale			4,433				4,433				—				4,433				—
Derivative financial instruments			1,069				1,069				—				1,069				—
Net loans receivable			1,121,752				1,088,053				—				—				1,088,053
Accrued interest receivable			5,869				5,869				5,869				—				—
Financial liabilities:
Non-interest bearing demand		$	432,333			$	432,333			$	—			$	432,333			$	—
Interest bearing demand deposits and money market accounts			707,434				707,434				—				707,434				—
Savings			118,623				118,623				—				118,623				—
Time deposits			252,611				252,137				—				252,137				—
Total deposits			1,511,001				1,510,527				—				1,510,527				—
Federal Home Loan Bank Advances			90,000				90,000				—				90,000				—
Short term borrowings			62,863				62,863				—				62,863				—
Junior subordinated debentures			14,964				13,123				—				13,123				—
Accrued interest payable			3,575				3,575				3,575				—				—

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2024 and December 31, 2023 that are measured on a recurring basis.

Schedule of Fair Value, Assets Measured on Recurring Basis

(Dollars in thousands)		September 30, 2024
Description		Total				Level 1				Level 2				Level 3
Available- for-sale securities
US Treasury Securities		$	13,754			$	—			$	13,754			$	—
Government Sponsored Enterprises			2,211				—				2,211				—
Mortgage-backed securities			232,781				—				232,781				—
Small Business Administration pools			12,930				—				12,930				—
Corporate and other securities			7,877				—				7,877				—
Total Available-for-sale securities			269,553				—				269,553				—
Loans held for sale			4,433				—				4,433				—
Total		$	273,986			$	—			$	273,986			$	—

(Dollars in thousands)		December 31, 2023
Description		Total				Level 1				Level 2				Level 3
Available- for-sale securities
US Treasury Securities		$	18,346			$	—			$	18,346			$	—
Government Sponsored Enterprises			2,129				—				2,129				—
Mortgage-backed securities			238,159				—				238,159				—
Small Business Administration pools			15,721				—				15,721				—
Corporate and other securities			7,871				—				7,871				—
Total Available-for-sale securities			282,226				—				282,226				—
Derivative financial instruments			1,069				—				1,069				—
Loans held for sale			4,433				—				4,433				—
Total		$	287,728			$	—			$	287,728			$	—

The following tables summarize quantitative disclosures about the fair value for each category of liabilities carried at fair value as of September 30, 2024 that are measured on a recurring basis. There were no liabilities carried at fair value as of December 31, 2023 that are measured on a recurring basis.

(Dollars in thousands)		September 30, 2024
Description		Total				Level 1				Level 2				Level 3
Derivative financial instruments			82				—				82				—
Total		$	82			$	—			$	82			$	—

Schedule of Fair Value, Assets Measured on Non-Recurring Basis

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of September 30, 2024 and December 31, 2023 that are measured on a non-recurring basis. There were no Level 3 financial instruments as of September 30, 2024 and December 31, 2023 measured on a recurring basis.

Schedule of Fair Value, Assets Measured on Non-Recurring Basis

(Dollars in thousands)		September 30, 2024
Description		Total				Level 1				Level 2				Level 3
Other real estate owned:
Construction		$	145			$	—			$	—			$	145
Mortgage-commercial			399				—				—				399
Total other real estate owned			544				—				—				544
Total		$	544			$	—			$	—			$	544

(Dollars in thousands)		December 31, 2023
Description		Total				Level 1				Level 2				Level 3
Other real estate owned:
Construction		$	145			$	—			$	—			$	145
Mortgage-commercial			477				—				—				477
Total other real estate owned			622				—				—				622
Total		$	622			$	—			$	—			$	622

Schedule of Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of September 30, 2024 and December 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows:

Schedule of Fair Value Measurement Inputs and Valuation Techniques

(Dollars in thousands)		Fair Value as of September 30, 2024				Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	544			Appraisal Value/Comparison Sales/Other estimates		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost
(Dollars in thousands)		Fair Value as of December 31, 2023				Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	622			Appraisal Value/Comparison Sales/Other estimates		Appraisals and or sales of comparable properties		Appraisals discounted 6% to 16% for sales commissions and other holding cost

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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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