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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024 are as follows: 

Schedule of Fair Value, by Balance Sheet Grouping

		March 31, 2025
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	199,860			$	199,860			$	199,860			$	—			$	—
Available-for-sale securities			286,944				286,944				—				286,944				—
Held-to-maturity securities, net of allowance for credit losses			205,795				194,940				—				194,940				—
Other investments, at cost			2,894				2,894				—				—				2,894
Loans held for sale			7,052				7,052				—				7,052				—
Derivative financial instruments			457				457				—				457				—
Net loans receivable			1,238,372				1,191,503				—				—				1,191,503
Accrued interest receivable			6,076				6,076				6,076				—				—
Financial liabilities:
Non-interest bearing demand		$	468,874			$	468,874			$	—			$	468,874			$	—
Interest bearing demand deposits and money market accounts			804,313				804,313				—				804,313				—
Savings			112,708				112,708				—				112,708				—
Time deposits			339,823				335,309				—				335,309				—
Total deposits			1,725,718				1,721,204				—				1,721,204				—
Federal Home Loan Bank Advances			—				—				—				—				—
Short term borrowings			129,812				129,812				—				129,812				—
Junior subordinated debentures			14,964				13,016				—				13,016				—
Accrued interest payable			4,896				4,896				4,896				—				—

		December 31, 2024
		Carrying				Fair Value
(Dollars in thousands)		Amount				Total				Level 1				Level 2				Level 3
Financial Assets:
Cash and short term investments		$	149,828			$	149,828			$	149,828			$	—			$	—
Available-for-sale securities			279,582				279,582				—				279,582				—
Held-to-maturity securities			209,413				196,040				—				196,040				—
Other investments, at cost			2,679				2,679				—				—				2,679
Loans held for sale			9,662				9,662				—				9,662				—
Derivative financial instruments			896				896				—				896				—
Net loans receivable			1,207,407				1,160,013				—				—				1,160,013
Accrued interest receivable			6,084				6,084				6,084				—				—
Financial liabilities:
Non-interest bearing demand		$	462,717			$	462,717			$	—			$	462,717			$	—
Interest bearing demand deposits and money market accounts			770,595				770,595				—				770,595				—
Savings			113,928				113,928				—				113,928				—
Time deposits			328,661				321,258				—				321,258				—
Total deposits			1,675,901				1,668,498				—				1,668,498				—
Federal Home Loan Bank Advances			—				—				—				—				—
Short term borrowings			103,110				103,110				—				103,110				—
Junior subordinated debentures			14,964				13,042				—				13,042				—
Accrued interest payable			4,666				4,666				4,666				—				—

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2025 and December 31, 2024 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2025 and December 31, 2024 that are measured on a recurring basis.

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2025 and December 31, 2024 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2025 and December 31, 2024 that are measured on a recurring basis.

(Dollars in thousands)		March 31, 2025
Description		Total				Level 1				Level 2				Level 3
Available- for-sale securities
US Treasury securities		$	23,462			$	—			$	23,462			$	—
Government Sponsored Enterprises			2,183				—				2,183				—
Mortgage-backed securities			241,987				—				241,987				—
Small Business Administration pools			11,314				—				11,314				—
Corporate and other securities			7,998				—				7,998				—
Total Available-for-sale securities			286,944				—				286,944				—
Derivative financial instruments			457				—				457				—
Loans held for sale			7,052				—				7,052				—
Total		$	294,453			$	—			$	294,453			$	—
(Dollars in thousands)		December 31, 2024
Description		Total				Level 1				Level 2				Level 3
Available- for-sale securities
US Treasury securities		$	13,240			$	—			$	13,240			$	—
Government Sponsored Enterprises			2,110				—				2,110				—
Mortgage-backed securities			244,204				—				244,204				—
Small Business Administration pools			12,079				—				12,079				—
Corporate and other securities			7,949				—				7,949				—
Total Available-for-sale securities			279,582				—				279,582				—
Derivative financial instruments			896				—				896				—
Loans held for sale			9,662				—				9,662				—
Total		$	290,140			$	—			$	290,140			$	—

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 March 31, 2025 and December 31, 2024 that are measured on a non-recurring basis. There were no Level 3 financial instruments as of March 31, 2025 and December 31, 2024 measured on a recurring basis.

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

(Dollars in thousands)		March 31, 2025
Description		Total				Level 1				Level 2				Level 3
Other real estate owned:
Construction		$	144			$	—			$	—			$	144
Mortgage-commercial			293				—				—				293
Total other real estate owned			437				—				—				437
Total		$	437			$	—			$	—			$	437
(Dollars in thousands)		December 31, 2024
Description		Total				Level 1				Level 2				Level 3
Other real estate owned:
Construction		$	144			$	—			$	—			$	144
Mortgage-commercial			399				—				—				399
Total other real estate owned			543				—				—				543
Total		$	543			$	—			$	—			$	543

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 March 31, 2025 and December 31, 2024, 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 March 31, 2025				Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	437			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, 2024				Valuation Technique		Significant Observable Inputs		Significant Unobservable Inputs
OREO		$	543			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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- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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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