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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value of Assets and Liabilities

Schedule of balances of financial assets and liabilities measured at fair value on a recurring basis

September 30, 2024

Fair Value Measurements Classified as

Assets/Liabilities at

(Dollars in thousands)

Level 1

Level 2

Level 3

Fair Value

Assets:

Securities available for sale

U.S. Treasury securities

$

—

$

10,684

$

—

$

10,684

U.S. government agencies and corporations

—

63,669

—

63,669

Mortgage-backed securities

—

166,977

—

166,977

Obligations of states and political subdivisions

—

147,176

—

147,176

Corporate and other debt securities

—

20,539

—

20,539

Total securities available for sale

—

409,045

—

409,045

Loans held for sale

—

44,677

—

44,677

Other investments

—

3,919

—

3,919

Derivatives

IRLC

—

714

—

714

Interest rate swaps on loans

—

4,900

—

4,900

Cash flow hedges

—

865

—

865

Total assets

$

—

$

464,120

$

—

$

464,120

Liabilities:

Derivatives

Interest rate swaps on loans

$

—

$

4,900

$

—

$

4,900

Cash flow hedges

—

305

—

305

Total liabilities

$

—

$

5,205

$

—

$

5,205


		December 31, 2023
		Fair Value Measurements Classified as									Assets/Liabilities at
(Dollars in thousands)		Level 1			Level 2			Level 3			Fair Value
Assets:
Securities available for sale
U.S. Treasury securities		$	—		$	45,103		$	—		$	45,103
U.S. government agencies and corporations			—			87,094			—			87,094
Mortgage-backed securities			—			161,696			—			161,696
Obligations of states and political subdivisions			—			147,111			—			147,111
Corporate and other debt securities			—			21,440			—			21,440
Total securities available for sale			—			462,444			—			462,444
Loans held for sale			—			14,176			—			14,176
Other investments			—			3,751			—			3,751
Derivatives
IRLC			—			335			—			335
Interest rate swaps on loans			—			6,110			—			6,110
Cash flow hedges			—			1,415			—			1,415
Total assets		$	—		$	488,231		$	—		$	488,231

Liabilities:
Derivatives
Interest rate swaps on loans		$	—		$	6,110		$	—		$	6,110
Total liabilities		$	—		$	6,110		$	—		$	6,110

Schedule of carrying amounts and estimated fair values of financial instruments

Carrying

Fair Value Measurements at September 30, 2024 Classified as

Total Fair

(Dollars in thousands)

Value

Level 1

Level 2

Level 3

Value

Financial assets:

Cash and short-term investments

$

50,703

$

49,193

$

1,510

$

—

$

50,703

Securities available for sale

409,045

—

409,045

—

409,045

Loans, net

1,868,638

—

—

1,823,821

1,823,821

Loans held for sale

44,677

—

44,677

—

44,677

Other investments

3,919

—

3,919

—

3,919

Derivatives

IRLC

714

—

714

—

714

Interest rate swaps on loans

4,900

—

4,900

—

4,900

Cash flow hedges

865

—

865

—

865

Bank-owned life insurance

21,827

—

21,827

—

21,827

Accrued interest receivable

10,198

10,198

—

—

10,198

Financial liabilities:

Demand and savings deposits

1,325,040

1,325,040

—

—

1,325,040

Time deposits

810,851

—

807,686

—

807,686

Borrowings

134,076

—

125,192

—

125,192

Derivatives

Interest rate swaps on loans

4,900

—

4,900

—

4,900

Cash flow hedges

305

—

305

—

305

Accrued interest payable

3,967

3,967

—

—

3,967


		Carrying			Fair Value Measurements at December 31, 2023 Classified as									Total Fair
(Dollars in thousands)		Value			Level 1			Level 2			Level 3			Value
Financial assets:
Cash and short-term investments		$	77,403		$	75,159		$	2,244		$	—		$	77,403
Securities available for sale			462,444			—			462,444			—			462,444
Loans, net			1,702,488			—			—			1,643,462			1,643,462
Loans held for sale			14,176			—			14,176			—			14,176
Other investments			3,751			—			3,751			—			3,751
Derivatives
IRLC			335			—			335			—			335
Interest rate swaps on loans			6,110			—			6,110			—			6,110
Cash flow hedges			1,415			—			1,415			—			1,415
Bank-owned life insurance			21,464			—			21,464			—			21,464
Accrued interest receivable			10,398			10,398			—			—			10,398
Financial liabilities:
Demand and savings deposits			1,392,931			1,392,931			—			—			1,392,931
Time deposits			673,199			—			668,965			—			668,965
Borrowings			103,618			—			90,120			—			90,120
Derivatives
Interest rate swaps on loans			6,110			—			6,110			—			6,110
Accrued interest payable			3,493			3,493			—			—			3,493