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Fair Value of Assets and Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value of Assets and Liabilities

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

December 31, 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

$

—

$

10,700

$

—

$

10,700

U.S. government agencies and corporations

—

60,659

—

60,659

Mortgage-backed securities

—

182,436

—

182,436

Obligations of states and political subdivisions

—

143,610

—

143,610

Corporate and other debt securities

—

21,220

—

21,220

Total securities available for sale

—

418,625

—

418,625

Loans held for sale

—

20,112

—

20,112

Other investments

—

4,167

—

4,167

Derivatives

IRLC

—

585

—

585

Interest rate swaps on loans

—

4,636

—

4,636

Cash flow hedges

—

1,169

—

1,169

Total assets

$

—

$

449,294

$

—

$

449,294

Liabilities:

Derivatives

Interest rate swaps on loans

$

—

$

4,636

$

—

$

4,636

Total liabilities

$

—

$

4,636

$

—

$

4,636


		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 assets measured at fair value on a nonrecurring basis

December 31, 2024

Fair Value Measurements Classified as

Assets at Fair

(Dollars in thousands)

Level 1

Level 2

Level 3

Value

Other real estate owned, net

$

—

$

—

$

1,316

$

1,316

Total

$

—

$

—

$

1,316

$

1,316

Schedule of carrying amounts and estimated fair values of financial instruments

Carrying

Fair Value Measurements at December 31, 2024 Classified as

Total Fair

(Dollars in thousands)

Value

Level 1

Level 2

Level 3

Value

Financial assets:

Cash and short-term investments

$

66,853

$

65,586

$

1,265

$

—

$

66,851

Securities available for sale

418,625

—

418,625

—

418,625

Loans, net

1,880,311

—

—

1,838,887

1,838,887

Loans held for sale

20,112

—

20,112

—

20,112

Other investments

4,167

—

4,167

—

4,167

Derivatives

IRLC

585

—

585

—

585

Interest rate swaps on loans

4,636

—

4,636

—

4,636

Cash flow hedges

1,169

—

1,169

—

1,169

Bank-owned life insurance

21,191

—

21,191

—

21,191

Accrued interest receivable

10,592

10,592

—

—

10,592

Financial liabilities:

Demand and savings deposits

1,352,531

1,352,531

—

—

1,352,531

Time deposits

818,329

—

819,276

—

819,276

Borrowings

114,440

—

105,533

—

105,533

Derivatives

Interest rate swaps on loans

4,636

—

4,636

—

4,636

Accrued interest payable

4,403

4,403

—

—

4,403


		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