Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

A summary of the carrying amounts and fair values of the Company’s financial instruments at September 30, 2024 and December 31, 2023 is as follows:


					September 30, 2024
					Fair Value Measurements
	September 30, 2024				Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Net Significant Unobservable Inputs
(dollars in thousands)	Carrying amount		Fair value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and due from banks	$	19,411	$	19,411	$	19,411	$	—	$	—
Federal funds sold and overnight interest-bearing deposits	34,813		34,813		34,813		—		—
Certificates of deposit in other banks	1,000		1,000		1,000		—		—
Available-for-sale securities	203,292		203,292		—		203,292		—
Other investment securities	5,727		5,727		72		5,655		—
Loans, net	1,444,814		1,352,128		—		—		1,352,128
Loans held for sale	315		315		—		315		—



Accrued interest receivable	8,284		8,284		8,284		—		—

Liabilities:
Deposits:
Non-interest bearing demand	$	390,639	$	390,639	$	390,639	$	—	$	—
Savings, interest checking and money market	811,954		811,954		811,954		—		—
Time deposits	300,911		299,856		—		—		299,856

FHLB advances and other borrowings	96,525		96,924		100		96,824		—
Subordinated notes	49,486		40,365		—		40,365		—


Accrued interest payable	1,755		1,755		1,755		—		—


					December 31, 2023
					Fair Value Measurements
	December 31, 2023				Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Net Significant Unobservable Inputs
(dollars in thousands)	Carrying amount		Fair value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and due from banks	$	15,675	$	15,675	$	15,675	$	—	$	—
Federal funds sold and overnight interest-bearing deposits	77,775		77,775		77,775		—		—

Available-for-sale securities	188,742		188,742		1,978		186,764		—
Other investment securities	6,300		6,300		78		6,222		—
Loans, net	1,515,403		1,364,533		—		—		1,364,533
Loans held for sale	3,884		3,884		—		3,884		—

Interest rate lock commitments	43		43		—		—		43

Accrued interest receivable	8,661		8,661		8,661		—		—

Liabilities:
Deposits:
Non-interest bearing demand	$	402,241	$	402,241	$	402,241	$	—	$	—
Savings, interest checking and money market	846,452		846,452		846,452		—		—
Time deposits	322,151		319,929		—		—		319,929

FHLB advances and other borrowings	107,000		107,245		—		107,245		—
Subordinated notes	49,486		38,939		—		38,939		—
Interest rate lock commitments	2		2		—		—		2
Forward sale commitments	41		41		—		41		—
Accrued interest payable	1,772		1,772		1,772		—		—