Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

A summary of the carrying amounts and fair values of the Company’s financial instruments at September 30, 2025 and December 31, 2024 is as follows:


					September 30, 2025
					Fair Value Measurements
	September 30, 2025				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	$	17,613	$	17,613	$	17,613	$	—	$	—
Federal funds sold and overnight interest bearing deposits	82,262		82,262		82,262		—		—
Certificates of deposit in other banks	1,000		1,000		1,000		—		—

Other investment securities	9,250		9,250		—		9,250		—
Loans, net	1,492,098		1,465,025		—		—		1,465,025
Loans held for sale	1,432		1,432		—		1,432		—



Accrued interest receivable	8,365		8,365		8,365		—		—
Total assets	$	1,612,020	$	1,584,947	$	109,240	$	10,682	$	1,465,025

Liabilities:
Deposits:
Non-interest bearing demand	$	424,437	$	424,437	$	424,437	$	—	$	—
Savings, interest checking and money market	788,059		788,059		788,059		—		—
Time deposits	313,421		312,063		—		—		312,063

FHLB advances and other borrowings	177,086		177,141		—		177,141		—
Subordinated notes	49,486		43,581		—		43,581		—


Accrued interest payable	1,673		1,673		1,673		—		—
Total liabilities	$	1,754,162	$	1,746,954	$	1,214,169	$	220,722	$	312,063


					December 31, 2024
					Fair Value Measurements
	December 31, 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	$	23,668	$	23,668	$	23,668	$	—	$	—
Federal funds sold and overnight interest-bearing deposits	27,326		27,326		27,326		—		—
Certificates of deposit in other banks	1,000		1,000		1,000		—		—

Other investment securities	5,075		5,075		—		5,075		—
Loans, net	1,444,116		1,380,252		—		—		1,380,252




Accrued interest receivable	8,221		8,221		8,221		—		—
Total assets	$	1,509,406	$	1,445,542	$	60,215	$	5,075	$	1,380,252

Liabilities:
Deposits:
Non-interest bearing demand	$	385,022	$	385,022	$	385,022	$	—	$	—
Savings, interest checking and money market	846,339		846,339		846,339		—		—
Time deposits	301,821		300,386		—		—		300,386

FHLB advances and other borrowings	81,525		81,585		—		81,585		—
Subordinated notes	49,486		41,602		—		41,602		—


Accrued interest payable	1,754		1,754		1,754		—		—
Total liabilities	$	1,665,947	$	1,656,688	$	1,233,115	$	123,187	$	300,386