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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at December 31, 2024 and December 31, 2023:

						Fair Value Measurements at
						December 31, 2024
						Using
		Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		December 31, 2024				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies		$	7,668			$	—			$	7,668			$	—
Mortgage-backed securities			104,967				—				104,967				—
Obligations of states and political subdivisions			4,645				—				4,645				—
Subordinated debt			4,050				—				4,050				—
Derivative:
Interest rate swaps on loans			1,466				—				1,466				—
Fair value swap			93				—				93				—
Total assets at fair value		$	122,889			$	—			$	122,889			$	—
Liabilities:
Interest rate swaps on loans		$	1,466							$	1,466			$	—
Total liabilities at fair value		$	1,466			$	—			$	1,466			$	—

						Fair Value Measurements at
						December 31, 2023
						Using
		Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		December 31, 2023				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies		$	8,591			$	—			$	8,591			$	—
Mortgage-backed securities			118,822				—				118,822				—
Obligations of states and political subdivisions			5,931				—				5,931				—
Subordinated debt			4,099				—				4,099				—
Derivative:
Interest rate swaps on loans			1,465				—				1,465				—
Total assets at fair value		$	138,908			$	—			$	138,908			$	—
Liabilities:
Interest rate swaps on loans		$	1,465							$	1,465			$	—
Total liabilities at fair value		$	1,465			$	—			$	1,465			$	—

Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets

The following table displays quantitative information about Level 3 Fair Value Measurements for certain financial assets measured at fair value on a nonrecurring basis at December 31, 2024 and 2023:

		Quantitative information about Level 3 Fair Value Measurements
		December 31, 2024
		Valuation Technique(s)		Unobservable Input		Range		Weighted Average (1)
Assets:
Collateral dependent individually evaluated loans		Discounted value		Selling cost and appraisal discount		16 %		16 %
Repossessed assets		Discounted appraised value		Selling cost		10 %		10 %

(1)Weighted based on the relative fair values of the specific items measured at fair value.

		December 31, 2023
		Valuation Technique(s)		Unobservable Input		Range		Weighted Average (2)
Assets:
Repossessed assets		Discounted appraised value		Selling cost		10%		10 %

(2)Weighted based on the relative fair values of the specific items measured at fair value.

Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis

The following tables summarize the Company’s financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at December 31, 2024 and 2023:

						Carrying value at
						December 31, 2024
		Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		December 31, 2024				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Financial Assets:
Collateral dependent individually evaluated loans		$	659			$	—			$	—			$	659
Nonfinancial Assets:
Repossessed assets			514				—				—				514

Carrying value at

December 31, 2023

Balance as of

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

December 31, 2023

(Level 1)

(Level 2)

(Level 3)

(in thousands)

Nonfinancial Assets:

Reposessed assets

$

304

$

—

$

—

$

304

Company's Financial Instruments

The carrying amount and fair value of the Company’s financial instruments at December 31, 2024 and 2023 were as follows:

						Fair Value Measurements at
						December 31, 2024
						Using
		Carrying Value as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
		December 31, 2024				(Level 1)				(Level 2)				(Level 3)				December 31, 2024
		(in thousands)
Financial Assets:
Cash and short-term investments		$	193,159			$	193,159			$	—			$	—			$	193,159
Securities available for sale			121,330				—				121,330				—				121,330
Restricted Investments			7,557				—				7,557				—				7,557
Loans held for sale			2,660				—				2,660				—				2,660
Loans, net			1,452,022				—				—				1,358,734				1,358,734
Bank owned life insurance			30,621				—				30,621				—				30,621
Accrued interest receivable			5,149				—				5,149				—				5,149
Derivative assets			1,559				—				1,559				—				1,559
Financial Liabilities:
Deposits		$	1,575,156			$	—			$	1,575,743			$	—			$	1,575,743
Federal Home Loan Bank advances, short-term			25,000				—				25,006				—				25,006
Federal Home Loan Bank advances, long-term			95,000				—				95,242				—				95,242
Subordinated debt			29,512				—				26,148				—				26,148
Accrued interest payable			2,249				—				2,249				—				2,249
Derivative liabilities			1,466				—				1,466				—				1,466

						Fair Value Measurements at
						December 31, 2023
						Using
		Carrying Value as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
		December 31, 2023				(Level 1)				(Level 2)				(Level 3)				December 31, 2023
		(in thousands)
Financial Assets:
Cash and short-term investments		$	138,353			$	138,353			$	—			$	—			$	138,353
Securities available for sale			137,443				—				137,443				—				137,443
Restricted Investments			9,568				—				9,568				—				9,568
Loans held for sale			1,661								1,661								1,661
Loans, net			1,448,193				—				—				1,377,017				1,377,017
Bank owned life insurance			29,575				—				29,575				—				29,575
Accrued interest receivable			5,008				—				5,008				—				5,008
Interest rate swaps			1,465				—				1,465				—				1,465
Financial Liabilities:
Deposits		$	1,506,322			$	—			$	1,506,147			$	—			$	1,506,147
Federal Home Loan Bank advances, short-term			20,000				—				19,954				—				19,954
Federal Home Loan Bank advances, long-term			145,000				—				145,141				—				145,141
Subordinated debt			29,444				—				25,581				—				25,581
Accrued interest payable			2,364				—				2,364				—				2,364
Interest rate swaps			1,465				—				1,465				—				1,465

X

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

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-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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