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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

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 June 30, 2025 and December 31, 2024:

						Fair Value Measurements at
						June 30, 2025
						Using
		Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		June 30, 2025				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies		$	7,934			$	—			$	7,934			$	—
U.S. Treasury securities			9,956				—				9,956				—
Mortgage-backed securities			77,581				5,017				72,564				—
Collateralized mortgage obligations			22,692								22,692
Subordinated debt			2,744				—				2,744				—
Derivative:
Interest rate swaps on loans			1,079				—				1,079				—
Total assets at fair value		$	121,986			$	5,017			$	116,969			$	—
Liabilities:
Interest rate swaps on loans		$	1,079			$	—			$	1,079			$	—
Fair value swap			45				—				45				—
Total liabilities at fair value		$	1,124			$	—			$	1,124			$	—
						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			$	—

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 and nonfinancial assets measured at fair value on a nonrecurring basis for June 30, 2025 and December 31, 2024.

		Quantitative information about Level 3 Fair Value Measurements
		June 30, 2025
		Valuation Technique(s)		Unobservable Input		Range		Weighted Average (1)
Assets:
Collateral dependent individually evaluated loans		Discounted value		Selling cost and appraisal discount		3% - 31%		5 %
Repossessed assets		Discounted appraised value		Selling cost		10 %		10 %
		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 value of the specific items measured at fair value.

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

The following table summarizes the Company's financial and nonfinancial assets that were measured at fair value on a nonrecurring basis at June 30, 2025 and December 31, 2024.

						Carrying value at
						June 30, 2025
		Balance as of				Identical Assets				Observable Inputs				Unobservable Inputs
		June 30, 2025				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Financial Assets:
Collateral-dependent loans		$	11,180			$	—			$	—			$	11,180
Nonfinancial Assets:
Repossessed assets			186				—				—				186
						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 loans		$	659			$	—			$	—			$	659
Nonfinancial Assets:
Repossessed assets			514				—				—				514

Company's Financial Instruments

The carrying value and fair value of the Company’s financial instruments at June 30, 2025 and December 31, 2024 were as follows:

		Fair Value Measurements at
		June 30, 2025
		Using
		Carrying Value as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs				Fair Value as of
		June 30, 2025				(Level 1)				(Level 2)				(Level 3)				June 30, 2025
		(in thousands)
Financial assets:
Cash and short-term investments		$	396,002			$	396,002			$	—			$	—			$	396,002
Securities			120,907				5,017				115,890				—				120,907
Restricted investments			3,786				—				3,786				—				3,786
Loans held for sale			3,302								3,302				—				3,302
Loans, net			1,422,653				—				—				1,331,484				1,331,484
Bank owned life insurance			31,172				—				31,172				—				31,172
Accrued interest receivable			5,009				—				5,009				—				5,009
Derivative assets			1,079				—				1,079				—				1,079
Financial liabilities:
Deposits		$	1,766,524			$	—			$	1,767,145			$	—			$	1,767,145
Federal funds purchased			172				172				—				—				172
Federal Home Loan Bank advances, long-term			40,000				—				40,276				—				40,276
Subordinated debt, net of unamortized issuance costs			29,545				—				25,752				—				25,752
Accrued interest payable			1,374				—				1,374				—				1,374
Derivative liabilities			1,124				—				1,124				—				1,124

		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			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, net of unamortized issuance costs			29,512				—				26,148				—				26,148
Accrued interest payable			2,249				—				2,249				—				2,249
Derivative liabilities			1,466				—				1,466				—				1,466

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/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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-Topic 820
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- Definition

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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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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X

- Definition

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

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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
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