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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2025 and December 31, 2024:


						Fair Value Measurements at
						September 30, 2025
						Using
		Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		September 30, 2025				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies		$	7,574			$	—			$	7,574			$	—
U.S. Treasury securities			10,008				—				10,008				—
Mortgage-backed securities			77,163				—				77,163				—
Collateralized mortgage obligations			22,789								22,789
Subordinated debt			3,845				—				3,345				500
Derivative:
Interest rate swaps on loans			1,127				—				1,127				—
Total assets at fair value		$	122,506			$	—			$	122,006			$	500
Liabilities:
Interest rate swaps on loans		$	1,127			$	—			$	1,127			$	—
Fair value swap			69				—				69				—
Total liabilities at fair value		$	1,196			$	—			$	1,196			$	—

						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 Assets Measured On Recurring Basis Unobservable Input Reconciliation TextBlock

The table below presents a reconciliation for all assets and liabilities measured at fair value on a recurring basis classified as Level 3 for the periods indicated. Level 3 securities for three and nine months ended September 30, 2025 consisted of one newly issued corporate subordinated debt security for which no pricing information was available and therefore priced at book value.


	Level 3 Recurring Fair Value Measurements As Of and For The
	Three Months Ended September 30,							Nine Months Ended September 30,
	2025			2024				2025			2024
	(in thousands)							(in thousands)
Beginning balance	$	—		$	—			$	—		$	—
Purchases		500			—				500			—
Sales		—			—				—			—
Issuances		—			—				—			—
Settlements		—			—				—			—
Total Gains (Losses) included in Net Income		—			—				—			—
Total Gains (Losses) included in OCI		—			—				—			—
Transfer into Level 3		—			—				—			—
Transfer out of Level 3		—			—				—			—
Total assets at fair value	$	500		$	—			$	500		$	—

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 September 30, 2025 and December 31, 2024.


		Quantitative information about Level 3 Fair Value Measurements
		September 30, 2025
		Valuation Technique(s)		Unobservable Input		Range		Weighted Average (1)
Assets:
Collateral dependent individually evaluated loans		Discounted value		Selling cost and appraisal discount		6% - 31%		9 %
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 September 30, 2025 and December 31, 2024.


						Carrying value at
						September 30, 2025
		Balance as of				Identical Assets				Observable Inputs				Unobservable Inputs
		September 30, 2025				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Financial Assets:
Collateral-dependent loans		$	1,989			$	—			$	—			$	1,989
Nonfinancial Assets:
Repossessed assets			1,009				—				—				1,009

						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 September 30, 2025 and December 31, 2024 were as follows:


		Fair Value Measurements at
		September 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
		September 30, 2025				(Level 1)				(Level 2)				(Level 3)				September 30, 2025
		(in thousands)
Financial assets:
Cash and short-term investments		$	268,129			$	268,129			$	—			$	—			$	268,129
Securities			121,379				—				120,879				500				121,379
Restricted investments			3,786				—				3,786				—				3,786
Loans held for sale			3,479								3,479				—				3,479
Loans, net			1,445,118				—				—				1,353,121				1,353,121
Bank owned life insurance			31,440				—				31,440				—				31,440
Accrued interest receivable			5,255				—				5,255				—				5,255
Derivative assets			1,127				—				1,127				—				1,127
Financial liabilities:
Deposits		$	1,655,048			$	—			$	1,655,617			$	—			$	1,655,617
Federal funds purchased			101				101				—				—				101
Federal Home Loan Bank advances, long-term			40,000				—				40,172				—				40,172
Subordinated debt, net of unamortized issuance costs			29,562				—				25,766				—				25,766
Accrued interest payable			991				—				991				—				991
Derivative liabilities			1,196				—				1,196				—				1,196


		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

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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