XML 39 R28.htm IDEA: XBRL DOCUMENT v3.25.2
Fair Value Disclosure (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table presents the financial assets measured at fair value on a recurring basis and reported on the Consolidated Statements of Financial Condition as of the dates indicated, by level within the fair value hierarchy:
Fair Value
Hierarchy
June 30, 2025December 31, 2024
(Dollars in thousands)
ASSETS
Available-for-Sale Debt Securities
U.S. Government Agencies
Level 2
$4,177 $3,945 
Obligations of States and Political Subdivisions
Level 2
3,452 3,347 
Mortgage-Backed Securities - Government-Sponsored Enterprises
Level 2
49,691 50,363 
Collateralized Mortgage Obligations - Government Sponsored Enterprises
Level 2
102,540 94,957 
Collateralized Loan ObligationsLevel 296,001 98,779 
Corporate DebtLevel 210,420 8,123 
Total Available-for-Sale Debt Securities266,281 259,514 
Equity Securities
Mutual Funds
Level 1
890 879 
Other
Level 1
— 1,760 
Total Equity Securities890 2,639 
Total Securities$267,171 $262,153 
Total Assets$267,171 $262,153 
LIABILITIES
Derivative Financial Liabilities
Interest Rate SwapsLevel 2$944 $801 
Risk Participation AgreementsLevel 289 66 
Total Liabilities$1,033 $867 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following table presents the financial assets on the Consolidated Statements of Financial Condition measured at fair value on a nonrecurring basis as of the dates indicated by level within the fair value hierarchy for only those nonrecurring assets that had a fair value below the carrying amount. The table also presents the significant unobservable inputs used in the fair value measurements.
Financial AssetFair Value HierarchyJune 30,
2025
Valuation
Techniques
Significant Unobservable InputsRangeWeighted Average
(Dollars in thousands)
Individually Evaluated LoansLevel 3$5,555 
Appraisal of Collateral (1)
Appraisal Adjustments (2)
25%to28%25.5%
Financial AssetFair Value HierarchyDecember 31,
2024
Valuation
Techniques
Significant Unobservable InputsRangeWeighted Average
(Dollars in thousands)
Individually Evaluated LoansLevel 3$5,244 
Appraisal of Collateral (1)
Appraisal Adjustments (2)
25%to52%
26.2%
(1)Fair value is generally determined through independent appraisals of the underlying collateral, which may include various Level 3 inputs, which are not identifiable.
(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of appraisal adjustments and liquidation expense are presented as a percent of the appraisal.
Schedule of Fair Value, by Balance Sheet Grouping
The following table presents the estimated fair values of the Company’s financial instruments at the dates indicated.
June 30, 2025December 31, 2024
Fair Value
Hierarchy
Carrying
Value
Fair
Value
Carrying
Value
Fair
Value
(Dollars in thousands)
Financial Assets:
Cash and Due From Banks:
Interest-Earning
Level 1
$50,487 $50,487 $39,332 $39,332 
Noninterest-Earning
Level 1
14,019 14,019 10,240 10,240 
Securities
See Above
267,171 267,171 262,153 262,153 
Loans Held for SaleLevel 2512 512 900 900 
Loans, Net
Level 3
1,101,102 1,077,932 1,082,821 1,045,104 
Restricted Stock
Level 2
3,007 3,007 3,055 3,055 
Mortgage Servicing RightsLevel 3435 759 466 849 
Accrued Interest Receivable
Level 2
5,819 5,819 5,586 5,586 
Financial Liabilities:
Deposits
Level 2
1,309,432 1,309,037 1,283,517 1,284,494 
Other Borrowed Funds
FHLB BorrowingsLevel 220,000 19,951 20,000 20,004 
Subordinated DebtLevel 214,738 14,092 14,718 14,206 
Derivative LiabilitiesLevel 21,033 1,033 867 867 
Accrued Interest Payable
Level 2
1,717 1,717 2,496 2,496