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v3.25.1

Fair Value (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value |
Summary of financial instruments measured on recurring basis |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | March 31, 2025 |
|  | Fair Value Measurements |  |  | Level 1 Valuation |  |  | Level 2 Valuation |  |  | Level 3 Valuation |
U.S. Treasuries |  | $ | 7,398 |  |  |  | - |  |  |  | 7,398 |  |  |  | - |
U.S. Government sponsored enterprises |  |  | 5,704 |  |  |  | - |  |  |  | 5,704 |  |  |  | - |
GSE - Mortgage-backed securities |  |  | 212,853 |  |  |  | - |  |  |  | 212,853 |  |  |  | - |
Private label mortgage-backed securities |  |  | 41,073 |  |  |  | - |  |  |  | 41,073 |  |  |  | - |
State and political subdivisions |  |  | 107,322 |  |  |  | - |  |  |  | 107,322 |  |  |  | - |
Mutual funds held in deferred compensation trust |  |  | 2,740 |  |  |  | 2,740 |  |  |  | - |  |  |  | - |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2024 |
|  | Fair Value Measurements |  |  | Level 1 Valuation |  |  | Level 2 Valuation |  |  | Level 3 Valuation |
U.S. Treasuries |  | $ | 7,257 |  |  |  | - |  |  |  | 7,257 |  |  |  | - |
U.S. Government sponsored enterprises |  |  | 8,732 |  |  |  | - |  |  |  | 8,732 |  |  |  | - |
GSE - Mortgage-backed securities |  |  | 225,792 |  |  |  | - |  |  |  | 225,792 |  |  |  | - |
Private label mortgage-backed securities |  |  | 41,767 |  |  |  | - |  |  |  | 41,767 |  |  |  | - |
State and political subdivisions |  |  | 104,455 |  |  |  | - |  |  |  | 104,455 |  |  |  | - |
Mutual funds held in deferred compensation trust |  |  | 2,726 |  |  |  | 2,726 |  |  |  | - |  |  |  | - |
Summary of all fair value measurements for individually evaluated loans and other real estate |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |
|  | Fair Value March 31, 2025 |  |  | Fair Value December 31, 2024 |  |  | Valuation Technique |  | Significant Unobservable Inputs |  | General Range of Significant Unobservable Input Values |
Individually evaluated loans |  | $ | 1,984 |  |  | $ | 1,646 |  |  | Appraised value |  | Discounts to reflect current market conditions and ultimate collectability |  | 0 - 50% |
Other real estate |  | $ | 125 |  |  | $ | 369 |  |  | Appraised value |  | Discounts to reflect current market conditions and estimated costs to sell |  | 0 - 25% |
Carrying amount and estimated fair value of the Company's financial instruments |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Fair Value Measurements at March 31, 2025 |
|  | Carrying Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 102,520 |  |  |  | 102,520 |  |  |  | - |  |  |  | - |  |  |  | 102,520 |
Investment securities available for sale |  |  | 374,350 |  |  |  | - |  |  |  | 374,350 |  |  |  | - |  |  |  | 374,350 |
Other investments |  |  | 2,674 |  |  |  | - |  |  |  | - |  |  |  | 2,674 |  |  |  | 2,674 |
Mortgage loans held for sale |  |  | 544 |  |  |  | - |  |  |  | 544 |  |  |  | - |  |  |  | 544 |
Loans, net |  |  | 1,142,033 |  |  |  | - |  |  |  | - |  |  |  | 1,139,464 |  |  |  | 1,139,464 |
Mutual funds held in deferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
compensation trust |  |  | 2,740 |  |  |  | 2,740 |  |  |  | - |  |  |  | - |  |  |  | 2,740 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,517,569 |  |  |  | - |  |  |  | 1,519,747 |  |  |  | - |  |  |  | 1,519,747 |
Junior subordinated debentures |  |  | 15,464 |  |  |  | - |  |  |  | 15,464 |  |  |  | - |  |  |  | 15,464 |
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | Fair Value Measurements at December 31, 2024 |
|  | Carrying Amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 59,266 |  |  |  | 59,266 |  |  |  | - |  |  |  | - |  |  |  | 59,266 |
Investment securities available for sale |  |  | 388,003 |  |  |  | - |  |  |  | 388,003 |  |  |  | - |  |  |  | 388,003 |
Other investments |  |  | 2,728 |  |  |  | - |  |  |  | - |  |  |  | 2,728 |  |  |  | 2,728 |
Mortgage loans held for sale |  |  | 1,367 |  |  |  | - |  |  |  | 1,367 |  |  |  | - |  |  |  | 1,367 |
Loans, net |  |  | 1,128,409 |  |  |  | - |  |  |  | - |  |  |  | 1,123,864 |  |  |  | 1,123,864 |
Mutual funds held in deferred |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
compensation trust |  |  | 2,726 |  |  |  | 2,726 |  |  |  | - |  |  |  | - |  |  |  | 2,726 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,484,731 |  |  |  | - |  |  |  | 1,487,475 |  |  |  | - |  |  |  | 1,487,475 |
Junior subordinated debentures |  |  | 15,464 |  |  |  | - |  |  |  | 15,464 |  |  |  | - |  |  |  | 15,464 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + 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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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