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Fair Value of Financial Instruments | 6 Months Ended
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Jun. 30, 2025
Investments, All Other Investments [Abstract] |
Fair Value of Financial Instruments | # Note 11 – Fair Value Of Financial Instruments Financial instruments require disclosure of fair value information, whether or not recognized in the consolidated balance sheets, when it is practical to estimate the fair value. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contractual obligation which requires the exchange of cash. Certain items are specifically excluded from the financial instrument fair value disclosure requirements, including the Company’s common stock, foreclosed real estate, premises and equipment and other assets and liabilities. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Therefore, any aggregate unrealized gains or losses should not be interpreted as a forecast of future earnings or cash flows. Furthermore, the fair values disclosed should not be interpreted as the aggregate current value of the Company. The Company’s estimated fair values of financial instruments are presented in the following table.
|  |  |  | June 30, 2025 |  |  | December 31, 2024 |
|  | Fair value |  | Carrying |  |  | Fair |  |  | Carrying |  |  | Fair |
(dollars in thousands) |  | hierarchy |  | amount |  |  | value |  |  | amount |  |  | value |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | Level 1 |  | $ | 56,323 |  |  | $ | 56,323 |  |  | $ | 70,500 |  |  | $ | 70,500 |
Equity investment |  | Level 1 |  |  | 406 |  |  |  | 406 |  |  |  | 391 |  |  |  | 391 |
Securities held to maturity |  | Level 2 |  |  | 5,832 |  |  |  | 5,128 |  |  |  | 5,979 |  |  |  | 5,171 |
Securities held to available for sale |  | Level 2 |  |  | 35,359 |  |  |  | 35,359 |  |  |  | 37,259 |  |  |  | 37,259 |
Federal Home Loan Bank of Atlanta stock |  | Level 2 |  |  | 656 |  |  |  | 656 |  |  |  | 1,366 |  |  |  | 1,366 |
Loans receivable |  | Level 3 |  |  | 742,414 |  |  |  | 743,944 |  |  |  | 729,238 |  |  |  | 722,005 |
Accrued interest receivable |  | Level 2 |  |  | 3,243 |  |  |  | 3,243 |  |  |  | 3,161 |  |  |  | 3,161 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | Level 3 |  | $ | 658,891 |  |  | $ | 585,332 |  |  | $ | 651,491 |  |  | $ | 574,273 |
FHLB Borrowings |  | Level 2 |  |  | — |  |  |  | — |  |  |  | 15,000 |  |  |  | 15,000 |
Subordinated Debentures |  | Level 3 |  |  | 34,961 |  |  |  | 32,977 |  |  |  | 34,883 |  |  |  | 31,117 |
Accrued interest payable |  | Level 2 |  |  | 645 |  |  |  | 645 |  |  |  | 346 |  |  |  | 346 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/825/tableOfContent + Details
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- References No definition available. + Details
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