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Fair Value of Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

Fair value estimates of the Company’s financial instruments as of March 31, 2024 and December 31, 2023, including methods and assumptions utilized, are set forth below:

 Schedule of Fair Value, by Balance Sheet Grouping

		As of March 31, 2024
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	16,468			$	16,468			$	-			$	-			$	16,468
Interest-bearing deposits at other banks			4,920				-				4,920				-				4,920
Investment securities available-for-sale			437,276				93,683				343,593				-				437,276
Investment securities held-to-maturity			3,584				-				3,104				-				3,104
Bank stocks, at cost			7,850				n/a				n/a				n/a				n/a
Loans, net			952,611				-				-				929,340				929,340
Loans held for sale			2,697				-				2,697				-				2,697
Mortgage servicing rights			2,977				-				9,713				-				9,713
Accrued interest receivable			7,478				312				1,980				5,186				7,478
Derivative financial instruments			256				-				256				-				256
Financial liabilities:
Non-maturity deposits		$	(1,101,701	)		$	(1,101,701	)		$	-			$	-			$	(1,101,701	)
Certificates of deposit			(191,823	)			-				(190,342	)			-				(190,342	)
FHLB and other borrowings			(74,716	)			-				(74,492	)			-				(74,492	)
Subordinated debentures			(21,651	)			-				(18,399	)			-				(18,399	)
Repurchase agreements			(15,895	)			-				(15,895	)			-				(15,895	)
Accrued interest payable			(1,922	)			-				(1,922	)			-				(1,922	)
Derivative financial instruments			(11	)			-				(11	)			-				(11	)

		As of December 31, 2023
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	27,101			$	27,101			$	-			$	-			$	27,101
Interest-bearing deposits at other banks			4,918				-				4,918				-				4,918
Investment securities available-for-sale			452,769				95,667				357,102				-				452,769
Investment securities held-to-maturity			3,555				-				3,049				-				3,049
Bank stocks, at cost			8,123				n/a				n/a				n/a				n/a
Loans, net			937,619				-				-				920,984				920,984
Loans held for sale			853				-				853				-				853
Mortgage servicing rights			3,158				-				9,498				-				9,498
Accrued interest receivable			7,341				327				2,280				4,734				7,341
Derivative financial instruments			114				-				114				-				114
Financial liabilities:
Non-maturity deposits		$	(1,133,097	)		$	(1,133,097	)		$	-			$	-			$	(1,133,097	)
Certificates of deposit			(183,154	)			-				(183,154	)			-				(183,154	)
FHLB and other borrowings			(64,662	)			-				(65,478	)			-				(65,478	)
Subordinated debentures			(21,651	)			-				(18,906	)			-				(18,906	)
Repurchase agreements			(12,714	)			-				(12,714	)			-				(12,714	)
Accrued interest payable			(1,979	)			-				(1,979	)			-				(1,979	)
Derivative financial instruments			(14	)			-				(14	)			-				(14	)

Schedule of Fair Value, Assets Measured On Recurring Basis

The following tables represent the Company’s financial instruments that are measured at fair value on a recurring basis at March 31, 2024 and December 31, 2023, allocated to the appropriate fair value hierarchy:

 Schedule of Fair Value, Assets Measured On Recurring Basis

(Dollars in thousands)						As of March 31, 2024
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	93,683			$	93,683			$	-			$	-
Municipal obligations, tax exempt			118,445				-				118,445				-
Municipal obligations, taxable			75,371				-				75,371				-
Agency mortgage-backed securities			149,777				-				149,777				-
Loans held for sale			2,697				-				2,697				-
Derivative financial instruments			256				-				256				-
Liability:
Derivative financial instruments			(11	)			-				(11	)			-

						As of December 31, 2023
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	95,667			$	95,667			$	-			$	-
Municipal obligations, tax exempt			120,623				-				120,623				-
Municipal obligations, taxable			79,083				-				79,083				-
Agency mortgage-backed securities			157,396				-				157,396				-
Loans held for sale			853				-				853				-
Derivative financial instruments			114				-				114				-
Liability:
Derivative financial instruments			(14	)			-				(14	)			-

Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale

The aggregate fair value, contractual balance (including accrued interest), and gains on loans held for sale were as follows:

Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale 

		As of				As of
		March 31,				December 31,
(Dollars in thousands)		2024				2023
Aggregate fair value		$	2,697			$	853
Contractual balance			2,669				848
Gain		$	28			$	5

Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale

 Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale

		Three months ended
		March 31,
(Dollars in thousands)		2024				2023
Total change in fair value		$	145			$	111

Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques

The following table presents quantitative information about Level 3 fair value measurements measured at fair value on a nonrecurring basis as of March 31, 2024 and December 31, 2023.

 Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques

(Dollars in thousands)

Fair value

Valuation technique

Unobservable inputs

Range

As of March 31, 2024

Individual evaluated loans:

Commercial

$

1,468

Sales comparison

Adjustment to comparable value

0%-50%

Agriculture

56

Sales comparison

Adjustment to appraised value

20%-50%

Real estate held-for-sale:

Commercial real estate

4,195

Sales comparison

Adjustment to comparable value

15

%

As of December 31, 2023

Individual evaluated loans:

One-to-four family residential real estate

$

31

Sales comparison

Adjustment to appraised value

7

%

Commercial

1,386

Sales comparison

Adjustment to comparable value

0%-50%

Real estate owned:

One-to-four family residential real estate

266

Sales comparison

Adjustment to appraised value

10

%

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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