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

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Estimates of Financial Instruments

Fair value estimates of the Company’s financial instruments as of September 30, 2024 and December 31, 2023, including methods and assumptions utilized, are set forth below:

 Schedule of Fair Value Estimates of Financial Instruments

		amount				Level 1				Level 2				Level 3				Total
		As of September 30, 2024
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	21,211			$	21,211			$	-			$	-			$	21,211
Interest-bearing deposits at other banks			4,363				-				4,363				-				4,363
Investment securities available-for-sale			411,012				83,753				327,259				-				411,012
Investment securities held-to-maturity			3,643				-				3,131				-				3,131
Bank stocks, at cost			7,894				n/a				n/a				n/a				n/a
Loans, net			990,242				-				-				981,755				981,755
Loans held for sale			3,250				-				3,250				-				3,250
Mortgage servicing rights			3,041				-				8,799				-				8,799
Accrued interest receivable			6,953				219				1,888				4,846				6,953
Derivative financial instruments			318				-				318				-				318
Financial liabilities:
Non-maturity deposits		$	(1,071,642	)		$	(1,071,642	)		$	-			$	-			$	(1,071,642	)
Certificates of deposit			(203,860	)			-				(203,299	)			-				(203,299	)
FHLB and other borrowings			(92,050	)			-				(91,872	)			-				(91,872	)
Subordinated debentures			(21,651	)			-				(18,564	)			-				(18,564	)
Repurchase agreements			(9,528	)			-				(9,528	)			-				(9,528	)
Accrued interest payable			(2,231	)			-				(2,231	)			-				(2,231	)
Derivative financial instruments			(45	)			-				(45	)			-				(45	)

		amount				Level 1				Level 2				Level 3				Total
		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	)			-				(181,655	)			-				(181,655	)
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 Instruments Measured On Recurring Basis

The following tables represent the Company’s financial instruments that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, allocated to the appropriate fair value hierarchy:

 Schedule of Fair Value Instruments Measured On Recurring Basis

		Total				Level 1				Level 2				Level 3
(Dollars in thousands)						As of September 30, 2024
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	83,753			$	83,753			$	-			$	-
Municipal obligations, tax exempt			112,126				-				112,126				-
Municipal obligations, taxable			75,129				-				75,129				-
Agency mortgage-backed securities			140,004				-				140,004				-
Loans held for sale			3,250				-				3,250				-
Derivative financial instruments			318				-				318				-
Liability:
Derivative financial instruments			(45	)			-				(45	)			-

		Total				Level 1				Level 2				Level 3
						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 as of September 30, 2024 and December 31, 2023 were as follows:

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

		As of				As of
		September 30,				December 31,
(Dollars in thousands)		2024				2023
Aggregate fair value		$	3,250			$	853
Contractual balance			3,204				848
Gain		$	46			$	5

Schedule of Gains from Changes in Fair Value of Derivative Financial Instruments

 Schedule of Gains from Changes in Fair Value of Derivative Financial Instruments

(Dollars in thousands)		2024				2023				2024				2023
		Three months ended								Nine months ended
		September 30,								September 30,
(Dollars in thousands)		2024				2023				2024				2023
Total change in fair value		$	(42	)		$	(143	)		$	173			$	13

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 September 30, 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 September 30, 2024

Individual evaluated loans:

Commercial

$

2,208

Sales comparison

Adjustment to comparable value

0%-30

%

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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Tabular disclosure of assets, 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).

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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