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

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Estimates of Financial Instruments

Fair value estimates of the Company’s financial instruments as of December 31, 2024 and 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
(Dollars in thousands)		As of December 31, 2024
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	20,275			$	20,275			$	-			$	-			$	20,275
Interest-bearing deposits at other banks			4,110				-				4,110				-				4,110
Investment securities available-for-sale			372,512				64,458				308,054				-				372,512
Investment securities held-to-maturity			3,672				-				3,290				-				3,290
Bank stocks, at cost			6,618				n/a				n/a				n/a				n/a
Loans, net			1,039,221				-				-				1,027,865				1,027,865
Loans held for sale			3,420				-				3,420				-				3,420
Mortgage servicing rights			3,061				-				9,615				-				9,615
Accrued interest receivable			7,132				219				2,001				4,912				7,132
Derivative financial instruments			200				-				200				-				200
			Derivative assets				Derivative assets				Derivative assets				Derivative assets				Derivative assets
Financial liabilities:
Non-maturity deposits		$	(1,134,072	)		$	(1,134,072	)		$	-			$	-			$	(1,134,072	)
Certificates of deposit			(194,694	)			-				(193,901	)			-				(193,901	)
FHLB and other borrowings			(53,046	)			-				(48,846	)			-				(48,846	)
Subordinated debentures			(21,651	)			-				(18,556	)			-				(18,556	)
Repurchase agreements			(13,808	)			-				(13,808	)			-				(13,808	)
Accrued interest payable			(1,833	)			-				(1,833	)			-				(1,833	)

			amount				Level 1				Level 2				Level 3				Total
(Dollars in thousands)		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 table represents the Company’s financial instruments that are measured at fair value on a recurring basis at December 31, 2024 and 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 December 31, 2024
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale securities
U. S. treasury securities		$	64,458			$	64,458			$	-			$	-
Municipal obligations, tax exempt			107,128				-				107,128				-
Municipal obligations, taxable			71,715				-				71,715				-
Agency mortgage-backed securities			129,211				-				129,211				-
Loans held for sale			3,420				-				3,420				-
Derivative financial instruments			200				-				200				-

			Total				Level 1				Level 2				Level 3
(Dollars in thousands)						As of December 31, 2023
						Fair value hierarchy
			Total				Level 1				Level 2				Level 3
Assets:
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				-
Liabilities:
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 gain or loss on loans held for sale were as follows:

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

(Dollars in thousands)		2024				2023
		As of December 31,
(Dollars in thousands)		2024				2023
Aggregate fair value		$	3,420			$	853
Contractual balance			3,376				848
Gain		$	44			$	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				2022
		As of December 31,
(Dollars in thousands)		2024				2023				2022
Total change in fair value		$	100			$	(26	)		$	(368	)

Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques

The following table presents quantitative information about Level 3 fair value measurements for individually evaluated loans measure at fair value on a non-recurring basis as of December 31, 2024 and 2023.

Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques 

(Dollars in thousands)

Fair value

Valuation technique

Unobservable inputs

Range

As of December 31, 2024

Individual evaluated loans:

Commercial loans

$

1,768

Sales comparison

Adjustment to comparable sales

0%-50%

As of December 31, 2023

Individual evaluated loans:

One-to-four family residential real estate

$

31

Sales comparison

Adjustment to appraised value

7

%

Commercial loans

1,386

Sales comparison

Adjustment to comparable sales

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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