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

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024, 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, 2025
		Carrying
		amount				Level 1				Level 2				Level 3				Total
Financial assets:
Cash and cash equivalents		$	23,947			$	23,947			$	-			$	-			$	23,947
Interest-bearing deposits at other banks			3,218				-				3,218				-				3,218
Investment securities available-for-sale			350,028				50,833				299,195				-				350,028
Investment securities held-to-maturity			3,760				-				3,468				-				3,468
Bank stocks, at cost			8,021				n/a				n/a				n/a				n/a
Loans, net			1,104,991				-				-				1,106,896				1,106,896
Loans held for sale			3,578				-				3,578				-				3,578
Mortgage servicing rights			3,120				-				8,718				-				8,718
Accrued interest receivable			7,192				225				1,799				5,168				7,192
Derivative financial instruments			229				-				229				-				229
			Derivative assets				Derivative assets				Derivative assets				Derivative assets				Derivative assets
Financial liabilities:
Non-maturity deposits		$	(1,091,663	)		$	(1,091,663	)		$	-			$	-			$	(1,091,663	)
Certificates of deposit			(233,837	)			-				(233,262	)			-				(233,262	)
FHLB and other borrowings			(90,483	)			-				(90,453	)			-				(90,453	)
Subordinated debentures			(21,651	)			-				(18,760	)			-				(18,760	)
Repurchase agreements			(1,420	)			-				(1,420	)			-				(1,420	)
Accrued interest payable			(1,742	)			-				(1,742	)			-				(1,742	)

		amount				Level 1				Level 2				Level 3				Total
		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
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	)

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, 2025 and December 31, 2024, 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, 2025
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment securities:
U. S. treasury securities		$	50,833			$	50,833			$	-			$	-
Municipal obligations, tax exempt			97,383				-				97,383				-
Municipal obligations, taxable			82,236				-				82,236				-
Agency mortgage-backed securities			119,576				-				119,576				-
Loans held for sale			3,578				-				3,578				-
Derivative financial instruments			229				-				229				-

		Total				Level 1				Level 2				Level 3
						As of December 31, 2024
						Fair value hierarchy
		Total				Level 1				Level 2				Level 3
Assets:
Available-for-sale investment 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				-

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, 2025 and December 31, 2024 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)		2025				2024
Aggregate fair value		$	3,578			$	3,420
Contractual balance			3,529				3,376
Gain		$	49			$	44

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)		2025				2024				2025				2024
		Three months ended								Nine months ended
		September 30,								September 30,
(Dollars in thousands)		2025				2024				2025				2024
Total change in fair value		$	10			$	(42	)		$	29			$	173

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, 2025 and December 31, 2024:

Schedule of Fair Value Measurements on Nonrecurring, Valuation Techniques   

(Dollars in thousands)

Fair value

Valuation technique

Unobservable inputs

Range

As of September 30, 2025

Individual evaluated loans:

One-to-four family residential real estate

$

116

Sales comparison

Adjustment to appraised value

20

%

Commercial

2,142

Sales comparison

Adjustment to comparable value

0%-35

%

As of December 31, 2024

Individual evaluated loans:

Commercial

$

1,768

Sales comparison

Adjustment to comparable value

0%-50

%

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