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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024.

		Fair Value Measurements as of March 31, 2025 Using
		Totals At March 31, 2025				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential		$	82,956			$	—			$	82,956			$	—
Commercial			11,254				—				11,254				—
Obligations of U.S. government-sponsored agencies			10,269				—				10,269				—
Obligations of states and political subdivisions			1,549				—				1,549				—
Corporate notes			16,489				—				16,489				—
U.S. Treasury securities			38,797				38,797				—				—
Derivative contracts:
Other assets - interest rate floors			293				—				293				—
Other assets - interest rate swaps			217				—				217				—
Other liabilities - credit risk participation agreements			71				—				71				—

		Fair Value Measurements as of December 31, 2024 Using
		Totals At December 31, 2024				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Investment securities, available-for-sale
Mortgage-backed securities:
Residential		$	85,282			$	—			$	85,282			$	—
Commercial			11,920				—				11,920				—
Obligations of U.S. government-sponsored agencies			10,834				—				10,834
Obligations of states and political subdivisions			1,549				—				1,549				—
Corporate notes			15,944								15,944				—
U.S. Treasury securities			42,359				42,359				—				—
Derivative contracts:
Other assets - interest rate swaps			678				—				678				—
Other assets - interest rate floors			18				—				18				—
Other liabilities - credit risk participation agreements			54				—				54				—

Fair Value Assets Measured on Nonrecurring Basis

The following table presents the balances of collateral dependent loans, OREO and other assets held-for-sale measured at fair value on a non-recurring basis as of March 31, 2025 and December 31, 2024:

		Fair Value Measurements as of March 31, 2025 Using
		Totals At March 31, 2025				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Collateral dependent loans		$	1,393			$	—			$	—			$	1,393
OREO and other assets held-for-sale			1,328				—				—				1,328

		Fair Value Measurements as of December 31, 2024 Using
		Totals At December 31, 2024				Quoted Prices in Active Markets For Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
		(Dollars in Thousands)
Collateral dependent loans		$	2,026			$	—			$	—			$	2,026
OREO and other assets held-for-sale			1,509				—				—				1,509

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

Following the table is a description of the valuation technique and the sensitivity of the technique to changes in the significant unobservable input.

Level 3 Significant Unobservable Input Assumptions

Fair Value March 31, 2025

Valuation Technique

Unobservable Input

Quantitative Range of Unobservable Inputs (Weighted Average)

(Dollars in Thousands)

Non-recurring fair value measurements:

Collateral dependent loans

$

1,393

Multiple data points, including discount to appraised value of collateral based on recent market activity

Appraisal comparability adjustment (discount)

9%-10%

9.5%

OREO and other assets held-for-sale

$

1,328

Discount to appraised value of property based on recent market activity for sales of similar properties

Appraisal comparability adjustment (discount)

9%-10%

9.5%

Level 3 Significant Unobservable Input Assumptions

Fair Value December 31, 2024

Valuation Technique

Unobservable Input

Quantitative Range of Unobservable Inputs (Weighted Average)

(Dollars in Thousands)

Non-recurring fair value measurements:

Collateral dependent loans

$

2,026

Multiple data points, including discount to appraised value of collateral based on recent market activity

Appraisal comparability adjustment (discount)

9%-10%

9.5%

OREO and other assets held-for-sale

$

1,509

Discount to appraised value of property based on recent market activity for sales of similar properties

Appraisal comparability adjustment (discount)

9%-10%

9.5%

Fair Value, by Balance Sheet Grouping

The estimated fair value and related carrying or notional amounts, as well as the level within the fair value hierarchy, of the Company’s financial instruments as of March 31, 2025 and December 31, 2024 were as follows:

		March 31, 2025
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Assets:
Cash and cash equivalents		$	56,041			$	56,041			$	56,041			$	—			$	—
Investment securities available-for-sale			161,314				161,314				38,797				122,517				—
Investment securities held-to-maturity			632				602				—				602				—
Federal funds sold and securities purchased under reverse repurchase agreements			5,451				5,451				—				5,451				—
Federal Home Loan Bank stock			1,978				1,978				—				—				1,978
Loans, net of allowance for credit losses			837,930				799,659				—				—				799,659
Other assets - interest rate floors			293				293				—				293				—
Other assets - interest rate swaps			217				217				—				217				—
Liabilities:
Deposits			961,952				896,643				—				896,643				—
Short-term borrowings			45,000				45,000				—				45,000				—
Long-term borrowings			10,890				9,746				—				9,746				—
Other liabilities - credit risk participation agreements			71				71				—				71				—

		December 31, 2024
		Carrying Amount				Estimated Fair Value				Level 1				Level 2				Level 3
		(Dollars in Thousands)
Assets:
Cash and cash equivalents		$	47,216			$	47,216			$	47,216			$	—			$	—
Investment securities available-for-sale			167,888				167,888				42,359				125,529				—
Investment securities held-to-maturity			682				642				—				642				—
Federal funds sold			5,727				5,727				—				5,727				—
Federal Home Loan Bank stock			1,256				1,256				—				—				1,256
Loans, net of allowance for credit losses			812,855				759,870				—				—				759,870
Other assets - interest rate swaps			678				678				—				678				—
Other assets - interest rate floors			18				18				—				18				—
Liabilities:
Deposits			972,557				893,814				—				893,814				—
Short-term borrowings			10,000				10,000				—				10,000				—
Long-term borrowings			10,872				9,590				—				9,590				—
Other liabilities - credit risk participation agreements			54				54				—				54				—

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

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).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

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