XML 68 R50.htm IDEA: XBRL DOCUMENT

DISCLOSURES ABOUT FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

DISCLOSURES ABOUT FAIR VALUE MEASUREMENTS

Schedule of assets and liabilities measured and recorded at fair value on a recurring basis

The following table presents the assets and liabilities measured and reported on the Consolidated Balance Sheets on a recurring basis at their fair value as of December 31, 2024 and 2023 by level within the fair value hierarchy (in thousands).

FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2024

TOTAL

LEVEL 1

LEVEL 2

LEVEL 3

Equity securities ⁽¹⁾

$

350

$

350

$

—

$

—

Available for sale securities:

U.S. Agency

4,666

—

4,666

—

U.S. Agency mortgage-backed securities

91,534

—

91,534

—

Municipal

8,363

—

8,363

—

Corporate bonds

51,057

363

50,021

673

Interest rate swap asset ⁽¹⁾

4,657

—

4,657

—

Interest rate swap liability ⁽²⁾

(4,691)

—

(4,691)

—

Interest rate hedge ⁽²⁾

(169)

—

(169)

—

Risk participation agreement ⁽²⁾

(207)

—

(207)

—


		FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2023
		TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Equity securities ⁽¹⁾		$	499		$	499		$	—		$	—
Available for sale securities:
U.S. Agency			5,339			—			5,339			—
U.S. Agency mortgage-backed securities			93,075			—			93,075			—
Municipal			10,360			—			10,360			—
Corporate bonds			56,937			—			56,937			—
Interest rate swap asset ⁽¹⁾			4,582			—			4,582			—
Interest rate swap liability ⁽²⁾			(4,665)			—			(4,665)			—
Interest rate hedge ⁽²⁾			(446)			—			(446)			—
Risk participation agreement ⁽²⁾			(410)			—			(410)			—

(1)	Included within other assets on the Consolidated Balance Sheets.

(2)	Included within other liabilities on the Consolidated Balance Sheets.

Schedule of assets measured and recorded at fair value on a non-recurring basis

Assets measured and recorded at fair value on a non-recurring basis are summarized below (in thousands, except range data):

FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2024

TOTAL

LEVEL 1

LEVEL 2

LEVEL 3

Other real estate owned and repossessed assets

$

1,724

$

—

$

—

$

1,724


		FAIR VALUE MEASUREMENTS AT DECEMBER 31, 2023
		TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Other real estate owned and repossessed assets		$	15		$	—		$	—		$	15


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
DECEMBER 31, 2024		Fair Value			Techniques		Input		Range (Wgtd Avg)
Other real estate owned and repossessed assets		$	1,724		Appraisal of collateral ⁽¹⁾		Appraisal adjustments ⁽²⁾		18% to 63% (24%)
							Liquidation expenses		0% to 33% (4%)


		Quantitative Information About Level 3 Fair Value Measurements
					Valuation		Unobservable
DECEMBER 31, 2023		Fair Value			Techniques		Input		Range (Wgtd Avg)
Other real estate owned and repossessed assets		$	15		Appraisal of collateral ⁽¹⁾		Appraisal adjustments ⁽²⁾		63% (63%)
							Liquidation expenses		33% (33%)

(1)	Fair Value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable. Also includes qualitative adjustments by management and estimated liquidation expenses.

(2)	Appraisals may be adjusted by management for qualitative factors such as economic conditions.