Fair Value Accounting (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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

				June 30, 2024
(dollars in thousands)		Level 1	Level 2	Level 3	Total
Assets
Securities available for sale
Corporate bonds	$	-	1,887	-	1,887
US treasuries		-	890	-	890
US government agencies		-	17,700	-	17,700
State and political subdivisions		-	19,323	-	19,323
Asset-backed securities		-	31,575	-	31,575
Mortgage-backed securities		-	49,978	-	49,978
Mortgage loans held for sale		-	14,759	-	14,759
Mortgage loan interest rate lock commitments		-	253	-	253
MBS forward sales commitments		-	21	-	21
Derivative asset		-	3,986	-	3,986
Total assets measured at fair value on a recurring basis	$	-	140,372	-	140,372

The company had no liabilities recorded at fair value on a recurring basis as of June 30, 2024.

		December 31, 2023
(dollars in thousands)		Level 1	Level 2	Level 3	Total
Assets
Securities available for sale:
Corporate bonds	$	-	1,910	-	1,910
US treasuries		-	9,394	-	9,394
US government agencies		-	18,656	-	18,656
State and political subdivisions		-	19,741	-	19,741
Asset-backed securities		-	33,236	-	33,236
Mortgage-backed securities		-	51,765	-	51,765
Mortgage loans held for sale		-	7,194	-	7,194
Mortgage loan interest rate lock commitments		-	159	-	159
Total assets measured at fair value on a recurring basis	$	-	142,055	-	142,055
Liabilities
Derivative liability	$	-	482	-	482
MBS forward sales commitments		-	68	-	68
Total liabilities measured at fair value on a recurring basis	$	-	550	-	550

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

				As of June 30, 2024
(dollars in thousands)		Level 1	Level 2	Level 3	Total
Assets
Individually evaluated loans	$	-	8,560	1,867	10,427
Total assets measured at fair value on a nonrecurring basis	$	-	8,560	1,867	10,427
				As of December 31, 2023
(dollars in thousands)		Level 1	Level 2	Level 3	Total
Assets
Individually evaluated loans	$	-	1,160	2,976	4,136
Total assets measured at fair value on a nonrecurring basis	$	-	1,160	2,976	4,136

Schedule of unobservable inputs used in the fair value measurements

	Valuation Technique	Significant Unobservable Inputs	Range of Inputs
Individually evaluated loans	Appraised Value/ Discounted Cash Flows	Discounts to appraisals or cash flows for estimated holding and/or selling costs or age of appraisal	0-25%

Schedule of estimated fair values of the company’s financial instruments

				June 30, 2024
(dollars in thousands)		Carrying Amount	Fair Value	Level 1	Level 2	Level 3
Financial Assets:
Other investments, at cost	$	18,653	18,653	-	-	18,653
Loans1		3,570,321	3,270,848	-	-	3,270,848
Financial Liabilities:
Deposits		3,459,869	3,223,811	-	3,223,811	-
Subordinated debentures		36,376	40,563	-	40,563	-
				December 31, 2023
(dollars in thousands)		Carrying Amount	Fair Value	Level 1	Level 2	Level 3
Financial Assets:
Other investments, at cost	$	19,939	19,939	-	-	19,939
Loans1		3,557,120	3,337,768	-	-	3,337,768
Financial Liabilities:
Deposits		3,379,564	2,961,182	-	2,961,182	-
Subordinated debentures		36,322	40,712	-	40,712	-

¹  Carrying amount is net of the allowance for credit losses and individually evaluated loans.