FAIR VALUE OF ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on a recurring basis are summarized below:

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:	(Dollars in thousands)
Available-for-sale securities	$	—	$	155,889	$	—	$	155,889
Marketable equity securities		252		—		—		252
Interest rate swaps		—		4,443		—		4,443
Total assets	$	252	$	160,332	$	—	$	160,584
Liabilities:
Interest rate swaps	$	—	$	4,372	$	—	$	4,372

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:	(Dollars in thousands)
Available-for-sale securities	$	—	$	137,115	$	—	$	137,115
Marketable equity securities		196		—		—		196
Interest rate swaps		—		5,890		—		5,890
Total assets	$	196	$	143,005	$	—	$	143,201
Liabilities:
Interest rate swaps	$	—	$	5,239	$	—	$	5,239

The following tables summarize the fair value hierarchy used to determine the carrying values of the related assets as of September 30, 2024 and December 31, 2023

We may also be required, from time to time, to measure certain other financial assets at fair value on a nonrecurring basis in accordance with generally accepted accounting principles. These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. The following tables summarize the fair value hierarchy used to determine the carrying values of the related assets as of September 30, 2024 and December 31, 2023:

							Nine Months Ended
	At September 30, 2024						September 30, 2024
							Total
	Level 1		Level 2		Level 3		Losses
	(Dollars in thousands)						(Dollars in thousands)
Collateral dependent loans	$	—	$	—	$	1	$	99

							Nine Months Ended
	At December 31, 2023						September 30, 2023
							Total
	Level 1		Level 2		Level 3		Losses
	(Dollars in thousands)						(Dollars in thousands)
Collateral dependent loans	$	—	$	—	$	1,100	$	1,828

The estimated fair values of our financial instruments are as follows

The estimated fair values of our financial instruments are as follows:

	September 30, 2024
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	72,802	$	72,802	$	—	$	—	$	72,802
Securities held-to-maturity		213,266		9,729		172,819		—		182,548
Securities available-for-sale		155,889		—		155,889		—		155,889
Marketable equity securities		252		252		—		—		252
FHLB and other restricted stock		7,143		—		—		7,143		7,143
Loans - net		2,029,047		—		—		1,890,012		1,890,012
Accrued interest receivable		8,653		—		—		8,653		8,653
Mortgage servicing rights		466		—		744		—		744
Derivative asset		4,443		—		4,443		—		4,443
Liabilities:
Deposits		2,224,206		—		—		2,223,751		2,223,751
Short-term borrowings		4,390		—		4,390		—		4,390
Long-term debt		128,277		—		130,077		—		130,077
Subordinated debt		19,741		—		16,805		—		16,805
Accrued interest payable		961		—		—		961		961
Derivative liabilities		4,372		—		4,372		—		4,372

	December 31, 2023
	Carrying Value		Fair Value
			Level 1		Level 2		Level 3		Total
	(Dollars in thousands)
Assets:
Cash and cash equivalents	$	28,840	$	28,840	$	—	$	—	$	28,840
Securities held-to-maturity		223,370		9,450		178,242		—		187,692
Securities available-for-sale		137,115		—		137,115		—		137,115
Marketable equity securities		196		196		—		—		196
FHLB and other restricted stock		3,707		—		—		3,707		3,707
Loans - net		2,007,050		—		—		1,841,913		1,841,913
Accrued interest receivable		8,528		—		—		8,528		8,528
Mortgage servicing rights		422		—		724		—		724
Derivative asset		5,890		—		5,890		—		5,890
Liabilities:
Deposits		2,143,744		—		—		2,140,930		2,140,930
Short-term borrowings		16,100		—		16,100		—		16,100
Long-term debt		120,646		—		120,460		—		120,460
Subordinated debt		19,712		—		17,938		—		17,938
Accrued interest payable		3,310		—		—		3,310		3,310
Derivative liabilities		5,239		—		5,239		—		5,239