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Fair Value Measurement (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, by Balance Sheet Grouping

The carrying amount and estimated fair value by classification level of the Company’s financial instruments as of March 31, 2024 and December 31, 2023 are as follows: 

 

                                       
   March 31, 2024 
   Carrying   Fair Value 
(Dollars in thousands)  Amount   Total   Level 1   Level 2    Level 3 
Financial assets:                         
Cash and short term investments  $143,582   $143,582   $143,582   $   $ 
Available-for-sale securities   274,349    274,349        274,349     
Held-to-maturity securities   215,530    201,783        201,783     
Other investments, at cost   5,504    5,504            5,504 
Loans held for sale   1,719    1,719        1,719     
Derivative financial instruments   2,539    2,539        2,539     
Net loans receivable   1,144,846    1,081,143            1,081,143 
Accrued interest receivable   5,736    5,736    5,736         
Financial liabilities:                         
Non-interest bearing demand  $443,257   $443,257   $   $443,257   $ 
Interest bearing demand deposits and money market accounts   712,018    712,018        712,018     
Savings   115,760    115,760        115,760     
Time deposits   307,032    300,789        300,789     
Total deposits   1,578,067    1,571,824        1,571,824     
Federal Home Loan Bank Advances   60,000    60,000        60,000     
Short term borrowings   81,833    81,833        81,833     
Junior subordinated debentures   14,964    13,000        13,000     
Accrued interest payable   4,681    4,681    4,681         
                          
   December 31, 2023 
   Carrying   Fair Value 
(Dollars in thousands)  Amount   Total   Level 1   Level 2   Level 3 
Financial Assets:                         
Cash and short term investments  $94,695   $94,695   $94,695   $   $ 
Available-for-sale securities   282,226    282,226        282,226     
Held-to-maturity securities   217,170    205,518        205,518     
Other investments, at cost   6,800    6,800            6,800 
Loans held for sale   4,433    4,433        4,433     
Derivative financial instruments   1,069    1,069        1,069     
Net loans receivable   1,121,752    1,088,053            1,088,053 
Accrued interest receivable   5,869    5,869    5,869         
Financial liabilities:                         
Non-interest bearing demand  $432,333   $432,333   $   $432,333   $ 
Interest bearing demand deposits and money market accounts   707,434    707,434        707,434     
Savings   118,623    118,623        118,623     
Time deposits   252,611    252,137        252,137     
Total deposits   1,511,001    1,510,527        1,510,527     
Federal Home Loan Bank Advances   90,000    90,000        90,000     
Short term borrowings   62,863    62,863        62,863     
Junior subordinated debentures   14,964    13,123        13,123     
Accrued interest payable   3,575    3,575    3,575         
Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2024 and December 31, 2023 that are measured on a recurring basis. There were no liabilities carried at fair value as of March 31, 2024 or December 31, 2023 that are measured on a recurring basis.

                         
(Dollars in thousands)   March 31, 2024  
Description   Total     Level 1     Level 2     Level 3  
Available- for-sale securities                                
US Treasury Securities   $ 13,130     $     $ 13,130     $  
Government Sponsored Enterprises     2,124             2,124        
Mortgage-backed securities     236,697             236,697        
Small Business Administration pools     14,703             14,703        
Corporate and other securities     7,695             7,695        
Total Available-for-sale securities     274,349             274,349        
Derivative financial instruments     2,539               2,539          
Loans held for sale     1,719             1,719        
Total   $ 278,607     $     $ 278,607     $  
                                 
(Dollars in thousands)   December 31, 2023  
Description   Total     Level 1     Level 2     Level 3  
Available- for-sale securities                                
US Treasury Securities   $ 18,346     $     $ 18,346     $  
Government Sponsored Enterprises     2,129             2,129        
Mortgage-backed securities     238,159             238,159        
Small Business Administration pools     15,721             15,721        
Corporate and other securities     7,871             7,871        
Total Available-for-sale securities     282,226             282,226        
Derivative financial instruments     1,069               1,069          
Loans held for sale     4,433             4,433        
Total   $ 287,728     $     $ 287,728     $  
Schedule of Fair Value, Assets Measured on Non-Recurring Basis

The following tables summarize quantitative disclosures about the fair value for each category of assets carried at fair value as of March 31, 2024 and December 31, 2023 that are measured on a non-recurring basis. There were no Level 3 financial instruments for the three months ended March 31, 2024 and 2023 measured on a recurring basis.

                         
(Dollars in thousands)   March 31, 2024  
Description   Total     Level 1     Level 2     Level 3  
Other real estate owned:                                
Construction     145                   145  
Mortgage-commercial     477                   477  
Total other real estate owned     622                   622  
Total   $ 622     $     $     $ 622  
                                 
(Dollars in thousands)   December 31, 2023  
Description   Total     Level 1     Level 2     Level 3  
Other real estate owned:                                
Construction     145                   145  
Mortgage-commercial     477                   477  
Total other real estate owned     622                   622  
Total   $ 622     $     $     $ 622  
Schedule of Fair Value Measurement Inputs and Valuation Techniques

For Level 3 assets and liabilities measured at fair value on a non-recurring basis as of March 31, 2024 and December 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows:

(Dollars in thousands)   Fair Value as
of March 31,
2024
    Valuation Technique   Significant
Observable
Inputs
  Significant
Unobservable
Inputs
OREO   $ 622     Appraisal Value/Comparison Sales/Other estimates   Appraisals and or sales of comparable properties   Appraisals discounted 6% to 16% for sales commissions and other holding cost
                     
(Dollars in thousands)   Fair Value as
of December 31,
2023
    Valuation Technique   Significant
Observable
Inputs
  Significant
Unobservable
Inputs
OREO   $ 622     Appraisal Value/Comparison Sales/Other estimates   Appraisals and or sales of comparable properties   Appraisals discounted 6% to 16% for sales commissions and other holding cost