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:
Schedule
of Fair Value, by Balance Sheet Grouping
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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.
Schedule
of Fair Value, Assets Measured on Recurring Basis
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|
(Dollars
in thousands) |
|
March
31, 2024 |
|
Description |
|
Total |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
Available-
for-sale securities |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
Treasury Securities |
|
$ |
13,130 |
|
|
$ |
— |
|
|
$ |
13,130 |
|
|
$ |
— |
|
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 |
|
|
$ |
— |
|
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|
|
|
|
|
|
|
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|
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|
(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 |
|
|
$ |
— |
|
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 |
|
|
$ |
— |
|
|