Quarterly report [Sections 13 or 15(d)]

Fair Value (Tables)

v3.25.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Assets measured at fair value on a recurring basis are summarized below:
Fair Value Measurements at September 30, 2025 Using
(Dollars in thousands) Estimated
Fair
Value		 Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		 Significant Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
Assets:
Interest rate swap contracts $ 4,086  $ -  $ 4,086  $ - 
Interest rate lock commitments 49  -  49  - 
Available-for-sale debt securities:
U.S. government sponsored entities 8,386  -  8,386  - 
Collateralized mortgage obligations and residential mortgage-backed securities 106,293  -  106,293  - 
Municipal securities 218,855  -  218,855  - 
Collateralized debt obligations 1,616  -  -  1,616 
Total securities available-for-sale $ 335,150  $ -  $ 333,534  $ 1,616 
Liabilities:
Interest rate swap contracts $ 4,086  $ -  $ 4,086  $ - 
Fair Value Measurements at December 31, 2024 Using
(Dollars in thousands) Estimated
Fair
Value		 Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		 Significant Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
Assets:
Interest rate swap contracts $ 5,486  $ -  $ 5,486  $ - 
Interest rate lock commitments 82  -  82  - 
Available-for-sale debt securities:
U.S. government sponsored entities 8,061  -  8,061  - 
Collateralized mortgage obligations and residential mortgage-backed securities 109,325  -  109,325  - 
Municipal securities 214,749  -  214,749  - 
Collateralized debt obligations 1,419  -  -  1,419 
Total securities available-for-sale $ 333,554  $ -  $ 332,135  $ 1,419 
Liabilities:
Interest rate swap contracts $ 5,486  $ -  $ 5,486  $ - 
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
A reconciliation of available-for-sale securities, which require significant adjustment based on unobservable data, are presented in the following table:
(Dollars in
thousands)
Estimated Fair Value
Measurements Using
Significant Unobservable
Inputs
(Level 3)
Available-for-
sale securities
Beginning balance, January 1, 2025 $ 1,419 
Principal payments (11)
Total unrealized gains, included in other comprehensive income (loss) 208 
Ending balance, September 30, 2025 $ 1,616 
Beginning balance, January 1, 2024 $ 1,357 
Principal payments (11)
Total unrealized gains, included in other comprehensive income (loss) 94 
Ending balance, September 30, 2024 $ 1,440 
Schedule of Fair Value Measurements, Nonrecurring
Assets measured at fair value on a non-recurring basis are summarized below:
Fair Value Measurements at September 30, 2025 Using
(Dollars in thousands) Estimated
Fair
Value		 Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		 Significant Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
Collateral dependent loans $ -  $ -  $ -  $ - 
Fair Value Measurements at December 31, 2024 Using
(Dollars in thousands) Estimated
Fair
Value		 Quoted Prices in
Active Markets for
Identical Assets
(Level 1)		 Significant Other
Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
Collateral dependent loans $ 1,496  $ -  $ -  $ 1,496 
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.

(Dollars in thousands) Fair Value at
September 30, 2025		 Valuation
 Technique		 Significant Unobservable Inputs Range Weighted-Average
Range
Collateral dependent loans $ -  Fair Value of Collateral Discount for type of property and current market conditions
—% - —%
 —  %
(Dollars in thousands) Fair Value at
December 31, 2024		 Valuation
 Technique		 Significant Unobservable Inputs Range Weighted-Average
Range
Collateral dependent loans $ 1,496  Fair Value of Collateral Discount for type of property and current market conditions
0% - 80%
 8  %
Schedule of Fair Value, by Balance Sheet Grouping
The following table shows carrying values and related estimated fair values of financial instruments not carried at fair value in the condensed consolidated balance sheets as of the dates indicated. Estimated fair values are further categorized by the inputs used to measure fair value. Items that are not financial instruments are not included.
September 30, 2025 Estimated Fair Value Measurements
 at September 30, 2025 Using
(Dollars in thousands) Carrying
Value		 Estimated
Fair Value		 Quoted Prices in
Active Markets for Identical Assets
(Level 1)		 Significant
Other Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
Financial assets:
Cash and cash equivalents $ 104,178  $ 104,178  $ 104,178  $ -  $ - 
Loans held-for-sale 2,641  2,781  -  2,781  - 
Loans receivable, net 1,455,797  1,416,903  -  -  1,416,903 
Federal Home Loan Bank stock 6,547  6,547  -  6,547  - 
Accrued interest receivable 7,585  7,585  -  7,585  - 
Financial liabilities:
Non-interest bearing deposits 280,296  280,296  280,296  -  - 
Interest bearing deposits 1,470,350  1,468,712  933,677  535,035  - 
Repurchase agreements 48,426  48,415  40,680  7,735  - 
Borrowed funds 55,000  54,347  -  54,347  - 
Accrued interest payable 1,162  1,162  -  1,162  - 
December 31, 2024 Estimated Fair Value Measurements
 at December 31, 2024 Using
(Dollars in thousands) Carrying
Value		 Estimated
Fair Value		 Quoted Prices in
Active Markets for Identical Assets
(Level 1)		 Significant
Other Observable
Inputs
(Level 2)		 Significant
Unobservable
Inputs
(Level 3)
Financial assets:
Cash and cash equivalents $ 70,584  $ 70,584  $ 70,584  $ -  $ - 
Loans held-for-sale 1,253  1,277  -  1,277  - 
Loans receivable, net 1,492,065  1,435,148  -  -  1,435,148 
Federal Home Loan Bank stock 6,547  6,547  -  6,547  - 
Accrued interest receivable 7,721  7,721  -  7,721  - 
Financial liabilities:
Non-interest bearing deposits 263,324  263,324  263,324  -  - 
Interest bearing deposits 1,497,242  1,496,638  936,989  559,649  - 
Repurchase agreements 40,116  39,960  32,364  7,596  - 
Borrowed funds 65,000  63,432  -  63,432  - 
Accrued interest payable 620  620  -  620  -