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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value  
financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2024

 

 

 

Fair Value

 

 

Level 1 Valuation

 

 

Level 2 Valuation

 

 

Level 3 Valuation

 

U.S. Treasuries

 

$7,106

 

 

 

-

 

 

 

7,106

 

 

 

-

 

U.S. Government sponsored enterprises

 

 

 9,573

 

 

 

-

 

 

 

9,573

 

 

 

-

 

GSE - Mortgage-backed securities

 

 

234,148

 

 

 

-

 

 

 

234,148

 

 

 

-

 

Private label mortgage-backed securities

 

 

38,128

 

 

 

-

 

 

 

38,128

 

 

 

-

 

State and political subdivisions

 

 

104,305

 

 

 

-

 

 

 

104,305

 

 

 

-

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

Fair Value

 

 

Level 1 Valuation

 

 

Level 2 Valuation

 

 

Level 3 Valuation

 

U.S. Treasuries

 

$10,144

 

 

 

-

 

 

 

10,144

 

 

 

-

 

U.S. Government sponsored enterprises

 

 

10,515

 

 

 

 

 

 

 

10,515

 

 

 

 

 

GSE - Mortgage-backed securities

 

 

234,902

 

 

 

-

 

 

 

234,902

 

 

 

-

 

Private label mortgage-backed securities

 

 

31,270

 

 

 

-

 

 

 

31,270

 

 

 

-

 

State and political subdivisions

 

 

105,093

 

 

 

-

 

 

 

105,093

 

 

 

-

 
Carrying amount and estimated fair value of the Company's financial instruments

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at June 30, 2024

 

 

 

Carrying Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$82,835

 

 

 

82,835

 

 

 

-

 

 

 

-

 

 

 

82,835

 

Investment securities available for sale

 

 

393,260

 

 

 

-

 

 

 

393,260

 

 

 

-

 

 

 

393,260

 

Other investments

 

 

2,779

 

 

 

-

 

 

 

-

 

 

 

2,779

 

 

 

2,779

 

Mortgage loans held for sale

 

 

1,288

 

 

 

-

 

 

 

1,288

 

 

 

-

 

 

 

1,288

 

Loans, net

 

 

1,100,656

 

 

 

-

 

 

 

-

 

 

 

1,092,244

 

 

 

1,092,244

 

Mutual funds held in deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

compensation trust

 

 

2,387

 

 

 

2,387

 

 

 

-

 

 

 

-

 

 

 

2,387

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$1,475,956

 

 

 

-

 

 

 

1,479,261

 

 

 

-

 

 

 

1,479,261

 

Securities sold under agreements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to repurchase

 

 

18,824

 

 

 

-

 

 

 

18,824

 

 

 

-

 

 

 

18,824

 

Junior subordinated debentures

 

 

15,464

 

 

 

-

 

 

 

15,464

 

 

 

-

 

 

 

15,464

 

 

 

 

 

 

Fair Value Measurements at December 31, 2023

 

 

 

Carrying Amount

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$82,375

 

 

 

82,375

 

 

 

-

 

 

 

-

 

 

 

82,375

 

Investment securities available for sale

 

 

391,924

 

 

 

-

 

 

 

391,924

 

 

 

-

 

 

 

391,924

 

Other investments

 

 

2,874

 

 

 

-

 

 

 

-

 

 

 

2,874

 

 

 

2,874

 

Mortgage loans held for sale

 

 

686

 

 

 

-

 

 

 

686

 

 

 

-

 

 

 

686

 

Loans, net

 

 

1,082,025

 

 

 

-

 

 

 

-

 

 

 

1,071,178

 

 

 

1,071,178

 

Mutual funds held in deferred

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

compensation trust

 

 

2,171

 

 

 

2,171

 

 

 

-

 

 

 

-

 

 

 

2,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$1,392,045

 

 

 

-

 

 

 

1,397,351

 

 

 

-

 

 

 

1,397,351

 

Securities sold under agreements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to repurchase

 

 

86,715

 

 

 

-

 

 

 

86,715

 

 

 

-

 

 

 

86,715

 

Junior subordinated debentures

 

 

15,464

 

 

 

-

 

 

 

15,464

 

 

 

-

 

 

 

15,464

 
summary of fair value measurements for mortgage loans held for sale and individually evaluated loans on a non-recurring basis

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements June 30, 2024

 

 

Level 1 Valuation

 

 

Level 2 Valuation

 

 

Level 3 Valuation

 

Individually evaluated loans

 

$-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements December 31, 2023

 

 

Level 1 Valuation

 

 

Level 2 Valuation

 

 

Level 3 Valuation

 

Individually evaluated loans

 

$-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value June 30, 2024

 

 

Fair Value December 31, 2023

 

 

Valuation Technique

 

Significant Unobservable Inputs

 

General Range of Significant Unobservable Input Values

 

Individually evaluated loans

 

$-

 

 

$-

 

 

 Appraised value

 

Discounts to reflect current market conditions and ultimate collectability

 

0 - 25%