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

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

 

Fair Value

 

 

Level 1 Valuation

 

 

Level 2 Valuation

 

 

Level 3 Valuation

 

U.S. Treasuries

 

$7,374

 

 

 

-

 

 

 

7,374

 

 

 

-

 

U.S. Government sponsored enterprises

 

 

9,107

 

 

 

-

 

 

 

9,107

 

 

 

-

 

GSE - Mortgage-backed securities

 

 

229,917

 

 

 

-

 

 

 

229,917

 

 

 

-

 

Private label mortgage-backed securities

 

 

42,960

 

 

 

-

 

 

 

42,960

 

 

 

-

 

State and political subdivisions

 

 

109,215

 

 

 

-

 

 

 

109,215

 

 

 

-

 

 

(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 September 30, 2024

 

 

 

 Carrying Amount

 

 

 Level 1

 

 

 Level 2

 

 

 Level 3

 

 

 Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$73,162

 

 

 

73,162

 

 

 

-

 

 

 

-

 

 

 

73,162

 

Investment securities available for sale

 

 

398,573

 

 

 

-

 

 

 

398,573

 

 

 

-

 

 

 

398,573

 

Other investments

 

 

2,753

 

 

 

-

 

 

 

-

 

 

 

2,753

 

 

 

2,753

 

Mortgage loans held for sale

 

 

1,218

 

 

 

-

 

 

 

1,218

 

 

 

-

 

 

 

1,218

 

Loans, net

 

 

1,113,561

 

 

 

-

 

 

 

-

 

 

 

1,107,886

 

 

 

1,107,886

 

Mutual funds held in deferred compensation trust

 

 

2,533

 

 

 

2,533

 

 

 

-

 

 

 

-

 

 

 

2,533

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$1,479,977

 

 

 

-

 

 

 

1,483,082

 

 

 

-

 

 

 

1,483,082

 

Securities sold under agreements to repurchase

 

 

8,429

 

 

 

-

 

 

 

8,429

 

 

 

-

 

 

 

8,429

 

Junior subordinated debentures

 

 

15,464

 

 

 

-

 

 

 

15,464

 

 

 

-

 

 

 

15,464

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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