Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Available for Sale Securities Measured at Fair Value on a Recurring Basis

The following tables present the balances measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (dollars in thousands):

			Fair Value Measurements at June 30, 2024 Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Balance		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government treasuries	$	11,433	$	-	$	11,433	$	-
U.S. Government agencies		26,537		-		26,537		-
Mortgage-backed/CMOs		146,085		-		146,085		-
Corporate bonds		18,244		-		18,244		-
Municipal bonds		82,399		-		82,399		-
Total securities available for sale	$	284,698	$	-	$	284,698	$	-

			Fair Value Measurements at December 31, 2023 Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Balance		(Level 1)		(Level 2)		(Level 3)
Assets:
U.S. Government treasuries	$	121,708	$	-	$	121,708	$	-
U.S. Government agencies		39,581		-		39,581		-
Mortgage-backed/CMOs		155,144		-		155,144		-
Corporate bonds		19,129		-		19,129
Municipal bonds		85,033		-		85,033		-
Total securities available for sale	$	420,595	$	-	$	420,595	$	-

Summary of Assets Measured at Fair Value on a Nonrecurring Basis

The following table presents the Company's assets that were measured at fair value on a nonrecurring basis as of December 31, 2023:

			Fair Value Measurements at December 31, 2023 Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
Description	Balance		(Level 1)		(Level 2)		(Level 3)
Assets:
Individually evaluated loans	$	461	$	-	$	-	$	461
Description	Fair Value		Valuation Technique		Unobservable Inputs		Discount Rate
Assets:
Individually evaluated loans	$	461	Market comparables		Discount applied to recent appraisal			20.0	%

Schedule of the Carrying Values and Estimated Fair Values of the Bank's Financial Instruments

The carrying values and estimated fair values of the Company's financial instruments as of June 30, 2024 and December 31, 2023 are as follows (dollars in thousands):

			Fair Value Measurements at June 30, 2024 Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying value		Level 1		Level 2		Level 3		Fair Value
Assets
Cash and cash equivalent	$	17,300	$	17,300	$	-	$	-	$	17,300
Available for sale securities		284,698		-		284,698		-		284,698
Restricted securities		6,667		-		6,667		-		6,667
Loans, net		1,150,186		-		-		1,084,432		1,084,432
Bank owned life insurance		39,468		-		39,468		-		39,468
Accrued interest receivable		6,579		-		1,716		4,863		6,579
Liabilities
Demand deposits and interest-bearing transaction and money market accounts	$	1,038,351	$	-	$	1,038,351	$	-	$	1,038,351
Certificates of deposit		335,490		-		335,282		-		335,282
Federal funds purchased		2,438				2,438				2,438
Borrowings		30,000		-		30,072		-		30,072
Junior subordinated debt, net		3,483		-		3,483		-		3,483
Accrued interest payable		2,122		-		2,122		-		2,122

			Fair Value Measurements at December 31, 2023 Using:
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Carrying value		Level 1		Level 2		Level 3		Fair Value
Assets
Cash and cash equivalent	$	28,390	$	28,390	$	-	$	-	$	28,390
Available for sale securities		420,595		-		420,595		-		420,595
Restricted securities		8,385		-		8,385		-		8,385
Loans, net		1,084,270		-		-		1,029,359		1,029,359
Bank owned life insurance		38,904		-		38,904		-		38,904
Accrued interest receivable		6,179		-		1,916		4,263		6,179
Liabilities
Demand deposits and interest-bearing transaction and money market accounts	$	1,090,517	$	-	$	1,090,517	$	-	$	1,090,517
Certificates of deposit		318,581		-		318,768		-		318,768
Federal funds purchased		3,462		3,462						3,462
Borrowings		66,500				66,360				66,360
Junior subordinated debt, net		3,459		-		3,459		-		3,459
Accrued interest payable		2,143		-		2,143		-		2,143