Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value on a Recurring Basis

Assets measured at fair value on a recurring basis are summarized below, along with the level of the fair value hierarchy of the inputs utilized to determine such fair value.

			Recurring Fair Value Measurements Using
	September 30, 2024		Level 1		Level 2		Level 3
	(in thousands)
Marketable equity securities	$	4,343	$	4,343	$	—	$	—
Securities available-for-sale:
Obligations of states and political subdivisions		14,655		—		14,655		—
Government-sponsored mortgage-backed securities		82,948		—		82,948		—
Asset-backed securities		2,712		—		2,712		—
Total	$	104,658	$	4,343	$	100,315	$	—

			Recurring Fair Value Measurements Using
	December 31, 2023		Level 1		Level 2		Level 3
	(in thousands)
Marketable equity securities	$	3,625	$	3,625	$	—	$	—
Securities available-for-sale:
Obligations of states and political subdivisions		14,231		—		14,231		—
Government-sponsored mortgage-backed securities		91,019		—		91,019		—
Asset-backed securities		3,572		—		3,572		—
Certificates of deposit		737		—		737		—
Total	$	113,184	$	3,625	$	109,559	$	—

Summary of Carrying Values and Estimated Fair Values of Financial Instruments

The carrying value and estimated fair value of financial instruments are presented below:

	September 30, 2024
	Carrying Value		Level 1		Level 2		Level 3
	(in thousands)
Financial assets:
Cash and cash equivalents	$	25,686	$	25,686	$	—	$	—
Available-for-sale securities		100,315		—		100,315		—
Marketable equity securities		4,343		4,343		—		—
Loans held for sale		536		—		536		—
Loans, net		397,650		—		—		380,304
Rate lock commitments (1)		17		—		—		17
Accrued interest receivable		1,446		1,446		—		—
Federal Home Loan Bank Stock		4,564		—		—		4,564
Cash value of life insurance		14,364		—		—		14,364
Financial liabilities:
Deposits		395,310		234,231		—		150,187
Advance payments by borrowers for taxes and insurance		9,771		9,771		—		—
Federal Home Loan Bank advances		75,792		—		—		76,430
Accrued interest payable		1,222		1,222		—		—

(1) Included in Other Assets on the Company's Consolidated Balance Sheets.

NOTE 12 – FAIR VALUE (continued)

	December 31, 2023
	Carrying Value		Level 1		Level 2		Level 3
	(in thousands)
Financial assets:
Cash and cash equivalents	$	13,250	$	13,250	$	—	$	—
Available-for-sale securities		109,559		—		109,559		—
Marketable equity securities		3,625		3,625		—		—
Loans held for sale		704		—		704		—
Loans, net		394,834		—		—		368,133
Rate lock commitments (1)		4		—		—		4
Accrued interest receivable		1,554		1,554		—		—
Federal Home Loan Bank Stock		4,164		—		—		4,164
Cash value of life insurance		14,027		—		—		14,027
Financial liabilities:
Deposits		403,683		242,535		—		160,303
Advance payments by borrowers for taxes and insurance		1,233		1,233		—		—
Federal Home Loan Bank advances		71,007		—		—		68,462
Accrued interest payable		1,106		1,106		—		—

(1) Included in Other Assets on the Company's Consolidated Balance Sheets.