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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below:



There were no transfers between Level 1 and Level 2 in 2024 and 2023.

 
  
Fair Value Measurements at
December 31, 2024 Using:
  
(dollars in thousands)
  
Carrying
Value
    
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
                         
Securities available for sale:
                        
U.S. government sponsored enterprises
  
$
85,617
    
$
-
    
$
85,617
    
$
-
  
State and political subdivisions
    
18
      
-
      
18
      
-
  
Mortgage backed securities and collateralized mortgage obligations - residential
    
213,128
      
-
      
213,128
      
-
  
Corporate bonds
    
44,581
      
-
      
44,581
      
-
  
Small Business Administration - guaranteed participation securities
    
14,141
      
-
      
14,141
      
-
  
Other
    
700
      
-
      
700
      
-
  
 
    
                         
Total securities available for sale
  
$
358,185
    
$
-
    
$
358,185
    
$
-
  

 
  
Fair Value Measurements at
December 31, 2023 Using:
  
(dollars in thousands)
  
Carrying
Value
    
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
 
                        
Securities available for sale:
                        
U.S. government sponsored enterprises
  
$
118,668
    
$
-
    
$
118,668
    
$
-
  
State and political subdivisions
    
26
      
-
      
26
      
-
  
Mortgage backed securities and collateralized mortgage obligations - residential
    
237,677
      
-
      
237,677
      
-
  
Corporate bonds
    
78,052
      
-
      
78,052
      
-
  
Small Business Administration - guaranteed participation securities
    
17,186
      
-
      
17,186
      
-
  
Other
    
680
      
-
      
680
      
-
  
 
                                
Total securities available for sale
  
$
452,289
    
$
-
    
$
452,289
    
$
-
  
Assets Measured at Fair Value on Non-Recurring Basis

 Assets measured at fair value on a non-recurring basis are summarized below:

 
  
Fair Value Measurements at
December 31, 2024 Using:
  
 
 
      
(dollars in thousands)
  
Carrying
Value
    
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
Valuation technique
Unobservable inputs
  
Range (Weighted Average)
  
 
                        
 
 
      
Other real estate owned
  
$
2,174
    
$
-
    
$
-
    
$
2,174
  
Sales comparison approach
Adjustments for differences between comparable sales
   
0% - 44% (18
%)
 
                                
 
          
Individually evaluated loans:
                                
 
 
        
Real estate mortgage - 1 to 4 family
    
-
      
-
      
-
      
-
  
Sales comparison approach
Adjustments for differences between comparable sales
   
N/A
  

 
  
Fair Value Measurements at
December 31, 2023 Using:
  
 
 
      
(dollars in thousands)
  
Carrying
Value
    
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
    
Significant
Other
Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
  
Valuation technique
Unobservable inputs
  
Range (Weighted Average)
  
 
                        
 
 
      
Other real estate owned
  
$
194
    
$
-
    
$
-
    
$
194
  
Sales comparison approach
Adjustments for differences between comparable sales
    
0% - 39% (20
%)
 
                                            
Individually evaluated loans:
                                
 
 
        
Real estate mortgage - 1 to 4 family
    
-
      
-
      
-
      
-
  
Sales comparison approach
Adjustments for differences between comparable sales
    
N/A
  
Carrying Amounts and Estimated Fair Values of Financial Instruments

In accordance with ASC 825, the carrying amounts and estimated fair values (exit price) of financial instruments at December 31, 2024 and 2023 are as follows:

(dollars in thousands)
  
Carrying
    
Fair Value Measurements at
December 31, 2024 Using:
  
 
  
Value
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Financial assets:
                              
Cash and cash equivalents
  
$
641,812
      
641,812
      
-
      
-
      
641,812
  
Securities available for sale
    
358,185
      
-
      
358,185
      
-
      
358,185
  
Held to maturity securities
    
5,365
      
-
      
5,306
      
-
      
5,306
  
Federal Reserve Bank and
                                       
Federal Home Loan Bank stock
    
6,507
      
N/A
      
N/A
      
N/A
      
N/A
  
Net loans
    
5,047,810
      
-
      
-
      
4,589,822
      
4,589,822
  
Accrued interest receivable
    
13,194
      
271
      
1,317
      
11,606
      
13,194
  
Financial liabilities:
                                        
Demand deposits
    
762,101
      
762,101
      
-
      
-
      
762,101
  
Interest bearing deposits
    
4,628,882
      
2,579,123
      
2,038,200
      
-
      
4,617,323
  
Short-term borrowings
    
84,781
      
-
      
84,781
      
-
      
84,781
  
Accrued interest payable
    
3,817
      
216
      
3,601
      
-
      
3,817
  
 
                                        

(dollars in thousands)
  
Carrying
    
Fair Value Measurements at
December 31, 2023 Using:
  
 
  
Value
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Financial assets:
                              
Cash and cash equivalents
  
$
578,004
      
578,004
      
-
      
-
      
578,004
  
Securities available for sale
    
452,289
      
-
      
452,289
      
-
      
452,289
  
Held to maturity securities
    
6,458
      
-
      
6,396
      
-
      
6,396
  
Federal Reserve Bank and
                                       
Federal Home Loan Bank stock
    
6,203
      
N/A
      
N/A
      
N/A
      
N/A
  
Net loans
    
4,954,301
      
-
      
-
      
4,422,027
      
4,422,027
  
Accrued interest receivable
    
13,683
      
234
      
1,920
      
11,529
      
13,683
  
Financial liabilities:
                                        
Demand deposits
    
754,532
      
754,532
      
-
      
-
      
754,532
  
Interest bearing deposits
    
4,596,245
      
2,760,221
      
1,819,789
      
-
      
4,580,010
  
Short-term borrowings
    
88,990
      
-
      
88,990
      
-
      
88,990
  
Accrued interest payable
    
3,612
      
256
      
3,356
      
-
      
3,612