Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value of Financial Instruments [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:

	Fair Value Measurements at
	June 30, 2025 Using:
							Significant
				Quoted Prices in			Other			Significant
				Active Markets for			Observable			Unobservable
	Carrying			Identical Assets			Inputs			Inputs
(dollars in thousands)	Value			(Level 1)			(Level 2)			(Level 3)
U.S. government sponsored enterprises		$	71,241		$	-		$	71,241		$	-
State and political subdivisions			18			-			18			-
Mortgage backed securities and collateralized mortgage obligations - residential			221,721			-			221,721			-
Corporate bonds			29,943			-			29,943			-
Small Business Administration- guaranteed  participation securities			12,945			-			12,945			-
Other securities			698			-			698			-
Total securities available for sale		$	336,566		$	-		$	336,566		$	-

	Fair Value Measurements at
	December 31, 2024 Using:
							Significant
				Quoted Prices in			Other			Significant
				Active Markets for			Observable			Unobservable
	Carrying			Identical Assets			Inputs			Inputs
(dollars in thousands)	Value			(Level 1)			(Level 2)			(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 securities			700			-			700			-
Total securities available for sale		$	358,185		$	-		$	358,185		$	-

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

June 30, 2025 Using:

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Identical Assets

Inputs

Inputs

(dollars in thousands)

Value

(Level 1)

(Level 2)

(Level 3)

Valuation technique

Unobservable inputs

Range (Weighted Average)

Other real estate owned

$

1,136

$

-

$

-

$

1,136

Sales comparison approach

Adjustments for differences between comparable sales

58% (58%

)

Fair Value Measurements at

December 31, 2024 Using:

Significant

Quoted Prices in

Other

Significant

Active Markets for

Observable

Unobservable

Carrying

Identical Assets

Inputs

Inputs

(dollars in thousands)

Value

(Level 1)

(Level 2)

(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%

)

Carrying Amounts and Estimated Fair Values of Financial Instruments

In accordance with FASB Topic 825, Financial Instruments (“ASC 825”), the carrying amounts and estimated fair values of financial instruments, at June 30, 2025 and December 31, 2024 are as follows:

(dollars in thousands)			Fair Value Measurements at
	Carrying		June 30, 2025 Using:
	Value		Level 1		Level 2		Level 3		Total
Financial assets:
Cash and cash equivalents	$	713,591	$	713,591	$	-	$	-	$	713,591
Securities available for sale		336,566		-		336,566		-		336,566
Held to maturity securities		4,836		-		4,844		-		4,844
Federal Home Loan Bank stock		6,601		N/A		N/A		N/A		N/A
Net loans		5,105,436		-		-		4,647,987		4,647,987
Accrued interest receivable		13,966		249		1,100		12,617		13,966
Financial liabilities:
Demand deposits		784,351		784,351		-		-		784,351
Interest bearing deposits		4,705,963		2,594,619		2,100,677		-		4,695,296
Short-term borrowings		82,370		-		82,370		-		82,370
Accrued interest payable		4,265		856		3,409		-		4,265

(dollars in thousands)			Fair Value Measurements at
	Carrying		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 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