Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis at June 30, 2024 and December 31, 2023, segregated by fair value hierarchy level, are summarized below:


	Fair Value Measurements
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2024:	(Dollars in thousands)
Debt securities AFS:
U.S. Government-sponsored enterprises	$	38,592	$	2,637	$	35,955	$	—
Agency mortgage-backed	142,968		—		142,968		—
State and political subdivisions	65,742		—		65,742		—
Corporate	5,218		—		5,218		—
Total debt securities	$	252,520	$	2,637	$	249,883	$	—


Other investments:
Mutual funds	$	1,657	$	1,657	$	—	$	—


December 31, 2023:
Debt securities AFS:
U.S. Government-sponsored enterprises	$	39,351	$	2,645	$	36,706	$	—
Agency mortgage-backed	152,384		—		152,384		—
State and political subdivisions	66,439		—		66,439		—
Corporate	6,209		—		6,209		—
Total debt securities	$	264,383	$	2,645	$	261,738	$	—


Other investments:
Mutual funds	$	1,500	$	1,500	$	—	$	—

Schedule of Fair Values and Carrying Amounts, Significant Financial Instruments

As of the balance sheet dates, the estimated fair values and related carrying amounts of the Company's significant financial instruments were as follows:


	June 30, 2024
	Fair Value Measurements
	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Financial assets
Cash and cash equivalents	$	30,507	$	30,507	$	30,507	$	—	$	—
Interest bearing deposits in banks	13,943		13,943		—		13,943		—
Investment securities	254,177		254,177		4,294		249,883		—
Loans held for sale	6,224		6,304		—		6,304		—
Loans, net
Residential real estate	436,313		395,301		—		—		395,301
Construction real estate	94,728		92,967		—		—		92,967
Commercial real estate	397,482		369,827		—		—		369,827
Commercial	40,168		37,284		—		—		37,284
Consumer	2,522		2,481		—		—		2,481
Municipal	29,814		29,474		—		—		29,474
Accrued interest receivable	4,773		4,773		—		1,319		3,454
Nonmarketable equity securities	9,382		N/A		N/A		N/A		N/A
Financial liabilities
Deposits
Noninterest bearing	$	222,928	$	222,928	$	222,928	$	—	$	—
Interest bearing	558,658		558,658		558,658		—		—
Time	271,722		269,895		—		269,895		—
Borrowed funds
Short-term	76,400		76,391		—		76,391		—
Long-term	170,696		170,834		—		170,834		—
Subordinated notes	16,256		15,266		—		15,266		—
Accrued interest payable	2,682		2,682		—		2,682		—


	December 31, 2023
	Fair Value Measurements
	Carrying Amount		Estimated Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(Dollars in thousands)
Financial assets
Cash and cash equivalents	$	77,666	$	77,666	$	77,666	$	—	$	—
Interest bearing deposits in banks	14,690		14,690		—		14,690		—
Investment securities	265,883		265,883		4,145		261,738		—
Loans held for sale	3,070		3,110		—		3,110		—
Loans, net
Residential real estate	414,500		373,594		—		—		373,594
Construction real estate	87,588		85,678		—		—		85,678
Commercial real estate	401,753		373,279		—		—		373,279
Commercial	40,165		37,136		—		—		37,136
Consumer	2,589		2,536		—		—		2,536
Municipal	76,861		74,812		—		—		74,812
Accrued interest receivable	5,409		5,409		—		1,395		4,014
Nonmarketable equity securities	3,199		N/A		N/A		N/A		N/A
Financial liabilities
Deposits
Noninterest bearing	$	250,992	$	250,992	$	250,992	$	—	$	—
Interest bearing	765,689		765,689		765,689		—		—
Time	288,922		286,637		—		286,637		—
Borrowed funds
Short-term	10,000		9,990		—		9,990		—
Long-term	55,696		55,914		—		55,914		—
Subordinated notes	16,239		15,302		—		15,302		—
Accrued interest payable	1,666		1,666		—		1,666		—