Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Assets Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis at September 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)
September 30, 2024:	(Dollars in thousands)
Debt securities AFS:
U.S. Government-sponsored enterprises	$	27,136	$	2,737	$	24,399	$	—
Agency mortgage-backed	165,146		—		165,146		—
State and political subdivisions	50,199		—		50,199		—
Corporate	2,454		—		2,454		—
Total debt securities	$	244,935	$	2,737	$	242,198	$	—


Other investments:
Mutual funds	$	1,723	$	1,723	$	—	$	—


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:


	September 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	$	47,261	$	47,261	$	47,261	$	—	$	—
Interest bearing deposits in banks	13,445		13,445		—		13,445		—
Investment securities	246,658		246,658		4,460		242,198		—
Loans held for sale	8,449		8,539		—		8,539		—
Loans, net
Residential real estate	445,608		415,114		—		—		415,114
Construction real estate	109,690		108,067		—		—		108,067
Commercial real estate	413,546		387,548		—		—		387,548
Commercial	38,375		35,496		—		—		35,496
Consumer	2,160		2,120		—		—		2,120
Municipal	102,735		99,042		—		—		99,042
Accrued interest receivable	4,920		4,920		—		836		4,084
Nonmarketable equity securities	10,481		N/A		N/A		N/A		N/A
Financial liabilities
Deposits
Noninterest bearing	$	233,770	$	233,770	$	233,770	$	—	$	—
Interest bearing	643,593		643,593		643,593		—		—
Time	295,900		294,881		—		294,881		—
Borrowed funds
Short-term	10,000		10,003		—		10,003		—
Long-term	230,696		234,091		—		234,091		—
Subordinated notes	16,264		17,287		—		17,287		—
Accrued interest payable	2,468		2,468		—		2,468		—


	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		—