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FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Sep. 30, 2025
FAIR VALUE MEASUREMENTS  
Schedule of securities measured at fair value on a recurring basis

(Dollars in thousands)

    

September 30, 2025

Level 1

    

Level 2

    

Level 3

    

Total

Debt Securities Available-for-Sale:

 

  

 

  

 

  

 

  

U.S. Treasury securities

$

7,465

$

$

$

7,465

Obligations of U.S. Government Agencies and Sponsored Agencies:

 

  

 

 

  

 

Mortgaged-backed

178,953

178,953

Other

 

 

3,573

 

 

3,573

Other mortgage backed debt securities

 

 

38,173

 

 

38,173

Obligations of state and political subdivisions

 

 

75,519

 

 

75,519

Asset-backed securities

 

 

65,986

 

 

65,986

Corporate debt securities

 

 

38,101

 

 

38,101

Total debt securities available-for-sale

 

7,465

 

400,305

 

 

407,770

Marketable equity securities

 

1,715

 

 

 

1,715

Total recurring fair value measurements

$

9,180

$

400,305

$

$

409,485

(Dollars in thousands)

    

December 31, 2024

Level 1

    

Level 2

    

Level 3

    

Total

Debt Securities Available-for-Sale:

 

  

 

  

 

  

 

  

U.S. Treasury securities

$

7,151

$

$

$

7,151

Obligations of U.S. Government Agencies and Sponsored Agencies:

 

  

 

  

 

  

 

  

Mortgaged-backed

136,708

136,708

Other

 

 

5,122

 

 

5,122

Other mortgage backed debt securities

 

 

46,273

 

 

46,273

Obligations of state and political subdivisions

 

 

83,485

 

 

83,485

Asset-backed securities

 

 

73,867

 

 

73,867

Corporate debt securities

 

 

37,682

 

 

37,682

Total debt securities available-for-sale

 

7,151

 

383,137

 

 

390,288

Marketable equity securities

 

1,587

 

 

 

1,587

Total recurring fair value measurements

$

8,738

$

383,137

$

$

391,875

Schedule of individually evaluated loans measured at fair value on a nonrecurring basis

(Dollars in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets at September 30, 2025

 

  

 

  

 

  

 

  

Individually evaluated loans:

 

  

 

  

 

  

 

  

Real Estate

$

$

$

1,603

$

1,603

Total individually evaluated loans

$

$

$

1,603

$

1,603

(Dollars in thousands)

    

Level 1

    

Level 2

    

Level 3

    

Total

Assets at December 31, 2024

 

  

 

  

 

  

 

  

Individually evaluated loans:

 

  

 

  

 

  

 

  

Real Estate

$

$

$

1,603

$

1,603

Total individually evaluated loans

$

$

$

1,603

$

1,603

Schedule of fair value measurement inputs and valuation techniques

(Dollars in thousands)

Quantitative Information about Level 3 Fair Value Measurements

September 30, 2025

    

Estimate

    

Valuation Technique

    

Unobservable Input

    

Discount Range

    

Weighted Average Discount

Individually evaluated loans - collateral dependent

$

1,603

 

Appraisal of collateral1,3
Certificate of Inspection1,3

 

Appraisal adjustments2
Qualitative Adjustments4

 

(15%)(15%)

 

(15%)

 

  

 

  

 

  

 

  

 

  

December 31, 2024

 

  

 

  

 

  

 

  

 

  

Individually evaluated loans - collateral dependent

$

1,603

 

Appraisal of collateral1,3
Certificate of Inspection1,3

 

Appraisal adjustments2
Qualitative Adjustments4

 

(5%)(5%)

 

(5%)

1. Fair value is generally determined through independent appraisals or Certificates of Inspection of the underlying collateral, as defined by Bank regulators.

2. Appraisals may be adjusted downward/discounted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The typical range of appraisal adjustments are presented as a percent of the appraisal value.

3. Includes qualitative adjustments by management and estimated liquidation expenses.

4. Collateral values may be adjusted downward/discounted by management for qualitative factors such as economic conditions and estimated liquidation expenses.

Schedule of fair value of financial instruments, including financial assets and financial liabilities

(Dollars in thousands)

Carrying

Fair Value Measurements at September 30, 2025

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Total

FINANCIAL ASSETS:

 

  

 

  

 

  

 

  

 

  

Cash and due from banks

$

13,016

$

13,016

$

$

$

13,016

Interest-bearing deposits in other banks

 

134,239

 

 

134,239

 

 

134,239

Restricted investment in bank stocks

 

8,944

 

 

8,944

 

 

8,944

Net loans

 

949,733

 

 

 

955,958

 

955,958

Mortgage servicing rights

 

199

 

 

 

199

 

199

Accrued interest receivable

 

5,075

 

 

5,075

 

 

5,075

FINANCIAL LIABILITIES:

 

 

 

 

 

Demand, savings and other deposits

 

677,320

 

 

677,320

 

 

677,320

Time deposits

 

515,174

 

 

514,494

 

 

514,494

Short-term borrowings

 

132,856

 

 

134,139

 

 

134,139

Long-term borrowings

 

106,000

 

 

107,367

 

 

107,367

Subordinated debentures

25,000

21,629

21,629

Accrued interest payable

 

3,175

 

 

3,175

 

 

3,175

Derivative liabilities

 

4,409

 

 

4,409

 

 

4,409

(Dollars in thousands)

Carrying

Fair Value Measurements at December 31, 2024

    

Amount

    

Level 1

    

Level 2

    

Level 3

    

Total

FINANCIAL ASSETS:

 

  

 

  

 

  

 

  

 

  

Cash and due from banks

$

9,933

$

9,933

$

$

$

9,933

Interest-bearing deposits in other banks

 

7,321

 

 

7,321

 

 

7,321

Restricted investment in bank stocks

 

8,984

 

 

8,984

 

 

8,984

Net loans

 

940,779

 

 

 

929,302

 

929,302

Mortgage servicing rights

 

218

 

 

 

218

 

218

Accrued interest receivable

 

4,993

 

 

4,993

 

 

4,993

FINANCIAL LIABILITIES:

 

 

 

 

 

Demand, savings and other deposits

 

677,762

 

 

677,762

 

 

677,762

Time deposits

 

368,118

 

 

366,772

 

 

366,772

Short-term borrowings

 

134,426

 

 

134,541

 

 

134,541

Long-term borrowings

 

106,000

 

 

107,728

 

 

107,728

Subordinated debentures

 

25,000

20,618

20,618

Accrued interest payable

2,152

 

 

2,152

 

 

2,152

Derivative liabilities

1,463

 

 

1,463

 

 

1,463