Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Measurements and Disclosures

Schedule of at fair value on a recurring basis

The balances of available for sale securities, which are the only assets measured at fair value on a recurring basis, by level within the fair value hierarchy and by investment type, as of September 30, 2024 and December 31, 2023, were as follows (in thousands):

			Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3
September 30, 2024:
U.S. Treasuries	$	133,792	$	—	$	133,792	$	—
Mortgage-backed securities		44,627		—		44,627		—
Collateralized mortgage obligations		78,775		—		78,775		—
States and political subdivisions		84,684		—		84,684		—
Total	$	341,878	$	—	$	341,878	$	—
December 31, 2023:
U.S. Treasuries	$	115,458	$	—	$	115,458	$	—
Mortgage-backed securities		47,785		—		47,785		—
Collateralized mortgage obligations		95,006		—		95,006		—
States and political subdivisions		81,228		—		81,228		—
Total	$	339,477	$	—	$	339,477	$	—

Collateral dependent loans, which are measured at fair value on a non-recurring basis, by level within the fair value hierarchy as of September 30, 2024 and December 31, 2023 were as follows (in thousands):

			Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3
September 30, 2024	$	—	$	—	$	—	$	—
December 31, 2023	$	6	$	—	$	—	$	6

Schedule of changes in the fair value of other real estate

The following table presents a summary of changes in the fair value of other real estate which is measured using Level 3 inputs (in thousands):

	September 30, 2024		December 31, 2023
Balance, beginning of year	$	—	$	259
Loans transferred to ORE		9		952
Sales		(9)		(1,114)
Write-downs		—		(97)
Balance, end of year	$	—	$	—

Schedule of carrying value and estimated fair value of financial instruments

The carrying value and estimated fair value of financial instruments, by level within the fair value hierarchy, at September 30, 2024 and December 31, 2023 are as follows (in thousands):

	Carrying		Fair Value Measurements Using
	Amount		Level 1		Level 2		Level 3		Total
September 30, 2024:
Financial Assets:
Cash and due from banks	$	42,253	$	42,253	$	—	$	—	$	42,253
Available for sale securities		341,878		—		341,878		—		341,878
Held to maturity securities, net		133,635		—		123,415		—		123,415
Other investments		350		350		—		—		350
Federal Home Loan Bank stock		434		—		434		—		434
Loans, net		236,168		—		—		229,498		229,498
Financial Liabilities:
Deposits:
Non-interest bearing		187,866		187,866		—		—		187,866
Interest bearing		439,941		—		—		401,749		401,749
Time deposits		38,279		—		—		37,715		37,715
Borrowings Federal Home Loan Bank		—		—		—		—		—
Borrowings under Bank Term Funding Program		30,000		—		30,000		—		30,000

	Carrying		Fair Value Measurements Using
	Amount		Level 1		Level 2		Level 3		Total
December 31, 2023:
Financial Assets:
Cash and due from banks	$	22,794	$	22,794	$	—	$	—	$	22,794
Available for sale securities		339,477		—		339,477		—		339,477
Held to maturity securities, net		150,911		—		138,523		—		138,523
Other investments		350		350		—		—		350
Federal Home Loan Bank stock		2,334		—		2,334		—		2,334
Loans, net		235,115		—		—		221,896		221,896
Financial Liabilities:
Deposits:
Non-interest bearing		174,933		174,933		—		—		174,933
Interest bearing		483,662		—		—		424,398		424,398
Time deposits		29,895		—		—		28,939		28,939
Borrowings from Federal Home Loan Bank		18,500		—		18,500		—		18,500