Fair Values of Financial Instruments

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Fair Values of Financial Instruments

NOTE 15 – FAIR VALUES OF FINANCIAL INSTRUMENTS

The estimated fair values of recognized financial instruments carried at amortized cost as of December 31 were as follows:

	2023
		Carrying								Total Fair
(Dollars in thousands)		Value		Level I		Level II		Level III		Value
Financial assets
Securities held-to-maturity	$		226,279	$	9,507	$	185,223	$	—	$	194,730
Net loans			694,797		—		—		663,510		663,510
Mortgage servicing rights			600		—		—		600		600
Financial liabilities
Deposits	$		1,027,427	$	835,847	$	—	$	193,126	$	1,028,973
Other borrowings			1,754		—		—		1,546		1,546
	2022
		Carrying								Total Fair
(Dollars in thousands)		Value		Level I		Level II		Level III		Value
Financial assets
Securities held-to-maturity	$		247,401	$	11,617	$	200,337	$	—	$	211,954
Loans held for sale			52		55		—		—		55
Net loans			620,333		—		—		600,720		600,720
Mortgage servicing rights			621		—		—		621		621
Financial liabilities
Deposits	$		1,023,417	$	905,335	$	—	$	114,478	$	1,019,813
Other borrowings			2,461		—		—		2,321		2,321

Other financial instruments carried at amortized cost include cash and cash equivalents, restricted stock, bank-owned life insurance, accrued interest receivable, short-term borrowings, and accrued interest payable, all of which have a level 1 fair value that approximates their carrying value.