Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

A summary of the carrying amounts and fair values of the Company’s financial instruments at March 31, 2025 and December 31, 2024 is as follows:


					March 31, 2025
					Fair Value Measurements
	March 31, 2025				Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Net Significant Unobservable Inputs
(dollars in thousands)	Carrying amount		Fair value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and due from banks	$	21,558	$	21,558	$	21,558	$	—	$	—
Federal funds sold and overnight interest-bearing deposits	80,700		80,700		80,700		—		—
Certificates of deposit in other banks	1,000		1,000		1,000		—		—

Other investment securities	6,862		6,862		—		6,862		—
Loans, net	1,448,543		1,416,761		—		—		1,416,761




Accrued interest receivable	8,074		8,074		8,074		—		—

Liabilities:
Deposits:
Non-interest bearing demand	$	427,107	$	427,107	$	427,107	$	—	$	—
Savings, interest checking and money market	818,894		818,894		818,894		—		—
Time deposits	297,887		296,675		—		—		296,675

FHLB advances and other borrowings	124,100		124,174		—		124,174		—
Subordinated notes	49,486		42,097		—		42,097		—


Accrued interest payable	1,630		1,630		1,630		—		—


					December 31, 2024
					Fair Value Measurements
	December 31, 2024				Quoted Prices in Active Markets for Identical Assets		Other Observable Inputs		Net Significant Unobservable Inputs
(dollars in thousands)	Carrying amount		Fair value		(Level 1)		(Level 2)		(Level 3)
Assets:
Cash and due from banks	$	23,668	$	23,668	$	23,668	$	—	$	—
Federal funds sold and overnight interest-bearing deposits	27,326		27,326		27,326		—		—
Certificates of deposit in other banks	1,000		1,000		1,000		—		—

Other investment securities	5,075		5,075		—		5,075		—
Loans, net	1,444,116		1,380,252		—		—		1,380,252




Accrued interest receivable	8,221		8,221		8,221		—		—

Liabilities:
Deposits:
Non-interest bearing demand	$	385,022	$	385,022	$	385,022	$	—	$	—
Savings, interest checking and money market	846,339		846,339		846,339		—		—
Time deposits	301,821		300,386		—		—		300,386

FHLB advances and other borrowings	81,525		81,585		—		81,585		—
Subordinated notes	49,486		41,602		—		41,602		—


Accrued interest payable	1,754		1,754		1,754		—		—