Fair Values of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Investments, All Other Investments [Abstract]

Comparison of Carrying Amounts and Estimated Fair Value of Financial Instruments

The following table reflects a comparison of carrying amounts and the estimated fair value of the financial instruments as of December 31, 2024 and December 31, 2023:

	Carrying		Estimated
December 31, 2024	Value		Fair Value		Level 1		Level 2		Level 3
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	52,267	$	52,267	$	52,267	$	—	$	—
Securities available for sale		332,986		332,986		29,894		303,092		—
Securities held to maturity		26,745		24,561		—		10,735		13,826
Equity securities		334		334		334		—		—
Loans held for investment, net		660,553		629,111		—		—		629,111
Loans held for sale		4,561		4,561		—		4,561		—
Restricted stock		1,709		1,709		1,709		—		—
Loan servicing assets		3,903		7,323		—		7,323		—
Mortgage banking derivatives		795		795		—		204		591
Accrued interest receivable		4,355		4,355		—		—		4,355
FINANCIAL LIABILITIES
Deposits	$	1,030,236	$	1,029,696	$	—	$	1,029,696	$	—
Short-term borrowings		1,414		1,414		—		1,414		—
Long-term debt		29,161		25,725		—		—		25,725
Accrued interest payable		505		505		—		—		505

Note 16 - Fair Values of Financial Instruments (Continued)

	Carrying		Estimated
December 31, 2023	Value		Fair Value		Level 1		Level 2		Level 3
	(dollars in thousands)
FINANCIAL ASSETS
Cash and cash equivalents	$	63,434	$	63,434	$	63,434	$	—	$	—
Securities available for sale		336,714		336,714		51,505		285,209		—
Securities held to maturity		28,544		25,736		—		12,614		13,122
Equity securities		302		302		302		—		—
Loans held for investment, net		586,510		544,985		—		—		544,985
Loans held for sale		4,695		4,695		—		4,695		—
Restricted stock		1,672		1,672		1,672		—		—
Loan servicing assets		4,287		7,030		—		7,030		—
Mortgage banking derivatives		852		852		—		46		806
Accrued interest receivable		4,393		4,393		—		—		4,393
FINANCIAL LIABILITIES
Deposits	$	981,713	$	980,534	$	—	$	980,534	$	—
Short-term borrowings		1,379		1,379		—		1,379		—
Long-term debt		29,104		25,102		—		—		25,102
Mortgage banking derivatives		288		288		—		288		—
Accrued interest payable		414		414		—		—		414

Fair Value Information for Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table provides fair value information for assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023:

	December 31, 2024
	(dollars in thousands)
	Total		Level 1		Level 2		Level 3
Securities available for sale:
U.S. Treasury	$	29,894	$	29,894	$	—	$	—
U.S. Government agencies		41,729		—		41,729		—
GSE - Mortgage-backed securities and CMOs		152,789		—		152,789		—
Asset-backed securities		23,578		—		23,578		—
State and political subdivisions		79,253		—		79,253		—
Corporate bonds		5,743		—		5,743		—
Equity securities		334		334		—		—
Mortgage banking derivatives		795		—		204		591
Total assets at fair value	$	334,115	$	30,228	$	303,296	$	591
Mortgage banking derivatives	$	—	$	—	$	—	$	—
Total liabilities at fair value	$	—	$	—	$	—	$	—

Note 16 - Fair Values of Financial Instruments (Continued)

	December 31, 2023
	(dollars in thousands)
	Total		Level 1		Level 2		Level 3
Securities available for sale:
U.S. Treasury	$	51,505	$	51,505	$	—	$	—
U.S. Government agencies		43,018		—		43,018		—
GSE - Mortgage-backed securities and CMOs		123,787		—		123,787		—
Asset-backed securities		31,513		—		31,513		—
State and political subdivisions		81,400		—		81,400		—
Corporate bonds		5,491		—		5,491		—
Equity securities		302		302		—		—
Mortgage banking derivatives		852		—		46		806
Total assets at fair value	$	337,868	$	51,807	$	285,255	$	806
Mortgage banking derivatives	$	288	$	—	$	288	$	—
Total liabilities at fair value	$	288	$	—	$	288	$	—

Schedule of Reconciliation for Recurring Level 3 Fair Value Measurements

The following table provides a reconciliation for recurring Level 3 fair value measurements:

	December 31, 2024
	Mortgage banking derivatives: Interest rate lock commitments			Securities available for sale: GSE mortgage-backed securities and CMOs			Total
	(dollars in thousands)
Balance at December 31, 2022	$	(95	)	$	3,999		$	3,904
Change in fair value:
Included in income from mortgage banking		901			—			901
Included in accumulated other comprehensive income (loss)		—			4			4
Change in observability of significant inputs:
Included in accumulated other comprehensive income (loss)		—			(4,003	)		(4,003	)
Balance at December 31, 2023	$	806		$	—		$	806
Change in fair value:
Included in income from mortgage banking		(215	)		—			(215	)
Included in accumulated other comprehensive income (loss)		—			—			—
Change in observability of significant inputs:
Included in accumulated other comprehensive income (loss)		—			—			—
Balance at December 31, 2024	$	591		$	—		$	591

Assets Measured at Fair Value on Nonrecurring Basis

Assets measured at fair value on a nonrecurring basis are included in the table below as of December 31, 2023:

	December 31, 2023
	(dollars in thousands)
	Total		Level 1		Level 2		Level 3
Individually evaluated loans	$	187	$	—	$	—	$	187
Total assets at fair value on a nonrecurring basis	$	187	$	—	$	—	$	187
Total liabilities at fair value on a nonrecurring basis	$	—	$	—	$	—	$	—

Quantitative Information about Level 3 Fair Value Measurements

Quantitative Information about Level 3 Fair Value Measurements:

			General
December 31, 2023	Valuation Technique	Unobservable Input	Range
Nonrecurring measurements:
Individually evaluated loans	Discounted appraisals	Collateral discounts and estimated costs to sell	0 – 25%