Quarterly report pursuant to Section 13 or 15(d)

Note 7 - Fair Value of Financial Instruments

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Note 7 - Fair Value of Financial Instruments
6 Months Ended
Jun. 30, 2024
Notes to Financial Statements  
Fair Value Disclosures [Text Block]

Note 7: Fair Value of Financial Instruments

 

Financial instruments are classified within the fair value hierarchy using the methodologies described in Note 6 – Fair Value Measurements. The following disclosures include financial instruments that are not carried at fair value on the Consolidated Balance Sheets. The calculation of estimated fair values is based on market conditions at a specific point in time and may not reflect current or future fair values. 

 

Certain financial instruments generally expose the Company to limited credit risk and have no stated maturities or have short-term maturities and carry interest rates that approximate market. The carrying value of these financial instruments assumes to approximate the fair value of these instruments. These instruments include cash and cash equivalents, non-interest bearing deposit accounts, time deposits with other financial institutions, FHLB stock, escrow deposits and accrued interest receivable and payable. 

 

The carrying amounts and estimated fair values by fair value hierarchy of certain financial instruments are as follows:
 
   

Carrying

                           

Estimated

 
   

Amount

   

Level 1

   

Level 2

   

Level 3

   

Fair Value

 
   

(Dollars in thousands)

 

June 30, 2024

                                       

Financial assets:

                                       

Loans, net

  $ 131,038     $     $     $ 120,847     $ 120,847  

Loans held for sale

    5,180             5,283             5,283  

Financial liabilities:

                                       

Interest-bearing deposits

  $ 166,636     $     $ 167,012     $     $ 167,012  

Other Borrowings

    5,000             5,005             5,005  
                                         

December 31, 2023

                                       

Financial assets:

                                       

Loans, net

  $ 120,623     $     $     $ 110,288     $ 110,288  

Loans held for sale

    380             387             387  

Financial liabilities:

                                       

Interest-bearing deposits

  $ 156,402     $     $ 156,092     $     $ 156,092  

Other Borrowings

    5,000             4,990             4,990