8. FAIR VALUE MEASUREMENTS

 

Assets or liabilities measured at fair value on a recurring basis were as follows as of December 31:

 SCHEDULE OF ASSETS OR LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS

                         
(Dollars in thousands)  2025   2024 
Description  Level 1   Level 2   Level 3   Level 1   Level 2   Level 3 
Mortgage loans held for sale  $-   $15,072   $-   $-   $6,925   $- 
Interest rate lock commitment derivative   -    -    232    -    -    18 

 

 

A roll forward of the level 3 valuation financial instruments was as follows:

 

(Dollars in thousands)  2025   October 8, 2024-
December 31, 2024
 
Balance, beginning of period  $18   $124 
Change in fair value in gain on sale of loans, net   214    (106)
Balance, end of year  $232   $18 

 

Historical Timeline

Fiscal YearFiled
2025Mar 31, 2026Showing above
2024Apr 15, 2025

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.