Fair Value Measurements and Disclosures (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Measurements and Disclosures

Schedule of assets measured at fair value on a recurring basis

The balances of available for sale securities, which are the only assets measured at fair value on a recurring basis, by level within the fair value hierarchy and by investment type, as of September 30, 2025 and December 31, 2024, were as follows (in thousands):


			Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3
September 30, 2025:
U.S. Treasuries	$	127,914	$	—	$	127,914	$	—
Mortgage-backed securities		40,579		—		40,579		—
Collateralized mortgage obligations		59,783		—		59,783		—
States and political subdivisions		84,185		—		84,185		—
Total	$	312,461	$	—	$	312,461	$	—

December 31, 2024:
U.S. Treasuries	$	117,045	$	—	$	117,045	$	—
Mortgage-backed securities		42,512		—		42,512		—
Collateralized mortgage obligations		68,864		—		68,864		—
States and political subdivisions		80,227		—		80,227		—
Total	$	308,648	$	—	$	308,648	$	—

Collateral dependent loans, measured at fair value on a non-recurring basis

Collateral dependent loans, which are measured at fair value on a non-recurring basis, by level within the fair value hierarchy as of September 30, 2025 and December 31, 2024 were as follows (in thousands):

Fair Value Measurements Using

Total

Level 1

Level 2

Level 3

September 30, 2025

—

December 31, 2024

—

Schedule of changes in the fair value of other real estate

The following table presents a summary of changes in the fair value of other real estate which is measured using Level 3 inputs (in thousands):


	September 30, 2025		December 31, 2024
Balance, beginning of year	$	9	$	—
Loans transferred to ORE		16		18
Sales		(16)		(9)
Write-downs		—		—
Chargeoffs		(9)		—
Balance, end of year	$	—	$	9

Schedule of carrying value and estimated fair value of financial instruments

The carrying value and estimated fair value of financial instruments, by level within the fair value hierarchy, at September 30, 2025 and December 31, 2024 are as follows (in thousands):


	Carrying		Fair Value Measurements Using
	Amount		Level 1		Level 2		Level 3		Total
September 30, 2025:
Financial Assets:
Cash and due from banks	$	41,895	$	41,895	$	—	$	—	$	41,895
Available for sale securities		312,461		—		312,461		—		312,461
Held to maturity securities, net		95,492		—		86,000		—		86,000
Loans, net		249,737		—		—		244,883		244,883
Financial Liabilities:
Deposits:
Non-interest bearing		172,017		172,017		—		—		172,017
Interest bearing		427,104		—		—		397,121		397,121
Time deposits		38,455		—		—		37,978		37,978


	Carrying		Fair Value Measurements Using
	Amount		Level 1		Level 2		Level 3		Total
December 31, 2024:
Financial Assets:
Cash and due from banks	$	107,744	$	107,744	$	—	$	—	$	107,744
Available for sale securities		308,648		—		308,648		—		308,648
Held to maturity securities, net		123,156		—		111,112		—		111,112
Loans, net		230,594		—		—		225,422		225,422
Financial Liabilities:
Deposits:
Non-interest bearing		235,183		235,183		—		—		235,183
Interest bearing		434,680		—		—		377,233		377,233
Time deposits		50,867		—		—		50,212		50,212

PEOPLES FINANCIAL CORP /MS/ 10-Q