XML 39 R29.htm IDEA: XBRL DOCUMENT v3.23.2

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of fair value measurements by level within the fair value hierarchy and the basis of measurement used

For assets measured at fair value, the fair value measurements by level within the fair value hierarchy, and the basis of measurement used at June 30, 2023, and December 31, 2022, are as follows:

												June 30, 2023
In thousands						Basis						Total						Level 1						Level 2						Level 3
U.S. Government and agencies												$	198,830					$	—					$	198,830					$	—
Mortgage-backed securities												238,290						—						238,290						—
State and municipal												—						—						—						—
Corporate bonds												15,132						—						15,132						—
Total securities available for sale						Recurring						$	452,252					$	—					$	452,252					$	—
Equity securities with readily determinable fair values						Recurring						$	915					$	915					$	—					$	—
Individually evaluated loans						Nonrecurring						$	237					$	—					$	—					$	237

												December 31, 2022
In thousands						Basis						Total						Level 1						Level 2						Level 3
U.S. Government and agencies												$	210,999					$	—					$	210,999					$	—
Mortgage-backed securities												295,718						—						295,718						—
State and municipal												15,235						—						15,235						—
Corporate bonds												31,602						—						31,602						—
Total securities available for sale						Recurring						$	553,554					$	—					$	553,554					$	—
Equity securities with readily determinable fair values						Recurring						$	1,719					$	1,719					$	—					$	—
Collateral dependent impaired loans						Nonrecurring						$	3,773					$	—					$	—					$	3,773

Schedule of additional quantitative information about assets measured at fair value on a nonrecurring basis

The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis for which the Corporation has utilized Level 3 inputs to determine fair value:

Quantitative Information about Level 3 Fair Value Measurements

Dollars in thousands

Fair Value Estimate

Valuation Technique

Unobservable Input

Range

Weighted Average

June 30, 2023

Individually evaluated loans

$

237

Appraisal of collateral

(a)

Appraisal adjustments

(b)

(10) – (50)%

(91)%

December 31, 2022

Impaired loans

$

3,773

Appraisal of collateral

(a)

Appraisal adjustments

(b)

(10) – (50)%

(48)%

(a) Fair value is generally determined through management’s estimate or independent third-party appraisals of the underlying collateral, which generally includes various Level 3 inputs which are not observable.

(b) Appraisals may be adjusted downward by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal. Higher downward adjustments are caused by negative changes to the collateral or conditions in the real estate market, actual offers or sales contracts received, and/or age of the appraisal.

Schedule of carrying amount, exit pricing concept fair value and placement in the fair value hierarchy

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments as of June 30, 2023:

						June 30, 2023
In thousands						Carrying Amount						Fair Value						Level 1						Level 2						Level 3
Financial assets:
Cash and due from banks						$	24,898					$	24,898					$	6,620					$	18,278					$	—
Interest-bearing deposits with banks						59,145						59,145						59,145						—						—
Equity securities with readily determinable fair values						915						915						915						—						—
Debt securities available for sale						452,252						452,252						—						452,252						—
Securities held to maturity						64,926						58,133						—						58,133						—
Loans held for sale						—						—						—						—						—
Loans, less allowance for credit losses						1,554,669						1,485,588						—						—						1,485,588
Accrued interest receivable						6,702						6,702						—						6,702						—
Restricted investment in bank stocks						4,877						N/A						—						N/A						—
Financial liabilities:
Demand deposits and savings						1,752,296						1,752,296						—						1,752,296						—
Time deposits						211,458						197,480						—						197,480						—
Short-term sweep accounts						26,703						26,453						—						26,453						—
Short & long-term borrowings						85,000						85,350						—						85,350						—
Trust preferred and subordinated debt						21,000						17,962						—						17,962						—
Accrued interest payable						291						291						—						291						—
Off-balance sheet financial instruments						—						—						—						—						—

The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments as of December 31, 2022:

						December 31, 2022
In thousands						Carrying Amount						Fair Value						Level 1						Level 2						Level 3
Financial assets:
Cash and due from banks						$	40,067					$	40,067					$	6,977					$	33,090					$	—
Interest-bearing deposits with banks						128,094						128,094						128,094						—						—
Equity securities with readily determinable fair values						1,719						1,719						1,719						—						—
Debt securities available for sale						553,554						553,554						—						553,554						—
Securities held to maturity						64,977						58,078						—						58,078						—
Loans held for sale						123						123						—						123						—
Loans, less allowance for credit losses						1,520,749						1,458,556						—						—						1,458,556
Accrued interest receivable						6,915						6,915						—						6,915						—
Restricted investment in bank stocks						1,629						1,629						—						1,629						—
Financial liabilities:
Demand deposits and savings						1,905,845						1,905,845						—						1,905,845						—
Time deposits						293,130						276,182						—						276,182						—
Short-term sweep accounts						41,954						41,954						—						41,954						—
Short & long-term borrowings						—						—						—						—						—
Trust preferred and subordinated debt						21,000						18,648						—						18,648						—
Accrued interest payable						51						51						—						51						—
Off-balance sheet financial instruments						—						—						—						—						—

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration