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v3.23.3

Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 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 September 30, 2023, and December 31, 2022, are as follows:
|  |  |  | September 30, 2023
In thousands |  | Basis |  | Total |  | Level 1 |  | Level 2 |  | Level 3
U.S. Government and agencies |  |  |  | $ | 196,775 |  |  | $ | — |  |  | $ | 196,775 |  |  | $ | — |
Mortgage-backed securities |  |  |  | 223,725 |  |  | — |  |  | 223,725 |  |  | — |
Corporate bonds |  |  |  | 15,059 |  |  | — |  |  | 15,059 |  |  | — |
Total securities available for sale |  | Recurring |  | $ | 435,559 |  |  | $ | — |  |  | $ | 435,559 |  |  | $ | — |
Equity securities with readily determinable fair values |  | Recurring |  | $ | 888 |  |  | $ | 888 |  |  | $ | — |  |  | $ | — |
Individually evaluated loans |  | Nonrecurring |  | $ | 242 |  |  | $ | — |  |  | $ | — |  |  | $ | 242 |
|  |  |  | 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 |  |  | $ | — |  |  | $ | — |
Individually evaluated 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
September 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Individually evaluated loans |  | $ | 242 |  |  | Appraisal of collateral | (a) | Appraisal adjustments | (b) |  | (16) – (100)% |  | (91)%
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Individually evaluated 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:
|  | September 30, 2023
In thousands |  | Carrying Amount |  | Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 22,786 |  |  | $ | 22,786 |  |  | $ | 6,448 |  |  | $ | 16,338 |  |  | $ | — |
Interest-bearing deposits with banks |  | 41,255 |  |  | 41,255 |  |  | 41,255 |  |  | — |  |  | — |
Equity securities with readily determinable fair values |  | 888 |  |  | 888 |  |  | 888 |  |  | — |  |  | — |
Debt securities available for sale |  | 435,559 |  |  | 435,559 |  |  | — |  |  | 435,559 |  |  | — |
Securities held to maturity |  | 64,616 |  |  | 53,843 |  |  | — |  |  | 53,843 |  |  | — |
Loans, net of allowance for credit losses |  | 1,596,702 |  |  | 1,526,341 |  |  | — |  |  | — |  |  | 1,526,341 |
Accrued interest receivable |  | 7,727 |  |  | 7,727 |  |  | — |  |  | 7,727 |  |  | — |
Restricted investment in bank stocks |  | 5,477 |  |  | N/A |  | — |  |  | N/A |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |
Demand deposits and savings |  | 1,738,090 |  |  | 1,556,838 |  |  | — |  |  | 1,556,838 |  |  | — |
Time deposits |  | 213,269 |  |  | 199,052 |  |  | — |  |  | 199,052 |  |  | — |
Short-term borrowings |  | 33,106 |  |  | 33,861 |  |  | — |  |  | 33,861 |  |  | — |
Long-term FHLB advances |  | 100,000 |  |  | 99,389 |  |  | — |  |  | 99,389 |  |  | — |
Trust preferred and subordinated debt |  | 20,282 |  |  | 18,037 |  |  | — |  |  | 18,037 |  |  | — |
Accrued interest payable |  | 448 |  |  | 448 |  |  | — |  |  | 448 |  |  | — |
The following presents the carrying amount, fair value, and placement in the fair value hierarchy of the Corporation’s financial instruments:
|  | 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 borrowings |  | 41,954 |  |  | 41,954 |  |  | — |  |  | 41,954 |  |  | — |
Trust preferred and subordinated debt |  | 21,000 |  |  | 18,648 |  |  | — |  |  | 18,648 |  |  | — |
Accrued interest payable |  | 51 |  |  | 51 |  |  | — |  |  | 51 |  |  | — |

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- 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
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- 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
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