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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | The following tables present assets measured at fair value and the basis of measurement used at December 31:
|  |  | 2023
(In thousands) | Basis |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities with readily determinable fair values | Recurring |  | $ | 928 |  |  | $ | — |  |  | $ | — |  |  | $ | 928 |
AFS Investment Securities: |  |  |  |  |  |  |  |  |
U.S. Government and agencies |  |  | — |  |  | 156,795 |  |  | — |  |  | 156,795 |
Mortgage-backed securities |  |  | — |  |  | 265,204 |  |  | — |  |  | 265,204 |
Corporate bonds |  |  | — |  |  | 29,694 |  |  | — |  |  | 29,694 |
Total AFS Investment Securities | Recurring |  | — |  |  | 451,693 |  |  | — |  |  | 451,693 |
Loans held for sale | Recurring |  | — |  |  | 280 |  |  | — |  |  | 280 |
Individually evaluated loans | Non-recurring |  | — |  |  | — |  |  | 242 |  |  | 242 |
Foreclosed assets held for resale | Non-recurring |  | — |  |  | — |  |  | 467 |  |  | 467 |
|  |  | 2022
(In thousands) | Basis |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Equity securities with readily determinable fair values | Recurring |  | $ | 1,719 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,719 |
AFS Investment Securities: |  |  |  |  |  |  |  |  |
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 AFS Investment Securities | Recurring |  | — |  |  | 553,554 |  |  | — |  |  | 553,554 |
Loans held for sale | Recurring |  | — |  |  | 123 |  |  | — |  |  | 123 |
Individually evaluated loans | Non-recurring |  | — |  |  | — |  |  | 3,773 |  |  | 3,773 |
Foreclosed assets held for resale | Non-recurring |  | — |  |  | — |  |  | 474 |  |  | 474 |
Fair Value Inputs, Assets, Quantitative Information | 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 as of December 31:
(Dollars in thousands) |  | Fair Value Estimate |  | Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
2023 |  |  |  |  |  |  |  |  |  |
Individually evaluated loans |  | $ | 242 |  |  | Appraisal of collateral (1) |  | Appraisal adjustments (2) |  | (33)%–(100)% |  | (94) | %
2022 |  |  |  |  |  |  |  |  |  |
Individually evaluated loans |  | $ | 3,773 |  |  | Appraisal of collateral (1) |  | Appraisal adjustments (2) |  | (10)%–(50)% |  | (48) | %
_______________________________ (1) 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. (2) 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.
Fair Value, by Balance Sheet Grouping | The following tables present the carrying amount and the estimated fair value of the Corporation’s financial instruments as of December 31:
| 2023
|  |  | Estimated Fair Value
(In thousands) | Carrying Amount |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Financial assets: |  |  |  |  |  |  |  |  |
Cash and due from banks | $ | 21,442 |  |  | $ | 21,442 |  |  | $ | 7,063 |  |  | $ | 14,379 |  |  | $ | — |
Interest-bearing deposits with banks | 44,516 |  |  | 44,516 |  |  | 44,516 |  |  | — |  |  | — |
Equity securities with readily determinable fair values | 928 |  |  | 928 |  |  | 928 |  |  | — |  |  | — |
Investment securities available for sale | 451,693 |  |  | 451,693 |  |  | — |  |  | 451,693 |  |  | — |
Investment securities held to maturity | 64,600 |  |  | 59,057 |  |  | — |  |  | 59,057 |  |  | — |
Loans held for sale | 280 |  |  | 280 |  |  | — |  |  | 280 |  |  | — |
Loans, net | 1,608,019 |  |  | 1,562,703 |  |  | — |  |  | — |  |  | 1,562,703 |
Accrued interest receivable | 8,080 |  |  | 8,080 |  |  | — |  |  | 8,080 |  |  | — |
Restricted investment in bank stocks | 9,677 |  |  | 9,677 |  |  | — |  |  | 9,677 |  |  | — |
Financial liabilities: |  |  |  |  |  |  |  |  |
Demand deposits, savings, and money markets | 1,629,662 |  |  | 1,391,709 |  |  | — |  |  | 1,391,709 |  |  | — |
Time deposits | 232,151 |  |  | 221,770 |  |  | — |  |  | 221,770 |  |  | — |
Securities sold under repurchase agreements | 26,882 |  |  | 23,666 |  |  | — |  |  | 23,666 |  |  | — |
FHLB Advances | 205,000 |  |  | 206,950 |  |  | — |  |  | 206,950 |  |  | — |
Trust preferred and subordinated debt | 20,292 |  |  | 16,992 |  |  | — |  |  | 16,992 |  |  | — |
Accrued interest payable | 794 |  |  | 794 |  |  | — |  |  | 794 |  |  | — |
| 2022
|  |  | Estimated Fair Value
(In thousands) | Carrying Amount |  | Total |  | 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 |  | — |  | —
Investment securities available for sale | 553,554 |  | 553,554 |  | — |  | 553,554 |  | —
Investment securities held to maturity | 64,977 |  | 58,078 |  | — |  | 58,078 |  | —
Loans held for sale | 123 |  | 123 |  | — |  | 123 |  | —
Loans, net | 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, savings, and money markets | 1,905,845 |  | 1,905,845 |  | — |  | 1,905,845 |  | —
Time deposits | 293,130 |  | 276,182 |  | — |  | 276,182 |  | —
Securities sold under repurchase agreements | 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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