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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

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						—

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

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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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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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)
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