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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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

The following tables present assets measured at fair value and the basis of measurement used at the periods presented:

			March 31, 2024
(In thousands)			Basis						Level 1						Level 2						Level 3						Total
Equity securities with readily determinable fair values			Recurring						$	918					$	—					$	—					$	918
AFS Investment Securities:
U.S. Government and agencies									—						155,821						—						155,821
Collateralized mortgage obligations									—						39,506						—						39,506
Residential mortgage-backed securities									—						152,580						—						152,580
Commercial mortgage-backed securities									—						61,654						—						61,654
Corporate bonds									—						15,553						—						15,553
Total AFS Investment Securities			Recurring						—						425,114						—						425,114
Loans held for sale			Recurring						—						88						—						88
Individually evaluated loans			Non-recurring						—						—						294						294
Foreclosed assets held for resale			Non-recurring						—						—						467						467

			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
Collateralized mortgage obligations									—						41,084						—						41,084
Residential mortgage-backed securities									—						158,830						—						158,830
Commercial mortgage-backed securities									—						65,290						—						65,290
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

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:

(Dollars in thousands)

Fair Value Estimate

Valuation Technique(1)

Unobservable Input(2)

Range

Weighted Average

March 31, 2024

Individually evaluated loans

$

294

Appraisal of collateral

Appraisal adjustments

(33) – (100)%

(93)%

Foreclosed assets held for resale

467

Appraisal of collateral

Appraisal adjustments

(56)

(56)

December 31, 2023

Individually evaluated loans

$

242

Appraisal of collateral

Appraisal adjustments

(33) – (100)%

(94)%

Foreclosed assets held for resale

467

Appraisal of collateral

Appraisal adjustments

(56)

(56)

_______________________________

(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.

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

The following tables present the carrying amount and the estimated fair value of the Corporation’s financial instruments:

			March 31, 2024
									Estimated Fair Value
(In thousands)			Carrying Amount						Total						Level 1						Level 2						Level 3
Financial assets:
Cash and due from banks			$	17,395					$	17,395					$	17,395					$	—					$	—
Interest-bearing deposits with banks			35,740						35,740						35,740						—						—
Equity securities with readily determinable fair values			918						918						918						—						—
Investment securities AFS			425,114						425,114						—						425,114						—
Investment securities HTM			64,594						58,084						—						58,084						—
Loans held for sale			88						88						—						88						—
Loans, net			1,644,808						1,588,788						—						—						1,588,788
Accrued interest receivable			8,140						8,140						—						8,140						—
Restricted investment in bank stocks			10,877						10,877						—						10,877						—
Financial liabilities:
Demand deposits, savings, and money markets			1,577,942						1,323,123						—						1,323,123						—
Time deposits			257,282						246,272						—						246,272						—
Securities sold under repurchase agreements			17,303						18,106						—						18,106						—
FHLB Advances			235,000						235,588						—						235,588						—
Trust preferred and subordinated debt			20,302						18,277						—						18,277						—
Accrued interest payable			1,476						1,476						—						1,476						—

			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 AFS			451,693						451,693						—						451,693						—
Investment securities HTM			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						—

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

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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

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- 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

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