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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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:

			September 30, 2024
(In thousands)			Basis						Level 1						Level 2						Level 3						Total
Equity securities with readily determinable fair values			Recurring						$	947					$	—					$	—					$	947
AFS Investment Securities:
U.S. Government and agencies									—						152,209						—						152,209
Collateralized mortgage obligations									—						38,067						—						38,067
Residential mortgage-backed securities									—						149,068						—						149,068
Commercial mortgage-backed securities									—						62,897						—						62,897
Corporate bonds									—						15,838						—						15,838
Total AFS Investment Securities			Recurring						$	—					$	418,079					$	—					$	418,079
Loans held for sale			Recurring						—						1,080						—						1,080
Individually evaluated loans			Non-recurring						—						—						262						262
Foreclosed assets held for resale			Non-recurring						—						—						406						406

			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

September 30, 2024

Individually evaluated loans

$

262

Appraisal of collateral

Appraisal adjustments

(17) – (100)%

(81)%

Foreclosed assets held for resale

406

Appraisal of collateral

Appraisal adjustments

(53)

(53)

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:

			September 30, 2024
			Carrying Amount						Estimated Fair Value
(In thousands)									Total						Level 1						Level 2						Level 3
Financial assets:
Cash and due from banks			$	24,636					$	24,636					$	24,636					$	—					$	—
Interest-bearing deposits with banks			33,456						33,456						33,456						—						—
Equity securities with readily determinable fair values			947						947						947						—						—
Investment securities AFS			418,079						418,079						—						418,079						—
Investment securities HTM			64,578						59,038						—						59,038						—
Loans held for sale			1,080						1,080						—						1,080						—
Loans, net			1,659,898						1,641,479						—						—						1,641,479
Accrued interest receivable			7,987						7,987						—						7,987						—
Restricted investment in bank stocks			10,853						10,853						—						10,853						—
Financial liabilities:
Demand deposits, savings, and money markets			$	1,534,586					$	1,333,125					$	—					$	1,333,125					$	—
Time deposits			256,731						250,936						—						250,936						—
Securities sold under repurchase agreements			37,769						40,649						—						40,649						—
FHLB Advances			235,000						240,277						—						240,277						—
Trust preferred and subordinated debt			20,322						18,372						—						18,372						—
Accrued interest payable			1,531						1,531						—						1,531						—

			December 31, 2023
			Carrying Amount						Estimated Fair Value
(In thousands)									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 instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Section 50
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-Topic 820
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-Section 55
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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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://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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-Topic 820
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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.

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