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Disclosures About Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Disclosures about Fair Value of Assets and Liabilities [Abstract]

Assets Measured at Fair Value on Nonrecurring Basis

The following table presents the fair value measurement of assets measured at fair value on a nonrecurring basis and the level within the fair value hierarchy in which the fair value measurements fall at September 30, 2023 and December 31, 2022 (dollars in thousands):

		Fair Value				(Level 1)				(Level 2)				(Level 3)
September 30, 2023
Impaired loans (collateral- dependent)		$	37,501			$	-			$	-			$	37,501
December 31, 2022
Impaired loans (collateral- dependent)		$	6,553			$	-			$	-			$	6,553

Quantitative Information About Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements(dollars in thousands):

		Fair Value			Valuation Technique		Unobservable Inputs		Weighted- Average
September 30, 2023
Collateral-dependent impaired loans		$	37,501		Appraisals from comparable assets		Estimated cost to sell			20	%
December 31, 2022
Collateral-dependent impaired loans		$	6,553		Appraisals from comparable assets		Estimated cost to sell			20	%

Estimated Fair Value of Financial Instruments Not Recorded at Fair Value

The following table presents estimated fair values of the Company’s financial instruments not recorded at fair value at September 30, 2023 and December 31, 2022 (dollars in thousands):

		Carrying				Fair Value Measurements
		Amount				Level 1				Level 2				Level 3				Total
September 30, 2023
Financial Assets
Cash and due from banks		$	169,490			$	169,490			$	-			$	-			$	169,490
Interest-bearing time deposits in other banks			17,182				-				17,182				-				17,182
Loans, net of allowance			1,372,128				-				1,331,087				37,501				1,368,588
Loans held for sale			1,143				-				1,143				-				1,143
Nonmarketable equity securities			1,251				-				1,251				-				1,251
Interest receivable			8,769				-				8,769				-				8,769
Financial Liabilities
Deposits		$	1,593,572			$	-			$	1,591,894			$	-			$	1,591,894
Interest payable			1,334				-				1,334				-				1,334
December 31, 2022
Financial Assets
Cash and due from banks		$	109,115			$	109,115			$	-			$	-			$	109,115
Interest-bearing time deposits in other banks			5,474				-				5,474				-				5,474
Loans, net of allowance			1,255,722				-				1,245,825				6,553				1,252,378
Nonmarketable equity securities			1,209				-				1,209				-				1,209
Interest receivable			8,124				-				8,124				-				8,124
Financial Liabilities
Deposits		$	1,431,400			$	-			$	1,429,565			$	-			$	1,429,565
Interest payable			339				-				339				-				339

X

- 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 assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ 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

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
-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 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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