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Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets Measured on Recurring Basis

The table below presents the recorded amount of assets measured at fair value on a recurring basis:

(in thousands)			Fair Value						Level 1						Level 2						Level 3
September 30, 2024
Loans HFS			$	1,805					$	—					$	1,805					$	—
Securities AFS:
Mortgage-backed securities			$	294,576					$	—					$	294,576					$	—
Municipal bonds			$	176,545					$	—					$	176,545					$	—
U.S. Treasury securities			$	29,736					$	—					$	29,736					$	—
U.S. agency securities			$	59,698					$	—					$	59,698					$	—
Equity securities			$	3,028					$	3,028					$	—					$	—
December 31, 2023
Loans HFS			$	1,306					$	—					$	1,306					$	—
Securities AFS:
Mortgage-backed securities			$	257,960					$	—					$	257,960					$	—
Municipal bonds			$	184,129					$	—					$	184,129					$	—
U.S. Treasury securities			$	90,142					$	—					$	90,142					$	—
U.S. agency securities			$	37,861					$	—					$	37,861					$	—
Equity securities			$	2,965					$	2,965					$	—					$	—

Schedule of Fair Value of Assets Measured on Nonrecurring Basis

The table below presents certain individually evaluated collateral dependent loans that were remeasured and reported at fair value through the ACL based upon the fair value of the underlying collateral as of the dates indicated:

(in thousands)			September 30, 2024						December 31, 2023
Carrying value of impaired loans before allowance			$	1,268					$	633
Specific allowance			(265)						(100)
Fair value of impaired loans			$	1,003					$	533

The following table presents foreclosed assets that were remeasured and reported at fair value as of the dates indicated:

(in thousands)			September 30, 2024						December 31, 2023
Foreclosed assets remeasured at initial recognition:
Carrying value of foreclosed assets prior to remeasurement			$	38					$	69
Charge-offs			—						—
Fair value of foreclosed assets			$	38					$	69

Schedule of Inputs Used for the Level 3 Fair Value Measurement

The unobservable inputs used for the Level 3 fair value measurements on a nonrecurring basis were as follows:

(dollars in thousands)

Fair Value

Valuation Technique

Unobservable Input

Discount Ranges

Weighted Average Discount

September 30, 2024

Impaired loans

$

7,952

Discounted appraisals

Collateral discounts and costs to sell

0% - 100%

6.43%

Foreclosed assets

$

38

Discounted appraisals

Collateral discounts and costs to sell

N/A

N/A

December 31, 2023

Impaired loans

$

1,754

Discounted appraisals

Collateral discounts and costs to sell

0% - 100%

24.05%

Foreclosed assets

$

69

Discounted appraisals

Collateral discounts and costs to sell

N/A

N/A

Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments

The carrying amounts and estimated fair values of financial instruments as of September 30, 2024 and December 31, 2023, were as follows:

(in thousands)			Carrying Amount						Fair Value						Level 1						Level 2						Level 3
September 30, 2024
Financial assets:
Cash and due from banks			$	39,664					$	39,664					$	39,664					$	—					$	—
Interest-bearing deposits in other banks			$	192,983					$	192,983					$	192,983					$	—					$	—
Securities AFS			$	560,555					$	560,555					$	—					$	560,555					$	—
Securities HTM			$	134,145					$	116,859					$	—					$	116,859					$	—
Equity securities			$	3,028					$	3,028					$	3,028					$	—					$	—
Nonmarketable equity securities			$	2,305					$	2,305					$	—					$	2,305					$	—
Loans HFS			$	1,805					$	1,805					$	—					$	1,805					$	—
Loans HFI, net of allowance			$	2,034,291					$	1,923,165					$	—					$	—					$	1,923,165
Accrued interest receivable			$	9,465					$	9,465					$	—					$	—					$	9,465
Financial liabilities:
Deposits			$	2,747,125					$	2,744,578					$	—					$	2,744,578					$	—
Accrued interest payable			$	11,751					$	11,751					$	—					$	11,751					$	—
December 31, 2023
Financial assets:
Cash and due from banks			$	53,062					$	53,062					$	53,062					$	—					$	—
Interest-bearing deposits in other banks			$	252,364					$	252,364					$	252,364					$	—					$	—
Securities AFS			$	570,092					$	570,092					$	—					$	570,092					$	—
Securities HTM			$	141,236					$	119,029					$	—					$	119,029					$	—
Equity securities			$	2,965					$	2,965					$	2,965					$	—					$	—
Nonmarketable equity securities			$	2,239					$	2,239					$	—					$	2,239					$	—
Loans HFS			$	1,306					$	1,306					$	—					$	1,306					$	—
Loans HFI, net of allowance			$	1,971,522					$	1,820,573					$	—					$	—					$	1,820,573
Accrued interest receivable			$	9,945					$	9,945					$	—					$	—					$	9,945
Financial liabilities:
Deposits			$	2,801,888					$	2,796,303					$	—					$	2,796,303					$	—
Accrued interest payable			$	8,000					$	8,000					$	—					$	8,000					$	—

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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.

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-Topic 820
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

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

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