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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Estimated Fair Value of Financial Instruments

The estimated carrying and fair values of the Company’s financial instruments are as follows (in thousands):

						September 30, 2022
						Carrying Amount						Fair Value
(In thousands)												Level 1						Level 2						Level 3						Total
Financial assets:
Cash and due from banks						$	32,535					$	32,535					$	—					$	—					$	32,535
Interest-earning deposits in other banks						9,043						9,043						—						—						9,043
Available-for-sale debt securities						668,300						—						668,300						—						668,300
Held-to-maturity investment securities						305,482						—						267,443						—						267,443
Equity securities						6,544						6,544						—						—						6,544
Loans, net						1,214,904						—						—						1,181,932						1,181,932
Federal Home Loan Bank stock						6,169						N/A						N/A						N/A						N/A
Accrued interest receivable						9,616						14						5,770						3,832						9,616
Financial liabilities:
Deposits						2,139,144						2,063,024						75,157						—						2,138,181
Short-term borrowings						25,000						—						25,000						—						25,000
Senior debt and subordinated debentures						69,563						—						—						63,451						63,451
Accrued interest payable						608						—						62						546						608

						December 31, 2021
						Carrying Amount						Fair Value
(In thousands)												Level 1						Level 2						Level 3						Total
Financial assets:
Cash and due from banks						$	29,412					$	29,412					$	—					$	—					$	29,412
Interest-earning deposits in other banks						134,055						134,055						—						—						134,055
Available-for-sale debt securities						1,109,208						—						1,109,208						—						1,109,208
Equity securities						7,416						7,416						—						—						7,416
Loans, net						1,029,511						—						—						1,015,052						1,015,052
Federal Home Loan Bank stock						5,595						N/A						N/A						N/A						N/A
Accrued interest receivable						9,395						7						6,076						3,312						9,395
Financial liabilities:
Deposits						2,122,797						2,010,407						89,923						—						2,100,330
Subordinated debentures						39,454						—						—						39,463						39,463
Accrued interest payable						202						—						30						172						202

Fair Value of Assets on a Recurring Basis

The Company is required or permitted to record the following assets at fair value on a recurring basis under other accounting pronouncements (in thousands): 

						Fair Value Measurements Using
September 30, 2022						Fair Value						Level 1						Level 2						Level 3
Available-for-sale debt securities:
U.S. Treasury securities						$	8,548					$	—					$	8,548					$	—
U.S. Government agencies						333						—						333						—
Obligations of states and political subdivisions						182,598						—						182,598						—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						115,340						—						115,340						—
Private label mortgage and asset backed securities						361,481						—						361,481						—
Equity securities						6,544						6,544						—						—
Total assets measured at fair value on a recurring basis						$	674,844					$	6,544					$	668,300					$	—

 

						Fair Value Measurements Using
December 31, 2021						Fair Value						Level 1						Level 2						Level 3
Available-for-sale debt securities:
U.S. Treasury securities						$	9,925					$	—					$	9,925					$	—
U.S. Government agencies						379						—						379						—
Obligations of states and political subdivisions						526,467						—						526,467						—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						214,439						—						214,439						—
Private label mortgage and asset backed securities						313,220						—						313,220						—
Corporate debt securities						44,778						—						44,778						—
Equity securities						7,416						7,416						—						—
Total assets measured at fair value on a recurring basis						$	1,116,624					$	7,416					$	1,109,208					$	—

Fair Value of Assets on a Non-recurring Basis

December 31, 2021						Fair Value						Level 1						Level 2						Level 3
Impaired loans:
Real estate-construction and other land loans						$	262					$	—					$	—					$	262
Total assets measured at fair value on a non-recurring basis						$	262					$	—					$	—					$	262

X

- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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