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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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):

						December 31, 2022
						Carrying Amount						Fair Value
												Level 1						Level 2						Level 3						Total
Financial assets:
Cash and due from banks						$	25,485					$	25,485					$	—					$	—					$	25,485
Interest-earning deposits in other banks						5,685						5,685						—						—						5,685
Available-for-sale investment securities						648,825						—						648,825						—						648,825
Held-to-maturity investment securities						305,107						—						271,249						—						271,249
Equity securities						6,558						6,558						—						—						6,558
Loans, net						1,245,456						—						—						1,113,849						1,113,849
Federal Home Loan Bank stock						6,169						N/A						N/A						N/A						N/A
Accrued interest receivable						10,547						—						6,035						4,512						10,547
Financial liabilities:
Deposits						2,099,649						2,034,928						67,047						—						2,101,975
Short-term borrowings						46,000						—						46,000						—						46,000
Senior debt and subordinated debentures						69,599						—						—						62,504						62,504
Accrued interest payable						794						—						83						711						794

						December 31, 2021
						Carrying Amount						Fair Value
												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 investment 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
Senior debt and 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
						Fair Value						Level 1						Level 2						Level 3
December 31, 2022
Available-for-sale investment securities
Debt Securities:
U.S. Treasury securities						$	8,707					$	—					$	8,707					$	—
U.S. Government agencies						98						—						98						—
Obligations of states and political subdivisions						174,985						—						174,985						—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						109,493						—						109,493						—
Private label mortgage and asset backed securities						355,542						—						355,542						—
Equity Securities						6,558						6,558						—						—
Total assets measured at fair value on a recurring basis						$	655,383					$	6,558					$	648,825					$	—

Fair Value of Assets on a Non-recurring Basis

The Company may be required, from time to time, to measure certain assets and liabilities at fair value on a non-recurring basis. These include the following assets and liabilities that are measured at the lower of cost or fair value that were recognized at fair value which was below cost at December 31, 2022 and 2021. As of December 31, 2022, there were no impaired loans measured for impairment using the fair value. Those measured at December 31, 2021 were (in thousands):

						Fair Value						Level 1						Level 2						Level 3
December 31, 2021
Real estate:
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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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
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-Section 50
-Paragraph 2
-Subparagraph (a)
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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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