XML 30 R20.htm IDEA: XBRL DOCUMENT v3.23.3

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Estimated Fair Value of Financial Instruments

The estimated carrying and fair values of the Company’s financial instruments not carried at fair value are as follows (in thousands):

						September 30, 2023
						Carrying Amount						Fair Value
(In thousands)												Level 1						Level 2						Level 3						Total
Financial assets:
Cash and due from banks						$	27,558					$	27,558					$	—					$	—					$	27,558
Interest-earning deposits in other banks						47,017						47,017						—						—						47,017
Held-to-maturity investment securities						303,451						—						260,023						—						260,023
Loans, net						1,259,877						—						—						1,172,613						1,172,613
Financial liabilities:
Time deposits						163,246						—						161,758						—						161,758
Senior debt and subordinated debentures						69,708						—						—						58,848						58,848

						December 31, 2022
						Carrying Amount						Fair Value
(In thousands)												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
Held-to-maturity investment securities						305,107						—						271,249						—						271,249
Loans, net						1,245,456						—						—						1,113,849						1,113,849
Financial liabilities:
Time deposits						67,923						—						67,047						—						67,047
Short-term borrowings						46,000						—						46,000						—						46,000
Subordinated debentures						69,599						—						—						62,504						62,504

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. The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022:

						Fair Value Measurements Using
September 30, 2023						Fair Value						Level 1						Level 2						Level 3
Available-for-sale debt securities:
U.S. Treasury securities						$	8,616					$	—					$	8,616					$	—
U.S. Government agencies						92						—						92						—
Obligations of states and political subdivisions						166,125						—						166,125						—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						85,946						—						85,946						—
Private label mortgage and asset backed securities						332,651						—						332,651						—
Equity securities						6,354						6,354						—						—
Total assets measured at fair value on a recurring basis						$	599,784					$	6,354					$	593,430					$	—

 

						Fair Value Measurements Using
December 31, 2022						Fair Value						Level 1						Level 2						Level 3
Available-for-sale 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					$	—

X

- 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

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-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

+ Details

Name:	us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration