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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023
						Carrying Amount						Fair Value
												Level 1						Level 2						Level 3						Total
Financial assets:
Cash and due from banks						$	30,017					$	30,017					$	—					$	—					$	30,017
Interest-earning deposits in other banks						23,711						23,711						—						—						23,711
Held-to-maturity investment securities						302,442						—						277,003						—						277,003
Loans, net						1,276,144						—						—						1,213,098						1,213,098
Accrued interest receivable						10,898						—						6,146						4,752						10,898
Financial liabilities:
Time deposits						162,085						—						160,839						—						160,839
Short-term borrowings						80,000						—						79,991						—						79,991
Senior debt and subordinated debentures						69,744						—						—						61,121						61,121
Accrued interest payable						778						—						594						184						778

						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
Held-to-maturity investment securities						305,107						—						271,249						—						271,249
Loans, net						1,245,456						—						—						1,113,849						1,113,849
Accrued interest receivable						10,547						—						6,035						4,512						10,547
Financial liabilities:
Time deposits						67,923						—						67,047						—						67,047
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

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, 2023
Available-for-sale debt securities:
U.S. Treasury securities						$	8,954					$	—					$	8,954					$	—
U.S. Government agencies						95						—						95						—
Obligations of states and political subdivisions						180,222						—						180,222						—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						83,352						—						83,352						—
Private label mortgage and asset backed securities						324,573						—						324,573						—
Equity Securities						6,649						6,649						—						—
Total assets measured at fair value on a recurring basis						$	603,845					$	6,649					$	597,196					$	—

						Fair Value Measurements Using
						Fair Value						Level 1						Level 2						Level 3
December 31, 2022
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 residential mortgage and asset backed securities						355,542						—						355,542						—
Corporate debt securities						—						—						—						—
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

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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
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-Topic 820
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-Name Accounting Standards Codification
-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
-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
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-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
-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

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-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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