XML 35 R24.htm IDEA: XBRL DOCUMENT v3.24.3

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024
						Carrying Amount						Fair Value
(In thousands)												Level 1						Level 2						Level 3						Total
Financial assets:
Cash and due from banks						$	44,418					$	44,418					$	—					$	—					$	44,418
Interest-earning deposits in other banks						104,595						104,595						—						—						104,595
Held-to-maturity investment securities						301,920						—						283,353						—						283,353
Loans, net						2,272,252						—						—						2,230,327						2,230,327
Financial liabilities:
Time deposits						443,932						—						441,504						—						441,504
Short-term borrowings						132,508						—						135,575						—						135,575
Senior debt and subordinated debentures						69,853						—						—						62,471						62,471

						December 31, 2023
						Carrying Amount						Fair Value
(In thousands)												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
Financial liabilities:
Time deposits						162,085						—						160,839						—						160,839
Short-term borrowings						80,000						—						79,991						—						79,991
Subordinated debentures						69,744						—						—						61,121						61,121

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 measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:

						Fair Value Measurements Using
September 30, 2024						Fair Value						Level 1						Level 2						Level 3
Available-for-sale debt securities:
U.S. Treasury securities						$	9,256					$	—					$	9,256					$	—
U.S. Government agencies						68						—						68						—
Obligations of states and political subdivisions						169,121						—						169,121						—
U.S. Government sponsored entities and agencies collateralized by residential mortgage obligations						75,686						—						75,686						—
Private label mortgage and asset backed securities						249,352						—						249,352						—
Corporate debt securities						481						—						481						—
Equity securities						6,790						6,790						—						—
Total assets measured at fair value on a recurring basis						$	510,754					$	6,790					$	503,964					$	—

 

						Fair Value Measurements Using
December 31, 2023						Fair Value						Level 1						Level 2						Level 3
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					$	—

There were no liabilities measured on a recurring basis at September 30, 2024 and December 31, 2023.

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 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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

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