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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Financial Assets Measured at Fair Value on Recurring Basis

The following summarizes financial assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023, segregated by level or the valuation inputs within the fair value hierarchy utilized to measure fair value:

Assets and Liabilities Measured at Fair Value on a Recurring Basis
		(In Thousands)
March 31, 2024		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets - (Securities Available-for-Sale)
U.S. Treasury		$	74,693			$	-			$	-
U.S. Government agencies			19,525				108,213				-
Mortgage-backed securities			-				78,404				-
State and local governments			-				64,886				1,795
Total Securities Available-for-Sale		$	94,218			$	251,503			$	1,795

		(In Thousands)
December 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets - (Securities Available-for-Sale)
U.S. Treasury		$	80,270			$	-			$	-
U.S. Government agencies			19,630				108,592				-
Mortgage-backed securities			-				82,132				-
State and local governments			-				65,394				2,460
Total Securities Available-for-Sale		$	99,900			$	256,118			$	2,460

Changes in the Level 3 Fair-Value Category of Unobservable Inputs

The following tables represent the changes in the Level 3 fair-value category of which unobservable inputs are relied upon as of the three periods ended March 31, 2024 and March 31, 2023.

		(In Thousands)
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		State and Local Governments
		Tax-Exempt				Taxable				Total
Balance at January 1, 2024		$	1,188			$	1,272			$	2,460
Change in Fair Value			(2	)			2				-
Payments, Maturities & Calls			(665	)			-				(665	)
Balance at March 31, 2024		$	521			$	1,274			$	1,795

		(In Thousands)
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		State and Local Governments
		Tax-Exempt				Taxable				Total
Balance at January 1, 2023		$	2,071			$	1,274			$	3,345
Change in Fair Value			9				31				40
Payments, Maturities & Calls			(245	)			-				(245	)
Balance at March 31, 2023		$	1,835			$	1,305			$	3,140

Assets Measured at Fair Value on Nonrecurring Basis

The following table presents assets measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023:

		(In Thousands)
		Assets Measured at Fair Value on a Nonrecurring Basis at March 31, 2024
		Balance at March 31, 2024				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Collateral dependent    loans		$	18,849			$	-			$	-			$	18,849
Loan servicing rights			54				-				-				54

		(In Thousands)
		Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2023
		Balance at December 31, 2023				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Collateral dependent    loans		$	22,676			$	-			$	-			$	22,676
Loan servicing rights			58				-				-				58

Quantitative Information about Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements

The following table presents quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements:

		(In Thousands)								Range
		Fair Value at								(Weighted
		March 31, 2024				Valuation Technique		Unobservable Inputs		Average)
State and local government		$	1,795			Discounted Cash Flow		Credit strength of underlying project or entity / discount rate		3.47-4.80% (4.49%)
Collateral dependent    loans			18,849			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		0.00-50.00% (33.79%)
Loan servicing rights			54			Discounted Cash Flow		Constant prepayment rate and probability of default / discount rate		7.64-22.80% (11.86%)

		(In Thousands)								Range
		Fair Value at								(Weighted
		December 31, 2023				Valuation Technique		Unobservable Inputs		Average)
State and local government		$	2,460			Discounted Cash Flow		Credit strength of underlying project or entity / discount rate		-0.17-4.92% (3.49%)
Collateral dependent    loans			22,676			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		0.00-50.00% (0.41%)
Loan servicing rights			58			Discounted Cash Flow		Constant prepayment rate and probability of default / discount rate		5.11-22.80% (10.87%)

Estimated Fair Values and Related Carrying or Notional Amounts

The estimated fair values, and related carrying or notional amounts, for on and off-balance sheet financial instruments as of March 31, 2024 and December 31, 2023 are reflected below.

		(In Thousands)
		March 31, 2024
		Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and cash equivalents		$	187,782			$	187,782			$	187,782			$	-			$	-
Interest-bearing time deposits			2,735				2,718				-				2,718				-
Securities - available-for-sale			347,516				347,516				94,218				251,503				1,795
Other securities			14,744				14,744				-				-				14,744
Loans held for sale			2,410				2,374				-				-				2,374
Loans, net			2,516,687				2,435,500				-				-				2,435,500
Interest receivable			12,981				12,981				-				-				12,981
Financial Liabilities:
Interest bearing deposits		$	1,464,666			$	1,464,184			$	-			$	-			$	1,464,184
Non-interest bearing deposits			510,731				510,731				510,731				-				-
Time deposits			645,985				639,751				-				-				639,751
Total Deposits			2,621,382				2,614,666				510,731				-				2,103,935
Federal funds purchased and securities sold under    agreement to repurchase			28,218				28,218				-				-				28,218
Federal Home Loan Bank advances			256,628				254,906				-				-				254,906
Subordinated notes, net of unamortized issuance costs			34,731				29,810				-				29,810				-
Interest payable			5,595				5,595				-				-				5,595

		(In Thousands)
		December 31, 2023
		Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and cash equivalents		$	142,201			$	142,201			$	142,201			$	-			$	-
Interest-bearing time deposits			2,740				2,725				-				2,725				-
Securities - available-for-sale			358,478				358,478				99,900				256,118				2,460
Other securities			17,138				17,138				-				-				17,138
Loans held for sale			1,576				1,552				-				-				1,552
Loans, net			2,556,167				2,396,540				-				-				2,396,540
Interest receivable			11,774				11,774				-				-				11,774
Financial Liabilities:
Interest bearing deposits		$	1,415,981			$	1,416,007			$	-			$	-			$	1,416,007
Non-interest bearing deposits			528,465				528,465				528,465				-				-
Time deposits			663,017				656,141				-				-				656,141
Total Deposits			2,607,463				2,600,613				528,465				-				2,072,148
Federal funds purchased and securities sold under    agreement to repurchase			28,218				28,218				-				-				28,218
Federal Home Loan Bank advances			265,750				260,400				-				-				260,400
Subordinated notes, net of unamortized issuance costs			34,702				30,676				-				30,676				-
Interest payable			5,441				5,441				-				-				5,441

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Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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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).

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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).

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Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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