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Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

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 December 31, 2024 and 2023, are reflected below. The aggregate fair values in the table below do not represent the total fair value of the Bank’s assets and liabilities. The table excludes the following: Available-for-Sale Securities, Bank Premises and Equipment, Construction in Progress, Derivatives (which are included in Other Assets or Other Liabilities), Goodwill, Loan Servicing Rights, Other Real Estate Owned, Bank Owned Life Insurance, Other Assets, Dividends Payable, Accrued Expenses and Other Liabilities.

		(In Thousands)
		December 31, 2024																					December 31, 2023
		Carrying				Fair																	Carrying				Fair
		Amount				Value				Level 1				Level 2				Level 3					Amount				Value				Level 1				Level 2				Level 3
Financial Assets:
Cash and cash equivalents		$	176,351			$	176,351			$	176,351			$	-			$	-				$	142,201			$	142,201			$	142,201			$	-			$	-
Interest-bearing time deposits			2,482				2,472				-				2,472				-					2,740				2,725				-				2,725				-
Other securities			14,400				14,400				-				-				14,400					17,138				17,138				-				-				17,138
Loans held for sale			2,996				2,996				-				-				2,996					1,576				1,552				-				-				1,552
Loans, net			2,536,043				2,485,297				-				-				2,485,297					2,556,167				2,396,540				-				-				2,396,540
Interest receivable			12,657				12,657				-				-				12,657					11,774				11,774				-				-				11,774
Financial Liabilities:
Interest bearing deposits		$	1,522,280			$	1,521,097			$	-			$	-			$	1,521,097				$	1,415,981			$	1,416,007			$	-			$	-			$	1,416,007
Noninterest bearing deposits			516,904				516,904				516,904				-				-					528,465				528,465				528,465				-				-
Time deposits			647,581				644,849				-				-				644,849					663,017				656,141				-				-				656,141
Total Deposits			2,686,765				2,682,850				516,904				-				2,165,946					2,607,463				2,600,613				528,465				-				2,072,148
Fed funds purchased and    securities sold under    agreement to repurchase			27,218				27,218				-				-				27,218					28,218				28,218				-				-				28,218
Federal Home Loan Bank  advances			246,056				245,373				-				-				245,373					265,750				260,400				-				-				260,400
Subordinated notes			34,818				31,983				-				31,983				-					34,702				30,676				-				30,676				-
Interest payable			6,618				6,618				-				-				6,618					5,441				5,441				-				-				5,441

Financial Assets Measured at Fair Value on Recurring Basis

The following table summarizes financial assets measured at fair value on a recurring basis as of December 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)
		Quoted Prices in				Significant				Significant
		Active Markets				Observable				Observable
		for Identical				Inputs				Inputs
December 31, 2024		Assets (Level 1)				(Level 2)				(Level 3)
Assets-(Securities Available-for-Sale)
U.S. Treasury		$	105,999			$	-			$	-
U.S. Government agencies			20,035				115,131				-
Mortgage-backed securities			-				120,631				-
State and local governments			-				63,133				1,627
Total Securities Available-for-Sale		$	126,034			$	298,895			$	1,627
Interest rate swaps liabilities		$	-			$	(976	)		$	-

		Quoted Prices in				Significant				Significant
		Active Markets				Observable				Observable
		for Identical				Inputs				Inputs
December 31, 2023		Assets (Level 1)				(Level 2)				(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
Interest rate swaps liabilities		$	-			$	(2,679	)		$	-

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

		(In Thousands)
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		State and Local				State and Local				State and Local
		Governments				Governments				Governments
		Tax-Exempt				Taxable				Total
Balance at January 1, 2024		$	1,188			$	1,272			$	2,460
Change in Fair Value			-				2				2
Purchases			-				-				-
Sales			-				-				-
Payments & Maturities			(835	)			-				(835	)
Balance at December 31, 2024		$	353			$	1,274			$	1,627

		(In Thousands)
		Fair Value Measurements Using Significant
		Unobservable Inputs (Level 3)
		State and Local				State and Local				State and Local
		Governments				Governments				Governments
		Tax-Exempt				Taxable				Total
Balance at January 1, 2023		$	2,071			$	1,274			$	3,345
Change in Fair Value			38				(2	)			36
Purchases			-				-				-
Sales			-				-				-
Payments & Maturities			(921	)			-				(921	)
Balance at December 31, 2023		$	1,188			$	1,272			$	2,460

Assets Measured at Fair Value on Nonrecurring Basis

The following tables present assets measured at fair value on a nonrecurring basis:

		($ in Thousands)
		Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2024
						Quoted Prices in
						Markets for				Significant				Significant
		Balance at				Identical				Observable Inputs				Unobservable Inputs
		December 31, 2024				Assets (Level 1)				(Level 2)				(Level 3)
Collateral dependent     loans		$	2,988			$	-			$	-			$	2,988
Loan servicing     rights			(4	)			-				-				(4	)

		($ in Thousands)
		Assets Measured at Fair Value on a Nonrecurring Basis at December 31, 2023
						Quoted Prices in
						Markets for				Significant				Significant
		Balance at				Identical				Observable Inputs				Unobservable Inputs
		December 31, 2023				Assets (Level 1)				(Level 2)				(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)
		Fair Value at December 31, 2024				Valuation Technique		Unobservable Inputs		Range (Weighted Average)
State and local    government		$	1,627			Discounted Cash Flow		Credit strength of underlying project or entity / Discount rate		-3.61-4.52% (4.33%)
Collateral dependent    loans			2,988			Collateral based measurements		Discount to reflect current market conditions and ultimate collectability		20.00-30.00% (20.78%)
Loan servicing     rights			(4	)		Discounted Cash Flow		Constant prepayment rate and probability of default / Discount rate		9.36-618.70% (107.90%)

		(In Thousands)
		Fair Value at December 31, 2023				Valuation Technique		Unobservable Inputs		Range (Weighted 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%)

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- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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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