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Fair Value (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured on Recurring Basis Measured at Fair Value | The following tables present the balances of assets and liabilities that were measured at fair value on a recurring basis as of September 30, 2023, December 31, 2022 and September 30, 2022.
| At September 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Securities available for sale |  |  |  |  |  |  |
U.S. Government-sponsored agencies | $ | — |  |  | $ | 38,252,000 |  |  | $ | — |  |  | $ | 38,252,000 |
Mortgage-backed securities | — |  |  | 212,846,000 |  |  | — |  |  | 212,846,000 |
State and political subdivisions | — |  |  | 30,780,000 |  |  | — |  |  | 30,780,000 |
Asset-backed securities | — |  |  | 3,094,000 |  |  | — |  |  | 3,094,000 |
Total securities available for sale | — |  |  | 284,972,000 |  |  | — |  |  | 284,972,000 |
Interest rate swap agreements | — |  |  | 2,489,000 |  |  | — |  |  | 2,489,000 |
Customer loan interest swap agreements | — |  |  | 6,031,000 |  |  | — |  |  | 6,031,000 |
Total interest rate swap agreements | — |  |  | 8,520,000 |  |  | — |  |  | 8,520,000 |
Total assets | $ | — |  |  | $ | 293,492,000 |  |  | $ | — |  |  | $ | 293,492,000 |
| At September 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Interest rate swap agreements | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Customer loan interest swap agreements | — |  |  | 6,031,000 |  |  | — |  |  | 6,031,000 |
Total liabilities | $ | — |  |  | $ | 6,031,000 |  |  | $ | — |  |  | $ | 6,031,000 |
| At December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Securities available for sale |  |  |  |  |  |  |
U.S. Government-sponsored agencies | $ | — |  |  | $ | 19,147,000 |  |  | $ | — |  |  | $ | 19,147,000 |
Mortgage-backed securities | — |  |  | 228,676,000 |  |  | — |  |  | 228,676,000 |
State and political subdivisions | — |  |  | 33,191,000 |  |  | — |  |  | 33,191,000 |
Asset-backed securities | — |  |  | 3,495,000 |  |  | — |  |  | 3,495,000 |
Total securities available for sale | — |  |  | 284,509,000 |  |  | — |  |  | 284,509,000 |
Interest rate swap agreements | — |  |  | 689,000 |  |  | — |  |  | 689,000 |
Customer loan interest swap agreements | — |  |  | 4,910,000 |  |  | — |  |  | 4,910,000 |
Total interest rate swap agreements | — |  |  | 5,599,000 |  |  | — |  |  | 5,599,000 |
Total assets | $ | — |  |  | $ | 290,108,000 |  |  | $ | — |  |  | $ | 290,108,000 |
| At December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Customer loan interest swap agreements | $ | — |  |  | $ | 4,910,000 |  |  | $ | — |  |  | $ | 4,910,000 |
Total liabilities | $ | — |  |  | $ | 4,910,000 |  |  | $ | — |  |  | $ | 4,910,000 |
| At September 30, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Securities available for sale |  |  |  |  |  |  |
U.S. Government-sponsored agencies | $ | — |  |  | $ | 19,144,000 |  |  | $ | — |  |  | $ | 19,144,000 |
Mortgage-backed securities | — |  |  | 229,178,000 |  |  | — |  |  | 229,178,000 |
State and political subdivisions | — |  |  | 31,106,000 |  |  | — |  |  | 31,106,000 |
Asset-backed securities | — |  |  | 3,840,000 |  |  | — |  |  | 3,840,000 |
Total securities available for sale | — |  |  | 283,268,000 |  |  | — |  |  | 283,268,000 |
Interest rate swap agreements | — |  |  | 633,000 |  |  | — |  |  | 633,000 |
Customer loan interest swap agreements | — |  |  | 5,365,000 |  |  | — |  |  | 5,365,000 |
Total interest swap agreements | — |  |  | 5,998,000 |  |  | — |  |  | 5,998,000 |
Total assets | $ | — |  |  | $ | 289,266,000 |  |  | $ | — |  |  | $ | 289,266,000 |
| At September 30, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Customer loan interest swap agreements | $ | — |  |  | $ | 5,365,000 |  |  | $ | — |  |  | $ | 5,365,000 |
Total liabilities | $ | — |  |  | $ | 5,365,000 |  |  | $ | — |  |  | $ | 5,365,000 |
Schedule of Assets Measured on Nonrecurring Basis Measured at Fair Value | The following tables include assets measured at fair value on a nonrecurring basis that have had a fair value adjustment since their initial recognition. Mortgage servicing rights are presented at fair value with no impairment reserve for each of the periods presented. Only collateral-dependent individually analyzed loans with a related specific allowance for credit losses or a partial charge off are included in individually analyzed loans for purposes of fair value disclosures. Individually analyzed loans below are presented net of specific allowances of $19,000, $135,000 and $151,000 at September 30, 2023, December 31, 2022, and September 30, 2022, respectively.
| At September 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Mortgage servicing rights | $ | — |  |  | $ | 3,673,000 |  |  | $ | — |  |  | $ | 3,673,000 |
Individually analyzed loans | — |  |  | 285,000 |  |  | — |  |  | 285,000 |
Total assets | $ | — |  |  | $ | 3,958,000 |  |  | $ | — |  |  | $ | 3,958,000 |
| At December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Mortgage servicing rights | $ | — |  |  | $ | 3,734,000 |  |  | $ | — |  |  | $ | 3,734,000 |
Individually analyzed loans | — |  |  | 20,000 |  |  | — |  |  | 20,000 |
Total assets | $ | — |  |  | $ | 3,754,000 |  |  | $ | — |  |  | $ | 3,754,000 |
| At September 30, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Mortgage servicing rights | $ | — |  |  | $ | 3,789,000 |  |  | $ | — |  |  | $ | 3,789,000 |
Individually analyzed loans | — |  |  | 5,000 |  |  | — |  |  | 5,000 |
Total assets | $ | — |  |  | $ | 3,794,000 |  |  | $ | — |  |  | $ | 3,794,000 |
Schedule of Estimated Fair Value of Financial Instruments | The carrying amount and estimated fair values for financial instruments as of September 30, 2023 were as follows:
| Carrying value |  | Estimated fair value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Securities to be held to maturity (net of allowance for credit losses) | $ | 387,374,000 |  |  | $ | 311,864,000 |  |  | $ | — |  |  | $ | 311,864,000 |  |  | $ | — |
Loans (net of allowance for credit losses) |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | 688,027,000 |  |  | 652,297,000 |  |  | — |  |  | — |  |  | 652,297,000 |
Construction | 70,822,000 |  |  | 67,144,000 |  |  | — |  |  | — |  |  | 67,144,000 |
Other | 435,563,000 |  |  | 423,464,000 |  |  | — |  |  | — |  |  | 423,464,000 |
Municipal | 58,071,000 |  |  | 52,196,000 |  |  | — |  |  | — |  |  | 52,196,000 |
Residential |  |  |  |  |  |  |  |  |
Term | 655,431,000 |  |  | 577,982,000 |  |  | — |  |  | 285,000 |  |  | 577,697,000 |
Construction | 28,410,000 |  |  | 27,972,000 |  |  | — |  |  | — |  |  | 27,972,000 |
Home equity line of credit | 101,363,000 |  |  | 102,124,000 |  |  | — |  |  | — |  |  | 102,124,000 |
Consumer | 19,119,000 |  |  | 16,978,000 |  |  | — |  |  | — |  |  | 16,978,000 |
Total loans | 2,056,806,000 |  |  | 1,920,157,000 |  |  | — |  |  | 285,000 |  |  | 1,919,872,000 |
Mortgage servicing rights | 2,246,000 |  |  | 3,673,000 |  |  | — |  |  | 3,673,000 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Local certificates of deposit | $ | 338,280,000 |  |  | $ | 319,218,000 |  |  | $ | — |  |  | $ | 319,218,000 |  |  | $ | — |
National certificates of deposit | 670,886,000 |  |  | 672,654,000 |  |  | — |  |  | 672,654,000 |  |  | — |
Total certificates of deposit | 1,009,166,000 |  |  | 991,872,000 |  |  | — |  |  | 991,872,000 |  |  | — |
Repurchase agreements | 52,915,000 |  |  | 52,793,000 |  |  | — |  |  | 52,793,000 |  |  | — |
Federal Home Loan Bank advances | 30,078,000 |  |  | 30,074,000 |  |  | — |  |  | 30,074,000 |  |  | — |
Total borrowed funds | 82,993,000 |  |  | 82,867,000 |  |  | — |  |  | 82,867,000 |  |  | — |
The carrying amounts and estimated fair values for financial instruments as of December 31, 2022 were as follows:
| Carrying value |  | Estimated fair value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Securities to be held to maturity | $ | 393,896,000 |  |  | $ | 339,011,000 |  |  | $ | — |  |  | $ | 339,011,000 |  |  | $ | — |
Loans (net of allowance for loan losses) |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | 692,541,000 |  |  | 669,752,000 |  |  | — |  |  | — |  |  | 669,752,000 |
Construction | 92,994,000 |  |  | 89,934,000 |  |  | — |  |  | — |  |  | 89,934,000 |
Other | 315,917,000 |  |  | 312,219,000 |  |  | — |  |  | 20,000 |  |  | 312,199,000 |
Municipal | 40,439,000 |  |  | 38,069,000 |  |  | — |  |  | — |  |  | 38,069,000 |
Residential |  |  |  |  |  |  |  |  |
Term | 611,350,000 |  |  | 558,274,000 |  |  | — |  |  | — |  |  | 558,274,000 |
Construction | 49,686,000 |  |  | 44,410,000 |  |  | — |  |  | — |  |  | 44,410,000 |
Home equity line of credit | 75,416,000 |  |  | 78,878,000 |  |  | — |  |  | — |  |  | 78,878,000 |
Consumer | 19,883,000 |  |  | 18,142,000 |  |  | — |  |  | — |  |  | 18,142,000 |
Total loans | 1,898,226,000 |  |  | 1,809,678,000 |  |  | — |  |  | 20,000 |  |  | 1,809,658,000 |
Mortgage servicing rights | 2,493,000 |  |  | 3,734,000 |  |  | — |  |  | 3,734,000 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Local certificates of deposit | $ | 291,152,000 |  |  | $ | 275,658,000 |  |  | $ | — |  |  | $ | 275,658,000 |  |  | $ | — |
National certificates of deposit | 576,519,000 |  |  | 569,883,000 |  |  | — |  |  | 569,883,000 |  |  | — |
Total certificates of deposit | 867,671,000 |  |  | 845,541,000 |  |  | — |  |  | 845,541,000 |  |  | — |
Repurchase agreements | 64,409,000 |  |  | 64,289,000 |  |  | — |  |  | 64,289,000 |  |  | — |
Federal Home Loan Bank advances | 39,074,000 |  |  | 39,064,000 |  |  | — |  |  | 39,064,000 |  |  | — |
Total borrowed funds | 103,483,000 |  |  | 103,353,000 |  |  | — |  |  | 103,353,000 |  |  | — |
The carrying amount and estimated fair values for financial instruments as of September 30, 2022 were as follows:
| Carrying value |  | Estimated fair value |  | Level 1 |  | Level 2 |  | Level 3
Financial assets |  |  |  |  |  |  |  |  |
Securities to be held to maturity | $ | 381,906,000 |  |  | $ | 313,796,000 |  |  | $ | — |  |  | $ | 313,796,000 |  |  | $ | — |
Loans (net of allowance for loan losses) |  |  |  |  |  |  |  |  |
Commercial |  |  |  |  |  |  |  |  |
Real estate | 632,385,000 |  |  | 615,560,000 |  |  | — |  |  | — |  |  | 615,560,000 |
Construction | 127,765,000 |  |  | 124,366,000 |  |  | — |  |  | — |  |  | 124,366,000 |
Other | 306,692,000 |  |  | 304,024,000 |  |  | — |  |  | 5,000 |  |  | 304,019,000 |
Municipal | 48,521,000 |  |  | 46,475,000 |  |  | — |  |  | — |  |  | 46,475,000 |
Residential |  |  |  |  |  |  |  |  |
Term | 592,143,000 |  |  | 543,378,000 |  |  | — |  |  | — |  |  | 543,378,000 |
Construction | 41,440,000 |  |  | 37,263,000 |  |  | — |  |  | — |  |  | 37,263,000 |
Home equity line of credit | 72,812,000 |  |  | 76,287,000 |  |  | — |  |  | — |  |  | 76,287,000 |
Consumer | 19,830,000 |  |  | 18,172,000 |  |  | — |  |  | — |  |  | 18,172,000 |
Total loans | 1,841,588,000 |  |  | 1,765,525,000 |  |  | — |  |  | 5,000 |  |  | 1,765,520,000 |
Mortgage servicing rights | 2,594,000 |  |  | 3,789,000 |  |  | — |  |  | 3,789,000 |  |  | — |
Financial liabilities |  |  |  |  |  |  |  |  |
Local certificates of deposit | $ | 252,211,000 |  |  | $ | 239,377,000 |  |  | $ | — |  |  | $ | 239,377,000 |  |  | $ | — |
National certificates of deposit | 533,965,000 |  |  | 525,169,000 |  |  | — |  |  | 525,169,000 |  |  | — |
Total certificates of deposit | 786,176,000 |  |  | 764,546,000 |  |  | — |  |  | 764,546,000 |  |  | — |
Repurchase agreements | 68,258,000 |  |  | 59,208,000 |  |  | — |  |  | 59,208,000 |  |  | — |
Federal Home Loan Bank advances | 50,085,000 |  |  | 50,071,000 |  |  | — |  |  | 50,071,000 |  |  | — |
Total borrowed funds | 118,343,000 |  |  | 109,279,000 |  |  | — |  |  | 109,279,000 |  |  | — |

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- 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) -SubTopic 10 -Topic 820 -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 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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
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- 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
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- 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
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