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Fair Value (Tables)

9 Months Ended

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						—

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

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-Name Accounting Standards Codification
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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

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-Name Accounting Standards Codification
-Topic 820
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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)
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