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Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

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 March 31, 2024, December 31, 2023 and March 31, 2023.

			At March 31, 2024
			Level 1						Level 2						Level 3						Total
Securities available for sale
U.S. Government-sponsored agencies			$	—					$	19,693,000					$	—					$	19,693,000
Mortgage-backed securities			—						218,002,000						—						218,002,000
State and political subdivisions			—						33,950,000						—						33,950,000
Asset-backed securities			—						2,806,000						—						2,806,000
Total securities available for sale			—						274,451,000						—						274,451,000
Interest rate swap agreements			—						1,003,000						—						1,003,000
Customer loan interest swap agreements			—						4,778,000						—						4,778,000
Total interest rate swap agreements			—						5,781,000						—						5,781,000
Total assets			$	—					$	280,232,000					$	—					$	280,232,000

			At March 31, 2024
			Level 1						Level 2						Level 3						Total
Interest rate swap agreements			$	—					$	385,000					$	—					$	385,000
Customer loan interest swap agreements			—						4,778,000						—						4,778,000
Total liabilities			$	—					$	5,163,000					$	—					$	5,163,000

			At December 31, 2023
			Level 1						Level 2						Level 3						Total
Securities available for sale
U.S. Government-sponsored agencies			$	—					$	19,830,000					$	—					$	19,830,000
Mortgage-backed securities			—						224,597,000						—						224,597,000
State and political subdivisions			—						34,645,000						—						34,645,000
Asset-backed securities			—						2,981,000						—						2,981,000
Total securities available for sale			—						282,053,000						—						282,053,000
Interest rate swap agreements			—						380,000						—						380,000
Customer loan interest swap agreements			—						4,348,000						—						4,348,000
Total interest rate swap agreements			—						4,728,000						—						4,728,000
Total assets			$	—					$	286,781,000					$	—					$	286,781,000

			At December 31, 2023
			Level 1						Level 2						Level 3						Total
Interest rate swap agreements			$	—					$	2,149,000					$	—					$	2,149,000
Customer loan interest swap agreements			$	—					$	4,348,000					$	—					$	4,348,000
Total liabilities			$	—					$	6,497,000					$	—					$	6,497,000

			At March 31, 2023
			Level 1						Level 2						Level 3						Total
Securities available for sale
U.S. Government-sponsored agencies			$	—					$	19,518,000					$	—					$	19,518,000
Mortgage-backed securities			—						231,091,000						—						231,091,000
State and political subdivisions			—						34,349,000						—						34,349,000
Asset-backed securities			—						3,284,000						—						3,284,000
Total securities available for sale			—						288,242,000						—						288,242,000
Interest rate swap agreements			—						518,000						—						518,000
Customer loan interest swap agreements			—						4,098,000						—						4,098,000
Total interest swap agreements			—						4,616,000						—						4,616,000
Total assets			$	—					$	292,858,000					$	—					$	292,858,000

			At March 31, 2023
			Level 1						Level 2						Level 3						Total
Interest rate swap agreements			$	—					$	3,293,000					$	—					$	3,293,000
Customer loan interest swap agreements			$	—					$	4,098,000					$	—					$	4,098,000
Total liabilities			$	—					$	7,391,000					$	—					$	7,391,000

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 IAL with a related specific ACL or a partial charge off are included in IAL for purposes of fair value disclosures. There were no collateral-dependent IAL with a related specific ACL or a partial charge off at March 31, 2024.

IAL below are presented net of specific allowances of $19,000 and $132,000 at December 31, 2023, and March 31, 2023, respectively.

			At March 31, 2024
			Level 1						Level 2						Level 3						Total
Mortgage servicing rights			$	—					$	3,423,000					$	—					$	3,423,000
Total assets			$	—					$	3,423,000					$	—					$	3,423,000

			At December 31, 2023
			Level 1						Level 2						Level 3						Total
Mortgage servicing rights			$	—					$	3,583,000					$	—					$	3,583,000
Individually analyzed loans			—						285,000						—						285,000
Total assets			$	—					$	3,868,000					$	—					$	3,868,000

			At March 31, 2023
			Level 1						Level 2						Level 3						Total
Mortgage servicing rights			$	—					$	3,505,000					$	—					$	3,505,000
Individually analyzed loans			—						20,000						—						20,000
Total assets			$	—					$	3,525,000					$	—					$	3,525,000

Schedule of Estimated Fair Value of Financial Instruments

The carrying amount and estimated fair values for financial instruments as of March 31, 2024 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)			$	379,453,000					$	327,816,000					$	—					$	327,816,000					$	—
Loans (net of allowance for credit losses)
Commercial
Real estate			717,709,000						679,690,000						—						—						679,690,000
Construction			84,997,000						80,494,000						—						—						80,494,000
Other			461,281,000						446,607,000						—						—						446,607,000
Municipal			54,552,000						51,889,000						—						—						51,889,000
Residential
Term			672,739,000						602,025,000						—						—						602,025,000
Construction			34,262,000						33,801,000						—						—						33,801,000
Home equity line of credit			105,137,000						104,938,000						—						—						104,938,000
Consumer			18,862,000						16,676,000						—						—						16,676,000
Total loans			2,149,539,000						2,016,120,000						—						—						2,016,120,000
Mortgage servicing rights			2,096,000						3,423,000						—						3,423,000						—
Financial liabilities
Local certificates of deposit			$	370,364,000					$	351,799,000					$	—					$	351,799,000					$	—
National certificates of deposit			695,063,000						704,387,000						—						704,387,000						—
Total certificates of deposit			1,065,427,000						1,056,186,000						—						1,056,186,000						—
Repurchase agreements			47,845,000						47,734,000						—						47,734,000						—
Federal Home Loan Bank advances			106,934,000						81,863,000						—						81,863,000						—
Total borrowed funds			154,779,000						129,597,000						—						129,597,000						—

The carrying amounts and estimated fair values for financial instruments as of December 31, 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)			$	385,235,000					$	338,570,000					$	—					$	338,570,000					$	—
Loans (net of allowance for credit losses)
Commercial
Real estate			699,537,000						658,732,000						—						—						658,732,000
Construction			86,695,000						81,638,000						—						—						81,638,000
Other			443,944,000						431,067,000						—						—						431,067,000
Municipal			51,089,000						46,806,000						—						—						46,806,000
Residential
Term			669,864,000						595,033,000						—						285,000						594,748,000
Construction			31,740,000						31,131,000						—						—						31,131,000
Home equity line of credit			103,400,000						102,858,000						—						—						102,858,000
Consumer			19,155,000						16,963,000						—						—						16,963,000
Total loans			2,105,424,000						1,964,228,000						—						285,000						1,963,943,000
Mortgage servicing rights			2,177,000						3,583,000						—						3,583,000						—
Financial liabilities
Local certificates of deposit			$	293,466,000					$	362,555,000					$	—					$	362,555,000					$	—
National certificates of deposit			776,781,000						699,919,000						—						699,919,000						—
Total certificates of deposit			1,070,247,000						1,062,474,000						—						1,062,474,000						—
Repurchase agreements			49,576,000						49,462,000						—						49,462,000						—
Federal Home Loan Bank advances			20,076,000						20,074,000						—						20,074,000						—
Total borrowed funds			69,652,000						69,536,000						—						69,536,000						—

The carrying amount and estimated fair values for financial instruments as of March 31, 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)			$	391,845,000					$	344,053,000					$	—					$	344,053,000					$	—
Loans (net of allowance for credit losses)
Commercial
Real estate			660,789,000						630,944,000						—						—						630,944,000
Construction			70,921,000						67,440,000						—						—						67,440,000
Other			414,733,000						399,552,000						—						20,000						399,532,000
Municipal			46,859,000						44,635,000						—						—						44,635,000
Residential
Term			602,241,000						549,823,000						—						—						549,823,000
Construction			51,763,000						44,686,000						—						—						44,686,000
Home equity line of credit			92,919,000						94,010,000						—						—						94,010,000
Consumer			19,164,000						17,360,000						—						—						17,360,000
Total loans			1,959,389,000						1,848,450,000						—						20,000						1,848,430,000
Mortgage servicing rights			2,402,000						3,505,000						—						3,505,000						—
Financial liabilities
Local certificates of deposit			$	336,449,000					$	308,631,000					$	—					$	308,631,000					$	—
National certificates of deposit			673,218,000						681,961,000						—						681,961,000						—
Total certificates of deposit			1,009,667,000						990,592,000						—						990,592,000						—
Repurchase agreements			51,500,000						51,392,000						—						51,392,000						—
Federal Home Loan Bank advances			32,381,000						32,376,000						—						32,376,000						—
Total borrowed funds			83,881,000						83,768,000						—						83,768,000						—

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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