XML 37 R28.htm IDEA: XBRL DOCUMENT
v3.23.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Summary of Estimated Fair Value of Financial Instruments that are not Required to be Measured or Reported at Fair Value | The estimated fair values of the Company’s financial instruments that are not required to be measured or reported at fair value are as follows:
|  | At June 30, 2023 |  |  | At December 31, 2022 |
(In Thousands) |  | Carrying Amount |  |  | Fair Value |  |  | Carrying Amount |  |  | Fair Value |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents (Level 1) |  | $ | 123,174 |  |  | $ | 123,174 |  |  | $ | 30,011 |  |  | $ | 30,011 |
Certificates of deposit with other banks (Level 3) |  |  | 498 |  |  |  | 494 |  |  |  | 5,623 |  |  |  | 5,590 |
Securities held to maturity (Level 2) |  |  | 38,806 |  |  |  | 36,058 |  |  |  | 31,822 |  |  |  | 30,080 |
Loans (Level 3) |  |  | 969,533 |  |  |  | 906,166 |  |  |  | 927,871 |  |  |  | 886,944 |
Accrued interest receivable (Level 1) |  |  | 4,755 |  |  |  | 4,755 |  |  |  | 4,661 |  |  |  | 4,661 |
Restricted investments in bank stock (Level 1) |  |  | 5,544 |  |  |  | 5,544 |  |  |  | 3,377 |  |  |  | 3,377 |
Cash surrender value of life insurance (Level 1) |  |  | 24,554 |  |  |  | 24,554 |  |  |  | 19,244 |  |  |  | 19,244 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits (Level 1) |  |  | 732,475 |  |  |  | 732,475 |  |  |  | 675,299 |  |  |  | 675,299 |
Time Deposits (Level 3) |  |  | 302,367 |  |  |  | 299,066 |  |  |  | 271,473 |  |  |  | 266,775 |
Other borrowings (Level 3) |  |  | 74,899 |  |  |  | 74,899 |  |  |  | 20,938 |  |  |  | 20,938 |
Subordinated Notes (Level 3) |  |  | 40,398 |  |  |  | 35,969 |  |  |  | 40,484 |  |  |  | 35,966 |
Accrued interest payable (Level 1) |  |  | 774 |  |  |  | 774 |  |  |  | 797 |  |  |  | 797 |
Summary of Fair Value of Assets and Liabilities Measured on Recurring Basis |
|  | June 30, 2023 |
(In Thousands) |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
US government agency securities |  | $ | — |  |  | $ | 1,981 |  |  | $ | — |  |  | $ | 1,981 |
Small Business Administration loan pools |  |  | — |  |  |  | 711 |  |  |  | — |  |  |  | 711 |
Obligations of state and political subdivisions |  |  | — |  |  |  | 41,930 |  |  |  | — |  |  |  | 41,930 |
Mortgage backed securities in government-sponsored entities |  |  | — |  |  |  | 38,998 |  |  |  | — |  |  |  | 38,998 |
Total |  | $ | — |  |  | $ | 83,620 |  |  | $ | — |  |  | $ | 83,620 |
|  | December 31, 2022 |
(In Thousands) |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Small Business Administration loan pools |  | $ | — |  |  | $ | 843 |  |  | $ | — |  |  | $ | 843 |
Obligations of state and political subdivisions |  |  | — |  |  |  | 40,169 |  |  |  | — |  |  |  | 40,169 |
Mortgage backed securities in government-sponsored entities |  |  | — |  |  |  | 37,801 |  |  |  | — |  |  |  | 37,801 |
Total |  | $ | — |  |  | $ | 78,813 |  |  | $ | — |  |  | $ | 78,813 |
Summary of Financial Assets Measured at Fair Value on a Nonrecurring Basis | For financial assets measured at fair value on a nonrecurring basis, the fair value measurements by level within the fair value hierarchy used as of June 30, 2023 and December 31, 2022 are presented in the table below.
|  | June 30, 2023 |
(In Thousands) |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Loans individually evaluated |  | $ | — |  |  | $ | — |  |  | $ | 9,888 |  |  | $ | 9,888 |
|  | December 31, 2022 |
(In Thousands) |  | Level I |  |  | Level II |  |  | Level III |  |  | Total |
Loans individually evaluated |  | $ | — |  |  | $ | — |  |  | $ | 7,313 |  |  | $ | 7,313 |
Summary of Information about Valuation Processes Used to Determine Nonrecurring Fair Value Measurements | The following tables provide information describing the valuation processes used to determine nonrecurring fair value measurements categorized within Level III of the fair value hierarchy:
|  | June 30, 2023 |
|  | Quantitative Information About Level III Fair Value Measurements |
(In Thousands) |  | Fair Value |  |  | Valuation Techniques |  |  |  |  | Unobservable Input |  | Range (Weighted Average) |
Loans individually evaluated |  | $ | 9,888 |  |  | Appraisal of collateral |  |  | (1 | ) |  | Liquidation expenses |  |  | 10 | %
|  | December 31, 2022 |
|  | Quantitative Information About Level III Fair Value Measurements |
(In Thousands) |  | Fair Value |  |  | Valuation Techniques |  |  |  |  | Unobservable Input |  | Range (Weighted Average) |
Loans individually evaluated |  | $ | 7,313 |  |  | Appraisal of collateral |  |  | (1 | ) |  | Liquidation expenses |  |  | 10 | %
(1) Fair value is generally determined through independent appraisals of the underlying collateral, which include various Level III inputs that are not identifiable.

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2C -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C 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 -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 Reference 4: 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
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 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
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis. + 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 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisValuationTechniquesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about fair value of asset and liability not measured at fair value. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2E + Details
Name: | us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration