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Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Quantitative information about assets measured utilizing Level 3 fair value measurement

The following tables list the quantitative information about loans measured at fair value on a nonrecurring basis as of:

March 31, 2024

Valuation Technique

Fair Value

Unobservable Input

Actual Range

Weighted Average

Collateral Dependent Loans -

Discount applied to collateral:

Discounted value

$1,168

Real Estate

20%

20%

Equipment

25% - 35%

31%

Accounts receivable

50%

50%

December 31, 2023

Valuation Technique

Fair Value

Unobservable Input

Actual Range

Weighted Average

Collateral Dependent Loans -

Discount applied to collateral:

Discounted value

$1,083

Real Estate

20%

20%

Equipment

25% - 35%

33%

Accounts receivable

25%

25%

Carrying amount and estimated fair value of financial instruments not recorded at fair value

The carrying amount and estimated fair value of financial instruments not recorded at fair value in their entirety on a recurring basis were as follows as of:

			March 31, 2024
			Carrying Value						Estimated Fair Value						Level 1						Level 2						Level 3
ASSETS
Cash and cash equivalents			$	25,218					$	25,218					$	25,218					$	—					$	—
Mortgage loans AFS			366						371						—						371						—
Gross loans			1,365,508						1,303,850						—						—						1,303,850
Less allowance for credit losses			13,390						13,390						—						—						13,390
Net loans			1,352,118						1,290,460						—						—						1,290,460
Accrued interest receivable			8,645						8,645						8,645						—						—
Equity securities without readily determinable fair values (1)			15,848						N/A						—						—						—
OMSR			2,385						3,104						—						3,104						—
LIABILITIES
Deposits without stated maturities			1,402,164						1,402,164						1,402,164						—						—
Deposits with stated maturities			366,143						361,532						—						361,532						—
Federal funds purchased and repurchase agreements			42,998						42,914						—						42,914						—
Subordinated debt, net of unamortized issuance costs			29,357						26,410						—						26,410						—
Accrued interest payable			941						941						941						—						—

			December 31, 2023
			Carrying Value						Estimated Fair Value						Level 1						Level 2						Level 3
ASSETS
Cash and cash equivalents			$	33,672					$	33,672					$	33,672					$	—					$	—
Mortgage loans AFS			—						—						—						—						—
Gross loans			1,349,463						1,292,458						—						—						1,292,458
Less allowance for credit losses			13,108						13,108						—						—						13,108
Net loans			1,336,355						1,279,350						—						—						1,279,350
Accrued interest receivable			8,167						8,167						8,167						—						—
Equity securities without readily determinable fair values (1)			15,848						N/A						—						—						—
OMSR			2,422						3,164						—						3,164						—
LIABILITIES
Deposits without stated maturities			1,377,321						1,377,321						1,377,321						—						—
Deposits with stated maturities			346,374						341,489						—						341,489						—
Federal funds purchased and repurchase agreements			46,801						46,704						—						46,704						—
FHLB advances			40,000						40,000						—						40,000						—
Subordinated debt, net of unamortized issuance costs			29,335						26,146						—						26,146						—
Accrued interest payable			890						890						890						—						—

(1)Due to the characteristics of equity securities without readily determinable fair values, they are not disclosed under a specific fair value hierarchy. When an impairment or write-down related to these securities is recorded, such amount would be classified as a nonrecurring Level 3 fair value adjustment.

Assets and liabilities measured at fair value

The table below presents the recorded amount of assets and liabilities measured at fair value on:

			March 31, 2024																								December 31, 2023
			Total						Level 1						Level 2						Level 3						Total						Level 1						Level 2						Level 3
Recurring items
AFS securities
U.S. Treasury			$	214,226					$	—					$	214,226					$	—					$	214,801					$	—					$	214,801					$	—
States and political subdivisions			90,470						—						90,470						—						92,876						—						92,876						—
Auction rate money market preferred			3,013						—						3,013						—						2,931						—						2,931						—
Mortgage-backed securities			31,044						—						31,044						—						32,815						—						32,815						—
Collateralized mortgage obligations			171,831						—						171,831						—						177,775						—						177,775						—
Corporate			7,001						—						7,001						—						6,950						—						6,950						—
Total AFS securities			517,585						—						517,585						—						528,148						—						528,148						—
Nonrecurring items
Collateral dependent (net of ACL)			1,168						—						—						1,168						1,083						—						—						1,083
Total			$	518,753					$	—					$	517,585					$	1,168					$	529,231					$	—					$	528,148					$	1,083
Percent of assets and liabilities measured at fair value									—		%				99.77		%				0.23		%										0.00		%				99.80		%				0.20		%

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

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- Definition

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.

+ 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

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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

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

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