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Fair Value (Tables) | 6 Months Ended
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Jun. 30, 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:
| June 30, 2024
Valuation Technique | Fair Value | Unobservable Input |  | Actual Range |  | Weighted Average
Collateral Dependent Loans - |  | Discount applied to collateral: |  |  |  |
Discounted value | $921 | Real Estate |  | 25% |  | 25%
|  | Equipment |  | 30% - 40% |  | 35%
| 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:
| June 30, 2024
| Carrying Value |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 23,559 |  |  | $ | 23,559 |  |  | $ | 23,559 |  |  | $ | — |  |  | $ | — |
FHLB stock (1) | 12,762 |  |  | N/A |  | — |  |  | — |  |  | — |
Mortgage loans HFS | 637 |  |  | 645 |  |  | — |  |  | 645 |  |  | — |
Gross loans | 1,381,636 |  |  | 1,312,082 |  |  | — |  |  | — |  |  | 1,312,082 |
Less allowance for credit losses | 13,095 |  |  | 13,095 |  |  | — |  |  | — |  |  | 13,095 |
Net loans | 1,368,541 |  |  | 1,298,987 |  |  | — |  |  | — |  |  | 1,298,987 |
Accrued interest receivable | 7,859 |  |  | 7,859 |  |  | 7,859 |  |  | — |  |  | — |
Equity securities without readily determinable fair values (1) | 3,086 |  |  | N/A |  | — |  |  | — |  |  | — |
OMSR | 2,338 |  |  | 3,039 |  |  | — |  |  | 3,039 |  |  | — |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits without stated maturities | 1,353,850 |  |  | 1,353,850 |  |  | 1,353,850 |  |  | — |  |  | — |
Deposits with stated maturities | 368,449 |  |  | 363,775 |  |  | — |  |  | 363,775 |  |  | — |
Federal funds purchased and repurchase agreements | 44,194 |  |  | 44,108 |  |  | — |  |  | 44,108 |  |  | — |
FHLB advances | 45,000 |  |  | 45,001 |  |  | — |  |  | 45,001 |  |  | — |
Subordinated debt, net of unamortized issuance costs | 29,380 |  |  | 26,203 |  |  | — |  |  | 26,203 |  |  | — |
Accrued interest payable | 915 |  |  | 915 |  |  | 915 |  |  | — |  |  | — |
| 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 |  |  | $ | — |  |  | $ | — |
FHLB stock (1) | 12,762 |  |  | N/A |  | — |  |  | — |  |  | — |
Mortgage loans HFS | — |  |  | — |  |  | — |  |  | — |  |  | — |
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) | 3,086 |  |  | 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:
| June 30, 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 | $ | 215,333 |  |  | $ | — |  |  | $ | 215,333 |  |  | $ | — |  |  | $ | 214,801 |  |  | $ | — |  |  | $ | 214,801 |  |  | $ | — |
States and political subdivisions | 83,051 |  |  | — |  |  | 83,051 |  |  | — |  |  | 92,876 |  |  | — |  |  | 92,876 |  |  | — |
Auction rate money market preferred | 3,008 |  |  | — |  |  | 3,008 |  |  | — |  |  | 2,931 |  |  | — |  |  | 2,931 |  |  | — |
Mortgage-backed securities | 29,541 |  |  | — |  |  | 29,541 |  |  | — |  |  | 32,815 |  |  | — |  |  | 32,815 |  |  | — |
Collateralized mortgage obligations | 167,709 |  |  | — |  |  | 167,709 |  |  | — |  |  | 177,775 |  |  | — |  |  | 177,775 |  |  | — |
Corporate | 7,004 |  |  | — |  |  | 7,004 |  |  | — |  |  | 6,950 |  |  | — |  |  | 6,950 |  |  | — |
Total AFS securities | 505,646 |  |  | — |  |  | 505,646 |  |  | — |  |  | 528,148 |  |  | — |  |  | 528,148 |  |  | — |
Nonrecurring items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral dependent (net of ACL) | 921 |  |  | — |  |  | — |  |  | 921 |  |  | 1,083 |  |  | — |  |  | — |  |  | 1,083 |
Foreclosed assets | 629 |  |  | — |  |  | — |  |  | 629 |  |  | 406 |  |  | — |  |  | — |  |  | 406 |
Total | $ | 507,196 |  |  | $ | — |  |  | $ | 505,646 |  |  | $ | 1,550 |  |  | $ | 529,637 |  |  | $ | — |  |  | $ | 528,148 |  |  | $ | 1,489 |
Percent of assets and liabilities measured at fair value |  |  | 0.00 | % |  | 99.69 | % |  | 0.31 | % |  |  |  | 0.00 | % |  | 99.72 | % |  | 0.28 | %

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