XML 34 R24.htm IDEA: XBRL DOCUMENT v3.24.2.u1

Fair Value (Tables)

6 Months Ended

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		%

X

- Definition

Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

+ 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 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://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

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

X

- Definition

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 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
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