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Fair Value (Tables) | 9 Months Ended
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Sep. 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:
September 30, 2024
Valuation Technique | Fair Value | Unobservable Input |  | Actual Range |  | Weighted Average
Collateral Dependent Loans - |  | Discount applied to collateral: |  |  |  |
Discounted value | $357 | Real Estate |  | 20% |  | 20%
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%
Fair Value Measurements, Nonrecurring | The following table lists the quantitative information about OMSR fair value measurement as of:
September 30, 2024
Valuation Technique | Fair Value | Unobservable Input |  | Rate
Discounted cash flow | $ | 2,277 |  | Constant prepayment rate |  | 7%
|  | Discount rate |  | 11%
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:
| September 30, 2024
| Carrying Value |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
ASSETS |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 27,378 |  |  | $ | 27,378 |  |  | $ | 27,378 |  |  | $ | — |  |  | $ | — |
FHLB stock (1) | 12,762 |  |  | N/A |  | — |  |  | — |  |  | — |
Mortgage loans HFS | 504 |  |  | 513 |  |  | — |  |  | 513 |  |  | — |
Gross loans | 1,424,283 |  |  | 1,367,235 |  |  | — |  |  | — |  |  | 1,367,235 |
Less allowance for credit losses | 12,635 |  |  | 12,635 |  |  | — |  |  | — |  |  | 12,635 |
Net loans | 1,411,648 |  |  | 1,354,600 |  |  | — |  |  | — |  |  | 1,354,600 |
Accrued interest receivable | 8,567 |  |  | 8,567 |  |  | 8,567 |  |  | — |  |  | — |
Equity securities without readily determinable fair values (1) | 3,086 |  |  | N/A |  | — |  |  | — |  |  | — |
OMSR | 2,218 |  |  | 2,277 |  |  | — |  |  | — |  |  | 2,277 |
LIABILITIES |  |  |  |  |  |  |  |  |
Deposits without stated maturities | 1,398,235 |  |  | 1,398,235 |  |  | 1,398,235 |  |  | — |  |  | — |
Deposits with stated maturities | 383,597 |  |  | 381,378 |  |  | — |  |  | 381,378 |  |  | — |
Short-term borrowings | 52,434 |  |  | 52,360 |  |  | — |  |  | 52,360 |  |  | — |
FHLB advances | 15,000 |  |  | 15,000 |  |  | — |  |  | 15,000 |  |  | — |
Subordinated debt, net of unamortized issuance costs | 29,402 |  |  | 27,147 |  |  | — |  |  | 27,147 |  |  | — |
Accrued interest payable | 973 |  |  | 973 |  |  | 973 |  |  | — |  |  | — |
| 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 |  |  | — |
Short-term borrowings | 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:
| September 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 | $ | 220,829 |  |  | $ | — |  |  | $ | 220,829 |  |  | $ | — |  |  | $ | 214,801 |  |  | $ | — |  |  | $ | 214,801 |  |  | $ | — |
States and political subdivisions | 82,899 |  |  | — |  |  | 82,899 |  |  | — |  |  | 92,876 |  |  | — |  |  | 92,876 |  |  | — |
Auction rate money market preferred | 3,117 |  |  | — |  |  | 3,117 |  |  | — |  |  | 2,931 |  |  | — |  |  | 2,931 |  |  | — |
Mortgage-backed securities | 28,955 |  |  | — |  |  | 28,955 |  |  | — |  |  | 32,815 |  |  | — |  |  | 32,815 |  |  | — |
Collateralized mortgage obligations | 163,764 |  |  | — |  |  | 163,764 |  |  | — |  |  | 177,775 |  |  | — |  |  | 177,775 |  |  | — |
Corporate | 7,242 |  |  | — |  |  | 7,242 |  |  | — |  |  | 6,950 |  |  | — |  |  | 6,950 |  |  | — |
Total AFS securities | 506,806 |  |  | — |  |  | 506,806 |  |  | — |  |  | 528,148 |  |  | — |  |  | 528,148 |  |  | — |
Nonrecurring items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Collateral dependent (net of ACL) | 357 |  |  | — |  |  | — |  |  | 357 |  |  | 1,083 |  |  | — |  |  | — |  |  | 1,083 |
OMSR | 2,218 |  |  | — |  |  | — |  |  | 2,218 |  |  | 2,422 |  |  | — |  |  | 2,422 |  |  | — |
Foreclosed assets | 546 |  |  | — |  |  | — |  |  | 546 |  |  | 406 |  |  | — |  |  | — |  |  | 406 |
Total | $ | 509,927 |  |  | $ | — |  |  | $ | 506,806 |  |  | $ | 3,121 |  |  | $ | 532,059 |  |  | $ | — |  |  | $ | 530,570 |  |  | $ | 1,489 |
Percent of assets and liabilities measured at fair value |  |  | 0.00 | % |  | 99.39 | % |  | 0.61 | % |  |  |  | 0.00 | % |  | 99.72 | % |  | 0.28 | %

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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://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
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- 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://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 + Details
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