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Fair Value (Tables)

9 Months Ended

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		%

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

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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

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-Topic 820
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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

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-Topic 820
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-Paragraph 2
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-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

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