XML 38 R29.htm IDEA: XBRL DOCUMENT
v3.23.1

Fair Value of Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Fair Value of Financial Instruments [Abstract] |
Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at March 31, 2023 Using
​ | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Prices in | ​ | Significant | ​ | ​ | ​
​ | ​ | Assets | ​ | Active Markets | ​ | Other | ​ | Significant
​ | ​ | Measured at | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | Fair Value | ​ | Assets | ​ | Inputs | ​ | Inputs
(in thousands) |  | 03/31/23 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 9,653 | ​ | ​ | ​ | ​ | $ | 9,653 | ​ | ​ | ​
Residential mortgage-backed agencies | ​ | $ | 37,281 | ​ | ​ | ​ | ​ | $ | 37,281 | ​ | ​ | ​
Commercial mortgage-backed agencies | ​ | $ | 30,494 | ​ | ​ | ​ | ​ | $ | 30,494 | ​ | ​ | ​
Collateralized mortgage obligations | ​ | $ | 20,977 | ​ | ​ | ​ | ​ | $ | 20,977 | ​ | ​ | ​
Obligations of states and political subdivisions | ​ | $ | 10,629 | ​ | ​ | ​ | ​ | $ | 10,629 | ​ | ​ | ​
Corporate bonds | ​ | $ | 830 | ​ | ​ | ​ | ​ | $ | 830 | ​ | ​ | ​
Collateralized debt obligations | ​ | $ | 14,114 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 14,114
Financial derivatives | ​ | $ | 880 | ​ | ​ | ​ | ​ | $ | 880 | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investment | ​ | $ | 1,796 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,796
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Fair Value Measurements at December 31, 2022 Using
​ | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Prices in | ​ | Significant | ​ | ​
​ | ​ | Assets/(liabilities) | ​ | Active Markets | ​ | Other | ​ | Significant
​ | ​ | Measured at | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | Fair Value | ​ | Assets | ​ | Inputs | ​ | Inputs
(in thousands) |  | 12/31/22 |  | (Level 1) |  | (Level 2) |  | (Level 3)
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment securities available-for-sale: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. government agencies | ​ | $ | 9,462 | ​ | ​ | ​ | ​ | $ | 9,462 | ​ | ​ | ​
Residential mortgage-backed agencies | ​ | $ | 37,401 | ​ | ​ | ​ | ​ | $ | 37,401 | ​ | ​ | ​
Commercial mortgage-backed agencies | ​ | $ | 30,732 | ​ | ​ | ​ | ​ | $ | 30,732 | ​ | ​ | ​
Collateralized mortgage obligations | ​ | $ | 21,044 | ​ | ​ | ​ | ​ | $ | 21,044 | ​ | ​ | ​
Obligations of states and political subdivisions | ​ | $ | 10,492 | ​ | ​ | ​ | ​ | $ | 10,492 | ​ | ​ | ​
Corporate bonds | ​ | $ | 887 | ​ | ​ | ​ | ​ | ​ | 887 | ​ | ​ | ​
Collateralized debt obligations | ​ | $ | 15,871 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 15,871
Financial derivatives | ​ | $ | 1,068 | ​ | ​ | ​ | ​ | $ | 1,068 | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired loans, net | ​ | $ | 211 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 211
Equity investment | ​ | $ | 1,796 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,796
Other real estate owned | ​ | $ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | —
​
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Fair Value at March 31, 2023 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment Securities – available for sale -CDO | ​ | $ | 14,114 | ​ | Discounted Cash Flow | ​ | Discount Margin | ​ | Range of low to mid 500 and low to high 700
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually Evaluated Loans, net | ​ | $ | - | ​ | Market Comparable Properties | ​ | Marketability Discount | ​ | N/A
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investment | ​ | $ | 2,161 | ​ | Market Method | ​ | Revenue Multiples | ​ | 2.8x
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Real Estate Owned | ​ | $ | - | ​ | Market Comparable Properties | ​ | Marketability Discount | ​ | N/A
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in thousands) |  | Fair Value at December 31, 2022 |  | Valuation Technique |  | Significant Unobservable Inputs |  | Significant Unobservable Input Value
Recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Investment Securities – available for sale -CDO | ​ | $ | 15,871 | ​ | Discounted Cash Flow | ​ | Discount Rate | ​ | Range of low to mid 300 and low to high 400
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Non-recurring: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impaired Loans, net | ​ | $ | 211 | ​ | Market Comparable Properties | ​ | Marketability Discount | ​ | 10.0% - 15.0%
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity Investment | ​ | $ | 1,796 | ​ | Market Method | ​ | Revenue Multiples | ​ | 2.8x
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other Real Estate Owned | ​ | $ | - | ​ | Market Comparable Properties | ​ | Marketability Discount | ​ | N/A
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
| (1) | Range would include discounts taken since appraisal and estimated values
Reconciliation of Fair Valued Assets Measured on a Recurring Basis | ​
​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements
​ | ​ | Using Significant Unobservable Inputs
​ | ​ | (Level 3)
​ | ​ | Investment Securities
(in thousands) |  | Available for Sale
Beginning balance January 1, 2023 | ​ | $ | 15,871
Total losses realized/unrealized: | ​ | ​ | ​
Included in other comprehensive loss | ​ | ​ | (1,757)
Ending balance March 31, 2023 | ​ | $ | 14,114
​
​ | ​ | ​ | ​
​ | ​ | Fair Value Measurements
​ | ​ | Using Significant Unobservable Inputs
​ | ​ | (Level 3)
​ | ​ | Investment Securities
(in thousands) |  | Available for Sale
Beginning balance January 1, 2022 | ​ | $ | 17,192
Total losses realized/unrealized: | ​ | ​ | ​
Included in other comprehensive loss | ​ | ​ | 127
Ending balance March 31, 2022 | ​ | $ | 17,319
​
Fair Value by Balance Sheet Grouping | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023 | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Prices in | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Significant
​ | ​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | Carrying | ​ | Fair | ​ | Assets | ​ | Inputs | ​ | Inputs
(in thousands) |  | Amount |  | Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 154,022 | ​ | $ | 154,022 | ​ | $ | 154,022 | ​ | ​ | ​ | ​ | ​ | ​
Interest bearing deposits in banks | ​ | ​ | 1,873 | ​ | ​ | 1,873 | ​ | ​ | 1,873 | ​ | ​ | ​ | ​ | ​ | ​
Investment securities - AFS | ​ | ​ | 123,978 | ​ | ​ | 123,978 | ​ | ​ | ​ | ​ | $ | 109,864 | ​ | $ | 14,114
Investment securities - HTM | ​ | ​ | 233,083 | ​ | ​ | 205,745 | ​ | ​ | ​ | ​ | ​ | 185,484 | ​ | ​ | 20,261
Restricted bank stock | ​ | ​ | 4,490 | ​ | ​ | N/A | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans held for sale | ​ | ​ | 184 | ​ | ​ | 184 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 184
Loans, net | ​ | ​ | 1,271,952 | ​ | ​ | 1,184,033 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,184,033
Financial derivatives | ​ | ​ | 880 | ​ | ​ | 880 | ​ | ​ | ​ | ​ | ​ | 880 | ​ | ​ | ​
Accrued interest receivable | ​ | ​ | 6,519 | ​ | ​ | 6,519 | ​ | ​ | ​ | ​ | ​ | 1,103 | ​ | ​ | 5,416
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits - non-maturity | ​ | ​ | 1,412,743 | ​ | ​ | 1,412,743 | ​ | ​ | ​ | ​ | ​ | 1,412,743 | ​ | ​ | ​
Deposits - time deposits | ​ | ​ | 178,542 | ​ | ​ | 178,399 | ​ | ​ | ​ | ​ | ​ | 178,399 | ​ | ​ | ​
Short-term borrowed funds | ​ | ​ | 52,030 | ​ | ​ | 52,030 | ​ | ​ | ​ | ​ | ​ | 52,030 | ​ | ​ | ​
Long-term borrowed funds | ​ | ​ | 110,929 | ​ | ​ | 110,929 | ​ | ​ | ​ | ​ | ​ | 110,929 | ​ | ​ | ​
Accrued interest payable | ​ | ​ | 473 | ​ | ​ | 473 | ​ | ​ | ​ | ​ | ​ | 473 | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | Fair Value Measurements
​ | ​ | ​ | ​ | ​ | ​ | Quoted | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Prices in | ​ | Significant | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Active Markets | ​ | Other | ​ | Significant
​ | ​ | ​ | ​ | ​ | ​ | for Identical | ​ | Observable | ​ | Unobservable
​ | ​ | Carrying | ​ | Fair | ​ | Assets | ​ | Inputs | ​ | Inputs
(in thousands) |  | Amount |  | Value |  | (Level 1) |  | (Level 2) |  | (Level 3)
Financial Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and due from banks | ​ | $ | 72,720 | ​ | $ | 72,720 | ​ | $ | 72,720 | ​ | ​ | ​ | ​ | ​ | ​
Interest bearing deposits in banks | ​ | ​ | 1,595 | ​ | ​ | 1,595 | ​ | ​ | 1,595 | ​ | ​ | ​ | ​ | ​ | ​
Investment securities - AFS | ​ | ​ | 125,889 | ​ | ​ | 125,889 | ​ | ​ | ​ | ​ | $ | 110,018 | ​ | $ | 15,871
Investment securities - HTM | ​ | ​ | 235,659 | ​ | ​ | 203,080 | ​ | ​ | ​ | ​ | ​ | 182,380 | ​ | ​ | 20,700
Restricted bank stock | ​ | ​ | 1,027 | ​ | ​ | N/A | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan held for sale | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loans, net | ​ | ​ | 1,264,684 | ​ | ​ | 1,177,702 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,177,702
Financial derivative | ​ | ​ | 1,068 | ​ | ​ | 1,068 | ​ | ​ | ​ | ​ | ​ | 1,068 | ​ | ​ | ​
Accrued interest receivable | ​ | ​ | 6,051 | ​ | ​ | 6,051 | ​ | ​ | ​ | ​ | ​ | 6,051 | ​ | ​ | ​
Financial Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deposits - non-maturity | ​ | ​ | 1,450,210 | ​ | ​ | 1,450,210 | ​ | ​ | ​ | ​ | ​ | 1,450,210 | ​ | ​ | ​
Deposits - time deposits | ​ | ​ | 120,523 | ​ | ​ | 120,083 | ​ | ​ | ​ | ​ | ​ | 120,083 | ​ | ​ | ​
Financial derivatives | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | ​
Short-term borrowed funds | ​ | ​ | 64,565 | ​ | ​ | 64,565 | ​ | ​ | ​ | ​ | ​ | 64,565 | ​ | ​ | ​
Long-term borrowed funds | ​ | ​ | 30,929 | ​ | ​ | 30,909 | ​ | ​ | ​ | ​ | ​ | 30,909 | ​ | ​ | ​
Accrued interest payable | ​ | ​ | 151 | ​ | ​ | 151 | ​ | ​ | ​ | ​ | ​ | 151 | ​ | ​ | ​

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 -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + 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 measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
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 -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + 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