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Fair Value of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value of Assets and Liabilities [Abstract]

Fair Value, Assets Measured on Recurring Basis

		Fair Value Measurement Using
		Reporting Date
Description		Total			Level 1			Level 2			Level 3
September 30, 2023		(In thousands)
ASSETS
Available for Sale:
U.S. Treasury securities		$	39,891		$	-		$	39,891		$	-
U.S. Government agencies			18,050			-			18,050			-
States and political subdivisions			118,541			-			118,541			-
Mortgage-backed securities-government
sponsored entities			204,017			-			204,017			-
Interest rate derivatives			1,631			-			1,631			-
LIABILITIES
Interest rate derivatives			1,631			-			1,631			-
Description		Total			Level 1			Level 2			Level 3
December 31, 2022		(In thousands)
ASSETS
Available for Sale:
U.S. Treasury securities		$	41,854		$	-		$	41,854		$	-
U.S. Government agencies			18,323			-			18,323			-
States and political subdivisions			127,852			-			127,852			-
Mortgage-backed securities-government
sponsored entities			230,898			-			230,898			-
Interest rate derivatives			1,464			-			1,464			-
LIABILITIES
Interest rate derivatives			1,464			-			1,464			-

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

					Fair Value Measurement Using Reporting Date
(In thousands)
Description		Total			Level 1			Level 2			Level 3
September 30, 2023
Individually analyzed loans held for investment		$	10,535		$	-		$	-		$	10,535
Foreclosed Real Estate Owned			290			-			-			290
December 31, 2022
Impaired Loans		$	413		$	-		$	-		$	413
Foreclosed Real Estate Owned			346			-			-			346

Additional Qualitative Information about Level 3 Assets

	Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)	Fair Value Estimate			Valuation Techniques	Unobservable Input		Range (Weighted Average)
September 30, 2023
Individually analyzed loans held for investment	$	10,535		Appraisal of collateral(1)	Appraisal adjustments(2)		10%-21.69% (20.52%)
Foreclosed real estate owned	$	290		Appraisal of collateral(1)	Liquidation Expenses(2)		39.79% (39.79%)

	Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)	Fair Value Estimate			Valuation Techniques	Unobservable Input		Range (Weighted Average)
December 31, 2022
Impaired loans	$	413		Appraisal of collateral(1)	Appraisal adjustments(2)		0%-10.0% (8.92%)
Foreclosed real estate owned	$	346		Appraisal of collateral(1)	Liquidation Expenses(2)		7.00% (7.00%)

(1)Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are not identifiable, less any associated allowance.

(2)Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal.

Fair Value, by Balance Sheet Grouping

	Fair Value Measurements at September 30, 2023
	Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Financial assets:
Cash and cash equivalents (1)	$	54,146		$	54,146		$	54,146		$	-		$	-
Loans receivable, net		1,594,983			1,535,456			-			-			1,535,456
Mortgage servicing rights		191			497			-			-			497
Regulatory stock (1)		8,843			8,843			8,843			-			-
Bank owned life insurance (1)		46,197			46,197			46,197			-			-
Accrued interest receivable (1)		7,759			7,759			7,759			-			-
Financial liabilities:
Deposits		1,746,824			1,745,168			1,121,581			-			623,587
Short-term borrowings (1)		103,881			103,881			103,881			-			-
Other borrowings		137,447			135,652			-			-			135,652
Accrued interest payable (1)		8,605			8,605			8,605			-			-
Off-balance sheet financial instruments:
Commitments to extend credit and ‎outstanding letters of credit		-			-			-			-			-

	Fair Value Measurements at December 31, 2022
	Carrying Amount			Fair Value			Level 1			Level 2			Level 3
Financial assets:
Cash and cash equivalents (1)	$	31,866		$	31,866		$	31,866		$	-		$	-
Loans receivable, net		1,456,946			1,418,300			-			-			1,418,300
Mortgage servicing rights		213			498			-			-			498
Regulatory stock (1)		5,418			5,418			5,418			-			-
Bank owned life insurance (1)		43,364			43,364			43,364			-			-
Accrued interest receivable (1)		6,917			6,917			6,917			-			-
Financial liabilities:
Deposits		1,727,727			1,727,184			1,223,958			-			503,226
Short-term borrowings (1)		93,215			93,215			93,215			-			-
Other borrowings		40,000			40,074			-			-			40,074
Accrued interest payable (1)		2,653			2,653			2,653			-			-
Off-balance sheet financial instruments:
Commitments to extend credit and ‎outstanding letters of credit		-			-			-			-			-

(1)This financial instrument is carried at cost, which approximates the fair value of the instrument.

X

- 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

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

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Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

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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.

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