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v3.23.2

Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following table presents balances of financial assets and liabilities measured at fair value on a recurring basis at June 30, 2023 and December 31, 2022:
|  |  |  |  | Fair Value Measurements at |
|  |  |  |  | June 30, 2023 |
|  |  |  |  | Using |
|  | Balance as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | June 30, 2023 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies |  | $ | 8,703 |  |  | $ | — |  |  | $ | 8,703 |  |  | $ | — |
Mortgage-backed securities |  |  | 123,939 |  |  |  | — |  |  |  | 123,939 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 6,231 |  |  |  | — |  |  |  | 6,231 |  |  |  | — |
Subordinated debt |  |  | 4,063 |  |  |  | — |  |  |  | 4,063 |  |  |  | — |
Derivative: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 1,166 |  |  |  | — |  |  |  | 1,166 |  |  |  | — |
Total assets at fair value |  | $ | 144,102 |  |  | $ | — |  |  | $ | 144,102 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 1,166 |  |  | $ | — |  |  | $ | 1,166 |  |  | $ | — |
Total liabilities at fair value |  | $ | 1,166 |  |  | $ | — |  |  | $ | 1,166 |  |  | $ | — |
|  |  |  |  | Fair Value Measurements at |
|  |  |  |  | December 31, 2022 |
|  | Balance as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | December 31, 2022 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies |  | $ | 9,135 |  |  | $ | — |  |  | $ | 9,135 |  |  | $ | — |
U.S. treasury notes |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Mortgage-backed securities |  |  | 129,153 |  |  |  | — |  |  |  | 129,153 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 6,607 |  |  |  | — |  |  |  | 6,607 |  |  |  | — |
Subordinated debt |  |  | 4,261 |  |  |  | — |  |  |  | 4,261 |  |  |  | — |
Derivative: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  | 1,017 |  |  |  | — |  |  |  | 1,017 |  |  |  | — |
Total assets at fair value |  | $ | 150,173 |  |  | $ | — |  |  | $ | 150,173 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  | $ | 1,017 |  |  | $ | — |  |  | $ | 1,017 |  |  | $ | — |
Total liabilities at fair value |  | $ | 1,017 |  |  | $ | — |  |  | $ | 1,017 |  |  | $ | — |
Quantitative Information About Level 3 Fair Value Measurements For Certain Financial Assets | The following table displays quantitative information about Level 3 Fair Value Measurements for certain assets measured at fair value on a nonrecurring basis at December 31, 2022:
|  | Quantitative information about Level 3 Fair Value Measurements
|  | December 31, 2022
|  | Valuation Technique(s) |  | Unobservable Input |  | Range |  | Weighted Average (1)
Assets: |  |  |  |  |  |  |  |
Other real estate owned |  | Discounted contract price |  | Discount for selling costs |  | 6% |  | 6 %
(1) Unobservable inputs were weighted by the relative fair values of the instruments.
Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis | The following table summarizes the Company’s assets that were measured at fair value on a nonrecurring basis at December 31, 2022:
|  |  |  |  | Carrying value at |
|  |  |  |  | December 31, 2022 |
|  | Balance as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | December 31, 2022 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Nonfinancial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Other real estate owned |  | $ | 108 |  |  | $ | — |  |  | $ | 108 |  |  | $ | — |
Company's Financial Instruments | The carrying value and fair value of the Company’s financial instruments at June 30, 2023 and December 31, 2022 were as follows:
|  | Fair Value Measurements at |
|  | June 30, 2023 |
|  | Using |
|  | Carrying Value as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Fair Value as of |
|  | June 30, 2023 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | June 30, 2023 |
|  | (in thousands) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 78,895 |  |  | $ | 78,895 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,895 |
Securities |  |  | 142,936 |  |  |  | — |  |  |  | 142,936 |  |  |  | — |  |  |  | 142,936 |
Restricted Investments |  |  | 8,577 |  |  |  | — |  |  |  | 8,577 |  |  |  | — |  |  |  | 8,577 |
Loans held for sale |  |  | 3,570 |  |  |  |  |  |  | 3,570 |  |  |  | — |  |  |  | 3,570 |
Loans, net |  |  | 1,456,459 |  |  |  | — |  |  |  | — |  |  |  | 1,385,597 |  |  |  | 1,385,597 |
Bank owned life insurance |  |  | 24,219 |  |  |  | — |  |  |  | 24,219 |  |  |  | — |  |  |  | 24,219 |
Accrued interest receivable |  |  | 4,565 |  |  |  | — |  |  |  | 4,565 |  |  |  | — |  |  |  | 4,565 |
Interest rate swaps |  |  | 1,166 |  |  |  | — |  |  |  | 1,166 |  |  |  | — |  |  |  | 1,166 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,458,008 |  |  | $ | — |  |  | $ | 1,455,090 |  |  | $ | — |  |  | $ | 1,455,090 |
Federal Home Loan Bank advances, short-term |  |  | 25,000 |  |  |  | — |  |  |  | 25,499 |  |  |  | — |  |  |  | 25,499 |
Federal Home Loan Bank advances, long-term |  |  | 145,000 |  |  |  | — |  |  |  | 144,125 |  |  |  | — |  |  |  | 144,125 |
Subordinated debt, net of unamortized issuance costs |  |  | 29,411 |  |  |  | — |  |  |  | 25,587 |  |  |  | — |  |  |  | 25,587 |
Accrued interest payable |  |  | 2,263 |  |  |  | — |  |  |  | 2,263 |  |  |  | — |  |  |  | 2,263 |
Interest rate swaps |  |  | 1,166 |  |  |  | — |  |  |  | 1,166 |  |  |  | — |  |  |  | 1,166 |
|  | Fair Value Measurements at |
|  | December 31, 2022 |
|  | Using |
|  | Carrying Value as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Fair Value as of |
|  | December 31, 2022 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | December 31, 2022 |
|  | (in thousands) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 66,894 |  |  | $ | 66,894 |  |  | $ | — |  |  | $ | — |  |  | $ | 66,894 |
Securities |  |  | 149,156 |  |  |  | — |  |  |  | 149,156 |  |  |  | — |  |  |  | 149,156 |
Restricted Investments |  |  | 9,233 |  |  |  | — |  |  |  | 9,233 |  |  |  | — |  |  |  | 9,233 |
Loans held for sale |  |  | 153 |  |  |  |  |  |  | 153 |  |  |  | — |  |  |  | 153 |
Loans, net |  |  | 1,312,565 |  |  |  | — |  |  |  | — |  |  |  | 1,260,149 |  |  |  | 1,260,149 |
Bank owned life insurance |  |  | 23,862 |  |  |  | — |  |  |  | 23,862 |  |  |  | — |  |  |  | 23,862 |
Accrued interest receivable |  |  | 3,902 |  |  |  | — |  |  |  | 3,902 |  |  |  | — |  |  |  | 3,902 |
Interest rate swap |  |  | 1,017 |  |  |  | — |  |  |  | 1,017 |  |  |  | — |  |  |  | 1,017 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,264,075 |  |  | $ | — |  |  | $ | 1,262,859 |  |  | $ | — |  |  | $ | 1,262,859 |
Federal funds purchased |  |  | 32,980 |  |  |  | — |  |  |  | 32,980 |  |  |  | — |  |  |  | 32,980 |
Federal Home Loan Bank advances, short-term |  |  | 175,000 |  |  |  | — |  |  |  | 174,705 |  |  |  | — |  |  |  | 174,705 |
Subordinated debt, net of unamortized issuance costs |  |  | 29,377 |  |  |  | — |  |  |  | 26,101 |  |  |  | — |  |  |  | 26,101 |
Accrued interest payable |  |  | 926 |  |  |  | — |  |  |  | 926 |  |  |  | — |  |  |  | 926 |
Interest rate swap |  |  | 1,017 |  |  |  | — |  |  |  | 1,017 |  |  |  | — |  |  |  | 1,017 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -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 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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