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Fair Value Measurements (Tables)

9 Months Ended

Sep. 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 September 30, 2023 and December 31, 2022:

						Fair Value Measurements at
						September 30, 2023
						Using
		Balance as of				Quoted Prices in Active Markets for Identical Assets				Significant Other Observable Inputs				Significant Unobservable Inputs
		September 30, 2023				(Level 1)				(Level 2)				(Level 3)
		(in thousands)
Assets:
Securities available for sale
Obligations of U.S. government corporations and agencies		$	8,248			$	—			$	8,248			$	—
Mortgage-backed securities			115,590				—				115,590				—
Obligations of states and political subdivisions			6,168				—				6,168				—
Subordinated debt			3,970				—				3,970				—
Derivative:
Interest rate swaps			1,828				—				1,828				—
Total assets at fair value		$	135,804			$	—			$	135,804			$	—
Liabilities:
Interest rate swaps		$	1,828			$	—			$	1,828			$	—
Total liabilities at fair value		$	1,828			$	—			$	1,828			$	—
						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			$	—
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 September 30, 2023 and December 31, 2022 were as follows:

		Fair Value Measurements at
		September 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
		September 30, 2023				(Level 1)				(Level 2)				(Level 3)				September 30, 2023
		(in thousands)
Financial assets:
Cash and short-term investments		$	142,038			$	142,038			$	—			$	—			$	142,038
Securities			133,976				—				133,976				—				133,976
Restricted Investments			8,583				—				8,583				—				8,583
Loans held for sale			3,564								3,564				—				3,564
Loans, net			1,426,412				—				—				1,356,742				1,356,742
Bank owned life insurance			24,404				—				24,404				—				24,404
Accrued interest receivable			4,794				—				4,794				—				4,794
Interest rate swaps			1,828				—				1,828				—				1,828
Financial liabilities:
Deposits		$	1,498,380			$	—			$	1,495,212			$	—			$	1,495,212
Federal Home Loan Bank advances, long-term			145,000				—				144,125				—				144,125
Subordinated debt, net of unamortized issuance costs			29,428				—				25,602				—				25,602
Accrued interest payable			1,970				—				1,970				—				1,970
Interest rate swaps			1,828				—				1,828				—				1,828

		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 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.

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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).

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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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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).

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