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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 and December 31, 2023:
|  |  |  |  | Fair Value Measurements at |
|  |  |  |  | March 31, 2024 |
|  |  |  |  | Using |
|  | Balance as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | March 31, 2024 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies |  | $ | 8,221 |  |  | $ | — |  |  | $ | 8,221 |  |  | $ | — |
Mortgage-backed securities |  |  | 113,731 |  |  |  | — |  |  |  | 113,731 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 5,831 |  |  |  | — |  |  |  | 5,831 |  |  |  | — |
Subordinated debt |  |  | 4,084 |  |  |  | — |  |  |  | 4,084 |  |  |  | — |
Derivative: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 1,513 |  |  |  | — |  |  |  | 1,513 |  |  |  | — |
Total assets at fair value |  | $ | 133,380 |  |  | $ | — |  |  | $ | 133,380 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 1,513 |  |  | $ | — |  |  | $ | 1,513 |  |  | $ | — |
Total liabilities at fair value |  | $ | 1,513 |  |  | $ | — |  |  | $ | 1,513 |  |  | $ | — |
|  |  |  |  | Fair Value Measurements at |
|  |  |  |  | December 31, 2023 |
|  |  |  |  | Using |
|  | Balance as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | December 31, 2023 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies |  | $ | 8,591 |  |  | $ | — |  |  | $ | 8,591 |  |  | $ | — |
Mortgage-backed securities |  |  | 118,822 |  |  |  | — |  |  |  | 118,822 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 5,931 |  |  |  | — |  |  |  | 5,931 |  |  |  | — |
Subordinated debt |  |  | 4,099 |  |  |  | — |  |  |  | 4,099 |  |  |  | — |
Derivative: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  | 1,465 |  |  |  | — |  |  |  | 1,465 |  |  |  | — |
Total assets at fair value |  | $ | 138,908 |  |  | $ | — |  |  | $ | 138,908 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swap |  |  | 1,465 |  |  |  | — |  |  |  | 1,465 |  |  |  | — |
Total liabilities at fair value |  | $ | 1,465 |  |  | $ | — |  |  | $ | 1,465 |  |  | $ | — |
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 financial assets measured at fair value on a nonrecurring basis for March 31, 2024 and December 31, 2023.
|  | Quantitative information about Level 3 Fair Value Measurements
|  | March 31, 2024
|  | Valuation Technique(s) |  | Unobservable Input |  | Range |  | Weighted Average (1)
Assets: |  |  |  |  |  |  |  |
Repossessed assets |  | Discounted appraised value |  | Selling cost |  | 4% - 10% |  | 8 %
|  | Quantitative information about Level 3 Fair Value Measurements
|  | December 31, 2023
|  | Valuation Technique(s) |  | Unobservable Input |  | Range |  | Weighted Average (1)
Assets: |  |  |  |  |  |  |  |
Repossessed assets |  | Discounted appraised value |  | Selling cost |  | 10 % |  | 10 %
(1) Weighted based on the relative fair value of the specific items measured at fair value.
Financial And Nonfinancial Assets Measured At Fair Value On A Nonrecurring Basis | The following table summarizes the Company's nonfinancial assets that were measured at fair value on a nonrecurring basis at March 31, 2024 and December 31, 2023.
|  |  |  |  | Carrying value at |
|  |  |  |  | March 31, 2024 |
|  | Balance as of |  |  | Identical Assets |  |  | Observable Inputs |  |  | Unobservable Inputs |
|  | March 31, 2024 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Nonfinancial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Repossessed assets |  |  | 415 |  |  |  | — |  |  |  | — |  |  |  | 415 |
|  |  |  |  | Carrying value at |
|  |  |  |  | December 31, 2023 |
|  | Balance as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | December 31, 2023 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Nonfinancial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Repossessed assets |  | $ | 304 |  |  | $ | — |  |  | $ | — |  |  | $ | 304 |
Company's Financial Instruments | The carrying value and fair value of the Company’s financial instruments at March 31, 2024 and December 31, 2023 were as follows:
|  | Fair Value Measurements at |
|  | March 31, 2024 |
|  | Using |
|  | Carrying Value as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Fair Value as of |
|  | March 31, 2024 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | March 31, 2024 |
|  | (in thousands) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 127,633 |  |  | $ | 127,633 |  |  | $ | — |  |  | $ | — |  |  | $ | 127,633 |
Securities |  |  | 131,867 |  |  |  | — |  |  |  | 131,867 |  |  |  | — |  |  |  | 131,867 |
Restricted investments |  |  | 9,239 |  |  |  | — |  |  |  | 9,239 |  |  |  | — |  |  |  | 9,239 |
Loans held for sale |  |  | 1,593 |  |  |  |  |  |  | 1,593 |  |  |  | — |  |  |  | 1,593 |
Loans, net |  |  | 1,424,604 |  |  |  | — |  |  |  | — |  |  |  | 1,340,172 |  |  |  | 1,340,172 |
Bank owned life insurance |  |  | 29,843 |  |  |  | — |  |  |  | 29,843 |  |  |  | — |  |  |  | 29,843 |
Accrued interest receivable |  |  | 5,137 |  |  |  | — |  |  |  | 5,137 |  |  |  | — |  |  |  | 5,137 |
Interest rate swaps |  |  | 1,513 |  |  |  | — |  |  |  | 1,513 |  |  |  | — |  |  |  | 1,513 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,473,942 |  |  | $ | — |  |  | $ | 1,473,772 |  |  | $ | — |  |  | $ | 1,473,772 |
Federal funds purchased |  |  | 347 |  |  |  | — |  |  |  | 347 |  |  |  | — |  |  |  | 347 |
Federal Home Loan Bank advances, short-term |  |  | 10,000 |  |  |  | — |  |  |  | 9,977 |  |  |  | — |  |  |  | 9,977 |
Federal Home Loan Bank advances, long-term |  |  | 145,000 |  |  |  | — |  |  |  | 145,145 |  |  |  | — |  |  |  | 145,145 |
Subordinated debt, net of unamortized issuance costs |  |  | 29,461 |  |  |  | — |  |  |  | 25,122 |  |  |  | — |  |  |  | 25,122 |
Accrued interest payable |  |  | 1,912 |  |  |  | — |  |  |  | 1,912 |  |  |  | — |  |  |  | 1,912 |
Interest rate swaps |  |  | 1,513 |  |  |  | — |  |  |  | 1,513 |  |  |  | — |  |  |  | 1,513 |
|  | Fair Value Measurements at |
|  | December 31, 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 |
|  | December 31, 2023 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | December 31, 2023 |
|  | (in thousands) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 138,353 |  |  | $ | 138,353 |  |  | $ | — |  |  | $ | — |  |  | $ | 138,353 |
Securities |  |  | 137,443 |  |  |  | — |  |  |  | 137,443 |  |  |  | — |  |  |  | 137,443 |
Restricted Investments |  |  | 9,568 |  |  |  | — |  |  |  | 9,568 |  |  |  | — |  |  |  | 9,568 |
Loans held for sale |  |  | 1,661 |  |  |  |  |  |  | 1,661 |  |  |  | — |  |  |  | 1,661 |
Loans, net |  |  | 1,448,193 |  |  |  | — |  |  |  | — |  |  |  | 1,377,017 |  |  |  | 1,377,017 |
Bank owned life insurance |  |  | 29,575 |  |  |  | — |  |  |  | 29,575 |  |  |  | — |  |  |  | 29,575 |
Accrued interest receivable |  |  | 5,008 |  |  |  | — |  |  |  | 5,008 |  |  |  | — |  |  |  | 5,008 |
Interest rate swap |  |  | 1,465 |  |  |  | — |  |  |  | 1,465 |  |  |  | — |  |  |  | 1,465 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,506,322 |  |  | $ | — |  |  | $ | 1,506,147 |  |  | $ | — |  |  | $ | 1,506,147 |
Federal Home Loan Bank advances, short-term |  |  | 20,000 |  |  |  | — |  |  |  | 19,954 |  |  |  | — |  |  |  | 19,954 |
Federal Home Loan Bank advances, long-term |  |  | 145,000 |  |  |  | — |  |  |  | 145,141 |  |  |  | — |  |  |  | 145,141 |
Subordinated debt, net of unamortized issuance costs |  |  | 29,444 |  |  |  | — |  |  |  | 25,581 |  |  |  | — |  |  |  | 25,581 |
Accrued interest payable |  |  | 2,364 |  |  |  | — |  |  |  | 2,364 |  |  |  | — |  |  |  | 2,364 |
Interest rate swap |  |  | 1,465 |  |  |  | — |  |  |  | 1,465 |  |  |  | — |  |  |  | 1,465 |

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