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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2024 and December 31, 2023:
|  |  |  |  | Fair Value Measurements at |
|  |  |  |  | September 30, 2024 |
|  |  |  |  | Using |
|  | Balance as of |  |  | Quoted Prices in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |
|  | September 30, 2024 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Securities available for sale |  |  |  |  |  |  |  |  |  |  |  |
Obligations of U.S. government corporations and agencies |  | $ | 7,852 |  |  | $ | — |  |  | $ | 7,852 |  |  | $ | — |
Mortgage-backed securities |  |  | 113,539 |  |  |  | — |  |  |  | 113,539 |  |  |  | — |
Obligations of states and political subdivisions |  |  | 4,721 |  |  |  | — |  |  |  | 4,721 |  |  |  | — |
Subordinated debt |  |  | 3,939 |  |  |  | — |  |  |  | 3,939 |  |  |  | — |
Derivative: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  |  | 1,207 |  |  |  | — |  |  |  | 1,207 |  |  |  | — |
Total assets at fair value |  | $ | 131,258 |  |  | $ | — |  |  | $ | 131,258 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Interest rate swaps |  | $ | 1,207 |  |  | $ | — |  |  | $ | 1,207 |  |  | $ | — |
Fair value swap |  |  | 272 |  |  |  | — |  |  |  | 272 |  |  |  | — |
Total liabilities at fair value |  | $ | 1,479 |  |  | $ | — |  |  | $ | 1,479 |  |  | $ | — |
|  |  |  |  | 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 September 30, 2024 and December 31, 2023.
|  | Quantitative information about Level 3 Fair Value Measurements
|  | September 30, 2024
|  | Valuation Technique(s) |  | Unobservable Input |  | Range |  | Weighted Average (1)
Assets: |  |  |  |  |  |  |  |
Collateral-dependent loans |  | Discounted value |  | Selling cost and appraisal discount |  | 16 % |  | 16 %
Repossessed assets |  | Discounted appraised value |  | Selling cost |  | 10 % |  | 10 %
|  | 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 September 30, 2024 and December 31, 2023.
|  |  |  |  | Carrying value at |
|  |  |  |  | September 30, 2024 |
|  | Balance as of |  |  | Identical Assets |  |  | Observable Inputs |  |  | Unobservable Inputs |
|  | September 30, 2024 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |
|  | (in thousands) |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Collateral-dependent loans |  | $ | 623 |  |  | $ | — |  |  | $ | — |  |  | $ | 623 |
Nonfinancial Assets: |  |  |  |  |  |  |  |  |  |  |  |
Repossessed assets |  |  | 99 |  |  |  | — |  |  |  | — |  |  |  | 99 |
|  |  |  |  | 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 September 30, 2024 and December 31, 2023 were as follows:
|  | Fair Value Measurements at |
|  | September 30, 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 |
|  | September 30, 2024 |  |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | September 30, 2024 |
|  | (in thousands) |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and short-term investments |  | $ | 181,191 |  |  | $ | 181,191 |  |  | $ | — |  |  | $ | — |  |  | $ | 181,191 |
Securities |  |  | 130,051 |  |  |  | — |  |  |  | 130,051 |  |  |  | — |  |  |  | 130,051 |
Restricted investments |  |  | 9,967 |  |  |  | — |  |  |  | 9,967 |  |  |  | — |  |  |  | 9,967 |
Loans held for sale |  |  | 3,657 |  |  |  |  |  |  | 3,657 |  |  |  | — |  |  |  | 3,657 |
Loans, net |  |  | 1,468,025 |  |  |  | — |  |  |  | — |  |  |  | 1,381,764 |  |  |  | 1,381,764 |
Bank owned life insurance |  |  | 30,361 |  |  |  | — |  |  |  | 30,361 |  |  |  | — |  |  |  | 30,361 |
Accrued interest receivable |  |  | 5,331 |  |  |  | — |  |  |  | 5,331 |  |  |  | — |  |  |  | 5,331 |
Derivative assets |  |  | 1,207 |  |  |  | — |  |  |  | 1,207 |  |  |  | — |  |  |  | 1,207 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  | $ | 1,545,936 |  |  | $ | — |  |  | $ | 1,545,719 |  |  | $ | — |  |  | $ | 1,545,719 |
Federal funds purchased |  |  | 244 |  |  |  | 244 |  |  |  | — |  |  |  | — |  |  |  | 244 |
Federal Home Loan Bank advances, long-term |  |  | 170,000 |  |  |  | — |  |  |  | 169,558 |  |  |  | — |  |  |  | 169,558 |
Subordinated debt, net of unamortized issuance costs |  |  | 29,495 |  |  |  | — |  |  |  | 25,150 |  |  |  | — |  |  |  | 25,150 |
Accrued interest payable |  |  | 2,217 |  |  |  | — |  |  |  | 2,217 |  |  |  | — |  |  |  | 2,217 |
Derivative liabilities |  |  | 1,479 |  |  |  | — |  |  |  | 1,479 |  |  |  | — |  |  |  | 1,479 |
|  | 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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- 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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -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 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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- 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 -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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