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Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value

financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy

(Dollars in thousands)
		March 31, 2024
		Fair Value				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
U.S. Treasuries		$	7,086				-				7,086				-
U.S. Government sponsored enterprises			10,044				-				10,044				-
GSE - Mortgage-backed securities			237,116				-				237,116				-
Private label mortgage-backed securities			35,352				-				35,352				-
State and political subdivisions			105,066				-				105,066				-

(Dollars in thousands)
		December 31, 2023
		Fair Value				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
U.S. Treasuries		$	9,814				-				9,814				-
U.S. Government
Sponsored enterprises			11,539				-				11,539				-
Mortgage-backed securities			273,838				-				273,838				-
State and political subdivisions			150,203				-				150,203				-
Mutual funds held in deferred compensation trust			1,327				-				1,327

Carrying amount and estimated fair value of the Company's financial instruments

(Dollars in thousands)
						Fair Value Measurements at March 31, 2024
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	98,096				98,096				-				-				98,096
Investment securities available for sale			394,664				-				394,664				-				394,664
Other investments			2,858				-				-				2,858				2,858
Mortgage loans held for sale			1,292				-				1,292				-				1,292
Loans, net			1,095,823				-				-				1,083,635				1,083,635
Mutual funds held in deferred
compensation trust			2,394				2,394				-				-				2,394
Liabilities:
Deposits		$	1,452,364				-				1,456,401				-				1,456,401
Securities sold under agreements
to repurchase			59,216				-				59,216				-				59,216
Junior subordinated debentures			15,464				-				15,464				-				15,464

(Dollars in thousands)
						Fair Value Measurements at December 31, 2023
		Carrying Amount				Level 1				Level 2				Level 3				Total
Assets:
Cash and cash equivalents		$	82,375				82,375				-				-				82,375
Investment securities available for sale			391,924				-				391,924				-				391,924
Other investments			2,874				-				-				2,874				2,874
Mortgage loans held for sale			686				-				686				-				686
Loans, net			1,082,025				-				-				1,071,178				1,071,178
Mutual funds held in deferred
compensation trust			2,171				2,171				-				-				2,171
Liabilities:
Deposits		$	1,392,045				-				1,397,351				-				1,397,351
Securities sold under agreements
to repurchase			86,715				-				86,715				-				86,715
Junior subordinated debentures			15,464				-				15,464				-				15,464

summary of fair value measurements for mortgage loans held for sale and individually evaluated loans on a non-recurring basis

(Dollars in thousands)
		Fair Value Measurements March 31, 2024				Level 1 Valuation				Level 2 Valuation				Level 3 Valuation
Individually evaluated loans		$	467				-				-				467

(Dollars in thousands)

Fair Value Measurements December 31, 2023

Level 1 Valuation

Level 2 Valuation

Level 3 Valuation

Individually evaluated loans

$

-

-

-

-

(Dollars in thousands)

Fair Value March 31, 2024

Fair Value December 31, 2023

Valuation Technique

Significant Unobservable Inputs

General Range of Significant Unobservable Input Values

Individually evaluated loans

$

467

$

-

Appraised value

Discounts to reflect current market conditions and ultimate collectability

0 - 25%

X

- Definition

Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: 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 2: 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

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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 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-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 825
-SubTopic 10
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-11

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- References

No definition available.

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- Definition

Tabular disclosure of liabilities, 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: 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 2: 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

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