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v3.22.1

Fair Value of Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value Disclosures [Abstract] |
Schedule of Fair Value, by Balance Sheet Grouping | Fair value estimates of the Company’s financial instruments as of March 31, 2022 and December 31, 2021, including methods and assumptions utilized, are set forth below: Schedule of Fair Value, by Balance Sheet Grouping
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | As of March 31, 2022 |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 106,319 |  |  | $ | 106,319 |  |  | $ | - |  |  | $ | - |  |  | $ | 106,319 |
Interest-bearing deposits at other banks |  |  | 6,381 |  |  |  | - |  |  |  | 6,381 |  |  |  | - |  |  |  | 6,381 |
Investment securities available-for-sale |  |  | 466,983 |  |  |  | 119,882 |  |  |  | 347,101 |  |  |  | - |  |  |  | 466,983 |
Bank stocks, at cost |  |  | 2,856 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loans, net |  |  | 625,149 |  |  |  | - |  |  |  | - |  |  |  | 626,423 |  |  |  | 626,423 |
Loans held for sale |  |  | 5,424 |  |  |  | - |  |  |  | 5,424 |  |  |  | - |  |  |  | 5,424 |
Mortgage servicing rights |  |  | 4,128 |  |  |  | - |  |  |  | 9,073 |  |  |  | - |  |  |  | 9,073 |
Accrued interest receivable |  |  | 4,136 |  |  |  | 301 |  |  |  | 1,557 |  |  |  | 2,278 |  |  |  | 4,136 |
Derivative financial instruments |  |  | 481 |  |  |  | - |  |  |  | 481 |  |  |  | - |  |  |  | 481 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits |  | $ | (1,036,101 | ) |  | $ | (1,036,101 | ) |  | $ | - |  |  | $ | - |  |  | $ | (1,036,101 | )
Certificates of deposit |  |  | (103,464 | ) |  |  | - |  |  |  | (102,498 | ) |  |  | - |  |  |  | (102,498 | )
Subordinated debentures |  |  | (21,651 | ) |  |  | - |  |  |  | (16,694 | ) |  |  | - |  |  |  | (16,694 | )
Other borrowings |  |  | (7,004 | ) |  |  | - |  |  |  | (7,004 | ) |  |  | - |  |  |  | (7,004 | )
Accrued interest payable |  |  | (122 | ) |  |  | - |  |  |  | (122 | ) |  |  | - |  |  |  | (122 | )
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | As of December 31, 2021 |
|  | Carrying |  |  |  |  |  |  |  |  |  |  |  |  |
|  | amount |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 189,213 |  |  | $ | 189,213 |  |  | $ | - |  |  | $ | - |  |  | $ | 189,213 |
Interest-bearing deposits at other banks |  |  | 7,378 |  |  |  | - |  |  |  | 7,378 |  |  |  | - |  |  |  | 7,378 |
Investment securities available-for-sale |  |  | 380,717 |  |  |  | 42,675 |  |  |  | 338,042 |  |  |  | - |  |  |  | 380,717 |
Bank stocks, at cost |  |  | 2,905 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Loans, net |  |  | 653,233 |  |  |  | - |  |  |  | - |  |  |  | 663,625 |  |  |  | 663,625 |
Loans held for sale |  |  | 4,795 |  |  |  | - |  |  |  | 4,795 |  |  |  | - |  |  |  | 4,795 |
Mortgage servicing rights |  |  | 4,193 |  |  |  | - |  |  |  | 6,722 |  |  |  | - |  |  |  | 6,722 |
Accrued interest receivable |  |  | 4,405 |  |  |  | 107 |  |  |  | 1,666 |  |  |  | 2,632 |  |  |  | 4,405 |
Derivative financial instruments |  |  | 494 |  |  |  | - |  |  |  | 494 |  |  |  | - |  |  |  | 494 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Non-maturity deposits |  | $ | (1,042,374 | ) |  | $ | (1,042,374 | ) |  | $ | - |  |  | $ | - |  |  | $ | (1,042,374 | )
Certificates of deposit |  |  | (106,107 | ) |  |  | - |  |  |  | (105,935 | ) |  |  | - |  |  |  | (105,935 | )
Subordinated debentures |  |  | (21,651 | ) |  |  | - |  |  |  | (16,375 | ) |  |  | - |  |  |  | (16,375 | )
Other borrowings |  |  | (7,403 | ) |  |  | - |  |  |  | (7,403 | ) |  |  | - |  |  |  | (7,403 | )
Accrued interest payable |  |  | (125 | ) |  |  | - |  |  |  | (125 | ) |  |  | - |  |  |  | (125 | )
Schedule of Fair Value, Assets Measured On Recurring Basis | The following tables represent the Company’s financial instruments that are measured at fair value on a recurring basis at March 31, 2022 and December 31, 2021, allocated to the appropriate fair value hierarchy: Schedule of Fair Value, Assets Measured On Recurring Basis
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
(Dollars in thousands) |  |  |  |  | As of March 31, 2022 |
|  |  |  |  | Fair value hierarchy |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 119,882 |  |  | $ | 119,882 |  |  | $ | - |  |  | $ | - |
U. S. federal agency obligations |  |  | 17,013 |  |  |  | - |  |  |  | 17,013 |  |  |  | - |
Municipal obligations, tax exempt |  |  | 130,915 |  |  |  | - |  |  |  | 130,915 |  |  |  | - |
Municipal obligations, taxable |  |  | 45,586 |  |  |  | - |  |  |  | 45,586 |  |  |  | - |
Agency mortgage-backed securities |  |  | 153,587 |  |  |  | - |  |  |  | 153,587 |  |  |  | - |
Loans held for sale |  |  | 5,424 |  |  |  | - |  |  |  | 5,424 |  |  |  | - |
Derivative financial instruments |  |  | 481 |  |  |  | - |  |  |  | 481 |  |  |  | - |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  |  |  |  | As of December 31, 2021 |
|  |  |  |  | Fair value hierarchy |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale investment securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U. S. treasury securities |  | $ | 42,675 |  |  | $ | 42,675 |  |  | $ | - |  |  | $ | - |
U. S. federal agency obligations |  |  | 17,195 |  |  |  | - |  |  |  | 17,195 |  |  |  | - |
Municipal obligations, tax exempt |  |  | 137,984 |  |  |  | - |  |  |  | 137,984 |  |  |  | - |
Municipal obligations, taxable |  |  | 40,046 |  |  |  | - |  |  |  | 40,046 |  |  |  | - |
Agency mortgage-backed securities |  |  | 142,817 |  |  |  | - |  |  |  | 142,817 |  |  |  | - |
Loans held for sale |  |  | 4,795 |  |  |  | - |  |  |  | 4,795 |  |  |  | - |
Derivative financial instruments |  |  | 494 |  |  |  | - |  |  |  | 494 |  |  |  | - |
Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale | The aggregate fair value, contractual balance (including accrued interest), and gain on loans held for sale were as follows: Schedule of Fair Value Contractual Balance and Gain Loss On Loans Held for Sale
|  | As of |  |  | As of |
|  | March 31, |  |  | December 31, |
(Dollars in thousands) |  | 2022 |  |  | 2021 |
Aggregate fair value |  | $ | 5,424 |  |  | $ | 4,795 |
Contractual balance |  |  | 5,405 |  |  |  | 4,651 |
Gain |  | $ | 19 |  |  | $ | 144 |
Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale | Schedule of Gains and Losses from Changes in Fair Value of Loans Held for Sale
(Dollars in thousands) |  | 2022 |  |  | 2021 |
|  | Three months ended |
|  | March 31, |
(Dollars in thousands) |  | 2022 |  |  | 2021 |
Total change in fair value |  | $ | (13 | ) |  | $ | 427 |
Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques | The following table presents quantitative information about Level 3 fair value measurements measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021. Schedule of Fair Value Measurements On Nonrecurring, Valuation Techniques
(Dollars in thousands)
|  | Fair value |  |  | Valuation technique |  | Unobservable inputs |  | Range |
As of March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 1 |  |  | Sales comparison |  | Adjustment to comparable value |  |  | 0 | %
Agriculture |  |  | 269 |  |  | Sales comparison |  | Adjustment to appraised value |  |  | 20%-50 | %
As of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Impaired loans: |  |  |  |  |  |  |  |  |  |  |  |
Commercial |  | $ | 5 |  |  | Sales comparison |  | Adjustment to comparable value |  |  | 0 | %

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