XML 47 R36.htm IDEA: XBRL DOCUMENT v3.24.3
Disclosures about Fair Value of Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Disclosures about Fair Value of Assets and Liabilities [Abstract]  
Schedule of Fair Value Measurements of Assets Measured at Fair Value on a Recurring Basis The following tables present the fair value measurements of assets measured at fair value on a recurring basis and the level within the fair value hierarchy in which the fair value measurements fell at September 30, 2024, and at December 31, 2023.
($ in thousands)  Fair value at
September 30,
2024		   (Level 1)   (Level 2)   (Level 3) 
U.S. Treasury and Government Agencies  $6,096   $
-
   $6,096   $
-
 
Mortgage-backed securities   180,472    
-
    180,472    
-
 
State and political subdivisions   10,068    
-
    10,068    
-
 
Other corporate securities   14,875    
-
    14,875    
-
 
Interest rate contracts - assets   2,602    
-
    2,602    
-
 
Interest rate contracts - liabilities   (2,602)   
-
    (2,602)   
-
 
Forward contracts   65    65    
-
    
-
 
IRLCs   (23)   
-
    
-
    (23)
($ in thousands)  Fair value at
December 31,
2023		   (Level 1)   (Level 2)   (Level 3) 
U.S. Treasury and Government Agencies  $6,517   $
-
   $6,517   $
-
 
Mortgage-backed securities   188,867    
-
    188,867    
-
 
State and political subdivisions   9,898    
-
    9,898    
-
 
Other corporate securities   14,426    
-
    14,426    
-
 
Interest rate contracts - assets   3,638    
-
    3,638    
-
 
Interest rate contracts - liabilities   (3,638)   
-
    (3,638)   
-
 
Forward contracts   (37)   (37)   
-
    
-
 
IRLCs   45    
-
    
-
    45 
Schedule of Fair Value Measurements Recognized in the Accompanying Consolidated Balance Sheets Using Significant Unobservable (Level 3) Inputs The following table reconciles the beginning and ending balances of recurring fair value measurements recognized in the accompanying consolidated balance sheets using significant unobservable (Level 3) inputs for the three and nine months ended September 30, 2024, and 2023.
   for the Three Months Ended
September 30,		   for the Nine Months Ended
September 30,		 
($ in thousands)  2024   2023   2024   2023 
Interest rate lock commitments                
Balance at beginning of period  $15   $(10)  $45   $(20)
Total realized gains (losses)                    
Change in fair value   (38)   (14)   (68)   (4)
Balance at end of period  $(23)  $(24)  $(23)  $(24)
Schedule of Mortgage Servicing Rights are Tested for Impairment on a Quarterly Basis These mortgage servicing rights are tested for impairment on a quarterly basis.
($ in thousands)  Fair value at
September 30,
2024		   (Level 1)   (Level 2)   (Level 3) 
Collateral-dependent Individually evaluated loans  $2,047   $
-
   $
-
   $2,047 
Mortgage servicing rights   3,142    
-
    
-
    3,142 
($ in thousands)  Fair value at
December 31,
2023		   (Level 1)   (Level 2)   (Level 3) 
Collateral-dependent impaired loans  $864   $
-
   $
-
   $864 
Mortgage servicing rights   1,896    
-
    
-
    1,896 
Schedule of Unobservable Inputs Used in Recurring and Nonrecurring Level 3 Fair Value Measurements The following tables present quantitative information about unobservable inputs used in recurring and nonrecurring Level 3 fair value measurements.
  Fair value at
September 30,
2024		   Valuation
technique		  Unobservable inputs  Range
(weighted-average)		 
($ in thousands)              
Collateral-dependent individually evaluated loans  $2,047   Market comparable properties  Comparability adjustments (%)   1 - 100% (21%) 
Mortgage servicing rights   3,142   Discounted cash flow  Discount rate   10.26% 
           Constant prepayment rate   7.91% 
           P&I earnings credit   5.03% 
           T&I earnings credit   4.94% 
           Inflation for cost of servicing   3.50  
                 
IRLCs   (23)  Discounted cash flow  Loan closing rates   55% - 99% 
  Fair value at
December 31,
2023		   Valuation
technique		  Unobservable inputs  Range
(weighted-average)		 
($ in thousands)              
Collateral-dependent impaired loans  $864   Market comparable properties  Comparability adjustments (%)   2 - 100% (25%) 
Mortgage servicing rights   1,896   Discounted cash flow  Discount rate   11.01% 
           Constant prepayment rate   7.16% 
           P&I earnings credit   5.33% 
           T&I earnings credit   5.13% 
           Inflation for cost of servicing   3.50% 
                 
IRLCs   45   Discounted cash flow  Loan closing rates   27% - 91% 
Schedule of Fair Values Financial Instruments the Company does not know whether the fair values shown below represent values at which the respective financial instruments could be sold individually or in the aggregate.
($ in thousands)  Carrying   Fair   Fair value measurements using 
September 30, 2024  amount   value   (Level 1)   (Level 2)   (Level 3) 
Financial assets                    
Cash and due from banks  $49,348   $49,348   $49,348   $
-
   $
-
 
Interest bearing time deposits   1,706    1,706    
-
    1,706    
-
 
Loans held for sale   8,927    9,033    
-
    9,033    
-
 
Loans, net of allowance for credit losses   1,014,677    1,013,713    
-
    
-
    1,013,713 
Federal Reserve and FHLB Bank stock, at cost   5,223    5,223    
-
    5,223    
-
 
Interest receivable   4,842    4,842    
-
    4,842    
-
 
                          
Financial liabilities                         
Deposits  $1,159,533   $1,162,216   $894,465   $267,751   $
-
 
Short-term borrowings   15,240    15,240    
-
    15,240    
-
 
FHLB advances   35,000    35,347    
-
    35,347    
-
 
Trust preferred securities   10,310    9,917    
-
    9,917    
-
 
Subordinated debt, net of issuance costs   19,678    19,580    
-
    19,580    
-
 
Interest payable   3,374    3,374    
-
    3,374    
-
 
($ in thousands)  Carrying   Fair   Fair value measurements using 
December 31, 2023  amount   value   (Level 1)   (Level 2)   (Level 3) 
Financial assets                    
Cash and due from banks  $22,965   $22,965   $22,965   $
-
   $
-
 
Interest bearing time deposits   1,535    1,535    
-
    1,535    
-
 
Loans held for sale   2,525    2,565    
-
    2,565    
-
 
Loans, net of allowance for credit losses   984,426    964,216    
-
    
-
    964,216 
Federal Reserve and FHLB Bank stock, at cost   7,279    7,279    
-
    7,279    
-
 
Interest receivable   4,657    4,657    
-
    4,657    
-
 
                          
Financial liabilities                         
Deposits  $1,070,205   $1,078,028   $814,696   $263,332   $
-
 
Short-term borrowings   13,387    13,387    
-
    13,387    
-
 
FHLB advances   83,600    83,368    
-
    83,368    
-
 
Trust preferred securities   10,310    9,759    
-
    9,759    
-
 
Subordinated debt, net of issuance costs   19,642    19,435    
-
    19,435    
-
 
Interest payable   2,443    2,443    
-
    2,443    
-