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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Measurements  
Schedule of fair value measurements of assets recognized in consolidated balance sheets measured at fair value on recurring basis

Fair Value Measurements Using

    

    

Quoted Prices

    

    

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Assets

Inputs

Inputs

Fair Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

September 30, 2023

U.S. government agencies

$

43,645

$

$

43,645

$

Subordinated notes

24,038

24,038

State and municipal obligations

156,996

156,996

December 31, 2022

 

 

  

U.S. government agencies

$

44,032

$

$

44,032

$

Subordinated notes

28,094

28,094

State and municipal obligations

145,498

145,498

Schedule of fair value measurements of assets recognized in the accompanying consolidated balance sheets measured at fair value on a non-recurring basis

Fair Value Measurements Using

    

    

Quoted Prices

    

    

in Active

Significant

Markets for

Other 

Significant

Identical

Observable

Unobservable

Fair

Assets

Inputs

Inputs

Value

(Level 1)

(Level 2)

(Level 3)

(In thousands)

September 30, 2023

 

  

 

  

 

  

 

  

Collateral dependent loans

$

$

$

$

Foreclosed assets held for sale

 

3,480

 

 

 

3,480

 

  

 

 

  

 

  

December 31, 2022

 

  

 

  

 

  

 

  

Collateral dependent loans

$

9

$

$

$

9

Foreclosed assets held for sale

 

3,519

 

 

 

3,519

Schedule of quantitative information about unobservable inputs used in nonrecurring Level 3 fair value measurements

    

Fair Value at

    

Valuation

    

Unobservable

    

9/30/23

Technique

Inputs

Range

(In thousands)

Collateral-dependent loans

$

 

Market comparable properties

 

Comparability adjustments

 

5% – 10%

Foreclosed assets held for sale

3,480

 

Market comparable properties

 

Marketability discount

 

10% – 35%

    

Fair Value at

    

Valuation

    

Unobservable

    

12/31/22

Technique

Inputs

Range

(In thousands)

Collateral-dependent loans

$

9

 

Market comparable properties

 

Comparability adjustments

 

5% – 10%

Foreclosed assets held for sale

3,519

 

Market comparable properties

 

Marketability discount

 

10% – 35%

Schedule of estimated fair values of company's financial instruments

Fair Value Measurements Using

    

    

Quoted Prices

    

    

in Active

Significant

Markets for

Other

Significant

Identical

Observable 

Unobservable 

Carrying

Assets

Inputs

Inputs

Amount

(Level 1)

(Level 2)

(Level 3)

(In thousands)

September 30, 2023:

Financial assets

 

  

 

  

 

  

 

  

Cash and cash equivalents

$

70,892

$

70,892

$

$

Loans, net of allowance

 

462,730

 

 

 

440,243

Federal Home Loan Bank stock

 

3,979

 

 

3,979

 

Accrued interest receivable

 

3,724

 

 

3,724

 

 

 

 

 

Financial liabilities

 

 

 

 

Deposits

$

628,012

$

$

626,332

$

Securities sold under agreements to repurchase

28,584

28,584

Subordinated debentures

23,771

21,953

Advance Federal Home Loan Bank

75,000

73,195

Interest payable

 

514

 

 

514

 

Fair Value Measurements Using

    

    

Quoted Prices

    

    

in Active

Significant

Markets for

Other

Significant

Identical

Observable

Unobservable

Carrying

Assets

Inputs

Inputs

Amount

(Level 1)

(Level 2)

(Level 3)

(In thousands)

December 31, 2022:

 

 

  

 

  

 

  

 

 

  

 

  

 

  

Financial assets

 

 

  

 

  

 

  

Cash and cash equivalents

$

30,080

$

30,080

$

$

Loans, net of allowance

 

458,823

 

 

 

444,704

Federal Home Loan Bank stock

 

2,499

 

 

2,499

 

Accrued interest receivable

 

3,403

 

 

3,403

 

Financial liabilities

 

 

 

 

Deposits

$

649,913

$

$

646,455

$

Securities sold under agreements to repurchase

 

18,106

 

 

18,106

 

Subordinated debentures

 

23,726

 

 

24,454

 

Interest payable

 

304

 

 

304