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v3.23.2

Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Assets Measured On Recurring Basis |
|  |  |  | Carrying Value at June 30, 2023 (in thousands)
|  |  |  | Quoted Prices |  | Significant |  | Significant
|  |  |  | in Active |  | Other |  | Unobservable
|  | Balance as of |  | Markets for |  | Observable |  | Inputs
|  | June 30, |  | Identical Assets |  | Inputs |  | (Level 3)
Description |  | 2023 |  | (Level 1) |  | (Level 2) |  |
US Treasuries | $ | 4,822 |  | $ | — |  | $ | 4,822 |  | $ | —
US agency obligations |  | 60,352 |  |  | — |  |  | 60,352 |  |  | —
Mortgage-backed securities |  | 65,970 |  |  | — |  |  | 65,970 |  |  | —
Municipals |  | 39,929 |  |  | — |  |  | 39,929 |  |  | —
Corporates |  | 15,552 |  |  | — |  |  | 15,552 |  |  | —
Total available-for-sale securities | $ | 186,625 |  | $ | — |  | $ | 186,625 |  | $ | —
IRLCs - asset |  | 99 |  |  | — |  |  | — |  |  | 99
Total assets at fair value | $ | 186,724 |  | $ | — |  | $ | 186,625 |  | $ | 99
|  |  |  | Carrying Value at December 31, 2022 (in thousands)
|  |  |  | Quoted Prices |  | Significant |  | Significant
|  |  |  | in Active |  | Other |  | Unobservable
| Balance as of |  | Markets for |  | Observable |  | Inputs
| December 31, |  | Identical Assets |  | Inputs |  | (Level 3)
Description | 2022 |  | (Level 1) |  | (Level 2) |  |
US Treasuries | $ | 4,741 |  | $ | — |  | $ | 4,741 |  | $ | —
US agency obligations |  | 59,273 |  |  | — |  |  | 59,273 |  |  | —
Mortgage-backed securities |  | 67,842 |  |  | — |  |  | 67,842 |  |  | —
Municipals |  | 37,855 |  |  | — |  |  | 37,855 |  |  | —
Corporates |  | 16,076 |  |  | — |  |  | 16,076 |  |  | —
Total available-for-sale securities | $ | 185,787 |  | $ | — |  | $ | 185,787 |  | $ | —
IRLCs – asset |  | 91 |  |  | — |  |  | — |  |  | 91
Total assets at fair value | $ | 185,878 |  | $ | — |  | $ | 185,787 |  | $ | 91
Impaired Loans And Other Real Estate Owned Measured At Fair Value On A Nonrecurring Basis |
|  |  |  | Carrying Value at June 30, 2023
Description | Balance as of June 30, 2023 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Other real estate owned |  | 500 |  |  | — |  |  | — |  |  | 500
|  |  |  | Carrying Value at December 31, 2022
Description | Balance as of December 31, 2022 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Impaired loans* | $ | 854 |  | $ | — |  | $ | — |  | $ | 854
Other real estate owned |  | 566 |  |  | — |  |  | — |  |  | 566
* Includes loans charged down to the net realizable value of the collateral.
Fair Value Carrying And Notional Amounts |
|  |  | Fair Value Measurements at June 30, 2023 using
|  |  | Quoted Prices |  | Significant |  |  |  |
|  |  | in Active |  | Other |  | Significant |  |
|  |  | Markets for |  | Observable |  | Unobservable |  |
| Carrying |  | Identical Assets |  | Inputs |  | Inputs |  |
Assets | Amounts |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Balance
Cash and due from banks | $ 22,389 |  | $ 22,389 |  | $ - |  | $ - |  | $ 22,389
Federal funds sold | 51,140 |  | 51,140 |  | - |  | - |  | 51,140
Securities |  |  |  |  |  |  |  |  |
Available-for-sale | 186,625 |  | - |  | 186,625 |  | - |  | 186,625
Held-to-maturity, net | 3,630 |  | - |  | 3,172 |  | - |  | 3,172
Restricted stock | 1,357 |  | - |  | 1,357 |  | - |  | 1,357
Loans, net (1) | 610,418 |  | - |  | - |  | 568,989 |  | 568,989
Loans held for sale | 6,160 |  | - |  | 6,160 |  | - |  | 6,160
Interest receivable | 2,525 |  | - |  | 2,525 |  | - |  | 2,525
BOLI | 21,304 |  | - |  | 21,304 |  | - |  | 21,304
Derivatives - IRLCs | 99 |  | - |  | - |  | 99 |  | 99
Liabilities |  |  |  |  |  |  |  |  |
Deposits | $ 867,092 |  | $ - |  | $ 872,732 |  | $ - |  | 872,732
Capital notes | 10,040 |  | - |  | 9,322 |  | - |  | 9,322
Other borrowings | 10,173 |  | - |  | 9,630 |  | - |  | 9,630
Interest payable | 269 |  | - |  | 269 |  | - |  | 269
|  |  | Fair Value Measurements at December 31, 2022 using
|  |  | Quoted Prices |  | Significant |  |  |  |
|  |  | in Active |  | Other |  | Significant |  |
|  |  | Markets for |  | Observable |  | Unobservable |  |
| Carrying |  | Identical Assets |  | Inputs |  | Inputs |  |
Assets | Amounts |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | Balance
Cash and due from banks | 30,025 |  | $ 30,025 |  | $ - |  | $ - |  | $ 30,025
Federal funds sold | 31,737 |  | 31,737 |  | - |  | - |  | 31,737
Securities |  |  |  |  |  |  |  |  |
Available-for-sale | 185,787 |  | - |  | 185,787 |  | - |  | 185,787
Held-to-maturity | 3,639 |  | - |  | 3,135 |  | - |  | 3,135
Restricted stock | 1,387 |  | - |  | 1,387 |  | - |  | 1,387
Loans, net (1) | 605,366 |  | - |  | — |  | 564,802 |  | 564,802
Loans held for sale | 2,423 |  | - |  | 2,423 |  | - |  | 2,423
Interest receivable | 2,736 |  | - |  | 2,736 |  | - |  | 2,736
BOLI | 19,237 |  | - |  | 19,237 |  | - |  | 19,237
Derivatives - IRLCs | 91 |  | - |  | — |  | 91 |  | 91
Liabilities |  |  |  |  |  |  |  |  |
Deposits | $ 848,138 |  | $ - |  | $ 850,102 |  | $ - |  | $ 850,102
Capital notes | 10,037 |  | - |  | 9,200 |  | - |  | 9,200
Other borrowings | 10,457 |  | - |  | 9,438 |  | - |  | 9,438
Interest payable | 89 |  | - |  | 89 |  | - |  | 89
(1) Carrying amount is net of unearned income and the Allowance.
Fair Value, Recurring [Member] |
Quantitative Information About Assets Measured At Fair Value Level | The following table provides additional quantitative information about assets measured at fair value on a recurring basis and for which we have utilized Level 3 inputs to determine fair value:
| Quantitative information about Level 3 Fair Value Measurements for June 30, 2023
| (dollars in thousands)
| Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (Weighted Average) (1)
Assets |  |  |  |  |  |  |  |
IRLCs – asset | $ | 99 |  | Market approach |  | Range of pull through rate |  | 70% - 100% (85%)
(1) Weighted based on the relative value of the instruments
| Quantitative information about Level 3 Fair Value Measurements for December 31, 2022
| (dollars in thousands)
| Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (Weighted Average) (1)
Assets |  |  |  |  |  |  |  |
IRLCs - asset | $ | 91 |  | Market approach |  | Range of pull through rate |  | 70% - 100% (85%)
(1) Weighted based on the relative value of the instruments
Fair Value, Nonrecurring [Member] |
Quantitative Information About Assets Measured At Fair Value Level |
| Quantitative information about Level 3 Fair Value Measurements for June 30, 2023
| (dollars in thousands)
| Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (Weighted Average) (1)
Assets |  |  |  |  |  |  |  |
OREO |  | 500 |  | Discounted appraised value |  | Selling cost |  | 10%
|  |  |  |  |  | Discount for lack of marketability and age of appraisal |  | 5%
(1)Weighted based on the relative value of the instruments.
| Quantitative information about Level 3 Fair Value Measurements for December 31, 2022
| (dollars in thousands)
| Fair Value |  | Valuation Technique(s) |  | Unobservable Input |  | Range (Weighted Average) (1)
Assets |  |  |  |  |  |  |  |
Impaired loans | $ | 854 |  | Discounted appraised value |  | Selling cost |  | 0% - 10% (8%)
|  |  |  |  |  | Discount for lack of marketability and age of appraisal |  | 0% - 20% (6%)
OREO |  | 566 |  | Discounted appraised value |  | Selling cost |  | 10%
|  |  |  |  |  | Discount for lack of marketability and age of appraisal |  | 0% - 27% (26%)
(1)Weighted based on the relative value of the instruments.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets, 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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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