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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Measurements [Abstract]

Fair Value Assets Measured On Recurring Basis

			Carrying Value at March 31, 2024 (in thousands)
			Quoted Prices		Significant
			in Active		Other		Significant
	Balance as of		Markets for		Observable		Unobservable
	Mar 31,		Identical Assets		Inputs		Inputs
Description	2024		(Level 1)		(Level 2)		(Level 3)
US agency obligations	$              64,776		$                        -		$              64,776		$                        -
Mortgage-backed securities	94,825		-		94,825		-
Municipals	40,455		-		40,455		-
Corporates	14,766		-		14,766		-
Total available-for-sale securities	$            214,822		$                        -		$            214,822		$                        -
IRLCs - asset	142		-		-		142
Total assets at fair value	$            214,964		$                        -		$            214,822		$                   142
			Carrying Value at December 31, 2023 (in thousands)
			Quoted Prices		Significant
			in Active		Other		Significant
	Balance as of		Markets for		Observable		Unobservable
	Dec 31,		Identical Assets		Inputs		Inputs
Description	2023		(Level 1)		(Level 2)		(Level 3)
US Treasuries	$                4,947		$                        -		$                4,947		$                        -
US agency obligations	60,955		-		60,955		-
Mortgage-backed securities	95,079		-		95,079		-
Municipals	40,789		-		40,789		-
Corporates	14,740		-		14,740		-
Total available-for-sale securities	$            216,510		$                        -		$            216,510		$                        -
IRLCs - asset	129		-		-		129
Total assets at fair value	$            216,639		$                        -		$            216,510		$                   129

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 March 31, 2024
	(dollars in thousands)
	Fair Value			Valuation Technique(s)		Unobservable Input		Range (Weighted Average) (1)
Assets
IRLCs – asset	$	142		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, 2023
	(dollars in thousands)
	Fair Value			Valuation Technique(s)		Unobservable Input		Range (Weighted Average) (1)
Assets
IRLCs - asset	$	129		Market approach		Range of pull through rate		70% - 100% (85%)

(1)    Weighted based on the relative value of the instruments

Fair Value Carrying And Notional Amounts

			Fair Value Measurements at March 31, 2024 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	$            25,428		$            25,428		$                      -		$                      -		$            25,428
Federal funds sold	62,644		62,644		-		-		62,644
Securities
Available-for-sale	214,822		-		214,822		-		214,822
Held-to-maturity, net	3,618		-		3,194		-		3,194
Restricted stock	1,541		-		1,541		-		1,541
Loans, net (1)	601,115		-		-		572,478		572,478
Loans held for sale	4,640		-		4,640		-		4,640
Interest receivable	2,936		-		2,936		-		2,936
BOLI	22,344		-		22,344		-		22,344
Derivatives - IRLCs	142		-		-		142		142
Liabilities
Deposits	$          893,494		$                      -		$          803,646		$                      -		$          803,646
Capital notes	10,044		-		9,846		-		9,846
Other borrowings	9,741		-		9,667		-		9,667
Interest payable	522		-		522		-		522
			Fair Value Measurements at December 31, 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	$            25,613		$            25,613		$                      -		$                      -		$            25,613
Federal funds sold	49,225		49,225		-		-		49,225
Securities
Available-for-sale	216,510		-		216,510		-		216,510
Held-to-maturity	3,622		-		3,231		-		3,231
Restricted stock	1,541		-		1,541		-		1,541
Loans, net (1)	601,921		-		-		566,655		566,655
Loans held for sale	1,258		-		1,258		-		1,258
Interest receivable	2,835		-		2,835		-		2,835
BOLI	21,586		-		21,586		-		21,586
Derivatives - IRLCs	129		-		-		129		129
Liabilities
Deposits	$          878,459		$                      -		$          876,846		$                      -		$          876,846
Capital notes	10,042		-		9,854		-		9,854
Other borrowings	9,890		-		9,861		-		9,861
Interest payable	480		-		480		-		480

(1) Carrying amount is net of unearned income and the ACLL.  

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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

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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

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